{"id":457805,"date":"2021-03-15T11:03:14","date_gmt":"2021-03-15T15:03:14","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457805"},"modified":"2021-03-15T11:03:14","modified_gmt":"2021-03-15T15:03:14","slug":"horizonte-minerals-plc-updates-to-quarterly-results-for-three-and-nine-months-ended-30-september-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/horizonte-minerals-plc-updates-to-quarterly-results-for-three-and-nine-months-ended-30-september-2020\/","title":{"rendered":"Horizonte Minerals Plc: Updates to Quarterly Results for Three and Nine Months Ended 30 September 2020"},"content":{"rendered":"
\n

LONDON, March 15, 2021 (GLOBE NEWSWIRE) — Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) <\/strong>(\u2018Horizonte\u2019 or \u2018the Company\u2019) a nickel company focused on Brazil, announces that in connection with its previously announced offering of $9.2 million of special warrants to be qualified by short form prospectus of the Company to be filed as soon as practicable after closing, the Company engaged its auditors to perform a review of its unaudited financial results for the three and nine month periods to 30 September 2020 (the \u201cPreviously Filed Interim Financial Statements\u201d).<\/p>\n

As part of the review, certain adjustments were made to the Previously Filed Interim Financial Statements and the management discussion and analysis for the same period (the \u201cPreviously Filed Interim MD&A\u201d). The key adjustment is the result of a new accounting policy adopted regarding the capitalisation of borrowing costs due to the interest charge on the royalty financing arrangement between the Company and Orion Mine Finance.<\/p>\n

None of the adjustments have a cash impact and the net result is a \u00a32.3 million reduction in losses and subsequent \u00a32.3 million increase in net assets. To reflect the adjustments, the Company has today published amended unaudited financial results for the three and nine month periods to 30 September 2020 (the \u201cAmended Interim Financial Statements\u201d) and the Management Discussion and Analysis for the same period (the \u201cAmended Interim MD&A\u201d). Both the Amended Interim Financial Statements and the Amended Interim MD&A have been posted on the Company’s website at www.horizonteminerals.com and are also available on the Company\u2019s profile at SEDAR at\u00a0www.sedar.com.<\/p>\n

\n For further information, visit <\/strong>
\n www.horizonteminerals.com<\/strong>
\n or contact:<\/strong>\n <\/p>\n\n\n\n\n\n\n
\n Horizonte Minerals plc<\/strong>
\n
Jeremy Martin (CEO)
Anna Legge (Corporate Communications)<\/td>\n		info@horizonteminerals.com
+44 (0) 203 356 2901<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n Peel Hunt (NOMAD & Joint Broker)<\/strong>
\n
Ross Allister
David McKeown<\/td>\n		+44 (0)20 7418 8900<\/p>\n<\/td>\n<\/tr>\n
\n
\n BMO (Joint Broker)<\/strong>
\n
Thomas Rider
Pascal Lussier Duquette
Andrew Cameron<\/td>\n		\n
+44 (0) 20 7236 1010<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n About Horizonte Minerals:<\/strong>
\n
Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil. The Company is developing the Araguaia project, as the next major ferronickel mine in Brazil, and the Vermelho nickel-cobalt project, with the aim of being able to supply nickel and cobalt to the EV battery market. Both projects are 100% owned.<\/p>\n

\n Horizonte Minerals plc<\/strong>\n <\/p>\n

\n Unaudited Amended Condensed Consolidated Interim Financial Statements for the nine months ended 30 September 2020<\/strong>\n <\/p>\n

\n Amended Condensed Consolidated Statement of Comprehensive Income<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 9 months ended<\/strong>
\n
\n 30 September<\/strong>\n <\/td>\n		\n 3 months ended<\/strong>
\n
\n 30 September<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Unaudited<\/strong>
\n
\n Amended (note 2)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Unaudited<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Unaudited<\/strong>
\n
\n Amended\u00a0<\/strong>
\n (note 2)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Unaudited <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nNotes<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Administrative expenses<\/td>\n\u00a0<\/td>\n(2,342,987<\/td>\n)<\/td>\n(1,910,913<\/td>\n)<\/td>\n(777,847<\/td>\n)<\/td>\n(941,996<\/td>\n)<\/td>\n<\/tr>\n
Charge for share options granted<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(290,833<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(53,662<\/td>\n)<\/td>\n<\/tr>\n
Change in value of contingent consideration<\/td>\n\u00a0<\/td>\n(41,583<\/td>\n)<\/td>\n145,561<\/td>\n\u00a0<\/td>\n163,209<\/td>\n\u00a0<\/td>\n(46,640<\/td>\n)<\/td>\n<\/tr>\n
Change in fair value of derivative<\/td>\n10 b<\/td>\n(433,522<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(433,522<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain\/(Loss) on foreign exchange<\/td>\n\u00a0<\/td>\n410,804<\/td>\n\u00a0<\/td>\n(21,706<\/td>\n)<\/td>\n(716,015<\/td>\n)<\/td>\n(17,657<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss from operations<\/strong>\n <\/td>\n\u00a0<\/td>\n(2,407,288<\/td>\n)<\/td>\n(2,077,891<\/td>\n)<\/td>\n(1,764,175<\/td>\n)<\/td>\n(1,059,955<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Finance income<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n50,085<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n16,294<\/td>\n\u00a0<\/td>\n<\/tr>\n
Finance costs<\/td>\n6<\/td>\n(178,280<\/td>\n)<\/td>\n(222,788<\/td>\n)<\/td>\n(67,337<\/td>\n)<\/td>\n(75,951<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss before taxation<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (2,585,568<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (2,250,594<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,831,512<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (<\/strong>
\n 1,119,612<\/strong>\n <\/td>\n		\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxation<\/td>\n\u00a0<\/td>\n(51,071<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(51,071<\/td>\n)<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss for the year from continuing operations<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (<\/strong>
\n 2,636,639<\/strong>\n <\/td>\n		\n )<\/strong>\n <\/td>\n\n (2,250,594<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,882,583<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,119,612<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Other comprehensive income Items that may be reclassified subsequently to profit or loss<\/strong><\/p>\n<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Currency translation differences on translating foreign operations<\/td>\n\u00a0<\/td>\n(9,232,975<\/td>\n)<\/td>\n(1,093,862<\/td>\n)<\/td>\n(1,165,298<\/td>\n)<\/td>\n(1,559,385<\/td>\n)<\/td>\n<\/tr>\n
\n Other comprehensive income for the period, net of tax<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (<\/strong>
\n 9,232,975<\/strong>\n <\/td>\n		\n )<\/strong>\n <\/td>\n\n (1,093,862<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (<\/strong>
\n 1,165,298<\/strong>\n <\/td>\n		\n )<\/strong>\n <\/td>\n\n (1,559,385<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Total comprehensive income for the period attributable to equity holders of the Company<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (11,869,614<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (3,344,456<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (3,047,881<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (2,678,997<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Earnings per share from continuing operations attributable to the equity holders of the Company<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic & Diluted earnings per share (pence per share)<\/td>\n12<\/td>\n\n (0.182<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (0.157<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (0.130<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (0.078<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Unaudited Amended Condensed Consolidated Statement of Financial Position<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 30 September<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n 31 December<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Unaudited<\/strong>
\n
\n Amended\u00a0<\/strong>
\n (note 2)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Unaudited<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nNotes<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-current assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets<\/td>\n7<\/td>\n6,347,659<\/td>\n\u00a0<\/td>\n7,057,445<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant & equipment<\/td>\n8<\/td>\n28,894,718<\/td>\n\u00a0<\/td>\n32,260,544<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n35,242,377<\/td>\n\u00a0<\/td>\n39,317,989<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade and other receivables<\/td>\n\u00a0<\/td>\n84,703<\/td>\n\u00a0<\/td>\n134,726<\/td>\n\u00a0<\/td>\n<\/tr>\n
Derivative financial asset<\/td>\n10 b<\/td>\n1,873,434<\/td>\n\u00a0<\/td>\n2,246,809<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n13,584,055<\/td>\n\u00a0<\/td>\n17,760,330<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n15,542,192<\/td>\n\u00a0<\/td>\n20,141,865<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total assets<\/strong>\n <\/td>\n\u00a0<\/td>\n50,784,569<\/td>\n\u00a0<\/td>\n59,459,854<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Equity and liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Equity attributable to owners of the parent<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issued capital<\/td>\n11<\/td>\n14,493,773<\/td>\n\u00a0<\/td>\n14,463,773<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share premium<\/td>\n11<\/td>\n41,848,306<\/td>\n\u00a0<\/td>\n41,785,306<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other reserves<\/td>\n\u00a0<\/td>\n(13,899,905<\/td>\n)<\/td>\n(4,666,930<\/td>\n)<\/td>\n<\/tr>\n
Accumulated losses<\/td>\n\u00a0<\/td>\n(22,471,731<\/td>\n)<\/td>\n(19,835,092<\/td>\n)<\/td>\n<\/tr>\n
\n Total equity<\/strong>\n <\/td>\n\u00a0<\/td>\n19,970,443<\/td>\n\u00a0<\/td>\n31,747,057<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-current liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contingent consideration<\/td>\n\u00a0<\/td>\n6,508,174<\/td>\n\u00a0<\/td>\n6,246,071<\/td>\n\u00a0<\/td>\n<\/tr>\n
Royalty Finance<\/td>\n\u00a0<\/td>\n23,489,407<\/td>\n\u00a0<\/td>\n20,570,411<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax liabilities<\/td>\n\u00a0<\/td>\n155,692<\/td>\n\u00a0<\/td>\n212,382<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n30,153,273<\/td>\n\u00a0<\/td>\n27,028,864<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade and other payables<\/td>\n\u00a0<\/td>\n660,853<\/td>\n\u00a0<\/td>\n683,933<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred consideration<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n660,853<\/td>\n\u00a0<\/td>\n21,254,344<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n30,814,126<\/td>\n\u00a0<\/td>\n27,712,797<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total equity and liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 50,784,569<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 59,459,854<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Unaudited Amended Condensed statement of changes in shareholders\u2019 equity<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nAttributable to the owners of the parent<\/td>\n<\/tr>\n
\u00a0<\/td>\nShare
capital
\u00a3<\/td>\n		Share
premium
\u00a3<\/td>\n		Accumulated
losses
\u00a3<\/td>\n		\u00a0<\/td>\nOther
reserves
\u00a3<\/td>\n		\u00a0<\/td>\nTotal
\u00a3<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n As at 1 January 2019<\/strong>\n <\/td>\n\n 14,325,218<\/strong>\n <\/td>\n\n 41,664,018<\/strong>\n <\/td>\n\n (16,990,291<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (2,039,991<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n 36,958,954<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Comprehensive income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss for the period<\/td>\n–<\/td>\n–<\/td>\n(2,250,594<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(2,250,594<\/td>\n)<\/td>\n<\/tr>\n
\n Other comprehensive income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Currency translation differences<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n\u00a0<\/td>\n(1,093,862<\/td>\n)<\/td>\n(1,093,862<\/td>\n)<\/td>\n<\/tr>\n
\n Total comprehensive income<\/strong>\n <\/td>\n\n –<\/strong>\n <\/td>\n\n –<\/strong>\n <\/td>\n\n (2,250,594<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,093,862<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (3,344,456<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Transactions with owners<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issue of ordinary shares<\/td>\n138,555<\/td>\n121,288<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n259,843<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issue costs<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share based payments<\/td>\n–<\/td>\n–<\/td>\n290,833<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n290,833<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total transactions with owners<\/strong>\n <\/td>\n\n 138,555<\/strong>\n <\/td>\n\n 121,288<\/strong>\n <\/td>\n\n 290,833<\/strong>\n <\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\n 550,676<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n As at 30 September 2019 (unaudited)<\/strong>\n <\/td>\n\n 14,463,773<\/strong>\n <\/td>\n\n 41,785,306<\/strong>\n <\/td>\n\n (18,950,052<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (3,133,853<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n 34,165,174<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nAttributable to the owners of the parent<\/td>\n<\/tr>\n
\u00a0<\/td>\nShare
capital
\u00a3<\/td>\n		Share
premium
\u00a3<\/td>\n		Accumulated
losses
\u00a3<\/td>\n		\u00a0<\/td>\nOther
reserves
\u00a3<\/td>\n		\u00a0<\/td>\nTotal
\u00a3<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n As at 1 January 2020<\/strong>\n <\/td>\n14,463,773<\/td>\n41,785,306<\/td>\n(19,835,092<\/td>\n)<\/td>\n(4,666,930<\/td>\n)<\/td>\n31,747,057<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Comprehensive income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss for the period<\/td>\n–<\/td>\n–<\/td>\n(2,636,639<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(2,636,639<\/td>\n)<\/td>\n<\/tr>\n
\n Other comprehensive income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Currency translation differences<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n\u00a0<\/td>\n(9,232,975<\/td>\n)<\/td>\n(9,232,975<\/td>\n)<\/td>\n<\/tr>\n
\n Total comprehensive income<\/strong>\n <\/td>\n\n –<\/strong>\n <\/td>\n\n –<\/strong>\n <\/td>\n\n (2,636,639<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (9,232,975<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (11,313,185<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Transactions with owners<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issue of ordinary shares<\/td>\n30,000<\/td>\n63,000<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n93,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issue costs<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share based payments<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total transactions with owners<\/strong>\n <\/td>\n\n 30,000<\/strong>\n <\/td>\n\n 63,000<\/strong>\n <\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 93,000<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n As at 30 September 2020 (unaudited) Amended (note2)<\/strong>\n <\/td>\n\n 14,493,773<\/strong>\n <\/td>\n\n 41,848,306<\/strong>\n <\/td>\n\n (22,471,731<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (13,899,905<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n 19,970,443<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Amended Condensed Consolidated Statement of Cash Flows<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n 9 months ended<\/strong>
\n
\n 30 September<\/strong>\n <\/td>\n		\n 3 months ended<\/strong>
\n
\n 30 September<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Unaudited<\/strong>
\n
\n Amended <\/strong>
\n
\n (note2)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Unaudited<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Unaudited<\/strong>
\n
\n Amended<\/strong>
\n
\n (note2)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Unaudited<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a3<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a3<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\n Cash flows from operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss before taxation<\/td>\n(2,585,568<\/td>\n)<\/td>\n(2,250,594<\/td>\n)<\/td>\n(1,831,512<\/td>\n)<\/td>\n(1,119,612<\/td>\n)<\/td>\n<\/tr>\n
Interest income<\/td>\n(122,907<\/td>\n)<\/td>\n(50,085<\/td>\n)<\/td>\n(32,177<\/td>\n)<\/td>\n(16,294<\/td>\n)<\/td>\n<\/tr>\n
Finance costs<\/td>\n178,280<\/td>\n\u00a0<\/td>\n222,788<\/td>\n\u00a0<\/td>\n67,337<\/td>\n\u00a0<\/td>\n75,951<\/td>\n\u00a0<\/td>\n<\/tr>\n
Exchange differences<\/td>\n(338,547<\/td>\n)<\/td>\n21,706<\/td>\n\u00a0<\/td>\n697,121<\/td>\n\u00a0<\/td>\n17,657<\/td>\n\u00a0<\/td>\n<\/tr>\n
Employee share options charge<\/td>\n–<\/td>\n\u00a0<\/td>\n290,833<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n53,662<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of contingent consideration<\/td>\n41,538<\/td>\n\u00a0<\/td>\n(145,561<\/td>\n)<\/td>\n(163,209<\/td>\n)<\/td>\n46,640<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fair value of Derivative asset<\/td>\n433,522<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n433,522<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating loss before changes in working capital<\/strong>\n <\/td>\n\n (2,393,682<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,910,913<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (828,918<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (941,996<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Decrease\/(increase) in trade and other receivables<\/td>\n50,742<\/td>\n\u00a0<\/td>\n(45,771<\/td>\n)<\/td>\n(2,384<\/td>\n)<\/td>\n(42,496<\/td>\n)<\/td>\n<\/tr>\n
(Decrease)\/increase in trade and other payables<\/td>\n(23,080<\/td>\n)<\/td>\n468,782<\/td>\n\u00a0<\/td>\n290,166<\/td>\n\u00a0<\/td>\n442,376<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash outflow from operating activities<\/strong>\n <\/td>\n\n (2,336,020<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,487,902<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (541,136<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (542,116<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Cash flows from investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchase of intangible assets<\/td>\n–<\/td>\n\u00a0<\/td>\n(1,944,388<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(655,180<\/td>\n)<\/td>\n<\/tr>\n
Purchase of property, plant and equipment<\/td>\n(2,436,966<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(878,685<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest received<\/td>\n122,907<\/td>\n\u00a0<\/td>\n50,085<\/td>\n\u00a0<\/td>\n32,177<\/td>\n\u00a0<\/td>\n16,294<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in investing activities<\/strong>\n <\/td>\n\n (2,314,059<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,894,303<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (846,508<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (638,886<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Cash flows from financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds form issue of ordinary shares<\/td>\n93,000<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n93,000<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issue costs<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in financing activities<\/strong>\n <\/td>\n\n 93,000<\/strong>\n <\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 93,000<\/strong>\n <\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net decrease in cash and cash equivalents<\/strong>\n <\/td>\n\n (4,587,079<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (3,382,205<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,294,644<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,181,002<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Cash and cash equivalents at beginning of period<\/td>\n17,760,330<\/td>\n\u00a0<\/td>\n6,527,115<\/td>\n\u00a0<\/td>\n15,594,717<\/td>\n\u00a0<\/td>\n4,322,699<\/td>\n\u00a0<\/td>\n<\/tr>\n
Exchange gain\/(loss) on cash and cash equivalents<\/td>\n410,804<\/td>\n\u00a0<\/td>\n(20,870<\/td>\n)<\/td>\n(716,018<\/td>\n)<\/td>\n(17,657<\/td>\n)<\/td>\n<\/tr>\n
\n Cash and cash equivalents at end of the period<\/strong>\n <\/td>\n\n 13,584,055<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,124,040<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 13,584,055<\/strong>\n <\/td>\n\n 3,124,040<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Notes to the Financial Statements<\/strong>\n <\/p>\n

\n 1. General information<\/strong>\n <\/p>\n

The principal activity of the Company and its subsidiaries (together \u2018the Group\u2019) is the exploration and development of precious and base metals. There is no seasonality or cyclicality of the Group\u2019s operations.<\/p>\n

The Company\u2019s shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX). The Company is incorporated and domiciled in the United Kingdom. The address of its registered office is Rex House, 4-12 Regent Street, London SW1Y 4RG.<\/p>\n

\n
\n 2. <\/em>
\n <\/strong>
\n Basis of preparation<\/strong>\n <\/p>\n

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting<\/em>. The condensed interim financial statements do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the annual financial statements for the year ended 31 December 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS).<\/p>\n

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of section 434 (3) of the Companies Act 2006. Statutory financial statements for the year ended 31 December 2019 were approved by the Board of Directors on 7 April 2020 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.<\/p>\n

\n
\n Amendment to current period figures<\/em>
\n <\/strong>
\n
These financial statements have been restated to include certain amendments to the figures for both the 9 months and 3 months to 30 September 2020. The amendments are driven by the revision to the carrying value of the Orion Royalty finance arrangement, embedded derivative asset and contingent consideration to reflect up to date assumptions as well as the adoption of a new accounting policy at the beginning of 2020 in respect of the capitalisation of borrowing costs (refer to note 3). In addition, certain costs have been capitalised to the Mine Development Asset that had previously been capitalised to intangible assets. None of these adjustments have a cash impact on the balance sheet.<\/p>\n

The effect of these amendments on the statement of financial position and statement of comprehensive are set out in the table below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nDerivative asset<\/td>\nRoyalty finance<\/td>\nContingent consideration<\/td>\nMine development asset<\/td>\nTrade Creditors<\/td>\nIntangible assets<\/td>\nAccumulated losses<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n<\/tr>\n
\n 30 September 2020 – as previously stated <\/strong>\n <\/td>\n\n 2,306,955<\/strong>\n <\/td>\n\n (23,594,661<\/strong>
\n )<\/strong>\n <\/td>\n		\n (6,666,016<\/strong>
\n )<\/strong>\n <\/td>\n		\n 24,924,599<\/strong>\n <\/td>\n\n (1,026,966<\/strong>
\n )<\/strong>\n <\/td>\n		\n 8,241,277<\/strong>\n <\/td>\n\n (24,743,918<\/strong>
\n )<\/strong>\n <\/td>\n<\/tr>\n
Transfer of capitalised costs from intangibles assets to Mine development asset<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n1,893,618<\/td>\n–<\/td>\n(1,893,618)<\/td>\n–<\/td>\n<\/tr>\n
Revision to carrying value of derivative financial asset<\/td>\n(433,522)<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n(433,522)<\/td>\n<\/tr>\n
Revision to carrying value of Royalty finance & capitalisation<\/td>\n–<\/td>\n105,254<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n105,254<\/td>\n<\/tr>\n
Revision to carrying value of Contingent consideration & capitalisation<\/td>\n–<\/td>\n–<\/td>\n157,842<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n157,842<\/td>\n<\/tr>\n
Capitalisation of borrowing costs<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n2,442,614<\/td>\n–<\/td>\n–<\/td>\n2,442,614<\/td>\n<\/tr>\n
Derecognition of accruals<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n(366,113)<\/td>\n366,113<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
\n 30 September 2020 – Amended <\/strong>\n <\/td>\n\n 1,873,433<\/strong>\n <\/td>\n\n (23,489,407<\/strong>
\n )<\/strong>\n <\/td>\n		\n (6,508,174<\/strong>
\n )<\/strong>\n <\/td>\n		\n 28,894,718<\/strong>\n <\/td>\n\n (660,853<\/strong>
\n )<\/strong>\n <\/td>\n		\n 6,347,659<\/strong>\n <\/td>\n\n (22,471,731<\/strong>
\n )<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nas previously
stated 30\/9\/20<\/td>\n		Revision to carrying value of derivative financial asset<\/td>\nRevision to carrying value of Royalty finance<\/td>\nRevision to carrying value of Contingent consideration<\/td>\nCapitalisation of borrowing costs<\/td>\nAmended as at
30\/9\/20<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n\u00a3<\/td>\n<\/tr>\n
Statement of comprehensive income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Administrative expenses<\/td>\n(2,342,987)<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n(2,342,987)<\/td>\n<\/tr>\n
Charge for share options granted<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Change in value of contingent consideration<\/td>\n(79,425)<\/td>\n–<\/td>\n–<\/td>\n157,841<\/td>\n(119,999)<\/td>\n(41,584)<\/td>\n<\/tr>\n
Change in fair value of derivative<\/td>\n–<\/td>\n(433,522)<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n(433,522)<\/td>\n<\/tr>\n
Gain\/(Loss) on foreign exchange<\/td>\n410,804<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n410,804<\/td>\n<\/tr>\n
\n Loss from operations<\/strong>\n <\/td>\n\n (2,011,610<\/strong>
\n )<\/strong>\n <\/td>\n		\n (433,522<\/strong>
\n )<\/strong>\n <\/td>\n		\n 0<\/strong>\n <\/td>\n\n 157,841<\/strong>\n <\/td>\n\n (119,999<\/strong>
\n )<\/strong>\n <\/td>\n		\n (2,407,288<\/strong>
\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Finance income<\/td>\n122,907<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n(122,907)<\/td>\n–<\/td>\n<\/tr>\n
Finance costs<\/td>\n(2,969,053)<\/td>\n–<\/td>\n105,254<\/td>\n–<\/td>\n2,685,519<\/td>\n(178,280)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss before taxation<\/strong>\n <\/td>\n\n (4,857,756<\/strong>
\n )<\/strong>\n <\/td>\n		\n (433,522<\/strong>
\n )<\/strong>\n <\/td>\n		\n 105,254<\/strong>\n <\/td>\n\n 157,841<\/strong>\n <\/td>\n\n 2,442,614<\/strong>\n <\/td>\n\n (2,585,568<\/strong>
\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxation<\/td>\n(51,071)<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n(51,071)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss for the year from continuing operations<\/strong>\n <\/td>\n\n (4,908,827<\/strong>
\n )<\/strong>\n <\/td>\n		\n (433,522<\/strong>
\n )<\/strong>\n <\/td>\n		\n 105,254<\/strong>\n <\/td>\n\n 157,841<\/strong>\n <\/td>\n\n 2,442,614<\/strong>\n <\/td>\n\n (2,636,639<\/strong>
\n )<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n
\n Going concern<\/em>
\n <\/strong>\n <\/p>\n

The condensed consolidated interim financial statements have been prepared on a going concern basis. Although the Group\u2019s assets are not generating revenues and an operating loss has been reported, the Directors consider that the Group has sufficient funds to undertake its operating activities for a period of at least the next 12 months including any additional expenditure required in relation to its current exploration projects. In February 2021 the Group raised \u00a318.8m by way of a placing of ordinary shares for a total of approx. \u00a312.2m and a concurrent \u00a36.6m Canadian offering. As at the date of these financial statements the placing had closed but the Canadian offering remained conditional. With this new placing money of \u00a312.2m the Group has cash reserves which are considered sufficient by the Directors to fund the Group\u2019s committed expenditure both operationally and on its exploration project for the foreseeable future. However, as additional projects are identified and the Araguaia project moves towards production, additional funding will be required.<\/p>\n

The uncertainty as to the future impact of the Covid-19 pandemic has been considered as part of the Group\u2019s adoption of the going concern basis. In response to government instructions the Group\u2019s offices in London and Brazil have been closed with staff working from home, international travel has stopped and all site work for the two projects has been restricted to a minimum level. However, a number of the key project milestones are still advancing and are currently on track being run by the teams in a virtual capacity.<\/p>\n

Whilst the board considers that the effect of Covid-19 on the Group\u2019s financial results at this time is constrained to inefficiencies due to remote working, restrictions on travel and some minor potential delays to consultants work streams, the Board considers the pandemic could delay the Araguaia project financing timeline by a number of months (this will be dependent on the duration of the effects of the Covid-19 virus across global markets). However, the additional funding described above provides sufficient financing to enable the Company to continue its operations for at least 12 months should any additional cost arise as a result of any potential deterioration in the global Covid-19 situation.<\/p>\n

As a result of considerations noted above, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these Financial Statements.<\/p>\n

\n
\n Risks and uncertainties<\/em>
\n <\/strong>\n <\/p>\n

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group\u2019s medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group\u2019s 2019 Annual Report and Financial Statements, a copy of which is available on the Group\u2019s website: www.horizonteminerals.com<\/a> and on Sedar: www.sedar.com<\/a> The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.<\/p>\n

\n
\n Use of estimates and judgements <\/em>
\n <\/strong>\n <\/p>\n

The preparation of condensed consolidated interim financial statements requires management to make estimates and judgements that affect the reported amounts of assets and liabilities and disclosure of contingent 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\u2019s 2019 Annual Report and Financial Statements. The nature and amounts of such estimates and judgements have not changed significantly during the interim period.<\/p>\n

\n
\n Assessment of the impact of COVID-19<\/em>
\n <\/strong>\n <\/p>\n

During the period of these financial statements there has been an ongoing significant global pandemic which has had significant knock on effects for the majority of the world\u2019s population, by way of the measures governments are taking to tackle the issue. This represents a risk to the Group\u2019s operations by restricting travel, the potential to detriment the health and wellbeing of its employees, as well as the effects that this might have on the ability of the Group to finance and advance its operations in the timeframes envisaged. The Group has taken steps to try and ensure the safety of its employees and operate under the current circumstances and feels the outlook for its operations remains positive, however risk remain should the pandemic worsen or changes its impact on the Group. The assessment of the possible impact on the going concern position of the Group is set out in the going concern note above. In addition, because of the long term nature of the Group\u2019s nickel projects and their strong project economics management do not consider that COVID has given rise to any impairment indicators. The Group has not received any government assistance.<\/p>\n

\n 3<\/strong>
\n
\n . <\/em>
\n <\/strong>
\n Significant accounting policies<\/strong>\n <\/p>\n

Other than in respect of the capitalisation of borrowing costs 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\u2019s audited Financial Statements for the year ended 31 December 2019<\/p>\n

\n
\n Capitalisation of borrowing costs<\/em>
\n <\/strong>\n <\/p>\n

Borrowing costs are expensed except where they relates to the financing of construction or development of qualifying assets. Borrowing costs directly related to financing of qualifying assets in the course of construction are capitalised to the carrying value of the Araguaia mine development property. Where funds have been borrowed specifically to the finance the Project, the amount capitalised represents the actual borrowing costs incurred net of all interest income earned on the temporary re-investment of these borrowings prior to utilisation. Borrowing costs capitalised include:<\/p>\n