Condensed Consolidated Annual Financial Results for the year ended 31 December 2023
Katoro Gold PLC the strategic and precious minerals exploration and development company is pleased to release its audited results for the year ended 31 December 2023. A condensed set of financial statements accompanies this announcement below, while the Company’s full Annual Report and Financial results can be found on the Company’s website www.katorogold.com. The Company’s Annual Report, is in the process of being prepared for dispatch to shareholders. Details of the date and venue for this year’s AGM, will be announced on posting of the Annual Financial results.
Katoro Gold Secures Funding and Enlists Paul Johnson for Revitalization Strategy
Overview
· Early in 2023 the Company successfully raised £150,000 (gross) at 0.1 pence per share which was utilized for ongoing working capital and to conclude the project assessment process.
· Mindful of funding constraints, the Company prioritised its resource development of the Haneti Project in Tanzania. After the successful diamond drill program and analysis of deep-seated rock data at the Haneti Project in 2022, consolidation of all data and the geological model for future exploration was done.
· This past year has further been marked by a continued, focused effort to solidify the Company’s position through a process of identification and selection of strategic opportunities in the realm of precious and critical mineral exploration.
· Post year end:
o A comprehensive strategic revitalisation plan was implemented which involves a refreshed board of directors, strategic advisory support and a revised funding plan.
o The Company successfully secured a total of £825 000 in financing during February 2024. The influx of funds provides a solid foundation for implementing the revitalisation plan and propelling the Company forward to a sustainable future.
Chairman’s Report
Introduction
I am pleased to present my maiden Katoro Gold Plc (hereinafter referred to as ‘Katoro Gold’ or ‘Katoro’) Annual Report and Financial Statements for the financial year ending 31 December 2023 as new incumbent non-executive chairman. This past year has been marked by a continued, focused effort at Katoro Gold to solidify the Company’s position through a process of identification and selection of strategic opportunities in the realm of precious mineral exploration, whilst methodically continuing with the Haneti Project. Concurrently, we have maintained a dynamic, perceptive approach, continuously adapting our strategies to navigate the evolving demands of the industry and its associated markets.
Katoro Gold’s commitment to portfolio diversification remained a cornerstone of its strategic vision in 2023. This involved the continuous evaluation of new opportunities aimed at the mitigation of country-specific risks and enhance the company’s existing holdings. By actively seeking strategic acquisitions aligned with its vision of becoming a prominent African-focused player in the precious mineral exploration and development space, Katoro continuously seeks opportunities to strengthen its overall market position and resilience. This diversification strategy not only buffers against potential disruptions in specific geographic locations but also offered the potential to unlock new avenues for growth and value creation. As Katoro navigates the dynamic landscape of the African minerals industry, its focus on strategic portfolio diversification aims to position it for long-term success and a robust presence within the precious mineral sector.
Exploration and Development
In 2023, Katoro Gold, mindful of funding constraints, prioritised its resource development of the Haneti Project in Tanzania. After the successful diamond drill program and analysis of deep-seated rock data at the Haneti Project in 2022, consolidation of all data and the geological model for future exploration was done, in following of the Final Exploration Report’s recommendations.
On the commercial front, discussions with potential partners regarding Haneti will resume in 2024, though funding uncertainties impaired the process during 2023. While the Joint Venture Agreement (JVA) with Lake Victoria Gold (LVG) established a framework for the Imweru Gold Project, with LVG holding an 80% stake in the project and Katoro Gold retaining the remaining 20%, it is important to note that LVG remains in default of their agreed capital contribution, which was due on or before December 31, 2023. Katoro is currently evaluating its options without prejudice.
Corporate and Post Year-End Developments
Katoro has entered 2024 with a comprehensive strategy aimed at resetting the Company’s trajectory. This renewed approach involves a refreshed board of directors, strategic advisory support, and a revised funding plan. We believe these combined efforts hold significant potential to unlock substantial value for our shareholders. The recent successfully completed restructure and financing of the Company will position Katoro on the lower end of the UK junior resource market capitalisation spectrum, providing a solid foundation for our revitalised business strategy. This refreshed approach prioritises delivering value to shareholders, which remains our paramount objective.
Future Outlook
In a significant step forward for Katoro’s comprehensive strategic revitalisation plan, the Company successfully secured a total of £825,000 in financing during February 2024. This capital injection commenced with an initial £750,000 announced on February 12th, followed by an additional £75,000 secured through a subsequent order from a single institution. This demonstrates strong market confidence in Katoro’s renewed strategy and its potential to deliver long-term shareholder value. This influx of funds will provide a solid foundation for implementing the revitalisation plan and propelling Katoro towards a more robust and sustainable future.
This report was approved on 30 May 2024 by:
Sean Wade
Non-Executive Chairman
