Altus Strategies : Q1 2022 IFS and MDA

For the three months ended

31 March

2022

2021

Notes

£'000

£'000

Continuing operations

Revenue and costs recovered from

joint venture partners

2

343

-

Exploration costs expensed

3

(957)

(787)

Administrative expenses

4

(356)

(218)

Listing and acquisition related costs

6

(14)

(5)

Foreign exchange gains/(losses)

51

(29)

Share based payments

(483)

(299)

Profit/(loss) from operations

(1,416)

(1,338)

Interest receivable

-

0

Interest payable

(458)

(1)

Other income/(costs)

(565)

0

Gain/(loss) on disposal

234

-

Fair value gain/(loss) on investments

(88)

22

Share of profit of investments

accounted for using the equity method

7

-

-

Profit/(loss) before taxation

(2,293)

(1,317)

Taxation

-

-

Profit/(loss) for the year

(2,293)

(1,317)

Other comprehensive income

Items that may be reclassified to the

income statement in subsequent periods

Foreign currency translation differences

(206)

-

Total comprehensive

(expense)/income for the year

(2,499)

(1,317)

Profit/(loss) for the quarter attributable to:

- Owners of the parent company

(2,293)

(1,317)

- Non-controlling interest

(0)

(0)

(2,293)

(1,317)

Total comprehensive profit/(loss) for the

quarter attributable to:

- Owners of the parent company

(2,499)

(1,317)

- Non-controlling interest

(0)

(0)

(2,499)

(1,317)

Basic earnings per share (pence)

15

(1.95)

(1.86)

attributable to the owners of the parent

Diluted earnings per share (pence)

15

(1.95)

(1.86)

attributable to the owners of the parent

1 / 16

As at 31 March

As at 31 December

2022

2021

Notes

£'000

£'000

Non-current assets

Intangible assets

5

20,592

16,994

Property, plant and equipment

194

30

Leased assets

87

104

Investment in associate

7

24,149

25,367

Investments

8

1,633

1,721

46,655

44,216

Current assets

Trade and other receivables

9

339

622

Held-for-sale assets

120

118

Cash and cash equivalents

3,202

6,355

3,661

7,095

Total assets

50,316

51,311

Current liabilities

Trade and other payables

10

(1,002)

(986)

Borrowings

11

(19,354)

(18,349)

Held-for-sale liabilities

(34)

(34)

Provisions

(15)

(15)

(20,405)

(19,384)

Non-current liabilities

Trade and other payables

(65)

(65)

Total liabilities

(20,470)

(19,449)

Net assets

29,846

31,862

Equity

Share capital

12

5,866

5,866

Share premium

12

37,556

37,556

Share based payment reserve

2,096

1,613

Other reserves

5,723

5,723

Other comprehensive income

(129)

-

Retained earnings

(21,161)

(18,791)

Total equity attributable to owners of the parent

29,951

31,967

Non-controlling interest

(105)

(105)

Total equity

29,846

31,862

Share

Share based

Other

Non-

Share

premium

payment

Other

comprehensive

Retained

Total

controlling

capital

account

reserve

reserves

income

earnings

equity

interest

Total

Three months ended 31 March 2021

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2021

3,505

13,222

531

5,745

-

(12,601)

10,402

(101)

10,301

Profit/(loss) for the period

-

-

-

-

-

(1,317)

(1,317)

(0)

(1,317)

Other comprehensive income

Foreign currency translation differences

-

-

-

-

-

-

-

-

-

Total comprehensive income/(expense)

-

-

-

-

-

(1,317)

(1,317)

(0)

(1,317)

Issue of shares

514

7,013

-

-

-

-

7,527

-

7,527

Exercise of warrants

1

16

-

-

-

-

17

-

17

Share based payment charge

-

-

299

-

-

-

299

-

299

Total transactions with owners,

recognised directly in equity

515

7,029

299

-

-

-

7,843

-

7,843

Balance at 31 March 2021

4,019

20,251

830

5,745

-

(13,918)

16,927

(101)

16,826

Three months ended 31 March 2022

Balance at 1 January 2022

5,866

37,556

1,613

5,723

77

(18,868)

31,967

(105)

31,862

Profit/(loss) for the period

-

-

-

-

-

(2,293)

(2,293)

(0)

(2,293)

Other comprehensive income

Foreign currency translation differences

-

-

-

-

(206)

-

(206)

-

(206)

Total comprehensive income/(expense)

-

-

-

-

(206)

(2,293)

(2,499)

(0)

(2,499)

Share based payment charge

-

-

483

-

-

-

483

-

483

Total transactions with owners,

recognised directly in equity

-

-

483

-

-

-

483

-

483

Balance at 31 March 2022

5,866

37,556

2,096

5,723

(129)

(21,161)

29,951

(105)

29,846

Period ended 31 March

Three months ended

2022

2021

£'000

£'000

Cash flows from operating activities

Total comprehensive loss for the period

(2,499)

(1,317)

Adjustments for:

Net interest (received)/paid

458

1

Share based payments

483

299

Bad debt provision

-

11

Depreciation of property, plant and equipment

24

9

Gain/loss on disposal

(251)

-

Fair value (gain)/loss on investments

88

(22)

Movements in working capital:

(Increase)/decrease in trade and other receivables

402

102

Increase/(decrease) in trade and other payables

449

(78)

Other working capital movements

(33)

-

Cash flows used in operating activities

(879)

(995)

Investing activities

Purchase of intangible assets

(3,010)

(155)

Purchase of property plant and equipment

(171)

(1)

Sale of subsidiary

12

-

Distribution from associate

901

-

Net interest received/(paid)

-

0

Net cash used in investing activities

(2,268)

(156)

Financing activities

Proceeds from issue of shares

-

2,631

Principal element of lease payments

(5)

(5)

Interest element of lease payments

(1)

(1)

Net cash generated from financing activities

(6)

2,625

Net increase/decrease in cash and cash

(3,153)

1,474

equivalents

Cash and cash equivalents at beginning of the

6,355

5,937

period

Cash and cash equivalents at the end of the

3,202

7,411

period