Mila Resources : 01 June 2021 Interim Accounts for the six months ending 31 December 2020

Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources

1 June 2021

Mila Resources Plc

("Mila" or "the Company")

Interim Results

Mila Resources Plc, a London listed natural resources company, is pleased to present its interim results for the

six-month period ended 31 December 2020.

Highlights:

• Towards the period end Mila entered into non-binding Heads of Terms with regard to the possible acquisition of 100% of the share capital of New Generation Minerals Limited ("NGM'); to be satisfied by the issue of New Ordinary Shares of the Company. NGM is a UK private company, whose principal asset is the Kathleen Valley gold project ("Project") in Western Australia. The Project is located in the prolific
  Wiluna-Norseman gold belt which hosts several world-class mines owned by a number of premier Australian gold companies including Northern Star and St Barbara. Since the initial Heads of Terms announcement, the structure of the proposed transaction has been simplified to the acquisition of NGM's gold project in Western Australia "Kathleen Valley". The nature of the deal will be an earn in process based on success milestones.
• Cash balance at the end of the period £212,811.
• In March 2021, the Company announced that it had raised £350,000 through the issue of Convertible Loan Notes ("CLN") with supportive shareholders.

Chairman Statement

I am pleased to present the interim financial statements to shareholders for the six months ended 31 December 2020.

The period under review was dominated by searching for a suitable reverse takeover candidate, culminating in the identification of New Generation Minerals Limited ("NGM'). Since the initial announcement the deal has been simplified to the acquisition of NGM's interest in the the Kathleen Valley Gold Project in Western Australia. The acquisition will be an earn in process based on success milestones. The Kathleen Valley Gold Project is a very exciting gold project and we believe the project will enable us to achieve the ambitions we have for Mila.

The current pandemic, although devastating to businesses globally, has not interrupted our plans to undertake a re-listing of the enlarged entity and the Company and its professional advisers are continuing with due diligence and preparing the documentation for the re-listing. Clearly, we will need to assess market conditions prior to raising any capital but it is very much our current intention to complete the transaction relatively shortly. The prospectus is advancing through the FCA and we will notify shareholders upon its release.

I look forward to reporting our progress to you over the coming the weeks.

Financial Review

For the six months to 31 December 2020, the Company reports a net loss of £122,037 (2019: £50,504). During the six-months to 31 December 2020, the Company continued its strict financial discipline, incurring a net operating cash inflow of £26,495 (2019: outflow £33,248). The Company held cash at 31 December 2020 of £212,811 (2019: £395,425).

Directors

The following directors have held office during the period:

Mark Stephenson

Lee Daniels

Corporate Governance

The UK Corporate Governance Code (September 2014) ("the Code"), as appended to the Listing Rules, sets out the Principles of Good Corporate Governance and Code Provisions which are applicable to listed companies incorporated in the United Kingdom. As a standard listed company, the Company is not subject to the Code, but the Board recognises the value of applying the principles of the Code where appropriate and proportionate and has endeavoured to do so where practicable.

Responsibility Statement

The Directors are responsible for preparing the Unaudited Interim Condensed Consolidated Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ("DTR") and with International Accounting Standard 34 on Interim Reporting ("IAS 34"). The directors confirm that, to the best of their knowledge, this condensed consolidated interim report has been prepared in accordance with IAS 34 as adopted by the European Union. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

• an indication of important events that have occurred during the six months ended 31 December 2020 and their impact on the condensed consolidated financial statements for the period, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
• related party transactions that have taken place in the six months ended 31 December 2020 and that have materially affected the financial position of the performance of the business during that period.

On behalf of the board

Mark Stephenson

Director

31 May 2021

MILA RESOURCES PLC

Interim Statement of Comprehensive Income (Unaudited)

For the six months ended 31 December 2020

		Six months		Six months		Year
		ended		ended		ended
	Notes	31 December		31 December		30 June
		2020	2019	2020
		Unaudited		Unaudited		Audited
		£	£	£
Revenue		-	-	-
Administrative expenses		(123,590)	(50,504)	(220,220)
Operating loss		(123,590)	(50,504)	(220,220)
Interest receivable		1,553	-	849
Loss on ordinary activities before
taxation		(122,037)	(50,504)	(219,371)
Income tax expense	3	-	-	-
Loss for the period		(122,037)		(50,504)		(219,371)
Other comprehensive income / (loss)		-		-		-
Total comprehensive loss for the year		(122,037)	(50,504)	(219,371)
attributable to equity holders
Loss per share (basic and diluted)	4	(0.53)p		(0.22)p		(0.95)p
attributable to equity holders (p)

The income statement has been prepared on the basis that all operations are continuing operations.

MILA RESOURCES PLC

Interim Statement of Financial Position (Unaudited)

As at 31 December 2020

Notes

Current assets

Trade and other receivables

Cash at bank and in hand

Loans receivable

Current liabilities

Trade and other payables

Net current assets
Net assets
Equity
Share capital	5
Share premium	5
Share based payment
reserve
Retained losses

Equity attributable to the owners of the parent

		At 31		At 30
At 31		December		June
December 2020	2019	2020
Unaudited		Unaudited		Audited
£	£	£
835	5,815	23,705
212,811	395,425	186,316
-	-	85,849
213,646	401,240	295,870
126,483	23,174	86,671
126,483	23,174	86,671
87,163	378,066	209,199
87,163	378,066	209,199
232,000	232,000	232,000
849,300	849,300	849,300
4,720	4,720	4,720
(998,857)	(707,954)	(876,821)
87,163	378,066	209,199

MILA RESOURCES PLC

Statements of changes in equity (Unaudited) For the six months ended 31 December 2020

Share

Capital

£

Share	Share Based	Retained
Premium	Payment	TOTAL
Loss
Account	Reserve
£	£	£	£

Balance at 30 June 2019	232,000	849,300	4,720	(657,450)	428,570
Total comprehensive loss for
the year	-	-	-	(219,371)	(219,371)
Balance at 30 June 2020	232,000	849,300	4,720	(876,821)	209,199
Total comprehensive loss for
the period	-	-	-	(122,036)	(122,036)
Balance at 31 December 2020	232,000	849,300	4,720	(998,857)	87,163