25 September 2023
SHUKA MINERALS PLC
("Shuka" or the "Company")
Interim Results for the six months to 30 June 2023
Shuka Minerals plc (AIM: SKA), an African focused mine operator and developer, announces the Company's unaudited interim results for the six months ended 30 June 2023.
CEO'S report
I am pleased to present the Company's Interim Results for the six-month period from 1 January 2023 to 30 June 2023. The period was a transformative one for the Company, particularly from a corporate perspective with a strategic investment of £1.47 million secured from two African focused mining investment groups, an intended significant restructuring of the Board of Directors, a change of name to Shuka Minerals plc (which was successfully approved by shareholders subsequent to the end of the period) and the application of the funds raised to not only fund its ongoing working capital requirements at its operating Rukwa Coal Mine, but also to fund due diligence costs associated with ongoing review work of potential new and strategically complimentary projects in Africa.
The most notable development during the six-month period, was the strategic investment that the Company was able to secure with Q Global Commodities Group, one of South Africa's leading independent commodity, mining, logistics and investment funds and with Gathoni Muchai Investments Limited, an East Africa based mining investment group. As part of this investment, the Company received an aggregate £1.47 million of new funding, with £575,000 received in June 2023, and the £893,000 balance received in September 2023 following shareholder approval at the Annual General Meeting held on 3 August 2023.
In conjunction with this strategic investment, the Company commenced a major restructuring and strengthening of its Board, and I was pleased to confirm the appointment of Mr Jason Brewer, a director of Gathoni Muchai Investments and the CEO of London-listed Marula Mining Plc, as Executive Director of the Company in June 2023. I am also looking forward to the proposed appointment of Mr Quinton van der Burgh later this year, who is the founder and CEO of Q Global Commodities and one of South Africa's leading mining entrepreneurs, and who will join the Company as Director and Non-Executive Chairman, subject to satisfactory completion of customary due diligence by the Company's Nominated Adviser. Mr Nicholas von Schirnding, resigned as a director of the Company, with effect from 31 October 2023. I would like to thank Nick for his work and commitment to the Company over the years and would like to welcome Jason and, in due course, Quinton to the Board, whom I believe will be transformative appointments for the Company as it looks to re-establish itself over the coming months as a leading African focused mining and development company.
During the period and while the Company completed its corporate restructuring and recapitalisation, the Company continued to manage day-to-day operations at its wholly owned Rukwa Coal Mine in Tanzania. Operations during the period were quite challenging as a result of the high moisture content in the run-of-mine ("ROM") coal stockpile, which impacted on the coal washing process and coal production over the period. As a result of the wash plant performance and ongoing maintenance work on plant and equipment during the period, only limited coal sales were made into the regional markets during the period. The Company continues to review its ongoing investment in the Rukwa Coal Mine and targeted production rates. In parallel with its operational activities, the Company continued in its discussions with the Mining Commission in Tanzania, to ensure ongoing compliance with local regulations, and to address previously disclosed outstanding legacy matters concerning claims and litigation and the status of the mining licence.
The strategic investment received from Gathoni Muchai Investments and Q Global Commodities has ensured that the Company has been able to fund its ongoing working capital needs and corporate and mining development activities, and importantly fund costs associated with the evaluation of potential complementary advanced mining and mine development projects across Africa with the support and active involvement of these two new major shareholders.
I look forward to providing further updates as we progress our strategy and to operating under our new company name of Shuka Minerals plc which was approved by shareholders at the Annual General Meeting held on 3 August 2023, and officially announced on 1 September 2023. This is a name which certainly reflects our position as a mine operator in east Africa and as a truly African focused mining and development company that is committed to ensuring its activities demonstrate a commitment to environmental sustainability, community engagement, and responsible mining practices.
I would like to thank all our shareholders for their ongoing support and I look forward to working alongside my fellow directors and all key stakeholders over the rest of 2023.
Noel Lyons
Chief Executive Officer
For further information please contact:
| Shuka Minerals Plc | |
| Jason Brewer - Executive Director | |
| Noel Lyons - Chief Executive Officer | |
| | |
| Strand Hanson Limited | +44 (0) 20 7409 3494 |
| (Financial and Nominated Adviser) | |
| James Harris | |
| Richard Johnson | |
| | |
| Tavira Securities Limited | +44 (0) 20 7100 5100 |
| (Joint Broker) | |
| Oliver Stansfield | |
| Jonathan Evans | |
| | |
| Peterhouse Capital Limited | +44 (0) 20 3934 6630 |
| (Joint Broker) | |
| Charles Goodfellow | |
| Duncan Vasey | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| |
| Six months ended 30 June 23 | Six months ended 30 June 22 | Year ended 31 Dec 22 |
| | | Unaudited | Unaudited
| Audited |
| | Note | £ | £ | £ |
| Revenue | | 68,926 | 56,146 | 183,448 |
| Cost of sales | | (151,627) | (452,484) | (896,147) |
| | |
|
|
|
| Gross loss | | (82,701) | (396,338) | (712,699) |
| Administrative expenses | | (656,060) | (423,627) | (1,038,384) |
| | |
|
|
|
| Group operating loss | | (738,761) | (819,965) | (1,751,083) |
| Finance income | | - | - | 68 |
| Finance costs | | (7,562) | (675) | (4,747) |
| | |
|
|
|
| Loss on operations before taxation | | (746,323) | (820,640) | (1,755,762) |
|
| | | | |
| Taxation | | - | - | (917) |
|
| |
|
|
|
| Loss for the period after taxation | | (746,323) | (820,640) | (1,756,679) |
| Other comprehensive income/(loss): | | - | - | - |
| (Loss)/gain on translation of overseas subsidiary | | (335,033) | 624,211 | 691,850 |
|
| |
|
|
|
| Total comprehensive loss for the period | |
(1,081,356) |
(196,429) |
(1,064,829) |
| | |
|
|
|
| Attributable to: | | | | |
| Equity holders of the Company | | (1,080,722) | (195,155) | (1,062,161) |
| Non-controlling interest | | (634) | (1,274) | (2,668) |
| | |
|
|
|
| | | (1,081,356) | (196,429) | (1,064,829) |
| | |
|
|
|
| Loss per share |
| | | |
| - basic and diluted (pence) | 2 | (2.54) | (3.79) | (7.97) |
| | |
|
|
|
The income for the period arises from the Group's continuing operations.
CONSOLIDATED statement of financial position
as at 30 June 2023
| |
| As at 30 June 23 | As at 30 June 22 | As at 31 Dec 22 |
| |
| Unaudited | Unaudited | Audited |
| |
|
|
|
|
| | Note | £ | £ | £ |
| Non-current assets | | | | |
| Property, plant and equipment | 4 | 5,568,304 | 5,906,709 | 5,911,876 |
| Intangible assets | 5 | 333,907 | 349,607 | 352,627 |
| | |
|
|
|
|
| | 5,902,211 | 6,256,316 | 6,264,503 |
| Current assets | | | | |
| Inventories | | 111,516 | 180,124 | 117,766 |
| Trade and other receivables | | 309,778 | 353,457 | 347,984 |
| Cash and cash equivalents | | 440,655 | 477,438 | 237,300 |
| | |
|
|
|
|
| | 861,949 | 1,011,019 | 703,050 |
| Current liabilities | | | | |
| Trade and other payables | | (745,718) | (308,174) | (402,200) |
| Borrowings | | (27,817) | (5,206) | (29,376) |
| | |
|
|
|
| | | (773,535) | (313,380) | (431,576) |
| | |
|
|
|
| Current assets less current liabilities | | 88,414 | 697,639 | 271,474 |
|
| |
|
|
|
| Total assets less current liabilities | | 5,990,625 | 6,953,955 | 6,535,977 |
|
| | | | |
| Non - current liabilities | | | | |
| Borrowings | | (52,375) | - | (67,128) |
| Environmental rehabilitation liability | | (28,984) | (27,339) | (30,609) |
| | |
|
|
|
| Net assets | | 5,909,266 | 6,926,616 | 6,438,240 |
|
| |
|
|
|
| Capital and reserves | | | | |
| Called-up share capital | | 4,348,744 | 4,176,601 | 4,233,744 |
| Share premium account | | 23,009,976 | 22,254,317 | 22,569,976 |
| Share based payment reserve | | 210,037 | 346,774 | 277,654 |
| Foreign currency translation reserve | | 937,960 | 1,205,354 | 1,272,993 |
| Retained earnings | | (22,574,502) | (21,038,103) | (21,896,430) |
| | |
|
|
|
| Issued capital and reserves attributable to owners of the parent company | | 5,932,215 | 6,944,943 | 6,457,937 |
| Non-controlling interest | | (22,949) | (18,327) | (19,697) |
|
| |
|
|
|
| Total equity | | 5,909,266 | 6,926,616 | 6,438,240 |
|
| |
|
|
|
CONSOLIDATED statement of changes in equity
| | --------------------------------------------------Equity Interests--------------------------------------- |
|
| |||||
| | Share Capital | Share Premium | Retained Earnings Account | Share Option Reserve | Foreign Currency Translation Reserve | Total | Non-controlling interest | Total |
| | £ | £ | £ | £ | £ | £ | £ | £ |
| At 1 January 2023 | 4,233,744 | 22,569,976 | (21,896,430) | 277,654 | 1,272,993 | 6,457,937 | (19,697) | 6,438,240 |
| | | | | | | | | |
| Comprehensive Income for the year | | | | | | | | |
| Foreign currency translation | - | - | - | - | (335,033) | (335,033) | (2,464) | (337,497) |
| Loss for the year | - | - | (745,689) | - | - | (745,689) | (634) | (746,323) |
| Total comprehensive income for the year | - | - | (745,689) | - | (335,033) | (1,080,722) | (3,098) | (1,083,820) |
| | | | | | | | | |
| Transactions with owners | | | | | | | | |
| Issue of share capital | 115,000 | 460,000 | - | - | - | 575,000 | - | 575,000 |
| Share issue costs | - | (20,000) | - | - | - | (20,000) | - | (20,000) |
| Lapsed share options | - | - | 67,617 | (67,617) | - | - | - | - |
| Total transactions with owners | 115,000 | 440,000 | 67,617 | (67,617) | - | 555,000 | - | 555,000 |
| Non- controlling interest share of goodwill |
- |
- |
- |
- |
- |
- |
(154) |
(154) |
| | | | | | | | | |
| At 30 June 2023 | 4,348,744 | 23,009,976 | (22,574,502) | 210,037 | 937,960 | 5,932,215 | (22,949) | 5,909,266 |
| | | | | | | | | |
| | | | | | | | | |
| | --------------------------------------------------Equity Interests--------------------------------------- |
|
|
| ||||||||||||
| | Share Capital | Share Premium | Retained Earnings Account | Share Option Reserve | Foreign Currency Translation Reserve | Total | Non-controlling interest | Total |
| |||||||
| | £ | £ | £ | £ | £ | £ | £ | £ |
| |||||||
|
| At 1 January 2022 | 4,176,601 | 22,254,317 | (20,325,577) | 453,614 | 581,143 | 7,140,098 | (17,328) | 7,122,770 | |||||||
|
| | | | | | | | | | |||||||
|
| Comprehensive Income for the year | | | | | | | | | |||||||
|
| Foreign currency translation | - | - | - | - | 624,211 | 624,211 | - | 624,211 | |||||||
|
| Loss for the year | - | - | (819,366) | - | - | (819,366) | (1,274) | (820,640) | |||||||
|
| Total comprehensive income for the year | - | - | (819,366) | - | 624,211 | (195,155) | (1,274) | (196,429) | |||||||
|
| | | | | | | | | | |||||||
|
| Transactions with owners | | | | | | | | | |||||||
|
| Lapsed share options | - | - | 106,840 | (106,840) | - | - | - | - | |||||||
|
| Total transactions with owners | - | - | 106,840 | (106,840) | - | - | - | - | |||||||
|
| Non- controlling interest share of goodwill |
- |
- |
- |
- |
- |
- |
275 |
275 | |||||||
|
| | | | | | | | | | |||||||
|
| At 30 June 2022 | 4,176,601 | 22,254,317 | (21,038,103) | 346,774 | 1,205,354 | 6,944,943 | (18,327) | 6,926,616 | |||||||
|
| | | | | | | | | | |||||||
| | --------------------------------------------------Equity Interests--------------------------------------- |
|
| |||||
| | Share Capital | Share Premium | Retained Earnings Account | Share Option Reserve | Foreign Currency Translation Reserve | Total | Non-controlling interest | Total |
| | £ | £ | £ | £ | £ | £ | £ | £ |
| At 1 January 2022 | 4,176,601 | 22,254,317 | (20,325,577) | 453,614 | 581,143 | 7,140,098 | (17,328) | 7,122,770 |
| | | | | | | | | |
| Comprehensive Income for the year | | | | | | | | |
| Foreign currency translation | - | - | - | - | 691,850 | 691,850 | | 691,850 |
| Loss for the year | - | - | (1,754,011) | - | - | (1,754,011) | (2,668) | (1,756,679) |
| Total comprehensive income for the year | - | - | (1,754,011) | - | 691,850 | (1,062,161) | (2,668) | (1,064,829) |
| | | | | | | | | |
| Transactions with owners | | | | | | | | |
| Issue of share capital | 57,143 | 342,857 | - | - | - | 400,000 | - | 400,000 |
| Share issue costs | - | (20,000) | - | - | - | (20,000) | - | (20,000) |
| Share options/warrants charge | - | (7,198) | - | 7,198 | - | - | - | - |
| Lapse of share options/warrants | - | - | 183,158 | (183,158) | - | - | - | - |
| Total transactions with owners | 57,143 | 315,659 | 183,158 | (175,960) | - | 380,000 | - | 380,000 |
| Non- controlling interest share of goodwill | - | - | - | - | - | - | 299 | 299 |
| | | | | | | | | |
| At 31 December 2022 | 4,233,744 | 22,569,976 | (21,896,430) | 277,654 | 1,272,993 | 6,457,937 | (19,697) | 6,438,240 |
| | | | | | | | | |
| | | | | | | | | |
consolidated CASH FLOW STATEMENT
| | Six months ended 30 June 23 | Six months ended 30 June 22 | Year ended 31 Dec 22 |
| | Unaudited | Unaudited | Audited |
| | £ | £ | £ |
| Cash flows from operating activities | | | |
| Operating loss | (738,761) | (819,965) | (1,751,083) |
| Depreciation | 30,542 | 144,039 | 324,790 |
| Movement in inventories | - | (20,310) | 40,903 |
| Movement in trade and other receivables | (16,825) | 185,761 | (92,615) |
| Movement in trade and other payables | 358,750 | (112,135) | (26,820) |
| Loss on foreign exchange | (1,977) | (115,391) | (4,614) |
| Expected credit losses | - | - | 242,780 |
| Net cash used in operating activities | (368,271) | (738,001) | (1,266,659) |
| | |
--- | |
| Tax Paid | - | - | (1,319) |
| | | | |
|
| | | |
| Cash flows from investing activities | | | |
| Purchase of property, plant and equipment | - | - | (41,236) |
| Finance income | - | 48 | 68 |
| Net cash used in investing activities | - | 48 | (41,168) |
|
| | | |
| Cash flows from financing activities | | | |
| Repayment of lease liabilities | (11,536) | (14,078) | (22,138) |
| Lease interest | (4,483) | (723) | (1,793) |
| Other interest paid | (3,079) | - | - |
| Proceeds on issue of ordinary shares | 614,850 | - | 360,150 |
| Share issue costs | (20,000) | - | (20,000) |
| | | | |
| Net cash generated from financing activities | 575,752 | (14,801) | 316,219 |
|
| | | |
|
|
|
| |
| Net increase/(decrease) in cash and cash equivalents | 207,481 | (752,754) | (992,927) |
| Cash and cash equivalents at beginning of year | 237,300 | 1,229,801 | 1,229,801 |
| Exchange losses on cash and cash equivalents | (4,126) | 391 | 426 |
| | | | |
| | | | |
| Cash and cash equivalents at end of year | 440,655 | 477,438 | 237,300 |
|
| | | |
| | | | |
|
| | | |
NOTES TO THE INTERIM REPORT
1. Financial information and basis of preparation
The interim financial statements of Shuka Minerals Plc are unaudited consolidated financial statements for the six months ended 30 June 2023 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2022 together with audited comparatives for the year ended 31 December 2022.
The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2022 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors contained a qualified opinion and an Emphasis of mater paragraph on Operationalisation of up to 16% Government of Tanzania non-dilutive free carried share interest and the recoverability of VAT in Tanzania. Aside from the Qualification and Emphasis of matter paragraphs above, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.
The interim consolidated financial statements for the six months ended 30 June 2023 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2023. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2022. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.
2. Loss per share
The calculation of the basic and diluted loss per share is based on the following data:
| | 30 June 23 | 30 June 22 | 31 December 22 |
| | £ | £ | £ |
| Loss after taxation | (746,323) | (820,640) | (1,756,679) |
| | | | |
| Weighted average number of shares in the period | 29,329,474 | 21,645,575 | 22,036,964 |
| | | | |
| Basic and diluted loss per share (pence) | (2.54) | (3.79) | (7.97) |
The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.
3. Dividends
No dividends are proposed for the six months ended 30 June 2022 (six months ended 30 June 2021: £nil, year ended 31 December 2021: £nil).
4. Property, plant and equipment
| | Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles |
Total |
| | £ | £ | £ | £ | £ |
| Cost or valuation As at 1 January 2023 |
5,855,019 |
1,344,491 |
7,554 |
328,480 |
7,535,544 |
| Foreign exchange adjustment | (310.858) | (70,984) | (180) | (16,553) | (398,575) |
| |
|
|
|
|
|
| At 30 June 2023 | 5,544,161 | 1,273,507 | 7,374 | 311,927 | 7,136,969 |
|
|
|
|
|
|
|
|
| | | | | |
| Accumulated depreciation | | | | | |
| As at 1 January 2023 | 173,642 | 1,301,920 | 7,445 | 140,661 | 1,623,668 |
| Depletion/Charge for the year | 3,849 | 3,760 | 13 | 22,920 | 30,542 |
| Foreign exchange adjustment | (9,227) | (68,846) | (180) | (7,292) | (85,545) |
| |
|
|
|
|
|
| At 30 June 2023 | 168,264 | 1,236,834 | 7,278 | 156,289 | 1,568,665 |
|
|
|
|
|
|
|
| Net book value | | | | | |
| As at 30 June 2023 | 5,375,897 | 36,673 | 96 | 155,638 | 5,568,304 |
| |
|
|
|
|
|
| | Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles |
Total |
| | £ | £ | £ | £ | £ |
| Cost or valuation As at 1 January 2022 | 5,230,294 | 1,201,831 | 7,191 | 193,620 | 6,632,936 |
| Foreign exchange adjustment | 574,580 | 131,210 | 334 | 19,437 | 725,561 |
| |
|
|
|
|
|
| At 30 June 2022 | 5,804,874 | 1,333,041 | 7,525 | 213,057 | 7,358,497 |
|
|
|
|
|
|
|
|
| | | | | |
| Accumulated depreciation | | | | | |
| As at 1 January 2022 | 114,026 | 925,484 | 7,045 | 134,460 | 1,181,015 |
| Depletion/Charge for the year | 3,587 | 132,234 | 18 | 8,200 | 144,039 |
| Foreign exchange adjustment | 12,518 | 100,880 | 334 | 13,002 | 126,734 |
| |
|
|
|
|
|
| At 30 June 2022 | 130,131 | 1,158,598 | 7,397 | 155,662 | 1,451,788 |
|
|
|
|
|
|
|
| Net book value | | | | | |
| As at 30 June 2022 | 5,674,743 | 174,443 | 128 | 57,395 | 5,906,709 |
| |
|
|
|
|
|
|
| | | | | |
4. Property, plant and equipment (continued)
| | Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles |
Total |
| | £ | £ | £ | £ | £ |
| Cost or valuation As at 1 January 2022 | 5,230,294 | 1,201,831 | 7,191 | 193,620 | 6,632,936 |
| Additions | - | - | - | 141,141 | 141,141 |
| Adjustments | - | - | - | (27,414) | (27,414) |
| Foreign exchange adjustment | 624,725 | 142,660 | 363 | 21,133 | 788,881 |
| | | | | | |
| At 31 December 2022 | 5,855,019 | 1,344,491 | 7,554 | 328,480 | 7,535,544 |
|
| | | | | |
|
| | | | | |
| Accumulated depreciation | | | | | |
| As at 1 January 2022 | 114,026 | 925,484 | 7,045 | 134,460 | 1,181,015 |
| Depletion/Charge for the year | 46,002 | 259,777 | 37 | 18,974 | 324,790 |
| Adjustments | - | - | - | (27,414) | (27,414) |
| Foreign exchange adjustment | 13,614 | 116,659 | 363 | 14,641 | 145,277 |
| | | | | | |
| At 31 December 2022 | 173,642 | 1,301,920 | 7,445 | 140,661 | 1,623,668 |
|
| | | | | |
| Net book value | | | | | |
| As at 31 December 2022 | 5,681,377 | 42,571 | 109 | 187,819 | 5,911,876 |
|
| | | | | |
| | | | | | |
5. Intangible assets
|
| | |
Mining Licences |
Total |
|
| | | £ | £ |
| Cost or valuation As at 1 January 2023 | | |
1,667,530 |
1,667,530 |
| Foreign exchange adjustment | | | (88,530) | (88,530) |
|
| | |
|
|
| At 30 June 2023 | | | 1,579,000 | 1,579,000 |
|
| | |
|
|
|
| | | | |
|
| | | | |
|
| | | | |
| Accumulated amortisation and impairment | | |
|
|
| As at 1 January 2023 | | | 1,314,903 | 1,314,903 |
| Foreign exchange adjustment | | | (69,810) | (69,810) |
|
| | |
|
|
| At 30 June 2023 | | | 1,245,093 | 1,245,093 |
|
| | |
|
|
| Net book value | | | | |
| As at 30 June 2023 | | | 333,907 | 333,907 |
| | | |
|
|
| | | | | |
5. Intangible assets (continued)
|
| |
Mining Licences |
Total |
|
| | £ | £ |
| Cost or valuation As at 1 January 2022 | |
1,489,604 |
1,489,604 |
| Foreign exchange adjustment | | 163,644 | 163,644 |
| | |
|
|
| At 30 June 2022 | | 1,653,248 | 1,653,248 |
|
| |
|
|
|
| | | |
| Accumulated amortisation and impairment | | | |
| As at 1 January 2022 | | 1,174,602 | 1,174,602 |
| Foreign exchange adjustment | | 129,039 | 129,039 |
| | |
|
|
| At 30 June 2022 | | 1,303,641 | 1,303,641 |
|
| |
|
|
| Net book value | | | |
| As at 30 June 2022 | | 349,607 | 349,607 |
| | |
|
|
| | | | |
| | | | |
|
| |
Mining Licences |
Total | |
|
| | £ | £ | |
| Cost or valuation As at 1 January 2022 | |
1,489,604 |
1,489,604 | |
| Foreign exchange adjustment | | 177,926 | 177,926 | |
| | | | | |
| At 31 December 2022 | | 1,667,530 | 1,667,530 | |
|
| | | | |
|
| | | | |
| Accumulated amortisation and impairment | | | | |
| As at 1 January 2022 | | 1,174,602 | 1,174,602 | |
| Foreign exchange adjustment | | 140,301 | 140,301 | |
| | | | | |
| At 31 December 2022 | | 1,314,903 | 1,314,903 | |
|
| | | | |
| Net book value | | | | |
| As at 31 December 2022 | | 352,627 | 352,627 | |
| | | | | |
| | | |
| |
| | | |
| |
6. Share capital
| | No | £ | No | £ | £ |
| | Ordinary shares of 1p each | Ordinary shares of 0.02p/1p each | Deferred shares of 0.001p each | Deferred shares of 0.001p each | Total share capital |
| Issued and fully paid | | | | | |
| At 1 January 2022 | 21,645,575 | 216,457 | 396,014,437,346 | 3,960,144 | 4,176,601 |
| | | | | | |
| On 7 December 2022 the company issued 5,714,286 Ordinary 1p shares at 7p each | 5,714,286 | 57,143 | - | - | 57,143 |
| | | | | | |
| As at 31 December 2022 | 27,359,861 | 273,600 | 396,014,437,346 | 3,960,144 | 4,233,744 |
| | | | | | |
| | No | £ | No | £ | £ |
| | Ordinary shares of 1p each | Ordinary shares of 0.02p/1p each | Deferred shares of 0.001p each | Deferred shares of 0.001p each | Total share capital |
| Issued and fully paid | | | | | |
| At 1 January 2022 and 30 June 2022 | 21,645,575 | 216,457 | 396,014,437,346 | 3,960,144 | 4,176,601 |
| | | | | | |
| | | | | | |
| | No | £ | No | £ | £ |
| | Ordinary shares of 1p each | Ordinary shares of 0.02p/1p each | Deferred shares of 0.001p each | Deferred shares of 0.001p each | Total share capital |
| Issued and fully paid | | | | | |
| At 1 January 2023 | 27,359,861 | 273,600 | 396,014,437,346 | 3,960,144 | 4,233,744 |
| | | | | | |
| On 31 May 2023 the company issued 11,500.000 Ordinary 1p shares at 5p each | 11,500,000 | 115,000 | - | - | 115,000 |
| | | | | | |
| As at 31 December 2022 | 38,859,861 | 388,600 | 396,014,437,346 | 3,960,144 | 4,348,744 |
| | | | | | |
7. Distribution of interim report to shareholders
The interim report will be available for inspection by the public at the registered office of the Company during normal business hours on any weekday and from the Company's website http://www.shukaminerals.com/. Further copies are available on request.
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