213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
213800HZ69B3QHCUGX36
2024-05-31
213800HZ69B3QHCUGX36
2023-05-31
213800HZ69B3QHCUGX36
2022-05-31
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
213800HZ69B3QHCUGX36
2021-05-31
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2022-06-01
2023-05-31
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2023-06-01
2024-05-31
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2021-06-01
2022-05-31
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2023-05-31
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2023-05-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2023-05-31
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2023-05-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2023-05-31
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2023-05-31
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2023-05-31
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2023-05-31
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2023-05-31
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2024-05-31
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2024-05-31
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2024-05-31
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2024-05-31
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2024-05-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2024-05-31
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2024-05-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2024-05-31
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2024-05-31
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
ifrs-full:NoncontrollingInterestsMember
213800HZ69B3QHCUGX36
2021-05-31
ifrs-full:PreviouslyStatedMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2021-05-31
cgo:AdjustmentMember
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2022-05-31
ifrs-full:IssuedCapitalMember
213800HZ69B3QHCUGX36
2022-05-31
ifrs-full:SharePremiumMember
213800HZ69B3QHCUGX36
2022-05-31
cgo:SharesToBeIssuedMember
213800HZ69B3QHCUGX36
2022-05-31
ifrs-full:WarrantReserveMember
213800HZ69B3QHCUGX36
2022-05-31
cgo:OptionReserveMember
213800HZ69B3QHCUGX36
2022-05-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800HZ69B3QHCUGX36
2022-05-31
ifrs-full:RetainedEarningsMember
213800HZ69B3QHCUGX36
2022-05-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800HZ69B3QHCUGX36
2022-05-31
ifrs-full:NoncontrollingInterestsMember
iso4217:GBP
iso4217:GBP
xbrli:shares

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Registered number: 10186111

Contango Holdings Plc

Annual Report and Financial Statements

For the year ended 31 May 2024

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Parent Company Information

Directors

Oliver Stansfield

Carl Esprey

Roy Pitchford

Gordon Thompson

Company Secretary

Graham May

Registered Office

1 Charterhouse Mews

London

EC1M 6BB

Company Registered No. 10186111 (England and Wales)

Auditors

Moore Kingston Smith LLP

6

th

Floor

9 Appold Street

London

EC2A 2AP

Broker

Tavira Financial Limited

88 Wood Street

London

EC2V 7DA

Registrars

Avenir Registrars

5 St John’s Lane

London

EC1M 4BH

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings PLC

Table of Contents

For the year ended 31 May 2024

Chairman’s

Report

..................................................................................................................................

1

Strategic Report

......................................................................................................................................

4

Directors’ Report

...................................................................................................................................

15

Directors’ Remuneration Report

...........................................................................................................

21

Independent auditor’s report to the members………………………………………………………………..

26

Consolidated Statement of Comprehensive Income

............................................................................

34

Consolidated Statement of Financial Position

......................................................................................

35

Company Statement of Financial Position

............................................................................................

36

Consolidated Statement of Changes in Equity

.....................................................................................

37

Company Statement of Changes in Equity

...........................................................................................

39

Consolidated Statement of Cash Flows

................................................................................................

41

Company Statement of Cash Flows

.....................................................................................................

42

Notes to the Financial Statements

........................................................................................................

43

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Chairman’s report

For the year ended 31 May 2024

1

The period under review has seen the Contango team systematically work towards establishing

Muchesu as a new and profitable mining operation, focussed on the delivery of high-quality coking coal

for industrial use across southern Africa.

Our initial strategy for this was to advance offtake discussions during the period with the intention of

securing at least one sizeable contract to cornerstone development of Muchesu and generate free

cashflow for further reinvestment into the assets to boost production capacity further.

Negotiations,

whilst taking longer to conclude than originally envisaged, were ongoing with several parties when the

board were presented with an alternative route through which to unlock the full potential of Muchesu, in

the form of a partial sale agreement.

In June 2024, following a period of due diligence and post period

end, the board were delighted to report that it had entered into an agreement with the investment vehicle

of a prominent Zimbabwe-based Chinese national with extensive mining and business investments in

Zimbabwe and the Southern African region (referred to throughout as “the Investor”), regarding the

purchase of a 51% stake in Muchesu by the Investor and an associated subscription for a circa 20%

holding in the Company.

This arrangement would provide Contango with a life of mine royalty (including

a guaranteed royalty of no less than $2 million per annum), and also support the rapid expansion of the

Muchesu Project, with the investment of at least $20 million directly into the asset

, matching Contango’s

own historic investment into Muchesu.

The Definitive Agreements were subsequently signed in July 2024 and are currently being finalised

alongside the approval of a Short Form Prospectus through which the equity subscription into Contango

by the Investor can be actioned, which in turn will make the Investor the largest shareholder in the

Company. Given the collaborative relationship, the Investor has already committed significant funds to

the development of Muchesu and funded the delivery of a number of capital items. The existing open

pit has also been expanded significantly, thereby providing access to significantly more coking coal for

extraction and enable a greater amount of steady state production once full-scale mining recommences

following the Investor's upgrades. Importantly the Investor has also acquired and delivered a Dense

Media Separation ("DMS") Plant to site, which has an estimated production capacity of 3,000 tonnes of

washed coal per day. Installation of the DMS Plant is nearing completion and commissioning and testing

is expected to occur during the first half of December 2024, ahead of the commencement of full

processing during the second half of December 2024.

Funding

During the year, the Company had raised £2,308,000 from a number of existing stakeholders through

unsecured and non-convertible bridging loans.

In April 2024, the Company raised gross proceeds of £940,000 through a placing of 94,000,000 new

ordinary shares of 1p each at a price of 1p.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Chairman’s report

For the year ended 31 May 2024

2

During July 2024, it was agreed that the Investor has entered into a subscription agreement with the

Company to subscribe for 142,000,000 new ordinary shares at a price of £0.0111 pence per share. As

a result, the Company will receive £1,576,200 (US$2,000,000) of new funding which will be applied

towards general working capital purposes.

The subscription agreement is conditional on the issue by

the Company of a Short Form Prospectus to provide headroom to issue the Subscription Shares. The

Company expects the Short Form Prospectus to be issued and closing of the subscription to take place

in November 2024.

In July 2024, the Company announced that in keeping with the collaborative relationship between the

Investor and the Company, the Company received a payment of US$1,000,000, as an advance against

the Subscription.

In September 2024, the Company advised that it had received confirmation from the Investor that the

first US$1,000,000 under the Mineral Royalty Agreement will be paid in Q4 2024, with a second payment

around the end of Q1 2025. It should be noted that assuming the DMS plant operates as expected then

the royalty payments going forward are expected to be materially higher than the minimum of

US$2,000,000 per annum.

Revenue

The Group generated revenue of £64,218 (2023: £nil) through two bulk sample orders for coking coal.

This is included in the results of Monaf Investments which is classified as a discontinued activity.

Expenditure

The Company has applied its cash resources primarily to the development of the Muchesu Project.

Liquidity, cash and cash equivalents

As at 31 May 2024, the Group held cash and cash equivalents of £1,166 (2023: £75,692).

Outlook

I look to 2025 and beyond with enormous optimism as we transition from being a mine operating to a

royalty company. We will continue to support Huo Investments as they upgrade the infrastructure at the

Muchesu Mine and work towards first commercial production at the beginning of 2025.

I look forward to providing further news regarding operational developments at Muchesu, including the

commissioning of the DMS plant, in the coming weeks alongside corporate updates and the receipt of

our first Mineral Royalty payments.

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_6"><path d="M108.2,351.8V298.6H311.1v53.2Z"/></clipPath>
</defs>
<image clip-path="url(#c0_6)" preserveAspectRatio="none" x="108" y="299" width="203" height="53" xlink:href="data:image/jpeg;base64,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"/>
</svg>)

Contango Holdings Plc

Chairman’s report

For the year ended 31 May 2024

3

As always, I would like to express my sincere thanks to our shareholders for their trust, support and

patience in bringing Contango to this phase of its journey, and for their continued vision as the fruits of

our labours over the past five years begin to deliver meaningful returns.

Roy Pitchford

22 November 2024

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_7"><path d="M108.2,1161V793H728.7v368Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_7{
fill: #000;
}
]]></style>
</defs>
<path fill-rule="evenodd" d="M299.3,772.7H610.2v-1.1H299.3v1.1Z" class="g0_7"/>
<image clip-path="url(#c0_7)" preserveAspectRatio="none" x="108" y="793" width="621" height="368" xlink:href="data:image/jpeg;base64,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"/>
</svg>)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

4

Contango's primary focus during the period was on the development of the Muchesu Project in

Zimbabwe.

Muchesu Project ('Muchesu')

The Company currently holds its interest in Muchesu through the Company's 75% subsidiary Monaf

Investments (Pvt) Limited ("Monaf").

In line with the announcement of 17 June 2024 and following the

closing of the binding transaction agreements (the "Definitive Agreements") entered with the strategic

investor Huo Investments (Pvt) Limited (the "Investor"), Contango’s retained interest in Mon

af will fall to

24%. The process of formally transferring the shares to Huo Investments and gaining the requisite

approvals from government agencies is under way and should be completed by the end of the year.

Muchesu is a sizeable coal asset with a resource in excess of 1.3 billion tonnes identified under NI 43-

101 standard.

Mining activities are currently focused on Block B2, where extensive work has also been

undertaken to define the specific properties of the coal.

The coal seams within Block B2 are from surface

down to a maximum depth of 47m, thus ensuring operating costs are kept competitive.

Block 2 contains

an estimated 96MT of coking coal.

A DMS plant with production capacity of 3,000 tonnes of washed

coal per day is currently being installed. It is the Company’s current expectation that the DMS plant will

be operational before the end of November 2024. The DMS plant will be calibrated to process coking

coal from Muchesu, which is readily available following the pit expansion in Q3 and Q4 2024. The

Muchesu Resource was reported on 22 April 2020 by Sumsare Consulting CC prior to the relisting of

the Company in June 2020. The Company Mineral Resource was prepared as per the guidelines set

out in National Instrument 43-101 Standards of Disclosure for Mineral Projects as published by the

Canadian Institute of Mining. It has not been updated since the relisting and remains as reported below.

Mineral Resource Statement for the Company

Source: Company

Source: Company

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

5

Garalo-Ntiela Gold Project

(‘Garalo

-

Ntiela’)

The Company’s primary focus during the period was on the completion of construction, and

commissioning of the Muchesu Project ahead of the first sales, with both financial and human resources

directed towards this objective.

The Board anticipates that this focus on the Muchesu Project will continue over the coming years.

In

addition, the ongoing uncertainty in Mali relating to the new mining code prompted the Board to fully

impair the Mali assets during the prior year.

Notwithstanding this, the Malian assets remain significant

and an interesting gold project, with the strong potential for a resource of 1.8Moz-2Moz gold. The Board

will look to maximise the value of these assets at the appropriate time through discussions with relevant

interested parties if conditions improve in Mali in the future.

Key performance indicators (KPIs)

The Group, together with the Investor, continues to focus on the expansion and commercialisation of

the Muchesu Project and the ongoing assessment of its environmental impact.

The Group monitors its performance through five KPIs:

•

To start commercial coal production at Muchesu

•

To reduce loss per ordinary share on total operations.

•

To reduce UK head office costs.

•

To increase Group net assets.

•

To have no workplace accidents that result in injury to staff.

The Group’s performance in 2024 against these KPIs it set out in the table below, together with prior

year performance data.

Funding

During the year the Parent Company was funded through cash raised share placings and non-secured

loans.

Unit

2024

2023

2024 vs

2023

Commercial Coal Production

Tonnes

-

-

-

Loss per ordinary share (total operations)

£

0.78

1.65

+53%

UK head office costs

£

2,525,272

2,761,416

+9%

Net assets

£

10,612,516

14,167,738

-25%

Workplace injuries

Incidents

-

-

-

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

6

Revenue

The Group generated revenue of £64,218 (2023: £nil) through two bulk sample orders for coking coal.

This is included in the results of Monaf Investments which is classified as a discontinued activity.

Expenditure

The Group has low ongoing overheads and, during the year under review, devoted the majority of its

cash to the development of the Muchesu Project.

Liquidity, cash and cash equivalents

At 31 May 2024, the Group held cash and cash equivalents of £1,166 (at 31 May 2023 the Group held

£75,692).

Health and safety

During the year, the Company had no reported health and safety incidents that lead to time lost, staff

requiring medical treatment or hospitalisation and no fatalities (2023: nil).

Employees

During the period, with the exception of the Directors, the Group has 26 employees. Of the 26

employees, 15% are female, including one senior manager, and four of the board members of subsidiary

Group companies are from ethnic minority backgrounds. Other people work on a consultancy basis at

present to keep overheads at a minimum. The board of Directors is comprised of four males. None of

the board member are from an ethnic minority background. Whilst there is not currently a balance of

genders on the board, Contango is committed to promoting and enhancing diversity across all levels of

the organisation. The Company has confirmed previously it intends to make changes to the Board

following the formal transfer of the shares in Monaf to Huo Investments.

The Group is committed to promoting policies which ensure that high calibre employees are attracted,

retained and motivated, to ensure the ongoing success for the business. Employees and those who

seek to work within the Group are treated equally regardless of gender, marital status, disability, race,

ethnicity or any other basis. Contango provides equal opportunities for career development and

promotion as well as providing employees with appropriate training opportunities. For more information

about the G

roup’s employees see directors’ remuneration report

on pages 21

–

25.

The report does not contain any specific information about social, community and human rights issues

since the Group is still in a pre-recurring revenue stage and collating that information

would be onerous

at present.

Environmental

The Muchesu Project has undergone a full environmental risk assessment and suitable

recommendations were made, and were adopted, prior to first extraction of coal as part of the wash

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

7

plant calibration process in Q2 2023.

Environmental and safety legislation may change in a manner that

may require stricter or additional standards than those now in effect, a heightened degree of

responsibility for companies and their directors and employees and more stringent enforcement of

existing laws and regulations.

Climate Change Disclosures

As a responsible corporate entity operating in the natural resources sector, the Company is committed

to the recognition and disclosure of the potential impacts of climate change on the Company’s business

activities.

The Company supports the initiatives and recommendations of the Task Force on Climate-related

Financial Disclosures (“TCFD”) and has taken steps to develop climate

-related financial disclosures that

it considers are consistent and appropriate with both the recommended disclosures of the TCFD and

the current position of the Company.

The TCFD recommended disclosure framework comprises four broad categories of disclosure:

governance, risk management, strategy and metrics and targets. Within each category of recommended

disclosure, the TCFD has identified further specific disclosures that the Company should report on. The

Company has reported on this basis below.

The Company has considered the appropriate level of detail to be included within the various disclosures

having regard to the nature and size of the Company’s current operations and the planned future

operations at Muchesu.

The disclosures made below are consistent with the TCFD recommendations and recommended

disclosures.

Governance

1.

Oversight of climate-related risks and opportunities

The Board is ultimately responsible for the oversight of the risks and opportunities that are

presented by the potential effects of climate change on the Company’s business activities.

The Company’s executive directors maintain day to

-day responsibility for the recognition

and effect of climate change on the Company’s operations.

In advance of the start of commercial mining operations, the Company constituted a

sustainability committee, comprising the chairman, the chief executive officer and a non-

executive director, that will guide and support the actions of the Board with respect to

climate-related matters.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

8

2.

Assessment and management of climate-related risks

The Board in conjunction with the sustainability committee will consider and set appropriate

Company policies that will govern how the Company’s management will assess and

manage climate-related risks and opportunities in advance of the expansion of the mine and

the commencement of coke production.

The Company’s executive directors and Group managers will be responsible for the

implementation and monitoring of the policies set.

The management of the current operation are responsible for assessing and managing

climate-related risks and opportunities at the existing mine.

Risk Management

3.

Identification and assessment of climate-related risks

With respect to the existing operation, the identification and assessment of climate-related

risks and opportunities is carried out by management on an ad-hoc basis.

Included within the environmental risk and assessment carried out at Muchesu, an

environmental and social impact assessment (“ESIA”) was completed, that identified and

assessed the climate-related risks of the project and how those risks can be managed and

mitigated.

4.

Processes adopted for managing climate-related risks

With respect to the processing plant at Muchesu, no specific climate change risks have

been identified. If a climate-related risk is identified and assessed as likely to have an impact

on the operations of the plant, the plant’s management will implement

measures to manage

the impact.

5.

Integration of climate-

related risk management into the organisation’s overall risk

management

The ESIA is an integral part of the Company’s environmental planning.

Accordingly, the

foreseen climate related risks of the project (and the management / mitigation of same) is

incorporated into the Company’s overall risk management by virtue of the adop

tion of the

monitoring systems and controls recommended by the ESIA.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

9

Strategy

6.

Climate-related risks and opportunities

Opportunities

a)

Coking coal

The demand for coking coal has risen considerably over recent years as it was regularly

produced as a by-product of thermal coal production, which has reduced considerably

over the past 10 years.

Coking coal is used to produce coke, the primary source of

carbon used in steelmaking.

b)

Coke

By developing coke batteries at site at Muchesu, the Company would be able to get full

exposure to the value chain of the coal produced at site and would also reduce

transportation costs of exporting coking coal for further processing to coke.

Risks

The climate-

related risks of the project will be identified and evaluated by the Company’s Sustainability

Committee as appropriate. No significant climate-change risks to the current operation have been

identified.

7.

Impact of climate-related risks and opportunities on business, strategy and financial

planning

Climate-related risks and opportunities identified so far do not materially impact on the

business, strategy and financial planning for the mine and current processing facilities given

the size of the operation.

The impact on the surrounding area and wider operations will be considered as part of any

coke production planning phase.

8.

Resilience of the organisation’s strategy with respect to climate

-related scenarios

The mine and processing plant’s management have not identified any particular climate

-

related scenarios that would likely have a significant impact on its ongoing operations. The

plant already operates in an environment that is subject to severe weather conditions and

is, therefore, considered to have a strong resilience to existing and future climate-related

scenarios.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

10

Metrics and Targets

9.

Climate related risk / opportunity metrics

Given the current scale of the mining project, the Company will develop metrics to assess

climate-related risks and opportunities in line with its strategy and risk management

processes.

10.

Climate-related risk / opportunity performance targets

Given the current scale of the mining project, the Company will develop performance targets

to manage climate-related risks and opportunities in line with its strategy and risk

management processes.

Financial risk management objectives and policies

The Board has overall responsibility for the determination of the Group’s risk management objectives

and policies. It meets periodically to review the effectiveness of the processes put in place and the

appropriateness of the objectives and policies it sets. The overall objective of the Board is to set policies

that seek to reduce risk as far as possible without unduly affecting the Group

’s competitiveness and

flexibility.

The Group

’s principal financial instruments comprise cash and trade and other payables. It is, and has

been throughout the year under review, the Group

’s policy that no trading in financial instruments shall

be undertaken. The main risks arising from the Group

’s financial instruments are liquidity risk, price risk

,

foreign exchange risk and to a lesser extend credit risk. The Board reviews and agrees policies for

managing each of these risks and they are summarised below.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash reserves to fund the Group

’s

exploration, development and production activities. Management prepares and monitors forecasts of

the Company’s cash flows and cash balances monthly and ensures that the Group maintains sufficient

liquid funds to meet its expected future liabilities. The Group may raise funds in discrete tranches to

provide sufficient cash resources to manage the activities through to profitability.

Price risk

Although the future royalty stream is based on production per tonne the Group is still exposed to

fluctuating prices of commodities, including coal and coke, if falls in prices mean the new operators of

the Muchesu Mine decide to reduce production.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

11

Foreign exchange risk

The Group operates in a number of overseas jurisdictions and carries out transactions in a number of

currencies including British pound sterling (currency symbol: GBP or GBP£) and United States dollar

(currency symbol: USD or US$).

The Group does not have a policy of using hedging instruments but

will continue to keep this under review. The Group operates foreign currency bank accounts to help

mitigate the foreign currency risk.

Credit risk

The Group minimises its credit risk by profiling all new customers and insisting on payment up front for

first orders of coal. Both sales made during the year involved payment before coal left the mine site. As

at 31 May 2024 there were no trade receivables outstanding.

It is Group policy not to provide loans of any sort to third parties, and loans provided to subsidiaries are

monitored regularly for signs of impairment. Indicators of impairment include factors such as a loss of

exploration licences, increased political risk within a foreign jurisdiction or anticipated inability of a

subsidiary to repay the loan. This process lead the Board to conclude that the loan to Contango Gold

Mali should be fully impaired in the prior year and the loan to Contango Holdings Services be fully

impaired in the current year.

The credit risk on liquid funds is low as the counterparts are banks with high credit ratings assigned by

international credit rating bodies. The majority of the Group’s cash holdings are held at West

pac Bank

in Australia and CABS Bank in Zimbabwe (part of the Old Mutual Group)

which both have A+ credit

ratings. The carrying value of both financial assets and liabilities approximates to fair value.

Exploration and development risks

•

There can be no assurance that the development and production activities at Muchesu will be

successful.

Permitting and title risks, including but not limited to:

•

Licence and permits

•

The Group will be subject to a variety of risks associated with current and any potential

future joint ventures, which could result in a material adverse effect on its future growth,

results of operations and financial position

Political risks, including but not limited to:

•

Political stability

•

Enforcement of foreign judgements

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

12

•

Potential legal proceedings or disputes may have a material adverse effect on the Group’s

financial performance, cash flow and results of operations

Financial risks, including but not limited to:

•

Foreign exchange effects

•

Valuation of intangible assets

•

The Group may not be able to close the previously referenced Definitive Agreements

entered with the Investor

•

The Group will be subject to taxation in several different jurisdictions, and adverse changes

to the taxation laws of such jurisdictions could have a material adverse effect on its

profitability

•

The Group’s insurance may not cover all potential losses, liabilities and damage related to

its business and certain risks are uninsured and uninsurable

Commodity prices, including but not limited to:

•

The price of coal may affect the economic viability of ultimate production at Muchesu

•

The revenues and financial performance are dependent on the price of coal and coke

Operational risks, including but not limited to:

•

Availability of local facilities

•

Adverse seasonal weather

•

The

Group’s operational performance will depend on key management and qualified

operating personnel which the Group may not be able to attract and retain in the future

•

The Group’s directors may have interests that conflict with its interests

The Group’s comments and mitigating actions against the above risk categories are as follows:

Exploration and development risks

There can be no assurance that the development and production activities at Muchesu will be successful

however significant exploratory work has been conducted at the project which supports the B

oard’s

confidence that profitable mining and processing operations can be developed.

Additionally, the phased development route which has been employed at Muchesu seeks to mitigate

risks along the development life cycle of the project.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

13

Permitting and title risks

The Group complies with existing laws and regulations and ensures that regulatory reporting and

compliance in respect of each permit is achieved.

Applications for the award of a permit may be

unsuccessful. Applications for the renewal or extension of any permit may not result in the renewal or

extension taking effect prior to the expiry of the previous permit. There can be no assurance as to the

nature of the terms of any award, renewal or extension of any permit.

The Group regularly monitors the good standing of its permits.

Political risks

The Group maintains an active focus on all regulatory developments applicable to the Group, in

particular in relation to the local mining codes.

In recent years the political and security situations in Zimbabwe and Mali have been particularly volatile.

Financial risks

The Board regularly reviews expenditures on projects. This includes updating working capital models,

reviewing actual costs against budgeted costs, and assessing potential impacts on future funding

requirements and performance targets.

Commodity prices

As commercial mining ramps up at Muchesu, the Group will increasingly review changes in commodity

prices so as to ensure projects remain both technically and economically attractive.

Operational risks

Continual and careful planning, both long-term and short-term, at all stages of activity is vital so as to

ensure that work programmes and costings remain both realistic and achievable.

Streamlined Energy and Carbon Reporting (“SECR”)

Greenhouse gas emissions, energy consumption and energy efficiency disclosures have not been

provided because the Group has consumed less than 40,000kWh of energy during the period in the UK.

Directors’ Section 172 Statement

The Directors believe they have acted in the way most likely to promote the success of the Company

for the benefit of its members as a whole, as required by s172 of the Companies Act 2006.

The requirements of s172 are for the Directors to:

•

Consider the likely consequences of any decision in the long term;

•

Act fairly between the members of the Company;

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Strategic report

For the year ended 31 May 2024

14

•

Maintain a reputation for high standards of business conduct;

•

Consider the interests of the Company’s employees

;

•

Foster the Company’s relationships with suppliers, customers and others

; and

•

Consider the impact of the Company’s operations on the community and the environment.

The Chairman’s Report describes the Company’s activities, strategy and future prospects.

The Board

considers the Company’s major

stakeholders to include employees, suppliers, partners and

shareholders.

When making decisions, consideration is given to the interest of each stakeholder group

individually and collectively.

Certain decisions require more weight attached to some stakeholders than

others and while generally seeing the long-term interest of the shareholders as of primary importance,

the directors consider those interests are best served by having regard to the interests of the other key

stakeholder groups and, in fact, to all the section 172 considerations.

The Board considers the Company’s employees essential to the success of the Company and it

committed to attracting and retaining highly skilled and dedicated employees and contractors. The Board

ensures that the Company endeavours to maintain good relationships with its suppliers through

contracting on standard business terms and paying promptly, within reasonable commercial terms.

Environmental protection is a key element in all development decisions made by the Group. The

Muchesu Project has undergone a full environmental risk assessment and suitable recommendations

were made and adopted prior to first extraction of coal as part of the wash plant calibration process in

Q2 2023.

The Board continues to monitor the impacts of the Company’s operations on the environment

to mitigate adverse impacts.

The Board recognises its responsibility for setting and maintaining a high standard of behaviour and

business conduct.

The Company is committed to acting with integrity and no special treatment is given

to any group of shareholders and all material information is disseminated through appropriate channels

and available to all through the Company’s corporate presentations, news releases and website.

Carl Esprey

Chief Executive Officer on behalf of the Board

22 November 2024

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings plc

Directors’ Report

For the year ended 31 May 2024

The Directors present their report and the audited financial statements for the year ended 31 May 2024.

Principal Activity

The principal activity of the Group during the period was that of development of the Muchesu Mine held

by its subsidiary in Zimbabwe.

Results

Contango Holdings Plc recorded a loss for the period of £4,423,695 (2023: loss of £6,115,819).

Dividends

No dividend has been paid during the year nor do the Directors recommend the payment of a final

dividend (2023: £nil).

Directors

The Directors who serve at any time during the year were:

Gordon Thompson

Non-Executive Director

Oliver Stansfield

Non-Executive Director

Carl Esprey

Chief Executive Officer

Roy Pitchford

Chairman

Details of

the Directors’ holding of Ordinary Shares

, Warrants and Options

are set out in the Directors’

Remuneration Report.

Further details of the interests of the Directors in the Warrants and Options of the Parent Company are

set out in Note 20 of the financial statements.

Share Capital

Contango Holdings Plc is incorporated as a public limited company and is registered in England and

Wales with the registered number 10186111. Details of the Parent

Company’s issued share capital,

together with details of the movements during the year, are shown in Note 19. The Parent Company

has one class of Ordinary Share and all shares have equal voting rights and rank pari passu for the

distribution of dividends and repayment of capital.

Substantial Shareholdings

As at 8 November 2024, the Parent Company had been informed of the following substantial interests

over 3% in the issued share capital of the Parent Company.

Holdings

Percentage

Pershing Nominees Ltd

107,327,549

18.94%

Interactive Brokers LLC

89,004,385

15.71%

Hargreaves Lansdown (Nominees) Limited

49,478,799

8.73%

Luna Nominees Ltd

38,224,193

6.74%

HSDL Nominees Limited

23,652,899

4.17%

JIM Nominees Limited

21,720,088

3.83%

Lynchwood Nominees Limited

19,935,639

3.52%

Cantor Fitzgerald Europe

18,706,897

3.30%

The D

irectors’ beneficial interests in the Ordinary share capital are disclosed on page

23.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings PLC

Directors’ Report

For the year ended 31 May 2024

16

The only employees in the Parent Company are the Directors, who are all considered to be key management

personnel.

Gordon Thompson

Gordon has over 30 years of experience in building, developing and managing mines across the globe,

with an extensive track record in Africa. He is a qualified mining engineer and holds membership of

the Engineering Council of South Africa ECSA.

Over the last 20 years Gordon has held a number of senior executive roles for listed mining companies.

He was Chief Operating Officer from 2017-2019 of copper producing, DRC-focused and ASX-

listed Tiger Resources Limited; Chief Executive Officer for private-equity supported and West

Africa gold-focused Taurus Gold Limited from 2010-2016; and Chief Operating Officer for Central

African Mining & Exploration plc from 2008-2010, helping manage the company's 12,345 employees,

prior to its sale to ENRC for £584M.

Oliver Stansfield

Since 2004 Oliver has primarily focused on equity sales and corporate broking, developing relationships

with a broad range of investors including Funds, Family Offices and High-Net-Worth individuals. During

his career, he has helped raise in excess of £1bn for junior resource companies in a variety of

jurisdictions and across a multitude of commodities. Oliver joined Tavira Financial Limited in January

2022 to help establish a new natural resources corporate broking division. Prior to joining Tavira, Oliver

was the CEO of resource specialist Brandon Hill Capital, where he also acted as Head of Sales.

Oliver is one of the founders of Contango Holdings plc. He is also a Director of private companies Green

Tech Investments PLC and Dionysus Capital PLC.

Carl Esprey

Carl, who qualified as a Chartered Accountant and Chartered Financial Analyst, has built a career in

the natural resource investment and development sector. After beginning his career at Deloitte in

Johannesburg in 2001, Carl joined BHP Billiton in 2004 as an analyst focused on mergers and

acquisitions. After four years at BHP Billiton, Carl used his expertise in the resources industry to move

into equity investment and joined GLG Partners in London in 2008, where he focused on natural

resources investments. In 2014 Carl joined the board of Atlas Development & Support Services Limited

and guided the company through its dual listing on the Growth Enterprise Market Segment of the Nairobi

Securities Exchange, whilst also managing operations across Kenya, Ethiopia and Tanzania. Most

recently, Carl has separately founded Elatio Tech Limited, a Southern-African revenue generating

gaming business and Waraba Gold Limited, a West-African gold exploration company.

Roy Pitchford

Roy is a Zimbabwean national and qualified as a Chartered Accountant in Zimbabwe. He has a long

history in the country’s mining sector and was the President of the Chamber of Mines in Zimbabwe. He

was the Chief Executive Officer at Cluff Resources, where he led the redevelopment of Freda Rebecca

mine, the largest gold mine in the country, as well as several smaller mines in the portfolio. Also, he

was Chief Executive Officer at Zimplats, where he oversaw the development of the Ngezi Opencast

Platinum Mine into production, the re-commission of the Selous Metallurgical Complex in 2002 and

created a company with a platinum-group metals resource base in excess of 300 million ounces. More

recently, he was Chief Executive Officer at Vast Resources until December 2017, a company that has

mines in both Romania and Zimbabwe and is currently non-executive director of LSE listed Georgina

Energy Plc.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Directors’ Report

For the year ended 31 May 2024

17

Corporate Governance Statement

The Board is committed to maintaining appropriate standards of corporate governance. The statement

below, together with the report on Directors’ remuneration on pages

21 to 25, explains how the Group

has observed principles set out in The UK Corporate Governance Code (“the Code”) as relevant to the

Group

and contains the information required by section 7 of the UK Listing Authority’s Disclosure Rules

and Transparency Rules.

The Group is a small entity with modest resources. The Group has a clear mandate to optimise the

allocation of limited resources to invest in its assets

and support its future plans. As such the Group

strives to maintain a balance between conservation of limited resources and maintaining robust

corporate government practices. As the Group evolves, the Board is committed to enhancing the

Group

’s corporate governance policies and practices deemed appropriate to the size and maturity of

the organisation.

Board of Directors

The Board currently consists of one executive Director, a non-executive chairman and two non-

executive Directors. All directors are male and from white European backgrounds. It met regularly

throughout the year to discuss key issues and to monitor the overall performance of the Group. With a

Board comprising of just one executive and three non-executive Directors, all matters and committees,

such as Remuneration, Audit and Nominations are considered by the Board as a whole. The Directors

will actively seek to expand Board membership to provide additional levels of corporate governance

procedures at the relevant opportunity. The Board had not met the following targets on board diversity

as at 31 May 2024:

•

At least 40% of the individuals on its board of directors are women;

•

At least one of the following senior positions on its board

of directors is held by a woman: (A) the

chair; (B) the chief executive; (C) the senior independent director; or (D) the chief financial officer;

and

•

At least one individual on the board of directors is from a minority ethnic background.

The reason for not meeting the target is the Group is still in the early stages of growing its business and

does not have the resources to expand the Board at present. Once the business is on a path of stable,

profitable growth it will endeavour to expand the Board and meet the above targets. This is also the

reason why the Board does not have a director appointed from the workforce; a formal workforce

advisory panel; or a designated non-executive Director.

Audit Committee

The Board seeks to present a balanced and understandable assessment of the Group’s position and

prospects in all interim, final and price-sensitive reports and information required to be presented by

statute. There is no separate Audit Committee at present.

The Directors consider the size of the Group and the close involvement of executive Directors in the

day-to-day operations makes the maintenance of an internal audit function unnecessary. The Directors

will continue to monitor this situation.

External auditor

During the year the Board met with the auditor to discuss the audit process and the matters the auditor

identified during the audit. The Board will continue to meet with the auditor at least twice a year to

consider the results, internal procedures and controls and matters raised by the auditor. The Board

considers auditor independence and objectivity and the effectiveness of the audit process. It also

considers the nature and extent of the non-audit services supplied by the auditor reviewing the ratio of

audit to non-audit fees and ensures that an appropriate relationship is maintained between the Group

and its external auditor.

The Group has a policy of controlling the provision of non-audit services by the external auditor in order

that their objectivity and independence are safeguarded and approved the non-audit services provided

by the external auditors. As part of the decision to recommend the appointment of the external auditor,

the Board takes into account the tenure of the auditor in addition to the results of its review of the

effectiveness of the external auditor and considers whether there should be a full tender process. There

are no contractual obligations restricting the Board’s choice of external auditor.

The current auditors,

Moore Kingston Smith LLP, were appointed in August 2024.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Directors’ Report

For the year ended 31 May 2024

18

Remuneration Committee

There is no separate Remuneration Committee at present, instead all remuneration matters are

considered by the Board as a whole. It meets when required to

consider all aspects of directors’ and

staff remuneration, share options and service contracts.

Nominations Committee

A Nominations Committee has not yet been established. This is due to the small size of the Company

and it being in the pre- recurring revenue phase of its development.

Internal financial control

Due to the small size and pre-recurring revenue status of the Company there is at present no internal

audit function within the business. However, financial controls have been established so as to provide

safeguards against unauthorised use or misappropriation of the assets, to maintain adequate

accounting records and to provide reliable financial information for internal use. Key financial controls

include:

•

The maintenance of adequate records;

•

A schedule of matters reserved for the approval of the Board;

•

Close involvement of the Directors in the day-to-day operational matters of the Group.

The Board conducts reviews annually to assess the continued effectiveness of the company’s risk

management and internal control systems; and the process used to prepare consolidated accounts. The

Board’s most recent review found that the risk management and internal control systems in place were

still operating effectively and appropriate for an organization of this size.

Shareholder communications

The Group uses its corporate website (www.contango-holdings-plc.co.uk) to ensure that the latest

announcements, press releases and published financial information are available to all shareholders

and other interested parties.

The AGM is used to communicate with both institutional shareholders and private investors and all

shareholders are encouraged to participate. Separate resolutions are proposed on each issue so that

they can give proper consideration and there is a resolution to approve the Annual Report and financial

statements.

The Group counts all proxy votes and will indicate the level of proxies lodged on each resolution after it

has been dealt with by a show of hands.

Statement of Directors’ Responsibilities in respect of the Annual Report and the financial

statements

The Directors are responsible for preparing the Annual Report and the financial statements in

accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that

law the directors have prepared the group and company financial statements in accordance with UK-

adopted International Accounting Standards.

In preparing these financial statements, the Directors are

required to:

•

select accounting policies and then apply them consistently;

•

make judgements and accounting estimates that are reasonable and prudent;

•

present information, including accounting policies, in a manner that provides relevant, reliable,

comparable and understandable information;

•

state whether applicable UK-adopted International Accounting Standards have been followed,

subject to any material departures disclosed and explained in the financial statements;

•

provide additional disclosures when compliance with the specific requirements in UK-adopted

International Accounting Standards are insufficient to enable users to understand the impact of

particular transactions, other events and conditions on the Company’s and Group’s financial position

and financial performance; and

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Directors’ Report

For the year ended 31 May 2024

19

•

make an assessment of the Company’s and Group’s ability to continue as a going concern, prepare

the financial statements on the going concern basis unless it is inappropriate to presume that the

Company and Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and

explain the Company and Group’s transactions and disclose with reasonable accuracy at any time the

financial position of the Company and Group and enable them to ensure that the financial statements

comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the

Company and hence for taking reasonable steps for the prevention and detection of fraud and other

irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a

Strategic Report, Report of the Directors, Annual Report on Remuneration, Directors’ Remuneration

Policy and Corporate Governance Statement that comply with that law and those regulations. The

Directors are responsible for the maintenance and integrity of the corporate and financial information

and statements included on the Company’s website,

www.contango-holdings-plc.co.uk. Legislation in

the United Kingdom governing the preparation and dissemination of the financial statements may differ

from legislation in other jurisdictions. The directors' responsibility also extends to the ongoing integrity

of the financial statements contained therein.

The Directors confirm that to the best of their knowledge:

•

The Group financial statements, prepared in accordance with UK-adopted International

Accounting Standards, give a true and fair view of the assets, liabilities, financial position and

loss of the Group;

•

This Annual report includes the fair review of the development and performance of the business

and the position of the Group together with a description of the principal risks and uncertainties

that it faces; and

•

The Annual Report and financial statements, taken as a whole, are fair, balanced and

understandable and provide information necessary for shareholders to assess the Group’s

performance, business and strategy.

Greenhouse Gas Disclosures

The Group has as yet no substantive greenhouse gas emissions to report from the operations of the

Group and does not have responsibility for any other emission producing sources under the Companies

(Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Disclosure and Transparency Rules

Details of the Parent

Company’s share capital and warrants are given in Notes

18 and 19 respectively.

The Directors undertook not to sell any of their holdings for a year after admission to the standard listing

without the consent of the Group and the Group

’s broker

. There are now no restrictions on transfer or

limitations on the holding of the ordinary shares. None of the shares carry any special rights with regard

to the control of the Parent Company. There are no known arrangements under which the financial rights

are held by a person other than the holder and no known agreements or restrictions on share transfers

and voting rights.

As far as the Group is aware there are no person with significant direct or indirect holdings other than

the Directors and other significant shareholders as shown on page 15 and page 23.

The provisions covering the appointment and replacement of directors are contained in the Parent

Company’s articles, any changes to which require shareholder approval. There are no significant

agreements to which the Group is party that take effect, alter or terminate upon a change of control

following a takeover bid and no agreements for compensation for loss of office or employment that

become effective as a result of such a bid.

Auditor Information

The Directors who held office at the date of approval of the Directors’ Report confirm that, so far as they

are each aware, there is no relevant audit information of which the Group

’s Auditor is unaware; and

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Directors’ Report

For the year ended 31 May 2024

20

each Director has taken all the steps that he ought to have taken as a Director to make himself aware

of any relevant audit information and to establish that the Group

’s Auditor is aware of that information.

Auditor

Moore Kingston Smith LLP was appointed as Auditor of the Group in August 2024 and resolutions for

their re-appointment and for the Directors to determine its remuneration will be proposed at the

forthcoming AGM.

Financial Instruments

The Group has exposure to liquidity risk. Note 2 presents information about the Group

’s exposure to

these risks, along with the Group

’s objectives, processes and policies for managing the risks.

Events after the reporting period

Note 21 of the financial statements provides further detail on capital raises since the end of the financial

year.

Directors’ Indemnity Provisions

The Group has implemented Directors and Officers Liability Indemnity insurance.

Going concern

After making enquiries, the Directors have a reasonable expectation that the Group has adequate

resources to continue in operational existence for the foreseeable future. The Group has announced

subsequent to the year-end that it has entered into binding agreements with Huo Investments (Pvt)

Limited to sell 51% of its shareholding in its subsidiary Monaf. Huo Investments have agreed to invest

up to US$20 million in the Muchesu Mine to increase production capacity and upgrade infrastructure

and will pay Contango a royalty based on production. The royalty will be a minimum of US$2 million per

annum. Huo Investments will also acquire a 20% shareholding in Contango for US$2 million. The US$2

million will be used by Contango to pay creditors and provide working capital to the Group. On 18 July

2024 the Company announced that it had already received US$1 million from Huo Investments.

The Directors believe that the US$2m will be sufficient funds to cover ongoing running costs until the

Muchesu Mine is making regular cash sales and the Company is receiving regular royalty payments

based on production. However, the Company still has outstanding investor loans of £4,184,740 as at 31

May 2024, all of which are now overdue for repayment and repayable on demand. In the event that

multiple investors demanded their loans be repaid at the same time the Company would not have

sufficient funds to accommodate this. Whilst noting that this is a possibility, the Company maintains

regular contact with the lenders (all of whom are supportive shareholders) and considers that investors

demanding immediate repayment of their loans is unlikely. Given this possibility the directors

acknowledge the disclaimer of opinion in respect of going concern. Further details are given in Note 2

(c) to the Financial Statements. However, the Directors continue to adopt the going concern basis in

preparing the financial statements.

Donations

The Group made no political donations during the year.

Carl Esprey

Chief Executive Officer on behalf of the Board

22 November 2024

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzI0ewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMTA5LjEsMzU2LjFIMjI2LjNWMzU1SDEwOS4xdjEuMVoiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0xMDkuMSw3NjMuOUgyNTcuNnYtMS4xSDEwOS4xdjEuMVoiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0xMDkuMSw4NjEuOGg0NDV2LTEuMWgtNDQ1djEuMVoiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0xMDkuMSwxMTY1LjZIMjcxLjZ2LS43SDEwOS4xdi43WiIgY2xhc3M9ImcwXzI0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTI3MS41LDExNjUuNmguOHYtLjdoLS44di43WiIgY2xhc3M9ImcwXzI0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTI3Mi4zLDExNjUuNkgzODQuN3YtLjdIMjcyLjN2LjdaIiBjbGFzcz0iZzBfMjQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMzg0LjcsMTE2NS42aC43di0uN2gtLjd2LjdaIiBjbGFzcz0iZzBfMjQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMzg1LjQsMTE2NS42SDUzMS42di0uN0gzODUuNHYuN1oiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MzEuNiwxMTY1LjZoLjd2LS43aC0uN3YuN1oiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MzIuMywxMTY1LjZINzE1Ljd2LS43SDUzMi4zdi43WiIgY2xhc3M9ImcwXzI0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTcxNS43LDExNjUuNmguN3YtLjdoLS43di43WiIgY2xhc3M9ImcwXzI0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTcxNi40LDExNjUuNmg4NC45di0uN0g3MTYuNHYuN1oiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0xMDgsMTE5My4xSDI3MS42di0uN0gxMDh2LjdaIiBjbGFzcz0iZzBfMjQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMjcwLjQsMTE5My4xaC44di0uN2gtLjh2LjdaIiBjbGFzcz0iZzBfMjQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMjcxLjIsMTE5My4xSDM4NC43di0uN0gyNzEuMnYuN1oiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0zODMuNiwxMTkzLjFoLjd2LS43aC0uN3YuN1oiIGNsYXNzPSJnMF8yNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0zODQuMywxMTkzLjFINTMxLjZ2LS43SDM4NC4zdi43WiIgY2xhc3M9ImcwXzI0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTUzMC41LDExOTMuMWguN3YtLjdoLS43di43WiIgY2xhc3M9ImcwXzI0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTUzMS4yLDExOTMuMUg3MTUuN3YtLjdINTMxLjJ2LjdaIiBjbGFzcz0iZzBfMjQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzE0LjYsMTE5My4xaC43di0uN2gtLjd2LjdaIiBjbGFzcz0iZzBfMjQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzE1LjMsMTE5My4xaDg2di0uN2gtODZ2LjdaIiBjbGFzcz0iZzBfMjQiLz4KPC9zdmc+)

Contango Holdings Plc

Directors’ Remuneration Report

For the year ended 31 May 2024

21

Remuneration Policies

The remuneration policy of the Group, which has been in effect from 18 June 2020, is designed to

attract, retain and motivate Directors and senior management of a high calibre with a view to

encouraging commitment to the development of the Group and for long term enhancement of a

shareholder value. The Board believes that shared ownership by Executive Directors strengthens the

link between their personal interests and those of shareholders although there is no formal shareholding

policy in place. There are no other UK-based employees (and never have been)

so the directors’

remuneration policy is based on comparisons with salary levels for directors in equivalent companies.

The current Directors’ remuneration comprises a basic fee

.

Service contracts

Each of the

Directors entered into Service Agreements on 19 May 2020 with the Parent Company and

continue to be employed until terminated by the Group giving three

months’ prior notice or the Director

giving three

months’ prior notice to save in cases of a material breach of contract when the Executive

Directors can be dismissed without notice.

In the event of termination or loss of office the Director is entitled only to payment of his basic salary in

respect of his notice period. In the event of termination or loss of office in the case of a material breach

of contract the Director is not entitled to any further payment.

The Chief Executive Officer is paid at a rate of £60,000 per annum.

The Chairman is paid at a rate of £24,000 per annum.

Executive Directors are allowed to accept external appointments with the consent of the Board, provided

that these do not lead to conflicts of interest. Executive Directors are allowed to retain fees paid.

Non-Executive Directors are paid at a rate of £18,000 per annum and are required to seek re-election

at the annual general meeting.

The contracts are available for inspection at the Company’s registered office.

Executive remuneration is assessed on an annual basis against director pay in equivalent companies

to ensure that it remains competitive.

Approval by members

The remuneration policy above will be put before the members for approval at the next Annual General

Meeting.

Implementation Report

Particulars of Directors’ Remuneration

(the table below is audited)

Particulars of directors

’

remuneration, including directors’ warrants which, under the Companies Act

2006 are required to be audited, are given in Notes 4 and 17

and further referenced in the Directors’

Report.

Remuneration paid to the Directors’ during the year ended 31 May 20

24:

Executive Director

Base salary

(£)

Share

Performance

Options (£)

Share-based bonus (£)

Total

2024

(£)

Carl Esprey

60,000

-

-

60,000

Roy Pitchford

24,000

-

-

24,000

Gordon Thompson

18,000

-

-

18,000

Oliver Stansfield

18,000

-

-

18,000

120,000

-

-

120,000

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Directors’ Remuneration Report

For the year ended 31 May 2024

22

Remuneration paid to the Directors’ during the year ended 31 May 202

3:

Executive Director

Base salary

(£)

Share

Performance

Options (£)

Share-based bonus (£)

Total

2023

(£)

Carl Esprey

57,500

-

-

57,500

Roy Pitchford

24,000

-

-

24,000

Gordon Thompson

4,500

-

-

4,500

Oliver Stansfield

18,000

-

-

18,000

104,000

-

-

104,000

There were no performance measures associated with any

aspect of Directors’ remuneration during the

year.

Payments to past Directors

There are no payments to past Directors.

Payments for loss of office

There were no payments for loss of office during the year.

Bonus and incentive plans

There were no bonus payments made to Directors during the year.

Unpaid Salaries

Due to cashflow constraints all Directors have had their salary payments frozen since August 2023. The

amount owing in unpaid salaries at the year end was £89,740. This will be paid when funds are available.

Unpaid Salaries

2024

2023

(£)

(£)

Carl Esprey

50,000

-

Roy Pitchford

18,000

-

Gordon Thompson

13,500

-

Oliver Stansfield

8,240

-

89,740

-

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Directors’ Remuneration Report

For the year ended 31 May 2024

23

Directors interests in shares

The Group has no Director shareholder requirements.

The beneficial interest of the Directors in the Ordinary share capital of the Parent Company was as

follows:

31 May 2024

% of issued

share capital

31 May 2023

% of issued

share capital

Number

2024

Number

2023

Carl Esprey

8,594,437

1.52%

8,594,437

1.82%

Roy Pitchford

990,000

0.17%

990,000

0.21%

Oliver Stansfield

12,500,000

2.21%

11,141,116

2.36%

Gordon Thomson

-

-

-

-

22,084,437

3.90%

20,725,553

4.39%

The Directors held the following warrants at the end of the year:

Director

2024

2023

Exercise Price

Earliest

date of

exercise

Latest date of

exercise

Carl Esprey

347,219

347,219

Nov 22 Placing

9p

7 Nov 2022

6 Nov 2025

Oliver Stansfield

1,458,333

1,458,333

Nov 21 Placing

Broker

Warrants: 6p

3 Mar 2022

2 Mar 2025

Oliver Stansfield

971,736

971,736

Nov 22 Placing

Broker

Warrants: 6p

7 Nov 2022

6 Nov 2025

Oliver Stansfield

1,645,000

-

Apr 24 Placing

Broker

Warrants: 1p

11 Apr 2024

10 Apr 2027

Remuneration Committee

There is no separate Remuneration Committee at present, instead all remuneration matters are

considered by the Board as a whole. It meets when

required to consider all aspects of directors’

remuneration, share options and service contracts.

Shareholder voting at the Annual General Meeting

The Board

presented its Directors’ Remuneration Report and the Directors’ Remuneration Policy to its

members at the last Annual General Meeting (AGM) held on 29 November 2023 where it was duly

approved by shareholders.

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Directors’ Remuneration Report

For the year ended 31 May 2024

24

2024 CEO Single Figure of Remuneration

The single figure of remuneration for Carl Esprey is £60,000

–

which represents his base salary. In the

prior year the single figure remuneration was his £57,500 base salary.

The table above illustrates the total return of Contango shareholders over the years since relisting of

-75% as opposed to the +36% return for the FTSE 350 as a whole.

£0

£50,000

£100,000

£150,000

£200,000

£250,000

£300,000

£350,000

£400,000

2020-21

2021-22

2022-23

2023-24

10 Year CEO Single Figure Outcomes (since relisting in 2020)

Base Salary

Share Performance Options

-100%

-50%

0%

50%

100%

150%

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Total Shareholder Return

FTSE 350

CGO

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Directors’ Remuneration Report

For the year ended 31 May 2024

25

Statement

From incorporation the outset the Board has set out and implemented a policy designed to attract, retain

and motivate executive Directors of the right calibre and ability. There have been no major changes

during the period either in that policy or its implementation, including levels of remuneration and terms

of service for the Directors.

Requirements of the Listing Rules

Listing Rule 9.8.4 requires the Group to include certain information in a single identifiable section of the

Annual Report or a cross reference table indicating where the information is set out. The Directors

confirm that there are no disclosures required in relation to Listing Rule 9.8.4.

ON BEHALF OF THE BOARD

Carl Esprey

Chief Executive Officer

22 November 2024

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

26

Disclaimer of opinion

We were engaged to audit the financial statements of Contango Holdings Plc

(‘the Company’) and its

subsidiaries (‘the Group’) for the

year ended 31 May 2024 which comprise the Consolidated Statement of

Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated

and Company Statements of Changes in Equity, the Consolidated and Company Statements of Cash Flows,

and notes to the financial statements, including significant accounting policies. The financial reporting framework

that has been applied in their preparation is applicable law and UK adopted International Accounting Standards.

We do not express an opinion on the financial statements of the Group or the Company. Because of the

significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been

able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the financial

statements.

Basis for disclaimer of opinion

As disclosed in note 2c to the financial statements, the financial statements of the Group and Company are

prepared on the assumption that the Group and Company will continue as a going concern.

On 3 July 2024 the Company announced a definitive agreement with Huo Investments (Pvt) Limited (Huo

Investments) to sell 51% of its shareholding in its subsidiary Monaf Investments (Pvt) Limited. Huo Investments

have agreed to invest up to US$20 million in the Muchesu Mine, which Monaf holds the mining licence, in order

to increase production capacity and upgrade infrastructure, and have agreed to pay the Company a royalty

based on production. The royalty will be a minimum of US$2 million per annum. In addition, Huo Investments

have agreed to acquire a 20% shareholding in the Company for US$2 million. The US$2 million will be used by

the Company to pay creditors and provide working capital to the Company and Group. On 18 July 2024 the

Company announced that it had already received US$1 million from Huo Investments.

In addition, as at 31 May 2024, the Group has investor loans amounting to £4,184,740 which are due for

repayment on or before 30 November 2024 as disclosed in Note 17 to the financial statements.

Given that there are inherent uncertainties associated with the development of mining assets, the Group is not

guaranteed to secure additional cash apart from the minimum royalty of US$2 million per annum referred to

above. Therefore, the Group may be unable to realise its assets and discharge its liabilities, including the

investor loans referred to above, in the normal course of business for at least twelve months from the date of

approval of the financial statements.

The ability of the Group to have sufficient funds to continue to operate by receiving royalty payments based on

production and by the investor loans not being called for repayment are the key assumptions supporting the

Directors’ conclusions that it is app

ropriate to prepare the financial statements of the Group and Company on a

going concern basis. Whilst we understand Huo Investments has continued to make material investments to

start production to allow the Group to continue to operate as a going concern, production has not yet started

and an offtake agreement has not been signed as at the date of approval of the financial statements. In addition,

whilst the Directors do not have any reason to believe that the investors will call for repayment of the loans,

there can be no certainty in this respect.

As a result, we were not able to obtain sufficient and appropriate audit evidence to conclude that the Company

will be able to repay the investor loans and accordingly we were also unable to obtain sufficient appropriate

audit evidence to enable us to conclude on the Group’s ability to continue as a going concern for a period of at

least twelve months from signing the audit report and therefore whether the use of the going concern basis of

preparation of the financial statements is appropriate. Consequently, we were unable to obtain sufficient

appropriate audit evidence to enable us to form an audit opinion on these financial statements.

The financial statements do not reflect any adjustments that would be required should the Group and Company

be unable to continue as a going concern.

Our approach to the audit

Our audit approach was a risk-

based approach founded on a thorough understanding of the Group’s business,

its environment, and its

risk profile. We conducted substantive audit procedures and evaluated the Group’s

internal control environment. The components of the Group were evaluated by the Group audit team based on

a measure of materiality, considering each component as a percentage

of the Group’s total assets, current

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

27

assets, and gross profit, which allowed the Group audit team to assess the significance of each component and

determine the planned audit response.

We identified two significant components

–

both the parent Company and its subsidiary, Monaf Investments

(Pvt) Limited. A full scope audit was performed on the financial statements of the parent Company by the group

audit team. Monaf Investments was subject to a full scope audit by a component auditor, which was

supplemented by additional procedures performed by the group audit team. We evaluated the controls in place

at each component by performing walkthroughs over the financial reporting systems identified as part of our risk

assessment. We also reviewed the accounts production process and addressed critical accounting matters. We

then undertook substantive testing on significant classes of transactions and material account balances.

For two additional components not considered significant, targeted substantive procedures were performed by

the group audit team.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit

of the financial statements of the current year and include the most significant assessed risks of material

misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the

overall audit strategy, the allocation of resources in the audit; and directing the efforts of the audit engagement

team. These matters were addressed in the context of our audit of the financial statements as a whole, and in

forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter

How our scope addressed the matter -

Going concern (Group and Company)

The Group is not as yet generating recurring revenue

and has incurred a loss for the year of £4,423,695

(2023: £6,115,819).

The

Group

has

outstanding

investor

loans

of

£4,184,740 (2023: £1,052,206) which are overdue and

repayable on demand and has cash funds of £1,166

(2023: £75,692) at 31 May 2024.

The Directors have prepared cash flow forecasts that

show that, in the absence of any further debt or equity

funding, the outstanding investor loans cannot be fully

repaid if demanded.

Given the loss in the year, the outstanding investor

loans and the uncertainty in respect of future royalty

income in excess of the $2m minimum, the ability of the

Group and Company to continue in business as a going

concern was considered to be a key audit risk area.

Our audit work and conclusion in respect of

going concern has been detailed in the basis

for disclaimer of opinion section of our audit

report.

Valuation of exploration and evaluation assets and

property, plant and equipment (Group)

The Group holds a mining licence at the Muchesu coal

The scope of our work included, but was not

restricted to:

•

Confirming that the Group has valid title to

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

28

project in Zimbabwe which, with exploration and

evaluation and development assets, at the reporting

date had a carrying value of £14,259,569. The Group

also owns mining licences in Mali which were fully

impaired in the prior year. In addition, the Group has

property, plant and equipment which at the reporting

date had a carrying value of £2,287,421.

The exploration and evaluation and development

assets, as well as the property, plant and equipment,

within Monaf Investments have been categorised as

assets held for sale in the financial statements. There is

a risk that these assets are not accounted for in

accordance with IFRS 5.

Further, the carrying value of these assets is

judgemental and subject to management’s

assessment

of the quantum of the royalty stream derived from the

investment in Monaf Investments by Huo Investments,

which is reliant upon

a number of

significant

assumptions.

the applicable mining licenses, and has

fulfilled any specific conditions;

•

Confirming that the sale and purchase

agreement in respect of the Monaf

Investments disposal includes relevant

minimum expenditure clauses;

•

Critically assessing and substantively

testing

capitalised

exploration

and

evaluation and development expenditure

including

consideration

of

its

appropriateness for capitalisation under

IFRS 6 and IAS 16 respectively;

•

Consideration

of

management's

impairment reviews

in

light of any

impairment

indicators

identified

in

accordance

with

IFRS

6,

including

corroboration and challenge thereof; and

•

Critically

assessing

management’s

summary of the cashflows arising from the

disposal of 51% of Monaf Investments

including an assessment of the future

royalty revenue stream.

Key observations

Based on our audit testing, and subject to the

pervasive limitation in our work described in

the basis for disclaimer of opinion paragraph,

we

concluded

that

we

agreed

with

management’s assertion that no

provision or

impairment was considered necessary in

relation to these assets. We also concurred

with management’s assessment that these

assets should be classified as held for sale in

the financial statements in accordance with

IFRS 5.

We consider the disclosures in the financial

statements to be acceptable.

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

29

Valuation of the investment in and subsidiary loan

due

from

Monaf

Investments

(Pvt)

Limited

(Company only)

The carrying value of the investment in, and subsidiary

loan due from, Monaf Investments at 31 May 2024 of

£1,413,100 (2023: £1,413,100) and £15,866,081 (2023:

£13,487,858)

is

judgemental

and

subject

to

management’s assessment of the likelihood of the level

of production and the profitability and cash generated

by the production at the Muchesu mine, which is reliant

upon a number of significant assumptions.

The scope of our work included, but was not

restricted to:

•

Critically assessing, in the absence of a

mine plan, management’s assumptions in

respect of the timing and level of production

at the Muchesu mine.

•

Critically assessing the likelihood that

Monaf Investments will sign an offtake

agreement and achieve revenue levels that

facilitates full repayment of the subsidiary

loan.

•

Critically assessing the relevant disclosures

in the financial statements.

Key observations

Based on our audit testing we concluded that

we agreed with management’s assertion that

no impairment or provision was considered

necessary

in

the

Company

financial

statements in relation to these assets.

However, given the importance of this matter

to the Company financial statements, it has

been referred to in the Emphasis of Matter

paragraph below.

We consider the disclosures in the financial

statements to be acceptable.

Our application of materiality

The scope and focus of our audit engagement was influenced by our assessment and application of materiality.

We define materiality as the magnitude of misstatement that could reasonably be expected to influence the

readers and the economic decisions of the users of the financial statements. We use materiality to determine

the scope of our audit engagement and the nature, timing and extent of our audit procedures and to evaluate

the effect of misstatements, both individually and on the financial statements as a whole.

Due to the nature of the Group, we considered total assets to be the main focus for the readers of the financial

statements, and accordingly this consideration influenced our judgement of materiality. Based on our

professional judgement, we determined materiality for the Group to be £173,000 based on a percentage of

assets (1%). Based on our professional judgement, we determined materiality for the Company to be £170,000

based on a percentage of total assets (1%).

On the basis of our risk assessment, together with our assessment of the overall control environment, our

judgement was that performance materiality (i.e. our tolerance for misstatement in an individual account or

balance) for the Group and Company was 50% of materiality, namely £86,500 and £85,000 respectively.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

30

We agreed to report to the Audit Committee all audit differences in respect of the Group and Company in excess

of £8,650 and £8,500 respectively and, as well as differences below that threshold that, in our view, warranted

reporting on qualitative grounds. We also reported to the Audit Committee on disclosure matters that we

identified when assessing the overall presentation of the financial statements.

Emphasis of matter

We draw attention to the disclosures in note 13 to the financial statements in respect of the subsidiary loan

of £15,866,081 (2023: £13,487,858) due to the Company from Monaf Investments (Private) Limited. The

signing of the Revolving Credit Facility between Huo Investments (Pvt) Limited and Monaf Investments

(Private) Limited dated 28 June 2024 potentially indicates that the loan due to the Company will be

recoverable in the future. However full recoverability of the subsidiary loan is dependent upon the production

phase being achieved, together with the signing of suitable offtake agreements, in order for Monaf

Investments (Private) Limited to be revenue and cash flow generative to the extent needed for the loan to be

able to be repaid. These factors cannot be predicted with any certainty at the current time. Our opinion is not

modified in respect of this matter.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion the part of the D

irectors’

Remuneration Report to be audited has been properly prepared in

accordance with the Companies Act 2006.

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report,

we have been unable to form an opinion whether, based on the work undertaken in the course of the audit:

•

the information given in the Strategic Report and the Directors’ Report for the financial

year for which

the financial statements are prepared is consistent with the financial statements; and

•

the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal

requirements.

Matters on which we are required to report by exception

Notwithstanding our disclaimer of opinion on the financial statements, in the light of the knowledge and

understanding of the Group and the Company and their environment obtained in the course of the audit,

performed subject to the pervasive limitation described above, we have not identified material misstatements in

the Strategic Report or the Directors’ Report.

Arising from the limitation of our work referred to above:

•

we have not received all the information and explanations we require for our audit; and

•

we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

•

returns adequate for our audit have not been received from branches not visited by us; or

•

the Company financial statements and the part of the directors’ remuneration report to be audited are

not in agreement with the accounting records and returns; or

•

certain disclosures of directors’ remuneration specified by law are not made; or

•

a corporate governance statement has not been prepared by the Company.

Corporate governance statement

We have reviewed the directors’ statement in relation to going concern, longer

-term viability and that part of the

Corporate Governance Statement relating to the entity’s voluntary compliance with the

provisions of the UK

Corporate Governance Code.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

31

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report,

we have been unable to report as to whether the following statements are appropriate:

•

The

Directors’ statement with regards

to the appropriateness of adopting the going concern basis of

accounting and any material uncertainties identified set out on

the Directors’ Report

;

•

The

Directors’ statement on whether it has a reasonable expectation that the Group will be able to continue

in operation and meet its liabilities set out on

the Directors’ Report

; and

•

The

Directors’ statement on fair, balanced and understandable set out on the Directors’ Report

;

Notwithstanding our disclaimer of opinion on the Group and Company financial statements, based on the work

undertaken as part of our audit, we have concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the financial statements and our knowledge obtained during

the audit:

•

The

Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set

out on the Strategic Report;

•

The section of the annual report that describes the review of effectiveness of risk management and internal

control systems set out on

the Directors’ Report

; and

•

The section describing the work of the Board of Directors in lieu of the Audit Committee

set out on the

Directors’ Report

.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine is necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group’s and Company’s

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless the directors either intend to liquidate the Group or the Company or

to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

Our responsibility is to conduct an audit of the

Group’s and Company’s financial

statements in accordance with

International Standards on Auditing (UK) and to issue an auditor’s report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were

not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial

statements.

We are independent of the Group and Company in accordance with the ethical requirements that are relevant

to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled

our other ethical responsibilities in accordance with these requirements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,

including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is

detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of

the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed

risks of material misstatement due to fraud, through designing and implementing appropriate responses to those

assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

32

However, the primary responsibility for the prevention and detection of fraud rests with both management and

those charged with governance of the Company.

Our approach was as follows:

•

We obtained an understanding of the legal and regulatory requirements applicable to the Company and

considered that the most significant are the Companies Act 2006, UK adopted International Accounting

Standards, the Listing Rules, the Disclosure Guidance and Transparency Rules, and UK taxation legislation.

•

We obtained an understanding of how the Company complies with these requirements by discussions with

management and those charged with governance.

•

We assessed the risk of material misstatement of the financial statements, including the risk of material

misstatement due to fraud and how it might occur, by holding discussions with management and those

charged with governance.

•

We inquired of management and those charged with governance as to any known instances of non-

compliance or suspected non-compliance with laws and regulations.

•

Based on this understanding, we designed specific appropriate audit procedures to identify instances of

non-compliance with laws and regulations. This included making enquiries of management and those

charged with governance and obtaining additional corroborative evidence as required.

•

We evaluated managements’ incentives to fraudulently manipulate the financial statements and determined

that the principal risks related to management bias in accounting estimates and judgemental areas of the

financial statements. We challenged the assumptions and judgements made by management in respect of

the significant areas of estimation, as described in the key audit matters section.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of

instances of non-compliance with laws and regulations that are not closely related to events and transactions

reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher

than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations, or through collusion.

Other matters which we are required to address

Following the recommendation of the Audit Committee,

we were appointed by the Company’s Annual General

Meeting (AGM) in August 2024 as auditor of the Company to hold office until the conclusion of the next AGM of

the Company. Our total uninterrupted period of engagement is less than one year covering the period ended 31

May 2024.

The non-

audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or Company

and we remain independent of the Group and the Company in conducting our audit engagement.

Our audit opinion is consistent with the additional report to the Audit Committee.

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_36"><path d="M55,397.3V332H305.4v65.3Z"/></clipPath>
</defs>
<image clip-path="url(#c0_36)" preserveAspectRatio="none" x="55" y="332" width="250" height="65" xlink:href="data:image/jpeg;base64,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"/>
</svg>)

Contango Holdings PLC

Independent Auditor’s Report To The Members Of Contango Holdings Plc

For the year ended 31 May 2024

33

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention

of the Company’s members those matters which we are required to include in an auditor’s report addressed to

them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than

the Company and Company’s members as a body, for our work, for this report, or for the opinions we have

formed.

Matthew Banton (Senior Statutory Auditor)

For and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6

th

Floor

9 Appold Street

London

EC2A 2AP

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Consolidated Statement of Comprehensive Income

For the year ended 31 May 2024

34

Year ended

31 May 2024

Year ended

31 May 2023

Notes

£

£

Income

-

-

Cost of sales

-

-

Gross loss

-

-

Administrative fees and other expenses

(1,515,661)

(2,494,196)

Impairment of Mali exploration licences

12

(23,157)

(2,101,921)

Operating loss

(1,538,818)

(4,596,117)

Finance expense

(957,416)

(523,701)

Loss before tax

(2,496,234)

(5,119,818)

Income tax

-

-

Loss for the year from continuing

operations

(2,496,234)

(5,119,818)

Loss for the year from discontinued

operations

10

(1,927,461)

(996,001)

Loss for the period

(4,423,695)

(6,115,819)

Loss attributable to owners of Contango

Holdings PLC

(3,799,059)

(6,709,569)

Loss attributable to non-controlling interests

(624,636)

593,750

Loss for the period

(4,423,695)

(6,115,819)

Other comprehensive income

(30,140)

199,403

Total comprehensive loss for the period

(4,453,835)

(5,916,416)

Total comprehensive loss attributable to

owners of Contango Holdings PLC

(3,819,326)

(6,562,214)

Total comprehensive loss attributable to

non-controlling interests

25

(634,509)

645,798

Total comprehensive loss for the period

(4,453,835)

(5,916,416)

Basic and diluted loss per share from

total operations (pence)

8

(0.78)

(1.65)

Basic and diluted loss per share from

continuing operations

8

(0.50)

(1.23)

Basic and diluted loss per share from

discontinued operations

8

(0.28)

(0.42)

The notes to the financial statements form an integral part of these financial statement

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Consolidated Statement of Financial Position

As at 31 May 2024

35

Notes

31 May 2024

31 May 2023

(Restated)

31 May 2022

(Restated)

Non-current assets

£

£

£

Investments

11

5,811

40,071

46,474

Intangible assets

12

-

13,301,480

11,936,206

Property plant and equipment

13

43,670

2,872,182

737,727

Total non-current assets

49,481

16,213,733

12,720,407

Current assets

Other receivables

14

164,385

216,900

52,211

Cash and cash equivalents

16

1,166

75,692

610,546

Total current assets

165,551

292,592

662,757

Disposal Group assets

18

16,667,773

-

-

Total assets

16,882,805

16,506,325

13,383,164

Current liabilities

Trade and other payables

17

(1,081,195)

(1,286,381)

(503,732)

Investor loans

17

(4,184,740)

(1,052,206)

(1,331,750)

Total current liabilities

(5,265,935)

(2,338,587)

(1,835,482)

Disposal Group liabilities

18

(1,004,354)

-

-

Total liabilities

(6,270,289)

(2,338,587)

(1,835,482)

Net assets

10,612,516

14,167,738

11,547,682

Equity

Share capital

19

5,667,240

4,727,240

3,096,674

Share premium

19

17,285,180

17,332,180

10,900,223

Shares to be issued

19

-

-

400,000

Warrant reserve

19

2,107,277

2,101,664

1,013,815

Option reserve

19

-

-

1,700,505

Translation reserve

19

198,781

219,048

71,693

Retained earnings

(15,980,533)

(12,181,474)

(6,958,510)

Total equity

attributable to owners of

Contango Holdings

9,277,945

12,198,658

10,224,400

Non-controlling interests

25

1,334,571

1,969,080

1,323,282

Total Equity

10,612,516

14,167,738

11,547,682

The notes to the financial statements form an integral part of these financial statements

.

This report was approved by the board and authorised for issue on 22 November 2024 and signed on its behalf by:

………………………………

Carl Esprey (Director)

Registered number: 10186111

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Company Statement of Financial Position

As at

31 May 2024

36

Notes

31 May 2024

31 May 2023

(Restated)

31 May 2022

(Restated)

Non-current assets

£

£

£

Investments

11

1,420,888

1,455,148

1,461,578

Intangible assets

12

-

-

826,451

Subsidiary loans

14

15,866,081

13,720,405

10,084,740

Total non-current assets

17,286,969

15,175,553

12,372,769

Current assets

Other receivables

14

155,345

155,540

47,234

Cash and cash equivalents

16

1

4,382

14,218

Total current assets

155,346

159,922

61,452

Total assets

17,442,315

15,335,475

12,434,221

Current liabilities

Trade and other payables

17

(858,201)

(257,236)

(373,589)

Investor loans

17

(4,184,740)

(1,052,206)

(1,331,750)

Total current liabilities

(5,042,941)

(1,309,442)

(1,705,339)

Net assets

12,399,374

14,026,033

10,728,882

Equity

Share capital

19

5,667,240

4,727,240

3,096,674

Share premium

19

17,285,180

17,332,180

10,900,223

Shares to be issued

19

-

-

400,000

Warrant reserve

19

2,107,277

2,101,664

1,013,815

Option reserve

19

-

-

1,700,505

Translation reserve

19

-

-

(18)

Retained earnings

(12,660,323)

(10,135,051)

(6,382,317)

Total Equity

12,399,374

14,026,033

10,728,882

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not

presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company

for the year was £2,525,272 (2023: £5,239,339).

The notes to the financial statements form an integral part of these financial statements

.

This report was approved by the board and authorised for issue on 22 November 2024 and signed on its behalf by:

………………………………

Carl Esprey

Director

Registered number: 10186111

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 1286 909" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_40{
fill: #000;
}
]]></style>
</defs>
<path fill-rule="evenodd" d="M162.8,369.1h73v-.7h-73v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M235.8,369.1h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M236.5,369.1h72.3v-.7H236.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M308.8,369.1h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M309.5,369.1h62v-.7h-62v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M371.5,369.1h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M372.2,369.1h72.6v-.7H372.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M444.8,369.1h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M445.6,369.1h75.1v-.7H445.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M520.7,369.1h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M521.5,369.1h62.3v-.7H521.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M583.8,369.1h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M584.5,369.1h73.4v-.7H584.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M657.9,369.1h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M658.6,369.1h85.8v-.7H658.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M744.4,369.1h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M745.2,369.1h74.4v-.7H745.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M819.6,369.1h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M820.3,369.1h82.8v-.7H820.3v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M162.8,415.9h73v-.7h-73v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M235.8,415.9h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M236.5,415.9h72.3v-.7H236.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M308.8,415.9h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M309.5,415.9h62v-.7h-62v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M371.5,415.9h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M372.2,415.9h72.6v-.7H372.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M444.8,415.9h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M445.6,415.9h75.1v-.7H445.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M520.7,415.9h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M521.5,415.9h62.3v-.7H521.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M583.8,415.9h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M584.5,415.9h73.4v-.7H584.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M657.9,415.9h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M658.6,415.9h85.8v-.7H658.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M744.4,415.9h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M745.2,415.9h74.4v-.7H745.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M819.6,415.9h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M820.3,415.9h82.8v-.7H820.3v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M162.8,518.6h73v-.8h-73v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M235.8,518.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M236.5,518.6h72.3v-.8H236.5v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M308.8,518.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M309.5,518.6h62v-.8h-62v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M371.5,518.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M372.2,518.6h72.6v-.8H372.2v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M444.8,518.6h.8v-.8h-.8v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M445.6,518.6h75.1v-.8H445.6v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M520.7,518.6h.8v-.8h-.8v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M521.5,518.6h62.3v-.8H521.5v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M583.8,518.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M584.5,518.6h73.4v-.8H584.5v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M657.9,518.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M658.6,518.6h85.8v-.8H658.6v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M744.4,518.6h.8v-.8h-.8v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M745.2,518.6h74.4v-.8H745.2v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M819.6,518.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M820.3,518.6h82.8v-.8H820.3v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M162.8,688.6h73v-.8h-73v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M235.8,688.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M236.5,688.6h72.3v-.8H236.5v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M308.8,688.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M309.5,688.6h62v-.8h-62v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M371.5,688.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M372.2,688.6h72.6v-.8H372.2v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M444.8,688.6h.8v-.8h-.8v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M445.6,688.6h75.1v-.8H445.6v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M520.7,688.6h.8v-.8h-.8v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M521.5,688.6h62.3v-.8H521.5v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M583.8,688.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M584.5,688.6h73.4v-.8H584.5v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M657.9,688.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M658.6,688.6h85.8v-.8H658.6v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M744.4,688.6h.8v-.8h-.8v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M745.2,688.6h74.4v-.8H745.2v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M819.6,688.6h.7v-.8h-.7v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M820.3,688.6h82.8v-.8H820.3v.8Z" class="g0_40"/>
<path fill-rule="evenodd" d="M162.8,735.3h73v-.7h-73v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M235.8,735.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M236.5,735.3h72.3v-.7H236.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M308.8,735.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M309.5,735.3h62v-.7h-62v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M371.5,735.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M372.2,735.3h72.6v-.7H372.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M444.8,735.3h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M445.6,735.3h75.1v-.7H445.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M520.7,735.3h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M521.5,735.3h62.3v-.7H521.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M583.8,735.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M584.5,735.3h73.4v-.7H584.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M657.9,735.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M658.6,735.3h85.8v-.7H658.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M744.4,735.3h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M745.2,735.3h74.4v-.7H745.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M819.6,735.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M820.3,735.3h82.8v-.7H820.3v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M162.8,782.3h73v-.7h-73v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M235.8,782.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M236.5,782.3h72.3v-.7H236.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M308.8,782.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M309.5,782.3h62v-.7h-62v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M371.5,782.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M372.2,782.3h72.6v-.7H372.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M444.8,782.3h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M445.6,782.3h75.1v-.7H445.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M520.7,782.3h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M521.5,782.3h62.3v-.7H521.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M583.8,782.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M584.5,782.3h73.4v-.7H584.5v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M657.9,782.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M658.6,782.3h85.8v-.7H658.6v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M744.4,782.3h.8v-.7h-.8v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M745.2,782.3h74.4v-.7H745.2v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M819.6,782.3h.7v-.7h-.7v.7Z" class="g0_40"/>
<path fill-rule="evenodd" d="M820.3,782.3h82.8v-.7H820.3v.7Z" class="g0_40"/>
</svg>)

Contango Holdings PLC

Consolidated Statement of Changes in Equity

For the year ended 31 May 2024

37

Share capital

Share premium

Shares to be issued

Warrant reserve

Option reserve

Translation reserve

Retained earnings

Total Equity of

Owners

Non-controlling

interests

Total

£

£

£

£

£

£

£

£

£

£

Balance as at 31

May 2021

2,279,338

8,294,643

400,000

160,074

1,700,505

(33,393)

(4,152,947)

8,648,220

1,439,484

10,087,704

Prior year

adjustment

146,995

(146,995)

-

-

-

-

-

-

-

-

Balance as at 31

May 2021

(restated)

2,426,333

8,147,648

400,000

160,074

1,700,505

(33,393)

(4,152,947)

8,648,220

1,439,484

10,087,704

Loss for the year

-

-

-

-

-

-

(2,805,563)

(2,805,563)

(139,093)

(2,944,656)

Other

comprehensive

income

Translation

differences

-

-

-

-

-

105,086

-

105,086

22,891

127,977

Total

comprehensive

income for the

year

-

-

-

-

-

105,086

(2,805,563)

(2,700,477)

(116,202)

(2,816,679)

Transactions with

owners

Share issues

419,091

2,100,909

-

-

-

-

-

2,520,000

-

2,520,000

Warrants

exercised

251,250

651,666

-

(69,599)

-

-

-

833,317

-

833,317

Warrants issued

-

-

-

923,340

-

-

-

923,340

-

923,340

Total

transactions with

owners

670,341

2,752,575

-

853,741

-

-

-

4,276,657

-

4,276,657

Balance as at 31

May 2022

(restated)

3,096,674

10,900,223

400,000

1,013,815

1,700,505

71,693

(6,958,510)

10,224,400

1,323,282

11,547,682

Loss for the year

-

-

-

-

-

-

(6,709,569)

(6,709,569)

593,750

(6,115,819)

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 1286 909" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_41{
fill: #000;
}
]]></style>
</defs>
<path fill-rule="evenodd" d="M162.8,210.7h73v-.8h-73v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.8,210.7h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M236.5,210.7h72.3v-.8H236.5v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.8,210.7h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M309.5,210.7h62v-.8h-62v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.5,210.7h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M372.2,210.7h72.6v-.8H372.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M444.8,210.7h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M445.6,210.7h75.1v-.8H445.6v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M520.7,210.7h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M521.5,210.7h62.3v-.8H521.5v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M583.8,210.7h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M584.5,210.7h73.4v-.8H584.5v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M657.9,210.7h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M658.6,210.7h85.8v-.8H658.6v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M744.4,210.7h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M745.2,210.7h74.4v-.8H745.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.6,210.7h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M820.3,210.7h82.8v-.8H820.3v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M162.8,424.7h73V424h-73v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.8,424.7h.7V424h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M236.5,424.7h72.3V424H236.5v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.8,424.7h.7V424h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M309.5,424.7h62V424h-62v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.5,424.7h.7V424h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M372.2,424.7h72.6V424H372.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M444.8,424.7h.8V424h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M445.6,424.7h5.8V424h-5.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M451.4,424.7h.8V424h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M452.2,424.7h68.5V424H452.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M520.7,424.7h.8V424h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M521.5,424.7h10.1V424H521.5v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M531.6,424.7h.7V424h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M532.3,424.7h51.5V424H532.3v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M583.8,424.7h.7V424h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M584.5,424.7h73.4V424H584.5v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M657.9,424.7h.7V424h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M658.6,424.7h85.8V424H658.6v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M744.4,424.7h.8V424h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M745.2,424.7h74.4V424H745.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.6,424.7h.7V424h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M820.3,424.7h82.8V424H820.3v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M162.8,471.5h73v-.8h-73v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.8,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M236.5,471.5h72.3v-.8H236.5v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.8,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M309.5,471.5h62v-.8h-62v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.5,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M372.2,471.5h79.2v-.8H372.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M451.4,471.5h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M452.2,471.5h77.9v-.8H452.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.1,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.8,471.5h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M531.6,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M532.3,471.5h51.5v-.8H532.3v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M583.8,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M584.5,471.5h1.1v-.8h-1.1v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M585.6,471.5h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M586.4,471.5h71.5v-.8H586.4v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M657.9,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M658.6,471.5h10.9v-.8H658.6v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M669.5,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M670.2,471.5h74.2v-.8H670.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M744.4,471.5h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M745.2,471.5h74.4v-.8H745.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.6,471.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M820.3,471.5h82.8v-.8H820.3v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M162.8,505.9h73v-.7h-73v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.8,505.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M236.5,505.9h72.3v-.7H236.5v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.8,505.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M309.5,505.9h62v-.7h-62v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.5,505.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M372.2,505.9h79.2v-.7H372.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M451.4,505.9h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M452.2,505.9h77.9v-.7H452.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.1,505.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.8,505.9h53v-.7h-53v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M583.8,505.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M584.5,505.9h85v-.7h-85v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M669.5,505.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M670.2,505.9h74.2v-.7H670.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M744.4,505.9h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M745.2,505.9h74.4v-.7H745.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.6,505.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M820.3,505.9h82.8v-.7H820.3v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M162.8,598h73v-.7h-73v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.8,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M236.5,598h72.3v-.7H236.5v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.8,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M309.5,598h62v-.7h-62v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.5,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M372.2,598h56.5v-.7H372.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M428.7,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M429.4,598h22v-.7h-22v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M451.4,598h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M452.2,598h77.9v-.7H452.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.1,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.8,598h63.6v-.7H530.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M594.4,598h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M595.2,598h53v-.7h-53v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M648.2,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M648.9,598h31.4v-.7H648.9v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M680.3,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M681,598h63.4v-.7H681v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M744.4,598h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M745.2,598h10.1v-.7H745.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M755.3,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M756,598h54.3v-.7H756v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M810.3,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M811,598h8.6v-.7H811v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.6,598h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M820.3,598h82.8v-.7H820.3v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M162.8,746.5h73v-.7h-73v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.8,746.5h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M236.5,746.5h72.3v-.7H236.5v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.8,746.5h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M309.5,746.5h62v-.7h-62v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.5,746.5h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M372.2,746.5h79.2v-.7H372.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M451.4,746.5h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M452.2,746.5h77.9v-.7H452.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.1,746.5h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.8,746.5h63.6v-.7H530.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M594.4,746.5h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M595.2,746.5h85.1v-.7H595.2v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M680.3,746.5h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M681,746.5h74.3v-.7H681v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M755.3,746.5h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M756,746.5h63.6v-.7H756v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.6,746.5h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M820.3,746.5h82.8v-.7H820.3v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M162.8,793.5h73v-.8h-73v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.8,793.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M236.5,793.5h72.3v-.8H236.5v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.8,793.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M309.5,793.5h62v-.8h-62v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.5,793.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M372.2,793.5h79.2v-.8H372.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M451.4,793.5h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M452.2,793.5h77.9v-.8H452.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.1,793.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M530.8,793.5h63.6v-.8H530.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M594.4,793.5h.8v-.8h-.8v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M595.2,793.5h85.1v-.8H595.2v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M680.3,793.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M681,793.5h74.3v-.8H681v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M755.3,793.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M756,793.5h63.6v-.8H756v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.6,793.5h.7v-.8h-.7v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M820.3,793.5h82.8v-.8H820.3v.8Z" class="g0_41"/>
<path fill-rule="evenodd" d="M161.7,827.9h74.1v-.7H161.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M234.7,827.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M235.4,827.9h73.4v-.7H235.4v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M307.7,827.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M308.4,827.9h63.1v-.7H308.4v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M370.4,827.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M371.1,827.9h80.3v-.7H371.1v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M450.3,827.9h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M451.1,827.9h79v-.7h-79v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M529,827.9h.7v-.7H529v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M529.7,827.9h64.7v-.7H529.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M593.3,827.9h.8v-.7h-.8v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M594.1,827.9h86.2v-.7H594.1v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M679.2,827.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M679.9,827.9h75.4v-.7H679.9v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M754.2,827.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M754.9,827.9h64.7v-.7H754.9v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M818.5,827.9h.7v-.7h-.7v.7Z" class="g0_41"/>
<path fill-rule="evenodd" d="M819.2,827.9h83.9v-.7H819.2v.7Z" class="g0_41"/>
</svg>)

Contango Holdings PLC

Consolidated Statement of Changes in Equity

For the year ended 31 May 2024

38

Other

comprehensive

income

Translation

differences

-

-

-

-

-

147,355

-

147,355

52,048

199,403

Total

comprehensive

income

for

the

year

-

-

-

-

-

147,355

(6,709,569)

(6,562,214)

645,798

(5,916,416)

Transactions with

owners

Share issues

1,416,666

7,083,334

-

-

-

-

-

8,500,000

-

8,500,000

Share issue costs

-

(651,377)

-

-

-

-

-

(651,377)

-

(651,377)

Options exercised

213,900

-

-

-

(1,700,505)

-

1,486,605

-

-

-

Warrants issued

-

-

-

1,087,849

-

-

-

1,087,849

-

1,087,849

Impairment of Mali

Assets

-

-

(400,000)

-

-

-

-

(400,000)

-

(400,000)

Total

transactions with

owners

1,630,566

6,431,957

(400,000)

1,087,849

(1,700,505)

-

1,486,605

8,536,472

-

8,536,472

Balance at 31 May

2023 (restated)

4,727,240

17,332,180

-

2,101,664

-

219,048

(12,181,474)

12,198,658

1,969,080

14,167,738

Loss for the year

-

-

-

-

-

-

(3,799,059)

(3,799,059)

(624,636)

(4,423,695)

Other

comprehensive

income

Translation

differences

-

-

-

-

-

(20,267)

-

(20,267)

(9,873)

(30,140)

Total

comprehensive

loss for the year

-

-

-

-

-

(20,267)

(3,799,059)

(3,819,326)

(634,509)

(4,453,835)

Transactions with

owners

Share issues

940,000

-

-

-

-

-

-

940,000

-

940,000

Share issue costs

-

(47,000)

-

-

-

-

-

(47,000)

-

(47,000)

Warrants issued

-

-

-

5,613

-

-

-

5,613

-

5,613

Total

transactions with

owners

940,000

(47,000)

-

5,613

-

-

-

898,613

-

898,613

Balance at 31 May

2024

5,667,240

17,285,180

-

2,107,277

-

198,781

(15,980,533)

9,277,945

1,334,571

10,612,516

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_42{
fill: #000;
}
]]></style>
</defs>
<path fill-rule="evenodd" d="M152.6,302.5h71.7v-.7H152.6v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,302.5h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,302.5h92.2v-.7H225v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,302.5h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,302.5h77.2v-.7H318v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,302.5h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,302.5h81v-.7h-81v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,302.5h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,302.5H591.5v-.7H477.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M591.5,302.5h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M592.3,302.5h45.1v-.7H592.3v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,302.5h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,302.5h72.8v-.7H638.1v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,302.5h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,302.5h89.6v-.7H711.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,349.5h71.7v-.8H152.6v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,349.5h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,349.5h92.2v-.8H225v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,349.5h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,349.5h77.2v-.8H318v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,349.5h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,349.5h81v-.8h-81v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,349.5h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,349.5H591.5v-.8H477.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M591.5,349.5h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M592.3,349.5h45.1v-.8H592.3v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,349.5h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,349.5h72.8v-.8H638.1v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,349.5h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,349.5h89.6v-.8H711.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,452.9h71.7v-.7H152.6v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,452.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,452.9h92.2v-.7H225v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,452.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,452.9h77.2v-.7H318v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,452.9h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,452.9h81v-.7h-81v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,452.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,452.9H591.5v-.7H477.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M591.5,452.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M592.3,452.9h45.1v-.7H592.3v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,452.9h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,452.9h72.8v-.7H638.1v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,452.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,452.9h89.6v-.7H711.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,636.3h71.7v-.8H152.6v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,636.3h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,636.3h92.2v-.8H225v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,636.3h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,636.3h77.2v-.8H318v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,636.3h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,636.3h81v-.8h-81v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,636.3h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,636.3H591.5v-.8H477.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M591.5,636.3h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M592.3,636.3h45.1v-.8H592.3v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,636.3h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,636.3h72.8v-.8H638.1v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,636.3h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,636.3h89.6v-.8H711.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,683h71.7v-.7H152.6v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,683h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,683h92.2v-.7H225v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,683h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,683h77.2v-.7H318v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,683h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,683h81v-.7h-81v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,683h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,683H591.5v-.7H477.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M591.5,683h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M592.3,683h45.1v-.7H592.3v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,683h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,683h72.8v-.7H638.1v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,683h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,683h89.6v-.7H711.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,752.9h71.7v-.8H152.6v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,752.9h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,752.9h92.2v-.8H225v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,752.9h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,752.9h77.2v-.8H318v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,752.9h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,752.9h81v-.8h-81v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,752.9h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,752.9h87.8v-.8H477.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M565.5,752.9h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M566.2,752.9h25.3v-.8H566.2v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M591.5,752.9h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M592.3,752.9h45.1v-.8H592.3v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,752.9h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,752.9h72.8v-.8H638.1v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,752.9h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,752.9h89.6v-.8H711.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,775.6h71.7v-.7H152.6v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,775.6h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,775.6h92.2v-.7H225v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,775.6h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,775.6h77.2v-.7H318v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,775.6h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,775.6h81v-.7h-81v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,775.6h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,775.6h87.8v-.7H477.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M565.5,775.6h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M566.2,775.6h71.2v-.7H566.2v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,775.6h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,775.6h72.8v-.7H638.1v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,775.6h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,775.6h89.6v-.7H711.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,856.1h71.7v-.7H152.6v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,856.1h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,856.1h92.2v-.7H225v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,856.1h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,856.1h77.2v-.7H318v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,856.1h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,856.1h81v-.7h-81v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,856.1h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,856.1h87.8v-.7H477.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M565.5,856.1h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M566.2,856.1h71.2v-.7H566.2v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,856.1h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,856.1h72.8v-.7H638.1v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,856.1h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,856.1h89.6v-.7H711.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,1118.9h71.7v-.7H152.6v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,1118.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,1118.9h92.2v-.7H225v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,1118.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,1118.9h77.2v-.7H318v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,1118.9h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,1118.9h81v-.7h-81v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,1118.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,1118.9h87.8v-.7H477.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M565.5,1118.9h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M566.2,1118.9h71.2v-.7H566.2v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,1118.9h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,1118.9h72.8v-.7H638.1v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,1118.9h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,1118.9h89.6v-.7H711.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M152.6,1165.8h71.7v-.7H152.6v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M224.2,1165.8h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M225,1165.8h92.2v-.7H225v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M317.2,1165.8h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M318,1165.8h77.2v-.7H318v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.2,1165.8h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M395.9,1165.8h81v-.7h-81v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.9,1165.8h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M477.7,1165.8h87.8v-.7H477.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M565.5,1165.8h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M566.2,1165.8h71.2v-.7H566.2v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637.4,1165.8h.7v-.7h-.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M638.1,1165.8h72.8v-.7H638.1v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.9,1165.8h.8v-.7h-.8v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M711.7,1165.8h89.6v-.7H711.7v.7Z" class="g0_42"/>
<path fill-rule="evenodd" d="M151.5,1212.6h72.8v-.8H151.5v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M223.1,1212.6h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M223.9,1212.6h93.3v-.8H223.9v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M316.1,1212.6h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M316.9,1212.6h78.3v-.8H316.9v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M394.1,1212.6h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M394.8,1212.6h82.1v-.8H394.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M475.8,1212.6h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M476.6,1212.6h88.9v-.8H476.6v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M564.4,1212.6h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M565.1,1212.6h72.3v-.8H565.1v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M636.3,1212.6h.7v-.8h-.7v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M637,1212.6h73.9v-.8H637v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M709.8,1212.6h.8v-.8h-.8v.8Z" class="g0_42"/>
<path fill-rule="evenodd" d="M710.6,1212.6h90.7v-.8H710.6v.8Z" class="g0_42"/>
</svg>)

Contango Holdings PLC

Company Statement of Changes in Equity

For the year ended 31 May 2024

39

Share capital

£

Share

premium £

Shares to

be issued £

Warrant

Reserve

£

Option

reserve £

Translation

reserve £

Retained

earnings £

Total Equity

of Owners £

Balance as at

31 May 2021

2,279,338

8,294,643

400,000

160,074

1,700,505

-

(4,048,020)

8,786,540

Prior year

adjustment

146,995

(146,995)

-

-

-

-

-

-

Balance as at

31 May 2021

(restated)

2,426,333

8,147,648

400,000

160,074

1,700,505

-

(4,048,020)

8,786,540

Loss for the year

-

-

-

-

-

-

(2,334,297)

(2,334,297)

Other

comprehensive

income

Translation

differences

-

-

-

-

-

(18)

-

(18)

Total

comprehensive

loss for the

year

-

-

-

-

(18)

(2,334,297)

(2,334,315)

Transactions

with owners

Share issues

–

cash received

419,091

2,100,909

-

-

-

-

-

2,520,000

Options

exercised

251,250

651,666

-

(69,599)

-

-

-

833,317

Warrants issued

-

-

-

923,340

-

-

-

923,340

Total

transactions

with owners

670,341

2,752,575

-

853,741

-

-

-

4,276,657

3,096,674

10,900,223

400,000

1,013,815

1,700,505

(18)

(6,382,317)

10,728,882

Balance as at

31 May 2022

(restated)

Loss for the year

-

-

-

-

-

-

(5,239,339)

(5,239,339)

Other

comprehensive

income

Translation

differences

-

-

-

-

-

18

-

18

Total

comprehensive

loss for the

year

-

-

-

-

-

18

(5,239,339)

(5,239,321)

Transactions

with owners

Share issues

–

cash received

1,416,666

7,083,334

-

-

-

-

-

8,500,000

Share issue

costs

-

(651,377)

-

-

-

-

-

(651,377)

Options

exercised

213,900

-

-

(1,700,505)

-

1,486,605

-

Warrants issued

-

-

-

1,087,849

-

-

-

1,087,849

Impairment of

Mali Assets

-

-

(400,000)

-

-

-

-

(400,000)

Total

transactions

with owners

1,630,566

6,431,957

(400,000)

1,087,849

(1,700,505)

-

1,486,605

8,536,472

Balance at 31

May 2023

(restated)

4,727,240

17,332,180

-

2,101,664

-

-

(10,135,051)

14,026,033

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_43{
fill: #000;
}
]]></style>
</defs>
<path fill-rule="evenodd" d="M152.6,218.6h71.7v-.8H152.6v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M224.2,218.6h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M225,218.6h92.2v-.8H225v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M317.2,218.6h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M318,218.6h77.2v-.8H318v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M395.2,218.6h.7v-.8h-.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M395.9,218.6h81v-.8h-81v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M476.9,218.6h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M477.7,218.6h87.8v-.8H477.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M565.5,218.6h.7v-.8h-.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M566.2,218.6h71.2v-.8H566.2v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M637.4,218.6h.7v-.8h-.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M638.1,218.6h72.8v-.8H638.1v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M710.9,218.6h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M711.7,218.6h89.6v-.8H711.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M152.6,299h71.7v-.7H152.6v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M224.2,299h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M225,299h92.2v-.7H225v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M317.2,299h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M318,299h77.2v-.7H318v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M395.2,299h.7v-.7h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M395.9,299h81v-.7h-81v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M476.9,299h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M477.7,299h87.8v-.7H477.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M565.5,299h.7v-.7h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M566.2,299h71.2v-.7H566.2v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M637.4,299h.7v-.7h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M638.1,299h72.8v-.7H638.1v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M710.9,299h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M711.7,299h89.6v-.7H711.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M152.6,494.3h71.7v-.7H152.6v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M224.2,494.3h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M225,494.3h92.2v-.7H225v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M317.2,494.3h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M318,494.3h61.8v-.7H318v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M379.8,494.3h.7v-.7h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M380.5,494.3h14.7v-.7H380.5v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M395.2,494.3h.7v-.7h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M395.9,494.3h81v-.7h-81v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M476.9,494.3h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M477.7,494.3h87.8v-.7H477.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M565.5,494.3h.7v-.7h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M566.2,494.3h71.2v-.7H566.2v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M637.4,494.3h.7v-.7h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M638.1,494.3h72.8v-.7H638.1v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M710.9,494.3h.8v-.7h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M711.7,494.3h89.6v-.7H711.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M135,541.3h17.6v-.8H135v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M152.6,541.3h.7v-.8h-.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M153.3,541.3h70.9v-.8H153.3v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M224.2,541.3h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M225,541.3h92.2v-.8H225v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M317.2,541.3h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M318,541.3h61.8v-.8H318v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M379.8,541.3h.7v-.8h-.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M380.5,541.3h96.4v-.8H380.5v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M476.9,541.3h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M477.7,541.3h87.8v-.8H477.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M565.5,541.3h.7v-.8h-.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M566.2,541.3h71.2v-.8H566.2v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M637.4,541.3h.7v-.8h-.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M638.1,541.3h72.8v-.8H638.1v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M710.9,541.3h.8v-.8h-.8v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M711.7,541.3h89.6v-.8H711.7v.8Z" class="g0_43"/>
<path fill-rule="evenodd" d="M133.9,575.7h90.4V575H133.9v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M223.1,575.7h.8V575h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M223.9,575.7h93.3V575H223.9v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M316.1,575.7h.8V575h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M316.9,575.7h62.9V575H316.9v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M378.7,575.7h.7V575h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M379.4,575.7h97.5V575H379.4v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M475.8,575.7h.8V575h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M476.6,575.7h88.9V575H476.6v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M564.4,575.7h.7V575h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M565.1,575.7h72.3V575H565.1v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M636.3,575.7h.7V575h-.7v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M637,575.7h73.9V575H637v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M709.8,575.7h.8V575h-.8v.7Z" class="g0_43"/>
<path fill-rule="evenodd" d="M710.6,575.7h90.7V575H710.6v.7Z" class="g0_43"/>
</svg>)

Contango Holdings PLC

Company Statement of Changes in Equity

For the year ended 31 May 2024

40

Loss for the year

-

-

-

-

-

-

(2,525,272)

(2,525,272)

Other

comprehensive

income

Translation

differences

-

-

-

-

-

-

-

-

Total

comprehensive

loss for the

year

-

-

-

-

-

-

(2,525,272)

(2,525,272)

Transactions

with owners

Share issues

–

cash received

940,000

-

-

-

-

-

-

940,000

Share issue

costs

-

(47,000)

(47,000)

Warrants issued

-

-

-

5,613

-

-

-

5,613

Total

transactions

with owners

940,000

(47,000)

-

5,613

-

-

-

898,613

Balance at

31 May 2024

5,667,240

17,285,180

-

2,107,277

-

-

(12,660,323)

12,399,374

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Consolidated Cash Flow Statement

For the year ended 31 May 2024

41

Notes

Year ended

31 May 2024

Year ended

31 May 2023

£

£

Operating activities

Loss after tax

(2,496,234)

(5,119,818)

Adjustments for:

Depreciation and amortisation

45,487

46,015

Share based payment transactions

5,613

1,087,849

Loan facility fees

924,558

493,701

Impairment of listed investment

34,260

6,403

Impairment of exploration licences

23,157

2,101,921

Write off of receivables balance

-

5,130

Changes in working capital

Decrease/(Increase) in trade and other receivables

52,515

(164,688)

(Decrease)/Increase in trade and other payables

24

(205,186)

503,105

Cash used in continuing operating activities

(1,615,830)

(1,040,382)

Cash used in discontinued operating activities

(425,790)

(652,524)

Decrease in cash from operating activities

(2,041,620)

(1,692,906)

Investing activities

Net cash used investing in continuing operating

activity

-

-

Net cash used investing in discontinued operating

activity

(1,163,524)

(5,328,849)

Net cash outflow from investing activities

(1,163,524)

(5,328,849)

Financing activities

Ordinary shares issued

19

940,000

4,842,196

Share issue costs

(47,000)

(651,377)

Proceeds from investor loans

2,208,000

2,378,534

Net cash generated from financing activities

3,101,000

6,569,353

Decrease in cash and cash equivalents

(104,144)

(452,402)

Cash and cash equivalents at the start of the period

75,692

610,546

Effect of foreign exchange rate changes

29,618

(82,452)

Cash and cash equivalents at the end of the

period

1,166

75,692

![](data:image/svg+xml;base64,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)

Contango Holdings PLC

Company Cash Flow Statement

For the year ended 31 May 2024

42

Notes

Year

ended

31 May 2024

Year

ended

31 May 2023

£

£

Operating activities

Loss after tax

(2,525,272)

(5,239,339)

Adjustments for:

Share based payment transactions

5,613

1,087,849

Impairment of listed investment

34,260

6,403

Impairment of loan to subsidiary

257,020

2,032,744

Impairment of exploration licence

23,157

826,451

Write off receivables balance

-

5,130

Loan facility fees

924,558

493,701

Changes in working capital

Decrease/(Increase) in trade and other receivables

194

(108,306)

Increase/(Decrease) in trade and other payables

24

600,965

(395,897)

Decrease in cash from operating activities

(679,505)

(1,291,264)

Investing activities

Loans to subsidiaries

(2,402,696)

(5,420,189)

Net cash outflow from investing activities

(2,402,696)

(5,420,189)

Financing activities

Ordinary shares issued

19

940,000

4,190,819

Share issue costs

(47,000)

-

Proceeds from investor loans

2,208,000

2,378,534

Net cash inflow from financing activities

3,101,000

6,569,353

Increase/(Decrease) in cash and cash

equivalents

18,799

(142,100)

Cash and cash equivalents at the start of the period

4,382

14,218

Effect of foreign exchange rate changes

(23,180)

132,264

Cash and cash equivalents at the end of the

period

1

4,382

The notes to the financial statements form an integral part of these financial statements

.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

43

1

General information

The Parent Company was incorporated in England and Wales under the Laws of England and

Wales with registered number 10186111 on 18 May 2016.

The acquisition of the Lubu coalfield project (now known as the Muchesu Mine) by the Parent

Company took place on the 18 June 2020 and the Parent Company

’s shares were readmitted

for trading on the London Stock Exchange. The Parent Company acquired 70% of the shares

of Monaf

Investments (Pvt) Limited (“Monaf”)

, which owns the Muchesu Mine.

On 3 July 2024 the Company announced that it had entered into binding agreements with Huo

Investments (Pvt) Limited to sell 51% of its shareholding in its subsidiary Monaf. Huo

Investments have agreed to invest up to US$20 million in the Muchesu Mine to increase

production capacity and upgrade infrastructure and will pay Contango a royalty based on

production. The royalty will be a minimum of US$2 million per annum for the life of the mine

paid monthly in arrears. The royalty per tonne produced will be as follows: US$2 for thermal

coal; US$4 for industrial coal; and US$8 for coking coal. Huo Investments will also acquire a

20% shareholding in Contango Holdings for US$2 million.

2

Summary of Significant Accounting Policies

The Board has reviewed the accounting policies set out below and considers them to be the

most appropriate to the Group

’s business activities.

a)

Basis of Preparation

The consolidated financial statements have been prepared in accordance with the Companies

Act 2006, and UK adopted International Accounting Standards. The financial statements have

been prepared under the historical cost convention as modified for certain financial assets

carried at fair value.

The Directors anticipate that all of the pronouncements will be adopted in the Group

’s

accounting policies for the first period beginning on or after the effective date of the

pronouncement.

The financial information of the Group

is presented in British Pound Sterling (“£”)

rounded to

the nearest £.

The functional currency of the Group is

British Pound Sterling (“£”).

b) Basis of Consolidation

The Consolidated Financial Statements comprise the financial statements of the Parent

Company; Monaf Investments Pvt Limited (

“

Monaf

”

) following the Parent

Company’s acquisition

of 70% of

Monaf’s

share capital on 18 June 2020; Contango Gold Mali (“CGM”) following

the

acquisition of 75% of the share capital on 14 October 2020; and Contango Holdings Services

Pty Limited which was incorporated on 12

November 2021 with the Parent Company as the sole

shareholder.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the

Group obtains control. Control is achieved when the Group is exposed, or has rights, to variable

returns from its involvement with the investee and has the ability to affect those returns through

its power over an investee, including:

• the contractual arrangement with the other vote holders of the investee;

• rights arising from other contractual arrangements; and

• the Group’

s voting rights and potential voting rights.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

44

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate

that there are changes to one or more of the three elements of control. Subsidiaries are fully

consolidated from the date on which control is transferred to the Group. They are

deconsolidated from the date that control ceases. Assets, liabilities, income and expenses of a

subsidiary acquired or disposed of during the period are included in the Consolidated Financial

Statements from the date the Group gains control until the date the Group ceases to control the

subsidiary.

All intra-group balances, transactions, income and expenses and profits and losses resulting

from intragroup transactions that are recognised in assets, are eliminated in full.

c) Going concern

During the year the Group made a loss from total operations of £4,423,695 (2023: £6,115,819)

and had net cash outflows of £104,144 (2023: £452,403). Net assets also declined by

£3,555,222 over the period to £10,612,516 (2023: £14,167,738).

However, the Group has announced subsequent to the year-end that it has entered into

binding agreements with Huo Investments (Pvt) Limited to sell 51% of its shareholding in its

subsidiary Monaf. Huo Investments have agreed to invest up to US$20 million in the Muchesu

Mine to increase production capacity and upgrade infrastructure and will pay Contango a

royalty based on production. The royalty will be a minimum of US$2 million per annum. Huo

Investments will also acquire a 20% shareholding in Contango for US$2 million. The US$2

million will be used by Contango to pay creditors and provide working capital to the Group. On

18 July 2024 the Company announced that it had already received US$1 million from Huo

Investments.

The Directors believe that the US$2m will be sufficient funds to cover ongoing running costs

until the Muchesu mine is making regular cash sales and the Company is receiving regular

royalty payments based on production. However, the Company still has outstanding investor

loans of £4,184,740 as at 31 May 2024, all of which are now overdue for repayment and

repayable on demand. In the event that multiple investors demanded their loans be repaid at

the same time the Company would not have sufficient funds to accommodate this. Whilst

noting that this is a possibility, the Company maintains regular contact with the lenders (all of

whom are supportive shareholders) and considers that investors demanding immediate

repayment of their loans is unlikely.

However due to the inherent uncertainties associated with the development of mining assets

neither the financial success of the Muchesu Mine, nor the raising of any further finance, can

be guaranteed. Whilst the Directors are confident that the Muchesu Mine will soon be

consistently revenue generating, this is not guaranteed and hence in the audit report there is

a disclaimer of opinion in respect of going concern. However, the Directors have, at the time

of approving the financial statements, a reasonable expectation that the Group will have

adequate resources to continue in operational existence for the foreseeable future, which is

defined as twelve months from the signing of this report. For this reason, the Directors continue

to adopt the going concern basis in preparing the financial statements.

d)

Standards and interpretations issued but not yet applied

Below is a list of new and revised IFRSs that are not yet mandatorily effective (but allow early

application) for the year ended 31 May 2024 and have not been early adopted by the Group.

These standards are not expected to have a material impact on the Group in the future reporting

periods and on foreseeable future transactions.

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

45

|  |  |
| --- | --- |
|  | Effective periods |
| IFRS accounting standards | beginning on or after |
| Amendments to IAS 1 Presentation of Financial Statements: | 1 January 2024 |
| Classification of Liabilities as Current or Non-current and Non- |  |
| current Liabilities with Covenants |  |
| Amendments to IAS 7 Statement of Cash Flows and IFRS 7 | 1 January 2024 |
| Financial  Instruments:  Disclosures:  Supplier  Finance |  |
| Arrangements |  |
| IFRS S1 General Requirements for Disclosure of Sustainability- | 1 January 2024 |
| related Financial Information |  |
| IFRS S2 Climate-related disclosures | 1 January 2024 |
| Amendments to IAS 21 The Effects of Changes in Foreign | 1 January 2025 |
| Exchange Rates: Lack of Exchangeability |  |
| IFRS 18 Presentation and Disclosures in Financial Statements | 1 January 2027 |

There were no new or amended standards adopted in the year that were relevant to the Group.

e)

Taxation

In future years when tax

will be payable it will be based on the taxable profit for the period.

Taxable profit differs from net profit as reported in the income statement because it excludes

items of income or expense that are taxable or deductible in other periods and it further

excludes items that are never taxable or deductible. The Group

’s liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the reporting

date.

Deferred tax is provided for using the liability method on temporary differences at the

reporting date between the tax basis of assets and liabilities and their carrying amounts for

financial reporting purposes. Deferred tax liabilities are recognised in full for all temporary

differences. Deferred tax assets are recognised for all deductible temporary differences

carried forward of unused tax credits and unused tax losses to the extent that it is probable

that taxable profits will be available against which the deductible temporary differences, and

carry-forward of unused tax credits and unused losses can be utilised. The carrying amount

of deferred tax assets is assessed at each reporting date and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the

deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each

reporting date and are recognised to the extent that is probable that future taxable profits will

allow the deferred tax asset to be recovered.

f)

Intangible Assets

Exploration and evaluation assets

The Group recognises expenditure as exploration and evaluation assets when it determines

that those assets will be successful in finding specific mineral resources. Expenditure

included in the initial measurements of exploration and evaluation assets and which are

classified as intangible assets relate to the acquisition of rights to explore, exploratory drilling,

sampling and activities to evaluate the technical feasibility and commercial viability of

extracting a mineral resource. Capitalisation of pre-production expenditure ceases when the

mining property is capable of commercial production.

Impairment

Exploration and evaluation assets are not subject to amortisation but are assessed annually

for impairment. The assessment is carried out by allocating exploration and evaluation assets

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

46

to cash generating units (“CGU’s”), which are based on specific projects or geographical

areas. The CGUs are then assessed for impairment using a variety of methods including

those specified in IFRS 6.

Whenever the exploration for and evaluation of mineral resources in income generating units

does not lead to the discovery of commercially viable quantities of mineral resources and the

Group has decided to discontinue such activities of that unit, the associated expenditures are

written off to the Statement of Comprehensive Income.

Exploration and evaluation assets recorded at fair-value on acquisition

Exploration assets which are acquired are recognised at fair value. When an acquisition of

an entity whose only significant assets are its exploration asset and/or rights to explore, the

Directors consider that the fair value of the exploration assets is equal to the consideration.

Any excess of the consideration over the capitalised exploration asset is attributed to the fair

value of the exploration asset.

g)

Property, plant and equipment

All items of property, plant and equipment are stated at historical cost less depreciation and

impairment. Historical cost includes expenditure that is directly attributable to the acquisition.

Subsequent costs are

included in the asset’s carrying value when it is considered

probable

that future economic benefits associated with the item will flow to the Group and the cost of

the item can be measured reliably. Depreciation is charged to the profit or loss on a straight-

line basis as follows:

Motor vehicles 20% - 33.3%

Office furniture and equipment 33.3%

The assets’ residual values and useful lives are reviewed, and adjusted

if appropriate, at each

reporting date. Gains and losses on disposals are determined by comparing proceeds with

carrying amount and are included in profit or loss.

Impairment of property, plant and equipment

Whenever events or changes in circumstance indicate that the carrying amount of an asset

may not be recoverable an asset is reviewed for

impairment. An asset’s carrying value is

written down to its estimated recoverable amount (being the higher of the fair value less costs

to sell

and value in use) if that is less than the asset’s carrying amount.

h)

Financial Instruments

The Group applies IFRS 9 which sets out requirements for recognising and measuring

financial assets and financial liabilities. A financial instrument is any contract that gives rise

to a financial asset of one entity and a financial liability or equity instrument of another.

Financial Assets and Investments

On initial recognition, a financial asset or investment is classified as measured at amortised

cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or

loss (FVTPL).

As at the reporting date the Group holds no financial assets or investments other than cash

and the loans to its subsidiaries.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

47

Financial liabilities and equity instruments

Classification as debt or equity

Financial liabilities and equity instruments issued by the Group are classified according to

the substance of the contractual arrangements entered into and the definitions of a financial

liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the

Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds

received, net of direct issue costs.

Financial liabilities

Financial liabilities are classified as either financial liabilities at fair value through profit or

loss or financial liabilities measured at amortised cost.

Financial liabilities are classified as at fair value through profit or loss if the financial liability

is either held for trading or it is designated as such upon initial recognition.

Other financial liabilities

Trade and other payables are initially measured at fair value, net of transaction costs, and

are subsequently measured at amortised cost, where applicable, using the effective interest

method, with interest expense recognised on an effective yield basis.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group

’s obligations

are discharged, cancelled or they expire.

Cash and cash equivalents

Cash and cash equivalents comprises cash held in bank accounts and in petty cash floats

across the Group.

i ) Warrants

Warrants classified as equity are recorded at fair value as of the date of issuance in the

Consolidated and Company Statements of Financial Position and no further adjustments to their

valuation are made. Management estimates the fair value of these liabilities using the Black

Scholes option pricing model and assumptions that are based on the individual characteristics

of the warrants or instruments on the valuation date, as well as assumptions for future financing,

expected volatility, expected life, yield, and risk-free interest rate as detailed in note 20.

j)

Options

Options classified as equity are recorded at fair value as of the date of issuance in the

Consolidated and Company Statements of Financial Position and no further adjustments to

their valuation are made. Management estimates the fair value of these instruments using the

Black Scholes option pricing model and assumptions that are based on the individual

characteristics of the options or instruments on the valuation date, as well as assumptions for

future financing, expected volatility, expected life, yield, and risk-free interest rate as detailed

in note 20.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

48

k)

Financial Risk Management Objectives and Policies

The Group

’s

significant financial instruments include bank balances, trade payables and

accruals. Details of these financial instruments are disclosed in respective notes. The risks

associated with these financial instruments, and the policies on how to mitigate these risks are

set out below. The management manages and monitors these exposures to ensure appropriate

measures are implemented on a timely and effective manner.

Liquidity Risk

–

the Group raises funds as required on the basis of budgeted expenditure and

inflows. When funds are sought, the Group balances the costs and benefits of equity and debt

financing.

l) Foreign currency

Transactions in foreign currencies are translated to the functional currency (British Pound

Sterling) at the exchange rates ruling at the dates of the transactions. Monetary assets and

liabilities denominated in foreign currencies at the reporting date are retranslated to the

functional currency at the exchange rate at that date. Exchange differences arising on the

retranslation of balances at the year-end are recognised in other comprehensive income whilst

exchange differences arising from transactions are posted to the Income Statement.

m) Listed investments

Listed investments are initially measured at cost and subsequently at fair value with any change

therein recognised in profit or loss. However, where an investment is traded infrequently and a

true market value is difficult to measure the Group has decided that it is prudent to measure the

investment at the lower of cost and market value.

n)

Convertible debt and investor loans

Convertible loan notes where conversion into equity is mandatory but the price is based upon

the prevailing market price at the time of conversion are treated as debt.

o)

Inventories

Inventories are stated at the lower of cost and net realisable value. Net realisable value is the

estimated selling price in the ordinary course of business, less the estimated costs of completion

and selling expenses. The cost of inventories is based on the FIFO principle and includes

expenditure incurred in acquiring the inventories and bringing them to their existing location and

condition.

p)

Assets held for sale

Non-current assets (or disposal groups) are classified as assets held for sale when their carrying

amount is to be recovered principally through a sale transaction and a sale is considered highly

probable. They are stated at the lower of carrying amount and fair value less costs to sell and

are presented separately in the income statement as discontinued operations, and the

associated assets and liabilities of the disposal group are presented as separate line items in

the Consolidated Statement of Financial Position as Group disposal assets and Group disposal

liabilities.

3

Key accounting judgements and sources of estimation uncertainty

The preparation of financial statements in conformity with UK-adopted International Accounting

Standards requires management to make estimates and assumptions that affect the reported

amounts of income, expenditure, assets and liabilities. Estimates and judgements are

continually evaluated, including expectations of future events to ensure these estimates to be

reasonable.

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

49

The estimates and associated assumptions are based on historical experience and various

other factors that are believed to be reasonable under the circumstances, the results of which

form the basis of making the judgements about carrying values of assets and liabilities that are

not readily apparent from other sources. Actual results may differ from these estimates.

Key accounting judgements

a) Going concern

The use of the going concern basis of preparation is assessed to be a significant judgement

which is detailed in accounting policy note 2 c.

b)

Impairment of intangible assets

–

exploration and evaluation costs

Exploration and evaluation costs and mine development costs (moved to Assets Held for Sale)

have a carrying value as at 31 May 2024 of £14,259,569. When assessing whether there are

any indicators of impairment management consider the licence expiry dates. Licences have

durations of between 1 and 25 years and the Group has a right to renew exploration and mining

licences.

No amortisation will be applied to the assets until commercial extraction of the resource

commences.

Management tests for impairment indicators annually whether exploration projects have future

economic value. Specifically at 31 May 2024 the Directors have considered the following in their

impairment assessment:

•

The Group has the right to explore and mine in the area covered by the licence in

Zimbabwe until 2043 and has the right to renew upon expiry;

•

The mine is in the development stage and limited bulk sample sales have been made

during the year;

•

Subsequent to the year end a majority stake in the Muchesu Mine has been sold to Huo

Investments for a royalty based on production - worth a minimum of US$2 million per

annum for the life of the mine (see note 21);

•

Exploration activity to date has indicated the presence of commercially viable quantities

of mineral resources - or initial findings that warrant further exploratory work; and

•

There is no indication at present that the carrying value of the mining asset in Zimbabwe

exceeds the value that could be extracted from this when it is taken into full production.

The results of actual or future mining test will be taken into consideration when evaluating the

value of the intangible assets.

c)

Recoverability of Loans to Subsidiaries

Following the Group’s adoption of IFRS 9 it has assessed the likelihood that the loans advanced

by the Parent Company to its operating subsidiaries in Zimbabwe and Mali will not be repaid.

Repayment is dependent upon successful monetisation of the

Group’s exploration assets in

those countries. Given the recent

announcement of the sale of 51% of the Group’s stake in

Monaf Investments and the investment in plant upgrades by Huo Investments, the Directors feel

that there is no reason to believe that the Monaf loan will not be repaid. Discussions with Huo

Investments regarding the repayment of the loans made by both parties to Monaf are currently

ongoing but it is likely that repayment of the loans will start 18 months after commencement of

commercial operations. With regards to the Mali loan the Directors believe that while there is

still a reasonable possibility that the assets can be sold to interested third parties with the

proceeds used to repay the loan it was prudent to provide for the loan in the prior year.

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

50

d) Valuation of Warrants

The Group use Black Scholes valuation models to value warrants issued during the year. These

require judgement to be used by management as to the variables used to populate the model.

e)

Disposal group (asset held for sale)

51% of the Group’s 70%

holding in Monaf is in the process of being sold to Huo Investments

(Private) Limited in return for a royalty based on production worth a minimum of $2 million a

year. A binding agreement was announced on 3 July 2024 and all local approvals for the share

transfer to Huo Investments are expected to be obtained within the next few months.

Consequently Monaf Investments has been categorised as a disposal group (asset held for

sale) in the Consolidated Financial Statements.

4

Segment Reporting

The directors consider that the Group’s c

ontinuing activities comprise two business and

geographic segments, head office in the UK and mine development in Africa.

|  |  |  |  |
| --- | --- | --- | --- |
|  | Head office | Mine | Total |
|  | (UK) | development |  |
|  |  | (Africa) |  |
|  | £ | £ | £ |
| Year ended 31 May 2024 |  |  |  |
| Administration fees | (2,281,864) | (185,600) | (2,467,464) |
| Impairment of intangible |  |  |  |
| assets | - | (23,157) | (23,157) |
| Warrant issue costs | (5,613) | - | (5,613) |
| Loss for the year from |  |  |  |
| continuing operations | (2,287,477) | (208,757) | (2,496,234) |
| Year ended 31 May 2023 |  |  |  |
| Administration fees | (1,673,567) | (256,481) | (1,930,048) |
| Impairment of intangible |  |  |  |
| assets | - | (2,101,921) | (2,101,921) |
| Warrant issue costs | (1,087,849) | - | (1,087,849) |
| Loss for the year from |  |  |  |
| continuing operations | (2,761,416) | (2,358,402) | (5,119,818) |

The segment assets and liabilities at 31 May and the capital expenditure for the year then ended

are as follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  | Discontinued |  |
|  |  |  | mine |  |
|  | Head office | Dormant | development |  |
|  | (UK) | (Mali) | (Zimbabwe) | Group |
|  | £ | £ | £ | £ |
| 2024 |  |  |  |  |
| Non-current assets | 5,811 | 43,670 | 16,546,990 | 16,596,471 |
| Liabilities | (5,046,483) | (219,452) | (1,004,354) | (6,270,289) |
| Capital Expenditure - | - | - | (186,008) | (186,008) |
| PPE |  |  |  |  |

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

51

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| Capital Expenditure  – | - | - | (977,516) | (977,516) |
| intangible assets |  |  |  |  |
| Impairment Loss  – | - | (23,157) | - | (23,157) |
| Income Statement |  |  |  |  |
| 2023 |  |  |  |  |
| Non-current assets | 40,071 | 86,831 | 16,086,831 | 16,213,733 |
| Liabilities | (1,309,442) | (107,809) | (921,336) | (2,338,587) |
| Capital  Expenditure  - | - | - | (1,885,763) | (1,885,763) |
| PPE |  |  |  |  |
| Capital Expenditure  – | - | - | (3,443,086) | (3,443,086) |
| intangible assets |  |  |  |  |
| Impairment  Loss  – | - | (2,101,921) | - | (2,101,921) |
| Income Statement |  |  |  |  |

Non-current assets comprise exploration and development assets, property plant and

equipment, and investments.

5

Staff numbers and costs

The average number of persons employed (including directors) during the financial year,

analysed by category, was as follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 31 May 2024 | | 31 May 2023 | |
|  | Group | Company | Group | Company |
| Directors | 4 | 4 | 4 | 4 |
| Senior management | 7 | - | 7 | - |
| Staff | 22 | - | 74 | - |
|  | 33 | 4 | 85 | 4 |

The aggregate personnel costs were

as follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 31 May 2024 | | 31 May 2023 | |
|  | Group | Company | Group | Company |
|  | £ | £ | £ | £ |
| Directors’  fees | 120,000 | 120,000 | 104,000 | 104,000 |
| Staff salaries | 574,803 | - | 588,052 | - |
| Total personnel costs | 694,803 | 120,000 | 692,052 | 104,000 |

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

52

6

Loss before tax

|  |  |  |
| --- | --- | --- |
| Loss before income tax is stated after |  |  |
| charging: | Year | Year |
|  | ended | ended |
|  | 31 May 2024 | 31 May 2023 |
|  | £ | £ |
| Warrant charge | 5,613 | 1,087,849 |
| Foreign exchange differences | 327 | 117,391 |
| Depreciation | 45,487 | 46,015 |

7

Auditor’s remuneration

|  |  |  |
| --- | --- | --- |
| The analysis of auditor’s  remuneration is as |  |  |
| follows: | Year | Year |
|  | ended | ended |
|  | 31 May 2024 | 31 May 2023 |
|  | £ | £ |
| Fees payable to the Company’s auditor and |  |  |
| their associates for the audit of the |  |  |
| Company’s annual accounts | 75,000 | 49,000 |
| Fees payable to the component auditor for |  |  |
| t  he audit of the Company’s subsidiary | 5,504 | 6,053 |

8

Loss per Ordinary Share

The calculation of the basic and diluted loss per Ordinary Share is based on the following data:

|  |  |  |
| --- | --- | --- |
|  | Year | Year |
|  | ended | ended |
|  | 31 May | 31 May |
|  | 2024 | 2023 |
| Earnings |  |  |
| Loss from operations for the period attributable |  |  |
| to the equity holders of the Parent Entity | (3,799,059) | (6,709,569) |
| Loss from continuing operations for the period |  |  |
| attributable to the equity holders of the Parent |  |  |
| Entity | (2,449,836) | (4,993,484) |
| Loss from discontinued operations for the period |  |  |
| attributable to the equity holders of the Parent |  |  |
| Entity | (1,349,223) | (1,716,085) |
| Number of Ordinary Shares |  |  |
| Weighted average number of Ordinary Shares |  |  |
| for the purpose of basic and diluted earnings per |  |  |
| Ordinary Share (number) | 485,858,270 | 407,081,986 |
| Basic and diluted loss per Ordinary Share |  |  |
| (pence) | (0.78) | (1.65) |
| Basic and diluted loss per Ordinary Share |  |  |
| (pence) on continuing activities | (0.50) | (1.23) |
| Basic and diluted loss per Ordinary Share |  |  |
| (pence) on discontinued activities | (0.28) | (0.42) |

Due to the loss in both years the warrants in issue are anti-dilutive.

See Note 20 for information on warrants in issue.

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

53

9

Income tax

The taxation charge for the year can be reconciled to the profit/(loss) per the Statement of

Comprehensive Income as follows:

|  |  |  |
| --- | --- | --- |
|  | Year ended | Year ended |
|  | 31 May 2024 | 31 May 2023 |
|  | £ | £ |
| Loss before tax | (2,496,234) | (5,119,818) |
| Tax at UK corporation tax rate of 25% (2023: | (624,059) | (1,279,955) |
| 25%) |  |  |
| Less: |  |  |
| Tax effect of expenses that are not | 98,322 | 797,096 |
| deductible for tax purposes |  |  |
| Tax effect of UK losses not recognised | 525,737 | 482,859 |
| Income tax recognised in profit or loss | - | - |

The Group has UK tax losses of approximately £6,117,187 (2023: £4,014,240) to carry forward

against future profits. The Group has Zimbabwe tax losses of approximately US$12,048,861

(2023: US$8,348,232) to carry forward against future profits. The Directors have not recognised

a deferred tax asset on the losses to date due to the uncertainty of recovery.

10

Discontinued activities

The single line item

discontinued operations in 2024 represents the Group’s share in the loss of

Monaf Investments (Pvt) Limited that is in the process of being sold post year end.

|  |  |  |
| --- | --- | --- |
|  | Year ended | Year ended |
|  | 31 May 2024 | 31 May 2023 |
|  | £ | £ |
| Revenue | 64,218 | - |
| Cost of sales | (408,548) | - |
| Gross loss | (344,330) | - |
| Administrative fees and other expenses | (1,583,131) | (1,716,085) |
| Operating loss | (1,583,131) | (1,716,085) |
| Finance expense | - | - |
| Loss before tax | (1,927,461) | (1,716,085) |
| Income tax | - | - |
| Loss for the year from discontinued |  |  |
| operations | (1,927,461) | (1,716,085) |

There were cash outflows of £1,589,314 from discontinued operations relating to Monaf

Investments

in the consolidated statement of cash flows (2023: £5,981,373).

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

54

11

Investments

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 31 May 2024 | | 31 May 2023 | |
|  | Group | Company | Group | Company |
|  | £ | £ | £ | £ |
| Monaf Investments |  |  |  |  |
| (Pvt) Limited | - | 1,413,100 | - | 1,413,100 |
| Contango Gold Mali |  |  |  |  |
| Sarl | - | 1,922 | - | 1,922 |
| Contango Holdings |  |  |  |  |
| Services Pty Limited | - | 55 | - | 55 |
| Waraba Gold Limited | 5,811 | 5,811 | 40,071 | 40,071 |
|  | 5,811 | 1,420,888 | 40,071 | 1,455,148 |
|  |  | Country of |  |  |
|  |  | Incorporation |  |  |
|  |  | and principal |  |  |
|  | Proportion | place of |  |  |
| Subsidiary | Held | business | Nature of Business |  |
| Monaf Investments (Pvt) Ltd | 70% | Zimbabwe | Mine development |  |
| Contango Gold Mali | 75% | Mali | Dormant |  |
| Contango Holdings Services Pty | 100% | Australia | Treasury services |  |
| Ltd |  |  |  |  |

The investment in Waraba Gold Ltd (a company listed on the Toronto Stock Exchange)

consists of 675,000 ordinary shares and 378,000 warrants. These were purchased for a

combined amount of CAD106,300 or CAD0.1575 per share. As at 31 May 2024 the shares

were trading at CAD0.015 per share. Consequently the value of the investment was impaired

to reflect the fall in the market value of Waraba Gold. The warrants expired in 2022.

Carl Esprey is chief executive officer of Waraba Gold Ltd.

12

Intangible assets

|  |  |  |
| --- | --- | --- |
|  | Year | Year |
|  | ended | ended |
|  | 31 May | 31 May |
|  | 2024 | 2023 |
|  | £ | £ |
| At start of period | 13,301,480 | 11,936,206 |
| Additions  –  during year | 977,516 | 4,058,078 |
| Reclassification as plant & equipment | - | (614,992) |
| Foreign exchange movements | (19,427) | 24,109 |
| Impairment of Mali licences | - | (2,101,921) |
| Reclassification to disposal group | (14,259,569) | - |
| Total | - | 13,301,480 |
| Mining rights Zimbabwe (Muchesu Licence) | - | 13,301,480 |
| Mining rights Mali (Garalo Licence) | - | - |
| Mining rights Mali (Nthiela Licence) | - | - |
|  | - | 13,301,480 |

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

55

The intangible assets are held at cost and represent the mining rights and technical information

acquired when the Group acquired its 70% shareholding in Monaf Investments (Pvt) Limited on

18 June 2020 and exploration and evaluation and development expenditure in subsequent

years; its 75% share in the Garalo gold licence in Mali bought for $1 million on 22 October 2020;

and its 100% share in the Nthiela gold licence (adjacent to Garalo) in Mali. The Nthiela licence

was acquired for approximately £750,000

–

being €400,000

(£346,517) in cash and 4,000,000

ordinary shares at £0.10 to be issued.

The Nthiela gold licence is still held in the name of Samagold Resources SARL (a subsidiary

of the vendor - Africain Mineral Exploration Resources Mali SARL) pending the formal transfer

by the Mali Ministry of Mining. The cash element paid (£346,517) together with the £400,000 of

shares to be issued are currently held on the parent company balance sheet until the transfer

is completed.

The decision was made by management to fully impair the Garalo and Nthiela licences in Mali

to £nil due to the expiry of the Garalo licence in April 2023 and the Nthiela licence in August

2024; uncertainty surrounding possible changes to the Mali Mining Code; and the belief that the

best use of all available financial resources going forwards is the continued development of the

Muchesu coal mine in Zimbabwe. Consequently an impairment charge of £1,701,921 was

posted during the prior year to the Income Statement and £400,000 against the Shares to be

Issued Reserve.

13

Property Plant and Equipment

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Motor | Plant and | Office | Total |
|  | Vehicles | Equipment | Equipment |  |
|  | £ | £ | £ | £ |
| Cost |  |  |  |  |
| At 1 June 2023 | 772,953 | 2,559,855 | 11,231 | 3,344,039 |
| Additions | - | 184,405 | 1,603 | 186,008 |
| Disposals | - | (524) | - | (524) |
| Exchange |  |  |  |  |
| differences | (9,450) | (58,617) | 63 | (68,004) |
| Reclassification |  |  |  |  |
| to disposal |  |  |  |  |
| group | (680,253) | (2,597,041) | (10,162) | (3,287,456) |
| At 31 May 2024 | 83,250 | 88,078 | 2,735 | 174,063 |
| Accumulated |  |  |  |  |
| Depreciation |  |  |  |  |
| At 1 June 2023 | 219,603 | 247,577 | 4,677 | 471,857 |
| Charge for |  |  |  |  |
| period | 161,289 | 494,051 | 3,231 | 658,571 |
| Reclassification |  |  |  |  |
| to disposal |  |  |  |  |
| group | (297,642) | (696,913) | (5,480) | (1,000,035) |
| At 31 May 2024 | 83,250 | 44,715 | 2,428 | 130,393 |
| Net Book Value |  |  |  |  |
| At 31 May 2024 | - | 43,363 | 307 | 43,670 |
| At 31 May 2023 | 553,350 | 2,312,278 | 6,554 | 2,872,182 |

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

56

14

Other receivables

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Group | Company | Group | Company |
|  | £ | £ | £ | £ |
| Non-current |  |  |  |  |
| Subsidiary loans | - | 15,866,081 | - | 13,720,405 |
|  | - | 15,866,081 | - | 13,720,405 |
| Current |  |  |  |  |
| Prepayments | 28,545 | 23,351 | 29,849 | 24,594 |
| Other receivables | 135,840 | 131,994 | 187,051 | 130,946 |
|  | 164,385 | 155,345 | 216,900 | 155,540 |

The loans made to the Group

’s subsidiaries (Monaf and Contango Gold Mali) are for the

purpose of funding the development of the mining assets held by those entities. The loans are

interest free and repayable on demand. The loan to Contango Gold Mali was fully impaired in

the prior year due to doubts about its recoverability (See Note 12).

15

Categories of financial instruments

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Group | Company | Group | Company |
|  | £ | £ | £ | £ |
| Financial assets at |  |  |  |  |
| amortised cost |  |  |  |  |
| Cash and cash equivalents | 1,166 | 1 | 75,692 | 4,382 |
| Loan to Monaf Investments | - | 15,866,081 | - | 13,487,858 |
| Loan to Contango Holdings |  |  |  |  |
| Services Pty Limited | - | - | - | 232,547 |
| Investments | 5,811 | 1,420,888 | 40,071 | 1,455,148 |
| Financial liabilities at |  |  |  |  |
| amortised cost |  |  |  |  |
| Trade and other payables | 1,081,195 | 858,201 | 1,286,381 | 257,236 |
| Investor loans | 4,184,740 | 4,184,740 | 1,052,206 | 1,052,206 |

The Board has

overall responsibility for the determination of the Group’s risk management

objectives and policies. It meets periodically to review the effectiveness of the processes put in

place and the appropriateness of the objectives and policies it sets. The overall objective of the

Board is to set policies that seek to reduce risk as far as possible without unduly affecting the

Group

’s competitiveness and flexibility

.

The Group

’s principal financial instruments comprise cash and trade and other payables. It is,

and has been throughout the year under review, the Group

’s policy that no trading in financial

instruments shall be undertaken. The main risks arising from the Group

’s financial instruments

are liquidity risk, price risk, foreign exchange risk and to a lesser extend credit risk. The Board

reviews and agrees policies for managing each of these risks and they are summarised below.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

57

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash reserves to fund the

Group

’s

exploration, development and production activities. Management prepares and

monitors forecasts of the Company’s cash flows and cash balances monthly and ensures that

the Group maintains sufficient liquid funds to meet its expected future liabilities. The Group may

raise funds in discrete tranches to provide sufficient cash resources to manage the activities

through to profitability.

The key element of the maturity analysis is the investor loans of £4,184,740 which are repayable

within six months of the year end.

Price risk

Although the future royalty stream is based on production per tonne the Group is still exposed

to fluctuating prices of commodities, including coal and coke, if falls in prices mean the new

operators of the Muchesu Mine decide to reduce production.

Foreign exchange risk

The Group operates in a number of overseas jurisdictions and carries out transactions in a

number of currencies including British pound sterling (currency symbol: GBP or GBP£) and

United States dollar (currency symbol: USD or US$).

The Group does not have a policy of using

hedging instruments but will continue to keep this under review. The Group operates foreign

currency bank accounts to help mitigate the foreign currency risk.

Credit risk

The Group minimises its credit risk by profiling all new customers and insisting on payment up

front for first orders of coal. Both sales made during the year involved payment before coal left

the mine site. As at 31 May 2024 there were no trade receivables outstanding.

It is Group policy not to provide loans of any sort to third parties, and loans provided to

subsidiaries are monitored regularly for signs of impairment. Indicators of impairment include

factors such as a loss of exploration licences, increased political risk within a foreign jurisdiction

or anticipated inability of a subsidiary to repay the loan. This process lead the Board to conclude

that the loan to Contango Gold Mali should be fully impaired in the prior year and the loan to

Contango Holdings Services be fully impaired in the current year.

The credit risk on liquid funds is low as the counterparts are banks with high credit ratings

assigned by international credit rating bodies. The majority of the Group’s cash holdings are

held at Westpac Bank in Australia and CABS Bank in Zimbabwe (part of the Old Mutual Group)

which both have A+ credit ratings. The carrying value of both financial assets and liabilities

approximates to fair value.

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

58

16

Cash and Cash Equivalents

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Group | Company | Group | Company |
|  | £ | £ | £ | £ |
| Cash at Bank | 1,166 | 1 | 75,692 | 4,382 |

17

Trade and other payables

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Group | Company | Group | Company |
|  | £ | £ | £ | £ |
| Trade payables | 536,127 | 318,526 | 1,142,510 | 113,829 |
| Accruals and other payables | 545,068 | 539,675 | 143,871 | 143,407 |
|  | 1,081,195 | 858,201 | 1,286,381 | 257,236 |
| Investor loans | 4,184,740 | 4,184,740 | 1,052,206 | 1,052,206 |
|  | 5,265,935 | 5,042,941 | 2,338,587 | 1,309,442 |

Investor loans

The prior year investor loans included a facility fee of 25% of the principal amount. Since

conversion of the loan notes was mandatory but the price was based upon the prevailing

market price at the time of conversion they were treated as debt. The prior year investor loans

totalled £860,861. Combined with facility fees of 25% they amounted to £1,052,206 owed to

investors.

During the current financial year a further £2,308,000 has been loaned by investors. Combined

with facility fees of 25% they amounted to a further £3,257,534 owed to investors. However,

£37,500 of loans were repaid in shares as part of the April 2024 placement and £87,500 were

repaid in cash from the placement proceeds leaving the net increase in outstanding loans at

£3,132,534. The investor loans are due for repayment in full on or before 30 November 2024.

18

Asset held for sale

|  |  |
| --- | --- |
|  | Year ended |
|  | 31 May 2024 |
|  | £ |
| Assets of disposal group classified as |  |
| held for sale |  |
| Property, plant and equipment (Note 13) | 2,287,421 |
| Intangible assets (Note 12) | 14,259,569 |
| Cash at bank | 24,690 |
| Other current assets | 96,093 |
| Total | 16,667,773 |
| Liabilities of disposal group classified as |  |
| held for sale |  |
| Other current liabilities | (1,004,354) |
| Net assets of disposal group classified as |  |
| held for sale | 15,663,419 |

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

59

On 3 July 2024 the Company announced that it had entered into binding agreements with Huo

Investments (Pvt) Limited to sell 51% of its shareholding in its subsidiary Monaf Investments

(Pvt) Limited. Huo Investments have agreed to invest up to US$20 million in the Muchesu Mine

to increase production capacity and upgrade infrastructure and will pay Contango a royalty

based on production. The royalty will be a minimum of US$2 million per annum and Huo

Investments will be responsible for all running costs going forwards. Contango will retain a 24%

holding in Monaf Investments. Our investment in Monaf Investments (Pvt) Limited will be

accounted for as an associate.

Before completion can occur various consents have to be obtained from the Zimbabwe

Reserve Bank and the Zimbabwe Investment and Development Agency. The Directors

consider that these will be in place before 31 May 2025.

19

Share capital

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Number of |  |  |  |
|  | Ordinary |  |  |  |
|  | Shares |  |  |  |
|  | issued and | Share |  | Total Share |
|  | fully paid | Capital | Share Premium | Capital |
|  |  | £ | £ | £ |
| As at 1 June 2023 | 472,724,023 | 4,580,245 | 17,479,175 | 22,059,420 |
| Prior period adjustment | - | 146,995 | (146,995) | - |
| (see Note 23) |  |  |  |  |
| As at 1 June 2023 | 472,724,023 | 4,727,240 | 17,332,180 | 22,059,420 |
| (restated) |  |  |  |  |
| Shares issued | 94,000,000 | 940,000 | - | 940,000 |
| Less share issue costs | - | - | (47,000) | (47,000) |
| As at 31 May 2024 | 566,724,023 | 5,667,240 | 17,285,180 | 22,952,420 |

The Ordinary Shares issued by the Parent Company have par value of 1p each and each Ordinary

Share carries 1 vote on a poll vote. The authorised share capital of the Parent Company is £7,220,000

ordinary shares at £0.01 per share resulting in 722,000,000 ordinary shares.

On 11 April 2024 Contango issued 94,000,000 new ordinary shares in a placing at a price of 1p per

share. This raised £940,000 (before costs). £855,500 of this placement was for cash proceeds (including

conversion of £37,500 of investor loans), whilst £47,000 was payment of commissions with equity.

Explanation of Reserves

Share Capital

–

Represents the nominal value of ordinary shares issued.

Share Premium

–

Represents the amount in excess of nominal value received from the issue of ordinary

shares less share issue costs.

Shares to be issued

–

Represents the 4,000,000 ordinary shares at £0.10 that are due to be issued to

the vendor of the Nthiela licence as part of the acquisition cost to the Group. These were impaired in

the prior year.

Warrant reserve

–

Represents the fair value of the issuance of warrants , net of issue costs. This will be

transferred to share capital and the share premium account upon the exercise of the warrants.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzYzewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMTU1LjEsNjYwLjdIMjY5Ljl2LS44SDE1NS4xdi44WiIgY2xhc3M9ImcwXzYzIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTE1NS4xLDgzMC4ySDI2OS45di0uN0gxNTUuMXYuN1oiIGNsYXNzPSJnMF82MyIvPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

60

Option reserve

–

Represents the fair value of the issuance of performance share options , net of issue

costs. This will be transferred to share capital and share premium account upon the exercise of the

options.

Retained Earnings

–

Represents

the entity’s accumulated

losses.

Foreign currency translation reserve

–

Represents the gains/losses arising on translating the assets and

liabilities of overseas operations into the

Group’s functional currency of GBP£.

20

Warrants

At the beginning of the year ended 31 May 2024 the Group had the following warrants

outstanding:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| Number | Exercise | Vesting Date | Expiry Date | Fair Value of |
|  | Price |  |  | Individual |
|  |  |  |  | Warrant |
| 41,666,666 | £0.12 | 24 Nov 2021 | 24 Nov 2024 | £0.033 \* |
| 62,500,000 | £0.09 | 07 Nov 2022 | 06 Nov 2025 | £0.014\*\* |
| 8,333,334 | £0.08 | 12 Jul 2022 | 11 Jul 2024 | £0.011\*\*\* |
| 2,083,333 | £0.08 | 03 Mar 2022 | 02 Mar 2025 | £0.031\*\*\*\* |
| 2,776,389 | £0.06 | 07 Nov 2022 | 06 Nov 2025 | £0.022\*\*\*\*\* |
| 117,359,722 |  |  |  |  |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| Granted |  |  |  |  |
| during the |  |  |  |  |
| year |  |  |  |  |
| 4,700,000 | £0.01 | 11 Apr 2024 | 10 Apr 2027 | £0.0012\*\*\*\*\*\* |
| 122,059,722 |  |  |  |  |

The fair value of warrants were calculated using the Black Scholes valuation model. The inputs

used were as follows:

•

The Contango Holdings Plc share price on the day the warrants were issued;

•

The exercise price of the warrants;

•

Price volatility based on the standard deviation of the last 20 days of daily closing prices;

•

A zero % dividend rate; and

•

A risk free rate using the three year UK bond yield on the day the warrants were issued.

\*

Share price on issue: £0.064 / volatility applied: 76.5% / risk free rate: 1.51%

\*\*

Share price on issue: £0.059 / volatility applied: 52% / risk free rate: 3.17%

\*\*\*

Share price on issue: £0.057 / volatility applied: 52% / risk free rate: 3.25%

\*\*\*\*

Share price on issue: £0.071 / volatility applied: 52% / risk free rate: 3.17%

\*\*\*\*\*

Share price on issue: £0.059 / volatility applied: 52% / risk free rate: 3.17%

\*\*\*\*\*\*

Share price on issue: £0.01 / volatility applied: 1% / risk free rate: 4.2%

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

61

21

Events after the reporting date

On 3 July 2024 the Company announced that it had entered into binding agreements with Huo

Investments (Pvt) Limited to sell 51% of its shareholding in its subsidiary Monaf Investments

(Pvt) Limited. Huo Investments have agreed to invest up to US$20 million in the Muchesu Mine

to increase production capacity and upgrade infrastructure and will pay Contango a royalty

based on production. The royalty will be a minimum of US$2 million per annum. Huo

Investments will also acquire a 20% shareholding in Contango Holdings for US$2 million. The

US$2 million will be used by Contango to pay creditors and provide working capital to the Group.

On 18 July 2024 the Company announced that it had already received US$1 million from Huo

Investments.

22

Related Party Transactions

Several of the directors hold shares and warrants as disclosed on page 21

in the Directors‘

Remuneration Report. Oliver Stansfield works as a consultant for Tavira Securities Limited and

is a director of the Company. Tavira Securities acts as the broker to the Group and are paid an

annual retainer of £30,000 (2023: £30,000) per annum.

As at 31 May 2024 £4,399 (2023: £4,399) was owed by Waraba Gold (a company of which

Carl Esprey is a director) for expenses paid on its behalf by the Group.

£26,371 (2023: £22,439) is owed to Perfect Selection Lda (a company of which Carl Esprey is

a director) for office rent and associated costs. This was paid subsequent to the year end.

During the year Oliver Stansfield loaned the Company £168,000 (2023: £nil). This was all

outstanding at the year end. £5,000 was repaid subsequent to the year end. A facility fee of

25% applies to the loan.

During the year Carl Esprey loaned the Company £10,000 (2023: £nil). This was all

outstanding at the year end. This was repaid subsequent to the year end.

During the year Gordon Thompson loaned the Company £5,000 (2023: £nil). This was all

outstanding at the year end. This was repaid subsequent to the year end.

During the year David Hill (CFO) loaned the Company £35,000 (2023: £nil). This was all

outstanding at the year end. A facility fee of 25% applies to the loan.

During the year the Company advanced Monaf Investments £2,378,223 (2023: £5,667,904) to

fund development of the Muchesu coal mine. The balance on the loan at the year end was

£15,866,081 (2023: £13,720,405).

The Company advanced Contango Gold Mali £nil (2023: £349,432) to cover operating costs.

The Contango Gold Mali loan was fully impaired at 31 May 2023 and 2024.

The Monaf Investments loan accrues interest at a rate of zero % until the Muchesu Mine enters

the production phase - whereupon interest will be charged at 5% per annum. The loan is

repayable by Monaf Investments within 40 business days of receiving written notice from

Contango Holdings.

23

Share issue costs

–

prior period adjustment

The financial statements have been restated to correct the misposting of share issue costs from

the year ended 31 May 2021 from share capital to share premium. The result of this is that share

capital increases by £146,995 and share premium decreases by the same amount. The effect

on net assets is and on profit or loss is £nil.

![](data:image/svg+xml;base64,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)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

62

24

Net Debt

Reconciliation

The table below sets out an analysis of net funds and the movements in net funds for the

Group for each of the periods presented:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Group | Company | Group | Company |
|  | £ | £ | £ | £ |
| Cash and cash equivalents | 1,166 | 1 | 75,692 | 4,382 |
| Net funds | 1,166 | 1 | 75,692 | 4,382 |
| Investor loans | 4,184,740 | 4,184,740 | 1,052,206 | 1,052,206 |
| Net debt | 4,184,740 | 4,184,740 | 1,052,206 | 1,052,206 |

Cash and cash equivalents

|  |  |  |
| --- | --- | --- |
|  | Group | Company |
|  | £ | £ |
| Net funds |  |  |
| At 1 June 2022 | 610,546 | 14,218 |
| Cash flows | (452,403) | (142,100) |
| Currency translation | (82,451) | 132,264 |
| At 31 May 2023 | 75,692 | 4,382 |
| Cash flows | (104,144) | 18,799 |
| Currency translation | 29,618 | (23,180) |
| At 31 May 2024 | 1,166 | 1 |
| Investor loans |  |  |
| At 1 June 2022 | - | - |
| Cash flows | 860,861 | 860,861 |
| Facility fees | 191,345 | 191,345 |
| At 31 May 2023 | 1,052,206 | 1,052,206 |
| Cash flows | 2,220,500 | 2,220,500 |
| Facility fees | 949,534 | 949,534 |
| Converted to equity | (37,500) | (37,500) |
| At 31 May 2024 | 4,184,740 | 4,184,740 |
| Net debt at: |  |  |
| 31 May 2023 | (4,183,574) | (4,184,739) |
| 31 May 2024 | (976,514) | (1,047,824) |

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_66{
fill: #000;
}
]]></style>
</defs>
<path fill-rule="evenodd" d="M265.7,343H391.1v-.7H265.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,343h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,343h85v-.7h-85v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,343h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,343H590.1v-.7H477.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,343h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,343h78.3v-.7H590.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,343h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,343H802.6v-.7H669.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,343h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,343h85.1v-.7H803.3v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M265.7,399.9H391.1v-.7H265.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,399.9h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,399.9h85v-.7h-85v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,399.9h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,399.9H590.1v-.7H477.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,399.9h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,399.9h78.3v-.7H590.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,399.9h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,399.9H802.6v-.7H669.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,399.9h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,399.9h85.1v-.7H803.3v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M265.7,443H391.1v-.7H265.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,443h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,443h85v-.7h-85v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,443h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,443H590.1v-.7H477.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,443h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,443h78.3v-.7H590.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,443h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,443H802.6v-.7H669.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,443h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,443h85.1v-.7H803.3v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M265.7,457.7H391.1v-.8H265.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,457.7h.8v-.8h-.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,457.7h85v-.8h-85v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,457.7h.8v-.8h-.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,457.7H590.1v-.8H477.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,457.7h.7v-.8h-.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,457.7h78.3v-.8H590.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,457.7h.7v-.8h-.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,457.7H802.6v-.8H669.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,457.7h.7v-.8h-.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,457.7h85.1v-.8H803.3v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M265.7,556.9H391.1v-.8H265.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,556.9h.8v-.8h-.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,556.9h85v-.8h-85v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,556.9h.8v-.8h-.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,556.9H590.1v-.8H477.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,556.9h.7v-.8h-.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,556.9h78.3v-.8H590.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,556.9h.7v-.8h-.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,556.9H802.6v-.8H669.8v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,556.9h.7v-.8h-.7v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,556.9h85.1v-.8H803.3v.8Z" class="g0_66"/>
<path fill-rule="evenodd" d="M265.7,628H391.1v-.7H265.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,628h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,628h85v-.7h-85v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,628h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,628H590.1v-.7H477.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,628h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,628h78.3v-.7H590.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,628h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,628H802.6v-.7H669.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,628h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,628h85.1v-.7H803.3v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M265.7,656.8H391.1v-.7H265.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,656.8h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,656.8h85v-.7h-85v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,656.8h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,656.8H590.1v-.7H477.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,656.8h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,656.8h78.3v-.7H590.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,656.8h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,656.8H802.6v-.7H669.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,656.8h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,656.8h85.1v-.7H803.3v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M265.7,868.4H391.1v-.7H265.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.1,868.4h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M391.9,868.4h85v-.7h-85v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.9,868.4h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M477.7,868.4H590.1v-.7H477.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.1,868.4h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M590.8,868.4h78.3v-.7H590.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.1,868.4h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M669.8,868.4H802.6v-.7H669.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.6,868.4h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M803.3,868.4h85.1v-.7H803.3v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M264.6,897.4H391.1v-.7H264.6v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M390,897.4h.8v-.7H390v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M390.8,897.4h86.1v-.7H390.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M475.8,897.4h.8v-.7h-.8v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M476.6,897.4H590.1v-.7H476.6v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M589,897.4h.7v-.7H589v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M589.7,897.4h79.4v-.7H589.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M668,897.4h.7v-.7H668v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M668.7,897.4H802.6v-.7H668.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M801.5,897.4h.7v-.7h-.7v.7Z" class="g0_66"/>
<path fill-rule="evenodd" d="M802.2,897.4h86.2v-.7H802.2v.7Z" class="g0_66"/>
</svg>)

Contango Holdings Plc

Notes to the Financial Statements

For the year ended 31 May 2024

63

25

Non Controlling Interests

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Monaf | | Contango Gold Mali | | Group |  |
|  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
|  | £ | £ | £ | £ | £ | £ |
| Summarised Balance |  |  |  |  |  |  |
| Sheet |  |  |  |  |  |  |
| Current assets | 120,783 | 94,445 | 10,111 | 10,629 | 130,894 | 105,074 |
| Current liabilities | (1,004,354) | (921,336) | (219,452) | (107,809) | (1,223,806) | (1,029,145) |
| Current net liabilities | (883,571) | (826,891) | (209,341) | (97,180) | (1,092,912) | (924,071) |
| Non-current assets | 7,936,622 | 7,585,494 | 43,670 | 86,831 | 7,980,292 | 10,643,884 |
| Non-current liabilities | (15,866,081) | (13,487,858) | - | - | (15,866,081) | (13,487,858) |
| Non-current net |  |  |  |  |  |  |
| (liabilities)/assets | (7,929,459) | (5,902,364) | 43,670 | 86,831 | (7,885,789) | (2,843,974) |
| Net assets/(liabilities) | (8,813,030) | (6,729,255) | (165,671) | (10,349) | (8,978,701) | (3,768,045) |
| Accumulated NCI | (1,625,024) | (999,892) | (41,418) | (2,587) | 1,334,571 | 1,969,080 |
| Summarised Statement |  |  |  |  |  |  |
| of Comprehensive |  |  |  |  |  |  |
| Income |  |  |  |  |  |  |
| Revenue | 64,218 | - | - | - | 64,218 | - |
| Profit/(loss) for the |  |  |  |  |  |  |
| period | (1,927,461) | (996,001) | (185,600) | 501,928 | (2,113,061) | (494,073) |
| Other comprehensive |  |  |  |  |  |  |
| income | (9,740) | 146,575 | (27,801) | 32,302 | (37,541) | 178,877 |
| Total comprehensive |  |  |  |  |  |  |
| income | (1,937,201) | (849,426) | (213,401) | 534,230 | (2,150,602) | (315,196) |
| Profit/(loss) allocated to |  |  |  |  |  |  |
| NCI | (625,131) | 722,661 | (38,832) | 152,974 | (634,509) | 645,798 |
| Summarised cash flows |  |  |  |  |  |  |
| Cash Flows from |  |  |  |  |  |  |
| Operating Activities | (2,395,936) | (5,564,289) | (23,384) | (102,612) | (2,419,320) | (5,666,901) |
| Cash Flows from |  |  |  |  |  |  |
| Investing Activities | - | - | - | - | - | - |
| Cash Flows from |  |  |  |  |  |  |
| Financing Activities | 2,378,223 | 5,568,904 | 23,157 | (1,683,312) | 2,401,380 | 3,885,592 |
| Net Increase/(Decrease) |  |  |  |  |  |  |
| in Cash | (17,713) | 4,615 | (227) | (1,785,924) | (17,940) | (1,781,309) |