Interim Results and Operational Update

Statements of Financial Position

The unaudited consolidated Statement of Financial Position of the Group as at 30 June 2026, together with the consolidated Statement of Financial Position as at 31 December 2025, are set out below:

Statements of Comprehensive Income

The unaudited consolidated Statements of Comprehensive Income of the Group for the six-month interim period ended 30 June 2026, together with the six-month comparative interim period ended 30 June 2025, are set out below:

Statements of Changes in Equity

The unaudited consolidated Statements of Changes in Equity of the Group for the six-month interim period ended 30 June 2026, together with the six-month comparative interim period ended 30 June 2025, are set out below:

As at 30 June 2026, the balance for deferred shares reserves comprises £3,016,000 (30 June 2025: £3,016,000), which arose following the share sub-division in November 2019.

Statements of Cash Flows

The unaudited consolidated Statements of Cash Flows of the Group for the six-month interim period ended 30 June 2026, together with the six-month comparative interim period ended 30 June 2025, are set out below:

Major non-cash transactions in the period of report include the allotment of 3,425,659 new ordinary shares to directors in settlement of certain accrued salaries and to various advisors in settlement of accrued fees (2025: nil). 

Notes to the Group Interim Financial Information

1.   General

Corporate Information

The Company is a company incorporated in England and Wales on 13 September 2007 and has registered address of 25 Eccleston Place, London, United Kingdom, SW1W 9NF and registration number 06370792. The Company is domiciled in the UK for tax purposes.

At the reporting date, the Company held a 100% interest in the following UK incorporated subsidiary companies;

·      Guardian Africa Limited - 13227659 - 25 Eccleston Place, London, United Kingdom, SW1W 9NF

·      Guardian West Africa Limited - 15960363 - 25 Eccleston Place, London, United Kingdom, SW1W 9NF

·      Guardian Mining Limited - 13236945 - 25 Eccleston Place, London, United Kingdom, SW1W 9NF

·      Copper Bay Limited - 07391255 - 25 Eccleston Place, London, United Kingdom, SW1W 9NF

Basis of Preparation

The Group Interim Financial Information has been prepared in accordance with UK adopted International Accounting Standards. They are presented in thousand Pounds Sterling (£'000), unless stated otherwise. The Group Interim Financial Information has been prepared on the historical cost basis, except for certain financial instruments, which are carried as described in the respective sections in the policies below.

The principal accounting policies adopted are set out below.

Basis of Consolidation

The Group Interim Financial Information incorporates the financial information of the Company and entities controlled by the Company, its subsidiaries, made up to 30 June each year.

Subsidiaries

Subsidiaries are entities over which the Group has the power to govern the financial and operating policies so as to obtain economic benefits from their activities. Subsidiaries are consolidated from the date on which control is obtained, the acquisition date, until the date that control ceases. They are deconsolidated from the date on which control ceases.

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, contingent consideration and liabilities incurred or assumed at the date of exchange. Costs, directly attributable to the acquisition, are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at fair value at the acquisition date.

Provisional fair values are adjusted against goodwill if additional information is obtained within one year of the acquisition date about facts or circumstances, existing at the acquisition date. Other changes in provisional fair values are recognised through profit or loss.

Intra-Group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated on consolidation, except to the extent that intra-group losses indicate an impairment.

Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Statement of Comprehensive Income. Any impairment, recognised for goodwill, is not reversed.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it:

·      derecognises the assets (including goodwill) and liabilities of the subsidiary;

·      derecognises the carrying amount of any non-controlling interest;

·      derecognises the cumulative translation differences recorded in equity;

·      recognises the fair value of the consideration received;

·      recognises the fair value of any investment retained;

·      recognises any surplus or deficit in profit or loss; and

·    reclassifies the Company's share of components previously recognised in other comprehensive income to profit or loss or retained earnings, as appropriate.

Non-Controlling Interests

Profit or loss and each component of other comprehensive income are allocated between the Company and non-controlling interests, even if this results in the non-controlling interest having a deficit balance.

Transactions with non-controlling interests, that do not result in loss of control, are accounted for as equity transactions. Any differences, between the adjustment for the non-controlling interest and the fair value of consideration paid or received, are recognised in equity.

2.   Material Accounting Policies

The principal accounting policies have been applied consistently throughout the period.

Going Concern

It is the responsibility of the Directors to prepare the Group Interim Financial Information on a going concern basis, unless it is inappropriate to assume that the Group will continue in business.

The Directors have prepared financial projections for the development of the Project and the Group's working capital needs for a period of 12 months from the date of this document. As the Group secured investment subscriptions at the time of its readmission to trading on AIM on 30 March 2026 totalling £4m, the Directors have determined that the Group has sufficient funding to be assured of meeting its financial obligations over this period, such that the preparation of the Group Financial Statements on the going concern basis is considered appropriate. 

The Group Interim Financial Information does not include any adjustments that may arise in the event that the Group is not a going concern.

Foreign Currencies

Both the functional and presentational currency of the Group is £. Each Group entity determines its own functional currency and items included in the Group Interim Financial Information of each entity are measured using that functional currency. The majority of the Group's funding and capital raising activities are denominated in £, and the Directors consider this to be the currency that primarily influences the Group's financing activities and cash flows.

The functional currency of the foreign subsidiaries is CLP. The Company's operations in Chile are primarily conducted in CLP and $. 

Transactions in currencies, other than the functional currency of the relevant entity, are initially recorded at the exchange rate, prevailing on the dates of the transaction. At each reporting date, monetary assets and liabilities, that are denominated in foreign currencies, are retranslated at the exchange rate, prevailing at the reporting date. Non-monetary assets and liabilities, carried at fair value that are denominated in foreign currencies, are translated at the rates, prevailing at the date, when the fair value was determined. Gains and losses, arising on retranslation are included in profit or loss for the period, except for exchange differences on non-monetary assets and liabilities, which are recognised directly in other comprehensive income, when the changes in fair value are recognised directly in other comprehensive income.

On consolidation, the assets and liabilities of the Group's overseas operations are translated into the Group's presentational currency at exchange rates, prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates have fluctuated significantly during the year, in which case, the exchange rate at the date of the transaction is used. All exchange differences arising, if any, are recognised as other comprehensive income and are transferred to the Group's foreign currency translation reserve.

The Company's presentation and functional currency is £.

In preparing the Group Interim Financial Information, transactions in foreign currencies other than the functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date.

Exchange rate differences arising on the settlement of monetary items and on the retranslation of monetary items are included in profit or loss for the period. Exchange rate differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.

Exploration Assets and Mineral Tenements

Exploration assets comprise exploration and evaluation costs, incurred on prospects at an exploratory stage. These costs include the cost of acquisition, exploration, determination of recoverable reserves, economic feasibility studies and all technical and administrative overheads, directly associated with those projects. These costs are carried forward in the Statement of Financial Position as non-current intangible assets less provision for identified impairments. Costs associated with an exploration activity will only be capitalised if, in the Directors' opinion, the results from that activity can be associated with finding a specific resource.

The Group adopts the "area of interest" method of accounting whereby all exploration and development costs, relating to an area of interest, are capitalised and carried forward until either abandoned or an indicator of impairment is determined. In the event that an area of interest is abandoned, or if, following determination of an impairment indicator being present, the Directors consider the expenditure to be of no value, accumulated exploration costs are written off in the financial year in which the decision is made. All expenditure, incurred prior to approval of an application, is expensed, with the exception of refundable rent, which is raised as a receivable.

Upon disposal, the difference between the fair value of consideration receivable for exploration assets and the relevant cost within non-current assets is recognised in the Statement of Comprehensive Income.

Impairment of Non-Financial Assets

The carrying values of assets, other than those to which IAS 36 "Impairment of Assets" does not apply, are reviewed at the end of each reporting period for impairment, when there is an indication that the assets might be impaired. Impairment is measured by comparing the carrying values of the assets with their recoverable amounts. The recoverable amount of the assets is the higher of the assets' fair value less costs to sell and their value-in-use, which is measured by reference to discounted future cash flow.

An impairment loss is recognised immediately in the Statement of Comprehensive Income.

When there is a change in the estimates, used to determine the recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in profit or loss immediately, unless the asset is carried at its revalued amount, in which case, the reversal of the impairment loss is treated as a revaluation increase.

Financial instruments

Financial assets

Financial assets are recognised when the Group becomes a party to the contractual provisions of a financial instrument. Financial assets and financial liabilities are offset if there is a legally enforceable right to set off the recognised amounts and interests and it is intended to settle on a net basis. Financial assets which are measured at amortised cost, are measured using the Effective Interest Rate Method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

Financial liabilities and equity

Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions, in accordance with IAS 32:

·    they include no contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Group; and where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Group exchanging a fixed amount of cash or other financial assets for a fixed number of the Company's own equity instruments. To the extent that this definition is not met, the financial instrument is classified as a financial liability.

As such, financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest of the assets of the Group after deducting all of its liabilities.

Borrowings

Borrowings are recognised initially at the fair value of the proceeds received which is determined using a discount rate which reflects the cost of borrowing to the Company. In subsequent periods borrowings are recognised at amortised costs, using an effective interest rate method. Any difference between the fair value of the proceeds costs and the redemption amount is recognised as a finance cost over the period of the borrowings.

The fair value of the liability portion of a convertible bond is determined using a market interest rate for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis until extinguished on conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion option. This is recognised and included in shareholder's equity, net of income tax effects.

Trade and other payables

Trade payables are non-interest bearing and are stated initially at fair value and then amortised cost.

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Income taxes

Current income tax assets and liabilities for the current and prior period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.

Equity

Share capital is determined using the nominal value of Ordinary Shares that have been issued.

The share premium account includes any premiums received on the initial issuing of the Ordinary Shares. Any transaction costs associated with the issuing of Ordinary Shares are deducted from the share premium account, net of any related income tax benefits.

Equity-settled share-based payments are credited to a share based payments reserve as a component of equity until related options or warrants are exercised or lapse.

The deferred shares reserve includes the fair value of deferred shares which arose following the share sub-division in November 2019.

Retained earnings includes all current and prior period results as disclosed in the Statement of Comprehensive Income.

Share-based transactions

From time to time, the Group may pay for goods or services through the issue of new Ordinary Shares. The cost of such equity-settled transactions is recognised in the Statement of Comprehensive Income, together with a corresponding increase in equity, in the period during which the goods or services are received. The value of such share-based payments is measured by reference to the fair value of the goods or services received or the market value of the shares issued, whichever value is more readily determinable.

Warrants

From time to time, the Company may issue warrants to suppliers as partial payment for goods or services or to investors or advisers in relation to the raising of new equity finance. When warrants are issued as partial payment for goods or services related to operations, the fair value of those warrants is recognised as a cost in the Statement of Comprehensive Income. When warrants are issued in relation to the raising of new equity finance, the fair value of those warrants is set off against share premium. Warrants issued but not exercised are held in the share based payments reserve within equity. 

Critical accounting judgements and estimates in applying the Company's accounting policies

The preparation of the Group Interim Financial Information in conformity with IFRS requires the Directors to make judgements and estimates that affect the reported amounts of assets and liabilities at the reporting date and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. In the process of applying the Company's accounting policies, the Directors have made the following estimates that may have a significant effect on the amounts recognised in the Group Interim Financial Information:

Acquisition of the Copper Bay Group

During the prior period, the Company acquired a 100% interest in the shares of the Copper Bay, which comprises predominantly the Playa Verde Project in Chile. In determining the correct approach for accounting for the Acquisition, the Directors have had to assess whether the acquisition falls within the scope of IFRS 3 "Business Combinations", notably whether the Copper Bay Group qualifies as a "business" as defined within IFRS 3 "Business Combinations". In making this assessment, the Directors have had to make certain judgements around the activities within the Copper Bay Group, the extent to which the current activities represent a process generating "outputs" from "inputs" and whether the value ascribed to the Copper Bay Group can be determined to be allocated across a number of areas of the entities or whether this value is concentrated into a single asset.

Following this assessment, the Directors have determined that the Copper Bay Group does not qualify as a business under IFRS 3 "Business Combinations" as there is minimal "process" or "outputs" given the Playa Verde Project has been held on a care and maintenance basis for a number of years pending the Project's Environmental Impact Assessment approval, and given the effective complete concentration of the value ascribed to the Copper Bay Group to the single asset, being the licences to extract and exploit the Playa Verde Project. Consequently, the Acquisition has been treated as an asset acquisition and not a business combination under IFRS 3 "Business Combinations".

See note 16 for further details.

Going Concern

The Group Interim Financial Information has been prepared assuming the Group will continue as a going concern. The basis to which the Directors have formed this critical accounting judgement is further outlined in Note 2 "Material Accounting Policies" to the Group Interim Financial Information.

Determination of Discount Rates

Where settlement of the liability component of a compound financial instrument is deferred, the amounts payable in the future are discounted to their present value as at the date of initial recognition. The discount rate used is generally judged to be the Company's incremental borrowing rate, being the rate at which a similar borrowing might be obtained from an independent financier under comparable terms and conditions; in other words, a similar liability (including any embedded nonequity derivative features) that does not have an associated equity component.

Recoverability of Carrying Value of Exploration and Evaluation Assets

The carrying amount of exploration & evaluation assets is tested for impairment annually and this process is considered to be key judgement along with determining whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable.

Exploration assets comprise exploration and evaluation costs, incurred on prospects at an exploratory stage. These costs include the cost of acquisition of rights to explore, determination of recoverable reserves, economic feasibility studies and all technical and administrative overheads, directly associated with those projects. These costs are carried forward in the Statement of Financial Position as non-current intangible assets less provision for identified impairments. The most significant assumption for the Group is that exploration and evaluation work undertaken to develop the Playa Verde Project will ultimately lead to successful recovery of these costs through production or sale. The Directors believe that these costs are fully recoverable, based on information available as at the date of this document.

3.   Earnings per share

The basic earnings/(loss) per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Parent by the weighted average number of shares in issue. Diluted earnings/(loss) per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Parent by the weighted average number of shares in issue plus the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares into ordinary shares.

* The weighted average number of ordinary shares used in the calculation of earnings per share in the prior period has been retrospectively adjusted to reflect the 1-for-1,000 share consolidation completed on 7 January 2026, in accordance with IAS 33 Earnings per Share. As required by IAS 33, the number of shares used in the EPS calculation for the current and comparative periods has been presented as if the share consolidation had occurred at the beginning of the earliest period presented.

As the Group is currently loss making, the impact of any dilutive instruments in issue during the period is anti-dilute.  Consequently, no diluted earnings per share has been presented.

4.   Administration expense

Employee Benefit expense

5.   Directors' Emoluments

Directors' fees in the current period include amounts totalling £263,815 settled through the allotment of fully paid ordinary shares in the Company at a price of 18 pence per share (2025: £nil).

The directors' remuneration charge for the six months ended 30 June 2026 includes salaries, fees and related employer costs recognised in the period. During the period, the Company processed payroll and settled amounts that included executive remuneration accrued before 31 December 2025.

For a substantial period before Admission, Andrew Dennan and Francis Jackson did not draw their contractual remuneration in cash. In 2024, as part of securing financing and establishing the foundations of the Company, significant amounts of historic accrued directors' fees were waived by the directors and written off. Thereafter, cash drawings were deferred and fees continued to accrue, with only token cash payments commencing in November 2025 pending, and dependent on completion of the IPO.

On Admission, £263,815 of accrued directors' fees was converted into ordinary shares at the Placing Price, comprising £120,000 for Andrew Dennan, £120,000 for Francis Jackson and £23,815 for Erick Pegot-Ogier Pelagatti, consistent with the arrangements described in the Admission Document. The accounting charge for share-based payments is measured in accordance with the applicable accounting requirements and therefore differs from the contractual value of the accrued fees settled in shares.

During the current period retirement benefits totalling £10,000 accrued to certain Directors (2025: nil) in respect of defined contribution pension schemes.

6.   Finance Costs

In January 2024, the Group entered into a £750,000 convertible loan facility with MDB Partners SA, with £250,000 of the loan having been drawn down in the first year. The loan attracts a 100% coupon on principal drawn down, matures 24 months following draw down of the facility and is convertible into Ordinary Shares at a price being the lower of 0.0025624 pence per Ordinary Share and the price at which the Company issues new Ordinary Shares to third parties to raise additional funding during the term of the loan, at the election of the noteholder.

In the six months ended 30 June 2025, further amounts were drawn on the convertible loan facility with a number of investors, totalling £375,000 and resulting in a further £375,000 in interest charges due to the 100% coupon on the facility. All amounts accrued under convertible loan notes were fully converted into ordinary shares in November 2025.

On 31 March 2025, the Group incurred a deferred consideration payable liability associated with its acquisition of the Copper Bay Group (see note 16 for details). The face value of the liability of $7.5m was present valued on initial recognition based on the Directors' expectations of when this liability will come due for settlement, resulting in an initial recognition fair value of £3.55m. During the three months from initial recognition to 30 June 2025, this discount was unwound by three months, resulting in a fair value charge of £123,000 in that period.

As at 30 June 2026, the Directors determined that the timing of expected settlement of the deferred consideration payable to the vendors of the Copper Bay Group had been delayed, resulting in a decrease in the present value of this liability within these interim financial statements and correspondingly a credit charge of £335,000 to finance costs in the current period.

7.   Taxation

A deferred tax asset has not been recognised in respect of tax losses due to uncertainty that the potential asset will be recovered. The value of the gross tax losses at 30 June 2026 was £44.2m (30 June 2025: £40.1m).

8.   Exploration & evaluation assets

9.   Trade and Other Payables

Included in other payables is the amount of £499,000 owing to HMRC relating to payroll tax deductions and employer contributions which had not been paid at the reporting date due to delays in establishing the Company's registration as an employer under the HMRC portal system (2025: nil).

10.  Non-current Liabilities

Deferred Consideration Liabilities

On 31 March 2025, the Group incurred a deferred consideration payable liability associated with its acquisition of the Copper Bay Group (see note 16 for details). The face value of the liability of $7.5m was present valued on initial recognition based on the Directors' expectations of when this liability will come due for settlement, resulting in an initial recognition fair value of £3.55m. During the three months from initial recognition to 30 June 2025, this time discount was unwound by three months, resulting in a fair value charge of £123,000 and a gain on revaluation of the $ value of the liability of £205,000 in that period.

As at 30 June 2026, the Directors determined that the timing of expected settlement of the deferred consideration payable to the vendors of the Copper Bay Group had been delayed, resulting in a decrease in the present value of this liability within these interim financial statements and correspondingly a credit charge of £335,000 to finance costs in the current period.

11.  Cash Used in Operations

12.  Ordinary Share Capital and Share Premium Account

*  On 7 January 2026 the Company undertook a share consolidation on a 1 for 1,000 basis, resulting in a decrease in shares in issue at the start of the period from 85.1bn to 85.1m and an increase in the nominal value per share from 0.0001p to 0.1p per share. The share consolidation has had no impact on the number of deferred shares in issue or share capital and share premium reserves. Opening positions in the above table are shown on the post consolidation basis.

During the six months ended 30 June 2026, 25,647,883 new Ordinary Shares were issued at a price of £0.18, giving rise to £25,648 in additional Ordinary Share capital and £4,246,776 in additional share premium reserves. During the comparative period ended 30 June 2025, 185,171 (on a post share consolidation basis) new Ordinary Shares were issued at a price of £0.02808 per Ordinary Share, giving rise to £185 in additional Ordinary Share capital and £5,015 in additional share premium reserves.

As at 30 June 2026, there were 9,147,197 warrants relating to the Ordinary Share capital in issue (2025: nil) and 10,400,000 share options relating to the Ordinary Share capital in issue (2025: 8,000,000).

13.  Financial Instruments

The Group's principal financial instruments comprise cash, trade and other receivables, trade and other payables and accruals and loan amounts owed, which are set out in the Statement of Financial Position. The carrying values of the Group's financial instruments approximate their fair values due to the short-term maturity and normal trade credit terms of these instruments.

Financial instruments issued by the Group are treated as equity only to the extent they meet the relevant conditions in accordance with IAS 32. Credit risk and expected credit losses on receivables is considered negligible.

Credit risk on liquid funds is considered limited as the Group counterparty exposure is to a UK and international bank with an investment grade credit rating. Credit risk and expected credit losses on receivables is considered negligible. Liquidity risk implies maintaining sufficient funds to meet the Group's liabilities when they fall due. The Directors have been disciplined in managing the Group's cash and commitment positions actively engaging with creditors and advisors to ensure committed credit lines are agreed and reasonable and through their regular review of the Group's cash flow projections. The exposure of financial instruments to liquidity risk is considered negligible.

14.  Related party transactions

See note 5 for details of directors emoluments in the period. There were no other related party transactions other than Directors emoluments in the period.

15.  Events subsequent to period end

On 30 July 2026 the Company announced that the First Environmental Tribunal of Chile has rejected in its entirety the judicial challenge filed on 28 November 2025 against the Chilean Committee of Ministers' environmental approval of the Company's Playa Verde project, which was received in written resolution on 15 October 2025. The judgment dismissed all claims advanced by the claimant and upheld the October 2025 decision of the Chilean Committee of Ministers to grant a favourable environmental qualification for the Playa Verde project. The Tribunal found that the environmental assessment process had been conducted entirely within legal process, with sufficient technical evidence having been presented and considered and that the Project will improve the environmental baseline conditions of the area in question.

16.  Acquisition of the Copper Bay Group

On 31 March 2025, the Company acquired a 100% interest in the shares of Copper Bay, a company incorporated in the UK and itself owning a 100% interest in the following subsidiaries:

The key asset within the acquired group is the Playa Verde Project in Chile.

Consideration for the Acquisition took the form of a deferred cash payable of US$7.5m, being payable in two equal tranches of $3.75m on the following two operation milestones having been met:

1-   once an aggregate of 7,500 tonnes of copper has been produced from the Project; and

2-   once an aggregate of 15,000 tonnes of copper has been produced from the Project;

The Directors have produced operational projections for the development and operation of the Playa Verde Project and have formed the assessment that these two milestones will be met in May 2028 and May 2029, respectively.  Consequently, the recognition of this deferred consideration payable has been discounted at the point of acquisition, at a discount rate of 15%, to arrive at a present value of $4.56m (£3.52m) at the date of Acquisition. 

Following assessment of the appropriate accounting treatment of the Acquisition, the Directors have determined that the Copper Bay Group does not meet the criteria of a business under IFRS 3 "Business Combinations" as it does not operate a "process" to produce "outputs" from a series of "inputs", having been effectively dormant on a "care-and-maintenance" footprint for a number of years. As such, the Acquisition has been determined to fall outside the scope of IFRS 3 "Business Combinations" and has been accounted for as an asset acquisition for consolidation.

The Acquisition date values of the assets acquired, liabilities assumed and consideration value transferred were as follows:

17.  Nature of the Group Interim Financial Information

The Group Interim Financial Information presented above does not constitute statutory financial statements for the period under review.