TIDMAUR
RNS Number : 2169G
Aurum Mining PLC
19 November 2015
AURUM MINING PLC
("Aurum" or "the Company")
Interim Results for the six months ended 30 September 2015
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 2015.
Contacts:
Aurum Mining plc www.aurummining.net
Sean Finlay +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 2015.
The Company's 2014 Annual Report, which was published on 30 June
2015, outlined that the Board was in the process of changing the
direction of the Company due to the very challenging market
conditions that continue to impact the Natural Resource sector. The
Report went onto say that the Board would be pursuing a twin
strategy of identifying a transformational deal for the Company
while looking to deliver value from the Company's existing highly
prospective gold and tungsten portfolio.
The Board continues to be optimistic about the Company's
exploration assets in North-West Spain and is in the process of
designing a future work programme for the gold projects with the
Company's joint venture partner, Ormonde Mining plc ("Ormonde")
(AIM: ORM).
Given that the mining sector for small companies is likely to be
difficult for some time to come, the Board will continue to
actively look at other opportunities to maximise Aurum's potential
as a listed company and thus provide the Company's loyal
shareholders with a chance to improve their returns. Mindful of the
Company's size in what has become a very tough sector, the Board
has continued to keep operational costs to a bare minimum during
the period.
The Board is aware of the fact that the past few years have
witnessed a lacklustre performance for Shareholders, but is hopeful
that the Company will be able to provide positive updates on both
tiers of the strategy by the time of the Company's 2015 Annual
Results.
Key financials
For the six months to 30 September 2015, the Group reported a
loss of GBP89,000 compared to a loss of GBP172,000 for the same
period in 2014.
On 15 April 2015 the Company announced that it had completed a
subscription of 25,758,356 New Ordinary Shares to new and existing
Shareholders at a price of 1 pence per share to raise approximately
GBP257,500 before expenses. The funds raised are being used to fund
working capital requirements to enable the business to pursue its
revised strategy.
During this period of transition, cash management and cost
control have remained key priorities for the Company.
Administrative costs have been materially reduced over the last
twelve months.
Corporate
The Board would like to thank its Shareholders and advisers for
their input during this transitional period.
To facilitate the transformation process and to reduce costs,
the Company announced various Directorate changes during the
period. David Williams, the Company's major Shareholder, was
appointed to the Board as Chairman, and Chris Eadie and Mark Jones
stepped down from the Board. Sean Finlay stepped down as Chairman
on David's appointment but remains on the Board as a Non-Executive
Director along with Haresh Kanabar who also remains on the Board as
a Non-Executive Director. Chris Eadie continues to assist the
Company as a consultant on a part-time basis.
In order to preserve cash and keep operating costs to a minimum,
David Williams has agreed to take no salary until a
transformational deal is completed.
Qualified Person
Sean Finlay, Professional Geologist, Chartered Engineer,
Non-Executive Director 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.
On behalf of the Board
David Williams
Chairman
19 November 2015
aurum mining plc
STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
for the six months ended 30 september 2015
Six months Six months Year
to 30 to 30 ended
September September 31 March
2015 2014 2015
Notes GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Impairment charge (2) - (27)
Administrative expenses (87) (172) (290)
----------- ----------- ----------
Operating loss (89) (172) (317)
Finance income - - -
----------- ----------- ----------
Loss for the year
before taxation (89) (172) (317)
Taxation - - -
----------- ----------- ----------
Loss and total comprehensive
loss (89) (172) (317)
----------- ----------- ----------
Loss and total comprehensive
loss per share expressed
in pence per share
Basic and Diluted 2 (0.05)p (0.12)p (0.22)p
aurum mining plc
statement of financial position
as at 30 september 2015
Six months Six months Year
to 30 to 30 ended
September September 31 March
2015 2014 2015
Assets Notes GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Non-current assets
Intangible assets 3 899 899 899
Investments 4 77 64 79
----------- ----------- ----------
Total non-current
assets 976 963 978
----------- ----------- ----------
Current assets
Receivables 13 57 13
Cash and cash equivalents 83 67 106
----------- ----------- ----------
Total current assets 96 124 119
----------- ----------- ----------
Total assets 1,072 1,087 1,097
----------- ----------- ----------
Liabilities
Current liabilities
Trade and other payables 39 74 89
----------- ----------- ----------
Total current liabilities 39 74 89
----------- ----------- ----------
Total liabilities 39 74 89
----------- ----------- ----------
Net assets 1,033 1,013 1,008
----------- ----------- ----------
Capital and reserves
attributable to the
equity holders of
the company
Share capital 5 1,718 1,461 1,461
Shares to be issued - - 140
Share premium 11,593 11,596 11,596
Retained deficit (12,278) (12,044) (12,189)
----------- ----------- ----------
Total equity 1,033 1,013 1,008
----------- ----------- ----------
aurum mining plc
statement of Changes in equity
Shares
Share to be Share Retained Total
capital issued premium deficit Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2015 1,461 140 11,596 (12,189) 1,008
Total comprehensive
expense for the
period - - - (89) (89)
Issue of shares
net of issue costs 257 (140) (3) - 114
At 30 September
2015 (unaudited) 1,718 - 11,593 (12,278) 1,033
--------- -------- ----------------- ----------------- ----------------
At 1 April 2014 1,413 - 11,585 (11,872) 1,126
Total comprehensive
expense for the
period - - - (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 2014 1,413 - 11,585 (11,872) 1,126
Total comprehensive
expense for the
(MORE TO FOLLOW) Dow Jones Newswires
November 19, 2015 02:00 ET (07:00 GMT)
year - - - (317) (317)
Issue of shares
net of issue costs 48 - 11 - 59
Shares to be issued - 140 - - 140
At 31 March 2015
(audited) 1,461 140 11,596 (12,189) 1,008
------ ---- ------- --------- ------
aurum mining plc
statement of cash flows
for the six months ended 30 september 2015
Six months Six months Year
to 30 to 30 ended
September September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Cash flows from operating
activities
Loss for the year before
tax (89) (172) (317)
Adjustments for:
Impairment charge 2 - 27
Cash flow from operating
activities before changes
in working capital (87) (172) (290)
Decrease in other receivables - 5 7
(Decrease) / increase
in trade and other payables (50) (39) (24)
---------------------- ---------------- --------------------
Net cash flow used in
operating activities (137) (206) (307)
---------------------- ---------------- --------------------
Financing activities
Proceeds from issue of
share capital 117 60 60
Expenses paid in connection
with share issues (3) (1) (1)
Cash received in respect
of shares to be issued - - 140
---------------------- ---------------- --------------------
Net cash flow from financing
activities 114 59 199
---------------------- ---------------- --------------------
Net decrease in cash and
cash equivalents (23) (147) (108)
---------------------- ---------------- --------------------
Cash and cash equivalents
at the beginning of the
period/ year 106 214 214
Cash and cash equivalents
at the end of the period/
year 83 67 106
---------------------- ---------------- --------------------
Aurum Mining Plc
Notes to the Interim Financial Statements
For the half year ended 30 September 2015
1. Basis of preparation
The unaudited interim financial statements have been prepared in
accordance with International Financial Reporting Standards,
International Accounting Standards and Interpretations
(collectively IFRSs). The company 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 Company's
Annual Report for the year ended 31 March 2015 and are expected to
be consistent with those policies that will be in effect at the
year end except the Company has adopted a number of revised
standards and interpretations. However, none of these has had a
material affect on the Company'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
2015 and 30 September 2014 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 2015 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 company's ability to continue as a
going concern, but did not contain a statement under section 498
(2) - (3) of the Companies Act 2006.
The company's 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 Company's operations, its current
financial position and cash flow forecasts, the Directors have
formed a view that the Company will have sufficient cash resources
available to it to continue in operational existence and meet its
financial commitments as they arise in the next twelve months. The
Directors have formed this view based on the amount of available
cash within the Company, the Company's historical track record of
raising funds from the AIM market, and the assets and investments
the Company holds which could be made available for potential sale,
should the need arise.
Based on the above the Directors have concluded that the Company
can continue as a going concern for a period of at least twelve
months from the date of signing the interim financial statements.
Accordingly, the Directors continue to adopt the going concern
basis for the preparation of these interim financial
statements.
The forecasts prepared by the directors reflect the requirements
for the Company to raise further funds over the next twelve months
or to dispose of at least one of the assets or investments of the
Company. Given that at the date of approval of these financial
statements there are no legally binding agreements in place
relating to either fundraising or to the sale of any of the
company's assets or investments, there can be no certainty relating
to these potential causes of action, despite the Company's track
record of raising funds or completing asset transactions. The
financial statements do not include the adjustments that would
result if the company was unable to continue as a going concern,
which would principally relate to the impairment of intangible
assets and investments.
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 2015 there were 4,450,000 (30 September 2014:
4,450,000, 31 March 2015: 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
2015 2014 2015
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Net loss attributable
to equity holders of
the parent:
From total operations (89) (172) (317)
---------------------- ----------------- -----------
Six months Six months Year ended
to 30 September to 30 September 31 March
2015 2014 2015
Number Number Number
Unaudited Unaudited Audited
Weighted average number
of shares:
Weighted average number
of shares 170,687,372 142,162,260 145,296,862
----------------- ----------------- ------------
3. Intangible assets
30 September 30 September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Gold exploration 899 899 899
Total intangible
assets 899 899 899
--------------- --------------- -----------
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