Interim Financial Report

RNS Number : 0972T

Artemis Resources Limited

15 March 2023

 

 

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

Interim Financial Report for the six months ended 31 December 2022

The Directors of Artemis Resources Limited ("Artemis Resources" or the "Company") (ASX/AIM: ARV, FRA: ATY, US: ARTTF), an Australian-based mining exploration and development company, announce the Company's interim financial report for the half year ended 31 December 2022.

A copy of the Artemis Resources Half Year Report is also available on the Company's website at  www.artemisresources.com.au  .

HALF YEAR REPORT

31 December 2021

Consolidated Statement of Profit or Loss And Other Comprehensive Income

For the Half Year Ended 31 December 2022

		Consolidated
		31 December		31 December
		2022		2021
	Notes	$		$
Other income	3	13,840		21,629
Personnel costs		(29,650)		(31,706)
Occupancy costs		(15,891)		(58,522)
Legal fees		(3,679)		(27,617)
Consultancy costs		(365,420)		(187,926)
Compliance and regulatory expenses		(123,138)		(670,497)
Directors' fees		(376,750)		(290,313)
Travel		(15,000)		(2,674)
Borrowing costs		(4,101)		-
Project and exploration expenditure written off	6	(113,741)		(551,677)
Impairment expense	7	(12,469,852)		-
Net fair value (loss)/gain on financial instruments designated as fair value through profit or loss	5	(3,128,849)		(138,472)
Share-based payments	10	(373,300)		-
Marketing expenses		(47,322)		(47,885)
Depreciation and amortisation		(59,243)		(67,074)
Unrealised foreign exchange (loss)/gain		(11,675)		(6,206)
Other expenses		(74,206)		(172,683)
LOSS BEFORE INCOME TAX		(17,197,977)		(2,231,623)
Income tax expense		-		-
LOSS FOR THE PERIOD		(17,197,977)		(2,231,623)
Other comprehensive income, net of tax		-		-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD		(17,197,977)		(2,231,623)
Basic loss per share - cents	4	(1.24)		(0.18)
Diluted loss per share - cents	4	(1.24)		(0.18)

The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes

Consolidated Statement of Financial Position

As at 31 December 2022              

		Consolidated
		31 December			30 June
			2022		2022
	Notes		$		$
CURRENT ASSETS
Cash and cash equivalents			1,652,791		6,106,222
Other receivables			572,546		282,701
Other financial assets	5		945,000		6,283,560
TOTAL CURRENT ASSETS			3,170,337		12,672,483
NON-CURRENT ASSETS
Plant and equipment			84,586		95,741
Intangible assets			5,293		3,523
Right-of-use assets			332,796		153,980
Exploration and evaluation expenditure	6		31,205,451		27,323,626
Development expenditure	7		15,000,000		27,420,924
TOTAL NON-CURRENT ASSETS			46,628,126		54,997,794
TOTAL ASSETS			49,798,463		67,670,277
CURRENT LIABILITIES
Trade and other payables	8		1,605,686		2,931,542
Current lease liabilities			149,542		44,140
Employee benefits obligation			53,406		39,473
TOTAL CURRENT LIABILITIES			1,808,634		3,015,155
NON-CURRENT LIABILITIES
Lease liabilities			185,336		109,311
Provisions	9		5,223,259		5,223,259
TOTAL NON-CURRENT LIABILITIES			5,408,595		5,332,570
TOTAL LIABILITIES			7,217,229		8,347,725
NET ASSETS			42,581,234		59,322,552
EQUITY
Share capital	10	115,010,598			114,927,239
Reserves	11	2,115,090			2,725,913
Accumulated losses		(74,544,454)			(58,330,600)
TOTAL EQUITY		42,581,234			59,322,552

The consolidated statement of financial position should be read in conjunction with the accompanying notes.

Consolidated Statement of Changes in Equity

As at 31 December 2022              

Consolidated	Issued Capital	Accumulated Losses	Reserves	Total Equity
	$	$	$	$
Balance at 1 July 2022	114,927,239	(58,330,600)	2,725,913	59,322,552
Loss for the period	-	(17,197,977)	-	(17,197,977)
Other comprehensive income	-	-	-	-
Total comprehensive loss for the period	-	(17,197,977)	-	(17,197,977)
Issue of shares	83,359	-	-	83,359
Transfer to share based payments reserve	-	-	373,300	373,300
Transfer from share based payments reserve	-	984,123	(984,123)	-
Balance at 31 December 2022	115,010,598	(74,544,454)	2,115,090	42,581,234
Consolidated	Issued       Capital	Accumulated Losses	Reserves	Total         Equity
	$	$	$	$
Balance at 1 July 2021	105,855,802	(51,564,182)	3,376,640	57,668,260
Loss for the period	-	(2,231,623)	-	(2,231,623)
Other comprehensive income	-	-	-	-
Total comprehensive loss for the period	-	(2,231,623)	-	(2,231,623)
Balance at 31 December 2021	105,855,802	(53,795,805)	3,376,640	55,436,637

The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated Statement of Cash Flows

For the Half Year Ended 31 December 2022
		Consolidated
		31 December 2022		31 December 2021
		$		$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers		15,149		17,739
Payments to suppliers and employees		(1,486,233)		(1,072,289)
Interest received		-		686
NET CASH USED IN OPERATING ACTIVITIES		(1,471,084)		(1,053,864)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation		(4,723,740)		(5,169,392)
Payments for property, plant and equipment		(17,293)		(56,683)
Payments for purchase investments		-		(224,499)
Proceeds on sale of investments		2,209,711		-
Payment for development expenditure		(402,867)		(16,161)
NET CASH USED IN INVESTING ACTIVITIES		(2,934,189)		(5,466,735)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of lease liabilities		(35,541)		-
NET CASH USED IN FINANCING ACTIVITIES		(35,541)		-
Net decrease in cash held		(4,440,814)		(6,520,599)
Effects of exchange rate changes on the balance of cash held in foreign currencies		(12,617)		-
Cash at the beginning of the period		6,106,222		9,082,554
CASH AT THE END OF THE PERIOD		1,652,791		2,561,955

The consolidated statement of cash flows is to be read in conjunction with the accompanying notes.

For further information on the Company, please visit www.artemisresources.com.au or contact:  

Artemis Resources Limited Mark Potter	via Camarco
WH Ireland Limited (Nominated Adviser)
Antonio Bossi / James Bavister (Corporate Finance)	Tel:  [phone]
Cenkos Securities (Broker)
Neil McDonald / Adam Rae / Pearl Kellie (Corporate Finance)  Leif Powis (Corporate Broking)	Tel:  [phone] Tel:  [phone]
Camarco (Financial PR)
Gordon Poole / Emily Hall / Rebecca Waterworth	Email:  [e-mail]

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

END

 

 

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