KEY DEVELOPMENTS IN THE PERIOD TO
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Over the period the Company announced several updates covering its 100% owned Garfield project's ('Garfield') copper-gold-silver property, mostly concerning the discovery of significant porphyry style mineralisation and alteration During the period, the Company's Golconda Summit gold property advanced further following the validation of the presence of a feeder zone and therefore the potential for Carlin-type gold mineralisation at depth.
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The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending
These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards, and Interpretations (collectively IFRS) issued by the
The interim results have been prepared on a going concern basis. The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The 2023 interim financial report has not been audited.
The Annual Report and Financial Statements for 2023 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2023 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The interim results were approved by the Board of Directors on
Judgements and estimates
Preparing the interim financial report requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expense. Actual results may differ from these estimates.
In preparing this consolidated interim financial report, significant judgements made by Management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended
Going concern
The interim financial report has been prepared on a going concern basis. Although the Group's assets are not generating revenues, the Directors believe, having considered all available information, including the Company's proven ability to raise further equity funds from its supportive shareholder base, that the Group will have sufficient funds to meet its expected committed and contractual expenditure for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial report for the period ended
Significant accounting policies
The accounting policies applied by the Group in this consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the year ended
Earnings per share
Basic loss per share
The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders of
Issues of Equity
At the period end, the Company had 85,617,902 Ordinary Shares in issue (
At the date of this interim report, the Company had 91,049,720 Ordinary Shares in issue.
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