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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Civitas Social Housing Plc | LSE:CSH | London | Ordinary Share | GB00BD8HBD32 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 79.80 | 79.70 | 80.20 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMWRES
RNS Number : 6983A
W Resources PLC
30 September 2015
30 September 2015
W Resources Plc
("W" or the "Company")
Half Year Results for the Six Months Ended 30 June 2015
W Resources Plc (AIM:WRES), the tungsten, copper and gold production, exploration and development company with assets in Spain and Portugal, announces its half year results for the six months ended 30 June 2015.
Highlights for H1 2015
La Parrilla, Spain
-- La Parrilla Mine Development Study completed in June confirming the two phases:
- The Fast Track Mine (FTM) will use the existing concentrator plant from La Parrilla tailings project and produce at a rate of 1,200-1,300 tonnes per annum of 66% WO(3) concentrate and 110 tonnes of 52% tin concentrate from mid-2016
- The Full Mine (FM) will be developed in 2017/18 targeting a 150% increase in tungsten production to 5,100 tonnes per annum of tungsten concentrate and 440 tonnes of tin, a 150% increase from previous design
-- Environmental approval for the FTM received ahead of schedule
Régua, Portugal
-- Completed a 2,067 metre diamond core drilling and bulk sampling campaign to appraise lateral and depth extensions to existing mineralisation, which defined further high grade extensions and a significant new extension of the orebody
-- Six tungsten zones highlighted, compared to the expected three -- Open pit area now clearly defined
Financial
-- Three capital placements completed totalling GBP3.2 million
-- Funds raised were used to progress development at the Régua Mine and the La Parrilla FTM and drill the prospective CAA / Portalegre gold exploration project
-- Bergen convertible note facility was fully repaid and the facility terminated
Michael Masterman, Chairman of W Resources, said: "The first half of the year has been incredibly active with the development of our flagship Tungsten projects at La Parrilla in Spain and Régua in Portugal. At La Parrilla, critical path geological, metallurgical approval and project design and development culminated in the delivery of a staged development plan which will deliver 5,100 tonnes per annum of tungsten and 440 tonnes of tin in a low capital and operating cost mine development, once at full production levels. In parallel at Régua, extension drilling delivered significant high grade results, which will increase the resource figures at the project. The high-grade tungsten deposit remains open in all directions and at depth, highlighting the potential for Régua to be scaled up into a large high-grade mine development.
"The work completed on both projects has delivered exceptional results for shareholders. The resource upgrades, anticipated later this year, at La Parrilla and Régua will be a major milestone for W and we look forward to continuing to make great progress at what I believe will be a world class mine and to delivering first production later next year."
A copy of this announcement is available on the Company's website at www.wresources.co.uk
Enquiries:W Resources Plc Grant Thornton UK LLP Michael Masterman Colin Aaronson / Jen Clarke / T: +44 (0) 20 7193 7463 Harrison Clarke www.wresources.co.uk T: +44 (0) 20 7383 5100 SI Capital - Joint Broker Gable Communications Andy Thacker / Nick Emerson Justine James T: +44 (0) 1483 413500 T: +44 (0) 20 7193 7463 www.sicapital.co.uk M: +44 (0) 7525 324431 Northland Capital Partners - Joint Broker John Howes / Abigail Wayne (Corporate Broking) T: +44 (0) 20 7382 1100 www.northlandcp.co.uk
"Some of the technical information contained in this W Resources Plc company announcement was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported."
CHAIRMANS STATEMENT TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2015
The first six months of 2015 have seen W Resources make decisive progress in the development of its flagship Tungsten mine developments at La Parrilla in Spain and Régua in Portugal. The work completed to 30 June 2015 and year to date on both projects has delivered exceptional results for shareholders.
At La Parrilla, critical path geological, metallurgical, approval and project design and development culminated in the delivery of a staged development plan which will deliver 5,100 tonnes per annum of tungsten and 440 tonnes of tin in a low capital and operating cost mine development, once at full production levels.
In parallel at Régua, extension drilling delivered significant high-grade results in particular in the North-East and North-West and in the target open pit mining area in the centre of the orebody. The resource figures at Régua are expected to increase.The high-grade tungsten deposit remains open in all directions and at depth, highlighting the potential for Régua to be scaled up into a large high-grade mine development.
In addition to the success at La Parrilla and Régua, we have been successful in the exploration drilling at CAA / Portalegre drilling five holes with good intersections.
La Parrilla, Spain
La Parrilla is a tungsten mine development located 240 km north of Seville in the Extremadura province in Spain.
The La Parrilla definition study completed in June 2015 outlined a low capital and operating cost development of a project with planned annual production of 5,100 tonnes of tungsten and 440 tonnes of tin concentrate.
Key Project Highlights *
-- Resource: 47 million tonnes at 0.09% WO(3) at a 0.04% cut-off grade, making it one of the largest tungsten deposits in the West
-- All major infrastructure already in place: power, water, site offices and access roads -- Located in first world country proximate to major European tungsten consumers -- 3.5 Mtpa ROM, targeting production of 5,100 tonnes pa at 66% WO(3) -- Lower end of global tungsten operating cost curve estimated at $121/mtu
-- Low capital cost of $16 million for Fast Track Mine (FTM) stage and $36 million for the Full Mine (FM) expansion to 5,100 tpa of WO(3)
-- Coarse grain metallurgy permits early liberation of tungsten at coarse sizes -- Simple gravity processing techniques produce superior quality concentrate -- IRR of 70% and after tax NPV of over $100 million at long term prices
The mine development study was completed in June, delivering a significant opportunity for W to increase overall production. It is proposed that La Parrilla will be developed in two stages:
-- The FTM will use the existing concentrator plant from La Parrilla tailings project and produce at a rate of 1,200-1,300 tonnes per annum of 66% WO(3) concentrate and 110 tonnes of 52% tin concentrate from mid-2016
-- The FM will be developed in 2017/18 targeting an increase in production to 5,100 tonnes per annum of tungsten concentrate and 440 tonnes of tin, a 150% increase from previous design
Key highlights from the study, to be achieved by 2018, include an increase of 150% in tungsten production, targeting 5,100 tpa, transforming W into a large profitable mining company delivering US$90 million pa revenue, with low operating costs of just US$121/mtu.
W was expecting the environmental approval for the FTM by Q4 2015, and we were delighted to receive approval early when this was granted in July 2015. Mines department authorisation is on track for grant in Q4 2015.
Full Mine development and environmental approvals, are progressing, whilst we make good progress on this very exciting project.
La Parrilla currently has a Joint Ore Reserves Committee (JORC) Mineral Resource Estimate of 47mt at 0.09% WO(3) with a current mine life of 30+ years. An updated resource is anticipated early 2016.
Régua Development, Portugal
Régua is located 133km east of Porto and is a high-grade Tungsten deposit.
W has focussed on development at Régua and completed a 2,067 metre diamond core drilling and bulk sampling campaign to appraise lateral and depth extensions to existing mineralisation in March this year, which was completed in August 2015.
The drilling programme further defined high-grade extensions to the North-East (Hole RGD023 - 6.30 metres at 0.47% from 122.44 metres plus 10.48 metres at 0.61% from 132.72 metres) and in addition, a step out hole identified a significant new extension of the orebody to North-West (Hole RGD026A - 6.45 metres at 0.35% WO(3) from 206.55 metres). Five short holes drilled in the centre of the orebody clearly defined the initial open pit mining area with multiple levels of higher-grade tungsten mineralisation at surface or close to surface with limited cover (Hole RGD028 - 4.35 metres at 0.83% WO(3) from 16.50 metres)
The bulk samples at surface returned assays of 0.33% to 1.0% WO(3) from an initial 4 tonne sample and the drilling results highlighted 6 zones (compared to the expected 3) of tungsten bearing skarn, including 10 metres at 0.6% WO(3.)
Régua currently has a JORC compliant Mineral Resource Estimate of 4.46mt at 0.3% WO(3) , with a mine life of up to 10 years. The Régua deposit remains open at depth and on all sides, with significant potential resource growth to the North-East including a 10 metre thick tungsten intersection. Upgraded resource estimates will be released in Q4 2015 incorporating the positive results from the drilling campaign.
Tarouca Exploration, Portugal
Tarouca is located 133km east of Porto and W has an exploration licence on this project.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 04:00 ET (08:00 GMT)
In 2014 W drilled 15 holes in the drilling programme, which further delineated high-grade zones close to surface. Whilst this highlighted an outstanding exploration target in the North-Eastern area of the licence, the current focus remains on development of the Fast Track Mines at La Parrilla and Régua.
W has consolidated the data and will review timing for further targeted drilling later in the year.
Copper-Gold Exploration: CAA / Portalegre, Portugal
In May 2015, W completed a 1,058 metre scout diamond drilling programme at the CAA / Portalegre gold and base metal exploration licence in Portugal. Hole CAAD-05 intersected 16 metres of gold at 1.37 grams per tonne between 124 metres and 140 metres, which is the most significant result in the CAA programme.
The results have delineated the strong potential for extensions at CAA / Portalegre and with the project now at an advanced stage of exploration, the Company's priority is to translate the results into a discovery in the next phase of gold exploration.
The Board considers it logical and a strategic advantage to farm-out the gold and base metals project to the right partner. CAA / Portalegre is located 200km east of Lisbon, comprising two gold exploration licences.
Finance
During the first half of 2015, W completed three capital placements totalling GBP3.2 million. The funds raised were used to progress development at the Régua Mine and the La Parrilla FTM (including the environmental approval), drill the prospective CAA / Portalegre gold exploration project and repay the Bergen convertible note.
The Company recorded a loss after taxation of GBP359,000 in the six months to 30 June 2015, compared to GBP119,000 in the six months to 30 June 2014. The increase in loss after taxation is mainly due to depreciation on the La Parrilla tailings facilities and increased overhead costs associated with the development of the FTM.
W Resources has exercised the option to fully acquire La Parrilla and made all option payments. W Resources has full title to La Parrilla Mining Concession, as 100% titleholder and owner, and no further payments other than royalties at 1.5% on production of the mine are due.
The US$800,000 convertible note facility with Bergen, which was drawn in October, was fully repaid in April 2015 and the facility terminated.
Outlook
The first half of the year has been incredibly active, with great progress being made at La Parrilla and Régua. I am delighted with the development programme at La Parrilla and look forward to receiving the assay results. The next priority is to progress the mine plan, which we anticipate to have finalised early in 2016, and in parallel, we are continuing our discussions with regard to financing the mine at asset level and are encouraged by the response to date. These factors, combined with the Full Mine approval, will see the FTM on track for development in 2016.
At Régua, the metallurgical results and process flowsheet updates will enable us to start work on the definition development study and the results to date have been extremely encouraging.
The resource upgrades on both La Parrilla and Régua will be a major milestone for W and we look forward to continuing to make great progress towards delivering first production later next year.
Mr M Masterman
Chairman
W Resources Plc
30 September 2015
* Price assumptions listed under Key Project Highlights are based on long-range average forecast prices
"Some of the technical information contained in the W Resources Plc Chairman's Statement was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported."
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Hot Features
Premium
Unaudited Unaudited
Six Months Six Months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP(000's) GBP(000's) GBP(000's)
Continuing Operations
Revenue 79 - 964
Cost of Sales (106) - (1,098)
Gross Profit (27) - (134)
Administrative Expenses (334) (119) (353)
------------ ------------ -------------
Operating Loss (361) (119) (487)
Finance Costs (24) (155)
Finance Income 26 1
------------ ------------ -------------
Loss before Income Tax (359) (119) (641)
Income Tax - - -
------------ ------------ -------------
Loss for the Period (359) (119) (641)
------------ ------------ -------------
Other Comprehensive Income
Unrealised Foreign Exchange
Loss (746) (514) (754)
------------ ------------ -------------
Total Comprehensive Loss for
the period (1,105) (633) (1,395)
------------ ------------ -------------
Basic and Diluted Loss per Share (0.012p) (0.006p) (0.003p)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 JUNE 2015
Unaudited Unaudited
30 June 30 June 31 December
2015 2014 2014
GBP(000's) GBP(000's) GBP(000's)
ASSETS
NON-CURRENT ASSETS
Intangible Fixed Assets 6,928 5,834 6,942
Tangible Fixed Assets 1,794 2,004 2,037
--------------- --------------- --------------
8,722 7,838 8,979
--------------- --------------- --------------
CURRENT ASSETS
Trade and Other Receivables 531 929 848
Inventories - 134 52
Cash and Cash Equivalents 1,464 371 283
1,995 1,434 1,183
--------------- --------------- --------------
TOTAL ASSETS 10,717 9,272 10,162
--------------- --------------- --------------
EQUITY
SHAREHOLDERS EQUITY
Called up share capital 3,574 2,184 2,420
Share premium account 19,872 16,734 17,913
Retained earnings (13,090) (12,209) (12,731)
Merger Reserve 909 909 909
Translation Reserve (1,599) (613) (853)
Share Warrant Reserve 77 - 77
--------------- --------------- --------------
TOTAL SHAREHOLDERS EQUITY 9,743 7,005 7,735
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 814 2,267 1,914
Financial Liabilities - borrowing
non-interest bearing loans 160 - 513
--------------- --------------- --------------
TOTAL LIABILITIES 974 2,267 2,427
--------------- --------------- --------------
10,717 9,272 10,162
TOTAL EQUITY AND LIABILITIES ____________ ____________ ____________
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Called Profit Share Merger Translation Share Total
Up Share and Loss Premium Reserve Reserve Warrant Equity
Capital Account Reserve
GBP(000's) GBP(000's) GBP(000's) GBP(000's) GBP(000's) GBP(000's) GBP(000's)
Balance at 1
January 2015 2,420 (12,731) 17,913 909 (853) 77 7,735
Issue of Share
Capital 1,154 - 2,021 - - - 3,175
Share Issue
Costs - - (62) - - - (62)
Total Comprehensive
Income - (359) - - - - (359)
Unrealised
Foreign Exchange
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 04:00 ET (08:00 GMT)
Loss - - - - (746) (746)
__________ __________ __________ __________ __________ ______ __________
Balance at
30 June 2015 3,574 (13,090) 19,872 909 (1,599) 77 9,743
(unaudited) __________ __________ __________ __________ __________ ______ __________
Year to 31
December 2014
Balance at 1
January 2014 2,087 (12,090) 16,075 909 (99) - 6,882
Issue of Share
Capital 333 - 1,838 - - 2,171
Share Issue - - - - - - -
Costs
Loss for the
period - (641) - - - - (641)
Unrealised
Foreign Exchange
Loss (754)
- - - (754) -
Warrant Granted 77 77
__________ __________ __________ __________ __________ ______ __________
Balance at
31 December 2,420 (12,731) 17,913 909 (853) 77 7,735
2014 __________ __________ __________ __________ __________ ______ __________
6 Months to
30 June 2014
Balance at
1 January 2013 2,087 (12,090) 16,075 909 (99) - 6,882
Issue of Share
Capital 97 - 659 - - - 756
Share Issue - - - - - - -
Costs
Total Comprehensive
Income
Unrealised - (119) - - - - (119)
Foreign
Exchange Gain - - - - (514) - (514)
__________ ___________ __________ __________ __________ ______ __________
Balance at
30 June 2014 2,184 (12,209) 16,734 909 (613) - 7,005
(unaudited) __________ ___________ __________ __________ __________ ______ __________
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Unaudited Unaudited
Six Months Six Months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP(000's) GBP(000's) GBP(000's)
Cash Flows from operating activities
Cash absorbed by operations (961) (608) (1,050)
Tax paid - - (14)
Finance costs paid (24) - (155)
------------- ------------- --------------------
Net cash from operating activities (985) (608) (1,219)
------------- ------------- --------------------
Cash flows from investing activities
Purchase of intangible fixed assets (593) (591) (2,016)
Purchase of tangible fixed assets (1) (610) (745)
Interest received - - 1
------------- ------------- --------------------
Net cash from investing activities (594) (1,201) (2,760)
Cash Flows from financing activities
Loans Received/(Repaid) (352) - 512
Introduced by directors - - 156
Share Capital issue 1,154 756 333
Share Premium 2,020 - 1,909
Share issue costs (62) - (71)
------------- ------------- --------------------
Net Cash from financing activities 2,760 756 2,839
-------------
Increase/(decrease) in cash and
cash equivalents 1,181 (1,053) (1,140)
Cash and cash equivalents at beginning
of period 283 1,424 1,423
Cash and cash equivalent at end
of period 1,464 371 283
------------- ------------- --------------------
Reconciliation of Cash Flows from
Operations
Loss before tax (359) (119) (641)
Depreciation 98 11 102
Exchange difference on translation 7 (277) (188)
Share based payments - - 77
Finance costs 24 - 155
Finance income - - (1)
------------- ------------- --------------------
(230) (385) (496)
------------- ------------- --------------------
(Increase) / decrease in trade
and other receivables 317 (330) (249)
Increase / (decrease) in trade
and other payables (1,100) 241 (253)
(Increase)/decrease in stock 52 (134) (52)
___________ ____________ ____________
Cash absorbed by operations (961) (608)
___________ ___________ (1,050)____________
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2015
1. BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention.
As an AIM listed Company the company is entitled to exemption from adopting IAS 34 and this exemption has been taken to the effect that segment information is not disclosed.
The financial statements have been prepared using the accounting policies used in the audited Financial Statements for the year ended 31 December 2014, and which will continue to be used for the financial statements for the year ended 31 December 2015.
The interim results are unaudited. The financial statements herein do not amount to full statutory accounts within the meaning of Part 15 of the Companies Act 2006.
These financial statements were approved on 30 September 2015.
Going Concern
The Directors are satisfied that the group has sufficient resources to continue its operations and to meet its commitments in the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
Directors Responsibilities
The Directors are responsible for preparing the Interim Review and the Financial Statements in accordance with applicable law and regulations. The Directors have elected to prepare the Financial Statements in accordance with International Financial Reporting Standards as adapted for use in the European Union.
In preparing these financial statements, the Directors are required to:-
- select suitable accounting policies and apply them consistently
- make judgements and accounting estimates that are reasonable and prudent
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at anytime the financial position of the Company and the Group.
2. INCOME TAX
There is no income tax arising on the loss on ordinary activities for the six months ended 30 June 2015.
3. LOSS PER ORDINARY SHARE
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 04:00 ET (08:00 GMT)
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