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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Alexander Mining | TSXV:AXD | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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Alexander Mining plc (AIM:AXM)(TSX VENTURE:AXD) ("Alexander", the "Company"),
the AIM and TSXV-listed mining and mineral processing technologies company,
announces its results for the six months ended 30 June 2011.
The Company's objective is to become a low cost, highly profitable and
diversified mining technology company. This will be achieved by the
commercialisation of its proprietary mineral processing technologies,
partnerships in producing mines and the acquisition of equity positions in
advanced projects.
Highlights
-- Continued strong interest from companies in using AmmLeach(R) for
copper, cobalt and zinc oxide projects
-- Good progress towards a potential AmmLeach(R) pilot plant in Democratic
Republic of the Congo for processing cobalt/copper ore
-- In discussions with Firestone Ventures and other mining companies about
using AmmLeach(R) for processing zinc oxides
-- Cash position totaling GBP 1.66 million at the end of June 2011
Chairman's Review
I am pleased to report on Alexander Mining plc's interim results for the six
months ended 30 June 2011.
During the period, we have devoted our efforts to realising the major potential
of our breakthrough proprietary mineral processing technologies. As a result,
positive progress across the range of targeted base metals and geographic
regions of interest has been made.
Notably, with our special focus on the Democratic Republic of the Congo ("DRC")
for copper and cobalt, we are undertaking AmmLeach(R) testwork for Tiger
Resources Limited ("Tiger") on ore from Tiger's Kipoi copper/cobalt project.
Work to date has shown that AmmLeach(R) is effective at dissolving copper and
cobalt into solution for processing into copper and cobalt cathodes. In
addition, Alexander is completing detailed pilot plant design engineering. Tiger
plans to undertake a scoping study to evaluate this concept, prior to a
definitive feasibility study for the development of a small scale AmmLeach(R)
solvent extraction electro-winning plant.
Separately, under the joint venture agreement with Anvil Mining Limited
('Anvil') to build a cobalt pilot plant at its Mutoshi copper-cobalt deposit in
the DRC, test work is progressing on representative samples from Anvil's recent
resource delineation drilling programme. Under the terms of the JV Agreement,
Alexander is responsible for obtaining financing for the construction and
development of the pilot plant, and the Company continues to investigate
possible sources of finance which would avoid equity dilution.
Turning to the major AmmLeach(R) opportunity for processing zinc oxides,
Alexander continues to discuss its use with Firestone Ventures Inc.
('Firestone') at Firestone's Torlon Hill property in Guatemala. This follows
highly encouraging amenability test work results and findings of an independent
consultant's study ('Study') which demonstrated that using AmmLeach(R) may be a
viable process to treat the deposit using a simple heap leaching method, with
significant cost savings compared to the use of acid.
For the use of AmmLeach(R) technology elsewhere in the DRC and in other global
target regions, including Latin America and Australia, we continue to pursue
discussions with mining companies with potentially amenable deposits about
possible commercial agreements for the licensing of our technology.
Regarding our intellectual property and know-how, we have maintained our robust
approach to its protection via an ongoing patenting regime.
Outlook
Although financial markets have exhibited extreme volatility in recent months,
reflecting the serious tribulations in the global economy, base metals prices
have held up remarkably well. In my opinion, the underlying positive mining
industry supply and demand fundamentals are supportive for strong base metals
prices in the foreseeable future. Coupled with the nature and benefits of our
breakthrough technology, I feel confident that the milestone of securing a firm
commitment for the use of our AmmLeach(R) technology will come to fruition soon.
A successful demonstration of the process, firstly in a pilot plant operating in
a region with major potential due to the prevailing geology, should be the
catalyst for growing commercial adoption and commensurately reflected in the
value of the company.
As always, I would like to thank the Company's shareholders for their continuing
support and our employees, directors, consultants and advisors for their
dedication and hard work.
Matt Sutcliffe, Executive Chairman
27 September 2011
Consolidated income statement
Six months ended Six months ended Year ended 31
30 June 2011 30 June 2010 December 2010
GBP '000 GBP '000 GBP '000
----------------------------------------------------------------------------
Continuing operations
Revenue - 141 220
Cost of sales - (1) (4)
----------------------------------------------------------------------------
Gross profit - 140 216
Administrative
expenses (789) (571) (1,361)
Research and
development expenses (230) (196) (369)
----------------------------------------------------------------------------
Operating loss (1,019) (627) (1,514)
Profit on sale of
investment - - 370
Investment income 3 79 50
Finance cost (26) - -
----------------------------------------------------------------------------
Loss before taxation (1,042) (548) (1,094)
Income tax expense - - -
----------------------------------------------------------------------------
Loss for the period
from continuing
operations (1,042) (548) (1,094)
Profit / (loss) for
the period from
discontinued
operations - Note 2 1,532 (29) 884
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Profit / (loss) for
the period 490 (577) (210)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic and diluted
profit / (loss) per
share (pence):
from continuing
operations (0.77p) (0.42p) (0.81p)
from discontinued
operations 1.13p - 0.65p
from continuing and
discontinued
operations 0.36p (0.42p) (0.16p)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
All components of profit or loss are attributable to equity holders of the
parent.
Consolidated statement of comprehensive income
Six months ended Six months ended Year ended 31
30 June 2011 30 June 2010 December 2010
GBP '000 GBP '000 GBP '000
----------------------------------------------------------------------------
Profit / (loss) for
the period 490 (577) (210)
Other comprehensive
income:
Exchange differences
on translating
foreign operations (11) (13) (5)
Gain on available for
sale investments - 128 -
Previously recognised
gain on investment
transferred to the
income statement - - (102)
----------------------------------------------------------------------------
Total comprehensive
profit / (loss) for
the period
attributable to
equity holders of the
parent 479 (462) (317)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated balance sheet
As at 30 June As at 30 June As at 31
2011 2010 December 2010
GBP '000 GBP '000 GBP '000
----------------------------------------------------------------------------
Assets
Property, plant & equipment 36 - -
Available for sale
investments - 330 -
----------------------------------------------------------------------------
Total non-current assets 36 330 -
----------------------------------------------------------------------------
Trade and other
receivables note 2 908 145 115
Cash and cash equivalents 1,655 2,835 2,357
----------------------------------------------------------------------------
2,563 2,980 2,472
Assets classified
as held for sale note 2 - - 1,213
----------------------------------------------------------------------------
Total current assets 2,563 2,980 3,685
----------------------------------------------------------------------------
Total assets 2,599 3,310 3,685
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Equity attributable to
owners of the parent
Issued share capital 13,599 13,549 13,549
Share premium 11,850 11,850 11,850
Merger reserve - (2,487) (2,487)
Share option reserve 590 535 563
Translation reserve (71) 1,335 1,343
Fair value reserve - 230 -
Accumulated losses (23,482) (21,851) (21,485)
----------------------------------------------------------------------------
Total equity 2,486 3,161 3,333
----------------------------------------------------------------------------
Liabilities
Non-current liabilities
Provisions - 56 -
---------------------------------------------------------------------------
Current liabilities
Trade and other payables 113 93 279
Liabilities
classified as
held for sale note 2 - - 73
----------------------------------------------------------------------------
Total Current liabilities 113 93 352
----------------------------------------------------------------------------
Total liabilities 113 149 352
----------------------------------------------------------------------------
Total equity and
liabilities 2,599 3,310 3,685
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated statement of cash flows
Six months Six months
ended 30 June ended 30 June Year ended 31
2011 2010 December 2010
GBP '000 GBP '000
----------------------------------------------------------------------------
Cash flows from operating
activities
Operating loss - continuing
operations (1,019) (656) (1,514)
Discontinued operations -
costs of selling subsidiary (41) - (204)
Depreciation and
amortisation charge 1 - 1
Decrease / (Increase) in
trade and other receivables 420 (18) (5)
(Decrease) / Increase in
trade and other payables (166) (126) 78
Shares issued in payment of
expenses 50 - -
Share option charge 27 25 52
----------------------------------------------------------------------------
Net cash outflow from
operating activities (728) (775) (1,592)
----------------------------------------------------------------------------
Cash flows from investing
activities
Interest received 3 6 10
Acquisition of Property,
Plant and Equipment (37) - -
Proceeds from sale of
investment - - 470
----------------------------------------------------------------------------
Net cash (outflow) / inflow
from investing activities (34) 6 480
----------------------------------------------------------------------------
Net decrease in cash and
cash equivalents (762) (769) (1,112)
Cash and cash equivalents at
beginning of period 2,454 3,540 3,540
Exchange differences (37) 64 26
----------------------------------------------------------------------------
Cash and cash equivalents at
end of period 1,655 2,835 2,454
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated statement of changes in equity
Share
Share Share Merger option
capital premium reserve reserve
GBP '000 GBP '000 GBP '000 GBP '000
At 1 January 2010 13,549 11,850 (2,487) 515
----------------------------------------------------------------------------
Retained loss for period - - - -
Exchange difference on
translating foreign operations - - - -
Valuation gains on available
for sale investments - - - -
----------------------------------------------------------------------------
Total comprehensive income for
the period attributable to
equity holders of the parent - - - -
----------------------------------------------------------------------------
Share option costs - - - 25
Share options cancelled in
period - - - (5)
----------------------------------------------------------------------------
At 30 June 2010 13,549 11,850 (2,487) 535
----------------------------------------------------------------------------
Retained loss for period - - - -
Exchange difference on
translating foreign operations - - - -
Realisation of investment - - - -
----------------------------------------------------------------------------
Total comprehensive income for
the period attributable to
equity holders of the parent - - - -
----------------------------------------------------------------------------
Share option costs - - - 28
Share options cancelled in
period - - - 1
----------------------------------------------------------------------------
At 31 December 2010 13,549 11,850 (2,487) 563
----------------------------------------------------------------------------
Retained loss for period - - - -
Realisation of translation
reserve on disposal of
offshore subsidiary (IAS 21) - - - -
Exchange difference on
translating foreign operations - - - -
----------------------------------------------------------------------------
Total comprehensive income for
the period attributable to
equity holders of the parent - - - -
----------------------------------------------------------------------------
Share option costs - - - 27
Shares issued 50 - - -
Transfer between reserves - - 2,487 -
----------------------------------------------------------------------------
At 30 June 2011 13,599 11,850 - 590
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated statement of changes in equity
Fair
Translation value Accumulated Total
reserve reserve losses equity
GBP '000 GBP '000 GBP '000 GBP '000
At 1 January 2010 1,348 102 (21,279) 3,598
----------------------------------------------------------------------------
Retained loss for period - - (577) (577)
Exchange difference on
translating foreign operations (13) - - (13)
Valuation gains on available
for sale investments - 128 - 128
----------------------------------------------------------------------------
Total comprehensive income for
the period attributable to
equity holders of the parent (13) 128 (577) (462)
----------------------------------------------------------------------------
Share option costs - - - 25
Share options cancelled in
period - - 5 -
----------------------------------------------------------------------------
At 30 June 2010 1,335 230 (21,851) 3,161
----------------------------------------------------------------------------
Retained loss for period - - 367 367
Exchange difference on
translating foreign operations 8 - - 8
Realisation of investment - (230) - (230)
----------------------------------------------------------------------------
Total comprehensive income for
the period attributable to
equity holders of the parent 8 (230) 367 145
----------------------------------------------------------------------------
Share option costs - - - 28
Share options cancelled in
period - - (1) -
----------------------------------------------------------------------------
At 31 December 2010 1,343 - (21,485) 3,333
----------------------------------------------------------------------------
Retained loss for period - (913) (913)
Realisation of translation
reserve on disposal of
offshore subsidiary (IAS 21) (1,403) - 1403 -
Exchange difference on
translating foreign operations (11) - - (11)
----------------------------------------------------------------------------
Total comprehensive income for
the period attributable to
equity holders of the parent (1,414) - 490 (924)
----------------------------------------------------------------------------
Share option costs - - - 27
Shares issued - - - 50
Transfer between reserves - - (2,487) -
----------------------------------------------------------------------------
At 30 June 2011 (71) - (23,482) 2,486
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes to the interim financial information
1. Basis of preparation
The interim financial information has 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 implemented in the
UK. 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 31 December 2010.
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 30 June 2011 and 30 June 2010 is
unaudited. The comparative information for the year ended 31 December 2010 was
derived from the Group's audited financial statements for that period as filed
with the Registrar of Companies. It does not constitute the financial statements
for that period. Those accounts received an unqualified audit report.
2. Discontinued operations
Components of discontinued operations in the Income Statement and Balance Sheet
are in respect of the Company's recently sold subsidiary, Alexander Gold Group
Limited, as follows:
Income Statement: Six months Six months
ended 30 June ended 30 June Year ended 31
2011 2010 December 2010
Profit / (loss) for the
period from discontinued
operations - (29) 884
Fair value adjustment of the
receivable balance from the
sale of the subsidiary. 129 - -
Realisation of translation
reserve, transferred to
Income Statement on
disposal of the subsidiary
(IAS 21). 1,403 - -
----------------------------------------------------------------------------
Discontinued operations total 1,532 (29) 884
----------------------------------------------------------------------------
Balance Sheet:
Alexander Gold Group Limited was classified as an asset, with its associated
liabilities, held for sale at 31 December 2010 at a net held for sale value of
GBP 1,140,000 (30 June 2010, GBP nil). This subsidiary was sold during March
2011.
At 30 June 2011, the fair value adjusted receivable balance of GBP 780,000
remaining from the sale is included within trade and other receivables, in
respect of the scheduled instalment payments remaining due from the purchasers.
Upon disposal, the merger reserve previously associated with the subsidiary has
been transferred to accumulated losses, as shown in the consolidated statement
of changes in equity.
3. Loss per share
The calculation of loss per share is based on the weighted average number of
shares in issue in the six months to 30 June 2011 of 135,605,327; six months to
30 June 2010 of 135,486,542; and the year to 31 December 2010 of 135,486,542 and
computed on the respective profit and loss figures as follows:
6 months 2011 6 Months 2010 Full year 2010
GBP Per GBP Per GBP Per
'000 share '000 share '000 share
(Loss) - continuing
operations (1,042) (0.77p) (577) (0.42p) (1,094) (0.81p)
Profit - discontinued
operations 1,532 1.13p - - 884 0.65p
Profit / (Loss) -
continuing and
discontinued operations 490 0.36 (577) (0.42p) (210) (0.16p)
There is no difference between the diluted loss per share and the basic loss per
share presented. Share options granted to employees could potentially dilute
basic earnings per share in the future, but were not included in the calculation
of diluted earnings per share as they are anti-dilutive for the period
presented.
At 30 June 2011 there were 10,225,000 (30 June 2010: 9,875,000; at 31 December
2010: 9,975,000) share options in issue that could have a potentially dilutive
effect on the basic earnings per share in the future.
Copies of this announcement are available to view at the Company's website at
www.alexandermining.com.
Disclaimers
This news release may contain forward looking statements, being statements which
are not historical facts, including, without limitation, statements regarding
potential mineralization, exploration results, resource or reserve estimates,
anticipated production or results, sales, revenues, costs, "best-efforts"
financings or discussions of future plans and objectives. There can be no
assurance that such statements will prove accurate. Such statements are
necessarily based upon a number of estimates and assumptions that are subject to
numerous risks and uncertainties that could cause actual results and future
events to differ materially from those anticipated or projected. Important
factors that could cause actual results to differ materially from the Company's
expectations are in Company documents filed from time to time with the TSX
Venture Exchange and provincial securities regulators, most of which are
available at www.sedar.com. The Company disclaims any intention or obligation to
revise or update such statements unless required by law.
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