Unicorn Mineral Resources Plc

Interim Results for period ending 30 September 2023

14 December 2023

Unicorn Mineral Resources Plc

("Unicorn" or the "Company")

Interim Results for the Period Ended 30 September 2023

Unicorn Mineral Resources Plc (LSE:UMR),  a mineral exploration and development company based in Ireland exploring for Zinc, Lead, Copper and Silver, with its main focus at present being the "Limerick basin" in Ireland,  is pleased to announce its unaudited interim results for the six months ended 30 September 2023.

Operating Highlights

·    A total of 1,537.2m of diamond drilling was completed in the first half with the results confirming the presence of Waulsortian Reef hosted, Pallas Green style, Black Matrix (BMB) / Polymictic (PMB) breccias that are mineralised with low to medium grade zinc lead sulphides and oxides.

·    The drilling also confirmed that the region is structurally complex and that oxidation of the basal Waulsortian Reef and the breccia hosted sulphide mineralisation is developing from the north and is more extensive than previously thought.

·    The next phase of the exploration programme will be designed to develop and refine targeting for the next phase of drilling.

Financial Highlights

·    The loss for the period ended 30 September 2023 ("Period") amounted to ?236,847 (H1 2022: ?139,737)

·    The loss for the Period consisted mainly of the professional fees, insurance, London Stock Exchange fees and salaries.

·    ?437,269 in cash and cash equivalents at Period end (H1 2022: ?76,236)

·    ?359,974 carrying value of intangible assets at Period end (H2 2022: ?158,483)

·    Loss per share for the Period was ?0.86 (H1 2022: ?0.76)

Post Period Highlights

·    Following the drilling at Kilmallock further surveys have commenced in the area using the information gained from the summer drilling program.  This will be of assistance in prioritising the placement of drill targets in H1 2024.

·    Following the resignation on 19 September of the CEO, Richard O'Shea, the Company has been working towards the appointment of a new Executive Director and the raising of additional finance in order to continue the exploration programme and also to consider complimentary overseas opportunities.

Patrick Doherty, Chairman of Unicorn Mineral Resources Plc, commented:

"Following our successful IPO at the end of 2022, the six months to 30 September 2023 did not live up to the expectations of the Board and its shareholders.  Whilst the results of the drilling programme were positive and indicated that we are on the right track, the system is more complex than anticipated with further work needing to be done to identify where the ore body may lie.

Following the AGM, Richard O'Shea announced that he was stepping down.  Richard was the driving force behind the IPO and without his efforts we would not be here today.  We expect to be announcing shortly a new executive director coupled with the raising of some additional capital to continue the exploration programme and also to consider complimentary overseas opportunities."

For additional information please contact:

Unicorn Mineral Resources plc                                              Tel +353 86 259 5123

                                                                                                           John O'Connor, CFO

Novum Securities                                                                       Tel +44 7399 9400

                                                                                                           David Coffman / George Duxberry

                                                                                                           Colin Rowbury

HALF-YEAR REPORT

The Directors are pleased to present an update on the Company's activities over the six-month period ended 30 September 2023.

Unicorn Mineral Resources Plc (LSE:UMR) is a company listed on the Main Market of the London Stock Exchange incorporated in Ireland under the Companies Acts 2014 (registered number 482509).  The Company is domiciled in Ireland and its registered address is 39 Castleyard, 20/21 St Patrick's Road, Dalkey, Co Dublin.  Historically the company has explored for zinc, lead, copper and silver. The principal activity of Unicorn Mineral Resources Plc during the period was exploration for zinc and associated minerals on its projects in Ireland.

During the Period the Company reviewed several mineral property exploration opportunities but did not expand its properties.

The main exploration focus for the period was a 1,537m, seven hole drilling programme at the Company's properties in Kilmallock that commenced in May 2023 and the results were announced on 27 September 2023, with the highlights being as follows:

Ø The exploration drilling programme consisted of seven holes for a total of 1,532.7m of coring, designed to extend the mineralised body, assess ground conditions, and define the geological / structural setting.

Ø This phase of drilling has confirmed the presence of prospective basal Waulsortian Reef hosted, Pallas Green style, Black Matrix (BMB) / Polymictic (PMB) breccias that are mineralised with low to medium grade zinc lead sulphides and oxides, UMK-004 intersected 2.8m grading 4.25% Zn / 0.47% Pb / 3.6g/t Ag.

Ø The drilling at the Bulgaden Target UMK-003 => 008 confirmed that the region is structurally complex with NNW striking, enechelon, ramp-relay normal faults with a throw of between 60 - 80m to the east. It also established that oxidation of the basal Waulsortian Reef and the breccia hosted sulphide mineralisation is developing from the north and is more extensive than previously thought.

Ø Drilling at the shallow Ballycullane deposit (UMK-002A) was affected by recovery issues in a technically challenging drilling environment. However, material recovered (including sludge samples) contained unexpectedly high grade Silver assay results, 8.0m at a grade of 59.69g/t Ag, with a peak value of 85g/t Ag.

Ø Previous drilling on the Kilmallock Property has intersected significant, high-grade zinc, lead, and silver mineralisation at a number of zones, including one 3.8m intercept with 14.66% zinc, 4.8% lead and 133.79 g/t silver at a depth of 325m, leading Unicorn continues to believe that a major, undiscovered, mineralising system is located in this region.

Financial Results & Review

The loss for the Period was ?236,847 (H1 2022: ?139,737). The result for the period consisted mainly of ?145,282 (H1 2022: ?nil) of salary costs, along with ?59,831 (H1 2022: ?129,000) of professional and other costs associated with the quotation on the London Stock Exchange, and ?31,735 (H1 2022: ?10,737) in administrative expenses.  At the end of the Period, there was ?437,269 in cash in hand to be used in the short term to cover listing and administrative costs, and other costs incidental to development of mineral projects.

During the Period, the Company continued to review and develop its mineral projects in Ireland.

During the Period, the Company did not issue any new shares or options.

The Board monitors the activities and performance of the Company on a regular basis.

Financial Position

The Company's Statement of Financial Position as at 30 September 2023 and comparatives at 30 September 2022 and 31 March 2023 are summarised below:

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks affecting the Company are set out below.

Risks are formally reviewed by the Board, and appropriate processes are put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Company.

Exploration Risk

There is no assurance that the Company's exploration and development activities will be successful, and statistically few properties that are explored are ultimately developed into profitable producing mines. The risk is mitigated by conservatively managing exploration funds such that subsequent exploration expenditures are not committed until results from previous stages have been evaluated.

Exploration and development activities may be delayed or adversely affected by factors outside the Company's control, in particular: climatic conditions, existence of commercial deposits of zinc and other minerals, unknown geological conditions; remoteness of locations; actions of governments or other regulatory authorities (relating to, inter alia, the grant, maintenance or renewal of any required authorisations, environmental regulations or changes in law).

Licence risk

The Company's exploration activities are dependent upon the grant of appropriate licences, concessions, leases, permits and regulatory consents which may be withdrawn or made subject to limitations or performance criteria.  Under its licences and certain other contractual agreements to which the Company is or may in the future become party, the Company is or may become subject to payment and other obligations. In particular, the Company may be required to expend the funds necessary to meet the minimum work commitments attaching to its licences. Failure to meet these work commitments will render the licences in question liable to be revoked. Further, if any contractual obligations are not complied with when due, in addition to any other remedies which may be available to other parties, this could result in dilution or forfeiture of interests held by the Company. The Company may not have or be able to obtain financing for all such obligations as they arise.

Estimates of mineral reserves and mineral resources

Estimates of mineral reserves and mineral resources for exploration and development projects are, to a large extent, based on the interpretation of geological data obtained from drill holes and other sampling techniques and feasibility studies which derive estimates of costs based upon anticipated tonnage and mineralization grades to be mined, extracted and processed, the configuration of the areas of mineralization, expected recovery rates, estimated operating costs, anticipated climatic conditions and other factors. Mineral resource estimates are estimates only and no assurance can be given that any particular grade, stripping ratio or grade of minerals will in fact be realised or that an identified reserve or resource will ever qualify as a commercially mineable (or viable) deposit which can be legally and economically exploited. As a result of these uncertainties, there can be no assurance that any potential mineral resources programmes will result in profitable commercial mining operations.

Commodity Price Risk

The demand for, and price of zinc and other minerals is dependent on global and local supply and demand, actions of governments or cartels and general global economic and political developments.

Economic Risk

The business and exploration environment is subject to volatility and geopolitical issues. Recent higher levels of inflation may impact on the purchase price of materials and services to the Company, and of the availability of these materials and services.

Reliance on third parties

The Company is reliant on third party service providers for drilling and geological reporting. There can be no assurance that such parties will be able to provide these services in the time scale and at the cost anticipated by the Company. In the event that the identified parties are unable to provide these services, alternative third parties will be sourced and engaged, however this may have an impact on timing and anticipated costs to enable the Company to execute its strategy.

Access to land to carry out exploration activity is at the gift of the landowner.  The licence does provide legal rights of access but these are not normally exercised. It is critical that the Company maintains good relationships with relevant landowners to ensure access to land to carry out work.

Key Personnel

The Company has a small management team, and the loss of a key individual could have an adverse effect on the future of the Company's business. The Company's future success will also depend in large part upon its ability to attract and retain highly skilled personnel. There can be no assurance that the Company will be successful in attracting and retaining such personnel. The Company seeks to create a workplace that attracts, retains, and engages its workforce. Efforts are also made to attract new talent and skilled people.

Environmental Risk

There may also be unforeseen environmental liabilities resulting from both the future and/or historic exploration or mining activities, which may be costly to remedy. In addition, potential environmental liabilities as a result of unfulfilled environmental obligations by the previous owners may impact the Company.  Environmental management systems are in place to mitigate environmental hazard risks. The Company uses advisors with specialist knowledge in mining and related environmental management for reducing the impacts of environmental risk.

Climate Change Risk

Climate change and associated legislation or regulatory actions to reduce its impact may affect the Company's suppliers and business model, and consequently may affect its operations and growth. This impact could be amplified by the perception that the Company is undertaking activities that are harmful to the environment.

Uninsured risk

The Company, as a participant in exploration and development programmes, may become subject to liability for hazards that cannot be insured against or third-party claims that exceed the insurance cover. The Company may also be disrupted by a variety of risks and hazards that are beyond control, including geological, geotechnical and seismic factors, environmental hazards, industrial accidents, occupational and health hazards and weather conditions or other acts of God.

Financial Risk

The Company's funding source is in Sterling and the majority of it's expenditure is in Euro. The Company's operations are thus exposed to a small degree of currency risk, which the Company manages on a regular basis.  The Company does not use derivative financial instruments to manage the currency risk and, as such, no hedge accounting is applied.

Exchange Rate

The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates against the Company's reporting currency, Euros. The Company expects to continue to raise funds in London and Europe in sterling. The Company conducts its business in the Republic of Ireland and its expenditures are denominated in Euros. The Company has not hedged its exposure to currency fluctuations.

Financing Risk

The development of the Company's properties will depend on the its ability to obtain financing through the raising of equity capital, joint venture of projects, debt financing, farm outs or other means. There is no assurance that the Company will be successful in obtaining the required financing. If the Company is unable to obtain additional financing as needed, some interests may be relinquished, and/or the scope of the operations reduced.

This report was approved by the Board on 13 December 2023 and signed on its behalf.

On Behalf of the Board:

Patrick Doherty

Chairman, Unicorn Mineral Resources Plc

RESPONSIBILITY STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

Responsibility Statement

We confirm that to the best of our knowledge:

·    the Half Year Report has been prepared in accordance with IFRS as adopted by the European Union, as applied in accordance with the provisions of the Companies Act 2014. ; and

·    gives a true and fair view of the assets, liabilities, financial position and loss of the Company; and

·    the Half Year Report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

·    the Half Year Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

The Half Year Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:

Patrick Doherty

Chairman, Unicorn Mineral Resources Plc

  Patrick Doherty                                                                       John O'Connor                      

Chairman                                                                                   Director

The accompanying notes are an integral part of these financial statements.