TIDMCRES
RNS Number : 0934T
Citius Resources PLC
10 November 2023
Date: 10 November 2023
Citius Resources Plc
("Citius" or the "company")
Interim Financial Statements
for the six month period ended 31 October 2023
The Company is pleased to announce its Interim Results for the
six-month period to 31 October 2023.
For further information please contact
Citius Resources Plc Tavira Securities Limited
Cameron Pearce (Director) Jonathan Evans
www.Citiusresources.co.uk Tel: +44(0)20 7330 1833
Tel: +44 (0)1624 681 250 Jonathan.evans@tavirasecurities.com
info@citiusresources.co.uk
Shard Capital Partners
Damon Health
Tel: +44(0)20 7186 9927
Damon.heath@shardcapital.com
-------------------------------------
Interim Management Report
Dear shareholder,
I am pleased to present the interim report and accounts for the
six-month period to 31 October 2023 for Citius Resources Plc.
The Company was pleased to announce during the period that we
have entered into a binding Heads of Terms for the acquisition of
100% of the issued shares in Harena Resources Pty Ltd ("Harena")
the 75% owner of the Ampasindava Rare Earths Project in Madagascar
(the, "Acquisition"). Harena is an Australian domiciled company
preparing to develop the 75% owned Ampasindava Rare Earths Project,
which will include the mining and processing of Ionic Clay material
to extract Rare Earth elements to produce Mixed Rare Earth
Carbonate or Mixed Rare Earth Concentrate.
Harena is what can be described as Reverse Take Over ("RTO")
advanced stages therefore the Company is well positioned to
complete the Acquisition in this next reporting period which would
constitute a RTO under the Listing Rules and accordingly, the
company would apply for re-admission of its shares to the Official
List and Main Market of the London Stock Exchange.
I would like to thank the board and our advisors for their
dedication and professionalism in what can only be described as
challenging market conditions and we look forward to applying for
re-admission and moving the exciting Ampasindava Rare Earths
project forward.
Cameron Pearce
Chief Executive Officer
Responsibility Statement of the Directors' in respect of the
Interim Report
The Directors are responsible for preparing the Interim
Financial Statements in accordance with applicable law and
regulations. In addition, the Directors have elected to prepare the
Interim Financial Statements in accordance with International
Financial Reporting Standards ("IFRSs"), as adopted by the United
Kingdom ("UK").
The Interim Financial Statements are required to give a true and
fair view of the state of affairs of the Group and of the profit or
loss of the Group for that period.
In preparing these Interim Financial Statements, the Directors
are required to:
-- select suitable accounting policies and then apply them consistently;
-- present information and make judgements that are reasonable,
prudent and provides relevant, comparable and understandable
information;
-- provide additional disclosures when compliance with the
specific requirements in IFRS is insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity's financial position and financial
performance; and
-- make an assessment of the Group's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's
transactions and disclose with reasonable accuracy at any time its
financial position of the Group to enable them to ensure that the
financial statements comply with the requirements of the Companies
Act 2006. They have general responsibility for taking such steps as
are reasonably open to them to safeguard the assets of the Group
and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and Interim Financial Statements. Legislation
governing the preparation and dissemination of Interim Financial
Statements may differ from one jurisdiction to another.
We confirm that to the best of our knowledge:
-- the Interim Financial Statements, prepared in accordance with
International Financial Reporting Standards as adopted by the UK,
give a true and fair view of the assets, liabilities, financial
position and profit or loss of the Group for the period;
-- the Director's report includes a fair review of the
development and performance of the business and the position of the
group, together with a description of the principal risks and
uncertainties that they face; and
-- the annual report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the group's performance,
business model and strategy.
Statement of Comprehensive Income for the year end ended 31
October 2023
6 months ended 31 October 6 months ended 31 October 12 months ended
2023 2022 30 April 2023
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Administrative fees and other
expenses 5 (340,378) (139,526) (444,287)
----------------------------- ----------------------------- ----------------
Operating loss (340,378) (136,526) (444,287)
Finance costs - - -
----------------------------- ----------------------------- ----------------
Loss before tax (340,378) (136,526) (444,287)
Income tax - - -
Total comprehensive loss for
the period (340,378) (136,526) (444,287)
----------------------------- ----------------------------- ----------------
Basic and diluted loss per
share (pence) 7 (0.79) (0.44) (1.03)
There was no other comprehensive income for the period ended on
31 October 2023.
Statement of Financial Position as at 31 October 2023
Note As at As at
31 October 2023 As at 30 April
31 October 2022 2023
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current assets
Cash and cash equivalents 61,297 345,886 249,341
Other receivables 11,570 314,411 154,759
-----------------
Total current assets 72,867 660,297 412,100
Current liabilities
Creditors: Amounts falling due within one year 120,728 62,660 119,223
----------------- ----------------- ----------
Total current liabilities 120,728 62,660 119,223
Net (liabilities)/assets (47,861) 597,637 292,877
----------------- ----------------- ----------
Equity
Share capital 8 216,250 216,250 216,250
Share premium 8 921,797 921,797 921,797
Warrant reserves 17,422 17,422 17,422
Retained earnings (1,203,330) (557,832) (862,592)
----------------- ----------------- ----------
Total equity (47,861) 597,637 292,877
----------------- ----------------- ----------
Statement of Changes in Equity for the six month period ended 31
October 2023
Share Warrants reserves
capital Share premium Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance as at 30 April 2022 216,250 921,797 17,422 (418,306) 737,163
Loss for the period - - - (139,526) (139,526)
--------- -------------- ------------------ ------------------ -------------
Total comprehensive loss - - - (139,526) (139,526)
Balance as at 31 October 2022 216,250 921,797 17,422 (557,832) 597,637
--------- -------------- ------------------ ------------------ -------------
Loss for the period - - - (304,760) (304,760)
--------- -------------- ------------------ ------------------ -------------
Total comprehensive loss - - - (304,760) (304,760)
Balance as at 30 April 2023 216,250 921,797 17,422 (862,592) (292,877)
--------- -------------- ------------------ ------------------ -------------
Loss for the period - - - (340,738) (340,738)
--------- -------------- ------------------ ------------------ -------------
Total comprehensive loss - - - (340,738) (340,738)
Balance as at 31 October 2023 216,250 921,797 17,422 (1,203,330) (47,861)
--------- -------------- ------------------ ------------------ -------------
Statement of Cash Flows for the six month period ended 31
October 2023
As at 31 October 2023 As at 30
Notes As at 31 October 2022 April 2023
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating activities
Loss after tax (340,737) (139,526) (444,287)
Changes in working capital
(Decrease)/increase in trade and other receivables (3,570) (294,336) 12,076
Increase in trade and other payables 1,505 22,645 79,208
---------------------- ---------------------- ------------
Net cash flows utilised by operating activities (342,802) (411,217) (353,003)
Investing activities
Decrease/(increase) Loan to Kamalenge Gold Project 249,341 - (249,341)
---------------------- ---------------------- ------------
Net cash flows from investment activities 249,341 - (249,341)
Increase in cash and cash equivalents (93,461) (411,217) (602,344)
Cash and short-term deposits brought forward 154,759 757,103 757,103
Cash and cash equivalent at
31 October 61,298 345,886 154,759
---------------------- ---------------------- ------------
Notes to the Financial Statements for the six month period ended
31 October 2023
1. General
Citius Resources Plc (the "Company") is a public limited company
incorporated and registered in England and Wales on 15 April 2020
with registered company number 12557958. Its registered address
167-169 Great Portland Street, Fifth Floor, London, W1W 5PF.
The Company did not trade during the period under review.
2. Accounting Policies
Basis of preparation
The interim financial statements of Citius Resources Plc are
unaudited condensed financial statements for the 6 month period
ended 31 October 2023.
The accounting policies applied by the Company in these Interim
Financial Statements, are the same as those applied by the Company
in its financial statements and have been prepared on the basis of
the accounting policies applied for the financial year to 30 April
2023 which have been prepared in accordance with IFRS as adopted by
UK. The Company Interim Financial Statements have been prepared
using the measurement basis specified by IFRS each type of asset,
liability, income and expense.
The Company Interim Financial Statements are presented in GBP,
which is the Company's functional currency. All amounts have been
rounded to the nearest pound, unless otherwise stated.
3. Critical accounting estimates and judgments
In preparing the Company's Interim Financial Statements, the
Directors have to make judgments on how to apply the Company's
accounting policies and make estimates about the future. The
Directors do not consider there to be any critical judgments that
have been made in arriving at the amounts recognised in the Company
Interim Financial Statements.
4. Significant accounting policies
The accounting policies adopted are consistent with those
followed in the preparation of the annual financial statements of
Citius Resources Plc, for the year ended 30 April 2023. A copy of
these financial statements is available on the Company website at
https://citiusresources.co.uk/
5. Administrative fee and other expenses
6 months ended 6 months ended 12 months
31 October 31 October ended
2023 2022 30 April 2023
GBP GBP GBP
Directors' remuneration 24,000 24,000 48,000
Professional fees 24,455 90,524 115,785
Project cost expenditure 272,081 - 216,112
Audit fees 10,266 15,000 36,000
Administration fees 9,000 9,000 18,000
Miscellaneous fees 936 1,002 10,390
--------------- --------------- ---------------
Total 340,738 139,526 444,287
--------------- --------------- ---------------
The company did not employ any staff during the period other
than Directors. The Directors are the only members of key
management and their remuneration related solely to short term
employee benefits.
6. Impairment of the loan
On 9 June 2022 the Company announced that it has entered into a
binding Heads of Terms with regard to the possible acquisition of
100% of the share capital of AUC Mining (U) Limited ("AUC"). As
part of the Heads of Terms, the Company loaned AUC GBP249,341. On
26 October 2023, the Company agreed to terminate the agreement with
AUC for the acquisition of the Kamalenge project, and therefore,
the loan was impaired to Nil.
7. Basic and diluted loss per share
The calculation of the basic and diluted loss per share is based
on the following data:
6 months ended 31 October 6 months ended 31 October 12 months ended 30 April
2023 2022 2022
Earnings
Loss for the period (GBP) (340,738) (139,526) (444,287)
Number of shares
Weighted average number of
Shares 43,250,000 31,692,482 43,250,000
Basic and diluted loss per
share (pence) (0.79) (0.44) (1.03)
---------------------------- ---------------------------- ---------------------------- ----------------------------
There are no potentially dilutive shares in issue.
8. Share capital issued
Nominal
Number of value Total share
shares issued per share Share capital Share premium capital
GBP GBP GBP GBP
--------------- --------------- ----------- -------------- -------------- ------------
At 30 October
2022 43,250,000 0.005 216,250 921,797 1,138,047
--------------- --------------- ----------- -------------- -------------- ------------
At 31 April
2023 43,250,000 0.005 216,250 921,797 1,138,047
--------------- --------------- ----------- -------------- -------------- ------------
At 31 October
2023 43,250,000 0.005 216,250 921,797 1,138,047
--------------- --------------- ----------- -------------- -------------- ------------
9. Related party transactions
The are no related party transactions during the period except
for the Directors' remuneration, which has been disclosed in note
5.
10. Events after the reporting date
There are no events after the reporting date.
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