TIDMGGP

RNS Number : 4418R

Greatland Gold PLC

29 October 2019

29 October 2019

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

Greatland Gold plc

("Greatland", "the Group" or "the Company")

Final Results

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces its financial results for the year ended 30 June 2019.

Chairman's Statement

I am pleased to report on the Company's audited results for the year ended 30 June 2019.

This year proved to be a period of outstanding progress for Greatland, as highlighted by the excellent results from the Company's second drill campaign at its Havieron gold-copper target in the Paterson region of Western Australia. These results were instrumental in securing a US$65m Farm-In Agreement with Newcrest Operations Limited ("Newcrest"), a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM). Newcrest commenced its drilling programme at Havieron in May 2019 and excellent initial drill results have defined a series of higher-grade zones within a broad envelope of mineralisation. We are delighted by these results and by Newcrest's ongoing commitment to the exploration programme at Havieron.

Beyond our success at Havieron, we continued to systematically advance all of our six 100% owned projects, particularly in the highly prospective Paterson province of Western Australia, where we have a strong strategic position and believe there are opportunities to identify tier-one gold-copper deposits. Key developments for the year across Greatland's portfolio of exploration projects are detailed in the Strategic Report, but I would like to briefly note some highlights.

Havieron and the Paterson region

During the year, Greatland's second exploration campaign at Havieron continued to deliver excellent drill results that received wide ranging industry recognition and caught the attention of several major gold miners. The signing of the Farm-in Agreement with Newcrest in March 2019 demonstrates the potential scale of the project. This followed a series of standout results including an upper zone of 103m at 3.5g/t gold and 0.93% copper from 459m and a lower zone of 128m at 7.4g/t gold and 0.54% copper from 660m in our first drill hole of the second drill campaign (HAD005).

Newcrest launched its drilling programme at Havieron in May 2019 and, post year end, announced three sets of excellent results (July, September and October 2019), which further support our view that Havieron has the potential to become a truly significant, underground mining operation. Newcrest has demonstrated its continued commitment to the project by increasing the number of drill rigs at site from two to six, and by meeting the US$5 million minimum expenditure commitment ahead of the expected timetable.

If the trend of positive drill results continues, the Farm-in Agreement with Newcrest gives us the potential to fast track Havieron through to Feasibility Study. The current intention of both parties is that, subject to a positive Feasibility Study outcome, the ore from Havieron will be toll processed at Newcrest's Telfer Gold Mine, which sits approximately 45 kilometres to the west of Havieron, delivering material benefits for both parties including lower upfront capital costs, reduced time to production and first cash flows, and the potential for a significantly higher net present value for the project.

Elsewhere in the Paterson region, we commenced our first drilling campaign at another high-priority target, Black Hills, following positive results from a high-powered, deep-sensing Induced Polarisation survey that displayed potential for near-surface gold mineralisation. At our Paterson Range East licence, we have identified numerous high-priority exploration targets with a similar discrete magnetic signature to Havieron, and we continue to advance our exploration activity at Scallywag, a gold-copper prospect that sits in relatively proximity to Havieron.

Fundraising from new institutional investors to accelerate exploration at our high-priority targets

Greatland successfully raised GBP2,983,400 of new equity (net of costs) during the year. Subsequent to financial year end, Greatland raised a further GBP3,968,672 of new equity (net of costs) with funds raised by SI Capital Limited and Numis Securities Limited ("Numis") (acting as introduction agent). In a further indication of our continued progress, Greatland appointed Numis as joint broker and broadened the shareholder base with new institutional and high net worth investors participating in the fundraising completed in August 2019.

While Greatland continues to maintain a disciplined, results-based approach towards capital allocation, the funds raised will give us increased flexibility to accelerate exploration across our key projects, particularly in the Paterson region.

Strengthened Board and operations

The developments at Havieron have taken the Company to a new level, both from a corporate and an operational standpoint. In order to scale up, and to match our ambitions going forward, we successfully strengthened our board and operations team during the year. We were delighted to welcome someone of the calibre of Clive Latcham to the Board, bringing over 30 years of industry experience, including almost 10 years in senior roles with Rio Tinto. His expertise and contacts have proven invaluable since he arrived and I am sure he will continue to be a great addition to Greatland.

As the Company continues to grow and develop, we want to ensure we maintain the highest standards. To that end, we have invested in improving several aspects of Greatland's operations including Greatland's Safety Management System ("SMS") which assists us to systematically achieve and maintain high standards for managing our employees' safety and health.

Looking ahead

Greatland is the only AIM listed company with exposure to the new "gold/copper rush" in the Paterson region of Western Australia. Our focus now is to build on our success and to leverage the knowledge and insights gained at Havieron to prioritise and accelerate exploration at key targets across our Paterson licences. We are also working to continue to systematically advance our wider portfolio of projects.

In addition, we are well positioned to build on our track record of identifying and acquiring underdeveloped opportunities at attractive valuations and we will continue to seek to build shareholder value by acquiring projects that we believe have genuine tier-one potential in safe jurisdictions.

Our progress this year demonstrates our commitment to our five year strategy which remains to maximise risk-adjusted return on shareholders' capital by systematically advancing exploration across our key assets and seeking opportunities to monetise those key exploration assets whether through sale, joint venture or spin-out via initial public offering.

I would like to thank the management team for their tireless efforts and the significant progress made over the last 12 months. I would also like to thank our shareholders for their ongoing support as we continue to look forward with increased confidence.

Alex Borrelli

Chairman

29 October 2019

Strategic Report

Principal activities, strategy and business model

The principal activity of the Group is to explore for and develop natural resources, with a focus on gold. The Board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, and by acquiring exploration and development projects in underexplored areas.

The Group's strategy and business model is developed by the Chief Executive Officer and is approved by the Board. The executive directors who report to the Board are responsible for implementing the strategy and managing the business.

The Group's primary strategy is to advance projects that have potential for the discovery of large mineralised systems (typically considered to be in excess of one million ounces of gold) through the various stages of exploration and development with a view to monetising at least one or more of those projects, whether through an outright sale, joint venture, or spin-out via initial public offering, within a three to five year period.

Business development and performance

During the year ended 30 June 2019, Greatland successfully advanced exploration across its portfolio of projects (six projects, 100% owned by Greatland), as detailed in the "Review of key developments by project" section below. Most notably, Greatland's second drilling campaign at its 100%-owned Havieron gold-copper project in Western Australia returned excellent results including 103m at 3.5g/t gold and 0.93% copper from 459m and 128m at 7.4g/t gold and 0.54% copper from 660m (HAD005), 179.1m at 1.4g/t gold and 0.47% copper from 547.9m (HAD006) and 67m at 2.0g/t gold and 0.91% copper from 426m (HAD008).

In March 2019, Greatland signed a Farm-in Agreement with Newcrest Operations Limited ("Newcrest"), a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron project. Newcrest has the right to acquire up to a 70% interest in a 12-block area within E45/4701 that covers the Havieron target by spending up to US$65m.

The Group's financial position was further strengthened during the year by the successful raise of GBP2,983,400 of new equity (net of costs). The Group's cash deposits stood at GBP2,755,998 at 30 June 2019 (compared to GBP3,597,101 at 30 June 2018). These funds will be used to accelerate exploration across our key exploration projects, particularly in the Paterson region.

Review of key developments by project

Paterson project (Western Australia), 100% owned

The Paterson project, comprising the Havieron, Paterson Range East and Black Hills licences, is located in the Paterson region of northern Western Australia. The three licences collectively cover more than 385 square kilometres of ground which is considered prospective for intrusion related gold-copper systems and Telfer style gold deposits.

In September 2018, Greatland commenced its second drill programme at Havieron, which was designed to further determine the extent and orientation of the high-grade zone of mineralisation at Havieron that was detected in Greatland's maiden drilling campaign. Highlights of the drill results from the second campaign included 103m at 3.5g/t gold and 0.93% copper from 459m and 128m at 7.4g/t gold and 0.54% copper from 660m (HAD005), 179.1m at 1.4g/t gold and 0.47% copper from 547.9m (HAD006) and 67m at 2.0g/t gold and 0.91% copper from 426m (HAD008)

The excellent results from the second drill campaign at Havieron were fundamental in securing a US$65m Farm-In Agreement with Newcrest in early 2019. Newcrest subsequently began drilling at the Havieron target in May 2019. Initial results from Newcrest's ongoing drilling programme at Havieron have defined up to four higher-grade zones within a broad mineralised envelope and have extended the limits of known mineralisation. Best results from Newcrest's drilling to date include 52m at 7.0g/t gold and 0.17% copper from 1122m (HAD006 extension), 139.4m at 2.9g/t gold and 0.39% copper from 865.7m (HAD012), 244.6m at 2.0g/t gold and 0.4% copper from 450m (HAD014) and 96.4m at 4.5g/t gold and 0.14% copper from 916.4m (HAD018).

During the financial year, Greatland continued to conduct systematic exploration campaigns across its 100%-owned Paterson licences. At the Scallywag target (10 kilometres west of Havieron on E45/4701), Greatland conducted a Mobile Metal Ion ("MMI") survey which highlighted a multi-element anomalous zone over 6km in strike length. Ground gravity and induced polarisation (IP) geophysics survey are currently being conducted over the Scallywag target area and, together with 3D modelling and detailed aeromagnetic data, will be used to help establish drill targets.

In June 2018, Greatland commenced its first field exploration campaign at Black Hills (E45/4512) which successfully identified multiple gold nuggets at surface and established a strike length of high-grade gold mineralisation at surface of up to 800 metres. Subsequently, two Induced Polarisation ("IP") surveys were carried out. The first IP survey, which commenced in August 2018, delineated a chargeability anomaly at the Saddle Reefs prospect approximately 1 kilometre long. The second IP survey, carried out in June/July 2019, extended that chargeability anomaly to over 1.4 kilometres in length, part of which is spatially coincident with the surface gold mineralisation. A drill programme was subsequently designed to test the 1.4km anomaly which commenced in July 2019. Initial results from the drilling programme confirmed the presence of gold mineralisation at Black Hills with best results including 56m at 0.56g/t gold from 68m (SRRC012).

During the period Greatland commenced work on a new, detailed, low level airborne magnetic survey to cover the entire Paterson Range East licence. The Paterson Range East licence is 25km north of the Havieron prospect and covers 224 square kilometres of Proterozoic basement rocks prospective for Havieron style gold-copper mineralisation. Comprising approximately 5,200-line kilometres at a line spacing of 50m the new survey significantly increased the resolution of approximately twenty magnetic targets previously identified across the licence and allowed for numerous high-priority targets, with a similar magnetic signature to Havieron, to be identified and defined.

Firetower project (Tasmania), 100% owned

The Firetower project is located in central north Tasmania, Australia, and covers an area of 62 square kilometres. Historic drilling at the Firetower prospect has identified significant gold mineralisation from surface (up to 30g/t).

A comprehensive IP survey carried out in 2018 highlighted a large chargeability response, approximately 1,000 metres long, traversing east-west across the Firetower prospect, which is open to the east and up to depths of 400 metres. In June 2019, the Company commenced a drilling programme at Firetower which included plans to carry out over 2,000m of drilling on five north-south traverses to test the chargeability anomaly at Firetower, with additional drilling to test the previously undrilled areas at Firetower East highlighted by the IP survey. Initial results from this drilling programme confirmed the presence of broad widths of gold mineralisation at the Firetower prospect, with best results including 54.5m at 1.36g/t gold from surface (0m), including 5m at 5.41g.t gold from 45m (hole 2019FTD001).

Panorama project (Western Australia), 100% owned

The Panorama project consists of three adjoining exploration licences, covering 155 square kilometres, located in the Pilbara region of Western Australia, in an area that is considered to be highly prospective for gold and cobalt.

During the period, Greatland continued field exploration at Panorama with field reconnaissance and surface geochemical work. Numerous gold nuggets were found in thin soil cover extending the strike by nearly 3km to 6.1km over Panorama North (E45/4936). Further field exploration was conducted and a detailed, low-level aeromagnetic survey covering the three licences commenced in July 2019.

Ernest Giles project (Western Australia), 100% owned

The Ernest Giles project is located in central Western Australia, covering an area of approximately 1,370 square kilometres with over 180km of strike of rocks prospective for gold and nickel. The eastern Yilgarn Craton is one of the most highly mineralised areas in Western Australia and is considered prospective for large gold deposits.

During the period, Greatland carried out a reverse circulation ("RC") drilling programme which included twenty five drill holes at the Meadows area, two drill holes at the Empress area, two drill holes at the Wishbone area and one drill hole at the Carnegie area for a total of over 8,200m of drilling. Results from the drilling campaign at Meadows extended the two previously identified large zones of gold mineralization: a Western zone with a strike of approximately 6.2km and open to the north, and an Eastern zone with a strike of approximately 2.5km. The campaign also detected gold, silver and copper mineralisation at the Wishbone area.

A comprehensive review of all data for the Ernest Giles project was carried out later in the year. The Board decided that Greatland should focus on high priority targets within the project and, consequently, both the Carnegie (E38/2882) and Empress North (E38/3228) licences were relinquished, thereby enabling work to be concentrated on higher priority targets within the retained project licences.

Warrentinna project (Tasmania), 100% owned

The Warrentinna project is located 60 kilometres north east of Launceston in north eastern Tasmania and covers an area of 37 square kilometres with 15 kilometres of strike prospective for gold. During the period, Greatland undertook the acquisition of LIDAR data with resulting generation of digital elevation models (DEM) over the licence which will aid in planned exploration on the ground.

Bromus project (Western Australia), 100% owned

The Bromus project is located 25 kilometres south west of Norseman in the southern Yilgarn region of Western Australia. The Bromus project covers 52 square kilometres of under-explored greenstone and intrusive granites of the Archean Yilgarn Block at the southern end of the Kalgoorlie-Norseman belt. During the period, Greatland undertook an aeromagnetic survey of the tenement allowing high quality digital elevation and geophysics data to be obtained. During the period, Greatland made an application for an additional exploration licence (E63/1953) covering 32 square kilometres which is considered prospective for gold, contiguous to the north and west of Bromus, which has subsequently been granted.

Further details regarding exploration activities during the year can be found on the Company's website at www.greatlandgold.com.

Gervaise Heddle

Chief Executive Officer

29 October 2019

Enquiries:

Greatland Gold PLC

Gervaise Heddle/Callum Baxter

Tel: +44 (0)20 3709 4900

Email: info@greatlandgold.com

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott/James Keeshan

Tel: +44 (0)20 3368 3550

SI Capital Limited (Joint Broker)

Nick Emerson/Alan Gunn

Tel: +44 (0)14 8341 3500

Numis Securities Limited (Joint Broker)

Matthew Hasson/John Prior/Alamgir Ahmed

Tel: +44 (0)20 7260 1000

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Alexis Gore/Joe Quinlan

Tel: +44 (0)20 7618 9100

Notes for Editors:

Greatland Gold plc is a London AIM-listed (AIM:GGP) natural resource exploration and development company with a current focus on gold, copper and nickel exploration projects.

The Company has six main projects; four situated in Western Australia and two in Tasmania. All projects are 100% owned by Greatland.

In March 2019, Greatland signed a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron gold-copper project in the Paterson region of Western Australia. Newcrest has the right to acquire up to a 70% interest in a 12-block area within E45/4701 that covers the Havieron target by spending up to US$65m.

Greatland is seeking to identify large mineral deposits in areas that have not been subject to extensive exploration previously. It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.

The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.

Group statement of comprehensive income

for the year ended 30 June 2019

 
                                          Notes       Year ended       Year ended 
                                                         30 June          30 June 
                                                            2019             2018 
 
                                                             GBP              GBP 
 Revenue                                    2                  -                - 
 Exploration costs                                   (2,309,760)      (1,021,493) 
 Administrative expenses                               (888,661)        (811,359) 
 Depreciation                                           (37,131)          (7,584) 
 Impairment cost                                        (18,450)                - 
 Operating loss                                      (3,254,002)      (1,840,436) 
 Net finance costs/income                   3           (10,305)            3,891 
 Loss before taxation                       4        (3,264,307)      (1,836,545) 
 Income tax expense                         5                  -                - 
                                                 ---------------  --------------- 
 Loss for the year                                   (3,264,307)      (1,836,545) 
                                                 ---------------  --------------- 
 
   Other comprehensive income 
   Exchange differences on translation 
   of foreign operations                                (52,730)         (74,867) 
 Other comprehensive income 
  for the year net of taxation                          (52,730)         (74,867) 
                                                 ---------------  --------------- 
 Total comprehensive income 
  for the year attributable 
  to equity holders of the parent 
  company                                            (3,317,037)      (1,911,412) 
                                                 ---------------  --------------- 
 
   Loss per share - basic and                9      (0.10) pence     (0.07) pence 
   diluted 
                                                 ---------------  --------------- 
 

All operations are considered to be continuing.

Group balance sheet

as at 30 June 2019

 
                                 Note         30 June 2019              30 June 2018 
                                                                          Re-stated 
                                                 GBP         GBP           GBP         GBP 
 ASSETS 
 Non-current assets 
  Tangible assets                  10        103,114                    41,877 
 Intangible assets                11       2,016,783                 1,233,648 
                                       -------------              ------------ 
                                                       2,119,897                 1,275,525 
 Current assets 
  Cash and cash equivalents       18       2,755,998                 3,597,101 
  Trade and other receivables      13         77,480                    79,061 
                                       -------------              ------------ 
 Total current assets                                  2,833,478                 3,676,162 
                                                      ----------                ---------- 
 TOTAL ASSETS                                          4,953,375                 4,951,687 
 LIABILITIES 
 Current liabilities 
  Trade and other payables         14      (630,369)                 (685,322) 
 TOTAL LIABILITIES                                     (630,369)                 (685,322) 
                                                      ---------- 
 NET ASSETS                                            4,323,006                 4,266,365 
                                                      ----------                ---------- 
 
 EQUITY 
  Called-up share capital         15       3,323,420                 3,002,256 
  Share premium reserve                   12,554,173                 9,749,891 
  Share based payment 
   reserve                         16        349,606                   243,472 
 Retained earnings                      (12,072,653)               (8,950,444) 
 Other reserves                              168,460                   221,190 
                                       -------------              ------------ 
 
 TOTAL EQUITY                                          4,323,006                 4,266,365 
                                                      ----------                ---------- 
 
 

Group statement of changes in equity

for the year ended 30 June 2019

 
                                Share         Share       Share      Retained       Other         Total 
                              capital       premium       based      earnings    reserves 
                           (restated)       account     payment 
                                         (restated)     reserve 
                                  GBP           GBP         GBP           GBP         GBP           GBP 
 As at 30 June 
  2017                      1,506,955     6,627,270     328,060   (7,223,363)     296,057     1,534,979 
                         ------------  ------------  ----------  ------------  ----------  ------------ 
 
 Loss for the 
  year                              -             -           -   (1,836,545)           -   (1,836,545) 
 Currency translation 
  differences                       -             -           -             -    (74,867)      (74,867) 
 Total comprehensive 
  income                            -             -           -   (1,836,545)    (74,867)   (1,911,412) 
 Share option 
  charge                            -             -      24,876             -           -        24,876 
 Transfer on 
  exercise of 
  options and 
  warrants                          -             -   (109,464)       109,464           -             - 
 Share capital 
  issued                      101,731     4,591,658           -             -           -     4,693,389 
 Reclassification 
  of share capital          1,393,570   (1,393,570)           -             -           -             - 
 Cost of share 
  issue                             -      (75,467)           -             -           -      (75,467) 
                         ------------  ------------  ----------  ------------  ----------  ------------ 
 Total contributions 
  by and distributions 
  to owners of 
  the Company               1,495,301     3,122,621    (84,588)       109,464           -     4,642,798 
                         ------------  ------------  ----------  ------------  ----------  ------------ 
 As at 30 June 
  2018                      3,002,256     9,749,891     243,472   (8,950,444)     221,190     4,266,365 
                         ------------  ------------  ----------  ------------  ----------  ------------ 
 
 
 Loss for the 
  year                            -            -           -    (3,264,307)          -   (3,264,307) 
 Currency translation 
  differences                     -            -           -              -   (52,730)      (52,730) 
 Total comprehensive 
  income                          -            -           -    (3,264,307)   (52,730)   (3,317,037) 
 Share option 
  charge                          -            -     248,232              -          -       248,232 
 Transfer on 
  exercise of 
  options and 
  warrants                        -            -   (142,098)        142,098          -             - 
 Share capital 
  issued                    321,164    2,936,782           -              -          -     3,257,946 
 Cost of share 
  issue                           -    (132,500)           -              -          -     (132,500) 
                         ----------  -----------  ----------  -------------  ---------  ------------ 
 Total contributions 
  by and distributions 
  to owners of 
  the Company               321,164    2,804,282     106,134        142,098          -     3,373,678 
                         ----------  -----------  ----------  -------------  ---------  ------------ 
 As at 30 June 
  2019                    3,323,420   12,554,173     349,606   (12,072,653)    168,460     4,323,006 
                         ----------  -----------  ----------  -------------  ---------  ------------ 
 

Note:

The brought forward share capital and share premium balances from 30 June 2017 and 30 June 2018 have been restated by GBP415,358 and GBP1,393,570 to GBP3,002,256 and GBP9,749,891 respectively. These restatements are a reclassification between the value of share capital and share premium due to an incorrect calculation of nominal share capital. The total equity remains unchanged for both brought forward periods.

Group statement of changes in equity

for the year ended 30 June 2019

 
 Other reserves                        Merger   Foreign currency   Total other 
                                      reserve        translation      reserves 
                                                         reserve 
                                          GBP                GBP           GBP 
 As at 30 June 2017                   225,000             71,057       296,057 
                                    ---------  -----------------  ------------ 
 
 Currency translation differences           -           (74,867)      (74,867) 
                                    ---------  -----------------  ------------ 
 Total comprehensive income                 -           (74,867)      (74,867) 
                                    ---------  -----------------  ------------ 
 As at 30 June 2018                   225,000            (3,810)       221,190 
                                    ---------  -----------------  ------------ 
 
 
 Currency translation differences          -   (52,730)   (52,730) 
                                    --------  ---------  --------- 
 Total comprehensive income                -   (52,730)   (52,730) 
                                    --------  ---------  --------- 
 As at 30 June 2019                  225,000   (56,540)    168,460 
                                    --------  ---------  --------- 
 

Company balance sheet

as at 30 June 2019

 
                                 Note         30 June 2019              30 June 2018 
                                                                          Re-stated 
                                                 GBP         GBP           GBP         GBP 
 ASSETS 
 Non-current assets 
  Investment in subsidiary         12                     50,000                    50,000 
 Current assets 
  Cash and cash equivalents        18      2,247,271                 2,753,575 
  Trade and other receivables      13      6,624,946                 3,488,649 
                                       -------------              ------------ 
 Total Current Assets                                  8,872,217                 6,242,224 
                                                      ----------                ---------- 
 TOTAL ASSETS                                          8,922,217                 6,292,224 
 LIABILITIES 
 Current Liabilities 
  Trade and other payables         14      (255,510)                  (69,108) 
 TOTAL LIABILITIES                                     (255,510)                  (69,108) 
                                                      ---------- 
 NET ASSETS                                            8,666,707                 6,223,116 
                                                      ----------                ---------- 
 
 EQUITY 
  Called-up share capital         15       3,323,420                 3,002,256 
  Share premium reserve                   12,554,173                 9,749,891 
  Share based payment 
   reserve                         16        349,606                   243,472 
 Merger reserve                              225,000                   225,000 
 Retained earnings                       (7,785,492)               (6,997,503) 
                                       -------------              ------------ 
 
 TOTAL EQUITY                                          8,666,707                 6,223,116 
                                                      ----------                ---------- 
 
 

Company statement of changes in equity

for the year ended 30 June 2019

 
                               Called         Share       Share      Retained     Merger        Total 
                             up share       premium       based      earnings    reserve 
                              capital       account     payment 
                           (restated)    (restated)     reserve 
                                  GBP           GBP         GBP           GBP        GBP          GBP 
 As at 30 June 
  2017                      1,506,955     6,627,270     328,060   (6,532,249)    225,000    2,155,036 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
  Loss for the year                 -             -           -     (574,718)          -    (574,718) 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
 Total comprehensive 
  income                            -             -           -     (574,718)          -    (574,718) 
 Share option charge                -             -      24,876             -          -       24,876 
 Transfer on exercise 
  of options and 
  warrants                          -             -   (109,464)       109,464          -            - 
 Share capital 
  issued                      101,731     4,591,658           -             -          -    4,693,389 
 Reclassification 
  of share capital          1,393,570   (1,393,570)           -             -          -            - 
 Cost of share 
  issue                             -      (75,467)           -             -          -     (75,467) 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
 Total contributions 
  by and distributions 
  to owners of the 
  Company                   1,495,301     3,122,621    (84,588)       109,464          -    4,642,798 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
 As at 30 June 
  2018                      3,002,256     9,749,891     243,472   (6,997,503)    225,000    6,223,116 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
  Loss for the year                 -             -           -     (930,087)          -    (930,087) 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
 Total comprehensive 
  income                            -             -           -     (930,087)          -    (930,087) 
 Share option charge                -             -     248,232             -          -      248,232 
 Transfer on exercise 
  of options and 
  warrants                          -             -   (142,098)       142,098          -            - 
 Share capital 
  issued                      321,164     2,936,782           -             -          -    3,257,946 
 Cost of share 
  issue                             -     (132,500)           -             -          -    (132,500) 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
 Total contributions 
  by and distributions 
  to owners of the 
  Company                     321,164     2,804,282     106,134       142,098          -    3,373,678 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
 As at 30 June 
  2019                      3,323,420    12,554,173     349,606   (7,785,492)    225,000    8,666,707 
                         ------------  ------------  ----------  ------------  ---------  ----------- 
 

Note:

The brought forward share capital and share premium balances from 30 June 2017 and 30 June 2018 have been restated by GBP415,358 and GBP1,393,570 to GBP3,002,301 and GBP9,749,891 respectively. These restatements are a reclassification between the value of share capital and share premium due to an incorrect calculation of nominal share capital. The total equity remains unchanged for both brought forward periods.

Group cash flow statement

for the year ended 30 June 2019

 
                                           Notes     Year ended          Year ended 
                                                        30 June             30 June 
                                                           2019                2018 
 
 
                                                            GBP                 GBP 
 Cash flows from operating activities 
  Operating loss                                    (3,254,001)         (1,840,436) 
  Decrease/(Increase) in trade & 
   other receivables                                      1,581            (27,268) 
  (Decrease)/Increase in trade & 
   other payables                                      (70,454)             566,494 
  Depreciation                                           37,131               7,584 
  Impairment charge                                      18,450                   - 
  Share option charge                                   248,232              24,876 
                                                  -------------       ------------- 
 Net (decrease) in cash and cash 
  equivalents from operating activities             (3,019,061)         (1,268,750) 
                                                  -------------       ------------- 
 Cash flows from investing activities 
  Interest received                                       5,195               3,891 
  Payments to acquire intangible 
   assets                                             (688,517)           (361,711) 
 Payments to acquire tangible assets                   (98,774)            (49,267) 
                                                  -------------       ------------- 
 Net cash (out)flows used in investing 
  activities                                          (782,098)           (407,087) 
                                                  -------------       ------------- 
 Cash flows from financing activities 
  Proceeds from issue of shares                       3,115,900           4,443,988 
  Transaction costs of issue of 
   shares                                             (132,500)            (75,467) 
                                                  -------------       ------------- 
 Net cash inflows from financing 
  activities                                          2,983,400           4,368,521 
                                                  -------------       ------------- 
 Net (decrease)/increase in cash 
  and cash equivalents                      18        (817,759)           2,692,684 
 Cash and cash equivalents at the 
  beginning of period                                 3,597,101             930,500 
 Exchange (loss) on cash and cash 
  equivalents                                          (23,344)            (26,083) 
                                                  -------------       ------------- 
 Cash and cash equivalents at end 
  of period                                 18        2,755,998           3,597,101 
                                                  -------------       ------------- 
 

During the year shares in the Company totalling GBP142,045 (2018: GBP249,401) were issued for the acquisition of intangible assets (see note 15). This amount represents material non-cash flows and is excluded from the cash flow statement.

Company cash flow statement

for the year ended 30 June 2019

 
                                           Notes      Year ended           Year ended 
                                                         30 June              30 June 
                                                            2019                 2018 
 
                                                             GBP                  GBP 
 Cash flows from operating activities 
  Operating loss                                       (914,836)            (574,818) 
  Decrease in trade & other receivables                    5,749                4,163 
  Increase/(Decrease in trade & 
   other payables                                        170,901             (29,855) 
  Share option charge                                    248,232               24,876 
                                                  --------------       -------------- 
 Net (decrease) in cash and cash 
  equivalents from operations                          (489,954)            (575,634) 
                                                  --------------       -------------- 
 Cash flows from investing activities 
  Interest received                                          250                  100 
  Loans to subsidiary                                (3,000,000)          (1,950,000) 
 Net cash (outflows) used in investing 
  activities                                         (2,999,750)          (1,949,900) 
                                                  -------------- 
 Cash flows from financing activities 
  Proceeds from issue of shares                        3,115,900            4,443,988 
  Transaction costs of issue of 
   shares                                              (132,500)             (75,467) 
                                                  --------------       -------------- 
 Net cash flows from financing 
  activities                                           2,983,400            4,368,521 
                                                  --------------       -------------- 
 Net (decrease)/increase in cash 
  and cash equivalents                      18         (506,304)            1,842,987 
 Cash and cash equivalents at the 
  beginning of period                                  2,753,575              910,588 
                                                  --------------       -------------- 
 Cash and cash equivalents at end 
  of period                                 18         2,247,271            2,753,575 
                                                  --------------       -------------- 
 

During the year shares in the Company totalling GBP142,045 (2018: GBP249,401) were issued for the acquisition of intangible assets (see note 15). This amount represents material non-cash flows and is excluded from the cash flow statement.

Notes to financial statements

for the year ended 30 June 2019

 
 1       Principal accounting policies 
 
 1.1     Authorisation of financial statements and statement 
          of compliance with IFRS 
          The group financial statements of Greatland Gold plc 
          for the year ended 30 June 2019 were authorised for 
          issue by the board on 29 October 2019 and the balance 
          sheets signed on the board's behalf by Mr Gervaise 
          Heddle and Mr Alex Borrelli. Greatland Gold plc is 
          a public limited company incorporated and domiciled 
          in England and Wales. The Company's ordinary shares 
          are traded on AIM. 
          The Group's financial statements have been prepared 
          in accordance with International Financial Reporting 
          Standards (IFRS). The Company's financial statements 
          have been prepared in accordance with IFRS as adopted 
          by the European Union and as applied in accordance 
          with the provisions of the Companies Act 2006. The 
          principal accounting policies adopted by the Group 
          and Company are set out below. 
 
          New standards, amendments and interpretations adopted 
          by the Group 
          The Group has applied the following standards and amendments 
          for the first time for their annual reporting period 
          commencing 1 July 2018: 
          - IFRS 9 Financial Instruments 
          - IFRS 15 Revenue from Contracts with Customers 
          No retrospective adjustments were required following 
          the adoption of IFRS 9 and IFRS 15. 
          On 1 July 2018 (the date of initial application of 
          IFRS 9), the Group's management assessed which business 
          models apply to the financial assets held by the Group 
          and classified its financial instruments into the appropriate 
          IFRS 9 categories. No reclassifications were required. 
          New standards, amendments and interpretations not yet 
          adopted 
          At the date of authorisation of these financial statements, 
          the following Standards and Interpretations which have 
          not been applied in these financial statements, were 
          in issue but not yet effective for the year presented: 
          - IFRS 16 in respect of Leases which will be effective 
          for accounting periods beginning on or after 1 January 
          2019. 
          - IFRS 17 Insurance Contracts (effective date 1 January 
          2021). 
          There are no other IFRSs or IFRIC interpretations that 
          are not yet effective that would be expected to have 
          a material impact on the Group. 
 1.2     Significant accounting judgments, estimates and assumptions 
         Significant accounting estimates and assumptions 
          The carrying amounts of certain assets and liabilities 
          are often determined based on estimates and assumptions 
          of future events. The key estimates and assumptions 
          that have a significant risk of causing a material 
          adjustment to the carrying amounts of certain assets 
          and liabilities within the next annual reporting period 
          are: 
          Impairment of goodwill and intangibles with indefinite 
          useful lives 
          The Group determines whether goodwill and intangibles 
          with indefinite useful lives are impaired at least 
          on an annual basis. This requires an estimation of 
          the recoverable amount of the cash-generating units 
          to which the goodwill and intangibles with indefinite 
          useful lives are allocated. 
          Share-based payment transactions 
          The Group measures the cost of equity-settled transactions 
          with employees by reference to the fair value of the 
          equity instruments at the date at which they are granted. 
          The fair value is determined using a Black-Scholes 
          model. 
 1.3     Basis of preparation 
          The consolidated financial statements of Greatland 
          Gold plc and its subsidiary have been prepared in accordance 
          with International Reporting Standards (IFRS) as adopted 
          for use in the European Union. 
          The consolidated financial statements have been prepared 
          on the historical cost basis, except for the measurement 
          to fair value of assets and financial instruments as 
          described in the accounting policies below, and on 
          a going concern basis. 
          Going Concern 
          The consolidated entity has incurred a loss before 
          tax of GBP3,264,307 for the year ended 30 June 2019, 
          and had a net cash outflow of GBP3,801,159 from operating 
          and investing activities. At that date there were net 
          current assets of GBP2,203,109. The loss resulted almost 
          entirely from exploration costs and associated administrative 
          related costs. 
          The Directors are confident in the Company's ability 
          to raise new finance from stock markets if this is 
          required during 2020 and the Group has demonstrated 
          a consistent ability to do so. This includes a share 
          issuance of 225,813,513 placing shares for gross proceeds 
          of GBP4,177,550 as announced by the Company on 12 August 
          2019. 
         The Group's cash flow forecast for the 12 months ending 
          31 October 2020 highlights adequate funding at current 
          levels of projected expenditure to last throughout 
          this period. The Board of Directors are confident that 
          sufficient funding is in place to meet all its operational 
          and exploration commitments over the next twelve months 
          and to remain cash positive for the whole period. 
          Given the Group's current positive cash position and 
          its ability to raise new capital the Directors have 
          a reasonable expectation that the Group has adequate 
          resources to continue in operational existence for 
          the foreseeable future. For these reasons, they continue 
          to adopt the going concern basis in preparing the annual 
          report and accounts. 
 1.4     Basis of consolidation 
          The consolidated accounts combine the accounts of the 
          Company and its sole subsidiary, Greatland Pty Ltd, 
          using the purchase method of accounting. 
          In the Company's balance sheet the investment in Greatland 
          Pty Ltd includes the nominal value of shares issued 
          together with the cash element of the consideration. 
          As required by the Companies Act 2006, no premium was 
          recognised on the share issue. The difference between 
          nominal and fair value of the shares issued was credited 
          to the merger reserve. 
 1.5     Goodwill 
          Goodwill on acquisition is capitalised and shown within 
          fixed assets. Positive goodwill is subject to annual 
          impairment review with movements charged in the income 
          statement. 
          Negative goodwill is reassessed by the Directors and 
          attributed to the relevant assets to which it relates. 
 1.6     Non-current asset investments 
          Investments in subsidiary companies are classified 
          as non-current assets and included in the balance sheet 
          of the Company at cost at the date of acquisition irrespective 
          of the application of merger relief under the Companies 
          Act. 
 1.7     Cash and cash equivalents 
          Cash and short-term deposits in the balance sheet comprise 
          cash at bank and in hand and short-term deposits with 
          an original maturity of three months or less. 
          For the purposes of the Cash Flow Statement, cash and 
          cash equivalents consist of cash and cash equivalents 
          as defined above, net of outstanding bank overdrafts. 
 1.8     Income tax and deferred taxation 
          Current tax assets and liabilities for the current 
          and prior periods are measured as the amount expected 
          to be recovered from or paid to the taxation authorities. 
          The tax rates and tax laws used to compute the amount 
          are those that are enacted or substantially enacted 
          by the balance sheet date. 
          Full provision is made for deferred taxation resulting 
          from timing differences which have arisen but not reversed 
          at the balance sheet date. 
 1.9          Tangible fixed assets 
               Fixed assets are depreciated on a straight-line basis 
               at annual rates that will reduce the book amounts to 
               estimated residual values over their anticipated useful 
               lives as follows: 
                *    Motor vehicles: 20% per annum 
 
 
                *    Equipment: 7% per annum 
 1.10    Foreign currencies 
          Both the functional and presentational currency of 
          Greatland Gold plc is sterling (GBP). Each group 
          entity determines its own functional currency and 
          items included in the financial statements of each 
          entity are measured using that functional currency. 
          The functional currency of the foreign subsidiary, 
          Greatland Pty Limited, is Australian Dollars (A$). 
          Transactions in foreign currencies are recorded at 
          the rate ruling at the date of the transaction. Monetary 
          assets and liabilities denominated in foreign currencies 
          are translated at the rate of exchange ruling at 
          the balance sheet date. All differences are taken 
          to the income statement. 
          On consolidation of a foreign operation, assets and 
          liabilities are translated at the balance sheet rates, 
          income and expenses are translated at rates ruling 
          at the transaction date. Exchange differences on 
          consolidation are taken to the income statement. 
 1.11    Other income 
          The Group had no other income during the periods 
          ending 30 June 2019 and 30 June 2018. Previous years 
          consisted of a grant from the state government of 
          Western Australia. Government grants are accounted 
          for on a receipts basis. 
 1.12    Finance costs/revenue 
          Borrowing costs are recognised as an expense when 
          incurred. 
          Finance revenue is recognised as interest accrues 
          using the effective interest method. This is a method 
          of calculating the amortised cost of a financial 
          asset and allocating the interest income over the 
          relevant period using the effective interest rate, 
          which is the rate that exactly discounts estimated 
          future cash receipts through the expected life of 
          the financial asset to the net carrying amount of 
          the financial asset. 
 1.13    Trade and other receivables 
          Trade receivables, which generally have 30 day terms, 
          are recognised and carried at original invoice amount 
          less an allowance for any uncollectible amounts. 
          An allowance for doubtful debts is made when there 
          is objective evidence that the Group will not be 
          able to collect the debts. Bad debts are written 
          off when identified. 
 1.14    Financial instruments 
          The Group's financial instruments, other than its 
          investments, comprise cash and items arising directly 
          from its operation such as trade debtors and trade 
          creditors. The Group has an overseas subsidiary in 
          Australia whose expenses are denominated in Australian 
          Dollars. Market price risk is inherent in the Group's 
          activities and is accepted as such. 
          There is no material difference between the book 
          value and fair value of the Group's cash. 
 1.15    Trade and other payables 
          Trade payables and other payables are carried at 
          amortised cost and represent liabilities for goods 
          and services provided to the Group prior to the end 
          of the financial year that are unpaid and arise when 
          the Group becomes obliged to make future payments 
          in respect of the purchase of these goods and services. 
 1.16    Earnings per share 
          Basic earnings per share is calculated as net profit 
          attributable to members of the parent, adjusted to 
          exclude any costs of servicing equity (other than 
          dividends) and preference share dividends, divided 
          by the weighted average number of ordinary shares, 
          adjusted for any bonus element. 
          Diluted earnings per share is calculated as net profit 
          attributable to members of the parent, adjusted for: 
           *    costs of servicing equity (other than dividends) and 
                preference share dividends; 
 
 
           *    the after tax effect of dividends and interest 
                associated with dilutive potential ordinary shares 
                that have been recognised as expenses; and 
 
 
           *    other non-discretionary changes in revenues or 
                expenses during the period that would result from the 
                dilution of potential ordinary shares; divided by the 
                weighted average number of ordinary shares and 
                dilutive potential ordinary shares, adjusted for any 
                bonus element. 
 1.17    Exploration and development expenditure 
          Exploration and development costs include expenditure 
          on prospects at an exploratory stage. These costs include 
          the cost of acquisition, exploration, determination 
          of recoverable reserves, economic feasibility studies 
          and all technical and administrative overheads directly 
          associated with those projects. A substantial proportion 
          of these costs are carried forward in the balance sheet 
          as intangible fixed assets. 
          Recoupment of capitalised exploration and development 
          costs is dependent upon successful development and 
          commercial exploitation of each area of interest and 
          are amortised over the expected commercial life of 
          each area once production commences. The Company adopts 
          the 'area of interest' method of accounting whereby 
          a substantial proportion of exploration and development 
          costs relating to an area of interest are capitalised 
          and carried forward until abandoned. In the event that 
          an area of interest is abandoned, or if the Directors 
          consider the expenditure to be of no value, accumulated 
          exploration costs are written off in the financial 
          year in which the decision is made. All expenditure 
          incurred prior to approval of an application is expensed 
          with the exception of refundable rent which is raised 
          as a debtor. 
          Impairment reviews are carried out regularly by the 
          Directors of the Company. Where a project is abandoned 
          or is considered not to be of commercial value to the 
          Company, the related costs are written off or provisions 
          are made. 
 1.18    Share based payments 
          The fair value of options granted to directors and 
          others in respect of services provided is recognised 
          as an expense in the profit and loss account with 
          a corresponding increase in equity reserves - the 
          share based payment reserve. 
          On exercise or cancellation of share options, the 
          proportion of the share based payment reserve relevant 
          to those options is transferred to the profit and 
          loss account reserve. On exercise, equity is also 
          increased by the amount of the proceeds received. 
          The fair value is measured at grant date and the charge 
          is spread over the relevant vesting period. 
          The fair value of options is calculated using the 
          Black-Scholes model taking into account the terms 
          and conditions upon which the options were granted. 
          Vesting conditions are non-market and there are no 
          market vesting conditions. The exercise price is fixed 
          at the date of grant and no compensation is due at 
          the date of grant. 
 2        Revenue and segmental analysis 
          The Group's prime business segment is mineral exploration. 
           The Group operates within two geographical segments, 
           the United Kingdom and Australia. The UK sector 
           consists of the parent company which provides administrative 
           and management services to the subsidiary undertaking 
           based in Australia. 
           The following tables present revenue and loss information 
           and certain asset and liability information by geographical 
           segments: 
                                                       UK       Australia           Total 
          Year ended 30 June 2019                     GBP             GBP             GBP 
          Revenue 
           Total segment revenue                        -               -               - 
                                             ------------  --------------  -------------- 
          Total consolidated revenue                                                    - 
                                                                           -------------- 
          Result 
           Segment results                      (914,837)     (2,339,165)     (3,254,002) 
                                             ------------  --------------  -------------- 
          Loss before tax and finance 
           costs                                                              (3,254,002) 
           Interest receivable                                                      5,195 
           Interest payable                                                      (15,500) 
           Loss on disposal of investments                                              - 
                                                                           -------------- 
          Loss before taxation                                                (3,264,307) 
           Taxation expense                                                             - 
                                                                           -------------- 
          Loss after taxation                                                 (3,264,307) 
                                                                           -------------- 
 
 
 
                                           UK     Australia         Total 
    As at 30 June 2019                    GBP           GBP           GBP 
  Assets and liabilities 
  Segment assets                    2,275,468     2,677,907     4,953,375 
                                 ------------  ------------ 
  Total assets                                                  4,953,375 
                                                             ------------ 
 
    Segment liabilities             (255,510)     (374,859)     (630,369) 
                                 ------------  ------------  ------------ 
  Total liabilities                                             (630,369) 
                                                             ------------ 
 
    Other segment information: 
    Capital expenditure                     -       929,338       929,338 
                                 ------------  ------------  ------------ 
  Depreciation                              -        37,131        37,131 
                                 ------------  ------------  ------------ 
  Impairment                                -        18,450        18,450 
                                 ------------  ------------  ------------ 
 
 
                                                   UK       Australia           Total 
       Year ended 30 June 2018                    GBP             GBP             GBP 
       Revenue 
        Total segment revenue                       -               -               - 
                                         ------------  --------------  -------------- 
       Total consolidated revenue                                                   - 
                                                                       -------------- 
  Result 
   Segment results                          (574,818)     (1,265,618)     (1,840,436) 
                                         ------------  --------------  -------------- 
       Loss before tax and finance 
        costs                                                             (1,840,436) 
   Interest receivable                                                          3,891 
       Loss on disposal of investments                                              - 
                                                                       -------------- 
  Loss before taxation                                                    (1,836,545) 
   Taxation expense                                                                 - 
                                                                       -------------- 
  Loss after taxation                                                     (1,836,545) 
                                                                       -------------- 
 
 
                                         UK     Australia         Total 
    As at 30 June 2018                  GBP           GBP           GBP 
  Assets and liabilities 
  Segment assets                  2,787,522     2,164,165     4,951,687 
                                -----------  ------------ 
  Total assets                                                4,951,687 
                                                           ------------ 
 
    Segment liabilities            (69,108)     (616,214)     (685,322) 
                                -----------  ------------  ------------ 
  Total liabilities                                           (685,322) 
                                                           ------------ 
 
    Other segment information 
    Capital expenditure                   -       660,380       660,380 
                                -----------  ------------  ------------ 
  Depreciation                            -         7,584         7,584 
                                -----------  ------------  ------------ 
 
 
 3     Net finance costs                                                      2019    2018 GBP 
                                                                               GBP 
 
       Finance revenue Finance costs                                         5,195       3,891 
                                                                          (15,500)           - 
                                                                        ----------  ---------- 
                                                                          (10,305)       3,891 
                                                                        ----------  ---------- 
 
 
 
 4     Loss on ordinary activities before taxation                            2019            2018 
                                                                               GBP             GBP 
       Loss on ordinary activities before taxation 
        is stated after charging: 
   Auditors' remuneration - audit Depreciation                              16,200          15,000 
   Impairment charge                                                        37,131           7,584 
   Directors' emoluments                                                    18,450               - 
                                                                           962,406         611,327 
                                                                        ----------  -------------- 
 
    Auditors' remuneration for audit services above excludes 
    AU$7,814 (2018: AU$5,100) charged by Charles Foti Business 
    Services (Australia) relating to the audit of the subsidiary 
    company. 
 5     Taxation 
                                                                              2019        2018 
  Analysis of charge in year                                                   GBP         GBP 
  Tax on profit on ordinary activities                                           -           - 
                                                                        ----------  ---------- 
 
 
 
  Factors affecting tax charge for year 
  The differences between the tax assessed for the year 
   and the standard rate of corporation tax are explained 
   as follows: 
                                                      2019          2018 
                                                       GBP           GBP 
  Loss on ordinary activities before 
   tax                                         (3,264,307)   (1,836,545) 
  Standard rate of corporation tax in 
   the UK                                              19%           19% 
                                                       GBP           GBP 
  Loss on ordinary activities multiplied 
   by the standard rate of corporation 
   tax                                           (620,218)     (348,944) 
  Effects of: 
  Expenses not deductible for tax: 
   Share option charge                              47,164         4,726 
  Future tax benefit not brought to account        573,054       344,218 
                                              ------------  ------------ 
  Income tax expense                                     -             - 
                                              ------------  ------------ 
 
  No deferred tax asset has been recognised because there 
   is insufficient evidence of the timing of suitable 
   future profits against which they can be recovered. 
 
 
 6    Employee information (excluding directors)       2019      2018 
       Staff costs comprised:                           GBP       GBP 
  Wages and salaries                                195,139   103,171 
  Bonus                                              23,798    27,285 
                                                     15,220     5,899 
  Pension Share option charge                        58,471     5,654 
                                                   --------  -------- 
                                                    292,628   142,009 
                                                   --------  -------- 
                                                     Number    Number 
  Exploration                                             3         2 
                                                   --------  -------- 
 

Of the total Staff costs in the year, GBP229,773 (2018: GBP115,628) arises from work on the Exploration Properties and has been expensed to the Income Statement as exploration costs.

 
 
 7     Dividends 
        No dividends were paid or proposed by the Directors. 
        (2018: GBPNil) 
 
 
 8     Directors' emoluments                                                  2019        2018 
                                                                               GBP         GBP 
       Directors' remuneration                                             787,116     592,104 
   Share option charge                                                     175,290      19,223 
                                                                        ----------  ---------- 
                                                                           962,406     611,327 
                                                                        ----------  ---------- 
 
                                Directors'     Pension /Superannuation       Bonus       Total 
                                    salary 
       2019                            GBP                         GBP         GBP         GBP 
       Executive directors 
        Callum Baxter 
        Gervaise Heddle 
        Non-executive 
        directors Alex 
        Borrelli Clive 
        Latcham (appointed 
        15 October 2018)           166,944 
                                   166,944                      30,826     144,736     342,506 
                                                                30,826     144,736     342,506 
                                    40,000 
                                    21,319                         785      20,000      60,785 
                                                                     -      20,000      41,319 
                             -------------  --------------------------  ----------  ---------- 
                                   395,207                      62,437     329,472     787,116 
                             -------------  --------------------------  ----------  ---------- 
 

Of the total Directors' remuneration disclosed above in the income statement, 75% (or GBP256,879) for Callum Baxter and 25% (or GBP85,626) for Gervaise Heddle has been allocated to exploration costs in the income statement for the year.

See Note 16 for share options granted during the year.

Also, see note 22 for related party transactions.

 
                                      Directors'   Pension /Superannuation      Bonus       Total 
                                          salary 
         2018                                GBP                       GBP        GBP         GBP 
         Executive directors 
          Callum Baxter Gervaise 
          Heddle Non-executive 
          directors Alex Borrelli 
          Michael McNeilly 
          (resigned 25 October 
          2017)                          160,434 
                                         160,434                    14,204     92,187     266,825 
                                                                    14,204     92,187     266,825 
                                          38,000 
                                           7,548                       406     12,500      50,906 
                                                                         -          -       7,548 
                                    ------------  ------------------------  ---------  ---------- 
                                         366,416                    28,814    196,874     592,104 
                                    ------------  ------------------------  ---------  ---------- 
 

Of the total Directors' remuneration disclosed above in the income statement, 75% (or GBP200,118) for Callum Baxter and 25% (or GBP66,706) for Gervaise Heddle has been allocated to exploration costs in the income statement for the year.

See Note 16 for share options granted during the year.

Also, see note 22 for related party transactions.

 
 9     Loss per share 
       The basic loss per share is derived by dividing the 
        loss for the period attributable to ordinary shareholders 
        by the weighted average number of shares in issue. 
                                                                 2019               2018 
                                                                  GBP                GBP 
  Loss for the period                                     (3,264,307)        (1,836,545) 
                                                     ----------------  ----------------- 
        Weighted average number of Ordinary 
         shares of GBP0.001 in issue 
         Loss per share - basic                         3,252,941,141      2,773,225,653 
                                                         (0.10) pence       (0.07) pence 
                                                     ----------------  ----------------- 
  Weighted average number of Ordinary 
   shares of GBP0.001 in issue inclusive 
   of outstanding options                               3,252,941,141      2,773,225,653 
                                                     ----------------  ----------------- 
 
  As inclusion of the potential Ordinary shares would 
   result in a decrease in the loss per share they are 
   considered to be anti-dilutive; as such, a diluted earnings 
   per share is not included. 
 
 
 
 10    Tangible fixed assets - Group 
                                                Motor vehicle   Equipment     Total 
       Cost                                               GBP         GBP       GBP 
  At 30 June 2018                                           -      49,267    49,267 
  Disposals during the period Additions                     -           -         - 
   during the period                                   33,310      65,464    98,774 
  Foreign exchange rate fluctuations                        -       (868)     (868) 
                                               --------------  ----------  -------- 
  At 30 June 2019                                      33,310     113,863   147,173 
                                               --------------  ----------  -------- 
       Depreciation 
                                                            -       7,390     7,390 
  At 30 June 2018 
   Disposals during the period                              -           -         - 
  Charge for the period                                 5,174      31,957    37,131 
  Foreign exchange rate fluctuations                     (48)       (414)     (462) 
                                               --------------  ----------  -------- 
  At 30 June 2019                                       5,126      38,933    44,059 
                                               --------------  ----------  -------- 
       Net book value 
  At 30 June 2019                                      28,184      74,930   103,114 
                                               --------------  ----------  -------- 
  At 30 June 2018                                           -      41,877    41,877 
                                               --------------  ----------  -------- 
 
 
                                                  Motor vehicle       Equipment     Total 
       Cost                                                 GBP             GBP       GBP 
       At 30 June 2017                                        -               -         - 
  Disposals during the period Additions                       -               -         - 
   during the period                                          -          49,267    49,267 
       Foreign exchange rate fluctuations                     -               -         - 
                                                ---------------  --------------  -------- 
  At 30 June 2018                                             -          49,267    49,267 
                                           --------------------  --------------  -------- 
       Depreciation 
       At 30 June 2017                                        -               -         - 
        Disposals during the period 
                                                              -               -         - 
  Charge for the period                                       -           7,584     7,584 
  Foreign exchange rate fluctuations                          -           (194)     (194) 
                                           --------------------  --------------  -------- 
  At 30 June 2018                                             -           7,390     7,390 
                                           --------------------  --------------  -------- 
       Net book value 
  At 30 June 2018                                             -          41,877    41,877 
                                           --------------------  --------------  -------- 
       At 30 June 2017                                        -               -         - 
                                                ---------------  --------------  -------- 
 
 11    Intangible non-current                              2019            2018 
        assets - Group                                      GBP             GBP 
       Exploration properties 
  At 30 June 2018                                     1,864,442       1,302,309 
  Additions during the period                           830,563         611,112 
       Impairment during the period                    (18,450)               - 
  Foreign exchange rate fluctuations                   (28,978)        (48,979) 
                                                 --------------      ---------- 
  At 30 June 2019                                     2,647,577       1,864,442 
                                                 --------------      ---------- 
       Impairment 
  At 30 June 2018                                     (630,794)       (630,794) 
       Charge for the period                                  -               - 
       Foreign exchange rate fluctuations                     -               - 
                                                 --------------      ---------- 
  At 30 June 2019                                     (630,794)       (630,794) 
                                                 --------------      ---------- 
       Net book amount 
  At 30 June 2019                                     2,016,783       1,233,648 
                                                 --------------      ---------- 
  At 30 June 2018                                     1,233,648         671,515 
                                                 --------------      ---------- 
 
 

Impairment review

As at 30 June 2019, the Directors carried out an impairment review of the exploration properties and considered an impairment charge was not required (2018: GBPnil). However, during the year GBP2,295,560 (2018: GBP1,021,493) of exploration related costs have been charged directly to the Income Statement as these costs were deemed non-beneficial to the future value of the exploration properties. Costs directly related to exploration programmes that, in the opinion of the Directors, are considered to add value to the respective exploration properties are capitalised.

 
 12    Non-current asset investments in subsidiary        GBP 
        - Company 
       Cost 
  At 30 June 2018                                      50,000 
       Impairment of investment                             - 
                                                      ------- 
  At 30 June 2019                                      50,000 
       Net book amount 
  At 30 June 2019                                      50,000 
                                                      ------- 
  At 30 June 2018                                      50,000 
                                                      ------- 
 
 
   The parent company of the Group holds more than 20% of the 
    share capital of the following company: 
   Company     Country of      Class    Proportion   Nature of business 
                registration             held 
   Greatland   Australia       Common   100%         Mineral exploration 
    Pty Ltd 
 
 
 13    Trade and other receivables           Group                   Company 
                                          2019       2018          2019          2018 
                                           GBP        GBP           GBP           GBP 
       Current trade and other 
        receivables: 
   Prepayments                          51,104     34,058        28,198        33,946 
   Other debtors                        26,376     45,003             -             - 
   Loans due from subsidiary                 -          -     6,596,748     3,454,703 
                                                ---------                ------------ 
  Total                                 77,480     79,061     6,624,946     3,488,649 
                                     ---------  ---------  ------------  ------------ 
 
    The loan due from subsidiary was interest free throughout 
    the period and has no fixed repayment date. No provision 
    GBPnil (2018: GBPnil) has been made against this loan. 
 
 
 14     Trade and other payables               Group                 Company 
                                             2019       2018        2019       2018 
                                              GBP        GBP         GBP        GBP 
       Current trade and other 
        payables: 
   Trade creditors                        356,282    615,818      35,010     24,786 
   Accruals                               209,016     44,050     209,016     44,050 
   Salaries and Social Security            10,577          -      10,577          - 
   Employee Benefits                       54,494     25,454         907        272 
                                       ----------  ---------  ----------  --------- 
  Total                                   630,369    685,322     255,510     69,108 
                                       ----------  ---------  ----------  --------- 
 
 
 15   Share capital Called up, allotted, issued and fully paid               Number         GBP 
        As previously stated at 30 June 2018, Ordinary 
         shares of GBP0.001 each                          3,002,256,509   1,193,328 
        Adjustments to share capital 
        Correction at 30/06/17                                        -     415,358 
        Correction at 30/06/18                                        -   1,393,570 
                                                         --------------  ---------- 
        Restated at 30 June 2018, Ordinary shares 
         of GBP0.001 each                                 3,002,256,509   3,002,256 
        Issued during the year 
        On 27 July 2018, at a price of GBP0.0125, 
         for cash                                           212,000,000     212,000 
        On 03 September 2018, at a price of GBP0.0125, 
         for drilling services (DDH1)                        11,363,636      11,364 
        On 14 January 2019, at a price of GBP0.02, 
         for cash                                             7,300,000       7,300 
        On 09 April 2019, at a price of GBP0.005, 
         for cash                                            25,000,000      25,000 
        On 09 April 2019, at a price of GBP0.002, 
         for cash                                            25,000,000      25,000 
        On 09 April 2019, at a price of GBP0.0028, 
         for cash                                            33,000,000      33,000 
        On 09 April 2019, at a price of GBP0.007, 
         for cash                                             7,500,000       7,500 
        As at 30 June 2019, Ordinary shares of 
         GBP0.001p each                                   3,323,420,145   3,323,419 
                                                         --------------  ---------- 
 
 
       Note: 
       The brought forward share capital and share premium balances 
       from 30 June 2017 and 30 June 2018 have been restated by 
       GBP415,358 and GBP1,393,570 respectively to GBP3,002,301 
       and GBP9,749,891 respectively. These restatements are a reclassification 
       between the value of share capital and share premium due 
       to an incorrect calculation of nominal share capital. The 
       total equity remains unchanged for both brought forward periods. 
 
       Total share options in issue 
       As at 30 June 2019 there were 213.5 million unexercised options 
       over Ordinary shares; 25 million exercisable at 0.2 pence 
       per share in issue, 42 million exercisable at 0.28 pence 
       per share in issue, 47.5 million exercisable at 0.7 pence 
       per share in issue, 39.5 million exercisable at 1.4 pence 
       per share in issue, 39.5 million exercisable at 2 pence per 
       share in issue and 20 million exercisable at 2.5 pence per 
       share in issue (2018: 205 million). 
 

Total warrants in issue

On 3 September 2018 the Company announced that it had issued to DDH1 11,363,636 ordinary shares of 0.1 pence for the consideration of GBP142,045. 11,363,636 warrants with a 2.0 pence exercise price and an exercise period of 12 months were granted on the same date. In respect of these warrants a share based payment charge of GBP14,200 (approximately 10% of the consideration paid in ordinary shares) has been charged to the Income Statement.

As at 30 June 2019 there were 204.7 million unexercised investor warrants over Ordinary shares at 2.0 pence outstanding. These warrants expired unexercised on 9 August 2019.

 
 16        Share based payments 
           The Company grants share options to employees as part of the 
            remuneration of key management 
            personnel and directors to enable them to purchase ordinary 
            shares in the Company. Under 
            the plan, 99 million options were granted for no cash consideration; 
            79 million options were 
            granted for a period of three years expiring on 07 September 
            2022 and 20 million options 
            were granted for a period of three years expiring on 22 March 
            2023.             Granted       At 30         Share          Exercisable   Exercise   Date from      Expiry 
                          during        June          options        at 30         price     which           date 
                          the period    2018          exercised      June          (pence)   exercisable 
                                                                     2019 
 
                                                                                             20 Apr        20 Apr 
             C Baxter     -            25,000,000    (25,000,000)   -             0.2p        2016           2019 
                                                                                             18 Jan        18 Jul 
             C Baxter     -            28,000,000    (28,000,000)   -             0.28p       2017           2020 
                                                                                             18 Aug        16 Feb 
             C Baxter     -            17,500,000    -              17,500,000    0.7p        2017           2021 
                                                                                             07 Sep        06 Sep 
             C Baxter     14,000,000   -             -              14,000,000    1.4p        2019           2022 
                                                                                             07 Sep        06 Sep 
             C Baxter     14,000,000   -             -              14,000,000    2.0p        2019           2022 
                                                                                             20 Apr        20 Apr 
             A Borrelli   -            25,000,000    -              25,000,000    0.2p        2016           2021 
                                                                                             18 Jan        18 Jul 
             A Borrelli   -            14,000,000    -              14,000,000    0.28p       2017           2022 
                                                                                             18 Aug        16 Feb 
             A Borrelli   -            7,500,000     -              7,500,000     0.7p        2017           2021 
                                                                                             07 Sep        06 Sep 
             A Borrelli   2,500,000    -             -              2,500,000     1.4p        2019           2022 
                                                                                             07 Sep        06 Sep 
             A Borrelli   2,500,000    -             -              2,500,000     2.0p        2019           2022 
                                                                                             27 May        27 May 
             G Heddle     -            25,000,000    (25,000,000)   -             0.5p        2016           2019 
                                                                                             18 Jan        18 Jul 
             G Heddle     -            28,000,000    -              28,000,000    0.28p       2017           2020 
                                                                                             18 Aug        16 Feb 
             G Heddle     -            17,500,000    -              17,500,000    0.7p        2017           2021 
                                                                                             07 Sep        06 Sep 
             G Heddle     14,000,000   -             -              14,000,000    1.4p        2019           2022 
                                                                                             07 Sep        06 Sep 
             G Heddle     14,000,000   -             -              14,000,000    2.0p        2019           2022 
                                                                                             18 Jan        18 Jul 
             G Cryan      -            5,000,000     (5,000,000)    -             0.28p       2017           2020 
                                                                                             18 Aug        16 Feb 
             G Cryan      -            5,000,000     -              5,000,000     0.7p        2017           2021 
                                                                                             07 Sep        06 Sep 
             G Cryan      3,000,000    -             -              3,000,000     1.4p        2019           2022 
                                                                                             07 Sep        06 Sep 
             G Cryan      3,000,000    -             -              3,000,000     2.0p        2019           2022 
                                                                                             18 Aug        16 Feb 
             B Wasse      -            7,500,000     (7,500,000)    -             0.7p        2017           2021 
                                                                                             07 Sep        06 Sep 
             B Wasse      6,000,000    -             -              6,000,000     1.4p        2019           2022 
                                                                                             07 Sep        06 Sep 
             B Wasse      6,000,000    -             -              6,000,000     2.0p        2019           2022 
                                                                                             21 Mar        20 Mar 
             C Latcham    10,000,000   -             -              10,000,000    2.5p        2020           2023 
                                                                                             21 Mar        20 Mar 
             M Sawyer     10,000,000   -             -              10,000,000    2.5p        2020           2023 
                          99,000,000   205,000,000   (90,500,000)   213,500,000 
                         -----------  ------------  -------------  ------------ 
     The fair value of the 79 million options granted on 07 
      September 2018 using an adjusted Black-Scholes method 
      and assumptions were as follows: Options issued                   39.5 million share   39.5 million share 
                                         options              options 
       Grant date                       07 September 2018    07 September 2018 
       Fair value at measurement        0.609 pence          0.505 pence 
        date 
       Share price at grant date        1.225 pence          1.225 pence 
       Exercise price                   1.4 pence            2.0 pence 
       Expected volatility              83%                  83% 
        Vesting period: 1 year after     07 September 2019    07 September 2019 
         grant 
       Option life                      36 months            36 months 
       Expected dividends               0.00%                0.00% 
       Risk free interest rate          0.50%                0.50% 
       Discount                         40%                  40% 
       Fair value of options granted    GBP144,367           GBP119,676 
                                       -------------------  ------------------- 
 
 
      The fair value of the 20 million options granted on 22 
      March 2019 using an adjusted Black-Scholes method and 
      assumptions were as follows: Options issued                   20 million share 
                                         options 
       Grant date                       22 March 2019 
       Fair value at measurement        0.607 pence 
        date 
       Share price at grant date        1.935 pence 
       Exercise price                   2.5 pence 
       Expected volatility              58% 
        Vesting period: 1 year after     22 March 2020 
         grant 
       Option life                      36 months 
       Expected dividends               0.00% 
       Risk free interest rate          0.50% 
       Discount                         40% 
       Fair value of options granted    GBP72,848 
                                       ----------------- 
 
 
      The fair value of the share options expensed during the 
      year was GBP234,032, being the value of the options attributable 
      to the vesting period to 30 June 2019 (2018: GBP24,876). 
      GBP102,859 will be expensed in the following year, being 
      the value of these options attributable to the end of 
      their vesting dates. GBP142,098 in respect of the exercised 
      share options was transferred to reserves (2018: GBP109,464). 
      The volatility is set by reference to the historic volatility 
      of the share price of the Company. 
 17        Nature and purpose of reserves - Other reserves 
            Merger Reserve 
            The merger reserve was created in accordance with the merger relief provisions of the Companies Act 1985 (as amended), 
            and 2006, relating to accounting for business combinations involving the issue of shares at a premium. In preparing 
            group consolidated financial statements, the amount by which the fair value of the shares issued exceeded their 
            nominal value was recorded within a merger reserve on consolidation, rather than in a share premium account. 
            Foreign currency translation reserve 
            The foreign currency translation reserve is used to record exchange differences arising from the translation of 
            the financial statements of foreign subsidiaries. 
            Available for sale financial asset reserve 
            This reserve is used to record the post-tax fair value movements in available for sale assets and investments. 
 18        Cash and cash equivalents            30 June          Currency                    Net Cash                       30 June 
            - Group                                2019       adjustments                        flow                          2018 
                                                    GBP               GBP                         GBP                           GBP 
  Cash at bank and in 
   hand                                       2,755,998          (23,344)                   (817,759)                     3,597,101 
  Total cash and cash 
   equivalents                                2,755,998          (23,344)                   (817,759)                     3,597,101 
                                          -------------  ----------------  --------------------------  ---------------------------- 
 
           Cash and cash equivalents            30 June          Currency                    Net Cash                       30 June 
            - Company                              2019       adjustments                        flow                          2018 
                                                    GBP               GBP                         GBP                           GBP 
  Cash at bank and in 
   hand                                       2,247,271                 -                   (506,304)                     2,753,575 
                                          -------------  ----------------  --------------------------  ---------------------------- 
  Total cash and cash 
   equivalents                                2,247,271                 -                   (506,304)                     2,753,575 
                                          -------------  ----------------  --------------------------  ---------------------------- 
 
                                                                             Cash at bank earns interest at floating rates based on 
                                                                                                          daily bank deposit rates. 
                                                                        Short-term deposits are made for varying periods of between 
                                                                               one day and three months, depending on the immediate 
                                                                               cash requirements of the Group, and earn interest at 
                                                                                            the respective short-term deposit rates 
 19        Commitments 
           As at 30 June 2019, the Company had entered into the following commitment: 
            Exploration commitments 
            Ongoing exploration expenditure is required to maintain title to the Group mineral exploration permits. No provision 
            has been made in the financial statements for these amounts as the expenditure is expected to be fulfilled in the 
            normal course of the operations of the Group. 
 20        Significant agreements and transactions 
            In March 2019, Greatland signed a Farm-in Agreement with Newcrest 
            Operations Limited ("Newcrest"), a wholly-owned subsidiary 
            of Newcrest Mining Limited (ASX:NCM), to explore and develop 
            Greatland's Havieron gold-copper project in the Paterson region 
            of Western Australia. Newcrest has the right to acquire up 
            to a 70% interest in a 12-block area within E45/4701 that 
            covers the Havieron target by spending up to US$65m. The Farm-in 
            Agreement with Newcrest and results from Newcrest's drilling 
            campaign at Havieron are discussed in further detail in the 
            Chairman's Statement and the Strategic Report. 
            There were no other significant agreements and transactions 
            to report other than that reported in Note 21. 
 
 21        Events after the reporting period Post-Balance Sheet 
            Capital Raise and issue of options 
            On 12 August 2019 the Company announced that it had 
            raised GBP4,177,550 through a placing and subscription 
            of 225,813,513 new ordinary shares of 0.1 pence each 
            at a subscription price of 1.85 pence per Ordinary Share. 
            Under this placing, warrants to subscribe for a further 
            225,813,513 new Ordinary Shares in the Company were 
            issued at an exercise price of 2.5p per warrant, within 
            a 2 year exercise period. 
            On 26 September 2019 the Company announced that it had 
            issued a total of 64,000,000 options to directors and 
            key employees; 32,000,000 options at 2.5p per share 
            option and 32,000,000 options at 3.0p per share option. 
            Each option has a 12 month vesting period and entitles 
            the holder upon exercise to one ordinary share of 0.1 
            pence in the capital of the Company. All options have 
            a life of three years from the vesting date and all 
            options will vest immediately upon a change of control 
            event. 
 22        Related party transactions 
            Remuneration of key management personnel 
            The remuneration of the directors, and other key management 
            personnel of the Group, is set out below in aggregate 
            for each of the categories specified in IAS24 Related 
            Party Disclosures. 
                                                   2019                                                                        2018 
                                                    GBP                                                                         GBP 
           Short-term employee benefits         787,116                                                                     592,104 
   Share based payments                         248,232                                                                      24,876 
   Key management personnel                     234,157                                                                     136,355 
                                          -------------  -------------------------------------------------------------------------- 
                                              1,269,505                                                                     753,335 
                                          -------------  -------------------------------------------------------------------------- 
 
 
 23    Financial instruments - Group 
       The Group uses financial instruments comprising cash, 
        liquid resources and debtors/creditors that arise from 
        its operations. 
       The Group's exposure to currency and liquidity risk is 
        not considered significant. The Group's cash balances 
        are held in Pound Sterling and in Australian dollars, 
        the latter being the currency in which the significant 
        operating expenses are incurred. 
       To date the Group has relied upon equity funding to finance 
        operations. The Directors are confident that adequate 
        cash resources exist to finance operations to commercial 
        exploitation, but controls over expenditure are carefully 
        managed. 
       The net fair value of financial assets and liabilities 
        approximates the carrying values disclosed in the financial 
        statements. The currency of the financial assets is as 
        follows: 
       Cash and short term deposits                      30 June 2019    30 June 2018 
                                                                  GBP             GBP 
  Sterling                                                  2,247,271       2,753,575 
  Australian Dollars                                          508,727         843,526 
                                                        -------------  -------------- 
  At 30 June 2019                                           2,755,998       3,597,101 
                                                        -------------  -------------- 
 
    The financial assets comprise interest 
    earning bank deposits. 
 
 
 
        Contingent liabilities 
   24 
        Acquisition of Havieron Project 
         Under the terms of the agreement for the acquisition 
         of the Havieron Gold Project an initial payment of A$25,000 
         in cash and 65,490,000 ordinary shares (see note 15) 
         of 0.1 pence each in the Company were made. However, 
         a second payment of 145,530,000 ordinary shares of 0.1 
         pence each will be made upon a "Decision to Mine". 
 
 
 25   Control 
       There is considered to be no ultimate controlling entity. 
 26   Retained earnings of the parent Company 
       As permitted by section 408 of the Companies Act 2006, 
       the profit and loss account of the parent Company has 
       not been separately presented in these accounts. The 
       parent Company loss for the period was GBP930,087 (2018 
       GBP574,718). 
 

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END

FR UKVBRKSARURA

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October 29, 2019 04:34 ET (08:34 GMT)

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