80 Mile Plc / Ticker: 80M / Market: AIM / Sector: Mining
30 September 2024
80 Mile Plc ('80 Mile' or the 'Company')
Interim Results
80 Mile Plc, the AIM, FSE listed, and Pink-market traded, exploration company with projects in Greenland and Finland, is pleased to announce its Interim Results for the six months ended 30 June 2024 (the 'Period').
Highlights in H1 2024
- New board installed in late 2023 following the resignation of Robert Edwards (Chairman), Bo Moller Stensgaard (Executive Director) & Peter Waugh (Non-executive).
- Appointment of experienced and well regarded executives Eric Sondergaard, Troy Whittaker and Roderick McIllree with a mandate to revitalise the Company's strategy.
- Company-widereview and restructure, resulting in a decrease in full time employees from 14 to 3.
- Expansion of Corporate Strategy to include Industrial Gases and Hydrocarbon.
- Raising of £1.2m through the issuance of new Ordinary Shares to new and existing shareholders to support an expanded Corporate Strategy.
- 2019 Dundas Mineral Resource Estimate reinstated as the control MRE for the Project.
- Acquisition of Thule Copper, a historic sedimentary hosted copper project via an approved application to expand the Dundas licence area.
- Disko ownership scheduled to increase to 51%, with both JV parties re-iterating ongoing support for the project under the new leadership.
- Initiated companywide review of projects with a focus on previously unreleased and/or undiscovered historical information.
- Proposed acquisition of White Flame Energy Ltd and the highly prospective Jameson Land Basin Project, which was subsequently approved by shareholders post-period end.
Post Period
- Indications of naturally occurring helium and hydrogen and a high concentrate Lithium brine at Outokumpu, Finland.
- Name change to 80 Mile Plc approved by shareholders.
- Significant source rock discovery at Dundas Ilmenite Project.
- Expanded engagement on Company projects with interested parties.
- Raising gross proceeds of £1.75m through the issuance of Ordinary Shares to new and existing shareholders.
Chairman's Statement
The first half of the year marked a significant turning point for the Company as it emerged from a challenging period of extended eroded shareholder value. Significant exploration activities had largely halted, and the Company faced considerable financial difficulties. Excessive general and administrative costs had been maintained despite a near total absence of meaningful fieldwork. The appointment of the new board in December 2023 has injected fresh energy into the organisation, refocusing efforts on revitalising the Company's high-quality mineral assets. Notably the Outokumpu project was identified as having significant naturally occurring industrial gas potential (helium, hydrogen and argon), with work continuing throughout the period.
A considerable amount of effort has been placed on rebuilding and strengthening existing relationships with our exploration and funding partners, and I am confident that we are now well-positioned to leverage positive changes deployed by the new management team.
After an in-depth assessment of the 2022 work programmes undertaken at Dundas, and consultations with independent consultants, the Company announced the reinstatement of the 2019 Mineral Resource Estimate at the Dundas Ilmenite Project. The reinstatement was provided after serious issues regarding the 2022 drill programme were uncovered in an overall review of the project, which were not distributed to the board at the time.
The Company announced an expansion of its Corporate Strategy to include the exploration and development of helium, hydrogen, industrial gases and hydrocarbons, reflecting a commitment to innovation and growth in the natural resources sector, while maximising shareholder value. This shift also acknowledges the rising global demand for helium and industrial gases in crucial industries such as healthcare, aerospace, and energy.
80 Mile Plc announced an update on the Disko-NuussuaqNi-Cu-Co-PGE project in West Greenland, which reaffirmed the results of the 2022 work programme, and the appropriate path forward for the project. This update was supported by the Company's joint venture partner KoBold Metals, who also endorsed the change of management to unlock the potential of the partnership.
The Company announced the acquisition, via expansion of an existing licence, of the Thule Copper Project. The licence expansion comes at no cost, leveraging existing exploration credits for Dundas and is a result of an extensive data review and analysis beginning in 2019. The expansion covers historic and newly discovered copper showings, including the Cominco Gossan which returned 1% Copper over 34m from outcropping rock chip samples.
Post-period, the desktop studies on Outokumpu concluded, and a market update was made having identified what appear to be significant occurrences of industrial gas within the license areas. The Company intends to deepen its understanding of this potential in the coming months, with field activities planned for imminent commencement. We have also received considerable interest from peers, and discussions are ongoing to explore potential value-creating opportunities, although no definitive agreements have been reached at this stage.
In the post-period, the conditional acquisition of White Flame Energy has further solidified the Company's strategic shift towards industrial gases and liquid hydrocarbons, with optimism about the potential value this acquisition should unlock for shareholders.
Post-period, 80 Mile Plc made a significant discovery of hard rock titanium mineralisation at the Dundas Ilmenite Project. This represents the first systematic assessment of the rock potential within the project's license area and further underscores Dundas' potential as a world-class source of high-grade titanium dioxide feedstock. Notably, 74 bedrock samples returned an average of 11.12% ilmenite (5.2% TiO2), with values consistently almost double those of the existing JORC-compliant resource.
Looking ahead into the remainder of 2024, 80 Mile will continue to execute its new strategy, focussing on the exploration and development of its projects, with the goal of enhancing their value and, in turn, maximising returns for our shareholders.
Financial
In January, we successfully raised £1.2 million in new equity, primarily from existing shareholders, to support our ongoing restructuring efforts. This funding has been critical in enabling us to streamline operations, including the necessary redundancies of non-essential staff accumulated over the past two years. The raised capital was swiftly allocated to securing the Company's asset register, reinstating the Mineral Resource Estimate (MRE) for Dundas, and revitalising our existing joint venture at Disko with KoBold Metals. Work on these initiatives is progressing rapidly, and we anticipate providing shareholders with updates in due course.
Currently, the Company is developing a global exploration target for the Dundas area, which the current management continues to view as a highly mineralised region with significant potential for both copper and titanium.
Regarding the previous management and board's decision to curtail activities at Dundas, we are actively exploring legal avenues to address the decisions made, particularly concerning the significant write-off of Dundas. Additionally, we identified potential improprieties involving a former senior exploration employee regarding Company assets during the period, which we immediately took steps to remediate and removed that employee from the Company.
Outlook
As we progress through 2024, 80 Mile Plc is poised for a period of significant growth and strategic development. Our immediate focus will be on advancing the Outokumpu project in Finland, where we see substantial potential
in industrial gases, including helium, and naturally occurring hydrogen. The recent conditional acquisition of White Flame Energy further solidifies our commitment to this sector, and we are optimistic about the value this will bring to our shareholders.
In parallel, we will continue to make progress at our Disko joint venture, where revitalisation efforts are already yielding positive results. The Disko project remains a cornerstone of our portfolio, and we anticipate further advancements that will enhance its value proposition.
The Dundas Ilmenite Project in Greenland remains an important asset and works at Dundas will continue with a measured focus as we prioritise the significant opportunities at Outokumpu, Disko, and Jameson Land
The successful restructuring efforts and recent equity raise have provided the financial stability needed to pursue these priorities. Our broadened corporate strategy, now encompassing helium, industrial gases, and hydrocarbons, aligns with our vision to diversify and strengthen our portfolio, positioning us to meet the growing global demand in these critical sectors.
We are confident that the steps we are taking will lead to meaningful progress across our projects, and we look forward to delivering value to our shareholders throughout 2024 and beyond.
Michael Hutchinson
Non-Executive Chairman
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.
For further information please visit www.80mile.com or contact:
Eric Sondergaard | 80 Mile Plc | enquiry@80mile.com |
Ewan Leggat / Adam Cowl | SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
(Nominated Adviser and Joint Broker) | ||
Harry Ansell / Katy Mitchell / | Zeus Capital Limited | +44 (0) 20 3829 5000 |
Andrew de Andrade | (Joint Broker) | |
Lewis Jones | Axis Capital Markets Limited | +44 (0) 203 026 0320 |
(Joint Broker) | ||
Tim Blythe / Megan Ray / | BlytheRay | +44 (0) 20 7138 3205 |
Said Izagaren | (PR & IR Adviser) | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months to 30 | 6 months to | ||
Notes | June 2024 | 30 June 2023 | |
Unaudited | Unaudited | ||
£ | £ | ||
Continuing operations | |||
Revenue | - | - | |
Cost of sales | (15,849) | (32,033) | |
Gross (loss) | (15,849) | (32,033) | |
Administration expenses | (942,465) | (932,792) | |
Other gains/(losses) | 9 | (1,004,439) | 34,467 |
Foreign exchange | 1,040 | (70,355) |
Operating loss | (1,961,713) | (1,000,713) | |
Other income | 10 | 75,710 | 165,851 |
Net finance income/(expense) | (1,404) | 7,372 | |
(Decrease)/increase in share of net assets on joint venture | 8 | (115,657) | 177,810 |
Share of losses from joint venture | 8 | (9,160) | (9,455) |
Loss before income tax | (2,012,224) | (659,135) | |
Income tax expense | - | - | |
Loss for the period | (2,012,224) | (659,135) | |
Other comprehensive income | |||
Items that may be reclassified to profit or loss | |||
Currency translation differences | (702,740) | (906,600) | |
Other comprehensive loss for the period | (2,714,964) | (1,565,735) | |
Total comprehensive loss for the period | (2,714,964) | (1,565,735) | |
Earnings per share from continuing operations attributable to the | |||
equity owners of the parent | |||
Basic and diluted (pence per share) | 11 | (0.14)p | (0.06)p |
CONDENSED CONSOLIDATED BALANCE SHEET
30 June 2024 | 31 December | 30 June 2023 | ||
Notes | Unaudited | 2023 Audited | Unaudited | |
£ | £ | £ | ||
Non-current assets | ||||
Property, plant and equipment | 5 | 1,237,189 | 1,425,326 | 1,582,916 |
Intangible assets | 6 | 30,996,161 | 31,237,336 | 33,740,931 |
Fair value through profit and loss Equity Investments | 7 | 593,750 | 1,656,250 | - |
Investments in Joint Venture | 8 | 4,615,888 | 4,740,705 | 4,609,875 |
37,442,988 | 39,059,617 | 39,933,722 | ||
Current assets | ||||
Trade and other receivables | 1,210,656 | 1,260,237 | 1,561,964 | |
Cash and cash equivalents | 224,980 | 200,700 | 80,964 | |
1,435,636 | 1,460,937 | 1,642,928 | ||
Total assets | 38,878,624 | 40,520,554 | 41,576,650 | |
Non-current liabilities | ||||
Deferred tax liabilities | 496,045 | 496,045 | 496,045 | |
496,045 | 496,045 | 496,045 | ||
Current liabilities | ||||
Trade and other payables | 431,354 | 647,882 | 1,144,753 | |
431,354 | 647,882 | 1,144,753 | ||
Total liabilities | 927,399 | 1,143,927 | 1,640,798 | |
Net assets | 37,951,225 | 39,376,627 | 39,935,852 | |
Capital and reserves attributable to | ||||
equity holders of the Company | ||||
Share capital | 7,537,676 | 7,506,658 | 7,493,002 |
Share premium | 64,082,836 | 62,915,685 | 61,083,615 |
Shares to be issued | - | - | 1,310,000 |
Other reserves | (7,140,185) | (6,528,838) | (6,541,770) |
Retained losses | (26,529,102) | (24,516,878) | (23,408,995) |
Total equity | 37,951,225 | 39,376,627 | 39,935,852 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share | Share | Shares to | Other | Retained | Total | |
capital | premium | be issued | reserves | losses | ||
£ | ||||||
£ | £ | £ | £ | £ | ||
Balance as at 1 January | 7,492,041 | 60,903,995 | - | (5,635,169) | (22,749,860) | 40,011,007 |
2023 | ||||||
Loss for the period | - | - | - | - | (659,135) | (659,135) |
Other comprehensive | ||||||
income for the year | ||||||
Items that may be | ||||||
subsequently reclassified | ||||||
to profit or loss | ||||||
Currency translation | - | - | - | (906,600) | - | (906,600) |
differences | ||||||
Total comprehensive | - | - | - | (906,600) | (659,135) | (1,565,735) |
income for the year | ||||||
Proceeds from share issues | 580 | - | - | - | - | 580 |
Share based payment | 380 | 179,620 | 10,000 | - | - | 190,000 |
Shares to be issued | - | - | 1,300,000 | - | - | 1,300,000 |
Total transactions with | ||||||
owners, recognised in | 960 | 179,620 | 1,310,000 | - | - | 1,490,580 |
equity | ||||||
Balance as at 30 June 2023 | 7,493,002 | 61,083,615 | 1,310,000 | (6,541,770) | (23,408,995) | 39,935,852 |
Balance as at 1 January | 7,506,658 | 62,915,685 | - | (6,528,838) | (24,516,878) | 39,376,627 |
2024 | ||||||
Loss for the period | - | - | - | - | (2,012,224) | (2,012,224) |
Other comprehensive | ||||||
income for the year | ||||||
Items that may be | ||||||
subsequently reclassified | ||||||
to profit or loss | ||||||
Currency translation | - | - | - | (702,740) | - | (702,740) |
differences | ||||||
Total comprehensive | - | - | - | (702,740) | (2,012,224) | (2,714,964) |
income for the year | ||||||
Proceeds from share issues | 30,000 | 1,096,500 | - | - | - | 1,126,500 |
Share based payment | 1,018 | 70,651 | - | - | - | 71,669 |
Options issued | - | - | - | 91,393 | - | 91,393 |
Total transactions with | ||||||
owners, recognised in | 31,018 | 1,167,151 | - | 91,393 | - | 1,289,562 |
equity | ||||||
Balance as at 30 June 2024 | 7,537,676 | 64,082,836 | - | (7,140,185) | (26,529,102) | 37,951,225 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months to | 6 months to | ||
30 June 2024 | 30 June 2023 | ||
Unaudited | Unaudited | ||
£ | £ | ||
Cash flows from operating activities | |||
Loss before taxation | (2,012,224) | (659,135) | |
Adjustments for: | |||
Depreciation | 162,586 | 178,286 | |
Share based payments | 71,669 | 180,000 | |
Share options expense | 91,393 | - | |
Gain/(loss) on sale of property, plant and equipment | (8,551) | 4,706 | |
Net finance (costs)/income | 1,404 | (7,372) | |
Fair value through profit and loss Equity Investments | 7 | 1,062,500 | - |
Foreign exchange loss/(gain) | - | (40,642) | |
Share of loss from JV | 8 | 9,160 | 9,455 |
Decrease/(increase) in share of net asset on joint venture | 8 | 115,657 | (148,543) |
Decrease in trade and other receivables | 49,582 | 738,165 | |
(Decrease)/Increase in trade and other payables | (216,530) | 621,438 | |
Net cash generated/(used in) from operations | (673,354) | 876,358 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | - | (90,228) | |
Proceeds from sale of property, plant and equipment | 8,551 | (49) | |
Interest received | 1,002 | 6,378 | |
Purchase of intangible assets | (435,770) | (2,759,158) | |
Net cash (used in) investing activities | (426,217) | (2,843,057) | |
Cash flows from financing activities | |||
Proceeds from share issues | 1,200,000 | 580 | |
Cost of share issues | (73,500) | - | |
Interest paid | (2,410) | (10) | |
Proceeds from borrowings | 12 | - | 1,647,616 |
Repayment of borrowings | 12 | - | (1,601,973) |
Net cash used in financing activities | 1,124,090 | 46,213 | |
Net increase/(decrease) in cash and cash equivalents | 24,519 | (1,920,486) | |
Cash and cash equivalents at beginning of period | 200,700 | 1,996,957 | |
Exchange gains on cash and cash equivalents | (239) | 4,493 | |
Cash and cash equivalents at end of period | 224,980 | 80,964 | |
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of 80 Mile Plc (the 'Company') and its subsidiaries (together the 'Group') is the exploration and development of precious and base metals. The Company's shares are listed on the AIM Market of the London Stock Exchange ('AIM'), the Frankfurt Stock Exchange and the Pink-Market exchange. The Company is incorporated and domiciled in the UK.
The address of its registered office is 6 Heddon Street, London, W1B 4BT.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2023. The interim financial statements have been prepared in accordance with UK adopted International Accounting Standards.
The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK adopted International Accounting Standards.
Statutory financial statements for the year ended 31 December 2023 were approved by the Board of Directors on 28 June 2024 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified with a material uncertainty related to going concern.
Going concern
The Consolidated Financial Statements have been prepared on a going concern basis. The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement and the Strategic Report.
As at 30 June 2024, the Group had cash and cash equivalents of £224,980, which did not include the £1.75 million (gross) from the placing announced on 23 August 2024 and received post-period end. The Directors have prepared cash flow forecasts to 30 September 2025, which take account of the cost and operational structure of the Group and parent company, planned exploration and evaluation expenditure, licence commitments and working capital requirements. These forecasts indicate that the Group and parent company's cash resources are not sufficient to cover the projected expenditure for the period for a period of 12 months from the date of approval of these financial statements. These forecasts indicate that the Group and parent company, in order to meet their operational objectives, and meets their expected liabilities as they fall due, will be required to raise additional funds within the next 12 months.
In common with many exploration and evaluation entities, the Company will need to raise further funds within the next 12 months in order to meet its expected liabilities as they fall due and progress the Group into definitive feasibility and then into construction and eventual production of revenues. The Directors are confident in the Company's ability to raise additional funds as required, from existing and/or new investors, within the next 12 months. The Company has demonstrated its access to financial resources, as evidenced by the successful completion of a Placing in January 2024 and August 2024 raising gross proceeds of £1.2 million and £1.75 million, respectively.
Given the Group and parent company's current cash position and its demonstrated ability to raise capital, the Directors have a reasonable expectation that the Group and parent company has adequate resources to continue in operational existence for the foreseeable future.
Notwithstanding the above, these circumstances indicate that a material uncertainty exists that may cast significant doubt on the Group and parent company's ability to continue as a going concern and, therefore, that the Group and parent company may be unable to realise their assets or settle their liabilities in the ordinary course of business. As a result of their review, and despite the aforementioned material uncertainty, the Directors have confidence in the Group and parent company's forecasts and have a reasonable expectation that the Group and parent company will continue in operational existence for the going concern assessment period and have therefore used the going concern basis in preparing these consolidated and parent company financial statements.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2023 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.80mile.com. The key financial risks are liquidity risk, credit risk, interest rate risk and fair value estimation.
Critical accounting estimates
The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 4 of the Group's 2023 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Accounting Policies
Except as described below, the same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2023.
3.1 Changes in accounting policy and disclosures
(a) Accounting developments during 2024
The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 June 2024 but did not result in any material changes to the financial statements of the Group or Company.
- New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early adopted
Standards, amendments and interpretations that are not yet effective and have not been early adopted are as follows:
Standard | Impact on initial application | Effective date |
IAS 21 | Lack of Exchangeability - Amendments to IAS 21 The | 1 January 2025 |
Effects of Changes in Foreign Exchange Rates |
The Group is evaluating the impact of the new and amended standards above which are not expected to have a material impact on the Group's results or shareholders' funds.
4. Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2024 (2023: £nil).
5. Property, plant and equipment
Software | Machinery & | Office | Total | |
equipment | equipment | |||
£ | £ | |||
£ | £ | |||
Cost | ||||
As at 1 January 2023 | 61,234 | 3,472,020 | 84,491 | 3,617,745 |
Additions | - | 79,229 | 10,999 | 90,228 |
Disposals | (43,819) | (17,390) | (39,507) | (100,716) |
Exchange Differences | - | (95,900) | (179) | (96,079) |
As at 30 June 2023 | 17,415 | 3,437,959 | 55,804 | 3,511,178 |
As at 1 July 2023 | 17,415 | 3,437,959 | 55,804 | 3,511,178 |
Additions | - | 8,586 | 2,426 | 11,012 |
Disposals | - | (87,341) | (6,032) | (93,373) |
Exchange Differences | - | 21,948 | (2,487) | 19,461 |
As at 31 December 2023 | 17,415 | 3,381,152 | 49,711 | 3,448,278 |
As at 1 January 2024 | 17,415 | 3,381,152 | 49,711 | 3,448,278 |
Additions | - | - | - | - |
Disposals | - | (91,277) | - | (91,277) |
Exchange Differences | - | (66,183) | (125) | (66,308) |
As at 30 June 2024 | 17,415 | 3,223,692 | 49,586 | 3,290,693 |
Depreciation | ||||
As at 1 January 2023 | 53,816 | 1,780,426 | 65,166 | 1,899,408 |
Charge for the year | 3,499 | 167,381 | 4,818 | 175,698 |
Disposals | (43,819) | (14,886) | (37,354) | (96,059) |
Exchange differences | - | (50,785) | - | (50,785) |
As at 30 June 2023 | 13,496 | 1,882,136 | 32,630 | 1,928,262 |
As at 1 July 2023 | 13,496 | 1,882,136 | 32,630 | 1,928,262 |
Charge for the year | 1,938 | 165,938 | 2,686 | 170,562 |
Disposals | - | (81,481) | (6,032) | (87,513) |
Exchange differences | - | 11,641 | - | 11,641 |
As at 31 December 2023 | 15,434 | 1,978,234 | 29,284 | 2,022,952 |
As at 1 January 2024 | 15,434 | 1,978,234 | 29,284 | 2,022,952 |
Charge for the year | 1,849 | 154,971 | 4,735 | 161,555 |
Disposals | - | (91,277) | - | (91,277) |
Exchange differences | - | (39,726) | - | (39,726) |
As at 30 June 2024 | 17,283 | 2,002,202 | 34,019 | 2,053,504 |
Net book value as at 30 June 2023 | 3,919 | 1,555,823 | 23,174 | 1,582,916 |
Net book value as at 31 December 2023 | 1,981 | 1,402,918 | 20,427 | 1,425,326 |
Net book value as at 30 June 2024 | 132 | 1,221,490 | 15,567 | 1,237,189 |
6. Intangible Assets
Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise acquired and internally generated assets.
Cost and Net Book Value | Exploration & evaluation assets |
£ | |
Balance as at 1 January 2023 | 31,850,128 |
Additions | 2,759,158 |
Exchange rate movements | (868,355) |
As at 30 June 2023 | 33,740,931 |
Balance as at 1 July 2023 | 33,740,931 |
Additions | 823,798 |
Impairments | (3,535,254) |
Exchange rate movements | 207,861 |
As at 31 December 2023 | 31,237,336 |
Balance as at 1 January 2023 | 31,237,336 |
Additions | 435,770 |
Exchange rate movements | (676,945) |
As at 30 June 2024 | 30,996,161 |
7. Fair Value Through Profit And Loss Equity Investments
During the year ended 31 December 2023, 80 Mile received shares 62,500,000 new Ordinary Shares in Metals One Plc following its admission to AIM.
£ | |
1 January 2023 | - |
30 June 2023 | - |
31 July 2023 | - |
Additions at cost | 3,125,000 |
Change in fair value recognised in profit and loss | (1,468,750) |
31 December 2023 | 1,656,250 |
1 January 2024 | 1,656,250 |
Change in fair value recognised in profit and loss (Note 9) | (1,062,500) |
30 June 2024 | 593,750 |
Fair value through profit and loss equity investments include the following:
30 June 2024 | 31 December | 30 June 2023 | |
Unaudited | 2023 Audited | Unaudited | |
£ | £ | £ | |
Quoted: | |||
Equity securities - United Kingdom | 593,750 | 1,656,250 | - |
593,750 | 1,656,250 | - | |
The fair value of quoted securities is based on published market prices of £0.0095 as at 30 June 2024 (31 December 2023: £0.0265)
All assets and liabilities for which fair value is measured are categorised within the fair value hierarchy. The fair value hierarchy prioritises the inputs to valuation techniques used to measure fair value. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments and other assets and liabilities for which the fair value was used:
- level 1: quoted prices in active markets for identical assets or liabilities;
- level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and
- level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The following tables set forth, by level, equity investments measured at fair value on a recurring basis as
30 June and 31 December:
Quoted Prices in Active | Significant Other | Significant | ||
Markets for Identical | Observable Inputs | Unobservable | ||
Assets and Liabilities | Inputs | |||
(Level 1) | (Level 2) | (Level 3) | ||
Description | ||||
Equity securities: | ||||
30 | June 2023 | - | - | - |
31 | December 2023 | 1,656,250 | - | - |
30 | June 2024 | 593,750 | - | - |