PR Newswire
London, June 30
30 June 2022
All Star Minerals Plc
(“All Star” or the “Company”)
Final Results for the year ended 31 December 2021
All Star (AQSE:ASMO), a mining investing company listed on the AQSE Stock Exchange, announces its results for the year ended 31 December 2021.
Summary Financial Statements are set out below. A full copy of the audited Annual Report will be available shortly on the Company's website, www.allstarminerals.co.uk and will be posted to shareholders in due course.
Highlights
Jason Brewer, CEO, said:
“Recent times have proven to be the Company’s most significant yet with a whole host of changes across the board. A complete shift in our business strategy has meant we are now focused on the exciting battery metal space in Africa, and with a reorganised management team and Board, we are more than well equipped with the experience and expertise to bring these promising green metal assets up the value curve.
“Following the recent successful raise of funds, the Company is looking forward to commencing its planned development activities at both the Blesberg Lithium and Tantalum and Nkombwa Hill Tantalum, Rare Earth Elements and Phosphate Projects.
“I would like to take this opportunity to thank each and every one of the All Star Minerals team for their continual support in what has been a transformational period. Additionally, I would like to extend a special thanks to our loyal shareholders for their support and patience. We look forward to providing you with updates in the near future.”
The directors of All Star are responsible for the content of this announcement.
This announcement contains inside information for the purposes of UK Market Abuse Regulation, and has been arranged for release by Jason Brewer, Chief Executive Officer of the Company.
Enquiries:
| All Star Minerals Plc Jason Brewer, Chief Executive Officer |
[email protected] Contact via BlytheRay, Financial PR and IR (details below) |
| AQSE Corporate Adviser Cairn Financial Advisers LLP Liam Murray / Ludovico Lazzaretti |
+44 (0)20 7213 0880 |
| Financial PR and IR BlytheRay Tim Blythe / Megan Ray |
+44 (0)20 7138 3204 |
STRATEGIC REPORT
REVIEW OF THE BUSINESS – Chairman’s Statement
The past year has represented a period of rapid change for the Company; a change of strategy was required as the gemstones opportunities, especially with equipment being in Russia, was going to prove to take considerable time and the restrictions imposed made this impossible. We have welcomed Jason Brewer as CEO, and Marc Nally as Director, both of whom I have known for some 30 years. With their combined drive and African knowledge, we have already identified a number of exciting near term producing assets which we will look to develop in 2022/23, creating early cashflow and a portfolio approach to the battery and energy metals space.
Considerable success has been achieved on a number of fronts in a short period of time since the formation of the new Board, and strong “on the ground” partnerships have been forged in Southern Africa.
As part of a capital restructuring process, we will be looking to consolidate the share base at c.100:1 to reduce the number of shares in issue to a more manageable number. Our ambition is also to graduate to a more senior exchange once the assets described below are further advanced. We will be looking to raise additional funds in the very near future and conversations with existing and new backers are progressing well.
Jason Brewer and Marc Nally formally joined the Board as CEO and Non-Executive Director respectively in March 2022, while Graham Mascall stepped down from his position as Non-Executive Chairman in November 2021. I was pleased to take over this role at the Annual General Meeting (“AGM”) in November 2021 and look forward to working with the new Board and with refreshed strategy to realise the full potential of the Company and create value for all stakeholders. David Bourne has also retired from the Board, and we thank him for his assistance in migrating to the new company set up and his historic financial support. Ian Harebottle remains on the Board as a Non-Executive Director having stepped down from his role as Interim CEO.
With a weight of experience, the Board is now directing its focus on creating a solid operating structure from which to direct its future growth plans. These have included the implementation of robust operating procedures, policies and practices, numerous cost cutting exercises, Key Advisor reviews, and a detailed desktop and on site evaluations of a number of investment opportunities. The key Heads of Terms for the first two assets, Blesberg Lithium project in the Norther Cape, South Africa and Nkombwe Hill, Rare Earths project, in Zambia have already been announced and initial earn-in payments have been made.
FINANCIAL OVERVIEW
The results for the 12-month period to 31 December 2021 shows a loss after taxation of £287,782 (2020: £213,771).
The basic loss per share from continuing operations was 0.01p (2020: loss per share of 0.01p).
The Directors do not recommend the payment of a dividend.
OUTLOOK
To rapidly grow the Company within the Battery and Energy metals sectors the Board has decided to focus its efforts on progressing to immediate production opportunities currently available within Southern Africa utilising their considerable collective experience in these commodity and geographical areas. The initial focus on Lithium / Tantalum in South Africa and Niobium / Tantalum / Rare Earths in Zambia will create early stage cashflow and project development.
The Company is evaluating opportunities that offer fast track development, attractive returns with minimal capital investment and low operating costs. Further opportunities are available and we are undertaking final due diligence on assets including Copper / Graphite and Tin projects that would provide a platform for future growth. Key to progressing these opportunities will be the ability to access further funding.
I would like to take this opportunity to thank my fellow Board members, all of whom have worked relentlessly at nil to limited reward, our loyal shareholders and our advisers for their continued support and patience.
The new focus on a battery and energy metals portfolio of producing, or near producing, assets has the potential to rapidly grow All Star Minerals (to be re-named Marula Mining) and realise significant value and return.
Richard Lloyd
FIMMM FGS
Chairman
30 June 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 | 2020 | |||
| £ | £ | |||
| Administrative expenses | (287,792) | (213,801) | ||
| Finance income | 10 | 30 | ||
| (Loss) / profit before taxation | (287,782) | (213,771) | ||
| Income tax expense | - | - | ||
| (Loss) / profit for the year | (287,782) | (213,771) | ||
| Other comprehensive income | ||||
| Items that will not be reflected to profit or loss in subsequent periods: | ||||
| Other comprehensive losses | - | - | ||
| Total comprehensive loss for the year | (287,782) | (213,771) | ||
| (Loss) / profit per share expressed in pence per share | ||||
| Basic | (0.01) | (0.01) | ||
| Diluted | (0.01) | (0.01) | ||
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 | 2020 | |||
| £ | £ | |||
| CURRENT ASSETS | ||||
| Trade and other receivables | 20,106 | 6,380 | ||
| Cash and cash equivalents | 144,521 | 78,320 | ||
| 164,627 | 84,700 | |||
| TOTAL ASSETS | 164,627 | 84,700 | ||
| EQUITY ISSUED CAPITAL AND RESERVES |
||||
| Issued share capital | 762,183 | 599,333 | ||
| Share premium | 2,050,994 | 1,900,529 | ||
| Other Reserves | 774,131 | 772,481 | ||
| Accumulated losses | (3,579,020) | (3,291,238) | ||
| TOTAL EQUITY | 8,288 | (18,895) | ||
| CURRENT LIABILITIES | ||||
| Trade and other payables | 156,339 | 103,595 | ||
| 156,339 | 103,595 | |||
| TOTAL EQUITY AND LIABILITIES | 164,627 | 84,700 |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2021
| Issue Capital | Share Premium | Other Reserve | Accum-ulated Losses | Total Equity | ||
| £ | £ | £ | £ | £ | ||
| At 1 January 2020 | 428,433 | 1,773,610 | 720,452 | (3,077,467) | (154,972) | |
| Profit for the year | - | - | - | (213,771) | (213,771) | |
| Total comprehensive loss for the year | - | - | - | (213,771) | (213,771) | |
| Shares issued during the year | 170,900 | 198,100 | - | - | 369,000 | |
| Cost of issue of shares | - | (19,152) | - | - | (19,152) | |
| Warrants issued | (52,029) | 52,029 | - | |||
| Total transaction with owners | 170,900 | 126,919 | 52,029 | - | 349,848 | |
| Balance at 31 December 2020 | 599,333 | 1,900,529 | 772,481 | (3,291,238) | (18,895) |
| At 1 January 2021 | 599,333 | 1,900,529 | 772,481 | (3,291,238) | (18,895) | |
| Profit for the year | - | - | - | (287,782) | (287,782) | |
| Total comprehensive loss for the year | - | - | - | (287,782) | (287,782) | |
| Shares issued during the year | 162,850 | 162,850 | - | - | 325,700 | |
| Cost of issue of shares | - | (10,735) | - | - | (10,735) | |
| Warrants issued | - | (1,650) | 1,650 | - | - | |
| Total transaction with owners | 162,850 | 150,465 | 1,650 | - | 314,965 | |
| Balance at 31 December 2021 | 762,183 | 2,050,994 | 774,131 | (3,579,020) | 8,288 |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 | 2020 | |||
| Notes | £ | £ | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Total (loss) / profit | (287,782) | (213,771) | ||
| Changes in working capital: | ||||
| (Increase) / decrease in trade and other receivables | (13,726) | (6,380) | ||
| Increase / (decrease) in trade and other payables | 52,744 | 37,864 | ||
| CASH FLOW USED IN OPERATING ACTIVITIES | (248,764) | (182,287) | ||
| NET CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Proceeds from sale of investments | - | - | ||
| NET CASH FLOWS FROM INVESTING ACTIVITIES | - | - | ||
| NET CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Net proceeds from issue of shares | 314,965 | 260,848 | ||
| Repayment of convertible loan note | - | (20,000) | ||
| NET CASH FLOWS FROM FINANCING ACTIVITIES | 314,965 | 240,848 | ||
| Movement in cash for the year | 66,201 | 58,559 | ||
| Cash and cash equivalents brought forward |
78,320 | 19,761 |
||
CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER |
13 | 144,521 | 78,320 |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1.EARNINGS PER SHARE
Basic earnings per share are calculated by dividing net result for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period. No adjustments were made to the net result for the year when calculating basic earnings per share in either year. The weighted average number of shares outstanding for 2021 was 3,530,117,600 (2020: 2,057,351,455).
Diluted earnings per share amounts are calculated by dividing the net result attributable to ordinary equity holders after adjustments for instruments that dilute basic earnings per share by the weighted average of ordinary shares outstanding during the period (adjusted for the effects of dilutive instruments). For the year ended 31 December 2021, as the Company was loss making the effect of any share options is anti-dilutive such that the diluted EPS figure is equivalent to the basic EPS figure. For the year ended 31 December 2020, the effect of dilutive instruments does not affect the basic EPS figure.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
