Consolidated Statement of Cash Flows

For the period ended 30 June 2023

Notes to the unaudited condensed consolidated financial statements

For the period ended 30 June 2023

1. Incorporation and principal activities

         Country of incorporation

Armadale Capital Plc was incorporated in the United Kingdom as a public limited company on 19 August 2005. Its registered office is 1 Arbrook Lane, Esher, Surrey, KT10 9EG.

Principal activities

The principal activity of the Group during the period was that of an investment company.

2. Accounting policies

2.1.   Statement of compliance

The financial information for the six months ended 30 June 2022 and 30 June 2021 is unaudited and does not constitute the Group's statutory financial statements for those periods within the meaning of Section 434 of the Companies Act 2006. The comparative financial information for the year ended 31 December 2021 has been derived from the Annual Report and Accounts, which were approved by the Board of Directors on 20 May 2022 and delivered to the Registrar of Companies. The report of the Auditors on those accounts was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.

This condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union. This condensed set of financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2021 which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2021 as described in those annual financial statements.

In respect of new financial reporting standards which came into effect for reporting periods beginning on 1 January 2022, the Directors consider that their implementation has no material effect on the financial information presented in this statement.

2.2.   Going Concern

The financial statements have been prepared on the going concern basis as, in the opinion of the Directors, there is a reasonable expectation that the Group will continue in operational existence for the foreseeable future. The Company's ability to continue as a going concern and to achieve its long term strategy of developing its exploration projects is dependent on further fundraising.  At 30 June 2023, the Group had cash of £300,000 and listed investments with a value of £1,593,000.

2.3. Exploration and evaluation assets

         These assets are recorded at cost and are amortised over their expected useful life on a pro rata basis of actual production for the period to expected total production.

2.4.   Investments

Investments are stated at fair value.

3.      Earnings/(loss) per share

The calculation of earnings per share is based on a profit of £291,000 (2022, loss of £152,000) and on 587,529,895 (2022, 560,588,302) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.

For the period ended 30 June 2022, there was no difference between basic loss per share and diluted loss per share as the Group reported a loss.

**ENDS**

For further information, please visit the Company's website www.armadalecapitalplc.com, follow Armadale on Twitter @ArmadaleCapital or contact:

The Company also announces that its Nominated Adviser and Broker, finnCap Ltd, has now changed its name to Cavendish Capital Markets Limited following completion of its own corporate merger.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

More information can be found on the website www.armadalecapitalplc.com.