We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ariana | AQSE:AAU.GB | Aquis Stock Exchange | Ordinary Share | GB00B085SD50 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.15 | -5.17% | 2.75 | 2.60 | 2.90 | 2.90 | 2.75 | 2.90 | 0.00 | 09:08:47 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMAAU
30 September 2016
AIM: AAU
INTERIM RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the gold exploration
and development company focused on Turkey, is pleased to announce its
unaudited interim results for the six months ended 30 June 2016.
Highlights:
-- Profit on Ordinary Activities before tax of GBP0.75 million, reflecting a
profit from the sale of certain lithium licences in Australia and
adjustments in respect of the Red Rabbit Gold Project ("RRGP") Joint
Venture.
-- Construction of the Kiziltepe Mine, nearing completion with Tailings
Storage Facility ("TSF") development underway ahead of commissioning,
coinciding with mining and stockpiling of vein material.
-- On track to deliver first gold pour at Kiziltepe in late Q4 2016,
following completion of the TSF.
-- Drill testing of extensions of mineralised zones at Kiziltepe in Q3 2016
for c. 3,000m yield positive results, second follow-up programme to
commence in late October.
Michael de Villiers, Chairman, commented:
"It is very pleasing to see the tremendous progress made by the
construction crews at the Kiziltepe Mine. We remain on track to
commission the project during Q4 2016, with our first gold pour targeted
for later in this quarter. Work at the tailings storage facility is
continuing apace and all of the major work for the process plant is now
complete, with piping and electrical installation fully underway. I
would like to take this opportunity to commend the diligence and
commitment of our Joint Venture team and partners at Proccea.
Meanwhile we have committed to undertake further drill-testing of vein
extensions across the Kiziltepe Sector, following a successful programme
in late 2015, which led to increases in our resource base at Kiziltepe
and Kizilcukur. We have recently completed additional drilling at
Kiziltepe during our first phase programme for 2016, from which we have
already announced positive results. We are now working on initiating a
second phase of drilling to follow-up on these results during late
October, with the aim of demonstrating the potential to expand our
resource and ultimately increase mine life.
We have also added significant value to the company through lithium
deals we have completed during early 2016 in Western Australia which
contributed significantly to our maiden profit of GBP0.753 million and
further deals of this nature are still being assessed by our
technology-metals subsidiary, Asgard Metals. This has demonstrated our
ability to act nimbly and very cost-effectively in to new jurisdictions,
with an emphasis on low-risk, high-return opportunities.
We look forward to keeping the market updated on our progress across our
exploration and development portfolio in the coming months."
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Beaufort Securities Limited Tel: +44 (0) 20 7382 8300
Jon Belliss
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Adam James / Tom Salvesen
Editors' note:
About Ariana Resources:
Ariana is an exploration and development company focused on epithermal
gold-silver and porphyry copper-gold deposits in Turkey. The Company is
developing a portfolio of prospective licences selected on the basis of
its in-house geological and remote-sensing database, on its own in
western Turkey and in Joint Venture with Eldorado Gold Corporation in
north-eastern Turkey. Eldorado owns 51% of this joint venture and are
fully funding all exploration work on the JV properties, while Ariana
owns 49%. The total resource inventory within this JV is 1.09 million
ounces of gold.
The Company's flagship assets are its Kiziltepe and Tavsan gold projects
which form the Red Rabbit Gold Project. Both contain a series of
prospects, within two prolific mineralised districts in the Western
Anatolian Volcanic and Extensional (WAVE) Province in western Turkey.
This Province hosts the largest operating gold mines in Turkey and
remains highly prospective for new porphyry and epithermal deposits.
These core projects, which are separated by a distance of 75km, are
presently being assessed as to their economic merits and now form part
of a Joint Venture with Proccea Construction Co. The total resource
inventory at the Red Rabbit Project stands at c. 525,000 ounces of gold
equivalent.
Beaufort Securities Limited and Panmure Gordon (UK) Limited are joint
brokers to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
For further information on Ariana you are invited to visit the Company's
website at www.arianaresources.com.
Ends
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
for the six months ended 30 June 2016
Condensed consolidated statement of comprehensive income
6 months to 6 months to 12 months to
30 June 30 June 31 December
Note 2016 2015 2015
GBP'000 GBP'000 GBP'000
Administrative costs (360) (343) (797)
General exploration expenditure - (9) (10)
Exploration costs - written off - - (521)
Other income 4 425 - 15
Operating profit/(loss) 65 (352) (1,313)
Finance costs 5 - (111) (148)
Investment income 43 33 66
Profit on disposal of available for sale investments 626 - -
Share of profit on dilution of interest in joint venture 6 279 68 68
Share of profit/(loss) of joint venture 6 130 (259) (133)
Profit/(loss) on ordinary activities before tax 1,143 (621) (1,460)
Taxation 8 (390) - -
Profit/(loss) for the period 753 (621) (1,460)
Other comprehensive income:
Exchange differences on translating foreign operations 83 (126) (374)
Fair value adjustment on other financial asset classified
as available for sale 12 - 122 160
Fair value adjustment on available for sale investments 433 - (87)
Other comprehensive income for the period
net of tax 516 (4) (301)
Total comprehensive income for the period 1,269 (625) (1,761)
Profit/(loss) for the period attributable
to owners of the parent company 753 (621) (1,460)
Total comprehensive income attributable
to owners of the parent company 1,269 (625) (1,761)
Profit/(loss) per share (pence):
Basic and diluted 9 0.09 (0.09) (0.20)
Condensed consolidated balance sheet
Condensed consolidated interim statement of financial position
30 June 30 June 31 December
2016 2015 2015
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Trade and other receivables 45 31 42
Available for sale investments 10 51 109 22
Intangible exploration assets 11 1,789 2,156 1,654
Land, property, plant and equipment 351 329 324
Investment in Joint Venture 6 3,239 2,704 2,830
Total non-current assets 5,475 5,329 4,872
Current assets
Trade and other receivables 12 1,110 1,075 989
Other financial asset 13 - 97 14
Available for sale investments 10 575 - -
Cash and cash equivalents 822 55 319
Total current assets 2,507 1,227 1,322
Total Assets 7,982 6,556 6,194
EQUITY
Called up share capital 14 5,805 5,686 5,797
Share premium 14 8,845 7,948 8,764
Other reserves 720 720 720
Share based payment reserve 578 578 578
Translation reserve (452) (287) (535)
Retained earnings (8,085) (8,386) (9,274)
Total equity attributable to equity holders
of the parent 7,411 6,259 6,050
Non - controlling Interest - 3 3
Total equity 7,411 6,262 6,053
LIABILITIES
Current liabilities
Trade and other payables 571 294 141
Total current liabilities 571 294 141
Total Equity and Liabilities 7,982 6,556 6,194
Condensed consolidated interim statement of changes in equity
Trans
Condensed consolidated interim statement of changes Share Other Share -lation Retained Total attributable to equity holder of
in capital Share premium reserves options Reserve losses Non-controlling interests parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2015 5,640 7,583 720 578 (161) (7,887) 3 6,747
Changes in equity
to 30 June 2015
Loss for the period - - - - - (621) - (621)
Other comprehensive income - - - - (126) 122 - (4)
Total comprehensive income - - - - (126) (499) - (625)
Issue of share capital 46 368 - - - - - 414
Share issue costs - (3) - - - - - (3)
Transactions with owners 46 365 - - - - - 411
Balance at 30 June 2015 5,686 7,948 720 578 (287) (8,386) 3 6,262
Changes in equity
to 31 December 2015
Loss for the period - - - - - (839) - (839)
Other comprehensive income - - - - (248) (49) - (297)
Total comprehensive income - - - - (248) (888) - (1,136)
Issue of share capital 111 889 - - - - - 1,000
Share issue costs - (73) - - - - - (73)
Transactions with owners 111 816 - - - - - 927
Balance at 31 December 2015 5,797 8,764 720 578 (535) (9,274) 3 6,053
Changes in equity to
30 June 2016
Profit for the period - - - - - 753 - 753
Other comprehensive income - - - - 83 433 - 516
Total comprehensive income - - - - 83 1,186 - 1,269
Issue of share capital 8 81 - - - - - 89
Non-controlling interest - share of net assets in
subsidiary - - - - - 3 (3) -
Transactions with owners 8 81 - - - 3 (3) 89
Balance at 30 June 2016 5,805 8,845 720 578 (452) (8,085) - 7,411
Condensed consolidated interim statement of cash flows
6 months to 6 months to
30 June 30 June 12 months to
2016 2015 31 December 2015
GBP'000 GBP'000 GBP'000
Profit/(loss) for the period 1,143 (621) (1,460)
Adjustments for:
Depreciation 1 - 1
Disposal/write down of intangible exploration assets 50 5 521
Other financial asset charges - 111 148
Foreign exchange movement 83 (126) (374)
Fair value adjustment on available for sale investments (433) - 87
Investment income (43) (33) (66)
Profit on disposal of available for sale investments (626) - -
Changes in:
Joint venture asset (409) 191 65
Exchange movements in non-current assets (56) 115 (132)
Trade and other receivables 123 (133) (3)
Trade and other payables (102) 46 108
Cash used in group operations (269) (445) (1,105)
Income tax paid (60) - -
Net cash used in group operations (329) (445) (1,105)
Cash flows from investing activities
Purchase of land, property, plant and equipment (10) (1) (13)
Payments for intangible assets (136) (89) (260)
Investment income 43 33 66
Net cash used in investing activities (103) (57) (207)
Cash flows from financing activities
Proceeds from disposal of available for sale investments 832 - -
Proceeds from issue of share capital and swap repayments 103 513 1,587
Net cash proceeds from financing activities 935 513 1,587
Net increase in cash and cash equivalents 503 11 275
Cash and cash equivalents at the beginning of period 319 44 44
Cash and cash equivalents at end of period 822 55 319
Notes to the interim financial statements for the six months ended 30
June 2016
1. General information
Ariana Resources Plc (the "Company") is a public limited company
incorporated and domiciled in Great Britain and whose registered office
is Bridge House, London Bridge London SE1 9QR. The principal activities
of the Company and its subsidiaries (the "Group") are related to the
exploration for and development of gold and other minerals primarily in
Turkey. The Company's shares are listed on the Alternative Investment
Market of the London Stock Exchange.
2. Basis of preparation
The condensed interim financial statements have been prepared using
accounting policies consistent with International Financial Reporting
Standards and in accordance with International Accounting Standard 34
Interim Financial Reporting. The condensed interim financial statements
should be read in conjunction with the annual financial statements for
the year ended 31 December 2015, which have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by
the European Union.
The condensed interim financial statements set out above do not
constitute statutory accounts within the meaning of the Companies Act
2006. They have been prepared on a going concern basis in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) as adopted by the European Union. Statutory
financial statements for the year ended 31 December 2015 were approved
by the Board of Directors on 3 June 2016 and delivered to the Registrar
of Companies. The financial information for the periods ended 30 June
2016 and 30 June 2015 are unaudited.
3. Significant accounting policies
The condensed interim financial statements have been prepared under the
historical cost convention.
The same accounting policies have been followed in these condensed
interim financial statements as were applied in the preparation of the
Group's financial statements for the year ended 31 December 2015.
The Group and Company financial statements have been prepared on a going
concern basis. As an exploration and development company the Directors
are mindful that there is an ongoing need to monitor overheads and cash
associated with the exploration and development programme; and to raise
additional working capital on an ad hoc basis to support the Group's
activities.
The Group's ability to continue its operations and to realise its assets
at their carrying values is dependent upon obtaining additional
financing and generating revenues sufficient to cover its operating
costs. These financial statements do not give effect to any adjustments
which would be necessary should the Group be unable to continue as a
going concern and therefore be required to realise its assets and
discharge its liabilities in other than the normal course of business
and at amounts different from those reflected in the accompanying
financial statements.
The Company raised GBP922,000 in the six month period from the
consideration in cash and shares for the disposal of tenements in the
Pilbara region of Western Australia and associated available for sale
investments (GBP834,000) and the issue of new equity (GBP88,000) and the
Directors remain confident that if future funding is required they will
be able to raise this finance to meet the Group exploration and
development programme and associated overhead cost.
4. Other income
6 months to 6 months to
30 June 30 June 12 months to
2016 2015 31 December 2015
GBP'000 GBP'000 GBP'000
Consideration in cash and shares for disposal of tenements
in the Pilbara region of Western Australia 468 - -
Exploration costs associated with tenements (50) - -
Consultancy fees 7 - 15
425 - 15
5. Finance cost
6 months to 6 months to
30 June 30 June 12 months to
2016 2015 31 December 2015
GBP'000 GBP'000 GBP'000
Swap charges on other financial
assets - 111 148
6. Interest in joint venture
The Group accounts for its joint venture with Proccea
Construction Co in Zenit Madencilik San ve Tic AS
("Zenit") using the equity method in accordance with
IAS 28 (revised). At 30 June 2016 the Group has a
50% (30 June 2015: 69.58%) interest in Zenit.
Summarised financial information of the joint venture,
based on its translated financial statements, and
reconciliations with the carrying amount of the investment
in the consolidated financial statements are set out
below:-
31
30 June 30 June December
Summarised statement of financial position 2016 2015 2015
GBP'000 GBP'000 GBP'000
Non-current assets 24,253 4,947 6,764
Current assets 821 263 10,097
Current and non-current liabilities (18,596) (1,324) (12,793)
Equity 6,478 3,886 4,068
Proportion of the Group's ownership 50% 69.58% 69.58%
Carrying amount of Investment in Joint Venture 3,239 2,704 2,830
31
30 June 30 June December
Summarised statement of Profit and Loss 2016 2015 2015
Other income 202 - 104
Administrative expenses - including exchange gains/(losses) 58 (372) (295)
Profit/(loss) for the period 260 (372) (191)
Proportion of the Group`s ownership 50% 69.58% 69.58%
Group`s share of profit/(loss) for the period 130 (259) (133)
Increase in share of net assets following issue of
shares in Zenit 279 68 68
Movement in interest in Joint Venture for the period 409 (191) (65)
7. Segmental analysis
Management currently identifies one division as an operating segment -
mineral exploration. This operating segment is monitored and strategic
decisions are made based upon this and other non-financial data collated
from exploration activities.
Principal activities for this operating segment are as follows:
Mining - incorporates the acquisition, exploration and development of
gold resources in Turkey and Lithium in Australia.
30 June 2016 30 June 2015 31 December 2015
Other Other Other
reconciling reconciling reconciling
Mining items Group Mining items Group Mining items Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Administrative
costs - (360) (360) - (343) (343) - (797) (797)
Exploration
Expenditure - - - (9) - (9) (531) - (531)
Other income` 425 - 425 - - - 15 - 15
Profit on disposal
of available for
sale investments 626 - 626 - - - - - -
Finance and swap
costs - - - - (111) (111) - (148) (148)
Movement in
interest in a
joint venture 409 - 409 (191) - (191) (65) - (65)
Investment income - 43 43 - 33 33 - 66 66
Tax (390) - (390) - - - - - -
Profit/(loss) after
tax 1,070 (317) 753 (200) (421) (621) (581) (879) (1,460)
Assets
Segment assets 7,395 587 7,982 6,372 184 6,556 5,074 1,120 6,194
Liabilities
Segment liabilities (398) (173) (571) (24) (270) (294) (24) (117) (141)
Reconciling items include non-mineral exploration costs and transactions
between Group and associate companies.
Geographical segments
All of the Group`s mining assets and liabilities located primarily in
Turkey.
30 June 2016 30 June 2015 31 December 2015
Turkey United Kingdom Group Turkey United Kingdom Group Turkey United Kingdom Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Carrying amount of segment
non-current assets 5,423 52 5,475 5,219 110 5,329 3,916 956 4,872
8. Taxation
The Group`s corporation tax charge for the period arises on taxable
profits arising in its Australian subsidiary, Asgard Metals Pty. Ltd.
The Group has UK & Turkish losses carried forward on which no deferred
tax asset is currently recognised in the financial statements as the
recovery of the benefit is dependent on future profitability, the timing
of which cannot be reasonably foreseen.
9. Profit per share
The calculation of basic profit per share is based on the profit after
taxation attributable to ordinary shareholders of GBP753,000 divided by
the weighted average number of shares in issue during the period, being
803,737,35
10 Available for sale investments
Current Total
Company Non-current GBP'000 GBP'000 GBP'000
Valuation at 1 January 2015 and 30
June 2015 109 - 109
Fair value adjustment (87) - (87)
Valuation at 31 December 2015 22 22
Additions - 380 380
Disposals - (209) (209)
Fair value adjustment 29 404 433
Valuation at 30 June 2016 51 575 626
Net book value
At 30 June 2016 51 575 626
At 31 December 2015 22 - 22
At 30 June 2015 109 - 109
The non-current available for sale investment represents the cost of the
Group`s investment in Royal Road Minerals Limited, a company listed on
the Toronto Venture Exchange.
During February 2016, the Group, through its Australian subsidiary,
Asgard Metals Pty. Ltd., completed the sale of a package of tenements in
the Pilbara region of Western Australia to Dakota Minerals Limited, a
company listed on the Australian Stock Exchange. The initial
transactions included cash payments totalling A$147,000 and 22,500,000
fully paid ordinary shares and this consideration is reflected in other
income at a valuation of GBP468,000. Additionally, during the period,
the Group generated a profit on the disposal of some of its shares in
Dakota Minerals Limited amounting to GBP626,000.
As at 30 June 2016 due to increases in both investments market valuation,
a fair value adjustment totalling GBP433,000 has been reflected in these
accounts.
1. Intangible exploration assets
Six months ended 30 June 2015 GBP'000
Opening net book value 1 January 2015 2,146
Additions 99
Costs written off (5)
Exchange movements (84)
Closing net book value 30 June 2015 2,156
Six months ended 31 December 2015
Opening net book value 1 July 2015 2,156
Additions 161
Costs written off (516)
Reallocation of project costs to Joint Venture Company (135)
Exchange movements (12)
Closing net book value 31 December 2015 1,654
Six months ended 30 June 2016
Opening net book value 1 January 2016 1,654
Additions 136
Disposals (50)
Exchange movements 49
Closing net book value 30 June 2016 1,789
12. Trade and other receivables
30 June 30 June 31 December
2016 2015 2015
GBP`000 GBP`000 GBP`000
Amounts owed by Joint Venture Company 941 822 880
Other receivables 70 173 63
Prepayments 98 80 46
1,110 1,075 989
13. Other financial asset
The equity swap arrangement with Lanstead Capital L.P. came to an end
following the receipt of their final capital repayment during March
2016.
30 June 30 June 31 December
2016 2015 2015
GBP`000 GBP`000 GBP`000
Fair value recognised at start of period 14 263 263
Capital repayments (14) (177) (261)
Swap charges - (111) (148)
Surplus on revaluation at end of period - 122 160
Fair value recognised at end of period - 97 14
14. Called up share capital and share premium
Share Deferred Share
Allotted, issued and fully paid ordinary 0.1p shares Number of Capital Shares Premium
shares GBP'000 GBP'000 GBP'000
At 1 January 2015 645,816,141 645 4,995 7,583
Shares issued in period (net of expenses) 45,132,953 46 - 365
At 30 June 2015 690,949,094 691 4,995 7,948
Shares issued in period (net of expenses) 111,111,102 111 - 816
At 31 December 2015 802,060,196 802 4,995 8,764
Shares issued in period (net of expenses) 7,814,928 8 - 81
809,875,124
At 30 June 2016 810 4,995 8,845
15. Post period end event
During July 2016, the Company raised GBP475,000 before expenses through
the issue of 31,666,666 new ordinary shares. The Group through its
Australian subsidiary, Asgard Metals Pty. Ltd., has completed the sale
of its interests in a package of tenements in the Northern Territory and
Western Australia to Kingston Resources Limited ("Kingston"). The
initial consideration included a cash payment to Asgard of A$20,000 and
6,600,000 fully paid ordinary shares in Kingston.
16. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors
on 30 September 2016.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Ariana Resources plc via Globenewswire
http://www.arianaresources.com/s/Home.asp
(END) Dow Jones Newswires
September 30, 2016 09:50 ET (13:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year Ariana Chart |
1 Month Ariana Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
