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viewConroy Gold and Natural Resources PLC

Conroy Gold & Natural Resources Plc - Final Results

30 November 2020

Conroy Gold and Natural Resources plc

(“Conroy Gold” or “the Company”)

FINAL RESULTS FOR THE YEAR TO31 MAY 2020

NOTICE OF ANNUAL GENERAL MEETING

Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development company focused on and , is pleased to report its audited accounts for the year to .IrelandFinland31 May 2020

Highlights:

 Chairman, Professor , commented:Richard Conroy

“Work continued throughout the year on the 65 km (40 mile) district scale gold trend which the Company has discovered. The excellent technical results were enhanced by the signing, in July, of Heads of Terms for a Joint Venture.

“We look forward to finalising Joint Venture arrangements and to developing our first mine and to further successful exploration on our other licences in and Finland.”Ireland

Final Results for the Year to31 May 2020

The full audited annual report and accounts for the year to (“Annual Report”) can be viewed below:31 May 2020

“ANNUAL REPORT”

The Annual Report will be posted to shareholders today and will be published on the Company’s website () today.  Key elements can also be viewed at the bottom of this announcement.www.conroygold.com

Annual General Meeting

The annual general meeting of the Company (“AGM”) will be held at 12 noon on at the Company’s office , Citywest Business Campus, 24 D24 TD21.  A copy of the notice of AGM will be able to be viewed shortly on the Company’s website.23 December 20203300 Lake DriveDublin

Coronavirus (COVID-19) Impact on the AGM

Given the current situation in relation to COVID-19, this year's AGM format will be a closed meeting and purely procedural in format.  In addition, all resolutions will be taken on a poll (with votes cast by proxy).  Shareholders should therefore not attend the AGM in person this year as to do so would be inconsistent with current government guidelines relating to COVID-19.  Shareholders will still be able to vote by proxy using the usual online and postal facilities and further details on how to vote are set out in the Notice of AGM.

For further information please contact:

Visit the website at:www.conroygold.com

Key Information Extracted from Annual Report

Chairman’s Statement

Excellent progress continued on the 65 km (40 mile) new district scale gold trend which the Company has discovered along the in north eastern . These excellent technical results were mirrored by the industry interest in the project shown at the Prospector’s and Developers Association Conference (“PDAC”) in , in March and, post year end, by the signing of Heads of Terms (“HoT”) for a proposed Joint Venture with Anglo Asian Mining plc (“AAZ”).Orlock Bridge Fault ZoneIrelandToronto

Business Development

The Company’s objective of making a major economic mineral discovery is, with the discovery of a new district scale mineral resource, its recognition in the industry and the signing of HoT for the development of the first gold mine, well on its way to achievement.

The first gold mine planned, at Clontibret in , is likely to be followed by a series of other gold mines along the trend as a number of other gold targets, some of them with a gold-in-soil footprint greater than Clontibret’s, have already been discovered along the trend.Co Monaghan

The Company’s licences cover an area of over 800km2 and give exclusive rights to Conroy to apply for a mining lease or licence. is a mining friendly country with an established mining tradition and a favourable business climate. There is security of tenure combined with a fiscal framework and excellent infrastructure and technical services.Ireland

The then for Mines, Mr ., attended both the 2019 and the 2020 PDAC Conference and visited the Company’s booth accompanied by members of his Department. Minister Canney confirmed the positive attitude of successive Irish Governments towards mining and praised the Irish mineral sector and the contribution it makes to the economy, pointing out that “Relying on distant resources (for minerals) is becoming untenable”.Irish MinisterSean Canney T.D

This attitude is echoed in where the Company has promising exploration acreage for both gold and copper.Finland

Heads of Terms with Anglo Asian Mining plc

Post year end, the Company entered into a non-binding Heads of Terms for an agreement regarding a proposed joint venture between the Company and AAZ. The joint venture’s proposed goal is the development of a gold mine and further exploration of the series of gold targets along the trend that the Company has discovered in the Longford-Down Massif.

Under the HoT, it is proposed that AAZ will acquire an initial 17.5% working interest in a joint venture for committing to spend a minimum of €2 million on a Primary Expenditure Programme.

AAZ will have an option to increase its working interest to 25% by spending an additional €2 million to complete the Primary Expenditure Programme, with a combined minimum of €4 million.

Under the HoT, AAZ has the option to acquire a total of 55% working interest in exchange for committing to meet the necessary expenditures of the Secondary Expenditure Programme including drilling and other technical requirements, environmental studies, final feasibility studies, planning application and permission and mining permitting, land acquisition in order to advance the Clontibret Gold Deposit to mine construction ready status, and a further €3 million on exploration across the Company’s other licences.

325,000 warrants to acquire ordinary shares in Conroy Gold at 16p were issued to AAZ with additional warrants proposed to be issued upon completion of the final Joint Venture Agreement. The initial 325,000 warrants were exercised by AAZ, as announced by the Company in .November 2020

The proposed joint venture remains subject to, inter alia, the completion of due diligence and the entering into of definitive documentation including the final joint venture agreement. In addition, the proposed joint venture, should it proceed on the basis anticipated under the HoT, will be subject to the Company seeking shareholder approval.

Conroy and AAZ continue to work towards the goal of entering into a definitive, final joint venture agreement, however, the COVID-19 pandemic and related restrictions has resulted in progress being slower than expected. The Company will provide further update announcements at the appropriate time.

Exploration Results

Exploration on the Company’s licences in the Longford-Down Massif continued to yield excellent results during the year.

The results included gold antimony results from Clontibret, new gold mineralisation at Glenish and gold-in-bedrock at Slieve Glah. Results from a new geophysical survey are likely to be of particular value in relation to controls on high grade gold grades at Clontibret.

COVID-19

The onset of the COVID-19 pandemic impacted the Company’s activities in the last quarter of the financial year. In accordance with the Irish Government’s COVID-19 related public health measures and public health advice staff worked remotely.

Since the outbreak of the COVID-19 pandemic, the Company has taken necessary measures in accordance with Government guidelines to protect the health, safety and wellbeing of its employees, contractors and partners in and . COVID-19 continues to limit field and laboratory work given the restrictions on operations and movement and other work also continues in relation to the Company’s exploration and development programme.IrelandFinland

Directors and executives took a 50% reduction in fees and salaries while technical and field staff took a 25% reduction in salaries.

Financials

The loss after taxation for the financial year ended was €677,380 (2019: €557,569) and the net assets as at were €17,645,315 (2019: €17,873,326). During the year, the Company raised €350,000 through the issue of Convertible Loan Notes and a further £302,500 through a placing and subscription of new ordinary shares in the Company. Full details are set out at Notes 13 and 14 in the Consolidated Financial Statements.31 May 202031 May 2020

Post year end, the Company’s cash resources have been supplemented by a placing and subscription of new ordinary shares to raise £800,000 at per share, as announced by the Company in , and warrant exercises which have resulted in further funds of £455,333 being received between and . The funds are being used to support activities in relation to the AAZ joint venture, to advance the Company’s gold exploration activities in and for general working capital purposes.25 penceAugust 2020July 2020November 2020Finland

Directors and Staff

I would like to express my deep appreciation of the support and dedication of all the directors, consultants and staff which has made possible the continued progress and success which the Company has achieved. I am particularly pleased to welcome , a very distinguished geoscientist who, post year end, joined the Board as a Non-Executive Director.Howard M. Bird

Future Outlook

We are approaching a new era and I look forward to the Company continuing with its record of success in exploration and to the successful development of its first gold mine on the new district-scale gold trend which it has discovered in .Ireland

ProfessorRichard Conroy

Chairman

30 November 2020

Extract from the Independent Auditor’s Report

The following section is extracted from the Independent Auditor’s Report but shareholders should read in full the Independent Auditor’s Report contained in the Annual Report.

Material uncertainty relating to going concern

We draw your attention to Note 1 in the financial statements, which indicates that the Group incurred a loss in the financial year ended of €677,380 and, as of that date, the Group and Parent Company had net current liabilities of €4,338,318 and €3,981,670 respectively.31 May 2020

In response to this, we:

• Obtained an understanding of the Group’s and Company’s controls over the preparation of cash flow forecasts and approval of the projections and assumptions used in cash flow forecasts to support the going concern assumption, and assessed the design and determined the implementation of these controls;

• Evaluated the Directors’plans and their feasibility by challenging the key assumptions used in the cash flow forecast provided by agreeing the inputs to expenditure commitments and other supporting documentation;

• Obtained an understanding of Directors’ plans to enable the Group and Parent Company to raise the funds required to meet the expenditure commitments of the Group and Parent Company;

• Inspected confirmations received by the Group and Parent Company from the Directors and former Directors that they will not seek repayment of amounts owed to them by the Group and Parent Company within 12 months of the date of approval of the financial statements, unless the Group has sufficient funds to repay;

• Inspected the confirmation received from Karelian Diamond Resources Plc that it does not intend to seek repayment of amounts owed by the Group and Parent Company within 12 months of the date of approval of the financial statements, unless the Group has sufficient funds to repay;

• Assessed the mechanical accuracy of the cash flow forecast model;

• Assessed the adequacy of the disclosures made in the financial statements.

• We obtained evidence of the post year end share issues supporting the cash flow projections for the Group and Parent Company.

As stated in Note 1, these events or conditions along with other matters as set forth in Note 1 indicate that a material uncertainty exists that may cast significant doubt on Group’s and Parent Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Consolidated Income Statement for the financial year ended31 May 2020

   

The total loss for the financial year is entirely attributable to equity holders of the Company.

Consolidated statement of comprehensive income for the financial year ended31 May 2020

The total comprehensive loss for the financial year is entirely attributable to equity holders of the Company.

Consolidated statement of financial position as at31 May 2020

The financial statements were approved by the Board of Directors on and authorised for issue on .30 November 202030 November 2020

Consolidated statement of changes in equity for the financial year ended31 May 2020

Consolidated statement of cash flows for the financial year ended31 May 2020

Notes to the consolidated financial statements for the financial year ended31 May 2020

1. Accounting policies

Reporting entity

Conroy Gold and Natural Resources P.L.C. (the “Company”) is a company domiciled in . The consolidated financial statements of the Company for the financial year ended comprise the financial statements of the Company and its subsidiaries (together referred to as the “Group”). The Company is a public limited company incorporated in under registration number 232059. The registered office is located at , Citywest Business Campus, 24, D24 TD21, .IrelandIreland3300 Lake DriveDublinIreland31 May 2020

Basis of preparation

The consolidated financial statements are presented in Euro (“€”). The € is the functional currency of the Company. The consolidated financial statements are prepared under the historical cost basis except for derivative financial instruments, where applicable, which are measured at fair value at each reporting date.

The preparation of consolidated financial statements requires the Board of Directors and management to use judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Details of critical judgements are disclosed in the accounting policies. The consolidated financial statements were authorised for issue by the Board of Directors on .30 November 2020

Going Concern

The Group and the Company incurred a loss of €677,380 (2019: a loss of €557,569) for the financial year ended . The Group and the Company had net assets of €17,645,315 (2019: €17,873,326) at that date. The Group had net current liabilities of €4,338,318 (2019: €3,910,066) and the Company had net current liabilities of €3,981,670 (2019: €3,560,948) at that date. The Group and the Company had cash and cash equivalents of €117,270 at (2019: €77,299). The Directors, namely Professor , , Professor and and former Directors, namely, , Séamus , , , Dr. Sor?a Conroy and , have confirmed that they will not seek repayment of amounts owed to them by the Group and the Company of €3,197,755 (2019: €2,917,454) within 12 months of the date of approval of the financial statements, unless the Group has sufficient funds to repay. In addition, Karelian Diamond Resources P.L.C. has confirmed that it does not intend to seek repayment of amounts owed to it at by the Group and the Company of   (2019: €54,241) within 12 months of the date of approval of the consolidated financial statements, unless the Group has sufficient funds to repay.31 May 202031 May 202031 May 2020Richard ConroyMaureen T.A. JonesGarth EarlsBrendan McMorrowJames P. JonesP. FitzpatrickC. David WathenLouis J. MaguireMichael E. Power€58,469

Subsequent to the year-end, on , the Company received a notice to exercise warrants to subscribe for 1,358,333 ordinary shares of €0.001 each at a price of per Ordinary Share for which funds of €241,013 (£217,333) have been received. On , the Company raised €887,164 (£800,000) through a placing of 3,200,000 ordinary shares of €0.001 in the capital of the Company at a price of £0.25 sterling per placing share. On , the Company received a notice to exercise warrants to subscribe for 100,000 ordinary shares of €0.001 each at a price of per Ordinary Share for which funds of €17,743 (£16,000) have been received. In , before the signing date, the Company announced that it has received a notice to exercise warrants over a total of 1,387,500 ordinary shares of €0.001 each at an exercise price of per Ordinary Share, for which funds of €247,800 (£222,000) have been received by the Company.31 July 202011 August 202017 August 2020November 202016 pence16 pence16 pence

The Board of Directors have considered carefully the financial position of the Group and the Company and in that context, have prepared and reviewed cash flow forecasts for the period until . As set out in the Chairman’s statement, the Group and the Company expects to incur capital expenditure in 2021, consistent with its strategy.November 2021

The Directors recognise that net current liabilities of €4,338,318 is a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. In reviewing the proposed work programme for exploration and evaluation of assets and on the basis of the funds raised since the year-end date, the results obtained from the exploration programme and the prospects for raising additional funds as required, the Board of Directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis. The consolidated and the Company’s financial statements do not include any adjustments to the carrying value and classification of assets and liabilities that would arise if the Group and the Company were unable to continue as going concern.

Statement of compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”). The Company’s financial statements have been prepared in accordance with Financial Reporting Standard 101: Reduced Disclosure Framework (“FRS101”).

Recent accounting pronouncements

The following new standards, amendments to standards and interpretations adopted and endorsed by the EU have been issued to date and are not yet effective for the financial year from :1 June 2019

The adoption of the above amendments to standards and interpretations is not expected to have a significant impact on the consolidated financial statements either due to being not applicable or immaterial.

The following new standards and amendments to standards have been issued by the International Accounting Standards Board but have not yet been endorsed by the EU, accordingly none of these standards have been applied in the current year. The Board of Directors are currently assessing whether these standards once endorsed by the EU will have any impact or a material impact on the consolidated financial statements.

Basis of consolidation

The consolidated financial statements include the financial statements of Conroy Gold and Natural Resources P.L.C. and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Group is exposed to or has the right to variable returns from its involvement with the entity and has the ability to affect those returns through its control over the entity. In assessing control, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-Group balances, and any unrealised income and expenses arising from intra-Group transactions are eliminated in preparing the consolidated financial statements. The Company recognises investment in subsidiaries at cost less impairment.

2. Loss per share

Diluted loss per share

      As at , Nil options and 3,424,109 warrants (2019: Nil options and 788,692 warrants), were excluded31 May 2020

      from the computation of the dilutive loss per share as their strike price was greater than the average share price in

      the respective years. However, as the Company incurred the loss for the financial year ended , the31 May 2020

      warrants were not included in the calculation.

3. Intangible assets

Exploration and evaluation assets relate to expenditure incurred in the development of mineral exploration opportunities. These assets are carried at historical cost and have been assessed for impairment in particular with regard to the requirements of IFRS 6: relating to remaining licence or claim terms, likelihood of renewal, likelihood of further expenditure, possible discontinuation of activities over specific claims and available data which may suggest that the recoverable value of an exploration and evaluation asset is less than its carrying amount.Exploration for and Evaluation of Mineral Resources

The Board of Directors have considered the proposed work programmes for the underlying mineral resources. They are satisfied that there are no indications of impairment.

The Board of Directors note that the realisation of the intangible assets is dependent on further successful development and ultimate production of the mineral resources and the availability of sufficient finance to bring the resources to economic maturity and profitability.

Mineral interests are categorised as follows:

4. Cash and cash equivalents

5. Current liabilities – as restated

Trade and other payables

It is the Group’s practice to agree terms of transactions, including payment terms with suppliers. It is the Group’s policy that payment is made according to the agreed terms. The carrying value of the trade and other payables approximates to their fair value.

The Directors, namely Professor , , Professor and and former Directors, namely , Séamus , , , Dr. Sor?a Conroy and , have confirmed that they will not seek repayment of amounts owed to them by the Group and the Company of €3,197,755 (2019: €2,917,454) for a minimum period of 12 months from the date of approval of the consolidated financial statements, unless the Group has sufficient funds to repay.Richard ConroyMaureen T.A. JonesGarth EarlsBrendan McMorrowJames P. JonesP. FitzpatrickC. David WathenLouis J. MaguireMichael E. Power

In addition, please refer to Note 16(c) in the financial statements in relation to amounts payable by Karelian Diamond Resources P.L.C.

Related party loans – Group and Company

The related party loans amounts relate to monies owed to Professor amounting to €315,918  (2019: €282,918), amounting to €49,425 (2019: €49,425), Séamus (former Director) amounting to €69,489 (2019: €69,489) and Dr. Sor?a Conroy (former Director) amounting to €225,000 (2019: €150,000). The Directors’ and former Directors’ have confirmed that they will not seek repayment of amounts owed to it by the Group and Company at within 12 months of the date of approval of the consolidated financial statements, unless the Group has sufficient funds to repay. There is no interest payable in respect of these loans, no security has been attached to these loans and there is no repayment or maturity terms. Dr. Sor?a Conroy and Séamus are both former directors in the Company having left the board in (and are shareholders of the Company owning less than 3% of the issued share capital of the Company). Neither Dr. Sor?a Conroy, nor Séamus are classified as related parties under the AIM Rules for Companies.Richard ConroyMaureen T.A. JonesP. FitzpatrickP. FitzpatrickP. Fitzpatrick31 May 2020August 2017

6. Non-current liabilities -as restated

Convertible loan notes

The Company raised €350,000 through the issue of two unsecured convertible loan notes (“Convertible Loan Notes”) to Hard Metal Machine Tools Limited (the “Lender”). Both Convertible Loan Notes have a term of three years and attract interest at a rate of 5% per annum which is payable on the redemption or conversion of the Convertible Loan Notes. The Convertible Loan Notes are unsecured. The first Convertible Loan Note has a monetary amount of €250,000 and was issued on . This Convertible Loan Note, including the total amount of accrued but unpaid interest, is convertible at the conversion price of £0.07 at any time. Interest incurred on this Convertible Loan Note is €12,785 for the period. The second Convertible Loan Note has a monetary amount of €100,000 and was issued on . This Convertible Loan Note, including the total amount of accrued but unpaid interest, is convertible at the conversion price of £0.06 at any time. Interest incurred on this Convertible Loan Note is €3,350 for the period.15 July 201930 October 2019

7. Commitments and contingencies

Exploration and evaluation activities

The Group has received prospecting licences under the Republic of Ireland Mineral Development Acts 1940 to 1995 for areas in Monaghan and . It has also received licences in for areas in in accordance with the Mineral Development Act () 1969.CavanNorthern IrelandArmaghNorthern Ireland

At , the Group had work commitments of €388,000 (2019: €275,000) for the forthcoming financial year, in respect of prospecting licences held.31 May 2020

8. Post balance sheet events

On , the Company entered into a non-binding Heads of Terms regarding a proposed joint venture between the Company and Anglo Asian Mining plc. The joint venture’s goal is the development of a gold mine and further exploration and development of a series of gold targets along the 65km (40 mile) district scale gold trend that the Company has discovered in the Longford – Down Massif in . Concurrent with the signing, the Company issued to Anglo Asian warrants to subscribe for 325,000 ordinary shares of €0.001 each in the capital of the Company at an exercise price of per Ordinary Share with an initial exercise period of 6 months from the date of the signing.20 July 2020Ireland16 pence

On , the Company appointed as a non-executive Director.28 July 2020Howard Bird

On , the Company received a notice to exercise warrants to subscribe for 1,358,333 ordinary shares of €0.001 each at a price of per Ordinary Share for which funds of €241,013 (£217,333) have been received.31 July 202016 pence

On , the Company raised €887,164 (£800,000) through a placing of 3,200,000 ordinary shares of €0.001 in the capital of the Company at a price of £0.25 sterling per placing share.11 August 2020

On , the Company received a notice to exercise warrants to subscribe for 100,000 ordinary shares of €0.001 each at a price of per Ordinary Share for which funds of €17,743 (£16,000) have been received.17 August 202016 pence

In , before the signing date, the Company announced that it has received a notice to exercise warrants over a total of 1,387,500 ordinary shares of €0.001 each at an exercise price of per Ordinary Share, for which funds of €247,800 (£222,000) have been received by the Company.November 202016 pence

COVID-19 continues to limit field and laboratory work given the restrictions on operations and movement and other work also continues in relation to the Company’s exploration and development programme. There were no other events after the reporting year requiring adjustment to or disclosure in, these audited consolidated financial statements.

There were no other events after the reporting year requiring adjustment to or disclosure in these audited consolidated financial statements.

9. Prior year adjustment 

The Company and Consolidated Statement of Financial Position as at previously presented related party loans amounting to €551,832 within non-current liabilities. Following a review of the applicable terms and conditions, the Directors determined that these amounts should, more appropriately, be classified within current liabilities. The Company and Consolidated Statements of Financial Position as at have therefore been adjusted to reflect the impact of this reclassification.31 May 201931 May 2019

In line with the requirements of IAS 8 , the comparative figures for the year ended have been restated as follows:Accounting policies, changes in accounting estimates and errors31 May 2019

There is no impact on Net Assets, Total equity and liabilities or the Company and Consolidated Statements of Comprehensive Income.

10. Approval of the audited consolidated financial statements for the financial year ended31 May 2020

        These audited consolidated financial statements were approved by the Board of Directors on . A copy of the audited consolidated financial statements will be available on the Company’s website and will be available from the Company’s registered office at , Citywest Business Campus, 24, D24 TD21, .30 November 2020www.conroygold.com3300 Lake DriveDublinIreland

--  Joint Venture Heads of Terms signed with Anglo Asian Mining - Post Year
        End
    --  Ground geophysical survey at Clontibret gold deposit identified new
        geological and structural features
    --  The 2019 drill programme confirmed the size of the Slieve Glah target
        area and the potential of the overall licence area
    --  Significant additional funds raised
Conroy Gold and Natural Resources plc       Tel: +353-1-479-6180

Professor , Chairman

Allenby Capital Limited (Nomad)             Tel: +44-20-3328-5656

/

Brandon Hill Capital Limited (Joint Broker) Tel: +44-20-3463-5000



First Equity Limited (Joint Broker)         Tel: +44-20-7330-1883


Lothbury Financial Services                 Tel: +44-20-3290-0707



Hall Communications                         Tel: +353-1-660-9377Richard ConroyNick AthanasNick HarrissJonathan EvansJason RobertsonMichael PadleyDon Hall
Note      2020        2019

                                         €           €

Continuing operations

Operating expenses               (677,380)   (557,573)

Finance income – interest                -           4

Loss before taxation             (677,380)   (557,569)

Income tax expense                       -           -

Loss for the financial year      (677,380)   (557,569)

Loss per share

Basic loss per share              (0.0278)    (0.0244)
Diluted loss per share  (0.0278)   (0.0244)
2020        2019

                                                         €           €

Loss for the financial year                      (677,380)   (557,569)

Income recognised in other comprehensive income          -
                                                                     -

Total comprehensive loss for the financial year  (677,380)   (557,569)
31 May        31 May
                                          2020          2019
                                                 As restated

                                             €             €

Assets

Non-current assets

Intangible assets                   22,330,743    21,772,045

Property, plant and equipment           10,692        11,347

Total non-current assets            22,341,435    21,783,392

Current assets

Cash and cash equivalents              117,270        77,299

Other receivables                       89,948       106,181

Total current assets                   207,218       183,480

Total assets                        22,548,653    21,966,872

Equity

Capital and reserves

Share capital presented as equity   10,530,645    10,528,124

Share premium                       13,084,647    12,727,194

Capital conversion reserve fund         30,617        30,617

Share-based payments reserve           574,875       751,293

Other reserve                            8,333             -

Retained deficit                   (6,583,802)   (6,163,902)

Total equity                        17,645,315    17,873,326

Liabilities

Non-current liabilities

Convertible loans                      357,802             -

Total non-current liabilities          357,802             -

Current liabilities

Trade and other payables             3,885,704     3,541,714

Related party loans                    659,832       551,832

Total current liabilities            4,545,536     4,093,546

Total liabilities                    4,903,338     4,093,546

Total equity and liabilities        22,548,653    21,966,872
Share      Share    Capital    Share-  Other    Retained       Total
                capital    premium conversion     based reserve     deficit     equity
                                      reserve   payment
                                         fund   reserve

                      €          €          €         €       €           €          €

             10,528,124 12,727,194     30,617   751,293       - (6,163,902) 17,873,326
Balance at 1
June 2019

Share issue       2,521    357,453          -         -       -           -    359,974
(see Note
14)

Share issue           -          -          -         -       -    (16,420)   (16,420)
costs

Share based           -          -          -    97,482       -           -     97,482
payments

Conversion            -          -          -         -   8,333           -      8,333
feature
(convertible
loans)

Transfer              -          -          - (273,900)       -     273,900          -
from
share-based
payment
reserve to
retained
deficit

Loss for the          -          -          -         -       -   (677,380)  (677,380)
financial
year

Balance at   10,530,645 13,084,647     30,617   574,875   8,333 (6,583,802) 17,645,315
31 May 2020

                  Share      Share    Capital    Share-   Other    Retained      Total
                capital    premium conversion     based reserve     deficit     equity
                                      reserve   payment
                                         fund   reserve

                      €          €          €         €       €           €          €

                                                              -
Balance at 1 10,524,488 12,174,285     30,617   995,489         (5,850,529) 17,874,350
June 2018

Share issue                552,909          -         -       -           -    556,545
(see Note         3,636
14)

Transfer              -          -          - (244,196)       -     244,196          -
from
share-based
payment
reserve to
retained
deficit

Loss for the          -          -          -         -       -   (557,569)  (557,569)
financial
year

Balance at   10,528,124 12,727,194     30,617   751,293       - (6,163,902) 17,873,326
31 May 2019
2020        2019

                                                                 €           €

Cash flows from operating activities

Loss for the financial year                              (677,380)   (557,569)

Adjustments for:

Depreciation                                                 1,884       1,885

Share based payment                                         97,482           -

Interest expense                                            16,135           -

                                                         (561,879)   (555,684)

Increase in payables                                       339,762     341,326

Decrease/(increase) in receivables                          16,233    (33,883)

Net cash used in operating activities                    (205,884)   (248,241)

Cash flows from investing activities

Expenditure on intangible assets                         (558,698)   (771,759)

Purchase of property, plant and equipment                  (1,229)           -

Cash used in investing activities                        (559,927)   (771,759)

Cash flows from financing activities

Issue of share capital                                     359,974     556,545

Share issue costs                                         (16,420)           -

Proceeds from convertible loans issue                      350,000           -

Advances from Karelian Diamond Resources P.L.C.             45,046      89,397

Payments to Karelian Diamond Resources P.L.C.             (40,818)   (148,293)

Advances from related parties                              108,000     366,489

Net cash provided by financing activities                  805,782     864,138

Increase/(decrease) in cash and cash equivalents            39,971   (155,862)

Cash and cash equivalents at beginning of financial year    77,299     233,161

Cash and cash equivalents at end of financial year         117,270      77,299
--  Amendments to references to the Conceptual Framework in IFRS Standards –
        Effective date 
    --  Amendments to IFRS 3 Business Combinations – Definition of a Business –
        Effective date 
    --  Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest Rate Benchmark Reform
        – Effective date 
    --  Amendment to IFRS 16 about providing lessees with an exemption from
        assessing whether a COVID-19-related rent concession is a lease
        modification – Effective date1 January 20201 January 20201 January 20201 June 2020
--  Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between
        an investor and its associate or joint venture – postponed indefinitely
    --  IFRS 1 amendments resulting from Annual Improvements to IFRS Standards
        2018–2020 (subsidiary as a first-time adopter) – Effective date 1
        
    --  IFRS 3 amendments updating a reference to the Conceptual Framework –
        Effective date 
    --  IFRS 4 amendments regarding the expiry date of the deferral approach –
        Effective date 
    --  Amendments to IFRS 4, IFRS 7, IFRS 9, IFRS 16, and IAS 39 regarding
        replacement issues in the context of the IBOR reform – Effective date 1
        
    --  IFRS 17: Insurance contracts – Effective date deferred to 
    --  IAS 1 amendments regarding the classification of liabilities - Effective
        date 
    --  IAS 16 amendments prohibiting a company from deducting from the cost of
        property, plant and equipment amounts received from selling items
        produced while the company is preparing the asset for its intended use –
        Effective date 
    --  IAS 37 amendments regarding the costs to include when assessing whether
        a contract is onerous – Effective dateJanuary 20221 January 20221 January 2023January 20211 January 20231 January 20231 January 20221 January 2022
2020           2019

                                                                €              €

Loss for the financial year attributable to equity      (677,380)      (557,569)
holder of the Company


Basic earnings per share

                                                    No. of shares  No. of shares

Number of ordinary shares at start of financial        23,693,039     20,056,674
year

Number of ordinary shares issued during the             2,520,833      3,636,365
financial year

Number of ordinary shares at end of financial year     26,213,872     23,693,039

Weighted average number of ordinary shares for the     24,404,398
purposes of basic earnings per share                                  22,875,878

Basic loss per ordinary share                            (0.0278)       (0.0244)
Weighted average number of diluted ordinary shares for   24,404,398
the purposes of diluted loss per share                               22,875,878

Diluted loss per ordinary share                            (0.0278)    (0.0244)
Exploration and evaluation assets

Group: Cost                            31 May 2020  31 May 2019

                                                 €            €

At 1 June                               21,772,045   21,000,286

Expenditure during the financial year

    --  Licence and appraisal costs        189,591      380,394

    --  Other operating expenses           369,107      391,365

At 31 May                               22,330,743   21,772,045
Group: Ireland                                     31 May      31 May
Cost                                                 2020        2019
                                                        €           €

At 1 June                                      19,426,207  18,713,795

Expenditure during the financial year

    --  Licence and appraisal costs               180,265     379,752

    --  Other operating expenses                  313,741     332,660

    --  Equity settled share-based payments             -           -

At 31 May                                      19,920,213  19,426,207

Group: Finland                                     31 May      31 May
Cost                                                 2020        2019
                                                        €           €

At 1 June                                       2,345,838   2,286,491

Expenditure during the financial year

    --  LLicence and appraisal costs                9,326         642

    --  Other operating expenses                   55,366      58,705

    --  Equity settled share-based payments             -           -

At 31 May                                       2,410,530   2,345,838
Group and Company                   2019

                                    €       €

Cash held in bank accounts    117,270  77,299

                              117,270  77,29931 May  31May
                                 2020
Group and Company                                    31 May     31 May
                                                       2020       2019

Amounts falling due within one year                       €          €

Accrued Directors’ remuneration

Fees and other emoluments                         2,324,218  2,043,099

Pension contributions                               164,675    164,675

Accrued former Directors’ remuneration

Fees and other emoluments                           642,476    643,294

Pension contributions                                79,083     79,083

Other creditors and accruals                        616,783    557,322

Amounts owed to Karelian Diamond Resources P.L.C.    58,469     54,241

                                                  3,885,704  3,541,714
Related party loans        31 May   31 May
                             2020     2019

                                €        €

Opening balance 1 June    551,832  185,343

Loan advance              108,000  366,489

Loan repayment                  -        -

Closing balance 31 May    659,832  551,832
As previously           Effect of              As
                    stated 31 May 2019  restatement 31 May  restated 31 May
                                                      2019             2019
Balance Sheet

                                     €                   €                €

Non-current
liabilities

Related party loans            551,832           (551,832)                -

Total non-current              551,832           (551,832)                -
liabilities

Current liabilities

Trade and other              3,541,714                   -        3,541,714
payables

Related party loans                  -             551,832          551,832

Total current                3,541,714             551,832        4,093,546
liabilities

Quick facts: Conroy Gold and Natural Resources PLC

Price: -

Market: AIM
Market Cap: -
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