Audited Final Results for Year Ended 31 Jan 2026
Georgina Energy plc has released its audited final results for the year ended 31 January 2026, highlighting significant resource estimate increases at Hussar by approximately 20% and a 37% upgrade at Mt Winter for Helium, Hydrogen, and Hydrocarbons. The company secured a $25 million off-take funding facility for Hussar drilling, scheduled for Q3 2026, and has agreed to acquire 100% of Mt Winter. Despite a reported loss after taxation of £2,750,196 for the year, the company's cash reserves stood at £269,097 as of 31 January 2026, with a material uncertainty regarding its ability to continue as a going concern due to significant cash outflows and the need for additional funding, though a recent £1 million equity raise has been completed.
| Full year to 31 Jan 2026 | Now | Year before | Change |
|---|---|---|---|
| Operating profit | (£2.2m) | – | |
| Profit before tax | (£2.8m) | – | |
| Net income | (£2.8m) | – | |
| Cash from operations | (£1.9m) | – | |
| Cash | £0.3m | £1.2m | −77.9% |
Figures as reported, converted to £ where needed – see all financials.
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Georgina Energy plc is pleased to announce the publication of its audited results for the year ended 31 January 2026 ("FY 2026"). A copy of the full annual report and accounts can be found on the Company's website at www.georginaenergy.com and a summary is outlined in the Appendix.
Highlights:
- Approx. 20% increase in resource estimates for Hussar following re-evaluation
- Structured off-take funding facility of $25 million with Harlequin Energy for the drilling of Hussar
- Resource upgrade of 37% at Mt Winter: BCFG 175.5 Helium, BCFG 160.5 Hydrogen and BCFG 1,300.5 Hydrocarbons
- Terms agreed to acquire 100% of Mt Winter from Mosman Oil & Gas; subject to completion
- Outlook:
o Hussar:
§ Re-entry drilling of Hussar scheduled for Q3 2026
- Drilling contract executed with Ensign Australia Pty Ltd on 20 May 2026
- Long lead items to be ordered
- Remaing supplier contracts to be agreed
§ Extension of resource area may provide additional future well target sites
o Mt Winter:
§ Received draft of the Aboriginal Land Rights Act Agreement from Central Land Council in February 2026, currently under review, following which 100% acquisition will be approved
§ Following final acquisition, Georgina will submit a Well Management Plan, HSE safety plan and Environmental Management Plan to the Northern Territory Department of Mining and Energy (NTDME)
- Subject to approval of above plans, Company expects formal drilling approval for Mt Winter
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"I am pleased to present Georgina's Annual Report and Full Year Results for the year ended 31 Jan 2026. The 12 month period and the beginning of 2026 have been extremely busy for the Company and I'm pleased with the progress we are making on both our key assets of Hussar and Mt Winter. The re-entry drilling of Hussar remains on-track for Q3 2026, and I would like to thank the teams working tirelessly to keep us on track.
"While it was agreed to not proceed the Central Petroleum acquisition, it remains my driving ambition to seek value accretive organic and inorganic opportunities for the business and our shareholders where possible, and we will continuously assess how best to prudently assign capital in order to deliver growth.
"I'd like to thank shareholders for their continued support of the Company as we look ahead to an exciting few months for Georgina."
The Appendix contains the key reports and statements for FY2026. Please refer to the full annual report with regard to the notes to the accounts.
CHAIRMAN'S STATEMENT
Dear Shareholders,
I have pleasure in presenting the 2026 Annual Report and Accounts of Georgina Energy Plc.
Georgina Energy Plc is an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia.
Over the past twelve months, we have continued to advance our exploration strategy with focus, discipline, and a clear commitment to delivering long-term shareholder value in a challenging and rapidly evolving energy landscape.
Strategic Progress
Georgina Energy Plc is still at the pre-revenue stage of its lifecycle, but 2025 has been a year of meaningful progress in laying the foundation for future value creation. Our technical teams have made strong headway in de-risking our high-potential gas assets in Western Australia, with seismic interpretation, geotechnical analysis, and environmental studies moving us closer to drill-ready status and towards obtaining the exploration licence in the Northern Territories.
An important step in the development of the Hussar prospect is the signing of a drilling services contract on 20th May 2026 to commence the targeted drilling program in Q3 of calendar 2026. Request for tenders have been sent to all major suppliers, during the course of 2026 to date, for the furnishing of drilling consumables in anticipation of the drilling contract award.
Traditional gas suppliers invest significantly in infrastructure to extract and store gas resources. Georgina's key difference is the plan to sell its gas from the well head having executed a non-binding off-take agreement with Harlequin Energy Limited in March 2026. The sale of raw gas at the well head would mitigate infrastructure cost exposure, which become the responsibility of the Off Taker.
The Company was pleased to advise in February 2026 it had received the draft Aboriginal Land Rights Agreement (ALRA) from the Central Land Council (CLC) to facilitate the granting of EPA155 Mt Winter which will lead to the 100% ownership of Oilco Pty Ltd, the current tenement holders. The Agreement is being reviewed by Georgina and execution is anticipated subject to Traditional Landowners approval.
Additionally, a resource upgrade study was commissioned for Mt Winter EP155, resulting in an overall increase of approximately 37% across the main commodities; BCFG 175.5 Helium, BCFG 160.5 Hydrogen and BCFG 1,300.5 Hydrocarbons.
Financial Stewardship
As a pre-revenue company, maintaining financial discipline is paramount. Throughout the year, we managed our capital prudently, ensuring that funds were deployed effectively to advance core technical and regulatory workstreams while keeping our cost base lean.
Market Position and Outlook
We remain confident in the long-term demand for natural gas, particularly as a key enabler of energy transition in both domestic and regional markets. Our asset portfolio is strategically located in a region with supportive infrastructure and growing demand, offering a strong potential pathway to commercialisation.
Peter Bradley
Chairman
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGINA ENERGY PLC
Opinion
We have audited the financial statements of Georgina Energy Plc (the 'company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated and Company Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards and as regards the company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
In our opinion:
- the financial statements give a true and fair view of the state of the group's and of the company's affairs as at 31 January 2026 and of the group's loss for the year then ended;
- the group and company financial statements have been properly prepared in accordance with UK-adopted international accounting standards; and
Basis for opinion
Material uncertainty related to going concern
We draw attention to note 2 in the financial statements, where it indicates the Group had cash reserves of approximately £0.27 million at 31 January 2026 and has forecast large cash outflows over the period to 31 October 2027. Cash reserves as at 15 May 2026 was £466,000. While the Group successfully completed a £1 million equity fundraise on 1 May 2026, additional funding will be required to meet its planned expenditure over the assessment period. The Directors have identified a number of potential sources of funding, including further equity raises, issuance of convertible loan notes and support from existing debtholders. However, there can be no certainty that such funding will be secured when required. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
- reviewing management's assessment of going concern and discussing with management the future strategic plans of the group and sources of funding that are expected to be available, as well as available paths for cash preservation;
- reviewing management-prepared cash flow forecasts up to as least 12 months from date of approval of the financial statements, including confirmation of mathematical accuracy, and assessing their reasonableness through reference to current period actual financial information;
- performing stress testing of the cash flow forecast based on reasonably possible scenarios;
- reviewing the adequacy and completeness of disclosures surrounding going concern in the financial statements; and
- reviewing and corroborating post balance sheet events in relation to the group's and parent company's ability to raise funds and any impact on the assumptions used in the forecast.
Our application of materiality
For the purposes of determining whether the financial statements are free from material misstatement, we define materiality as a magnitude of misstatement, including omission, that makes it probable that the economic decisions of a reasonably knowledgeable person, relying on the financial statements, would be changed, or influenced. We have also considered those misstatements including omissions that would be material by nature and would impact the economic decisions of a reasonably knowledgeable person based on our understanding of the business, industry and complexity involved.
We apply the concept of materiality both in planning and throughout the course of audit, and in evaluating the effect of misstatements. Materiality is used to determine the financial statements areas that are included within the scope of our audit and the extent of sample sizes during the audit.
The materiality applied to the group financial statements was set at £65,400 (2025: £63,900). This was calculated based on 2% of net assets as per the group financial statements. The benchmark used is the one which we determined, in our professional judgment, to be the principal benchmark within the group financial statements relevant to shareholders of the group in assessing financial performance of the group as the focus is on the net investment in the business driving the exploration activities.
The materiality applied to the company financial statements was set at £54,600 (2025: £37,700). This was initially calculated based on 2% of net assets as per the parent company financial statements but limited to 83% of group materiality due to audit aggregation risk.
The performance materiality for the group financial statements was set at £42,500 (2025: £44,000) being 65% of materiality for the group financial statements. The performance materiality for the parent company financial statements was set at £38,250 being 70% of materiality for the parent financial statements. The threshold was considered appropriate in light of the current size and level of complexity of the group and the parent company, and our assessment of inherent risk.
In determining materiality and performance materiality, we considered the following factors:
- our cumulative knowledge of the group and parent company and their environment;
- the change in the level of judgement required in respect of the key accounting estimates;
- significant transactions during the period;
- the stability in key management personnel; and
- the level of misstatements identified in prior periods.
For each component in the scope of our group audit, we allocated a performance materiality based on the relative significance of each component to the group and aggregation risk. The performance materiality allocated across components was £25,500 (2025: £22,000 and £35,200).
We agreed with the Audit Committee that we would report on the misstatements identified during our audit above £3,200 (2025: £3,000) for the group financial statements and £3,200 (2025: £2,640) company financial statements as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.
Our approach to the audit
The group includes the listed parent company, Georgina Energy Plc ('GEP') in the United Kingdom, and its subsidiaries - Georgina Production Limited ('GPL') in the United Kingdom and Westmarket Oil & Gas Pty Ltd ('WMOG') in Australia.
The scope of our audit was based on the significance of component's operations and materiality. Each component was assessed as to whether they were significant or not to the group by either their size or risk. Based on the assessment, we have undertaken a full scope audit on all the 3 components.
The group's key accounting function is based in the United Kingdom and Australia, and our audit was performed by our team in London with regular contact maintained with the group throughout.
In designing our audit approach, we considered those areas which were deemed to involve significant judgement and estimation by the directors, such as the key audit matter surrounding the recoverability of the carrying value of investments in and advance to subsidiaries, and classification and valuation for convertible loan notes. Other judgemental areas related to management assessment of going concern and the accounting and valuation of warrants issued to loan note holders. We also addressed the risk of management override of controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Key audit matters
| Key Audit Matter | How our scope addressed this matter |
Carrying value of investments and advance to subsidiaries (Parent Company only, Note 2 and Note C4)
| At 31 January 2026, the parent company have investment in subsidiaries amounting to £7.19m and loans to subsidiaries amounting to £5.55m. Westmarket Oil and Gas Pty have exploration permit for Hussar project and right to earn up to 90% of interest in the exploration permit subject to certain performance conditions over Mt Winter project. The loan to subsidiaries was accounted under IAS 27 Separate Financial Statements. Management test for impairment of investment in subsidiaries in line with IAS 36 Impairment of Assets and assesses impairment of intercompany receivable balances in line with IFRS 9 Financial Instruments on an annual basis. This has been identified as a key audit matter as: 1) the balances are material to the financial statements; and 2) there are significant estimates and judgements involved in management's assessment which is susceptible to misstatement due to management bias. | Our work in this area included: · Obtaining an understanding of management's process and controls in relation to impairment assessment; · Reviewing management's accounting for the investment and loan in/to subsidiaries under IAS 27 Separate Financial Statements and IFRS 10 Consolidated Financial Statements; · Obtaining underlying documentation to confirm ownership; · Obtaining and reviewing management's impairment assessment and challenging key estimates and assumptions used therein; · Reviewing the discounted cashflow model; · Reviewing board minutes and Regulatory News Service announcements for any discussion impacting the carrying value of investments; and · Reviewing disclosures in the financial statements to ensure compliance with the relevant accounting standards. Based on the work performed, we found the carrying value to be appropriate and the judgements and estimates applied by the management were reasonable. We draw your attention to Note 2 as the recoverability of the investment is based on a number of estimates and judgements made by management. As the group is still in a pre-revenue phase these estimates are subjective and if they don't realise it could lead to an impairment. |
Classification and valuation of convertible loan notes (Note 2 and Note 11)
| The parent company entered into a debt facility with Riverfort Global Opportunities PCC Ltd on 14 November 2025 to fund the group's projects. The loan gives the option to the borrower to convert the loans into ordinary equity shares at a specified conversion price. There is a risk that the classification and valuation of the convertible loan notes is not in accordance with the requirements of IAS 32 Financial Instruments: Presentation and IFRS 13 Fair Value Measurement and may result in inaccurate classification and valuation due to management bias. This has been identified as a key audit matter as: 1) the balance is material to the financial statements; and 2) there are significant estimates and judgements involved in management's assessment which is susceptible to incorrect classification and valuation of convertible loan notes due to management bias. | Our work in this area included: · Obtaining and reviewing the convertible loan note agreement to understand the key terms; · Obtaining and evaluating management's assessment of the classification of the instrument accordance with IAS 32 Financial Instruments: Presentation ; · Obtaining management's valuation of the convertible loan notes and evaluating the key inputs and assumptions used within the model with the assistance of auditor valuations team, providing appropriate challenge to management; and · Considering the appropriateness of disclosures included in the financial statements. Based on the work performed, we noted no concerns regarding the classification and valuation of the CLN, with the judgements and estimates applied by management deemed reasonable. |
Other information
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
Matters on which we are required to report by exception
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
Responsibilities of directors
Auditor's responsibilities for the audit of the financial statements
o Companies Act 2006;
o International Financial Reporting Standards;
o UK Bribery Act 2010;
o GDPR Legislation 2018;
o The Money Laundering and Terrorist Financing (Amendment) Regulations 2019;
o Listing Rules;
o Disclosure and Transparency Rules;
o UK income tax and employment laws and;
o Corporations Act 2001 (Australia).
o Mining industry regulations in Australia
The audit team remained alert to instance of non-compliance with laws and regulations throughout the audit.
o Making enquiries of management,
o Review of board minutes;
o Confirming with management on compliance with laws and regulations;
o Reviewing the nature of legal and professional fees;
o Review Regulatory News Service announcements; and
o Reviewing post balance sheet events.
- We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias existed in relation to the recoverability of the carrying value of investment in and advance to subsidiaries and valuation of convertible loan note. We addressed this by challenging the judgements made by management when auditing these significant accounting judgements (refer to the key audit matter section).
Other matters which we are required to address
We were appointed by the Board of Directors on 17 October 2024 to audit the financial statements for the period ending 31 January 2025 and subsequent financial periods. Our total uninterrupted period of engagement is 2 years, covering the periods ending 31 January 2025 to 31 January 2026.
Our audit opinion is consistent with the additional report to the audit committee.
Use of our report
Timothy Harris (Senior Statutory Auditor) 30 Churchill Place
For and on behalf of PKF Littlejohn LLP Canary Wharf
Statutory Auditor London E14 5RE
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 January 2026
| Year ended 31 January 2026 | 9 months Period ended 31 January 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Note | |||
| Administrative expenses | 4 | (1,693,343) | (953,263) |
| Project expenses | (483,785) | (770,340) | |
| Operating profit | (2,177,128) | (1,723,603) | |
| Finance income | 5,785 | 19,895 | |
| Finance costs | 5 | (384,613) | (1,705,059) |
| Share based payments on reverse acquisition | 18 | - | (2,415,663) |
| Fair value movement - derivative liability | (243,969) | 419,235 | |
| Foreign exchange | 49,729 | (35,274) | |
| Loss before taxation | (2,750,196) | (5,440,469) | |
| Income tax | 6 | - | - |
| Loss after taxation | (2,750,196) | (5,440,469) | |
| Other comprehensive income and expenses | |||
| Foreign exchange difference on translation of subsidiary | (4,663) | 29,094 | |
| Total comprehensive loss for the period attributable to the owner | (2,754,859) | (5,411,375) | |
| Loss per share | |||
| Basic and diluted (pence per share) | 16 | (2.47) | (3.92) |
The notes to the financial statements on pages 36-70 form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 January 2026
| Note | 31 January 2026 | 31 January 2025 | |
|---|---|---|---|
| £ | £ | ||
| ASSETS | |||
| Non-current assets | |||
| Right of use assets | 8 | 193,741 | 21,814 |
| Total non-current assets | 193,741 | 21,814 | |
| Current assets | |||
| Trade and other receivables | 7 | 117,228 | 385,689 |
| Cash and cash equivalents | 269,097 | 1,215,874 | |
| Total current assets | 386,325 | 1,601,563 | |
| Total assets | 580,066 | 1,623,377 | |
| EQUITY | |||
| Equity Attributable to Owners of the company | |||
| Share capital | 9 | 6,379,699 | 4,851,362 |
| Share premium | 9 | 4,298,004 | 3,890,372 |
| Merger Reserve | 9 | 1,950,000 | 1,950,000 |
| Reverse acquisition reserve | 18 | (3,857,674) | (3,857,674) |
| Share based payment reserve | 9 | 642,428 | 619,349 |
| Warrant Reserve | 78,500 | - | |
| Shares to issue reserve | 18 | 3,125,000 | 3,937,500 |
| Foreign exchange reserve | 128,331 | 132,994 | |
| Retained earnings | (15,783,349) | (13,033,153) | |
| Total equity | (3,039,061) | (1,509,250) | |
| LIABILITIES | |||
| Current liabilities | |||
| Trade and other payables | 10 | 1,261,699 | 1,231,792 |
| Borrowings | 11 | 855,211 | 969,184 |
| Lease liability | 31,712 | 20,175 | |
| Derivative liability | 11 | 116,655 | - |
| Total current liabilities | 2,265,277 | 2,221,151 | |
| Non-current liabilities | |||
| Derivative liability | 11 | 292,129 | 83,288 |
| Borrowings | 11 | 897,978 | 828,188 |
| Lease liability | 163,743 | - | |
| Total non-current liabilities | 1,353,850 | 911,476 | |
| Total liabilities | 3,619,127 | 3,132,627 | |
| TOTAL EQUITY AND LIABILITIES | 580,066 | 1,623,377 | |
The notes to the financial statements on pages 36-70 form an integral part of these financial statements.
The financial statements of Georgina Energy plc, formerly known as Mining, Minerals and Metals Plc (registered number 08377465) were approved by the Board of Directors and authorised for issue on 28 May 2026.
They were signed on its behalf by:
Anthony Hamilton
Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year to 31 January 2026
| Share capital | Share premium | Retained earnings | Other reserves | Total equity | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Balance at 30 April 2024 | 2,806,543 | - | (7,726,562) | 103,899 | (4,816,120) |
| Prior year adjustment (note 19) | - | - | 133,878 | - | 133,878 |
| Restated at 30 April 2024 | 2,806,543 | - | (7,592,684) | 103,899 | (4,682,242) |
| Total comprehensive loss for the year | - | - | (5,440,469) | - | (5,440,469) |
| Impact of foreign exchange gains and losses | - | - | - | 29,094 | 29,094 |
| Total comprehensive incomed | - | - | (5,440,469) | 29,094 | (5,411,375) |
| Transactions with owners | |||||
| Recognition of Georgina Energy plc equity at acquisition date (note 18) | (1,186,043) | 406,167 | - | 2,029,826 | 1,249,950 |
| Issue of shares | 2,912,920 | 3,254,532 | - | - | 6,167,452 |
| Issue of warrants | - | (104,168) | - | 619,349 | 515,181 |
| Exercise of warrants in the year | 317,942 | 333,841 | - | - | 651,783 |
| Total transactions with owners | 2,044,819 | 3,890,372 | - | 2,649,175 | 8,584,366 |
| Balance at 31 January 2025 | 4,851,362 | 3,890,372 | (13,033,153) | 2,782,170 | (1,509,250) |
| Share capital | Share premium | Retained earnings | Other reserves | Total equity | |
| £ | £ | £ | £ | £ | |
| Balance at 31 January 2025 | 4,851,362 | 3,890,372 | (13,033,153) | 2,782,170 | (1,509,250) |
| Total comprehensive loss for the year | - | - | (2,750,196) | - | (2,750,196) |
| Impact of foreign exchange gains and losses | - | - | - | (4,663) | (4,663) |
| Total comprehensive incomed | - | - | (2,750,196) | (4,663) | (2,754,859) |
| Transactions with owners | |||||
| Issue of shares | 1,528,337 | 488,087 | - | (812,500) | 1,203,924 |
| Issue of shares - costs | - | (80,455) | - | - | (80,455) |
| Issue of warrants | - | - | - | 101,579 | 101,579 |
| Total transactions with owners | 1,528,337 | 407,632 | - | (710,921) | 1,225,048 |
| Balance at 31 January 2026 | 6,379,699 | 4,298,004 | (15,783,349) | 2,066,585 | (3,039,061) |
The notes to the financial statements on pages 36-70 form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
for the year to 31 January 2026
| Other Reserves | RTO reserve | Merger reserve | Share based payment reserve | Warrant reserve | Shares to issue reserve | Foreign exchange translation reserve | Total |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | £ | |
| Balance at 30 April 2024 | - | - | - | - | - | 103,899 | 103,899 |
| Impact of foreign exchange gains and losses | - | - | - | - | - | 29,094 | 29,094 |
| Total comprehensive incomed | - | - | - | - | - | 29,094 | 29,094 |
| Transactions with owners | |||||||
| Recognition of Georgina Energy plc equity at acquisition date (note 18) | (3,857,674) | 1,950,000 | - | - | 3,937,500 | - | 2,029,826 |
| Issue of warrants | - | - | 619,349 | - | - | - | 619,349 |
| Total transactions with owners | (3,857,674) | 1,950,000 | 619,349 | - | 3,937,500 | - | 2,649,175 |
| Balance at 31 January 2025 | (3,857,674) | 1,950,000 | 619,349 | - | 3,937,500 | 132,994 | 2,782,170 |
| Impact of foreign exchange gains and losses | - | - | - | - | - | (4,663) | (4,663) |
| Total comprehensive incomed | - | - | - | - | - | (4,663) | (4,663) |
| Transactions with owners | |||||||
| Issue of shares | - | - | - | - | (812,500) | - | (812,500) |
| Issue of warrants | - | - | 23,079 | 78,500 | - | - | 101,579 |
| Total transactions with owners | - | - | 23,079 | 78,500 | (812,500) | - | (710,921) |
| Balance at 31 January 2026 | (3,857,674) | 1,950,000 | 642,428 | 78,500 | 3,125,000 | 128,331 | 2,066,585 |
| CONSOLIDATED STATEMENT OF CASHFLOWS | |||||||
| for the period to 31 January 2026 | |||||||
| Year ended 31 January 2026 £ | 9 months Period ended 31 January 2025 £ | ||||||
| Cash flows from operating activities | |||||||
| Loss before taxation | (2,750,196) | (5,440,469) | |||||
| Depreciation | 27,749 | 17,520 | |||||
| Finance costs | 380,689 | 538,096 | |||||
| Share-based payments finance costs | - | 1,166,964 | |||||
| Share-based payments on RTO | - | 2,415,663 | |||||
| Equity settled transactions | 3,924 | 462,481 | |||||
| Fair value change - derivative liabilities | 243,970 | (419,235) | |||||
| Decrease/(Increase) in receivables | 268,460 | (289,439) | |||||
| (Decrease) / increase in payables | 29,904 | (1,050,405) | |||||
| Unrealised foreign exchange | (69,703) | 26,851 | |||||
| Net cash outflow from operations | (1,865,203) | (2,571,973) | |||||
| Cash inflows from financing activities | |||||||
| Proceeds from issue of shares net of issue costs | 1,130,000 | 4,403,875 | |||||
| Proceeds of new borrowings, as received net of associated fees | 668,000 | - | |||||
| Repayment of borrowings including interest | (849,420) | (609,626) | |||||
| Lease liability payments | (30,155) | (19,159) | |||||
| Net cash inflow from financing activities | 918,425 | 3,775,090 | |||||
| Cash inflows from investing activities | |||||||
| Cash acquired from RTO | - | 10,000 | |||||
| Net cash inflow from investing activities | - | 10,000 | |||||
| Net increase in cash and cash equivalents | (946,778) | 1,213,117 | |||||
| Cash and cash equivalents at the beginning of year | 1,215,875 | 2,758 | |||||
| Cash and cash equivalents at end of period | 269,097 | 1,215,875 | |||||
There are no items of other comprehensive income included in the financial statements.
The notes to the financial statements on pages 36-70 form an integral part of these financial statements.
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