TIDMAUR
RNS Number : 2876W
Aurum Mining PLC
06 November 2014
AURUM MINING PLC
("Aurum" or "the Company")
Interim Results for the six months ended 30 September 2014
Aurum Mining plc (AIM: AUR), the Spanish focused gold and
tungsten explorer, is pleased to report its interim results for the
six months ended 30 September 2014.
Contacts:
Aurum Mining plc www.aurummining.net
Chris Eadie, Chief Executive
Officer +44 (0) 20 7499 4000
WH Ireland Limited
Nominated Adviser & Broker www.wh-ireland.co.uk
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
Aurum Mining Plc
Review of Activities
Aurum Mining plc (AIM: AUR) is pleased to announce its interim
results for the six months ended 30 September 2014.
The Company's 2014 Annual Report, which was published on 18
August 2014, outlined that the Board was changing the Company's
strategy and direction to ensure the growth and development of the
Company as a direct result of the very challenging market
conditions that are adversely impacting the junior mining sector.
The Annual Report went on to say that the Board would be working
closely in conjunction with the Company's major Shareholder to
identify and complete a transformational deal that will enhance the
prospects of the Company.
During the last couple of months the Board has looked at a
number of potential opportunities, both natural and non-natural
resource, and this will continue to be the focus of the next
period. Shareholders in AIM listed junior mining companies have
faced a long period of falling valuations and increased dilution
and with no end in sight for the ongoing downturn, the Board feels
that this change in strategic direction is unquestionably the right
thing for the Company to do.
The Board looks forward to keeping the market up to date with
progress.
Gold projects
In tandem with the new strategic approach, the Company will be
looking to drive value from the successful exploration work
undertaken on the gold projects to date. Aurum is working closely
with its joint venture partner Ormonde Mining plc ("Ormonde") (AIM:
ORM) to achieve this. There have been a number of discussions with
interested parties around structuring a deal for Aurum's stake in
the gold projects and a number of these discussions are on-going.
There is currently a very low level of activity taking place on the
gold projects, and in the short term the Company will refrain from
funding, resulting in a small dilution, which currently stands at
just over one per cent.
Morille tungsten project
Following the completion of the deal with Plymouth Minerals
Limited ("Plymouth") (ASX: PLH) in which Plymouth became Aurum's
partner on the Morille tungsten project, significant exploration
work has been carried out on the project. The Board has been
impressed by the energy and enthusiasm of Plymouth and the work
done to date has yielded some very promising results. The Board
looks forward to updating the market with further exploration
updates in the near future.
Key financials
For the six months to 30 September 2014, the Group reported a
loss of GBP172,000 compared to a loss of GBP259,000 for the same
period in 2013.
On 21 August 2014, the Company announced that it had raised
GBP60,000 (before expenses) through a placing of 4,800,000 new
Ordinary Shares. The funds of the placing are enabling the Company
to pursue its revised strategy.
On 31 October 2014, the twelve month anniversary of the disposal
of the Morille project, the Company received EUR50,000 of Plymouth
shares as final consideration from the transaction.
During this period of transition, cash management and cost
control have remained key priorities for the Company.
Administrative costs have been significantly reduced over recent
months and the full impact of these reductions will be seen in the
full year numbers.
Corporate
The Board would like to thank its Shareholders and advisers for
their input during this period. In particular the Board would like
to thank the Company's major Shareholder for the on-going support
it is receiving during this transitional period.
Qualified Person
Sean Finlay, Professional Geologist, Chartered Engineer,
Chairman of Aurum Mining plc, and a qualified person as defined in
the Guidance Note for Mining, Oil and Gas Companies, June 2009, of
the London Stock Exchange, has reviewed and approved the technical
information contained in this report.
Sean Finlay Chris Eadie
Chairman Chief Executive Officer
6 November 2014
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 september 2014
Six months Six months Year ended
to 30 September to 30 September 31 March
2014 2013 2014
Notes GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Administrative expenses (172) (263) (479)
----------------- ----------------- -----------------
Operating loss (172) (263) (479)
Finance income - 4 1
----------------- ----------------- -----------------
Loss for the year before
taxation (172) (259) (478)
Taxation - - -
----------------- ----------------- -----------------
Loss for the year from
continuing operations (172) (259) (478)
Loss for the year from
discontinued operations - - (52)
----------------- ----------------- -----------------
Loss attributable to the
equity shareholders of
the parent company (172) (259) (530)
----------------- ----------------- -----------------
Loss per share expressed
in pence per share
From continuing operations
Basic and Diluted 2 (0.12)p (0.18)p (0.34)p
From discontinued operations
Basic and Diluted 2 - - (0.03)p
Total operations
Basic and Diluted 2 (0.12)p (0.18)p (0.37)p
CONSOLIDATED statement of COMPREHENSIVE INCOME
for the six months ended 30 september 2014
Six months Six months Year ended
to 30 September to 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Loss after taxation for the
financial year (172) (259) (530)
----------------- ----------------- -----------
Items that will or may be reclassified
to P&L:
Exchange translation differences - - -
on consolidation of Group entities
----------------- ----------------- -----------
Other comprehensive income - - -
Total comprehensive expense
attributable to the equity shareholders
of the parent company (172) ( 259) ( 530)
----------------- ----------------- -----------
ConSOLIDATED statement of financial position
as at 30 september 2014
Six months Six months Year ended
to 30 September to 30 September 31 March
2014 2013 2014
Assets Notes GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Non-current assets
Intangible assets 3 899 1,193 899
Investments 64 - 64
----------------- ----------------- -----------
Total non-current assets 963 1,193 963
----------------- ----------------- -----------
Current assets
Receivables 57 30 62
Cash and cash equivalents 67 269 214
----------------- ----------------- -----------
Total current assets 124 299 276
----------------- ----------------- -----------
Total assets 1,087 1,492 1,239
----------------- ----------------- -----------
Liabilities
Current liabilities
Trade and other payables 74 95 113
----------------- ----------------- -----------
Total current liabilities 74 95 113
----------------- ----------------- -----------
Total liabilities 74 95 113
----------------- ----------------- -----------
Net assets 1,013 1,397 1,126
----------------- ----------------- -----------
Capital and reserves attributable
to the equity holders of
the company
Share capital 4 1,461 1,413 1,413
Share premium 11,596 11,585 11,585
Retained deficit (12,044) (11,601) (11,872)
----------------- ----------------- -----------
Total Equity 1,013 1,397 1,126
----------------- ----------------- -----------
CONSOLIDATED statement of Changes in equity
Share premium Retained
Share capital deficit Total Equity
GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2014 1,413 11,585 (11,872) 1,126
Total comprehensive expense
for the year - - (172) (172)
Issue of shares net of issue
costs 48 11 - 59
At 30 September 2014 (unaudited) 1,461 11,596 (12,044) 1,013
-------------- ----------------- ----------------- ----------------
At 1 April 2013 1,413 11,585 (11,342) 1,656
Total comprehensive expense
for the year - - (259) (259)
At 30 September 2013 (unaudited) 1,413 11,585 (11,601) 1,397
------ ------- --------- ------
At 1 April 2013 1,413 11,585 (11,342) 1,656
Total comprehensive expense
for the year - - (530) (530)
At 31 March 2014 (audited) 1,413 11,585 (11,872) 1,126
------ ------- --------- ------
The following describes the nature and purpose of each reserve
within owners' equity.
Reserve Description and purpose
Share capital Amounts subscribed for share capital
at nominal value.
Share premium Amounts subscribed for share capital
in excess of nominal value.
Retained deficit Cumulative net gains and losses recognised
in the income statement less distributions
made.
CONSOLIDATED statement of cash flows
for the six months ended 30 september 2014
Six months
to 30 Six months Year ended
September to 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Unaudited
Cash flows from operating activities
Loss for the year before tax (172) (259) (530)
Adjustments for:
Finance income - (4) (1)
Disposal of subsidiaries - - 30
Exchange differences - 4 1
---------------- -------------------- --------------------
Cash flow from operating activities
before changes in working capital (172) (259) (500)
Decrease in other receivables 5 27 37
(Decrease) / increase in trade
and other payables (39) (4) 14
---------------- -------------------- --------------------
Net cash flow used in operating
activities (206) (236) (449)
---------------- -------------------- --------------------
Investing activities
Ormonde joint venture payments - (132) (159)
Expenditure on tungsten project - (61) -
Disposal of subsidiary net of
cash - - 124
---------------- -------------------- --------------------
Net cash flow used in investing
activities - (193) (35)
---------------- -------------------- --------------------
Financing activities
Proceeds from issue of share
capital 60 - -
Expenses paid in connection with
share issues (1) - -
---------------- -------------------- --------------------
Net cash flow from financing
activities 59 - -
---------------- -------------------- --------------------
Net decrease in cash and cash
equivalents (147) (429) (484)
---------------- -------------------- --------------------
Cash and cash equivalents at
the beginning of the period/
year 214 698 698
Effect of exchange rate changes
on cash and cash equivalents - - -
---------------- -------------------- --------------------
Cash and cash equivalents at
the end of the period/ year 67 269 214
---------------- -------------------- --------------------
Notes to the Consolidated Interim Financial Statements
For the half year ended 30 September 2014
1. Basis of preparation
The unaudited consolidated interim financial statements have
been prepared in accordance with International Financial Reporting
Standards, International Accounting Standards and Interpretations
(collectively IFRSs). The Group has not elected to comply with IAS
34 "Interim Financial Reporting" as permitted. The principal
accounting policies used in preparing the interim financial
statements are unchanged from those disclosed in the Group's Annual
Report for the year ended 31 March 2014 and are expected to be
consistent with those policies that will be in effect at the year
end except the Group has adopted a number of revised standards and
interpretations. However, none of these has had a material affect
on the Group's reporting. In addition the IASB has issued a number
of IFRS and IFRIC amendments and interpretations since the last
annual report.
The financial statements for the six months ended 30 September
2014 and 30 September 2013 are un-reviewed and unaudited. The
comparative financial information does not constitute statutory
financial statements as defined by Section 434 of the Companies Act
2006. The comparative financial information for the year ended 31
March 2014 is not the Company's full statutory accounts for that
period. A copy of those statutory financial statements has been
delivered to the registrar of companies. The auditors' report on
those accounts was unqualified, but did draw attention by way of
emphasis, in respect of the Group's ability to continue as a going
concern, but did not contain a statement under section 498 (2) or
498 (3) of the Companies Act 2006.
The Group financial statements are presented in Great Britain
Pounds Sterling, and all values are rounded to the nearest thousand
Pounds (GBP'000) except when otherwise indicated.
Going concern
Following a review of the Group's operations, its current
financial position and cash flow forecasts, the Directors do not
believe that the Group currently has sufficient cash resources to
continue in operational existence for the next twelve months.
However in addition to being able to reduce overheads still
further, the Company has assets for potential sale, deferred
consideration shares in Plymouth for disposal and a Letter of
Support from its major Shareholder which commits to underwrite the
Group's underlying operating costs until August 2015.
Based on the above the Directors have formed a view that the
Group will have financial resources available to it, in the twelve
months from the date of signing the interim financial statements,
to enable the Group to meet its financial commitments as they
arise. Accordingly, the Directors continue to adopt the going
concern basis for the preparation of these interim financial
statements.
2. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to the ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
For diluted loss per share, the weighted average number of
shares in issue is adjusted to assume conversion of all dilutive
potential ordinary shares.
As at 30 September 2014 there were 4,450,000 (30 September 2013:
4,450,000, 31 March 2014: 4,450,000) potentially dilutive ordinary
shares.
The effect of all potential ordinary shares arising from the
exercise of options is anti-dilutive and therefore diluted loss per
share has not been calculated.
Six months Six months Year ended
to 30 September to 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Unaudited Unaudited audited
Net loss attributable to equity
holders of the parent:
From continuing operations (172) (259) (478)
From discontinued operations - - (52)
----------------------- ----------------- -----------
From total operations (172) (259) (530)
----------------------- ----------------- -----------
Six months Six months Year ended
to 30 September to 30 September 31 March
2014 2013 2014
Number Number Number
Unaudited Unaudited audited
Weighted average number of
shares:
Weighted average number of
shares 142,162,260 141,291,930 141,291,930
----------------- ----------------- ------------
3. Intangible assets
30 September 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Intangible assets Unaudited Unaudited Audited
Gold exploration 899 872 899
Tungsten project - 321 -
Total intangible assets 899 1,193 899
--------------- --------------- -----------
4. Share capital
Nominal
Number value Share premium Total
GBP'000 GBP'000 GBP'000
Authorised
Ordinary shares of GBP0.01 200,000,000 2,000 - 2,000
Allotted, issued and fully
paid ordinary shares of
GBP0.01
As at 1 April 2013 and
1 April 2014 141,291,930 1,413 11,585 12,998
Issue of shares net of
issue costs 4,800,000 48 11 59
As at 30 September 2014 146,091,930 1,461 11,596 13,057
------------ -------- -------------- --------
5. Events after the reporting period
Details of significant post reporting period events are included
within the Review of Activities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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