Interim Results for the 6-months ended 31 Dec 2020

NOTES TO THE UNAUDITED INTERIM ACCOUNTS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2020

1.     Basis of preparation

The financial statements included in the interim accounts have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS). The comparative figures for the six months ended 31 December 2019 are also included in these interim accounts under the historical cost convention.

The principal accounting policies used in preparing these interim accounts are those expected to apply in the Company's Financial Statements for the year ending 30 June 2021 and are unchanged from those disclosed in the Company's Annual Report for the year ended 30 June 2020.

The interim accounts were approved by the Board of Kazera Global plc on 31 March 2021. The interim financial information for the six months ended 31 December 2020 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and is unaudited. The comparatives for the year ended 30 June 2019 are not the Company's full statutory accounts for that period. A copy of the statutory accounts for that year has been delivered to the Registrar  of Companies.  The auditors' report on those accounts was unqualified, and did not contain statements under sections 498(2) or (3) of the Companies Act 2006. Copies of the accounts for the year ended 30 June 2019 are available on the Company's website (https://kazeraglobal.com/).

 2.    Accounting policies

The principal accounting policies are:

Basis of preparation

The comparative figures for the six months ended 31 December 2020 have been presented on the same basis as the interim accounts for the six months ended 31 December 2019.

Going concern

The interim financial statements have been prepared on the going concern basis as, in the opinion of the Directors, at the time of approving the interim financial statements, there is a reasonable expectation that the Company will continue in operational existence for the foreseeable future. The interim financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.

Sales of Tantalite

The interim accounts have been prepared on the basis that the Group is not deemed to be in commercial production; therefore, the proceeds of sales of Tantalite have been set off against the development costs associated with the Tantalite mine site.

3.    Share based payment expense

On 21 December 2018, 10,000,000 options were granted at an exercisable at 1.75p per share.

On 2 October 2019, 3,333,333 share warrants were issued at an exercise price of 0.6p per share.

On 23 March 2020, a total of 66,666,667 share warrants were issued at an exercise price of 0.3p per share.

On 4 June 2020, a total of 26,500,000 share options were issued at an exercise price of 1p per share.

On 17 June 2020, a total of 76,550,000 share warrants were issued at an exercise price of 1p per share.