Cloudbreak Discovery PLC (LSE:CDL), a leading natural resources project generator with a particular focus on commodities key to the energy transition, has announced final results for its "active" first financial year as a listed company on the main market of the London Stock Exchange.
In the results statement, Kyler Hardy, the company's chairman, president and chief executive officer commented: "In what has been a challenging year for many companies, we have seen continuing shareholder support by way of a successful fundraise of £1.5 million. This will help to progress our portfolio of projects and execute on royalty acquisitions, providing near-term cashflow."
He added: "The year ended 30 June 2022 was active for the group, having hit a number of operational milestones. We further diversified our portfolio with projects in the energy sector and in new jurisdictions, as well as acquiring our first royalty bringing near-term cashflow.
"We are starting to see some projects reach a point where we could potentially begin receiving royalty payments further underpinning the benefit of our business model. It is down to the depth of experience within our team that we are able to execute this model successfully.
"We look forward to keeping investors updated over the next year and beyond as we generate and pursue new ideas, including lithium assets and bauxite projects, while continuing to diversify into energy royalties and attracting new partnerships," Hardy concluded.
Looking at its financials, the group posted a loss for the year ended June 30, 2022 of £5,557,029 (2021: £902,060), with the significant increase reflecting unrealised fair value losses of £2.83mln on both the company's listed and unlisted investments. The group's consolidated loss per share for the period was £0.01.
As of June 30, 2022, Cloudbreak held £310,578 in cash and cash equivalents (June 30, 2021: £1,277,617). During the year, the group earned £559,523 (2021: £2,560,070) in revenue from property option sale agreements.
Subsequent to the year-end, in July 2022 the group raised £585,625 through the issue of new ordinary shares and has continued to review and acquire mineral and energy projects and generate revenue through optioning these assets to exploration partners. Cloudbreak said the buying and selling or optioning of its projects will continue as the core of the company as it builds a new, growth-focused diversified project generator, supported with a natural resource royalty business.
The company also announced that its Annual General Meeting (AGM) will be held on November 24, 2022, at 520-999 West Hastings Street, Vancouver, British Columbia, Canada V6C 2W2 at 10.00am PST/6.00pm GMT.