The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation
(“MAR”). Upon publication of this announcement via a
Regulatory Information Service (“RIS”), this inside information is
now considered to be in the public domain.
28 February
2017
Conroy
Gold and Natural Resources plc
(“Conroy” or “the Company”)
Half-yearly
results for the six months ended 30 November
2016
Conroy (AIM: CGNR; ESM: CGNRI), the Irish-based resource company
exploring and developing gold projects in Ireland and Finland, is pleased to announce its results
for the six months ended 30 November 2016. During the period,
drilling successes at Clontibret in County Monaghan Ireland included the discovery
of five new gold zones, together with high grades and wide
intersections of gold. The Company also moved forward with its
plans for mining at Clontibret.
Highlights:
- Recent drilling results at Clontibret have included the
discovery of five new gold zones
- High Grades including 0.5m grading 25.9g/t gold
- Wide intersections including 5.75m grading 5.0g/t
gold
- Plans for Mine Development at Clontibret advanced
- Major gold target at Glenish – four new gold zones
identified
- Additional Claim Reservations in Finland
- Appointment of Professor Garth
Earls to Board
Commenting, Chairman, Professor Richard
Conroy said:
“I am delighted with the continued
progress and excellent drilling results at Clontibret, where we are
focused on bringing in a gold mine. Elsewhere, ongoing work
further enhanced the overall potential of our extensive licence
area in Ireland.”
For further information please contact:
Conroy Gold and
Natural Resources plc |
Tel:
+353-1-661-8958 |
Professor Richard
Conroy, Chairman |
|
Allenby Capital
Limited (Nomad) |
Tel:
+44-20-3328-5656 |
Virginia Bull/James
Thomas/Nick Harriss |
|
Hybridan LLP
(Broker) |
Tel:
+44-20-3764-2341 |
Claire Louise
Noyce/Niall Pearson/William Lynne |
|
IBI Corporate
Finance Limited (ESM Adviser) |
Tel:
+353-766-234-800 |
Ger Heffernan / Jan
Fitzell |
|
Lothbury Financial
Services |
Tel:
+44-20-3290-0707 |
Michael Padley |
|
Hall
Communications |
Tel:
+353-1-660-9377 |
Don Hall |
|
Visit the website at: www.conroygold.com
CHAIRMAN’S STATEMENT
Dear Shareholder,
I have great pleasure in presenting your Company’s Half-Yearly
Report for the six months ended 30 November
2016. During the half-year excellent progress was made at
your Company’s flagship project, Clay Lake – Clontibret.
During the half-year, drilling at Clontibret resulted in the
discovery of five new gold zones, high gold grades including 0.25m
at 35.4g /t gold and wide intersections including 5.75m grading
5.04g/t, giving further encouragement to your Company’s belief in a
combined multi-million oz. gold exploration target at Clay Lake –
Clontibret.
The excellent results of the drilling programme were
complemented by results from a structural study by independent
consultant Dr. Francis Murphy. The
structural survey identified eight gold lodes in stream bedrock at
Clontibret. All of these corresponded to gold lodes previously
identified by the drilling, thus giving further crucial technical
information and confidence as your Company moves forward with its
plans for mine development at Clay Lake – Clontibret, starting with
a conventional open pit gold mine at Clontibret. A Scoping Study
prepared by independent consultants Tetra Tech Wardrop demonstrated
that the established resource, on only 20% of the target area at
Clontibret, was technically and financially viable.
Drilling results at your Company’s Glenish target, which is at
the junction of two major geological structures – the Orlock Bridge
and Glenish Faults, gave further evidence of the overall gold
prospectivity of your Company’s licence area. Channel sampling at
Glenish had proved 1.3m Au grading 9.4g/t gold. The drilling
results together with the channel sampling demonstrated the
presence of four new gold zones in a 150 metre wide structural
corridor in the western part of the Glenish gold target. The gold
mineralisation in bedrock was traced down dip for over 70 metres
and remains open in all directions.
Your Company has now delineated three major targets close
together in the North-East of your Company’s licence area -
Glenish, Clontibret, and Clay Lake. Clay Lake is to the North-East
of the original gold discovery at Clontibret and Glenish is to the
South-West. Each of the targets has a large (more than 100
hectares) gold-in-soil surface expression.
Additional claim reservations have been applied for in
Finland which has excellent
potential for gold but your Company’s prime focus is, of course, in
Ireland at Clay Lake -
Clontibret.
During the half-year Professor Garth
Earls was appointed as a Non-Executive Director of the
Company. Professor Earls, who has worked with the Company for a
number of years as a consultant, has over 25 years mineral
exploration and management experience. Professor Earls was a
project geologist on the team which discovered the Curraghinalt
gold deposit in the North of Ireland, now under development. He was
Director of the Geological Survey of Northern Ireland (“GSNI”) from 2002-10 and
after leaving the GSNI was Managing Director of Dalradian Gold and
Chief Operating Officer of Premier Gold. I am delighted to welcome
him as a member of the Board of your Company.
Financial
The loss after taxation for the half-year ended 30 November 2016 was €176,680 – (2015: loss
€107,618) and the net assets as at 30
November 2016 were €16,976,644 (2015: €15,256,853).
As in previous years I have supported the working capital
requirements of the Company and at the period end the amount due to
me was €79,000. Since the period end I have advanced a further
€55,000. These loans have currently been provided on an interest
free and unsecured basis and are repayable at any time at the
discretion of the Company. In addition, at the period end there was
€135,287 of accrued interest outstanding on previous loans provided
by me.
In the light of the excellent exploration results achieve to
date, your directors are considering how best to fund your
Company’s activities going forward. Options being studied include
joint venture, farm-out and equity funding, as well as other
arrangements as may be appropriate for advancing the interests of
your Company.
Outlook
Your Company continues to make excellent progress with its
exploration and mining development plans. I look forward to further
enhancement of the potential of the overall licence area in
Ireland and to development of a
mine at Clontibret.
Directors and Staff
I would like to thank all of my fellow directors, staff and
consultants for their dedication and hard work which has played a
major role in the continued success of your Company.
Yours faithfully
Professor Richard Conroy
Chairman
28 February 2017
CONSOLIDATED
INCOME STATEMENT
FOR HALF-YEAR
ENDED 30 NOVEMBER 2016
|
Six months
ended |
Six months
ended |
Year ended |
|
30
November |
30
November |
31 May |
|
2016 |
2015 |
2016 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
€ |
€ |
€ |
OPERATING EXPENSES |
(176,680) |
(107,302) |
(291,486) |
Finance income – bank interest
receivable |
- |
- |
- |
Finance costs – interest on
shareholder loan |
- |
(416) |
(679) |
LOSS BEFORE TAXATION |
(176,680) |
(107,618) |
(292,165) |
Taxation |
- |
- |
- |
LOSS FOR HALF-YEAR |
(176,680) |
(107,618) |
(292,165) |
Loss per ordinary share – basic and
diluted |
(€0.0160) |
(€0.0246) |
(€0.0479) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR HALF-YEAR
ENDED 30 NOVEMBER 2016
|
Six months
ended |
Six months ended |
Year ended |
|
30
November |
30 November |
31 May |
|
2016 |
2015 |
2016 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
€ |
€ |
€ |
LOSS FOR PERIOD |
(176,680) |
(107,618) |
(292,165) |
Total income and expense recognised
in other comprehensive income |
- |
- |
- |
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD – ENTIRELY ATTRIBUTABLE TO EQUITYHOLDERS |
(176,680) |
(107,618) |
(292,165) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2016
|
30
November |
30
November |
31
May |
|
2016 |
2015 |
2016 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
ASSETS |
€ |
€ |
€ |
Non-current
Assets |
|
|
|
Intangible assets |
19,349,507 |
18,029,895 |
18,696,602 |
Property, plant and
equipment |
17,105 |
16,150 |
16,150 |
|
19,366,612 |
18,046,045 |
18,712,752 |
Current
Assets |
|
|
|
Trade and other
receivables |
26,899 |
56,592 |
38,334 |
Cash and cash
equivalents |
8,573 |
29,224 |
687,708 |
|
35,472 |
85,916 |
726,042 |
Total
Assets |
19,402,084 |
18,131,961 |
19,438,794 |
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
Capital and
Reserves |
|
|
|
Called up
share capital
Called up deferred share capital |
11,014
10,504,431 |
4,373,208
6,135,597 |
11,014
10,504,431 |
Share premium |
10,649,252 |
8,855,525 |
10,649,252 |
Capital conversion
reserve fund |
30,617 |
30,617 |
30,617 |
Share based payments
reserve |
1,503,496 |
1,162,830 |
1,464,030 |
Retained losses |
(5,722,166) |
(5,300,924) |
(5,545,486) |
Total
Equity |
16,976,644 |
15,256,853 |
17,113,858 |
Non-current
Liabilities |
|
|
|
Shareholder
loan |
79,000 |
265,000 |
- |
Financial
Liabilities |
135,287 |
193,102 |
135,287 |
Total Non-current
Liabilities |
214,287 |
458,102 |
135,287 |
Current
Liabilities |
|
|
|
Trade and other
payables |
2,211,153 |
2,417,006 |
2,189,649 |
Total Current
Liabilities |
2,211,153 |
2,417,006 |
2,189,649 |
Total
Liabilities |
2,425,440 |
2,875,108 |
2,324,936 |
Total Equity and
Liabilities |
19,402,084 |
18,131,961 |
19,438,794 |
CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF-YEAR
ENDED 30 NOVEMBER 2016
|
Six months
ended |
Six months ended |
Year ended |
|
30 November
2016 |
30 November 2015 |
31 May 2016 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
€ |
€ |
€ |
Cash flows from operating
activities |
|
|
|
Cash (used in)/generated by
operations |
(84,266) |
88,884 |
41,014 |
Tax paid |
- |
- |
- |
Net cash
generated/(used in)by operating activities |
(84,266) |
88,884 |
41,014 |
|
|
|
|
Cash flows from investing
activities |
|
|
|
Investment in exploration and
evaluation |
(621,213) |
(432,910) |
(858,769) |
Payments to acquire property, plant
and equipment |
(2745) |
- |
- |
Net cash used in investing
activities |
(623,958) |
(432,910) |
(858,769) |
|
|
|
|
Cash flows from financing
activities |
|
|
|
Issue of share capital |
- |
- |
1,800,367 |
Advances from shareholders |
79,000 |
267,080 |
- |
Share issue costs |
- |
- |
(60,015) |
Interest on shareholder loan |
- |
- |
(679) |
Amount repaid to shareholders |
- |
- |
(201,955) |
(Repaid to)/advances from related
parties |
(49,911) |
82,690 |
(55,735) |
Net cash generated from financing
activities |
29,089 |
349,770 |
1,481,983 |
|
|
|
|
Increase/(Decrease) in cash and
cash equivalents |
(679,135) |
5,744 |
664,228 |
Cash and cash equivalents at
beginning of period |
687,708 |
23,480 |
23,480 |
Cash and cash equivalents at end
of period |
8,573 |
29,224 |
687,708 |
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR
ENDED 30 NOVEMBER 2016
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
Conversion |
Share-based |
Retained |
|
|
Share |
Share |
Reserve |
Payment |
Earnings |
Total |
|
Capital |
Premium |
Fund |
Reserve |
(Deficit) |
Equity |
|
€ |
€ |
€ |
€ |
€ |
€ |
At 1 June 2016 |
10,515,445 |
10,649,252 |
30,617 |
1,464,030 |
(5,545,486) |
17,113,858 |
|
|
|
|
|
|
|
Share-based payments |
- |
- |
- |
39,466 |
- |
39,466 |
Loss for the period |
- |
- |
- |
- |
(176,680) |
(176,680) |
At 30 November
2016 |
10,515,445 |
10,649,252 |
30,617 |
1,503,496 |
(5,722,166) |
16,976,644 |
|
|
|
|
|
|
|
|
|
|
Conversion |
Share-based |
Retained |
|
|
Share |
Share |
Reserve |
Payment |
Earnings |
Total |
|
Capital |
Premium |
Fund |
Reserve |
(Deficit) |
Equity |
|
€ |
€ |
€ |
€ |
€ |
€ |
At 1 June 2015 |
10,508,805 |
8,855,525 |
30,617 |
1,120,009 |
(5,193,306) |
15,321,650 |
Share-based payments |
- |
- |
- |
42,821 |
- |
42,821 |
Loss for the period |
- |
- |
- |
- |
(107,618) |
(107,618) |
At 30 November
2015 |
10,508,805 |
8,855,525 |
30,617 |
1,162,830 |
(5,300,924) |
15,256,853 |
Notes to the Financial Statements
1. Basis of preparation
The half-yearly financial statements have been prepared on the
basis of the recognition and measurement requirements of
International Financial Reporting Standards (IFRS) as adopted by
the European Union (EU), and their interpretations adopted by the
International Accounting Standards Board (IASB). The accounting
policies used in the preparation of the half-yearly financial
information are the same as those used in the Company’s audited
financial statements for the year ended 31
May 2016. The half-yearly financial statements do not
include all of the information required for full annual
financial statements and should be read in conjunction with the
audited financial statements of the Company for the year ended
31 May 2016, which are available on
the Company’s website www.conroygold.com. The auditor’s report on
those financial statements was unqualified and contained emphasis
of matter paragraphs relating to the preparation of the accounts on
the going concern basis and the recoverability of tangible
assets.
2. Earnings per share
The calculation of the loss per ordinary share of €0.0160 (2015:
€0.0246) is based on the loss for the financial year of €176,680
(2015: €107,618) and the weighted average number of ordinary
shares in issue during the period of 11,013,537 (2015:
4,373,207).
Since the Company incurred a loss the effect of share options
and warrants would be anti-dilutive.
3. Dividends
No dividends were paid or are proposed in respect of the period
ended 30 November 2016.
4. Copies of Accounts
A copy of the Half-Yearly Report will be available on the
Company’s website www.conroygold.com and will be available from the
Company's registered office, 9 Merrion Square North, Dublin 2.