Quarterly performance highlights (GBP, Q4 2023):
- Revenue: £352,996
- Cost of revenue: £352,996
- Gross profit: £-352,996
- Selling, general & administrative expenses: £524,975
- Operating expenses (incl. SG&A): £877,971
- EBITDA: £-1,141,639
- Operating income: £-877,971
- Total other income/expenses net: £-435,174
- Income before tax: £-1,313,145
- Income tax expense: £-61,343
- Net income: £-1,150,239
- Earnings per share (basic/diluted): £-0.001
- Weighted avg shares outstanding: 1,153,551,929
- Cash flow from operating activities: £-941,520
- Capital expenditure (PPE): £-834,810
- Other investing activities (net): £50,000 (investments' maturities/purchases) and £23,762 acquisitions net
- Net cash from financing activities: £1,829,948
- Cash at end of period: £200,700; Cash at beginning: £80,964
- Free cash flow: £-952,530
Notes and context:
- No revenue was reported from product sales during QQ4 2023; cost structure is dominated by SG&A and exploration-related expenditure consistent with an exploration-stage miner.
- The company augmented liquidity via financing activities of £1.83m, reflecting equity issuance rather than debt financing.
- The cash balance improved sequentially from £80.96k to £200.70k, driven by financing inflows amid ongoing cash burn from operations.
- The quarterly results imply a continued focus on advancing the portfolio (Greenland and Finland) with a NET cash burn that requires ongoing capital raises until a pathway to production and cash-flow positive operations is established.