TIDMEUA
RNS Number : 6920N
Eurasia Mining PLC
26 September 2019
Eurasia Mining PLC (AIM:EUA)
('Eurasia' or 'the Company')
Interim report
for the six months ended
30 June 2019
Eurasia Mining plc, the platinum and gold production company,
announces its interim results for the six months ended 30 June
2019.
Chairman's Statement
Dear Shareholder,
The first six months of 2019 saw the Company embark on its
second season of production at material levels at our West Kytlim
alluvial platinum, PGM and gold mine. Production has been ongoing
at site since May of this year concurrent with the project's most
aggressive drilling programme in recent years. Earlier in September
the Company moved forward in its plan to operate its own mines and
purchased the necessary processing plant and other equipment. The
West Kytlim mine is now operating on an owner basis, with 100% of
metal revenues payable to Eurasia as opposed to 30-35% prior to
September this year. Our experience on-site over the past number of
years ensures our people have the necessary skills and expertise to
successfully run the project from resource definition right through
to concentrate upgrade and shipment of saleable product.
Our plans for sustainable phased production increases at the
project incorporate resource and reserve upgrade programmes with
further capitalisation of the asset from the mine's cashflow - this
at a time of more buoyant metal prices and a generally bullish
outlook in the PGM sector, especially for palladium, platinum,
iridium and rhodium as well as gold that are all in the basket of
metals of our sellable product.
Meanwhile, the Monchetundra Project was progressed considerably
with important technical statutory reporting finalised and
submitted to the relevant authorities by mid-September 2019. The
flanks application surrounding the approved reserves and resources
at both the Loipishnune and West Nittis deposits was also finalised
and submitted for approval in late-September. Work is now ongoing
to tie up the remaining work required to commence the Sinosteel EPC
and see the 2Moz Monchetundra project through to production.
Progress has therefore been steady at both of our main projects
through 2019. We thank our shareholders and supporters of the
Company and look to further build on our recent successes to all
our benefit. We also welcome Alexei Churakov to the Company in a
role as a strategic advisor. As announced recently Mr Churakov has
already made very significant contributions to both the West Kytlim
and Monchetundra Projects. It is our intention to continue to
broaden the experience base on our board in the coming months as we
continue to transition from an exploration focused Company to an
established PGM mining Company.
Christian Schaffalitzky
Executive Chairman
Enquiries:
Eurasia Mining PLC Tel: +44 (0)207 932 0418
Christian Schaffalitzky / Keith Byrne
WH Ireland Limited (Nominated Adviser & Broker) Tel: +44 (0)161 832 2174
Katy Mitchell / James Sinclair-Ford
First Equity Limited (Joint Broker) Tel: +44 (0)20 7374 2212
Jason Robertson
Optiva Securities (Joint Broker) Tel: +44 (0) 20 3137 1902
Christian Dennis
Operations Update
West Kytlim Platinum and Gold mine, Ural Mountains, Russia.
West Kytlim performance
Production volumes at the Kluchiki work area at West Kytlim were
maintained at high levels from May 2019, with new additions to the
processing circuit including a conveyance system to load material
to the sluice and an additional circuit to target additional metal
recovery working well.
Total production from mid- May to 14th(th) September 2019 stood
at 55kg (1,770 ounces) total raw platinum, with further metal at
various stages in the production cycle. Metal prices have run
substantially higher through the course of this year's mining
season when compared to 2018. Platinum prices, as at 20(th)
September have advanced 20% on this time last year (20 Sept 2018
spot $826/ oz compared to $941/ oz at 20th Sept 2019). Rhodium
prices are 119% up over the same period and Palladium 64% (source:
Kitco.com).
In early September this year a decision was made to purchase the
enrichment plant and to continue mining on an owner/operator basis.
The main element of the washplant is a scrubber (a large rotating
cylindrical screen through which platinum bearing gravels pass
under gravity and are disintegrated and washed) which was purchased
from mine cashflow with peripheral machinery including pumps,
piping, generators, crew shelters and other sundry items. At the
time of publication of this interim report mining was ongoing at
site, and it is the Company's intention to continue mining to the
end of the 2019 season and to commence immediately in 2020 on a
100% of revenue basis as opposed to 30-35% up until late
September.
Reserves Drilling program progress update
A reserve upgrade drilling programme focused on the Bolshaya
Sosnovka, Ust Tylai and Ust Tylai Pravy areas was outlined, funded
and then commenced in early 2019. This program is one of the most
aggressive programmes undertaken at West Kytlim in recent years and
is designed to ensure available mineable reserves for planned
capacity expansion from 2020 and subsequent years. The reserves
definition work proceeds in parallel with mining and the Company
expects it will lead to a revised reserves calculation to be
prepared and submitted for approval. A total of 1325 metres are now
complete (to 16th September 2019), and a total of 835 exploration
samples have been processed at the on-site laboratory. The program
is to focus on the relatively higher grade Bolshaya Sosnovka area
for the remainder of 2019, with 400m of regular diameter core
drilling and 180m of verification drilling scheduled to be finished
at Bolshaya Sosnovka by year end.
The Bolshaya Sosnovka, Ust Tylai and Ust Tylai Pravy areas are
considerably larger than both the Malaya Sosnovka and Kluchiki
Areas targeted by mining operations during this and last year.
Environmental and HSE
Eurasia and its contractor are committed to the highest
Corporate Social Responsibility and environmental management
standards at its mines. No incidents were reported for the period
being reported. Areas mined during 2019 have been remediated as per
our agreement with our Contractor, and in accordance with mining
regulations as per our mining, forestry and environmental
permits.
MONCHETUNDRA
Monchetundra is ca. 2 million-ounce PGM (Reserve + Resource)
project near the town of Monchegorsk on the Kola Peninsula. A
mining license was awarded in November 2018 and a financed
Engineering Procurement Construction and Financing contract is in
place with the Chinese semi-state group Sinosteel. In January 2019
a contract was agreed with Eurasia's long-standing exploration
programme director the Central Kola Expedition, to write and submit
a detailed project design report to authorities. This report sets
out a minimum schedule of work to be undertaken on a prescribed
schedule and was designed to integrate with the already arranged
EPCF contract. The report was submitted on schedule on 13(th)
September 2019.
Monchetundra flanks application
As per Russian subsoil licensing legislation, the holder of a
mining right is granted an automatic and exclusive right to apply
for exploration tenements directly adjacent to their approved
resource. Eurasia have previously utilised this right in
application for exploration ground adjacent to the West Kytlim
project. After desktop studies and analysis of available literature
a final perimeter was agreed for the Monchetundra flanks
application in August 2019, and an application submitted to the
relevant authorities on 23rd September 2019.
The Monchetundra deposit is comprised of two separate deposits
namely the Loipishnune and West Nittis deposits - both of which
demonstrate clear on-strike continuation of mineralisation beyond
the limit of the current approved reserves.
The applied for area contains a significant portion of an area
to the north and west of the West Nittis deposit known as the
Nittis Kamuzhaya Travanya (NKT ) Massif, an area previously mined
for high grade nickel and copper and with resources in PGM provided
to the Company by the Apatity branch of the Territorial fund of
geological information. At NKT a Russian category P resource
(similar to an Inferred Resource under the JORC classification) was
calculated by the state funded research group Rosgeologia in 2017
and comprises Ni - 298,000 t; Cu - 229,000 t; Co- 11,300 t; Pt -
18.5 tonnes/594,000 oz; Pd - 55 tonnes/1.7moz; Au - 7.6
tonnes/0.24moz; Ag - 185 tonnes/6moz. This resource has not been
verified by the Company and accordingly cannot be relied upon, but
is provided as an indication of potential. The Directors believe
further potential resources exist in the on-strike continuation of
the mineralisation at the Loipishnune deposit as it extends into
the area between Loipishnune and West Nittis, in fact several early
'discovery holes' drilled by Eurasia in 2006 occur in this area
beyond the current extent of the proposed Loipishnune pit and
contain significant intervals including 8.4 g/t (Pt+Pd) over 3.6m
occurring in Drillhole UM-3(see RNS dated 5th November 2006). These
areas may be followed up in due course and, if so, the Company will
provide updates as applicable.
The Monchegorsk Complex and Monchetundra Massif, which host the
West Nittis and Loipishnune deposits are known to contain type
examples of the majority of the layered intrusion and contact
hosted PGM deposit types recognised globally. With the submission
of this Flanks application, and the already state approved reserves
in the Loipishnune and West Nittis deposits, the directors believe
that Eurasia is established as a dominant player in the region.
Engineering Procurement Construction and Financing (EPCF)
Contract
An EPCF contract to develop the mine at Monchetundra is already
in place with Sinosteel, a state owned Chinese engineering group
focused on mining, which was signed in October of 2016. The
contract provides for Sinosteel to undertake the mine and
processing plant construction and commissioning on a turnkey,
commercial arms-length basis. 85 per cent (or US$149,600,000) of
the contract value has been arranged as debt-based by Sinosteel -
this element of plant construction costs will remain on the
Sinosteel balance sheet until such time as the plant is operating
at full capacity and to designed specification.
The EPCF also includes a sub-contract to be awarded to Eurasia's
subsidiary Terskaya Mining Kompany, to cover initial development
work at the Loipishnune open pit. This sub-contract, in the amount
of US$50m may be drawn down on award of the mining permit.
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2019
Note 6 months 12 months 6 months
to to to
30 June 31 December 30 June
2019 2018 2018
(unaudited) (audited) (unaudited)
GBP GBP GBP
Revenue 4 13,316 2,573,329 447,545
Cost of sales (16,309) (2,280,559) (409,374)
------------------------------------------- ----- ------------ ------------- ------------
Gross (loss)/profit (2,993) 292,770 38,171
Administrative costs (572,236) (1,609,068) (399,737)
Investment income 5 1,211 5,821 3,168
Finance costs - (623,779) (438,506)
Other gains 5 643,872 107,083 246,826
Other losses 5 - (1,414,768) (422,165)
Profit/(loss) before tax 69,854 (3,241,941) (972,243)
------------------------------------------- -----
Income tax expense (45,373) - -
------------------------------------------- ----- ------------ ------------- ------------
Profit/(loss) for the period 24,481 (3,241,941) (972,243)
Other comprehensive (loss)/income:
Items that will not be reclassified
subsequently to
profit and loss:
NCI share of foreign exchange differences
on translation of foreign operations (17,633) 69,894 59,230
Items that will be reclassified
subsequently to
profit and loss:
Parents share of foreign exchange
differences on translation
of foreign operations (185,002) 258,351 75,098
Other comprehensive (loss)/income
for the period, net of tax (202,635) 328,245 134,328
------------------------------------------- ----- ------------ ------------- ------------
Total comprehensive loss for the
period (178,154) (2,913,696) (837,915)
=========================================== ===== ============ ============= ============
Profit/(loss) for the period attributable
to:
Equity holders of the parent (105,775) (2,573,231) (820,852)
Non-controlling interest 130,256 (668,710) (151,391)
24,481 (3,241,941) (972,243)
------------------------------------------- ----- ------------ ------------- ------------
Total comprehensive loss for the
period attributable to:
Equity holders of the parent (290,777) (2,314,878) (745,754)
Non-controlling interest 112,623 (598,816) (92,161)
(178,154) (2,913,694) (837,915)
------------------------------------------- ----- ------------ ------------- ------------
Basic and diluted loss (pence per
share) (0.004) (0.12) (0.02)
Condensed consolidated statement of financial position
as at 30 June 2019
Note At 30 June At 31 December At 30 June
2019 2018 2018
(unaudited) (audited) (unaudited)
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 6 3,984,544 3,660,614 4,074,458
Assets in the course of construction 36,805 33,193 35,688
Intangible assets 7 885,518 802,661 801,026
Other financial assets 8 - - 456,061
Total non-current assets 4,906,867 4,496,468 5,367,233
--------------------------------------- ----- -------------- --------------- --------------
Current assets
Inventories 43,053 1,495 122,380
Trade and other receivables 54,708 49,046 81,326
Cash and bank balances 317,796 452,676 165,825
--------------------------------------- ----- -------------- --------------- --------------
Total current assets 415,557 503,217 369,531
Total assets 5,322,424 4,999,685 5,736,764
======================================= ===== ============== =============== ==============
EQUITY
Capital and reserves
Issued capital 9 29,397,189 28,803,321 27,145,879
Reserves 10 3,803,544 3,941,115 3,463,934
Accumulated losses (26,738,291) (26,632,516) (25,231,286)
--------------------------------------- ----- -------------- --------------- --------------
Equity attributable to equity holders
of the parent 6,462,442 6,111,920 5,378,527
Non-controlling interest (1,306,416) (1,419,039) (800,748)
--------------------------------------- ----- -------------- --------------- --------------
Total equity 5,156,026 4,692,881 4,577,779
--------------------------------------- ----- -------------- --------------- --------------
LIABILITIES
Current liabilities
Borrowings 11 48,330 43,586 558,094
Trade and other payables 105,385 263,218 330,891
Other financial liabilities - - 270,000
Current tax liabilities 12,683 - -
Total current liabilities 166,398 306,804 1,158,985
--------------------------------------- ----- -------------- --------------- --------------
Total liabilities 166,398 306,804 1,158,985
--------------------------------------- ----- -------------- --------------- --------------
Total equity and liabilities 5,322,424 4,999,685 5,736,764
======================================= ===== ============== =============== ==============
Condensed statement of changes in equity
for the six months ended 30 June 2018
Attributable to owners of the parent
---------------------------------------------------------------------------------
Foreign Total
currency attributable
Share Share Deferred Other translation Accumulated to owners Non-controlling Total
Note capital premium shares reserves reserve losses of parent interest equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1 January
2018 1,847,847 17,749,704 7,025,483 3,744,216 (340,848) (24,484,719) 5,541,683 (708,634) 4,833,049
Issue of ordinary share
capital for cash 172,217 344,433 - - - - 516,650 - 516,650
Shares issued under
terms of financing
arrangements 10,522 25,253 - - - - 35,775 - 35,775
Share issue cost - (29,580) - - - - (29,580) - (29,580)
Recognition of equity
element of convertible
loan notes - - - 59,753 - - 59,753 - 59,753
Non-controlling
interests
arising on sale of
interest
in subsidiary - - - - - - - 47 47
Transaction with owners 182,739 340,106 - (14,533) - 74,286 582,598 47 582,645
------------------------- ----------- ------------ ----------- ----------- ------------ -------------- ------------- ---------------- -----------
Loss for the period - - - - - (820,852) (820,852) (151,391) (972,243)
Other
comprehensive
loss
Exchange differences
on translation
of foreign operations - - - - 75,098 - 75,098 59,230 134,328
Total comprehensive
income - - - - 75,098 (820,852) (745,754) (92,161) (837,915)
Balance at 30 June
2018 2,030,586 18,089,810 7,025,483 3,729,683 (265,750) (25,231,285) 5,378,527 (800,748) 4,577,779
========================= =========== ============ =========== =========== ============ ============== ============= ================ ===========
Condensed statement of changes in equity
for the six months ended 30 June 2019
Attributable to owners of the parent
---------------------------------------------------------------------------------
Foreign Total
currency attributable
Share Share Deferred Other translation Accumulated to owners Non-controlling Total
Note capital premium shares reserves reserve losses of parent interest equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1 January
2019 2,371,569 19,406,269 7,025,483 4,023,610 (82,495) (26,632,516) 6,111,920 (1,419,039) 4,692,881
Issue of ordinary
share
capital for cash 116,183 510,185 - - - - 626,368 - 626,368
Share issue cost - (32,500) - - - - (32,500) - (32,500)
Recognition of options
under employee share
option plan 47,431
Transaction with
owners 116,183 477,685 - 47,431 - - 593,868 - 593,868
----------------------- ----------- ------------ ----------- ----------- ------------ -------------- ------------- ---------------- -----------
Loss for the period - - - - - (105,775) (105,775) 130,256 24,481
Other
comprehensive
loss
Exchange differences
on translation
of foreign operations - - - - (185,002) - (185,002) (17,633) (202,635)
Total comprehensive
income - - - - (185,002) (105,775) (290,777) 112,623 (178,154)
Balance at 30 June
2019 2,487,752 19,883,954 7,025,483 4,071,041 (267,497) (26,738,291) 6,462,442 (1,306,416) 5,156,026
======================= =========== ============ =========== =========== ============ ============== ============= ================ ===========
Condensed consolidated statement of cash flows
for the six months ended 30 June 2018
6 months 12 months 6 months
to to to
30 June 31 December 30 June
2019 2018 2018
(unaudited) (audited) (unaudited)
GBP GBP GBP
Cash flows from operating activities
Profit/(loss) for the period 24,481 (3,241,941) (972,243)
Adjustments for:
Depreciation and amortisation of
non-current assets:
- Fixed assets 48,326 367,173 160,113
Finance costs recognised in profit
or loss - 623,779 438,506
Investment revenue recognised in
profit or loss (1,211) (5,821) (3,168)
Loss on impairment of financial
assets 450,936
(Gain)/loss on disposal of investments - (246,826)
Income tax expense recognised in 45,373 - -
profit or loss
Gain on valuation of derivative
financial instrument - (107,083) 45,000
Loss on loan settlement - 60,405 -
Net foreign exchange (profit)/loss (643,872) 903,427 377,165
Expense recognised in respect of
warrants issued for professional
services - 14,307 -
Expense recognised in respect of
options under employee share option
plan 47,431 455,028
(479,472) (479,790) (201,453)
Movements in working capital
(Increase)/decrease in inventories (41,395) 3,425 8,464
(Increase)/decrease in trade and
other receivables (19,031) 36,522 (117,090)
(Decrease)/increase in trade and
other payables (175,771) 37,324 99,253
Cash used in operations (715,669) (402,519) (210,826)
Income taxes paid (16,130)
Net cash used in operating activities (731,799) (402,519) (210,826)
------------------------------------------- ------------ ------------- ------------
Cash flows from investing activities
Interest received 1,211 5,821 3,168
Proceeds from sale of investment
securities - - 246,873
Payments for property, plant and
equipment (11,775) (113,198) (75,612)
Payments for other intangible assets (415) (49,164) (977)
Net cash (used in)/generated by
investing activities (10,979) (156,541) 173,452
------------------------------------------- ------------ ------------- ------------
Cash flows from financing activities
Proceeds from sale of non-controlling
interest 236,772
Proceeds from issues of equity
shares 593,868 1,149,022 487,070
Repayment of borrowings - (447,440) (370,902)
Net cash generated by financing
activities 593,868 938,354 116,168
------------------------------------------- ------------ ------------- ------------
Net (decrease)/increase in cash
and cash equivalents (148,910) 379,294 78,794
Effects of exchange rate changes
on the balance of
cash held in foreign currencies 14,030 (16,437) (2,788)
Cash and cash equivalents at the
beginning of period 452,676 89,819 89,819
Cash and cash equivalents at the
end of the period 317,796 452,676 165,825
=========================================== ============ ============= ============
Selected notes to the condensed consolidated financial
statements
for the six months ended 30 June 2019
1. General information
Eurasia Mining plc (the "Company") is a public limited company
incorporated and domiciled in Great Britain with its registered
office at International House, 42 Cromwell Road, London SW7 4EF,
United Kingdom and principal place of business at Clubhouse Bank, 1
Angel Court, EC2R 7HJ. The Company's shares are listed on AIM, a
market of the London Stock Exchange. The principal activities of
the Company and its subsidiaries (the "Group") are related to the
exploration for and development of platinum group metals, gold and
other minerals in Russia.
The financial information set out in these condensed interim
consolidated financial statements (the "Interim Financial
Statements") do not constitute statutory accounts as defined in
Section 435 of the Companies Act 2006. The Group's statutory
financial statements for the year ended 31 December 2017, prepared
under International Financial Reporting Standards (the "IFRS"),
have been filed with the Registrar of Companies. The auditor's
report on those financial statements was unqualified. The report
did not contain a statement under Section 498(2) of the Companies
Act 2006.
2. Basis of preparation
The Group prepares consolidated financial statements in
accordance with International Financial Reporting Standards (IFRS)
issued by the International Accounting Standards Board (IASB) ,as
endorsed by the European Union (EU). These condensed consolidated
interim financial statements for the period ended 30 June 2019 have
been prepared by applying the recognition and measurement
provisions of IFRS and the accounting policies adopted in the
audited accounts for the year ended 31 December 2018.
These Interim Financial Statements have been prepared under the
historical cost convention.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
condensed consolidated interim financial statements.
The Interim Financial Statements are presented in Pounds
Sterling (GBP), which is also the functional currency of the parent
company.
3. Accounting policies
The Interim Financial Statements have been prepared in
accordance with the accounting policies adopted in the Group's last
annual financial statements for the year ended 31 December
2018.
4. Revenue
6 months 12 months 6 months
to to to
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Sale of platinum and other metals 13,316 2,573,329 447,545
13,316 2,573,329 447,545
=================================== ========= ============ =========
The 2019 mining season commenced later than 2018 season, due to
weather restrictions and additions made to the processing circuit
aimed at achieving better recoveries and more consistent
throughput, which held up the start of production by several weeks.
The modifications were implemented successfully, however, as a
result, the majority of 2019 revenues fall in the second half of
2019.
5. Other gains and losses
6 months 12 months 6 months
to to to
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Gains
Change in fair value of derivative - 107,083 -
instrument
Net foreign exchange gain 643,872 - -
643,872 107,083 -
Losses
Impairment of investments - (450,936) -
Loss on debt settlement - (60,405) -
Net foreign exchange loss - (903,427) (84,252)
- (1,414,768) (84,252)
643,872 (1,307,685) (84,252)
==================================== ========= ============= ==========
6. Property, plant and equipment
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Net book value at the beginning
of period 3,660,614 4,370,475 4,370,475
Additions 11,775 113,198 75,612
Depreciation (48,326) (367,173) (160,113)
Exchange differences 360,481 (455,886) (211,516)
Net book value at the end of period 3,984,544 3,660,614 4,074,458
====================================== =========== ============ ===========
7. Intangible assets
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Net book value at the beginning
of period 802,661 840,793 840,793
Additions 415 49,164 977
Exchange differences 82,442 (87,296) (40,744)
Net book value at the end of period 885,518 802,661 801,026
====================================== ========= ============ ==========
Intangible assets represent capitalised costs associated with
Group's exploration, evaluation and development of mineral
resources.
8. Other financial assets
30 June 31 December 30 June
2019 2018 2018
Advances to acquire interest
in uranium project - - 456,061
0 0 456,061
=============================== ======== ============ =========
Advances to acquire interest in uranium project represent
payment of $602,000 made in 2011 towards acquisition of 55%
interest in the Kamushanovsky uranium project in Kyrgyzstan
translated using the prevailing rate of exchange at the end of
reporting period.
9. Share capital
30 June 31 December 30 June
2019 2018 2018
Issued ordinary shares with a
nominal value of 0.1p:
Number 2,030,585,874 2,371,569,430 2,030,585,874
Nominal value (GBP) 2,030,586 2,371,569 2,030,586
Fully paid ordinary shares carry one vote per
share and carry the right to dividends.
Issued deferred shares with a
nominal value of 4.9 p:
Number 143,377,203 143,377,203 143,377,203
Nominal value (GBP) 7,025,483 7,025,483 7,025,483
Deferred shares have the following rights and restrictions
attached to them:
- they do not entitle the holders to receive any dividends and
distributions;
- they do not entitle the holders to receive notice or to attend
or vote at General Meetings of the Company;
- on return of capital on a winding up the holders of the
deferred shares are only entitled to receive the amount paid up on
such shares after the holders of the ordinary shares have received
the sum of 0.1p for each ordinary share held by them and do not
have any other right to participate in the assets of the
Company.
The increase in the Company's issued share capital during the
reporting period occurred as follows:
Ordinary shares Number Share Share
of shares capital premium
GBP GBP
Balance at 1 January 2019 2,371,569,430 2,371,569 19,406,269
Share placing for cash 116,182,491 116,183 510,185
Cost of issue of shares - (32,500)
Balance at 30 June 2019 2,487,751,921 2,487,752 19,883,954
==================================== =============== =========== ============
Deferred shares Number Deferred
of deferred share
shares capital
GBP
Balance at 1 January and 30 June
2019 143,377,203 7,025,483
==================================== =============== =========== ============
10. Reserves
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Capital redemption reserve 3,539,906 3,539,906 3,539,906
Foreign currency translation reserve (267,497) (82,495) (265,750)
Equity-based payment reserve 531,135 483,704 130,025
3,803,544 3,941,115 3,463,934
====================================== =========== ============ ===========
The capital redemption reserve was created as a result of a
share capital restructuring in earlier years. There is no policy of
regular transactions affecting the capital redemption reserve.
The foreign currency translation reserve represents exchange
differences relating to the translation from the functional
currencies of the Group's foreign subsidiaries into GBP.
The equity-based payments reserve represents a reserve arisen on
(i) the grant of share options to employees under the employee
share option plan and (ii) on issue of warrants under terms of
professional service agreements.
11. Borrowings
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Non-current
Convertible loan notes - - -
------------------------ -------- ------------ ---------
- - -
Current
Unsecured loan 48,330 43,586 46,862
Convertible loan notes - - 511,232
------------------------- -------- ------------ ---------
48,330 43,586 558,094
-------- ------------ ---------
48,330 43,586 558,094
======================== ======== ============ =========
On 3 February 2017 the Group entered into unsecured loan
facility to borrow up to 57 million Russian Rubbles (RR) at 14% per
annum, from Region Metal, the then subcontractor and West Kytlim
mine operator. The Group had drawn RR 4.18 million and repaid RR0.3
million in 2017. As the subcontractor's arrangements had been
discontinued the Group has no intention to utilise any more funds
from this facility.
The loan maturity date is 31 December 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SEDFMIFUSEFU
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September 26, 2019 02:05 ET (06:05 GMT)
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