Half-year Results
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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.
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
| (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 31 October 2023 | As at 31 October 2022 | As at 30 April 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 capital | Share premium | Warrants reserves | 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
| Notes | As at 31 October 2023 | As at 31 October 2022 | As at 30 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
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.
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.
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.
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/
Administrative fee and other expenses
| 6 months ended 31 October 2023 | 6 months ended 31 October 2022 | 12 months ended 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.
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 £249,341. 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.
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 2023 | 6 months ended 31 October 2022 | 12 months ended 30 April 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.
Share capital issued
| Number of shares issued | Nominal value per share | Share capital | Share premium | Total share 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 |
Related party transactions
The are no related party transactions during the period except for the Directors' remuneration, which has been disclosed in note 5.
Events after the reporting date
There are no events after the reporting date.
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