FY23 Results Ended 31 December 2023

Key risks	Description of risk	Mitigating factors
Exploration and development and future acquisitions	The Group's operations are subject to all of the hazards and risks incidental to exploration, development and the production of minerals, including damage to life or property, environmental damage and legal liability for damage, which could have a material adverse impact on the business and its financial performance. The Group may acquire additional mining concessions in Australia or elsewhere in the world. The Group may be unable to obtain suitable mining concessions at competitive prices. Any exploration programme entails risks relating to the location of economic ore bodies, the development of appropriate metallurgical processes, the receipt of necessary governmental permits and the construction of mining and processing facilities. In the event that the Group's portfolio of mining concessions is deemed by management not to warrant further exploration and the Group is unsuccessful in acquiring suitable new projects, the Group will have no exploration or development projects to pursue.	Our mineral concessions are evaluated carefully by qualified geologists and independent advisors are engaged as and when appropriate. The management team has significant experience operating in Australia.
No reserves or resources	The Group has announced its maiden mining reserve and associated mining inventory. No assurance can be given that any future exploration programme will result in any new resources and or discoveries.	The Group received an independent assessment of the reserve resource potential of the Hancock project and believes that there is good potential to delineate additional mineral resources in accordance with JORC.

Key risks	Description of risk	Mitigating factors
Requirement of additional financing	Failure to obtain sufficient financing for any projects would result in a delay or indefinite postponement of exploration, development or production on properties covered by the Group's concessions or even the loss of a concession. Additional financing might not be available when needed, or if available, the terms of such financing might not be favourable to the Group and could involve substantial dilution to shareholders. In the absence of adequate funding or cost reductions, the Group may not be able to continue as a going concern.	The Group has an experienced Board and management team with significant experience in financing mining activities. The Group has been successful in raising funds in the past and it is our intention to raise additional funds in future to support the ongoing development of the business.
Liquidity risk	The Group's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Group's accounts payable have contractual maturities of less than 30 days and are subject to normal trade terms. In the short-term, liabilities will be funded by cash.	The Group ensures sufficient funds will be available to allow it to meet its liabilities as they fall due. To achieve this, cash balances and cash flow projections are reviewed by the Board on a regular basis. The Board will not commit to material expenditures prior to being satisfied that sufficient funding is available.
Capital management risk	The Group's objective when managing capital is to safeguard the Group's ability to continue as a going concern and have access to adequate funding for its exploration and development projects so that it can provide returns for shareholders and benefits for other stakeholders. The Group manages the capital structure and makes adjustments in light of changes in economic conditions and risk characteristics of the underlying assets.	In order to maintain or adjust the capital structure, the Group may issue new shares, acquire debt, or sell assets. Management regularly reviews cash flow forecasts to determine whether the Group has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.
Price risk	The price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments in the market.	The Group does not currently have any financial instruments in issue other than share options and warrants. The Group does not hedge its exposure to price risk.
Foreign currency risk	The Group's exploration expenditure is made in Mexican pesos, Australian dollars or US dollars and head office expenses are predominantly made in the UK in pounds sterling. The Group is therefore exposed to the movement in exchange rates for these currencies. At the year end, the majority of the Group's cash resources were held in GBP and AUD. The Group therefore also has downside exposure to any weakening of GBP and AUD against the US dollar as this would increase expenses in US dollar terms and accelerate the depletion of the Group's cash resources. Any strengthening of GBP or AUD against the US dollar would, however, result in a reduction in expenses in US dollar terms and preserve the Group's cash resources. In addition, any movements in pounds sterling, Australian dollars or Mexican peso would affect the presentation of the consolidated statement of financial position when the net assets of the Mexican and Australian subsidiaries and the parent company in the UK are translated from their functional currencies into US dollars.	The Group does not currently hedge foreign exchange risk. There is not considered to be any material exposure in respect of other monetary assets and liabilities of the Group.
Credit risk	The Group's credit risk is primarily attributable to cash and the financial stability of the institutions holding it. The Group's maximum exposure to credit risk is attributable to cash. The credit risk on cash is limited because the Group invests its cash in deposits with well capitalised financial institutions with strong credit ratings.	The Group invests its cash in deposits with well-capitalised financial institutions with strong credit ratings.
Investment risk	The Group may from time to time hold shares in other mining companies. There is not always a liquid market for the shares in companies and it may not always be possible to sell such shares at the optimum time or price.	The Group has previously been successful in realising value from investments.

Key risks	Description of risk	Mitigating factors
Reliance on contractors	The Group relies on contractors to implement exploration and development programmes. The failure of a contractor or key service provider to properly perform its services to the Group could delay or inconvenience the Group's operations and have a materially adverse effect on the Group.	The Group has operated in Australia and in Zacatecas in Mexico, for several years and has well-established and trusted relationships with various contractors.
Key personnel	The Group's business is dependent on retaining the services of a small number of key personnel of the appropriate calibre as the business develops. The Group has entered into employment agreements with certain key managers. The success of the Group is and will continue to be to a significant extent, dependent on the expertise and experience of the directors and senior management. The loss of one or more of these individuals could have a materially adverse effect on the Group. The Group does not currently have any insurance in place with respect to key personnel.	The Board has established a Nomination & Remuneration Committee which is responsible for considering succession planning and ensuring remuneration is sufficient to attract and retain staff of the necessary calibre. The Company also has the ability, and track record, to attract new Directors and personnel if and when required.
Environmental factors	The Group's operations are subject to environmental regulation in the jurisdictions in which it operates. Such regulation covers a wide variety of matters including, without limitation, prevention of waste, pollution and protection of the environment, labour regulations and health and safety. The Group might also be subject under such regulations to clean-up costs and liability for toxic or hazardous substances, which might exist on or under any of the properties covered by its concessions, or which might be produced as a result of its operations. If the Group does not comply with environmental regulations or does not file environmental impact statements in relation to each of its concessions, it might be subject to penalties, its operations might be suspended, closed and/or its concessions may be revoked. Environmental legislation and permit requirements are likely to evolve in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their directors and employees. The Group's activities could be subject to prolonged disruptions due to weather conditions depending on the location of operations in which the Group has interests.	The Group has an experienced Board and management team with an awareness and knowledge of these types of risk. Concessions are evaluated carefully prior to their acquisition for environmental risks and consultants are engaged to advise on specific risks when appropriate. The Group has an excellent track record on environmental matters.
Political risk	The Group is conducting its exploration activities in the Zacatecas region of Mexico, and in Western Australia. The Group may be adversely affected by changes in economic, political, judicial, administrative or other regulatory factors such as taxation in these jurisdictions, where the Group operates and holds its major assets. Mexico may have a more volatile political environment and/or more challenging trading conditions than in some other parts of the world. There is no assurance that future political and economic conditions in Mexico will not result in the government of Mexico adopting different policies in respect of foreign development and ownership of mineral resources. Any such changes in policy may result in changes in laws affecting ownership of assets, taxation, rates of exchange, environmental protection, labour relations, and repatriation of income and return of capital. These changes may affect both the Group's ability to undertake exploration and development activities in respect of future properties in the manner currently contemplated, as well as its ability to continue to explore and develop those properties, in respect of which it has obtained exploration and development rights to date.	The Directors believe the governments of Australia and Mexico support the development of natural resources by foreign operators.
Payment obligations	Under the mineral property concessions and certain other contractual agreements to which a member of the Group is, or may in the future become, a party, any such company is, or may become, subject to payment and other obligations. If such obligations are not complied with when due, in addition to any other remedies which may be available to other parties, this could result in dilution or forfeiture of interests held by such companies.	The Directors have in place a system of internal controls to ensure any payment obligations are complied with.
Regulatory approvals	The operations of the Group require approvals, licenses and permits from various regulatory authorities, governmental and otherwise. There can be no guarantee that the Group will be able to obtain or maintain all necessary approvals, licenses and permits that may be required to explore and develop its various projects and/or commence construction or operation of mining facilities that economically justify the cost.	The Group has significant experience in operating in Mexico and Australia and believes that the Group holds or will obtain all necessary approvals, licenses and permits under applicable laws and regulations in respect of its current projects.
Competition	The Group competes with numerous other companies and individuals in the search for and acquisition of mineral claims, leases and other mineral interests, as well as for the recruitment and retention of qualified employees. There is significant competition for the silver and other precious metals opportunities available and, as a result, the Group may be unable to acquire further mineral concessions on terms it considers acceptable.	The Group and its management team have significant experience in mining operations in Australia and Mexico. Through its experience and relationships, counterparties may consider the Group to have lower transaction risk than its competitors.
Conflicts of interest	Certain directors and officers of the Group also serve as directors and/or officers of other companies involved in mineral exploration and development and consequently there is the potential for conflicts of interest. The Group expects that any such director or officer shall disclose such interest in accordance with its articles of association or his contractual obligations to the Group and any decision made by any of such directors and officers involving the Group will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Group and its shareholders.	The Group's Articles of Association have been adopted by shareholders and any conflicts of interest are dealt with in accordance with the rules set out therein. In the event of a conflict of interests, the conflicted director shall not vote on the relevant matter.
Health and Safety	Alien Metals operates in an environment with work related hazards and risk of injuries and accidents. A comprehensive health and safety programme is the primary means for delivering best practices in health and safety management. This programme is regularly required to be updated to incorporate employee suggestions, lessons learned from past incidents and new guidelines related to new projects with the aim of identifying areas for further improvement of health and safety management. This requires continuous improvement of the health and safety programme. Employee involvement is recognised as fundamental in recognising and reporting unsafe conditions and avoiding events that may result in injuries and accidents.	The Group has established and published robust corporate health, safety, environmental and community relations policies, and at the operations level have put into place clear safe operating procedures covering a variety of the Group's activities. The active participation of all staff in the development, implementation and further development of these procedures is actively encouraged.

Issue	Action
· Accounting policies	The Committee reviewed and discussed the significant accounting policies with management and the external auditor and reached the conclusion that each policy was appropriate to the Group.
· Carrying value of intangibles	The Committee reviewed the impairment assessment report prepared by management and agreed that given the reasonable expectation that the Group will achieve its milestone targets in the near future that no impairment to the value of the intangibles was required as at 31 December 2023, other than the impairment recorded in relation to assets in Mexico.
· Going concern review	The Committee considered the ability of the Group to operate as a Going Concern considering cash-flow forecasts for the next 12 months. It was determined by the Committee that the forecasts indicate that the Group and parent Company's cash resources are not sufficient to cover the projected expenditure for the period of 12 months. Notwithstanding, the Directors are confident in the Company's ability to raise additional funds as required, from existing and/or new investors, within the next 12 months. Thus, they continue to adopt the going concern basis of accounting preparing these financial statements. Refer to page 12 and note 2.4 for further information on going concern.
· Review of audit and non-audit services and fees	The external auditor is not engaged by the Group to carry out any non-audit work in respect of which it might, in the future, be required to express an audit opinion. The Committee reviewed the fees charged for the provision of audit and non-audit services and determined that they were in line with fees charged to companies of similar size and stage of development. The Committee considered and was satisfied the external auditor's assessment of its own independence.

Companies

Alien Metals Limited NPV (DI) (UFO)

UK 100

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Director	31 December 2023			31 December 2022
Director	Ordinary Shares	Options	Performance Rights	Ordinary Shares	Options	Performance Rights
A Vorster*	12,500,000	65,000,000	-	-	-	-
G Robertson***	-	-	-	-	-	-
E Henson**	8,455,722	65,000,000	-	-	-	-
D J Smith*******	4,517,715	45,000,000	-	4,517,715	57,342,509	-
M C Culbert******	6,666,666	-	-	6,666,666	7,500,000	-
J L Battershill*****	-	50,000,000	-	-	50,000,000	-
R McIllree****	137,404,762	230,000,000	-	137,404,762	230,000,000	-


	Percentage
Bennelong Limited	7.21%
Windfield Metals Limited	5.92%
Gilmore Capital Limited	4.06%

	2023	2022
Cash and cash equivalents ($)	676,000	2,177,000
Administrative expenses as a percentage of total assets (%)	16%	13%
Exploration costs capitalised during the year ($)	1,708,000	3,029,000

Key risks	Description of risk	Mitigating factors
Strategic risks
Mineral concessions and titles risks	In relation to exploration and mining concessions over which the Group holds legal rights, if the Group fails to fulfil the specific terms of any of its concessions or operates in the concession areas in a manner that violates Mexican or Australian mining law, regulators may impose fines, suspend or revoke the concessions, any of which could have a material adverse effect on the Group's operations and proposed operations. Ownership of the mineral concessions in Mexico has been transferred from the Group's former operating subsidiary Alien Metals de Mexico SA de CV ("ASM") to its new operating subsidiary, Compañía Minera Estrella de Plata SA de CV ("CMEP"). Whilst the Group has previously received legal opinions in respect of title of ASM to its properties. There is no guarantee that the title to such properties will not be challenged or impugned by third parties. The Group's concessions could be subject to prior unregistered agreements, transfers or other claims and title could be affected by unidentified or unknown defects or government actions. A formal legal opinion has not been obtained as to the legal title of CMEP to the mineral concessions.		The Group's mineral concessions have been registered in the name of CMEP and no contest or objection was received. The Group is aware of necessary minimum expenditure and annual rental obligations for all its exploration and mining permits and maintains the necessary payments and expenditure obligations to negate any risk from this aspect. Prior to entering into agreements relating to mineral concessions, formal searches and reviews of legal documentation are conducted to provide evidence of the legal owner, including outsourcing of legal and/or tenement due diligence to legal practitioners. At 31 December 2023 the exploration and evaluation assets in Mexico had been written down to nil.

Key risks	Description of risk	Mitigating factors
External risks
Metals prices	The Group's ability to obtain further financing will depend in part on the price of commodity prices, including copper, silver, lead, iron ore and zinc, and the industry's perception of its future price. The Group's resources and financial results of operations will also be affected by fluctuations in metal prices over which the Group has no control. A reduction in the metal prices could prevent the Group's properties from being economically mined or result in curtailment of existing production activities or result in the impairment and write-off of assets. The price of commodities, which is affected by numerous factors including inflation levels, fluctuations in the US dollar and other currencies, supply and demand and political and economic conditions, could have a significant influence on the market price of the Company's common shares.		It is an accepted risk that the Group's performance will be impacted by the price of metals. The Board and management believe the price of precious metals in particular will increase in the long term. The Group does not hedge its exposure to metals prices.

		Group
Continuing Operations	Note	Year ended 31 December 2023 $	Year ended 31 December 2022 $
Administration expenses	6	(2,712,000)	(2,352,000)
Other losses	6	(1,153,000)	(30,000)
Other gains	6	178,000	-
Operating loss		(3,687,000)	(2,382,000)
Finance costs	18	(42,000)	-
Finance income	18	8,000	7,000
Loss for the year before taxation		(3,721,000)	(2,375,000)
Income tax	7	-	-
Loss for the year		(3,721,000)	(2,375,000)
Loss attributable to:
- owners of the Parent		(3,721,000)	(2,375,000)
		(3,721,000)	(2,375,000)
Other Comprehensive Income:
Items that may be subsequently reclassified to profit or loss
Exchange differences recognised directly in equity		(415,000)	(1,531,000)
Total Comprehensive Income		(415,000)	(1,531,000)
Attributable to:
- owners of the Parent		(415,000)	(1,531,000)
Total Comprehensive Income		(415,000)	(1,531,000)
- Total comprehensive income attributable to continuing operations
Total comprehensive loss for the year attributable to equity shareholders of the parent		(4,136,000)	(3,906,000)
Earnings/(loss) per share (cents) from continuing operations attributable to owners of the Parent - Basic & Diluted	21	(0.065)	(0.050)

		Group
	Note	2023 $	2022 $
Non-Current Assets
Intangible assets	8	16,593,000	15,639,000
Assets under construction	9	455,000	455,000
Plant and equipment		10,000	-
Right of use asset	10	24,000	17,000
Total Non-current assets		17,082,000	16,111,000
Current Assets
Trade and other receivables	11	261,000	318,000
Cash and cash equivalents	12	676,000	2,177,000
Total Current Assets		937,000	2,495,000
Total Assets		18,019,000	18,606,000
Current Liabilities
Trade and other payables	13	726,000	446,000
Lease liability	10	26,000	17,000
Convertible note	14	571,000	-
Total Current Liabilities		1,323,000	463,000
Total Liabilities		1,323,000	463,000
Net Assets		16,696,000	18,143,000
Equity attributable to owners of the Parent
Share capital	15	82,097,000	79,586,000
Warrant reserve	16	834,000	739,000
Share-based payment reserve	16	854,000	771,000
Foreign exchange translation reserve	16	279,000	694,000
Accumulated losses		(67,368,000)	(63,647,000)
Total Equity		16,696,000	18,143,000


	Share capital $	Warrant reserve $	Share based payment reserve $	Foreign exchange translation reserve $	Retained losses $	Total equity $
As at 1 January 2022	70,422,000	865,000	1,179,000	2,225,000	(62,420,000)	12,271,000
Loss for the year	-	-	-	-	(2,375,000)	(2,375,000)
Other comprehensive income
Exchange differences recognised directly in equity	-	-	-	(1,531,000)	-	(1,531,000)
Total comprehensive income for the year	-	-	-	(1,531,000)	(2,375,000)	(3,906,000)
Transactions with owners
Issue of ordinary shares	9,365,000	-	-	-	-	9,365,000
Cost of capital	(141,000)	-	-	-	-	(141,000)
Share based payment charge	(60,000)	422,000	192,000	-	-	554,000
Exercise of options & warrants	-	(437,000)	(17,000)	-	454,000	-
Expiry of warrants & options	-	(111,000)	(8,000)	-	119,000	-
Expiry of options in prior year	-	-	(575,000)	-	575,000	-
Total transactions with owners	9,164,000	(126,000)	(408,000)	-	1,148,000	9,778,000
As at 31 December 2022	79,586,000	739,000	771,000	694,000	(63,647,000)	18,143,000
Loss for the year	-	-	-	-	(3,721,000)	(3,721,000)
Other comprehensive income
Exchange differences recognised directly in equity	-	-	-	(415,000)	-	(415,000)
Total comprehensive income for the year	-	-	-	(415,000)	(3,721,000)	(4,136,000)
Transactions with owners
Issue of ordinary shares	2,606,000	-	-	-	-	2,606,000
Cost of capital	(128,000)	-	-	-	-	(128,000)
Share based payment charge	-	95,000	121,000	-	-	216,000
Exercise of options & warrants	33,000	-	(38,000)	-	-	(5,000)
Total transactions with owners	2,511,000	95,000	83,000	-	-	2,689,000
As at 31 December 2023	82,097,000	834,000	854,000	279,000	(67,368,000)	16,696,000

Standard	Impact on initial application	Effective date
IAS 1 (Amendments)	Classification of liabilities as current or non-current	1 January 2024
IAS 1 (Amendments)	Presentation of Financial Statements: Non-current liabilities with covenants	1 January 2024
IFRS 16 (Amendments)	Lease Liability in a Sale and Leaseback	1 January 2024

Name of subsidiary	Place of business		Parent company		Share capital held		Principal activities
Arian Silver Corporation (UK) Ltd		England and Wales		Alien Metals Limited		100%		Holding
Arian Silver (Holdings) Limited		England and Wales		Alien Metals Limited		100%		Holding
A.C.N. 643 478 371 Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Iron Ore Company of Australia Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Alien Metals Australia Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Mallina Exploration Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Compañía Minera Estrella de Plata S.A. de C.V.		Mexico		Alien Metals Limited		100%		Exploration

	Liabilities		Assets
	2023	2022	2023	2022
Pounds sterling	123,893	51,000	2,646,758	4,605,000
Australian dollars	500,848	196,000	15,363,381	13,495,000
Mexican pesos	-	41,000	-	142,000

2023	Australia	Mexico $	UK $	Total $

Administrative expenses	(870,000)	(1,000)	(1,841,000)	(2,712,000)
Other losses	(557,000)	(140,000)	(456,000)	(1,153,000)
Other gains	-	-	178,000	178,000
Operating loss from continued operations per reportable segment	(1,427,000)	(141,000)	(2,119,000)	(3,687,000)
Reportable segment assets	15,290,000	-	2,729,000	18,019,000
Reportable segment liabilities	(544,000)	-	(779,000)	(1,323,000)
Reportable segment net assets	14,746,000	-	1,950,000	16,696,000

	2023 $	2022 $

Directors' fees (Note 20)	273,000	438,000
Employee wages and salaries	864,000	307,000
Fees payable to the Company's auditors for the audit of the consolidated financial statements	62,000	59,000
Professional, legal and consulting fees	1,013,000	962,000
Insurance	71,000	82,000
Office and administrative expenses	185,000	90,000
Depreciation	52,000	102,000
Travel and subsistence	194,000	133,000
Share option expense	216,000	192,000
Other expenses	190,000	42,000
Foreign exchange movement	(408,000)	(55,000)
Total administrative expenses	2,712,000	2,352,000

Impairment - Exploration and evaluation assets	794,000	-
Impairment - Other net assets	140,000	-
Loss on initial recognition of convertible note	198,000	-
Other	21,000	-
Other losses	1,153,000	-

Gain on revaluation of convertible note derivative	131,000	-
Other	47,000	-
Other gains	178,000	-


	2023 $	2022 $

UK Pounds	207,000	148,000
US Dollars	-	37,000
Mexican Peso	-	15,000
Australian Dollars	519,000	246,000
As at 31 December	726,000	446,000

			Number
Grant date	Expiry date	Exercise price in £ per share	2023	2022
2018	14-May-23	0.0025	-		10,642,373
2019	28-Mar-24	0.0025	12,342,509		12,342,509
2019	28-Mar-24	0.0022	3,000,000		3,000,000
2019	28-Mar-24	0.0030	3,000,000		3,000,000
2019	28-Mar-24	0.0045	4,000,000		4,000,000
2020	30-Aug-23	0.0045	-		18,750,000
2020	30-Aug-23	0.0050	-		18,750,000
2020	30-Aug-23	0.0055	-		22,500,000
2021	21-Oct-24	0.0100	10,000,000		10,000,000
2021	21-Oct-24	0.0115	10,000,000		10,000,000
2021	21-Oct-24	0.0145	15,000,000		15,000,000
2022	26-Sep-26	0.008 - 0.014	345,000,000		345,000,000
2023	31-Jul-27	0.0072	22,500,000		-
2023	31-Jul-27	0.0090	30,000,000		-
2023	31-Jul-27	0.0108	37,500,000		-
2023	31-Jul-27	0.0126	40,000,000		-
Total			532,342,509		472,984,882

Grant date	Expiry date	Exercise price in £ per share	Number 2023	Number 2022
2020	18-May-23	0.0012	-		2,625,000
2020	10-Sep-23	0.006	-		12,000,000
2020	18-May-23	0.015	-		11,208,125
2020	30-Nov-23	0.013	-		13,600,000
2021	17-Nov-24	0.085	23,529,401		23,529,401
2022	14-Sept-25	0.0025	7,200,000		7,200,000
2022	31-Dec-25	0.0025	100,000,000		100,000,000
2023	1-Jul-26	0.005198	10,000,000		-
2023	1-Jul-24	Note 1	250,000		-
2023	1-Jul-26	Note 1	250,000		-
Total			141,229,401		170,162,516

	2023 Options	2023 Options	2023 Options	2023 Options
Granted on:	07/07/2023	07/07/2023	07/07/2023	07/07/2023
Life (years)	3 years	3 years	3 years	3 years
Exercise price (pence per share)	0.72	0.90	1.08	1.26
Risk free rate	4.1%	4.1%	4.1%	4.1%
Expected volatility	102%	102%	102%	102%
Expected dividend yield	-	-	-	-
Marketability discount	-	-	-	-
Total fair value (£)	50,000	62,000	74,000	75,000


Exploration & Evaluation Assets at Cost and Net Book Value	2023 $	2022 $
Balance as at 1 January	15,639,000	5,939,000
Additions	1,708,000	3,029,000
Asset acquisitions	21,000	7,707,000
Impairment	(794,000)	-
Foreign exchange differences	19,000	(1,036,000)
As at 31 December	16,593,000	15,639,000


	2023 $	2022 $
VAT receivable	125,000	133,000
Prepayments	7,000	95,000
Other receivables	129,000	90,000
As at 31 December	261,000	318,000


	2023 $	2022 $
Trade payables	591,000	272,000
Other payables	36,000	69,000
Accrued expenses	99,000	105,000
As at 31 December	726,000	446,000


	2023 $	2022 $
Liability - Host	500,000	-
Liability - Derivative	71,000	-
Total	571,000	-

Group	Number of shares	Total $
At 1 January 2022	3,902,181,625	70,422,000
Share issue costs - 1 January 2022	-	(60,000)
Issue of Ordinary Shares on exercise of warrants - 21 January 2022	202,247,000	367,000
Issue of Ordinary Shares on exercise of options - 21 January 2022	1,100,000	4,000
Issue of Ordinary Shares on exercise of warrants - 10 February 2022	1,111,111	5,000
Issue of Ordinary Shares on exercise of warrants - 10 February 2022	816,666	3,000
Issue of Ordinary Shares as consideration for asset acquisition - 23 February 2022 (Note 8)	50,000,000	467,000
Issue of Ordinary Shares on exercise of warrants - 14 March 2022	3,333,333	12,000
Issue of Ordinary Shares as consideration for asset acquisition - 22 March 2022 (Note 8)	138,703,396	1,384,000
Issue of Ordinary Shares as consideration for asset acquisition - 22 March 2022 (Note 8)	358,617,818	3,577,000
Issue of Ordinary Shares on exercise of warrants - 22 March 2022	66,666,666	153,000
Issue of Ordinary Shares on exercise of warrants - 22 March 2022	26,610,661	73,000
Issue of Ordinary Shares on exercise of warrants - 13 April 2022	14,000	1,000
Issue of Ordinary Shares on exercise of warrants - 13 April 2022	122,267	1,000
Issue of Ordinary Shares on exercise of warrants - 13 April 2022	984,375	3,000
Issue of Ordinary Shares on exercise of options - 26 April 2022	2,000,000	7,000
Issue of Ordinary Shares as consideration for asset acquisition - 20 June 2022 (Note 8)	7,827,883	69,000
Share issue costs - 7 September 2022	-	(12,000)
Issue of Ordinary Shares for cash - 8 September 2022	300,000,000	1,814,000
Share issue costs - 28 September 2022	-	(128,000)
Issue of Ordinary Shares on exercise of options - 1 December 2022	2,500,000	8,000
Issue of Ordinary Shares as consideration for asset acquisition - 20 December 2022 (Note 8)	260,000,000	1,416,000
At 31 December 2022	5,324,836,801	79,586,000
Issue of Ordinary Shares for cash - 12 January 2023	2,500,000	8,000
Issue of Ordinary Shares for cash - 16 May 2023	8,142,373	25,000
Issue of Ordinary Shares for cash - 10 August 2023	1,000,000,000	2,545,000
Issue of Ordinary Shares in lieu of fees - 3 November 2023	26,315,000	61,000
Share issue costs - 10 August 2023	-	(128,000)
At 31 December 2023	6,361,794,174	82,097,000

	2023 $	2022 $
Foreign currency translation reserve	279,000	694,000
Share based payment reserve	854,000	771,000
Warrant reserve	834,000	377,000

	2023 Conversion Warrants	2023 Conversion Warrants	2023 Commitment Warrants
Granted on:	01/07/2023	01/07/2023	01/07/2023
Life (years)	1 year	3 years	3 years
Exercise price (pence per share)	Variable	Variable	0.5198
Risk free rate	4.7%	3.6%	3.6%
Expected volatility	75%	75%	75%
Expected dividend yield	-	-	-
Marketability discount	-	-	-
Total fair value (£)	29,000	42,000	5,000

	2023
Range of exercise prices ($)	Weighted average exercise price ($)	Number of shares	Weighted average remaining life expected (years)	Weighted average remaining life contracted (years)
0.004-0.6	0.00874	674,071,899	1.85	1.85

	Number	Exercisable by	Premium to price on date of issue	Exercise price in £ per share
A Vorster	12,500,000	31/07/2027	100%	0.0072
A Vorster	15,000,000	31/07/2027	150%	0.0090
A Vorster	17,500,000	31/07/2027	200%	0.0108
A Vorster	20,000,000	31/07/2027	250%	0.0126
E Henson	10,000,000	31/07/2027	100%	0.0072
E Henson	15,000,000	31/07/2027	150%	0.0090
E Henson	20,000,000	31/07/2027	200%	0.0108
E Henson	20,000,000	31/07/2027	250%	0.0126

	Group
Staff costs (excluding Directors)	2023 $	2022 $
Salaries and wages	760,000	256,000
Social security costs	34,000	13,000
Pensions	70,000	38,000
	864,000	307,000

FY23 Results Ended 31 December 2023

Sensitivity Analysis

Companies

UK 100

Latest directors dealings

2023	Short term employment benefits $	Share based payment $	Total $
Executive Directors
G Robertson	44,000	-	44,000
R McIllree	37,000	-	37,000
Non-Executive Directors
A Vorster	61,000	61,000	122,000
E Henson	26,000	61,000	87,000
D Smith	37,000	-	37,000
J Battershill	5,000	-	5,000
M C Culbert	10,000	-	10,000
	220,000	122,000	342,000

	License fees $	Minimum spend requirements $	Total $
Less than 1 year	91,000	455,000	546,000
1 to 5 years	291,000	1,964,000	2,255,000
Total	382,000	2,419,000	2,801,000