LONDON, September 29, 2021 - The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) is pleased to announce the release of its Full Year Results for the year ended 30 June 2021. The Board advises all shareholders and interested investors that the Company's website www.solgold.com.au contains access to a copy of the Full Year Results for the year ended 30 June 2021. An abridged version of the Full Year Results is included below.
For Canadian purposes, the Company has filed its audited financial statements and Management Discussion and Analysis ("MD&A") for the year ended 30 June 2021 on SEDAR.
The Company's annual report, including the audited full year results for the year ended 30 June 2021, together with the MD&A is available on the Company's website: www.solgold.com.au.
By order of the Board
Dennis Wilkins Company Secretary
FINANCIAL STATEMENTS
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2021
Group
2021
Group
2020
Notes
US$
US$
Expenses
Exploration costs written-off
13
(4,353)
(218,163)
Administrative expenses
(12,545,812)
(12,411,630)
Share based payments expenses
23
(315,436)
(1,156,832)
Operating loss
3
(12,865,601)
(13,786,625)
Other income
344,565
398,472
Finance income
6
454,575
513,336
Finance costs
6
(10,061,787)
(425,440)
Movement in fair value of derivative liability
22
(613,746)
279,913
Loss before tax
(22,741,994)
(13,020,344)
Tax (expense) benefit
7
(151,173)
(1,103,409)
Loss for the year
(22,893,167)
(14,123,753)
Other comprehensive loss
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
670,049
(139,285)
Items that will not be reclassified to profit or loss
Change in Ecuador pension
(50,378)
(475,763)
Change in fair value of financial assets, net of tax
11a / 15
1,198,986
(1,320,370)
Other comprehensive profit/(loss), net of tax
1,818,657
(1,935,418)
Total comprehensive loss for the year
(21,074,510)
(16,059,171)
Loss for the year attributable to:
Owners of the parent company
(22,811,409)
(14,067,978)
Non-controlling interest
(81,758)
(55,775)
(22,893,167)
(14,123,753)
Total comprehensive loss for the year attributable to:
Owners of the parent company
(20,992,752)
(16,003,396)
Non-controlling interest
(81,758)
(55,775)
(21,074,510)
(16,059,171)
Loss per share
Cents per share
Cents per share
Basic loss per share
8
(1.1)
(0.7)
Diluted loss per share
8
(1.1)
(0.7)
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Consolidated Statement of Financial Position
As at 30 June 2021
Registered Number 5449516
Notes
Group
2021
Group
2020
US$
US$
Assets
Property, plant and equipment
12
15,682,120
14,940,988
Intangible assets
13
308,432,012
230,256,153
Financial assets held at fair value through OCI
11(a)
6,825,042
4,119,179
Loans receivable and other non-current assets
14
1,457,324
7,702,969
Total non-current assets
332,396,498
257,019,289
Other receivables and prepayments
16
8,458,494
2,883,916
Loans receivable and other current assets
14
6,495,930
-
Cash and cash equivalents
17
109,562,103
46,895,243
Total current assets
124,516,527
49,779,159
Total assets
456,913,025
306,798,448
Equity
Share capital
18
32,350,699
29,281,511
Share premium
18
426,819,162
353,220,481
Other reserves
18
26,625,929
38,331,650
Accumulated loss
(142,247,869)
(133,331,591)
Foreign currency translation reserve
(4,345,829)
(5,015,878)
Equity attributable to owners of the parent company
339,202,092
282,486,173
Non-controlling interest
(579,897)
(498,139)
Total equity
338,622,195
281,988,034
Liabilities
Trade and other payables
19
7,847,650
6,060,193
Lease liability
20
335,749
314,524
Borrowings
21
-
15,248,302
Total current liabilities
8,183,399
21,623,019
Lease liability
20
607,214
875,141
Other financial liabilities
22
2,926,000
2,312,254
Borrowings
21
106,574,217
-
Total non-current liabilities
110,107,431
3,187,395
Total liabilities
118,290,830
24,810,414
Total equity and liabilities
456,913,025
306,798,448
The above consolidated statements of financial position should be read in conjunction with the accompanying notes.
Company Statement of Financial Position
As at 30 June 2021
Registered Number 5449516
Notes
Company
2021
Company
2020
US$
US$
Assets
Property, plant and equipment
12
958,850
1,187,191
Investment in subsidiaries
9
120,045,844
259,951,415
Loans with subsidiaries
10
167,399,767
-
Financial assets held at fair value through OCI
11(a)
6,819,046
4,113,660
Loans receivable and other non-current assets
14
756,332
7,173,984
Total non-current assets
295,979,839
272,426,250
Other receivables and prepayments
16
1,938,616
714,197
Loans receivable and other current assets
14
6,495,930
-
Cash and cash equivalents
17
72,918,016
45,356,423
Total current assets
81,352,562
46,070,620
Total assets
377,332,401
318,496,870
Equity
Share capital
18
32,350,699
29,281,511
Share premium
18
426,819,162
353,220,481
Other reserves
18
27,257,963
38,913,306
Accumulated loss
(109,416,834)
(119,164,736)
Foreign currency translation reserve
(5,006,473)
(5,006,473)
Equity attributable to owners of the parent company
372,004,517
297,244,089
Non-controlling interest
-
-
Total equity
372,004,517
297,244,089
Liabilities
Trade and other payables
19
1,475,395
2,616,941
Lease liability
20
319,275
222,109
Borrowings
21
-
15,248,302
Total current liabilities
1,794,670
18,087,352
Lease liability
20
607,214
853,175
Other financial liabilities
22
2,926,000
2,312,254
Total non-current liabilities
3,533,214
3,165,429
Total liabilities
5,327,884
21,252,781
Total equity and liabilities
377,332,401
318,496,870
The above company statements of financial position should be read in conjunction with the accompanying notes.
A separate statement of comprehensive income for the parent company has not been presented as permitted by section 408 of the Companies Act 2006. The Company's loss for the year was US$4,147,229 (2020: US$12,653,965).
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 28 September 2021.
Liam Twigger Chairman
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