TIDMCOBR
RNS Number : 0434A
Cobra Resources PLC
21 September 2022
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21 September 2022
Cobra Resources plc
("Cobra" or the "Company")
Half Year Results for the Six Months Ended 30 June 2022
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia , announces its financial
results for the six months ended 30 June 2022 ("H1 2022").
Highlights:
-- Announced on 7 February results from November 2021 Reverse
Circulation ("RC") drilling programme at the Clarke prospect,
where:
o The strike of intersected gold mineralisation was doubled to
over 400m
o All holes intersected Rare Earth Elements ("REE") within the
weathered saprolite horizon above or proximal to gold
mineralisation
o Follow-up X-Ray Diffraction ("XRD") analysis supports crustal
elution or Ionic Adsorption Clay ("IAC") style mineralisation, a
highly desirable style of mineralisation owing to its favourable
assemblage of REEs, minimal radioactive by-products, and
amenability to low-cost extraction techniques
-- Announced on 15 February a fundraise of GBP0.95 million
through an accelerated and oversubscribed book build to help fund
2022 exploration activities
-- Announced on 13 April and 25 July the granting of extensive additional exploration tenements, consolidating Cobra's position as a major landholder in the Gawler Craton tier 1 mining and exploration jurisdiction with a 3,261 km(2) land tenure
-- Implemented a low-cost approach to confirming and spatially
testing the extent of REE mineralisation through a staged
re-analysis of retained samples from historic drillholes,
confirming exceptional clay-hosted REE mineralisation proximal to
gold resources and defining a regionally scalable 4 km(2) footprint
of REE mineralisation
-- Confirmed the presence of leachable REE mineralisation, with
leach recoveries of up to 34.1% Total Rare Earth Element
("TREE")(+Y), with H2SO4 as lixiviant pH1
-- Executed an extensive 91-hole regional aircore drilling
programme designed to de-risk follow-up RC drilling and to test
prioritised areas for clay hosted REEs. Results reported post
period demonstrate:
o Further along-strike gold mineralisation
o An expanding high-grade REE footprint at Clarke
o Regionally extensive and high-grade REE mineralisation
-- Received South Australian Landing Pad grant, part funding
website improvements and the publication of a maiden Sustainability
Plan, reflecting the Board's commitment to developing an
industry-leading approach to Environmental, Social and
Governance
-- Received South Australian Accelerated Discovery Initiative
("ADI") grant to co-fund Loupe TEM and Controlled Source
Audio-frequency Magneto-tellurics ("CSAMT") geophysical surveys at
the Clarke prospect aimed at identifying low-cost techniques to
further define REE and gold mineralisation under cover
Greg Hancock, Chairman of Cobra, commented:
"The first half of 2022 has been transformational. The work
executed across our 2022 exploration programme has us poised to
increase our gold resources and establish a potentially world-class
rare earth asset.
The Company is well placed to achieve its Wudinna Project 75%
earn-in milestone in H2 2022 through delivering further
exploration. I commend the team for their ongoing efforts and
success in advancing the project and look forward to our upcoming
RC drilling programme.
The growing strategic, environmental, and economic importance of
rare earth metals, coupled with gold's unparalleled fiscal
stability, places Cobra in the enviable position of defining a
unique multi-mineral inventory within a tier 1 mining jurisdiction
serviced with exceptional infrastructure."
The full financial statements can be viewed on the Company's
website at: https://cobraplc.com/category/financial-reports/
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint
Broker)
Nick Emerson
Sam Lomanto +44 (0)1483 413 500
Peterhouse Capital Limited
(Joint Broker)
Duncan Vasey
Lucy Williams +44 (0)20 7469 0932
Vigo Consulting (Financial
Public Relations)
Ben Simons
Charlie Neish
Kendall Hill +44 (0)20 7390 0234
About Cobra
Cobra is defining a unique multi-mineral resource at the Wudinna
Project in South Australia's Gawler Craton, a tier one mining and
exploration jurisdiction which hosts several world-class mines.
Cobra's Wudinna tenements, totalling 3,261 km(2) , contain
extensive orogenic gold mineralisation and are characterised by
potentially open-pitable, high-grade gold intersections, with ready
access to infrastructure. Cobra has 22 orogenic gold targets
outside of a current 211,000 Oz JORC Mineral Resource Estimate. In
2021, Cobra discovered rare earth mineralisation proximal to and
above gold mineralisation. The grades, style of mineralogy and
intersect widths are highly desirable while the mineralisation has
been demonstrated to be regionally scalable. The Company is also
advancing a pipeline of IOCG targets.
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Operational Review
The November 2021 RC drilling programme delivered further
exceptional gold metrics from the Clarke prospect, demonstrating
the further growth potential to existing gold resources, with the
programme effectively doubling the intersected strike of gold
mineralisation to over 400m at the prospect that lies outside of
the Company's current mineral estimate.
The growing strategic, environmental, and economic importance of
rare earth metals, particularly magnet rare earth metals, last year
prompted Cobra to submit pulps from drilling at its Wudinna Project
for REE analysis. Significant intersections of TREO assays in
excess of 500 ppm were recognised within the kaolinised clays of
the saprolite across all 14 RC drillholes. In the first six months
of 2022, Cobra pursued the opportunity these results presented by
confirming the economic potential of mineralisation through:
-- Mineral identification : XRD analysis performed by the CSIRO
supports that a component of REE bursary is adsorbed to the primary
clay particles, being kaolin and montmorillonite, in similar
fashion to the highly desirable IAC hosted deposits of southern
China
-- Lithological analysis : HyLogger Spectral analysis performed
by GSSA on chips of five Clarke RC holes demonstrated strong
associations between elevated rare earths, kaolinite quantity, and
reducing crystallinity. The results also demonstrated strong
associations between muscovite and phengite to gold
mineralisation
-- Diagnostic metallurgical testing : test-work carried out by
ANSTO focused on extraction techniques adopted to ionic phase
mineralisation using H(2) SO(4) as a lixiviant, yielded recoveries
of up to 34% TREE from samples across two holes at Clarke
-- Demonstrating scalable resource potential : systematically expanded the recovery through the cost-effective re-analysis of historic drillhole samples, where a total of 2,231 samples have been re-analysed for lanthanides from over 190 drillholes that have produced significant intersections at 11 different prospects and defined a 4 km(2) mineralisation footprint across the Baggy Green and Clarke prospects
In June 2022, the Company executed a regionally extensive
aircore drilling programme aimed at:
-- De-risking follow-up RC drilling at Clarke through refining along-strike targeting
-- Testing priority regional rare earth mineralisation
-- Providing basement rock pathfinder chemistry to advance
targeting at regional gold and IOCG targets
Through this programme, Cobra has:
-- Defined further gold mineralisation at Clarke, where CBAC0014
intersected 12m at 1.25 g/t gold from 18m, increasing the
intersected strike extent at Clarke beyond 500m
-- Refined further gold targets at Clarke, where broad zones of
gold in saprolite has been defined north of previously intersected
gold mineralisation. In comparison to drilled mineralisation zones,
the anomalous zones northwest of Clarke are more significant,
supporting further mineralisation down-dip and along-strike
-- Expanded the zone of high-grade rare earth mineralisation at
Clarke, with significant intersections demonstrating basket
assemblages, lithologies and environmental conditions supportive of
ionic adsorption mineralisation
-- Yielded numerous rare earth intersections across nine
regional targets demonstrating regional scalability and
prospectivity for clay hosted rare earth mineralisation
-- Tested saprolite above three of the Company's IOCG
geophysical targets, where geochemical analysis demonstrates
prospectivity for copper/gold porphyry style mineralisation
The work completed in H1 2022 has yielded an exceptional
opportunity for Cobra to establish a potentially world-class rare
earth asset. The work completed to date has demonstrated potential
crustal elution style mineralisation at 18 prospects, where the
following prospects report exceptional metrics of grade, width, and
scale:
-- At Clarke, 85% of 88 holes drilled or re-analysed yield a
length weighted intersection of 15m at 707 ppm TREO
-- At Baggy Green, 90% of 71 holes re-analysed yield a length
weighted intersection of 16.3m at 521 ppm TREO
-- At Thompson, 65% of 26 holes drilled or re-analysed yield a
length weighted intersection of 15.2m at 839 ppm TREO
-- At Anderson, the re-analysis of six holes yields a length
weighted intersection of 17m at 995 ppm TREO
Further historic drillhole re-analysis is planned for Thompson
and Anderson to test the spatial continuity of mineralisation. The
Company will endeavour to incorporate these prospects into a maiden
rare earth resource before year-end.
Considerable research and sample testing has been conducted by
the technical team to best understand the genesis processes and the
exodermic conditions that best promote and maintain ionic
adsorption style mineralisation. The compiled dataset of sample
acidity/alkalinity and detailed interpretation of saprolite clays
puts the Company in a strong position to optimise REE
metallurgy.
Post Period-End
In July 2022, the Company carried out a Loupe TEM geophysical
survey at the Clarke prospect which was co-funded by a South
Australian ADI grant. The results of this survey will inform
follow-up RC drilling at the Clarke prospect. A further CSAMT
geophysical survey is planned as part of the ADI co-funding to test
deeper structural associations between gold and rare earth
mineralisation.
The Clarke prospect poses as a low-risk target to add to the
Company's current Gold Mineral Resource Estimate. A 2,000m drilling
programme is scheduled to commence in the coming weeks to test
strike extensions and validate lode interpretations with the
intention of informing a resource update by year end. Bulk samples
of defined REE mineralisation zones will also be taken to advance
metallurgical optimisation studies.
Corporate Development
The Company has matured in 2022 which has enabled us to secure
alternate funding from two grants awarded by the South Australian
Government. Cobra is grateful to be operating in a jurisdiction
that is not only rich in resources, but supportive of ethical
mineral exploration and mining.
Funding has been used to brand Cobra in alignment with its
values and ambitions: to develop a high-value, multi-mineral
resource capable of supporting global decarbonisation. Reflecting
our commitment to ethical and environmentally conscious
exploration, we published our maiden Sustainability Plan in June
2022, which introduces the Company's approach and vision for ESG
through its exploration activities.
The Company has expanded its landholding within the Southern
Gawler Craton to 3,261 km(2) through the successful application of
two additional exploration tenements. These tenements complement
our exploration strategy, which aims to provide shareholders with a
considered methodological approach enabling low-cost discoveries
across a range of commodities within a world-class mineral
province.
Cobra is positioned to achieve its Stage 3 earn-in under the
Wudinna Heads of Agreement in H2 2022, entitling the Company to 75%
of the Wudinna Project.
Financial Review
Cobra reported an unaudited operating loss for the six months
ended 30 June 2022 of GBP226,953 which equates to a loss per share
for the period of GBP 0. 0005. This compares to a loss for the six-
month period to 30 June 2021 of GBP842,631, which equated to a loss
per share for the period of GBP0.0025.
In February 2022, Cobra raised GBP0.95 million through an
accelerated placement of 63,000,000 new Ordinary Shares at
GBP0.015.
As at 30 June 2022, the Company had available cash of GBP788,192
(30 June 2021: GBP1.12 million), sufficient for the Company to
execute its planned exploration activities.
Outlook
Cobra's immediate focus for H2 2022 is a continuation of
exploration activities. This will involve further historic
drillhole re-analysis for rare earths at the Thompson and Anderson
prospects, followed by the execution of a 2,000m RC drilling
programme at the Clarke prospect.
Exploration success to date should enable an update to the
Company's 211,000 Oz Gold Mineral Resource and a maiden Rare Earth
Resource Estimate before year-end. This will demonstrate the value
of the exploration activities that the Company has executed and
will act as a platform for further future growth.
Greg Hancock
Chairman
20 September 2022
Consolidated Income Statement
6 months 6 months Year ended
to to 31 December
30 June 30 June 2021
2022 2021
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses (226,953) (232,626) (567,213)
IPO expenses - - -
Operating loss (226,953) (232,626) (567,213)
Loss on derecognition
of financial liability* - (610,005) (1,110,298)
Loss on ordinary
activities before
taxation (226,953) (842,631) (1,677,511)
Tax on loss on ordinary - - -
activities
---------- -------------- --------------
Loss for the financial
period attributable
to equity holders (226,953) (842,631) (1,677,511)
---------- -------------- --------------
Loss per share -
see note 4 GBP(0 GBP(0.0025) GBP(0.0073)
Basic and diluted . 0005)
* The loss on derecognition of financial liabilities is a
reflection of the Consideration shares paid to the previous Lady
Alice Mines unit holders upon completion of Stages 1 and 2 earn-in
as agreed upon at time of acquisition, and the market value of
shares issued at the time of settlement of the liability during the
period.
Consolidated Statement of Comprehensive Income
6 months 6 months Year ended
to to 31 December
30 June 30 June 2021
2022 2021
Unaudited Unaudited Audited
GBP GBP GBP
Loss after tax (226,953) (842,631) (1,677,511)
Items that may subsequently
be reclassified to
profit or loss:
* Exchange differences on translation of foreign
operations 145,374 (66,640) (81,246)
Total comprehensive
loss attributable
to equity holders
of the parent company (81,579) (909,271) (1,758,757)
---------- ---------- -------------
Consolidated Statement of Financial Position
6 months 6 months Year ended
to 30 June to 30 31 December
2022 June 2021 2021
Unaudited Unaudited Audited
GBP GBP GBP
Non-current assets
Intangible assets 2,329,471 1,556,680 2,012,405
Property, plant and
equipment 1,428 2,040 1,680
-------------- -------------- --------------
Total non-current
assets 2,330,899 1,558,720 2,014,085
-------------- -------------- --------------
Current assets
Trade and other receivables 57,724 26,911 36,891
Cash and cash equivalents 788,192 1,121,787 264,480
-------------- -------------- --------------
Total current assets 845,916 1,148,698 301,371
-------------- -------------- --------------
Non-current liabilities
Deferred consideration - (187,500) -
-------------- -------------- --------------
Current liabilities
Trade and other payables (48,272) (85,414) (50,336)
Deferred consideration (187,500) (135,191) (187,500)
-------------- -------------- --------------
Total current liabilities (235,772) (220,605) (237,836)
-------------- -------------- --------------
Net assets/(liabilities) 2,941,043 2,299,313 2,077,620
============== ============== ==============
Capital and reserves
Share capital 4,231,103 3,283,845 3,601,104
Share premium 1,693,563 1,093,027 1,378,561
Share based payment
reserve 962,201 993,448 962,201
Retained losses (4,075,408) (3,069,823) (3,848,456)
Foreign currency
reserve 129,584 (1,184) (15,790)
-------------- -------------- --------------
Total equity 2,941,043 2,299,313 2,077,620
-------------- -------------- ==============
Consolidated Statement of Cash Flows
6 months 6 months Year ended
to to 30 June 31 December
30 June 2021 2021
2022
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from operating
activities
Operating loss (226,952) (842,631) (1,677,511)
Equity settled share-based
payment - 20,000 45,000
Depreciation 250 360 719
Foreign exchange 145,374 (66,640) (78,137)
Loss on derecognition
of financial liability - 610,005 1,077,607
Decrease/(increase)/
in receivables (20,833) 42,496 32,517
(Decrease)/increase
in payables (2,064) (137,431) (118,978)
Shares issued in lieu
of cash - - 33,251
Net cash used in operation
activities (104,224) (373,841) (685,532)
------------ ------------ --------------
Cash flows from investing
activities
Payments for exploration
and evaluation activities (317,066) (61,161) (516,886)
Net cash (used)/generated
in investing activities (317,066) (61,161) (516,886)
------------ ------------ --------------
Cash flows from financing
activities
Proceeds from issue
of share 945,000 128,044 128,044
Shares issued in lieu - 89,894 -
of cash
Net cash generated
from financing activities 945,000 217,938 128,044
------------ ------------ --------------
Net (decrease)/increase
in cash and cash equivalents
Cash and cash equivalents 523,712 (217,064) (1,074,371)
at the beginning of
period 264,480 1,338,851 1,338,851
------------ ------------ --------------
Cash and cash equivalents
at end of period 788,192 1,121,787 264,480
------------ ------------ --------------
Consolidated Statement of Changes in Equity
Share Share Share Retained Foreign Total
capital premium based earnings currency
payment reserve
reserve
GBP GBP GBP GBP GBP GBP
At 31 December
2020 2,829,566 564,173 1,006,238 (2,239,982) 65,456 2,225,451
Loss for the
period - - - (842,631) - (842,631)
Translation
differences - - - - (66,640) (66,640)
---------- ---------- ---------- ------------ ---------- -----------
Total comprehensive
income - - - (842,631) (66,640) (909,271)
Share capital
issued 454,279 528,854 - - - 983,133
Transfer of
warrants exercised - - (12,790) 12,790 - -
---------- ---------- ---------- ------------ ---------- -----------
At 30 June 2021 3,283,845 1,093,027 993,448 (3,069,823) (1,184) 2,299,313
---------- ---------- ---------- ------------ ---------- -----------
Loss for the
period - - - (834,880) - (834,880)
Translation
differences - - - - (14,606) (14,606)
---------- ---------- ---------- ------------ ---------- -----------
Total comprehensive
income - - - (834,880) (14,606) (849,486)
Share capital
issued 317,259 285,534 - - - 602,793
Transfer of
warrants lapsed - - (56,247) 56,247 - -
Share options
charge - - 25,000 - - 25,000
----------------------
At 31 December
2021 3,601,104 1,378,561 962,201 (3,848,456) (15,790) 2,077,620
---------- ---------- ---------- ------------ ---------- -----------
Loss for the
period - - - (226,953) - (226,953)
Translation
differences - - - - 145,374 145,373
---------- ---------- ---------- ------------ ---------- -----------
Total comprehensive
income - - - (226,953) 145,374 (81,579)
Share capital
issued 629,999 315,002 - - - 945,001
At 30 June 2022 4,231,103 1,693,563 962,201 (4,075,408) 129,584 2,941,043
---------- ---------- ---------- ------------ ---------- -----------
Half-yearly report notes
1. Half-yearly report
This half-yearly report was approved by the Directors on 20
September 2022.
The information relating to the six-month periods to 30 June
2022 and 30 June 2021 are unaudited.
The information relating to the year to 31 December 2021 is
extracted from the audited financial statements of the Company
which have been filed at Companies House and on which the auditors
issued an unqualified audit report. The condensed interim financial
statements have not been reviewed by the Company's auditor.
2. Basis of accounting
The report has been prepared using accounting policies and
practices that are consistent with those adopted in the statutory
financial statements for the year ended 31 December 2021, although
the information does not constitute statutory financial statements
within the meaning of the Companies Act 2006. The half-yearly
report has been prepared under the historical cost convention.
Going concern
The Company's day-to-day financing is from its available cash
resources.
Post period-end in July 2022, the Company had GBP788K of cash at
hand. These funds will enable to Company to execute its planned
exploration campaigns across its key projects within the second
half of the year. The Directors are confident that adequate funding
can be raised as required to meet the Company's current and future
liabilities.
For the reasons outlined above, the Directors are satisfied that
the Company will be able to meet its current and future
liabilities, and continue trading for the foreseeable future, and,
in any event, for a period of not less than twelve months from the
date of approving this report. The preparation of these financial
statements on a going concern basis is therefore considered to
remain appropriate.
These half-yearly financial statements are prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the European Union and the Disclosure and Transparency Rules of the
UK Financial Conduct Authority.
This half-year report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this
report should be read in conjunction with the annual report for the
year ended 31 December 2021, which have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted
by the European Union.
The Company will report again for the full year to 31 December
2022.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in the Company's 2021 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Half-yearly report notes, continued
2. Basis of accounting, continued
Intangible assets
Exploration and development costs
All costs associated with mineral exploration and investments
are capitalised on a project-by-project basis, pending
determination of the feasibility of the project. Costs incurred
include appropriate technical and administrative expenses but not
general overheads. If an exploration project is successful, the
related expenditures will be transferred to mining assets and
amortised over the estimated life of economically recoverable
reserves on a unit of production basis.
Where a licence is relinquished or a project abandoned, the
related costs are written off in the period in which the event
occurs. Where the Group maintains an interest in a project, but the
value of the project is considered to be impaired, a provision
against the relevant capitalised costs will be raised.
The recoverability of all exploration and development costs is
dependent upon the discovery of economically recoverable reserves,
the ability of the Group to obtain necessary financing to complete
the development of reserves and future profitable production or
proceeds from the disposition thereof.
3. Intangible assets
6 months 6 months Year ended
to to 31 December
30 June 30 June 2021
2022 2021
Unaudited Unaudited Audited
GBP GBP GBP
At Beginning of the
period 2,012,406 1,495,519 1,495,519
------------- ---------- -------------
Additions 317,066 61,161 516,886
At End of the period 2,329,471 1,556,680 2,012,406
------------- ---------- -------------
The Directors undertook an assessment of the following areas and
circumstances that could indicate the existence of impairment:
-- The Group's right to explore in an area has expired, or will
expire in the near future without renewal;
-- No further exploration or evaluation is planned or budgeted
for;
-- A decision has been taken by the Board to discontinue
exploration and evaluation in an area due to the absence of a
commercial level of reserves; or
-- Sufficient data exists to indicate that the book value will
not be fully recovered from future development and production.
Following their assessment, the Directors concluded that no
impairment charge was necessary for the period ended 30 June
2022.
Half-yearly report notes, continued
4. Earnings per share
6 months 6 months Year ended
to to 31 December
30 June 30 June 2021
2021 2021
Unaudited Unaudited Audited
GBP GBP GBP
These have been calculated (1, 677,511
on a loss of: (226,953) (842,631) )
-------------- -------------- --------------
The weighted average
number of shares
used was: 423,110,510 328,384,591 360,110,510
-------------- -------------- --------------
Basic and diluted GBP(0. GBP(0. GBP(0.
loss per share: 0005 ) 0025 ) 0047 )
-------------- -------------- --------------
5. Events after the reporting period
There were no reportable events after the reporting period other
than those highlighted in the 'Financial Review'.
The Condensed interim financial statements were approved by the
Board of Directors on 20 September 2022.
By order of the Board
Rupert Verco
Managing Director
20 September 2022
Half-yearly Report
Copies of this half-yearly report are available free of charge
by application in writing to the Company Secretary at the Company's
registered office: 9(th) Floor, 107 Cheapside, London, EC2V 6DN, or
by email to info@london-registrars.co.uk .
Responsibility Statement
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 UK;
-- Give a true and fair view of the assets, liabilities,
financial position and loss of the Company;
-- 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.
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