Key operational milestones achieved during the period:
The Company has and continues to assess a number of projects that meet its investment criteria.
At the beginning of the financial year, we considered an acquisition of Lake Victoria Gold Ltd (“LVG”), however the Board decided not to proceed as certain conditions on the properties in Tanzania were not as reported by LVG. We spent significant time and effort on the due diligence, and we supported LVG financially which has been converted into equity in LVG.
MetalNRG completed a transaction for a distressed UK onshore Oil & Gas company with operating and exploration licenses. A Special Purpose Vehicle, BritNRG, was set up to complete the transaction. Operational work on site has progressed and 100-day operational plan implemented, setting the company up on a more secure operational footing.
Work at our Goldridge gold project in Arizona has also progressed well. In the early part of the year SRK Consulting completed a Competent Person’s Report update on the asset. The CPR was an input document to the prospectus the Company completed in May. In the report SRK pointed out that in addition to the old waste dumps and pillars left behind by previous operators, there appears to be an opportunity to explore in more detail the connectivity between the previously producing gold mines to get a detailed understanding of the geological structure on the property. Work has progressed in this direction and the initial findings are encouraging.
During the first part of the year, MetalNRG announced a partnership agreement with EQTEC plc, an AIM listed world leading gasification technology solutions company focused on waste to sustainable energy projects. The purpose of the partnership as announced to market is to seek “shovel ready” green sustainable waste to energy projects that offer financial upside.
In partnership with EQTEC plc, MetalNRG announced its participation in the acquisition and planned recommissioning of a 1MW waste-to-energy plant in Italy. Originally commissioned in 2015, the plant was built around EQTEC’s proprietary and patented Advanced Gasification Technology.
MetalNRG joined a consortium led by EQTEC to repower, own and operate the biomass-to- energy p lant (the “Plant”) in Castiglione d’Orcia, Tuscany, Italy. Once operational, it is intended that the plant will transform straw and forestry wood waste from local farms and forests into green electricity and heat for use in the local community.
The Company continues to support IMC which has a Uranium project in Kyrgyzstan which is currently on hold due to that Government’s current ban on the exploitation of uranium in the country.
The Company will continue to seek additional projects that meet its set investment criteria. The intention is specifically to seek opportunities where we can deliver early positive cash flows from an asset and, where the cash generated from the operations allows us, explore and develop each particular project further. We expect announcements in the very near future on further developments.
MetalNRG reported an unaudited operating loss for the six months period ended 30 June 2021 of £890,354 (six months period to 30 June 2020: an unaudited operating loss of £386,304). Basic and diluted loss per share for the period was 0.14p and 0.08p respectively (six months period to 30 June 2020: Basic loss per share was 0.11p and diluted loss per share was 0.08p).
A number of projects have been evaluated and good progress has been made to date. We expect further announcements will be made to update the market on any concrete achievements.
We confirm that to the best of our knowledge:
· The interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the EU;
· The interim financial statements give a true and fair view of the assets, liabilities, financial position and loss of the Group;
· The interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the interim financial information, and a description of the principal risks and uncertainties for the remaining six months of the year; and
· The interim financial information includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.
By order of the Board
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