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ALT Resources PLC announced its unaudited interim results for the six months ending 31 December 2024, reporting a loss of £342,047 and basic loss per share of (0.7340p). During this period, the Company's Directors fully drew down a £250,000 funding facility from Tristream Resources PTE. LTD, as previously announced on 13 September 2024. As of 31 December 2024, ALT Resources PLC held cash and cash equivalents of £96,357.
| Date | 31 Mar 2025 |
| Time | 07:00:11 |
| Category | Results |
| ID | 7968C |
31 March 2025
ALT RESOURCES PLC
("ALT" or "the Company")
Unaudited Interim Results
ALT Resources Plc (ALTR.L), the mining royalty and streaming company, announces its unaudited interim results for the period ending 31 December 2024 (the "Period")
During the Period, the Directors entered into a funding facility for £250,000 (the "Agreement") with Tristream Resources PTE. LTD, a private Singapore-based company intended to facilitate the identification and acquisition of a royalty interest of a natural resources asset. The Agreement was completed and was fully drawn down as announced 13 September 2024. The facility provided the Company with the necessary funding and resources to identify a mining royalty and progress the documentation and the proposed admission of the Company's issued share capital to the AIM Market of the London Stock Exchange (together the "Transaction").
The Company is progressing with the Transaction as announced 24 February 2025 and the completion will be subject to certain conditions, including, inter alia, due diligence, legal documentation, fundraising, and admission of the Company's entire issued and to be issued share capital to trading on AIM.
The Company looks forward to providing further updates in due course.
Paul Welch
Executive Chairman
31 March 2025
For further information
ALT Resources
Paul Welch, Chairman
Celicourt Communications +44 207 770 6424 / [email protected] Mark Antelme / Jimmy Lea
Responsibility statement
This statement is being made by the Chairman, Mr. Paul Welch, and to the best of his knowledge:
a. The financial statements, prepared in accordance with IAS 34 'Interim financial reporting' as adopted by the United Kingdom, give an accurate and fair view of the assets, liabilities, financial position, and profit or loss of the issuer, and
b. The management report includes a fair review of the business's development and performance and the issuer's position, together with a description of the principal risks and uncertainties it faces.
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ALT RESOURCES PLC FOR THE 6 MONTHS TO 31 DECEMBER 2024
Unaudited statement of comprehensive income
The statements of comprehensive income of ALT Resources PLC for the periods ended 31 December 2024 and 31 December 2023 are set out below:
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Unaudited 6 months ended 31 Dec 2024 £ |
Unaudited 6 months ended 31 Dec 2023 £ |
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Other Income |
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|
29,940 |
- |
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Administrative expenses |
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|
(371,987) |
(161,159) |
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Operating loss |
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(342,047) |
(161,159) |
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Income tax |
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|
- |
- |
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Loss and total comprehensive loss for the period |
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(342,047) |
(161,159) |
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Earnings per share |
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Basic loss per share |
(0.7340p) |
(0.3548p) |
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Diluted loss per share |
(0.7340p) |
(0.3548p) |
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
Unaudited statement of financial position
The statements of financial position of ALT Resources PLC as at 31 December 2024 and 30 June 2024 are set out below:
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ASSETS Current assets |
Notes |
Unaudited as at 31 Dec 2024 £
|
Audited as at 30 Jun 2024 £ |
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Trade and other receivables |
2 |
70,155 |
12,788 |
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Cash and cash equivalents |
|
96,357 |
35,706 |
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|
166,512 |
48,494 |
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Total assets |
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166,512 |
48,494 |
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EQUITY |
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Called up share capital |
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93,200 |
93,200 |
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Share premium account |
|
492,580 |
492,580 |
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Other reserves |
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863,856 |
863,856 |
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Retained earnings |
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(1,891,523) |
(1,549,476) |
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Total equity |
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(441,887) |
(99,840) |
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LIABILITIES
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Non-current liabilities |
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Borrowings |
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253,855 |
49,980 |
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Current liabilities |
|
|
|
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Trade and other payables |
3 |
354,544 |
98,354 |
|
|
|
|
|
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Total liabilities |
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608,399 |
148,334 |
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Total equity and liabilities |
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166,512 |
48,494 |
Unaudited statement of changes in equity
The statement of changes in equity of ALT Resources PLC for the 18-month period ended 31 December 2024 is set out below:
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Share capital £ |
Share premium account £ |
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Retained earnings £ |
Total £ |
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Balance at 1 July 2023 |
93,200 |
492,580 |
863,856 |
(1,339,283) |
110,353 |
|
Loss for the period and total comprehensive loss for the period |
- |
- |
- |
(161,159) |
(161,159) |
|
Balance at 31 December 2023 |
93,200 |
492,580 |
863,856 |
(1,500,442) |
(50,806) |
|
Loss for the period and total comprehensive loss for the period |
- |
- |
- |
(49,034) |
(49,034) |
|
Balance at 30 June 2024 |
93,200 |
492,580 |
863,856 |
(1,549,476) |
(99,840) |
|
Loss for the period and total comprehensive loss for the period |
- |
- |
- |
(342,047) |
(342,047) |
|
Balance at 31 December 2024 |
93,200 |
492,580 |
863,856 |
(1,891,523) |
(441,887) |
Unaudited statement of cash flows
The statements of cash flows of ALT Resources PLC for the six months ended 31 December 2024 and 31 December 2023 are set out below:
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Unaudited 6 months ended 31 Dec 2024 £ |
Unaudited 6 months ended 31 Dec 2023 £ |
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Cash flows from operating activities |
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|
|
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Cash absorbed by operations |
|
(139,349) |
(132,736) |
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Net cash outflow from operating activities |
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(139,349) |
(132,736) |
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Financing activities |
|
|
|
|
Proceeds from borrowings |
|
200,000 |
- |
|
Net cash generated from financing activities |
|
200,000 |
- |
|
Net (decrease)/increase in cash and cash equivalents |
|
60,651 |
(132,736) |
|
Cash and cash equivalents at beginning of period |
|
35,706 |
159,648 |
|
Cash and cash equivalents at end of period |
|
96,357 |
26,912 |
Notes to the unaudited interim financial statements
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1 |
Accounting policies |
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Company information |
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ALT Resources PLC is a public company limited by shares incorporated in England and Wales. The registered office is 21 High Street, Lutterworth, LE17 4AT. The Company's principal activity is intended to be that of investment in upstream oil and gas assets.
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1.1 |
Basis of preparation |
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The unaudited interim financial statements present the financial track record of the Company for the six months ended 31 December 2023, 31 December 2024 and the 18-month period ended 31 December 2024. |
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The accounting policies set out in the financial statements for the period ended 30 June 2024 have been applied consistently to all periods presented in these unaudited interim financial statements. |
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The unaudited interim financial statements have been prepared in accordance with the IAS 34 'Interim financial reporting' as adopted by the United Kingdom. They should be read in conjunction with the financial statements for the period ended 30 June 2024, which are prepared in accordance with IFRS as adopted by the United Kingdom and with the Companies Act 2006.
The unaudited interim financial statements for the six months ended 31 December 2023 and for the six months ended 31 December 2024 do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.
The unaudited interim financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these unaudited interim financial statements are rounded to the nearest £.
The unaudited interim financial statements have been prepared on the historical cost basis. |
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1.2 Going concern
The going concern disclosure within the financial statements for the year ended 30 June 2024 included reference to a material uncertainty in respect of the ability of the Company to continue to operate as a going concern. In preparing the 2024 financial statements, the Directors concluded that, taking into account the information that they had at the time, in their judgement it was appropriate that the Company continue as a going concern despite there being a material uncertainty that may cause significant doubt about the ability of the Company to continue to operate as a going concern.
In preparing these interim financial statements, the Directors have reviewed the latest information available to them and concluded that there is no significant change in circumstances since the date of signing the 2024 financial statements. Therefore, it is their view that it is appropriate for the Company to continue as a going concern and these interim financial statements have consequently been prepared on a going concern basis.
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1.3 |
Significant accounting policies
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The unaudited interim financial statements have been prepared on the basis of accounting policies adopted in the financial statements for the year ended 30 June 2024 and expected to be adopted in the financial statements for the period ending 30 June 2025. Where new IFRS standards, amendments or interpretations became effective in the six months to 31 December 2024 there has been no material impact on the net assets or results of the Company.
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Notes to the unaudited interim financial statements (continued)
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2 |
Trade and other receivables |
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Unaudited as at 31 Dec 2024 £ |
Audited as at 30 Jun 2024 £ |
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Trade receivables VAT recoverable |
19,865 50,470 |
- 7,463 |
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Prepayments |
- |
5,325 |
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70,155 |
12,788 |
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3 |
Trade and other payables |
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Unaudited as at 31 Dec 2024 £ |
Audited as at 30 Jun 2024 £ |
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Trade payables |
316,713 |
31,969 |
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Accruals |
37,831 |
66,385 |
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|
354,544 |
98,354 |
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