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1 Dec 2014 07:00
1st December 2014
AURASIAN MINERALS PLC
("AuM" or the "Company")
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2014
Chairman's Statement
Attached is the financial information of the Company and Group for the 6 months ended 30th September 2014. During this period we incurred a loss of £208,000 on furthering our exploration projects in South-East Asia and covering the costs associated with operating as a listed company. During this period, our cash balances declined by £133,000 (the difference was mainly movements in debtors and creditors), from £1,041,000 to £908,000.
Our South-East Asia projects
We have identified encouraging targets in both Myanmar and Lao that we are keen on securing provided the terms create value for shareholders.
We have visited Myanmar on a number of occasions, and last week delivered three applications for mineral exploration licences whose detailed terms we are discussing with the Myanmar Mining Authorities.
We will also be visiting Lao in December 2014 to explore the feasibility of submitting applications there. If that visit goes well, we intend to carry out field inspections of those targets after the New Year, and then to be able to submit applications for mineral exploration licences.
For the moment we have put our plans in Cambodia on hold.
Wamum
The party to whom we have agreed, subject to contract, to sell our stake in the Wamum project has moved very very slowly, though we are hopeful that we will sign the agreement soon. In which case we would expect the cash consideration to arrive after the Papua New Guinea authorities have approved the transfers, sometime in the first half of 2015.
Morobe
We continue to hold a royalty interest in EL 1365 which is being developed by Niuminco Group Ltd.
Manus Island
We have explored a number of possibilities for the sale of our interest in the Manus Island project, following Newcrest's withdrawal, and should know within the next couple of months whether we have been successful in so doing.
Conclusion
We are pleased with the progress we are making in Myanmar and Lao, though we realise that even once we have submitted our applications there are many uncertainties ahead, and there could easily be delays outside our control as the mining regulations and taxes in both these countries are in the early stages of being developed.
As it continues to be likely that time will elapse before we can start to develop these projects, we are also looking at other countries in South-East Asia to see if we can obtain, on favourable terms, an interest in an advanced project.
Tony Shearer, Non-Executive Chairman, 1st December 2014
For further information, please contact:
Aurasian Minerals Plc tony@tonyshearer.com
Tony Shearer
finnCap Limited +44 (0) 20 7220 0500
Matthew Robinson/Christopher Raggett
Copies of this announcement are available to view on the Company's website at: www.aurasianminerals.com
AURASIAN MINERAS PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2014
Consolidated income statement | Six months ended | Year ended | ||
30th September | 31st March | |||
2014 | 2013 | 2014 | ||
£'000 | £'000 | £'000 | ||
(Unaudited) | (Unaudited) | (Audited) | ||
Revenue | - | - | - | |
Cost of sales | - | - | - | |
Gross profit | - | - | - | |
Operating expenses | (226) | (232) | (229) | |
Share-based payments | (2) | (7) | (21) | |
Impairment of exploration and evaluation assets | - | - | (500) | |
Operating loss | (228) | (239) | (750) | |
Finance income | 20 | 5 | 9 | |
Finance costs | - | - | (80) | |
Net finance income / (cost) | 20 | 5 | (71) | |
Loss before taxation | (208) | (234) | (821) | |
Income tax expense | - | - | - | |
Loss for the period from continuing operations | (208) | (234) | (821) | |
Loss for the period attributable to equity holders of the parent | (208) | (234) | (821) | |
Basic and diluted (loss) per share (pence) | (0.06)p | (0.06)p | (0.22)p | |
Consolidated statement of comprehensive income | Six months ended | Year ended | ||
30th September | 31st March | |||
2014 | 2013 | 2014 | ||
£'000 | £'000 | £'000 | ||
(Unaudited) | (Unaudited) | (Audited) | ||
Loss for the period | (208) | (234) | (821) | |
Other comprehensive income: | ||||
Exchange differences on translating foreign operations | - | - | (70) | |
Total comprehensive income for the period attributable to equity holders of the parent | (208) | (234) | (891) | |
AURASIAN MINERALS PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2014
Consolidated balance sheet | |||
30th September | 31st March | ||
2014 | 2013 | 2014 | |
£'000 | £'000 | £'000 | |
(Unaudited) | (Unaudited) | (Audited) | |
Assets | |||
Exploration and evaluation assets | - | 500 | - |
Total non-current assets | - | 500 | - |
Exploration and evaluation assets held for sale | 462 | - | 451 |
Trade and other receivables | 22 | 589 | 115 |
Cash and cash equivalents | 908 | 1,154 | 1,041 |
Total current assets | 1,392 | 1,743 | 1,607 |
Total assets | 1,392 | 2,243 | 1,607 |
Equity attributable to owners of the parent | |||
Share capital | 3,687 | 3,687 | 3,687 |
Share premium | 25,271 | 25,271 | 25,271 |
Share-based payment reserve | 705 | 668 | 703 |
Currency translation reserve | 693 | 763 | 693 |
Own shares held reserve | (65) | (98) | (65) |
Retained losses | (28,926) | (28,077) | (28,718) |
Total equity | 1,365 | 2,214 | 1,571 |
Liabilities | |||
Current liabilities | |||
Trade and other payables | 27 | 29 | 36 |
Total liabilities | 27 | 29 | 36 |
Total equity and liabilities | 1,392 | 2,243 | 1,607 |
AURASIAN MINERALS PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2014
Consolidated statements of cash flows | Six months ended | Year ended | |
30th September | 31st March | ||
2014 | 2013 | 2014 | |
£'000 | £'000 | £'000 | |
(Unaudited) | (Unaudited) | (Audited) | |
Cash flows from operating activities | |||
Loss before and after tax | (208) | (234) | (821) |
Share-based payments | 2 | 7 | 21 |
Impairment of exploration and evaluation assets | - | - | 500 |
Interest received | (3) | (5) | (9) |
Operating loss | (209) | (232) | (309) |
Decrease in trade and other receivables | 83 | 51 | 4 |
(Decrease) / Increase in trade and other payables | (10) | - | 7 |
Net cash outflow from operating activities | (136) | (181) | (298) |
Cash flows from investing activities | |||
Interest received | 3 | 5 | 9 |
Net cash inflow from investing activities | 3 | 5 | 9 |
Net decrease in cash and cash equivalents | (133) | (176) | (289) |
Cash and cash equivalents at beginning of period | 1,041 | 1,330 | 1,330 |
Exchange differences | - | - | - |
Cash and cash equivalents at end of period | 908 | 1,154 | 1,041 |
AURASIAN MINERALS PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2014
Consolidated statements of changes in equity
Share capital | Share premium | Share based payment reserve | Own shares held reserve | Currency translation reserve | Retained losses | Total equity | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 31 March 2013 (Audited) | 3,687 | 25,271 | 661 | (98) | 763 | (27,843) | 2,441 |
Loss for the period | - | - | - | - | - | (234) | (234) |
Total comprehensive income for the period attributable to equity holders of the parent | - | - | - | - | - | - | - |
Share-based payments | - | - | 7 | - | - | - | 7 |
At 30 September 2013 (Unaudited) | 3,687 | 25,271 | 668 | (98) | 763 | (28,077) | 2,214 |
Loss for the period | - | - | - | - | - | (587) | (587) |
Exchange difference on translating foreign operations | - | - | - | - | (70) | - | (70) |
Total comprehensive income for the period attributable to equity holders of the parent | - | - | - | - | (70) | (587) | (657) |
Shares held by EBT | - | - | - | 33 | - | (33) | - |
Share-based payments | - | - | 14 | - | - | - | 14 |
Transfer from share based payments reserve | - | - | 21 | - | - | (21) | - |
At 31 March 2014 (Audited) | 3,687 | 25,271 | 703 | (65) | 693 | (28,718) | 1,571 |
Loss for the period | - | - | - | - | - | (208) | (208) |
Total comprehensive income for the period attributable to equity holders of the parent | - | - | - | - | - | (208) | (208) |
Share-based payments | - | - | 2 | - | - | - | 2 |
At 30 September 2014 (Unaudited) | 3,687 | 25,271 | 705 | (65) | 693 | (28,926) | 1,365 |
AURASIAN MINERALS PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2014
Notes to the interim financial information
1. No dividend is proposed in respect of the period.
2. The results for the period ended 30th September 2014 are derived from continuing activities.
3. Basis of preparation
This interim financial information has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union with the exception of IAS 34 Interim Financial Reporting, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Group's audited financial statements for the year ended 31st March 2014.
The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information for the six months ended 30th September 2014 and 30th September 2013 is unaudited. The comparative information for the year ended 31st March 2014 was derived from the Group's audited financial statements as filed with the Registrar of Companies. It does not constitute the financial statements for that year. The auditors reported on those financial statements; their report was unqualified, did not contain a statement under section 498(2) or 498 (3) of the Companies Act 2006, and did not include reference to any matters to which the auditor drew attention by way of emphasis.
4. Loss per share
The calculation of loss per share is based on a loss of £208,000 for the period ended 30th September 2014 (30th September 2013: loss of £234,000; 31st March 2014: loss of £821,000) and the weighted average number of 368,716,729 shares in issue (31st March 2014: 368,716,729; 30th September 2013: 368,716,729). There is no difference between the diluted loss per share and the loss per share presented.
Share options and warrants that could have a potentially dilutive effect on earnings per share in the future as at 30th September 2014 were:
· 18,400,000 share options in issue at prices between 1.0 and 1.1 pence per share
· 5,443,780 warrants in issue at prices between 1.2 and 2.5 pence per share
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