SolGold PLC Announces Annual Report, Full Year Results and MD&A

2021-09-29 / @accesswire

 

LONDON, UK / ACCESSWIRE / September 29, 2021 / The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) is pleased to announce the release of its Full Year Results for the year ended 30 June 2021. The Board advises all shareholders and interested investors that the Company's website www.solgold.com.au contains access to a copy of the Full Year Results for the year ended 30 June 2021. An abridged version of the Full Year Results is included below.

For Canadian purposes, the Company has filed its audited financial statements and Management Discussion and Analysis ("MD&A") for the year ended 30 June 2021 on SEDAR.

The Company's annual report, including the audited full year results for the year ended 30 June 2021, together with the MD&A is available on the Company's website: www.solgold.com.au.

By order of the Board

Dennis Wilkins
Company Secretary

FINANCIAL STATEMENTS

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 30 June 2021

Group

2021

Group

2020

Notes

US$

US$

Expenses

Exploration costs written-off

13

(4,353)

(218,163)

Administrative expenses

(12,545,812)

(12,411,630)

Share based payments expenses

23

(315,436)

(1,156,832)

Operating loss

3

(12,865,601)

(13,786,625)

Other income

344,565

398,472

Finance income

6

454,575

513,336

Finance costs

6

(10,061,787)

(425,440)

Movement in fair value of derivative liability

22

(613,746)

279,913

Loss before tax

(22,741,994)

(13,020,344)

Tax (expense) benefit

7

(151,173)

(1,103,409)

Loss for the year

(22,893,167)

(14,123,753)

Other comprehensive loss

Items that may be reclassified to profit or loss

Exchange differences on translation of foreign operations

670,049

(139,285)

Items that will not be reclassified to profit or loss

Change in Ecuador pension

(50,378)

(475,763)

Change in fair value of financial assets, net of tax

11a / 15

1,198,986

(1,320,370)

Other comprehensive profit/(loss), net of tax

1,818,657

(1,935,418)

Total comprehensive loss for the year

(21,074,510)

(16,059,171)

Loss for the year attributable to:

Owners of the parent company

(22,811,409)

(14,067,978)

Non-controlling interest

(81,758)

(55,775)

(22,893,167)

(14,123,753)

Total comprehensive loss for the year attributable to:

Owners of the parent company

(20,992,752)

(16,003,396)

Non-controlling interest

(81,758)

(55,775)

(21,074,510)

(16,059,171)

Loss per share

Cents per share

Cents per share

Basic loss per share

8

(1.1)

(0.7)

Diluted loss per share

8

(1.1)

(0.7)

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated Statement of Financial Position

As at 30 June 2021

Registered Number 5449516

Notes

Group

2021

Group

2020

US$

US$

Assets
Property, plant and equipment

12

15,682,120

14,940,988

Intangible assets

13

308,432,012

230,256,153

Financial assets held at fair value through OCI

11(a)

6,825,042

4,119,179

Loans receivable and other non-current assets

14

1,457,324

7,702,969

Total non-current assets

332,396,498

257,019,289

Other receivables and prepayments

16

8,458,494

2,883,916

Loans receivable and other current assets

14

6,495,930

-

Cash and cash equivalents

17

109,562,103

46,895,243

Total current assets

124,516,527

49,779,159

Total assets

456,913,025

306,798,448

Equity
Share capital

18

32,350,699

29,281,511

Share premium

18

426,819,162

353,220,481

Other reserves

18

26,625,929

38,331,650

Accumulated loss

(142,247,869)

(133,331,591)

Foreign currency translation reserve

(4,345,829)

(5,015,878)

Equity attributable to owners of the parent company

339,202,092

282,486,173

Non-controlling interest

(579,897)

(498,139)

Total equity

338,622,195

281,988,034

Liabilities
Trade and other payables

19

7,847,650

6,060,193

Lease liability

20

335,749

314,524

Borrowings

21

-

15,248,302

Total current liabilities

8,183,399

21,623,019

Lease liability

20

607,214

875,141

Other financial liabilities

22

2,926,000

2,312,254

Borrowings

21

106,574,217

-

Total non-current liabilities

110,107,431

3,187,395

Total liabilities

118,290,830

24,810,414

Total equity and liabilities

456,913,025

306,798,448

The above consolidated statements of financial position should be read in conjunction with the accompanying notes.

Company Statement of Financial Position

As at 30 June 2021

Registered Number 5449516

Notes

Company

2021

Company

2020

US$

US$

Assets
Property, plant and equipment

12

958,850

1,187,191

Investment in subsidiaries

9

120,045,844

259,951,415

Loans with subsidiaries

10

167,399,767

-

Financial assets held at fair value through OCI

11(a)

6,819,046

4,113,660

Loans receivable and other non-current assets

14

756,332

7,173,984

Total non-current assets

295,979,839

272,426,250

Other receivables and prepayments

16

1,938,616

714,197

Loans receivable and other current assets

14

6,495,930

-

Cash and cash equivalents

17

72,918,016

45,356,423

Total current assets

81,352,562

46,070,620

Total assets

377,332,401

318,496,870

Equity
Share capital

18

32,350,699

29,281,511

Share premium

18

426,819,162

353,220,481

Other reserves

18

27,257,963

38,913,306

Accumulated loss

(109,416,834)

(119,164,736)

Foreign currency translation reserve

(5,006,473)

(5,006,473)

Equity attributable to owners of the parent company

372,004,517

297,244,089

Non-controlling interest

-

-

Total equity

372,004,517

297,244,089

Liabilities
Trade and other payables

19

1,475,395

2,616,941

Lease liability

20

319,275

222,109

Borrowings

21

-

15,248,302

Total current liabilities

1,794,670

18,087,352

Lease liability

20

607,214

853,175

Other financial liabilities

22

2,926,000

2,312,254

Total non-current liabilities

3,533,214

3,165,429

Total liabilities

5,327,884

21,252,781

Total equity and liabilities

377,332,401

318,496,870

The above company statements of financial position should be read in conjunction with the accompanying notes.

A separate statement of comprehensive income for the parent company has not been presented as permitted by section 408 of the Companies Act 2006. The Company's loss for the year was US$4,147,229 (2020: US$12,653,965).

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 28 September 2021.

Liam Twigger
Chairman

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SOURCE: SolGold PLC



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