TIDMNYO
RNS Number : 9776W
Nyota Minerals Limited
15 February 2017
For immediate release
15 February 2017
Nyota Minerals Limited
("Nyota" or the "Company")
Interim Results
Nyota Minerals Limited (ASX/AIM: NYO) announces its reviewed
half yearly report (the "Report") for the six months ended 31
December 2016.
The full Report is set out below and is available from the
Company's website at www.nyotaminerals.com.
In line with Nyota Minerals Limited's commitment to reducing
costs and our impact on the environment we are asking all
shareholders to help by agreeing to receive all correspondence
electronically. To do this, please update your communications
elections via:
www.computershare.com.au/easyupdate/NYO
Once you have entered your SRN/HIN and postcode, please ensure
you add your email address and submit.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 956/2014.
Enquiries:
For further information please visit www.nyotaminerals.com or
contact:
Jonathan Morley-Kirk Nyota Minerals Limited + 44 7797 859986
jm-k@hotmail.co.uk
Michael Cornish Beaumont Cornish Limited +44 (0) 207 628 3396
James Biddle Nominated Advisor
Jeremy Woodgate Smaller Company Capital +44 (0) 20 3651 2912
Forward-Looking Statements
This press release contains forward-looking statements in
relation to the Company and its subsidiaries (the "Group"),
including, but not limited to, the Group's proposed strategy, plans
and objectives, future commercial production, sales and financial
results, development, construction and production targets and
timetables, mining costs and economic viability and profitability.
Such statements are generally identifiable by the terminology used,
such as "may", "will", "could", "should", "would", "anticipate",
"believe", "intend", "expect", "plan", "estimate", "budget",
"outlook" or other similar wording. By its very nature, such
forward-looking information requires the Company to make
assumptions that may not materialise or that may not be accurate.
Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the control of the
Group that could cause the actual performance or achievements of
the Group to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Furthermore, the forward-looking
information contained in the press release is made as of the date
of the press release and accordingly, you should not rely on any
forward-looking statements and the Group accepts no obligation to
disseminate any updates or revisions to such forward-looking
statements. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.
Neither the contents of the Company's website nor the contents
of any websites accessible from hyperlinks in the Company's website
(or any other website) is incorporated into or forms part of, this
announcement.
DIRECTORS' REPORT
The Directors present their report on the Group consisting of
Nyota Minerals Limited ("Nyota" or the "Company") and the entities
it controlled at the end of, or during the half year ended 31
December 2016 (the "Group").
Directors
The names of the Directors of the Company in office during the
whole of the half year and until the date of this report are:
Jonathan CR Morley-Kirk
Sergii Budkin
Andrew DL Wright
Review and results of operations
The Board continued to rationalise the Group's activities with a
view to acquiring Bigdish Ventures Limited as announced to the
market on 15 November 2016.
The Group incurred a loss of $521,798 in the half year to 31
December 2016 (2015: $501,265). This was largely as a result of
writing down the Group's interest in the Ivrea Project in Italy by
$288,626 in the half year.
Bigdish Ventures Limited
The Company continues to progress its due diligence activities
on Bigdish Ventures Limited and the preparation of the
documentation that is required for the Company's shareholders to
assess the acquisition of Bigdish Ventures Limited.
Bigdish Ventures Limited has recently announced formal launches
in Hong Kong and Indonesia.
Corporate
At the end of the half year the Group had cash of $187,044.
During the half year the Group did not have any capital raisings
and did not issue any stocks or options. The Company received
GBP200,000 (AUD $341,000) in unsecured loans in the half year.
The Board continues to reduce costs as much as possible.
Ivrea Nickel Project
Nyota acquired 70% of the Ivrea Nickel Project in northwest
Italy in February 2015.
The Alpe di Laghetto survey block comprises a 6km long anomaly
that encompasses the Alpe di Laghetto and La Balma historic mines
workings.
Given the Group's planned acquisition of Bigdish Ventures
Limited and the continued difficult market conditions for
greenfield exploration, the Group has conditionally disposed of its
interest in the Ivrea Nickel Project, subject to shareholder
approval. The details of the disposal were released to the market
on 3 January 2017.
The consideration for the sale will be up to Euro 20,000 (AUD
$29,000) with a 3% Net Smelter Royalty (the "NSR"). The NSR can be
bought back for $200,000 within 2 years and $400,000 with 4
years.
Auditors Independence Declaration
Section 307C of the Corporations Act 2001 requires our auditors
to provide the Directors of the Company with an Independence
Declaration in relation to the review of the half-year financial
report. A copy of this Independence Declaration is set out on page
6.
Dated at Sydney this 10th day of February 2017.
Signed in accordance with a resolution of the Directors.
ADL Wright
Director
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF-YEARED 31 DECEMBER 2016
Half-year Half-year
ended ended
31 Dec 31 Dec
2016 2015
Revenue from continuing Notes $ $
operations
Other revenue - 151
Other revenue - foreign
exchange gains - 11,352
Gain on sale of available-for-sale 4,275 -
assets
Other expenses from continuing
operations
Administration (237,327) (212,636)
Exploration and evaluation
expensed - (256,986)
Impairment of exploration
and evaluation assets 3 (288,626) -
Impairment of available-for-sale
assets - (122,963)
---------- ----------
Loss before income tax (521,678) (581,082)
Income tax expense - -
---------- ----------
Loss for the half-year after
tax (521,678) (581,082)
---------- ----------
Other comprehensive expense/income
Items that may be reclassified
to profit and loss
Exchange differences on
translation of foreign operations - 8,035
Items that will not be subsequently
reclassified to profit &
loss
Reclassification of fair
value adjustments of available-for-sale
financial assets to profit
and loss - 71,782
---------- ----------
Other comprehensive income
for the half-year - 79,817
---------- ----------
Total comprehensive income/(loss)
for the half-year (521,678) (501,265)
---------- ----------
Total comprehensive income/(loss)
for the half year attributable
to members of Nyota Minerals
Limited (521,678) (501,265)
========== ==========
Loss per share from continuing
operations
Basic loss per share (cents
per share) (0.0003) (0.004)
Diluted loss per share (cents
per share) (0.0003) (0.004)
The above consolidated statement of comprehensive income should
be read in conjunction with the accompanying notes
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
31 Dec 30 June
2016 2016
Notes $ $
Assets
Current assets
Cash and cash equivalents 187,044 48,722
Trade and other receivables 7,954 9,460
Available-for-sale assets 2 29,000 45,275
-------------- --------------
223,998
Total current assets 23,998 103,457
-------------- --------------
Non current assets
Exploration and evaluation
expenditure 3 - 287,500
-------------- --------------
Total non-current assets - 287,500
-------------- --------------
Total assets 223,998 390,957
-------------- --------------
Liabilities
Current liabilities
Trade and other payables 68,216 37,397
Borrowings 7 323,900 -
-------------- --------------
Total current liabilities 392,116 37,397
-------------- --------------
Total liabilities 392,116 37,397
-------------- --------------
Net assets/(liabilities) (168,118) 353,560
============== ==============
Equity
Contributed equity 183,124,132 183,124,132
Reserves 6,782,155 6,782,155
Accumulates losses (190,074,405) (189,552,727)
-------------- --------------
Total equity/(deficiency) (168,118) 353,560
============== ==============
The above consolidated statement of comprehensive income should
be read in conjunction with the accompanying notes
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEARED 31 DECEMBER 2016
Attributable to the owners
of Nyota Minerals Limited
---------------------------- ----------------------------------------------------
Contributed Accumulated Reserves Total
equity losses equity
$ $ $ $
Balance 1 July 2016 183,124,132 (189,552,727) 6,782,155 353,560
------------ -------------- ---------- ----------
Loss for the half year - (521,678) - (521,678)
Other comprehensive - - - -
income for the half
year
------------ -------------- ---------- ----------
Total comprehensive
loss for the half year - (521,678) - (521,678)
Balance 31 December
2016 186,124,132 (190,074,405) 6,782,155 (168,118)
============ ============== ========== ==========
Balance 1 July 2015 182,247,615 (188,534,215) 6,666,052 379,452
------------ -------------- ---------- ----------
Loss for the half year - (581,082) - (581,082)
Other comprehensive
income for the half
year - - 79,817 79,817
------------ -------------- ---------- ----------
Total comprehensive
loss for the half year - (581,082) 79,817 (501,265)
------------ -------------- ---------- ----------
Transactions with equity
holders in their capacity
as equity holders
Shares issued 593,163 - - 593,163
Capital raising costs (29,659) - - (29,659)
------------ -------------- ---------- ----------
563,504 - - 563,504
------------ -------------- ---------- ----------
Balance 31 December
2015 182,811,119 (189,115,297) 6,745,869 441,691
============ ============== ========== ==========
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEARED 31 DECEMBER 2016
Half-year Half-year
ended ended
31 Dec 31 Dec
2016 2015
$ $
Cash flows from operating
activities
Receipts from customers - 126,155
Interest received - 151
Payments to suppliers and
employees (222,102) (614,444)
---------- ----------
Net cash flow used in operating
activities (222,102) (488,138)
---------- ----------
Cash flow from investing
activities
Proceeds from sale of investments 49,550
Exploration costs (30,126) -
---------- ----------
Net cash flow from investing 19,424 -
activities
---------- ----------
Cash flows from financing
activities
Proceeds from unsecured 341,000 -
borrowings
Proceeds from share issues - 593,163
Capital raising costs - (29,659)
---------- ----------
Net cash flows from financing
activities 341,000 563,504
---------- ----------
Net increase in cash and
cash equivalents 138,322 75,366
Cash and cash equivalents
at the beginning of the
half year 48,722 106,280
Effect of exchange rate
changes on cash and cash
equivalents - 19,386
---------- ----------
Cash and cash equivalents
at the end of the half year 187,044 210,032
========== ==========
The above consolidated statement of cash flow should be read in
conjunction with the accompanying notes
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2016
1. Summary of significant accounting policies
Basis of preparation
This consolidated interim financial report for the half year
reporting period ended 31 December 2016 is a general purpose
financial statement prepared in accordance with applicable
accounting standards and other authoritative pronouncements
including Accounting Standard AASB 134 Interim Financial reporting
and the Corporations Act 2001. Compliance with AASB134 ensures
compliance with IAS34 'Interim Financial Reporting'.
The interim financial report has been prepared in a historical
cost basis. The Company is domiciled in Australia and all accounts
are presented in Australian dollars, unless otherwise stated.
This condensed consolidated interim financial report does not
include all the notes of the type normally included in an annual
financial report. Accordingly, this report is to be read in
conjunction with the annual report for the year ended 30 June 2016
and any public announcements made by Nyota Minerals Limited during
the interim reporting period in accordance with the continuous
disclosure requirements of the Corporations Act 2001 and the ASX
listing rules.
The accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting period
unless otherwise stated.
Going concern
The Directors have prepared cash projections showing the need to
raise additional funds to finance the group's working capital
requirements and the funding for the proposed acquisition of
Bigdish Ventures Limited.
The Group's ability to continue as a going concern is dependent
upon the Group being successful in completing a capital raising and
completing the proposed acquisition of Bigdish Ventures Limited in
the next 12 months.
There can be no guarantee that sufficient funds can be raised or
that the funds raised will meet the Group's requirements. Failure
to raise the required funds will result in the Group failing to
meet its working capital requirements and investment plans.
There is a material uncertainty that may cast significant doubt
on whether the Group will continue as a going concern and,
therefore, whether it will realise its assets and settle its
liabilities and commitments in the normal course of business and at
the amounts stated in the financial report. However, the Directors
believe that the Group will be successful in the above matters and,
accordingly, have prepared the financial report on a going concern
basis. The financial statements do not include the adjustments that
would result if the group was unable to continue as a going
concern.
Significant judgements and estimates
In preparing this half year financial report the significant
judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the
same as those applied to the consolidated financial report for the
year ended 30 June 2016.
Adoption of new and revised accounting standards
In the half year ended 31 December 2016 the Directors have
reviewed all of the new and revised Standards and Interpretations
issued by the AASB that are relevant to the Group's operations and
effective for annual reporting periods beginning on or after 1 July
2016.
It has been determined by the Directors that there is no impact,
material or otherwise, of the new Standards and Interpretations on
the Group's business and therefore, no change is necessary to Group
accounting policies.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2016
1. Summary of significant accounting policies (cont'd)
Basis of preparation (cont'd)
The Directors have also reviewed all new Standards and
Interpretations that have been issued but are not yet effective for
the half year ended 31 December 2016. The Directors have determined
that there is no impact, material or otherwise, of the new and
revised Standards and Interpretations on the Group's business and,
therefore, no change is necessary to the Group's accounting
policies.
2. Available-for-sale assets
6 months 30 June
to 31 Dec 2016
2016
$ $
Listed securities - 45,275
Unlisted securities 29,000 -
----------- --------
29,000 45,275
=========== ========
3. Exploration and evaluation expenditure
6 months 6 months
to 31 Dec to 31 Dec
2016 2015
$ $
Opening balance 287,500 287,500
Additions 30,126 -
Impairment charge (i) (288,626) -
Transfer to available-for-sale (29,000) -
assets
----------- -----------
Closing balance - 287,500
=========== ===========
(i) The impairment charge was required to write down the value
of the Ivrea Nickel Project to its expected sale value.
4. Segment information
The Group has adopted AASB 8 Operating Segments which requires
operating segments to be identified on the basis of internal
reports about components of the Group that are reviewed by the
chief operating decision maker in order to allocate resources to
the segment and to assess its performance.
The Board reviews internal reports prepared as consolidated
financial statements and strategic decisions of the Group are
determined upon analysis of these internal reports. During the
period the Group operated predominantly in one business and
geographical segment, being the resources sector in Italy.
Accordingly under the management approach outlined only one
operating sector has been identified and no further disclosures are
required in the notes to the consolidated financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2016
5. Equity securities issued
Movements in equity securities during the half year period
were:
Half year ended 31 December 2016
Number of $
shares
Half year ended 31 December
2016
1 July 2016 Opening balance 1,877,603,672 183,124,132
Share issue - -
Capital raising - -
costs
-------------- ------------
31 December
2016 Closing balance 1,877,603,672 183,124,132
-------------- ------------
Year ended 30 June 2016
1 July 2015 Opening balance 957,149,127 182,247,615
20 July 2015 Share issue 545,454,545 593,163
21 January
2016 Share issue 375,000,000 370,727
Capital raising
costs - (87,373)
-------------- ------------
30 June 2016 Closing balance 1,877,603,672 183,124,132
-------------- ------------
Options on
issue
Number of Number of
options options
31 Dec 2016 31 Dec 2015
Options exercisable at
GBP0.001 on or before 1
March 2017 27,272,727 27,272,727
-------------- ------------
6. Contingencies and commitments
Contingent liabilities
In December 2013 Nyota completed the sale of 75% and then in
September 2014 a further 25% of its Ethiopian subsidiary, KEFI
Minerals Ethiopia Limited ("KEFI"). As part of this sale the
Company provided warranties to the purchaser of KEFI, Kefi Minerals
Limited, on the financial and commercial affairs of KEFI, customary
for this type of transaction and a specific indemnification against
claims that arise directly or indirectly as a result of any action
by the Company or any of its subsidiaries before the date of
completion. Tax warranties given expire 30 December 2019, while a
warranty in connection with the liquidation of Yubdo Platinum and
Gold Development PLC have no time restriction. The Directors are
not aware of any existing liability in relation to these
warranties.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2016
6. Contingencies and commitments (cont'd)
Contingent liabilities (cont'd)
Apart from the above the Group does not have any known
contingent liabilities as at 31 December 2016.
Commitments
At the end of the half year the Group does not have any material
commitments.
7. Borrowings
6 months 30 June
to 31 Dec 2016
2016
$ $
Other loans 323,900 -
The company received GBP200,000 (AUD $341,000) in unsecured
loans during the half year. Repayment is 12 months from the date of
the first drawdown. Interest is payable at 8% per annum and $563
has been accrued to date.
8. Subsequent events
There are no matters of circumstances that have arisen since 31
December 2016 that may significantly affect operations, results or
state of affairs of the Group in future financial years, other than
the proposed acquisition of Bigdish Ventures Limited.
NYOTA MINERALS LIMITED
DIRECTORS' DECLARATION
In the Directors' opinion:
a) the financial statements and notes set out on pages 7 to 14
are in accordance with the Corporations Act 2001, including:
i) complying with Accounting Standards, the Corporations
Regulations 2001 and other mandatory professional reporting
requirements; and
ii) giving a true and fair view of the Group's financial
position as at 31 December 2016 and of its performance for the half
year ended on that date; and
b) there are reasonable grounds to believe that Nyota Minerals
Limited will be able to pay its debts as and when they become due
and payable.
This declaration is made in accordance with a resolution of the
directors
ADL Wright
Director
Dated at Sydney, this 10th day of February 2017
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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