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BMR Bmr Group

1.90
0.00 (0.00%)
03 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bmr Group LSE:BMR London Ordinary Share GB00BWV0F181 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.90 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Berkeley Mineral Resources PLC Correction: Interim results (9472L)

01/05/2015 7:00am

UK Regulatory


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RNS Number : 9472L

Berkeley Mineral Resources PLC

01 May 2015

BERKELEY MINERAL RESOURCES PLC

("BMR" or the "Company")

Correction: Interim results

The Interim results announcement made at 17:50 on 30 April 2015 contained the following sentence:

The auditor's report on those financial statements was unqualified and did not contain a statement under sections 498(2) or (3) of the Companies Act 2006.

This should have read:

The auditor has reported on those financial statements, his report was qualified as follows: "As set out in note 9 (prior period adjustments) and note 24 (related parties) certain accounting irregularities in relation to transactions entered into by the Company were identified during the period. Due to the nature of these matters the audit evidence available to us was limited due to their nature and also because the directors, employees and consultants of the Group involved in these transactions are no longer employed by the Group. We consider that the current directors have taken all available steps to satisfy themselves that these transactions have been appropriately included and disclosed in the financial statements. Nevertheless, the nature of the issues, as disclosed, are such that there remains uncertainty over the correct statement of the Statement of Financial Position at 30 June 2013 and the application of Group funds and any associated liabilities during the period." Furthermore, the auditor's report stated: "In respect solely of the limitation on our work as described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been kept."

The full amended announcement is set out below. All other details remain unchanged.

Chairman's statement

I present below the unaudited interim results for the six months ended 31 December 2014.

Results for the six months ended 31 December 2014

The loss before taxation for the six months ended 31 December 2014 before exchange translation differences was GBP951,000 (2013 restated: GBP6.988 million, previously reported as GBP883,000). The loss for the period represents administrative expenses which amounted to GBP951,000 (2013 restated: GBP1.406 million, previously reported as GBP883,000). Loss per ordinary share was 0.07p (2013 restated: 0.62p, previously reported as 0.08p).

Restated figures for 2013 are shown after making adjustments of GBP523,000 to the administrative expenses (in respect of depreciation and a provision for a payment to a former director, Mr Y Ben Israel, which were not previously accounted for, and expenses previously capitalised) and include write-downs and provisions of GBP4.216 million arising from the investigation and audit for the year ended 30 June 2014, as noted in the annual report and accounts. An adjustment of GBP1.364 million has also been made for share-based payments (arising on the issue of new ordinary shares following the exercise of warrants) which had incorrectly not previously been recorded in the Income Statement by the former management.

Total net assets at 31 December 2014 amounted to GBP8.201 million following the write-downs and provisions (2013 restated, reflecting adjustments set out in the financial statements for the year ended 30 June 2014: GBP9.089 million). Cash balances at 31 December 2014 amounted to GBP495,000 (2013: GBP410,000).

Shareholders will be aware of the developments during the period under review, and subsequent to the period end, relating to the investigation, settlement agreement and the write-downs and provisions, from the Chairman's Statement published on 14 April 2015 with the financial statements for the year ended 30 June 2014. The Company received GBP960,000 in respect of the settlement agreement on 18 February 2015; the write-downs and provisions in respect of the year ended 30 June 2014 and prior years amounted, in aggregate, to GBP10.296 million; and, following write-downs and provisions, the Group's audited net assets at 30 June 2014 amounted to GBP8.087 million.

As previously announced on 2 April 2015, the Directors have selected leach processing as the methodology for processing both the washplant and leachplant tailings, and expect to finalise the design parameters for a pilot plant soon. Although the pilot plant is yet to be costed and ordered, the Directors are of the opinion that BMR has sufficient cash resources to initiate pilot processing without recourse to BMR's shareholders. In addition, the Directors have held preliminary discussions with the Zambian Environmental Management Agency ("ZEMA") and believe that ZEMA approval can be gained expeditiously for the establishment and operation of a pilot plant for processing the tailings.

The interim results for the six months ended 31 December 2014 will shortly be available on the Company's website www.bmrplc.com.

Listing

Following the announcement of these interim results, the Directors understand that the suspension of the trading of the shares on AIM will be lifted and dealings on AIM will re-commence.

Sale of copper plant

Subsequent to the announcement on 14 April 2015 of the results for the year ended 30 June 2014, the Company has reached agreement for the sale of the copper leach plant and certain items of equipment at Kabwe for the sum of $70,000, of which an initial payment of 50% has been received.

This was written-off as at 30 June 2014 hence the sale, which represents a good achievement by local management, will generate a gross profit of $70,000 in the full year results.

Director changes

I was appointed Chairman on 23 October 2014 and, as announced separately today, I have today also been appointed as Chief Executive. At the present time, the Board's energies are being concentrated on moving the Company into production, initially through the establishment of a pilot plant and subsequently with a full-scale operation. It is however the intention of the Board to split the role of Chairman and Chief Executive in due course.

On 2 February 2015, Jeremy Hawke, a chartered engineer with significant mining expertise, was appointed Director, Mining and Operations.

Mark Wainwright, non-executive Director, who was appointed Acting Chief Executive on 23 October 2014, has agreed to step down from this role today in order to return to a non-executive role until the conclusion of the Annual General Meeting to be held on 28 May 2015, when he will also step down from that role.

Horacio Furman will also step down at the conclusion of the Annual General Meeting.

The Directors intend to announce the appointment of a new non-executive director as soon as practicable following the conclusion of the Annual General Meeting.

Cash flow considerations

Current cash balances amount to GBP852,000. The Directors expect to apply part of the available cash resources in the establishment of a pilot plant at Kabwe for commencement of the processing of the tailings. The Company may require additional funding to complete the financing of a new full-scale processing plant for the tailings.

The Directors continue to maintain tight control over the level of overheads. As announced on 14 April 2015, the Company has appealed against the notice from HMRC that it may be de-registered for VAT which situation could have been resolved by previous management. While the Company has provided in full for the assessment for GBP268,491 in back VAT, in the event that its appeal is unsuccessful, settlement of this amount would represent a significant drain on the Company's resources although the Board believes that the Company would still have sufficient funds for the pilot plant.

Furthermore, while the Company has been in discussions for the re-assignment of its head office lease prior to the expiry date of 25 December 2015, its continued occupancy with an annualised cost of around GBP190,000 for nearly 4,000 sq ft, represents a further financial burden on resources.

As a result, the Directors believe it is essential that shareholders approve the resolutions at the Annual General Meeting to facilitate any future fund raising that may be required and to enable the Company to move on from its recent past.

Outlook

As I noted in my Statement on 14 April 2015, the Company has an effective asset base of significant potential value through its tailings at Kabwe which we intend to process for the realisation of zinc and lead concentrates, initially through the establishment and operation of a pilot processing plant.

I am confident that the Company now has a viable future with a solid asset base and I look forward to updating shareholders as we progress within this new chapter with a new management team.

Alex Borrelli

Chairman

30 April 2015

BERKELEY MINERAL RESOURCES PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six month period ended 31 December 2014

 
                                     Un-audited       Un-audited     Un-audited        Audited 
                                   Period ended     Period ended   Period ended     Year ended 
                                    31 December      31 December    31 December   30 June 2014 
                                           2014             2013           2013            GBP 
                                            GBP              GBP            GBP 
                                                        Restated     Previously 
                                                                       reported 
------------------------------   --------------  ---------------  -------------  ------------- 
 Continuing operations 
------------------------------   --------------  ---------------  -------------  ------------- 
 
 
   Administrative expenses           ( 950,505)     ( 1,405,845)      (883,260)    (3,043,518) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 Impairment write down 
  and provision                               -      (4,215,537)              -    (4,570,064) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 Share based payment                          -      (1,364,312)              -    (1,650,828) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 
 Total administrative 
  expenses                            (950,505)      (6,985,694)      (883,260)    (9,264,410) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 
 Finance expense                          (945)          (2,434)              -        (4,868) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 Finance income                             625              360            360            583 
-------------------------------  --------------  ---------------  -------------  ------------- 
 
 Loss before tax                      (950,825)      (6,987,768)      (882,900)    (9,268,695) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 Taxation                                     -                -                             - 
------------------------------   --------------  ---------------  -------------  ------------- 
 
 Loss for the period 
  after taxation attributable 
  to equity holders of 
  the parent company                  (950,825)      (6,987,768)      (882,900)    (9,268,695) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 
 Other comprehensive 
  loss: 
------------------------------   --------------  ---------------  -------------  ------------- 
 
 Exchange translation 
  differences on foreign 
  operations                            114,848        (318,003)      (906,039)      (636,005) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 
 Total comprehensive 
  loss for the period 
  attributable to equity 
  holders of the parent 
  company                             (835,977)      (7,305,771)    (1,788,939)    (9,904,700) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 
 
 Loss per ordinary share 
------------------------------   --------------  ---------------  -------------  ------------- 
 Basic and diluted (pence)              (0.07p)          (0.62p)        (0.08p)        (0.77p) 
-------------------------------  --------------  ---------------  -------------  ------------- 
 
 

The comparative figures are for the six month period ended 31 December 2013 (restated) and the year ended 30 June 2014.

BERKELEY MINERAL RESOURCES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2014

 
                                   Un-audited    Un-audited    Un-audited    Audited 
                                  31 December   31 December   31 December     30 June 
                                         2014          2013          2013      2014 
                                          GBP           GBP           GBP       GBP 
                                                   Restated    Previously 
                                                                 reported 
------------------------------   ------------  ------------  ------------  ------------ 
Assets 
------------------------------   ------------  ------------  ------------  ------------ 
Non-current assets 
------------------------------   ------------  ------------  ------------  ------------ 
Intangible exploration and 
 evaluation assets                  9,811,133    10,559,991    14,258,343     9,829,462 
-------------------------------  ------------  ------------  ------------  ------------ 
Property, Plant and Equipment         115,678       149,397       350,782       135,243 
-------------------------------  ------------  ------------  ------------  ------------ 
Prepayment for non current 
 asset                                      -             -     4,309,176             - 
-------------------------------  ------------  ------------  ------------  ------------ 
 
                                    9,926,811    10,709,388    18,918,301     9,964,705 
 ------------------------------  ------------  ------------  ------------  ------------ 
 
Current assets 
------------------------------   ------------  ------------  ------------  ------------ 
Trade and other receivables           132,807       345,755       657,360       118,121 
-------------------------------  ------------  ------------  ------------  ------------ 
Cash and cash equivalents             494,516       409,775       409,775       750,695 
-------------------------------  ------------  ------------  ------------  ------------ 
 
                                      627,323       755,530     1,067,135       868,816 
 ------------------------------  ------------  ------------  ------------  ------------ 
 
Total assets                       10,554,134    11,464,918    19,985,436    10,833,521 
-------------------------------  ------------  ------------  ------------  ------------ 
 
Liabilities 
------------------------------   ------------  ------------  ------------  ------------ 
Current liabilities 
------------------------------   ------------  ------------  ------------  ------------ 
Trade and other payables              497,726       520,874       408,149       891,136 
-------------------------------  ------------  ------------  ------------  ------------ 
 
Total current liabilities             497,726       520,874       408,149       891,136 
-------------------------------  ------------  ------------  ------------  ------------ 
 
Non current liabilities 
------------------------------   ------------  ------------  ------------  ------------ 
Deferred tax                        1,855,145     1,855,145     1,820,902     1,855,145 
-------------------------------  ------------  ------------  ------------  ------------ 
Total non current liabilities       1,855,145     1,855,145     1,820,902     1,855,145 
-------------------------------  ------------  ------------  ------------  ------------ 
Total liabilities                   2,352,871     2,376,019     2,229,051     2,746,281 
-------------------------------  ------------  ------------  ------------  ------------ 
 
Net assets                          8,201,263     9,088,899    17,756,385     8,087,240 
-------------------------------  ------------  ------------  ------------  ------------ 
 
Equity 
------------------------------   ------------  ------------  ------------  ------------ 
Share capital                      20,892,288    19,107,977    19,107,977    20,178,002 
-------------------------------  ------------  ------------  ------------  ------------ 
Share premium                      20,697,815    18,434,912    19,799,225    20,462,101 
-------------------------------  ------------  ------------  ------------  ------------ 
Warrant reserve                             -     1,786,459     1,786,459             - 
-------------------------------  ------------  ------------  ------------  ------------ 
Merger reserve                      1,824,000     1,824,000     1,824,000     1,824,000 
-------------------------------  ------------  ------------  ------------  ------------ 
Translation reserve                 (853,856)     (650,701)   (1,178,396)     (968,704) 
-------------------------------  ------------  ------------  ------------  ------------ 
Retained earnings                (34,358,984)  (31,413,748)  (23,582,880)  (33,408,159) 
-------------------------------  ------------  ------------  ------------  ------------ 
 
Total equity                        8,201,263     9,088,899    17,756,385     8,087,240 
-------------------------------  ------------  ------------  ------------  ------------ 
 

BERKELEY MINERAL RESOURCES PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six month period ended 31 December 2014

 
                      Share capital  Share premium      Warrant       Merger  Translation        Retained        Total 
                                                        reserve      reserve      reserve        earnings       equity 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
                                GBP            GBP          GBP          GBP          GBP             GBP          GBP 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
 
As at 31 December 
 2013 
 (restated)              19,107,977     18,434,912    1,786,459    1,824,000    (650,701)    (31,413,748)    9,088,899 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
Total comprehensive 
 loss for the 
 period                           -              -      286,516            -    (318,003)     (2,280,927)  (2,312,414) 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
 
Issue of shares           1,070,025        304,778            -            -            -               -    1,374,803 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
Share issue costs                 -       (64,048)            -            -            -               -     (64,048) 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
Adjustment of 
 reserves on 
 warrants 
 exercised and 
 lapsed                           -      1,786,459  (2,072,975)            -            -         286,516            - 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
 
As at 30 June 
 2014                    20,178,002     20,462,101            -    1,824,000    (968,704)    (33,408,159)    8,087,240 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
Total comprehensive 
 loss for the 
 period                           -              -            -            -      114,848       (950,825)    (835,977) 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
 
Issue of shares             714,286        285,714            -            -            -               -    1,000,000 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
Share issue costs                 -       (50,000)            -            -            -               -     (50,000) 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
 
As at 31 December 
 2014                    20,892,288     20,697,815            -    1,824,000    (853,856)    (34,358,984)    8,201,263 
--------------------  -------------  -------------  -----------  -----------  -----------  --------------  ----------- 
 
 

BERKELEY MINERAL RESOURCES PLC

CONSOLIDATED CASH FLOW STATEMENT

for the six month period ended 31 December 2014

 
                                                     Un-audited      Un-audited 
                                                   Period ended    Period ended 
                                                    31 December     31 December 
                                                           2014            2013 
                                                            GBP             GBP 
                                                                       Restated 
----------------------------------------------   --------------  -------------- 
 
 Cash flows from operating activities 
----------------------------------------------   --------------  -------------- 
 Loss before tax                                      (950,825)     (6,987,768) 
-----------------------------------------------  --------------  -------------- 
 Adjustments to reconcile net losses 
  to cash utilised : 
----------------------------------------------   --------------  -------------- 
 Amortisation of exploration and evaluation 
  assets                                                139,058         185,022 
-----------------------------------------------  --------------  -------------- 
 Impairment of exploration and evaluation 
  assets                                                      -       3,586,478 
-----------------------------------------------  --------------  -------------- 
 Depreciation of property, plant and 
  equipment                                              22,152          34,876 
-----------------------------------------------  --------------  -------------- 
 Impairment of property, plant and 
  equipment                                                   -          46,000 
-----------------------------------------------  --------------  -------------- 
 Finance income                                           (625)           (360) 
-----------------------------------------------  --------------  -------------- 
 Share based payments                                         -       1,364,312 
-----------------------------------------------  --------------  -------------- 
 
 
   Operating cash outflows before movements 
   in working capital                                 (790,240)     (1,771,440) 
-----------------------------------------------  --------------  -------------- 
 Changes in: 
----------------------------------------------   --------------  -------------- 
 Trade and other receivables                           (15,474)          87,644 
-----------------------------------------------  --------------  -------------- 
 Trade and other payables                             (392,755)         284,119 
-----------------------------------------------  --------------  -------------- 
 
 
 Net cash outflow from operating activities         (1,198,469)     (1,399,677) 
-----------------------------------------------  --------------  -------------- 
 
 Investing activities 
----------------------------------------------   --------------  -------------- 
 Interest received                                            -             360 
-----------------------------------------------  --------------  -------------- 
 Purchase of property, plant and equipment              (4,490)        (44,304) 
-----------------------------------------------  --------------  -------------- 
 Purchase of intangible exploration 
  and evaluation assets                                (24,664)        (14,837) 
-----------------------------------------------  --------------  -------------- 
 Advance payments for purchase of non-current 
  assets                                                      -        (23,569) 
-----------------------------------------------  --------------  -------------- 
 
 Net cash outflow from investing activities:           (29,154)        (82,350) 
-----------------------------------------------  --------------  -------------- 
 
 Financing activities 
----------------------------------------------   --------------  -------------- 
 Proceeds from issue of shares                        1,000,000       1,653,258 
-----------------------------------------------  --------------  -------------- 
 Share issue costs                                     (50,000)        (62,557) 
-----------------------------------------------  --------------  -------------- 
 
 Net cash from financing activities                     950,000       1,590,701 
-----------------------------------------------  --------------  -------------- 
 
 Net increase / (decrease) in cash 
  and cash equivalents                                (277,623)         108,674 
-----------------------------------------------  --------------  -------------- 
 Effect of foreign exchange rate changes                 21,444           3,808 
-----------------------------------------------  --------------  -------------- 
 Cash and cash equivalents at beginning 
  of period                                             750,695         297,293 
-----------------------------------------------  --------------  -------------- 
 
 Cash and cash equivalents at end of 
  period                                                494,516         409,775 
-----------------------------------------------  --------------  -------------- 
 
 

Notes to the interim results:

   1.    General information and accounting policies 

This announcement is for the unaudited interim results for the period ended 31 December 2014. The Registered Office of the Company is at 6 Derby Street, London W1J 7AD.

   2.    Basis of preparation 

The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") as adopted by the European Union, which are expected to be applied in the Group's financial statements for the year ending 30 June 2015.

The consolidated interim results for the period 1 July 2014 to 31 December 2014 is unaudited, does not include all the information required for full financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 30 June 2014. In the opinion of the Directors the consolidated financial information for the period represents fairly the financial position, results from operations and cash flows for the period in conformity with generally accepted accounting principles consistently applied.

The consolidated interim financial information incorporates restated comparative figures for the interim period 1 July 2013 to 31 December 2013 and the audited financial year to 30 June 2014.

The annual financial statements of Berkeley Mineral Resources PLC are prepared in accordance with International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board ('IASB') and as adopted by the European Union. The Group's consolidated annual financial statements for the year ended 30 June 2014, have been filed with the Registrar of Companies and are available on the Company's website www.bmrplc.com. The auditor has reported on those financial statements, his report was qualified as follows: "As set out in note 9 (prior period adjustments) and note 24 (related parties) certain accounting irregularities in relation to transactions entered into by the Company were identified during the period. Due to the nature of these matters the audit evidence available to us was limited due to their nature and also because the directors, employees and consultants of the Group involved in these transactions are no longer employed by the Group. We consider that the current directors have taken all available steps to satisfy themselves that these transactions have been appropriately included and disclosed in the financial statements. Nevertheless, the nature of the issues, as disclosed, are such that there remains uncertainty over the correct statement of the Statement of Financial Position at 30 June 2013 and the application of Group funds and any associated liabilities during the period." Furthermore, the auditor's report stated: "In respect solely of the limitation on our work as described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been kept."

As permitted, the Group has chosen not to adopt IAS 34 'Interim Financial Reporting'.

   3.    Prior period restatement 

The consolidated interim results for the period 1 July 2013 to 31 December 2013 have been restated to reflect the write-down of certain assets. The effect of the restatement is summarised as follow:

 
                                   Un-audited                  Un-audited 
                                  31 December                 31 December 
                                         2013    Adjustment          2013 
                                          GBP           GBP           GBP 
                                   Previously                    Restated 
                                     reported 
------------------------------   ------------  ------------  ------------ 
 
Loss for the year 
------------------------------   ------------  ------------  ------------ 
Administrative expenses             (883,260)   (6,102,434)   (6,985,694) 
-------------------------------  ------------  ------------  ------------ 
 
 
Assets 
------------------------------   ------------  ------------  ------------ 
Non-current assets 
------------------------------   ------------  ------------  ------------ 
Intangible exploration 
 and evaluation assets             14,258,343   (3,698,352)    10,559,991 
-------------------------------  ------------  ------------  ------------ 
Property, Plant and Equipment         350,782     (201,385)       149,397 
-------------------------------  ------------  ------------  ------------ 
Prepayment for non current 
 asset                              4,309,176   (4,309,176)             - 
-------------------------------  ------------  ------------  ------------ 
 
                                   18,918,301   (8,208,913)    10,709,388 
 ------------------------------  ------------  ------------  ------------ 
 
Current assets 
------------------------------   ------------  ------------  ------------ 
Trade and other receivables           657,360     (311,605)       345,755 
-------------------------------  ------------  ------------  ------------ 
Cash and cash equivalents             409,775             -       409,775 
-------------------------------  ------------  ------------  ------------ 
 
                                    1,067,135     (311,605)       755,530 
 ------------------------------  ------------  ------------  ------------ 
 
Total assets                       19,985,436   (8,520,518)    11,464,918 
-------------------------------  ------------  ------------  ------------ 
 
Liabilities 
------------------------------   ------------  ------------  ------------ 
Current liabilities 
------------------------------   ------------  ------------  ------------ 
Trade and other payables              408,149       112,725       520,874 
-------------------------------  ------------  ------------  ------------ 
 
Total current liabilities             408,149       112,725       520,874 
-------------------------------  ------------  ------------  ------------ 
 
Non current liabilities 
------------------------------   ------------  ------------  ------------ 
Deferred tax                        1,820,902        34,243     1,855,145 
-------------------------------  ------------  ------------  ------------ 
Total non current liabilities      1, 820,902        34,243     1,855,145 
-------------------------------  ------------  ------------  ------------ 
Total liabilities                   2,229,051       146,968     2,376,019 
-------------------------------  ------------  ------------  ------------ 
 
Net assets                         17,756,385   (8,667,486)     9,088,899 
-------------------------------  ------------  ------------  ------------ 
 
Equity 
------------------------------   ------------  ------------  ------------ 
Share capital                      19,107,977             -    19,107,977 
-------------------------------  ------------  ------------  ------------ 
Share premium                      19,799,225   (1,364,313)    18,434,912 
-------------------------------  ------------  ------------  ------------ 
Warrant reserve                     1,786,459             -     1,786,459 
-------------------------------  ------------  ------------  ------------ 
Merger reserve                      1,824,000             -     1,824,000 
-------------------------------  ------------  ------------  ------------ 
Translation reserve               (1,178,396)       527,695     (650,701) 
-------------------------------  ------------  ------------  ------------ 
Retained earnings                (23,582,880)   (7,830,868)  (31,413,748) 
-------------------------------  ------------  ------------  ------------ 
 
Total equity                       17,756,385   (8,667,486)     9,088,899 
-------------------------------  ------------  ------------  ------------ 
 

Note The variance of GBP1,728,434 between the adjustment for administrative expenses of GBP6,102,434 and retained earnings of GBP7,830,868 is due to prior year adjustments going back to before 1 July 2013.

   4.    The Directors do not recommend the payment of an interim dividend. 
   5.   Share capital 

On 8 July 2014, the Company issued 35,714,285 ordinary shares of 1p each at a price of 1.4p per share raising GBP500,000.

On 19 August 2014 the Company issued a further 35,714,285 shares of 1p each at a price of 1.4p raising GBP500,000 following the approval of Enviro Processing Limited's Environmental Impact Statement by the Zambian Environmental Management Agency.

   6.    Loss per share 

The loss per share of 0.07 pence (2013: loss 0.62 pence) has been calculated on the basis of the loss of GBP950,825 (2013: loss GBP6,987,768) and on 1,332,876,122 (2013: 1,124,059,889) ordinary shares, being the weighted average number of ordinary shares in issue during the period ended 31 December 2014.

Ends

For further information:

   Berkeley Mineral Resources Plc                                                        07747 020 600 

Alex Borrelli, Chairman

WH Ireland Limited 020 7220 1666

Chris Fielding, Head of Corporate Finance

For further information please see the Company's website at http://www.bmrplc.com

The Directors of Berkeley Mineral Resources Plc accept responsibility for this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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