Evrima Plc - Interim Financial Statement to 30th June 2021

Evrima Plc - Interim Financial Statement to 30th June 2021

PR Newswire

London, September 29

THE DIRECTORS OF EVRIMA PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS DEEMED NOW TO BE IN THE PUBLIC DOMAIN.

Evrima PLC
("Evrima" or the "Company")

AQSE: EVA

Interim Results for the Six Months Ended 30^thJune 2021

Chairman's Statement

I am pleased to present the unaudited interim results for Evrima plc (AQSE: EVA) for the period ended 30^thJune 2021. The financial statements below have not been reviewed by the Company's auditors.

The Company has committed to creating an investment entity focused primarily on opportunities in the natural resource industry with a focused and coherent investment strategy that the Board believes provides shareholders with unique optionality.

Evrima seeks to evaluate investment opportunities offering attractive entries and which, if successful, result in valuation uplifts sufficient to reduce the onus of maintaining its investment position through successive capital rounds and therefore of the Company itself needing to access ever-further capital through equity and debt financings. The Company has focused its efforts on the identification of base and industrial mineral opportunities in Botswana and has successfully executed several investments during the first half of 2021.

Premium Nickel Resources Corporation ("PNRC")

In the period ended 30^thJune 2021, the Company increased its holding in PNRC. Under the Company's investment commitment and the terms of the subscription agreement entered into with PNRC, Evrima has accumulated through private placement participation 1,000,000 shares of PNRC representing, 1.37% of the latter's issued share capital.

In February 2021, PNRC announced that it had been selected as the preferred bidder for the Botswana nickel-copper-cobalt ("Ni-Cu-Co") assets formerly operated by BCL Limited ("BCL"), and currently in liquidation. In June 2020, PNR had submitted an indicative offer to the BCL Liquidator, to acquire the formerly- producing Selebi-Phikwe, Tati Phoenix and Selkirk Mines as well as regional exploration joint ventures on highly prospective Ni-Cu-Co projects located in Botswana. On February 10^th 2021 the Honourable Moagi Lefoko, the Minister of Mineral Resources, Green Technology and Energy Security of Botswana, affirmed in Parliament the press release by the Liquidator for the BCL Group of Companies, stating that PNRC had been selected as the preferred bidder to acquire the assets formerly owned by BCL.

Eastport Ventures Inc ("Eastport Ventures'')

During the period under review the Company also entered into a non-binding investment memorandum with Eastport Ventures in which the Company conditionally agreed that, following the commissioning of an independent valuation opinion on Eastport Ventures, it would proceed with a cornerstone investment in Eastport Ventures prior to the latter company embarking on the process of a public listing.

Following the balance sheet date, Evrima has acquired a 1.62% interest in Eastport Ventures through a subscription for new ordinary shares of Eastport Ventures. Evrima has subscribed for 523,667 units in this pre-IPO financing with each unit having a subscription price of $0.30¢ and consisting of one new share and one subscription warrant ("Warrant"). The Warrants have a strike price of $0.60¢ and a life of five years.

The Company has also secured an exclusive subscription agreement that entitles Evrima to subscribe for up to a further 2,000,000 new shares on like terms for a period of 45 business days from the date of its original subscription.

Eastport Ventures is now entering an extremely active period of exploration as it commenced its maiden drill campaign at Jwaneng North, a diamond project adjacent to the Jwaneng Mine owned by Debswana where, earlier this year, the third-largest diamond discovery in Botswana was made. On completion of its drilling programme at Jwaneng, Eastport is also scheduled to undertake a 2,500m - 5,000m diamond drilling programme at the Matsitama Copper Project, where historic drill intercepts report over mineable widths and depths copper grades of greater than 4%.

I look forward to updating the market on the developments with this new investee company as it seeks to augment the value of its underlying assets through strategic exploration and development and it works to consummate a successful going-public transaction, the current preference being for a reverse takeover or initial public offering on a recognised investment exchange.

Kalahari Key Mineral Exploration ("Kalahari Key")

In September 2020, the Company entered into an option agreement with two of the four founders of Kalahari Key to acquire these founders' equity interests in Kalahari Key. The terms of the option allowed Evrima to acquire a further 17.2% equity interest. In addition to increasing Evrima's exposure to a pre-existing investment it enabled the Company to develop a strong working relationship with the two Kalahari Key founders mentioned and to welcome them as notifiable shareholders of Evrima. Evrima owns 19.6% of Kalahari Key and is now the second-largest shareholder of that company.

Simon Grant-Rennick,

Chairman,

30^thSeptember 2021

Income Statement for the 6 months ended 30 June 2021

		30 June 2021 Unaudited		31 December 2020 Audited	30 June 2020 Unaudited
		£		£	£
Revenue				20,141	10,090
Administrative expenses		(85,541)		(257,860)	(16,194)
Fair value movement		47,811		69,769	-
Loss on sale of fixed asset investment				(4,436)	(4,436)
Interest payable and similar expense				(5,959)	(5,000)
Profit/(loss) before taxation		(133,352)		(178,345)	(15,540)
Taxation		-		(35,621)	-
Profit/(Loss) for the period		(133,562)		(213,966)	(15,540)
Basic earnings per share		(0.001)		0.003	(0.002)
Diluted earnings per share		(0.001)		0.002	(0.002)

Balance Sheet as at 30 June and 31 December

		30 June		31 December		30 June
		2021		2020		2020
		Unaudited		Audited		Unaudited
		£		£		£
Fixed Assets
Tangible assets		-		-		200,000
Investments		391,094		344,976		65,250
		391,094		344,976		265,250
Current assets
Trade and other receivables		72,325		68,895		42,604
Cash and cash equivalents		14,130		163,607		2,038
		81,576		232,502		44,642
Creditors: amounts falling due within one year		(152,161)		(118,750)		(74,307)
Net current assets		(65,706)		113,752		(29,665)
Total Assets less current liabilities		325,387		458,738		190,943
Capital and reserves
Called up share capital		229,667		229,668		119,234
Share premium account		673,448		673,448		336,482
Other reserves		27,821		27,821		-
Profit and loss reserve		(605,549)		(472,199)		(264,773)
Total equity		325,387		458,738		190,943

Statement of Changes in Equity as at 30 June and 31 December

	Share	Share	Other	Profit and loss
	capital	premium	Reserves	Reserves	Total
	£	£	£	£	£
For the 6 months ended 30 June 2020
Balance at 1 January 20	119,234	336,482	-	(249,233)	206,483
Loss for the period	-	-	-	(15,540)	(15,540)
Balance at 30 June 2020	119,234	336,482	-	(264,773)	190,943
Reclassification		(15,000)	24,000	(9,000)	-
Issue of share capital	110,434	351,966	3,821		466,221
Profit for the period	-	-	-	(213,966)	(213,966)
Balance at 31 December 2020	229,668	673,448	27,821	(472,199)	458,738
Loss for the period	-	-	-	(133,352)	(135,562)
Balance at 30 June 2021	229,668	673,448	27,821	(605,550)	(325,387)

The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.

REGULATORY ANNOUNCEMENT ENDS

Enquiries:

Company:
Burns Singh Tennent-Bhohi (CEO & Director)
[e-mail];
Simon Grant-Rennick (Executive Chairman)
[e-mail]

Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser):
Graham Atthill-Beck: [phone]; [e-mail]; [e-mail]

Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams: [phone]
Duncan Vasey: [phone] (Direct)