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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Conroy Gold & Natural Resources Plc | LSE:CGNR | London | Ordinary Share | IE00BZ4BTZ13 | ORD EUR0.001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.20 | 1.77% | 11.50 | 11.00 | 12.00 | 11.50 | 11.30 | 11.30 | 75,120 | 09:13:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 257k | -363k | -0.0081 | -14.20 | 5.15M |
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TIDMCGNR
25 February 2015
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
Half-yearly results for the six months ended 30 November 2014
Conroy Gold and Natural Resources plc (AIM:CGNR; ESM:CGNR.I), the gold
exploration and development company planning to develop a gold mine at
Clontibret in Ireland, announces its results for the six months ended 30
November 2014.
Highlights:
* Viability of mine at Clontibret confirmed
* Metallurgical testwork indicates favourable flotation and downstream
processing characteristics
* Potential economic quantities of antimony as well as gold may be mined
* Satellite imagery and structural studies highlight further gold potential
* Gold Licences granted in highly prospective region in Finland
Commenting, Chairman, Professor Richard Conroy said:
"I am delighted that continued progress has been made in relation to our
proposed mine at Clontibret in Co. Monaghan and that antimony may also be mined
as well as gold."
For further information please contact:
Conroy Gold and Natural Resources plc Tel: +353-1-661-8958
Professor Richard Conroy, Chairman
Sanlam Securities UK Limited (Nomad) Tel: +44-20-7628-2200
Virginia Bull/Simon Clements
Hybridan LLP (Broker) Tel: +44-20-3713-4581
Claire Noyce/William Lynne
IBI Corporate Finance Limited (ESM Adviser) Tel: +353-766-234-800
Ger Heffernan/Jan Fitzell
Lothbury Financial Services Limited Tel: +44-20-3440-7622
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 2014. This was a period of further significant
progress for your Company during which the viability of the proposed mine at
Clontibret was confirmed and that antimony as well as gold may well be
economically mined. In addition, excellent results were reported from both the
Company's gold and base metal exploration targets. Exploration licences were
also granted in a promising gold area of Finland. The focus will however remain
on bringing the Clontibret mine into production.
Clontibret
Work continued in relation to your Company's proposed gold mine in Clontibret,
Co. Monaghan and in July Michael Brennan was appointed Project Manager to
oversee the mine development.
The mine will consist of a Phase 1 starter pit which will concentrate on a high
grade, densely drilled portion of the resource and should result in accelerated
total project capital payback within year 2 of the operation and a positive
cash flow.
Current metallurgical testwork is indicating very favourable flotation and
downstream processing characteristics which together with favourable
infrastructure and logistical support will help reduce the project's capital
and operating costs. The metallurgical testwork has also revealed that
potentially economic quantities of antimony may occur in the gold bearing
concentrate following flotation.
Work has therefore been carried out to identify flowsheet options to allow for
the extraction of the antimony from the gold bearing concentrate. Several
process options have been identified, and future metallurgical testwork will
include testing these options and optimising extraction so as to ensure a
saleable antimony product.
Antimony is specified by the European Commission as a critical raw material and
a large supply deficit is forecast. The product is used primarily in the
production of flame retardants.
The potentially economic quantities of the strategically important mineral
antimony, in addition to the gold which is intended to be mined at Clontibret,
is a very welcome further development as your Company moves forward with its
mining plans for Clontibret.
Phase 2 will comprise underground mining and/or further surface pit(s). For the
underground mining option there are favourable grades and widths at depth that
have been identified by drilling. This ore could be accessed by a spiral ramp
at the base of the Phase 1 pit and mined by a high volume method such as
sublevel block caving.
The mining plan is also set in the context of the remaining 80 per cent of the
Clontibret gold target where significant gold intersections outside the planned
mine area for Phase 1 have been previously identified and are expected to be
economic to mine.
Exploration
Further highly encouraging results were achieved on your Company's exploration
licences. In particular, high resolution satellite imagery has identified 21
gold exploration targets as well as delineating five main lineament
orientations in the Longford-Down Massif. Positive results were also received
from a Structural Study undertaken at the Slieve Glah target in County Cavan,
Ireland. The study was carried out by independent consultant structural
geologists, Dr. Francis Murphy and Dr. David Coller. The study showed that the
gold mineralisation at Slieve Glah is associated with a major geological
structure, the Orlock Bridge Fault which appears to be the major structural
control on mineralisation in the area. The study highlighted the potential for
a concentration of gold mineralised faults and of gold target zones within the
gold-in-soil anomalies defined at Slieve Glah. These anomalies are
approximately 3 km (1.8 miles) in length.
The Slieve Glah area is located approximately 40 km (25 miles) to the south
east of the proposed gold mine at Clontibret in County Monaghan. The Orlock
Bridge Fault undergoes a significant strike swing, or bend, at Slieve Glah.
This has led to the development of a dilation zone which could hold significant
mineral potential.
Your Company has also made further progress with its gold exploration programme
in Finland with the granting of nine exploration claims in the Sodankyla region
of Northern Finland which we are delighted to receive having been involved in
gold exploration in Finland for many years.
Sodankyla has become a highly prospective region for gold and copper
exploration, hosting both the world class Kittila gold mine and the Kevitsa
nickel-copper mine. Previous exploration by your Company in the Sodankyla area
yielded very encouraging gold results and historic till sampling within the
area has reported values of over 4,000 ppb gold and up to 95 ppm copper. The
nine exploration claims which have been granted in Finland together cover an
area of 789Ha (c. 1,950 acres).
We look forward to our exploration programme in Finland complementing our
successful gold and base metal exploration in Ireland.
Finance
The loss after taxation for the half-year ended 30 November 2014 was EUR150,230
(2013: loss of EUR131,527) and the net assets as at 30 November 2014 were EUR
15,449,505 (2013: EUR13,224,751).
During the period, we raised GBP750,000 by way of placing and subscription, there
was also a debt conversion of GBP273,500 nominal of unsecured convertible loan
and an extension of warrants by five years.
Outlook
Your Company looks forward to continued progress with its planned gold mine at
Clontibret and its ongoing exploration programme for gold and base metals.
Directors and Staff
I would like to thank all of my fellow directors, staff and consultants for
their support and dedication, which has enabled the continued success of the
Company. I look forward to the future with confidence.
Yours faithfully,
Professor Richard Conroy Chairman
25 February 2015
INCOME STATEMENT
FOR HALF-YEAR ENDED 30 NOVEMBER 2014
Six months Six months Year ended
ended ended
30 November 30 November 31 May
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
EUR EUR EUR
OPERATING EXPENSES (150,230) (125,588) (374,323)
Finance income - bank interest - - -
receivable
Finance costs - interest on - (5,939) (5,982)
shareholder loan
LOSS BEFORE TAXATION (150,230) (131,527) (380,305)
Taxation - - -
LOSS FOR HALF-YEAR (150,230) (131,527) (380,305)
Loss per ordinary share - basic (EUR0.0004) (EUR0.0004) (EUR0.0012)
and diluted
STATEMENT OF COMPREHENSIVE INCOME
FOR HALF-YEAR ENDED 30 NOVEMBER 2014
Six months Six months Year ended
ended ended
30 November 30 November 31 May
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
EUR EUR EUR
LOSS FOR PERIOD (150,230) (131,527) (380,305)
Total income and expense - - -
recognised in other comprehensive
income
TOTAL COMPREHENSIVE INCOME FOR THE (150,230) (131,527) (380,305)
PERIOD - ENTIRELY ATTRIBUTABLE TO
EQUITYHOLDERS
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2014
30 November 30 November 31 May
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
ASSETS EUR EUR EUR
Non-current Assets
Intangible assets 16,623,673 15,302,446 16,033,308
Investment in Subsidiary 2 2 2
Property, plant and equipment 279,253 5,363 7,854
16,902,928 15,307,811 16,041,164
Current Assets
Trade and other receivables 51,947 331,616 59,358
Cash and cash equivalents 466,585 19,508 78,372
518,532 351,124 137,730
Total Assets 17,421,460 15,658,935 16,178,894
EQUITY AND LIABILITIES
Capital and Reserves
Called up share capital 4,373,208 8,936,758 3,520,000
Called up deferred share capital 6,135,597 - 6,135,597
Share premium 8,855,525 7,926,342 8,447,949
Capital conversion reserve fund 30,617 30,617 30,617
Share based payments reserve 1,007,780 1,044,248 1,034,760
Retained losses (4,953,222) (4,713,214) (4,877,992)
Total Equity 15,449,505 13,224,751 14,290,931
Non-current Liabilities
Convertible loan - 996,075 324,952
Financial Liabilities 191,022 293,215 191,022
Total Non-current Liabilities 191,022 1,289,290 515,974
Current Liabilities
Trade and other payables 1,780,933 1,144,894 1,371,989
Total Current Liabilities 1,780,933 1,144,894 1,371,989
Total Liabilities 1,971,955 2,434,184 1,887,963
Total Equity and Liabilities 17,421,460 15,658,935 16,178,894
CASH FLOW STATEMENT
FOR THE HALF-YEAR ENDED 30 NOVEMBER 2014
Six months Six months Year ended
ended ended
30 November 30 November 31 May
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
EUR EUR EUR
Cash flows from operating activities
Cash generated/(used in) by 279,130 (86,373) 186,680
operations
Tax paid - - -
Net cash generated/(used in)by 279,130 (86,373) 186,680
operating activities
Cash flows from investing activities
Investment in exploration and (547,312) (417,334) (1,068,743)
evaluation
Payments to acquire property, plant (279,436) - -
and equipment
Net cash used in investing activities (826,748) (417,334) (1,068,743)
Cash flows from financing activities
Issue of share capital 1,260,783 207,836 812,621
Advances/(conversion) of shareholder - (752,560) 205,000
loan
Convertible loan conversion (324,952) 996,075 -
Amount repaid to shareholders - - (114,600)
Interest paid on shareholder loan - - (14,450)
Net cash generated from financing 935,831 451,351 888,571
activities
Increase/(Decrease) in cash and cash 388,213 (52,356) 6,508
equivalents
Cash and cash equivalents at 78,372 71,864 71,864
beginning of period
Cash and cash equivalents at end of 466,585 19,508 78,372
period
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 30 NOVEMBER 2014
Capital
Conversion Share-based Retained
Share Share Reserve Payment Earnings Total
Capital Premium Fund Reserve (Deficit) Equity
EUR EUR EUR EUR EUR EUR
At 1 June 2014 9,655,597 8,447,949 30,617 1,034,760 (4,877,992) 14,290,931
Share issue 853,208 - - - - 853,208
Share premium - 446,772 - - - 446,772
Share issue - (39,196) - - - (39,196)
expenses
Share-based - - - 48,020 - 48,020
payments
- - - (75,000) 75,000 -
Transfer from
share-based
payment reserve
to retained
earnings/
(deficit)
Loss for the - - - - (150,230) (150,230)
period
At 30 November 10,508,805 8,855,525 30,617 1,007,780 (4,953,222) 15,449,505
2014
Capital
Conversion Share-based Retained
Share Share Reserve Payment Earnings Total
Capital Premium Fund Reserve (Deficit) Equity
EUR EUR EUR EUR EUR EUR
At 1 June 2013 8,737,547 7,917,717 30,617 969,735 (4,581,687) 13,073,929
Share issue 199,211 - - - - 199,211
Share premium - 10,457 - - - 10,457
Share issue - (1,832) - - - (1,832)
expenses
Share-based - - - 74,513 - 74,513
payments
Loss for the - - - - (131,527) (131,527)
period
At 30 November 8,936,758 7,926,342 30,617 1,044,248 (4,713,214) 13,224,751
2013
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 2014.
2. Earnings per share
The calculation of the loss per ordinary share of EUR0.0004 (2013: EUR0.0004) is
based on the loss for the financial year of EUR150,230 (2013: EUR131,527) and the
weighted average number of ordinary shares in issue during the period of
363,060,039 (2013: 293,465,001).
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 2014.
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,
10 Upper Pembroke Street, Dublin 2.
END
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