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18 Mar 2014 07:00
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18 March 2014
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Greatland Gold plc
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Half-yearly report - six months ended 31 December 2013
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Chief Executive's statement
Greatland Gold plc ("Greatland" or the "Company"), the mineral exploration and development company focused on gold projects in Tasmania and Western Australia, is pleased to announce its results for the six months to 31 December 2013.
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Summary
In the first half of the financial year Greatland Gold continued its good progress, with positive exploration work across our assets. We also conducted two successful capital raises, as we work towards establishing resources across our portfolio of assets.
Financials
Greatland Gold reported an operating loss for the six months to 31 December 2013 of Β£230,964 (six months to December 2012: Β£199,241). This translated into a loss per share for the period of 0.04p (six months to December 2012: 0.06p).
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Operations
We have made impressive progress across our licenses over the period. As we look to establish resources across our assets, it is evident that we have many exciting opportunities within our portfolio.
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Of specific note, we have taken significant steps forward at our Tasmanian licenses. In August we announced positive results from exploration work across our entire licence base in Tasmania, and I was particularly pleased with the results of exploration at Firetower and Lisle, in collaboration with our partners Unity Mining and Tamar Gold. This has reaffirmed that these are very exciting gold projects with established gold mineralisation.
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At Firetower, airborne and ground geophysics are underway and high resolution coverage of the entire project is now complete. At Lisle, we announced significant surface geochemical results, with results peaking at 2.5g/t gold (in soils). These results imply that the area is highly prospective for intrusion related gold systems.
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Warrentinna continues to provide encouraging results, and is particularly exciting. With all the necessary permissions received last year, drilling began in December, with further good progress this year.
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Turning to Western Australia, in October we announced significant progress at our gold projects in the area, with exceptional geochemical results from Ernest Giles; and significant gold and nickel targets identified at Bromus.
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The Ernest Giles project in central Western Australia covers an area of near 1,000 square kilometres and the project includes over 100km of strike of gold prospective rocks that are covered by recent desert sands and sediments. As a result, the project area is almost completely unexplored.
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At Bromus the Company has identified several geochemical targets over 10km of strike within which gold mineralisation has been confirmed. Mapping and drill programme planning is currently being carried out.
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Equity raising
I am pleased to have raised Β£675,000 of equity through two placing in the first half of the financial year. These placings allow us to make further progress on our plans to establish resources across our portfolio of assets.
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Outlook
The price of gold suffered in 2013. However, during the first part of 2014, it has found new support and continues to improve. Taking a long term perspective, we believe that the outlook for gold is good, with demand likely to be sustained but with global gold production declining. The Group, through our high quality asset base, disciplined cost control and track record of successfully raising capital, means we are well positioned to benefit from the positive market dynamics as we continue to develop our projects.
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Callum N Baxter
CEO
17 March 2014
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Group statement of comprehensive income
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6 months to Β 31 December 2013 | 6 months to Β 31 December 2012 | Year ended Β 30 June 2013 | |||
Unaudited Β£ | Unaudited Β£ | Audited Β£ | |||
Turnover | - | - | - | ||
Exploration expenses | (106,064) | (87,172) | (217,238) | ||
Administrative expenses | (125,793) | (113,403) | (206,785) | ||
Operating loss Β | (231,857) | (200,575) | (424,023) | ||
Finance revenue Β | 893 Β | 1,334 | 1,784 Β | ||
Loss on ordinary activities before taxation Β | (230,964) | (199,241) | (422,239) | ||
Tax on loss on ordinary activities Β | - | - | - | ||
Loss for the financial period Β | (230,964) | (199,241) | (422,239) | ||
Other comprehensive income | |||||
Gain/(loss) on revaluation of available for sale investments | 57,150 | (4,569) | (15,862) | ||
Exchange differences on translation of foreign operations | (90,887) | (5,139) | (69,260) | ||
Other comprehensive income for the year net of taxation | (33,737) | (9,708) | (85,122) | ||
Total comprehensive income for the year attributable to equity holders of the parent | (264,701) | (208,949) | (507,361) | ||
Loss per share - see note 3 Basic Β Β | Β (0.04) pence | Β (0.06) pence | Β Β | Β (0.12) pence |
Group balance sheet
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31 December 2013 | 31 December 2012 | Β 30 June 2013 | |||||||
Unaudited Β£ | Unaudited Β£ | Audited Β£ Β | |||||||
Assets | |||||||||
Non-current assets | |||||||||
Tangible assets Intangible assets Β | 20,774 952,736 Β | 24,767 1,074,988 Β | 22,290 1,017,361 | ||||||
Total non-current assets Β | 973,510 | 1,099,755 | 1,039,651 | ||||||
Current assets Cash and cash equivalents Trade and other receivables Available for sale financial assets - see note 4 Β | Β 765,940 22,291 45,984 | Β Β Β | Β 541,893 33,581 54,821 | Β 304,338 43,441 41,041 | |||||
Total current assets Β | 834,215 | 630,295 | 388,820 | ||||||
Total assets | 1,807,725 | 1,730,050 | Β£1,428,471 | ||||||
Liabilities | |||||||||
Current liabilities | |||||||||
Trade and other payables Β | (33,950) | (29,662) | (26,495) | ||||||
Total liabilities Β | (33,950) | (29,662) | (26,495) | ||||||
Net assets Β | 1,773,775 | Β£1,700,388 | Β£1,401,976 | ||||||
Equity Called up share capital Share premium reserve Retained losses Other reserves Β | Β 579,232 4,664,539 (3,688,895) 218,899 | Β 350,661 4,256,610 (3,234,933) 328,050 | Β Β | Β 350,661 4,256,610 (3,457,931) 252,636 | |||||
Total equity Β | Β£1,773,775 | Β£1,700,388 | Β£1,401,976 | ||||||
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Group cash flow statement
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6 months to Β 31 December 2013 | 6 months to Β 31 December 2012 | Year ended Β 30 June 2013 | ||||
Unaudited Β£ | Unaudited Β£ | Audited Β£ | ||||
Β Cash flow from operating activities | Β Β | Β Β | ||||
Operating loss | (231,857) | (200,575) | (424,023) | |||
Decrease in receivables | 21,150 | 34,756 | 24,896 | |||
Increase/(Decrease) in payables | 7,456 | (13,961) | (17,127) | |||
Depreciation Β | - Β | - Β | 7,850 Β | |||
Net cash outflow from operations | (203,251) | (179,780) | (408,404) | |||
Β Cash flows from investing activities | ||||||
Interest received Payments to acquire intangible assets Receipts from sale of tangible assets Payments to acquire tangible assets | 893 - Β - - Β | 1,334 - Β - - Β | 1,784 - Β - - | |||
Net cash flows used in investing activities | 893 | 1,334 | 1,784 | |||
Β Cash inflows from financing activities | ||||||
Proceeds from issue of shares Transaction costs of issue of shares | 675,000 (38,500) | - - | - - | |||
Net cash flows from financing activities | 636,500 | - | - | |||
Β Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of period Exchange gain on cash and cash equivalents | Β 434,142 Β 304,338 Β 27,460 | Β (178,446) Β 717,117 Β 3,222 | Β (406,620) Β 717,117 Β (6,159) | |||
Cash and cash equivalents at end of period | 765,940 | 541,893 | 304,338 | |||
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Statement of group changes in equity
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| Β | Called up share capital | Share premium account | Share based payment reserve | Retained earnings | Other reserves | Total |
Β£ | Β£ | Β£ | Β£ | Β£ | Β£ |
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| As at 30 June 2012 | 350,661 | 4,256,610 | - | (3,035,692) | 337,758 | 1,909,337 |
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| Loss for the period | - | - | - | (422,239) | - | (422,239) |
| Loss on revaluation of available for sale investments | - | - | - | - | (15,862) | (15,862) |
| Currency translation differences | - | - | - | - | (69,260) | (69,260) |
| Total comprehensive income | - | - | - | (422,239) | (85,122) | (507,361) |
| Share options expired | - | - | - | - | - | - |
Share capital issued | - | - | - | - | - | - |
Cost of share issue | - | - | - | - | - | - |
| As at 30 June 2013 | 350,661 | 4,256,610 | - | (3,457,931) | 252,636 | 1,401,976 |
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| Loss for the period | - | - | - | (230,964) | - | (230,964) |
| Gain on revaluation of available for sale investments | - | - | - | - | 57,150 | 57,150 |
| Currency translation differences | - | - | - | - | (90,887) | (90,887) |
| Total comprehensive income | - | - | - | (230,964) | (33,737) | (264,701) |
Share capital issued | 228,571 | 446,429 | - | - | - | 675,000 |
Cost of share issue | - | (38,500) | - | - | - | (38,500) |
| As at 31 December 2013 | 579,232 | 4,664,539 | - | (3,688,895) | 218,899 | 1,773,775 Β |
Statements of changes in other reserves
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| Β | Merger reserve | Foreign currency translation reserve | Available for resale financial assets reserve | Total other reserves |
Group | Β£ | Β£ | Β£ | Β£ |
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| As at 30 June 2012 | 225,000 | 193,415 | (80,657) | 337,758 |
| Β Net unrealised losses on financial assets available for resale | Β - | Β - | Β (15,862) | Β (15,862) |
| Unrealised foreign currency gains | - | (33,631) | (35,629) | (69,260) |
| As at 30 June 2013 | 225,000 | 159,784 | (132,148) | 252,636 |
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| Net unrealised gains on financial assets available for resale | - | - | 57,150 | 57,150 |
| Unrealised foreign currency gains | - | (60,463) | (30,424) | (90,887) |
| As at 31 December 2013 | 225,000 | 99,321 | (105,422) | 218,899 |
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Half-yearly report notes
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1. Half-yearly report
This half-yearlyΒ report was approved by the Directors on 17 March 2014.
The information relating to the six month periods to 31 December 2012 and 31 December 2013 are unaudited.
The information relating to the year to 30 June 2013 is extracted from the audited financial statements of the Company which have been filed at Companies House and on which the auditors issued an unqualified audit report.
2. Basis of accounting
The report has been prepared using accounting policies and practices that are consistent with those adopted in the statutory financial statements for the year ended 30 June 2013, although the information does not constitute statutory financial statements within the meaning of the Companies Act 2006.
These half-yearlyΒ financial statements consolidate the financial statements of the Company and its subsidiary and are prepared in accordance with International Financial Reporting Standards as adopted for use in the European Union.
The Company and Group will report again for the full year to 30 June 2014.
3. Loss per share
6 months to Β 31 December 2013 | 6 months to Β 31 December Β 2012 | Year ended Β 30 June 2013 | |||
Unaudited Β£ | Unaudited Β£ | Audited Β£ | |||
These have been calculated on a loss of: Β | (230,964) | (199,241) | (422,239) | ||
Β The weighted average number of shares used was: Β | Β 579,232,539 Β | Β 350,661,000 Β | Β 350,661,000 | ||
Β Basic loss per share: | Β (0.04) pence | Β (0.06) pence | Β (0.12) pence |
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4. Available for sale financial assets
The Group's investments were valued at Β£45,984 at 31 December 2013.
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Copies of this half-yearly report are available free of charge by application in writing to the Company Secretary at the Company's registered office, 55 Gower Street, London WC1E 6HQ, or by email to info@greatlandgold.com. The report will also be made available on the Company's website, www.greatlandgold.com.
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Enquiries:
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Greatland Gold PLC
Callum Baxter
Tel +44 (0)20 7747 9980
Email: info@greatlandgold.com
www.greatlandgold.com
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Grant Thornton UK LLP (Nomad)
Colin Aaronson / David Hignell
Tel +44 (0)20 7383 5100
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SI Capital Limited (Broker)
Nick Emerson / Andy Thacker
Tel +44 (0)14 8341 3500
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RLM Finsbury (Public Relations)
Gordon Simpson / Chris Ryall
Tel +44 (0)20 7251 3801
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Notes to Editors
Greatland Gold is a mineral exploration and development company based in Australia. The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold. The Company currently has six mineral projects located in Australia, including the Ernest Giles, Firetower, Warrentinna, Lisle, Bromus and Lackman Rock projects. The pipeline of projects targets highly prospective areas for multi-million ounce orebodies. The Company was established in London in 2005 and admitted to AIM in July 2006.
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The board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, as well as the acquisition of suitable exploration and development projects and producing assets.
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Greatland has a UK and Australian based board of directors with a head office in London and an exploration office in Australia.
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End
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