Share Name Share Symbol Market Type Share ISIN Share Description
Connemara LSE:CON London Ordinary Share IE00B2357X72 ORD EUR0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.65p 1.60p 1.70p 1.65p 1.65p 1.65p 50,000 07:52:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.1 -0.3 - 1.25

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25/10/2016 13:53:181.6550,000824.50O
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Connemara Daily Update: Connemara is listed in the Mining sector of the London Stock Exchange with ticker CON. The last closing price for Connemara was 1.65p.
Connemara has a 4 week average price of 1.70p and a 12 week average price of 1.88p.
The 1 year high share price is 4.20p while the 1 year low share price is currently 1.18p.
There are currently 75,789,711 shares in issue and the average daily traded volume is 15,226 shares. The market capitalisation of Connemara is £1,250,530.23.
paleje: Could be the reason for the weakness, had been hinted with the results, new funds apparently near forthcoming to drill Wicklow/Wexford. What price.
ruthie: Connemara Mining Company (“Connemara221; or “the Company”) Final Results for the Year Ended 31 December 2015 Connemara Mining Company today announces its results for the year ending 31 December 2015. Ends Enquiries: Connemara Mining Company Plc John Teeling, Chairman +353 1 833 2833 Jim Finn, Director Northland Capital Partners Limited William Vandyk/Gerry Beaney +44 (0) 20 3861 6625 John Howes Dowgate Capital Stockbrokers Limited Jason Robertson +44 (0) 1293 517744 Blytheweigh +44 (0) 20 7138 3204 Tim Blythe +44 (0) 7816 924 626 Camilla Horsfall +44 (0) 7817 841 793 Nick Elwes +44 (0) 7831 851 855 Rachael Brooks PSG Plus Colm Heatley +353 1 661 4055 Alan Tyrrell +353 1 661 4055 Statement Accompanying the Final Results Connemara is an active explorer in Ireland with 35 gold and zinc licences. A gold drilling campaign is ongoing on our ground in Donegal. Connemara has joint ventures with Teck Resources of Canada on most of our zinc licences and with Hendrick of Canada on our Wicklow/Wexford gold licences. The prices of both metals have rallied strongly so far in 2016. Gold is touching $1,300 an ounce while zinc is close to $1,900 a tonne. At these prices exploration can be an attractive speculation. Particularly, in areas with good title, fair taxation, the rule of law and, ideally, good prospective geology. Ireland ticks all of these boxes for zinc while gold potential is slowly emerging. For over 50 years Ireland has been recognised as one of the leading, zinc provinces in the world. Some of the world’s biggest zinc discoveries in recent decades have been made in Ireland beginning with the Tynagh mine, 50 years ago the then biggest discovery in Europe; followed by the giant Tara mine still the 5th biggest world producer 40 years after start-up; followed by the world class Lisheen mine, finally exhausted in 2014. There has not been a commercial gold mine in Ireland in over a thousand years apart from the small Omagh mine. This is likely to change in the coming years as the Dalradian discovery in Tyrone containing over 3m ounces is developed. The primary exploration activity of the Company is on our Inishowen block of 5 licences covering 187 sq km. The focus is on gold. Previous explorers found gold in streams and in rock samples. Connemara has conducted 4 campaigns on the ground which has narrowed the target to one farm. We conducted grid sampling to identify the best places to drill. Three wide spaced holes intersected numerous veins carrying gold. One of the intercepts was 3.05 metres wide grading 5.8 grams of gold per tonne (g/t) in drillhole 16-MR-03 from 23.05 metres to 26.10 metres. A follow up programme of 4 holes spaced 100 metres apart, each 250 metres and drilled at a 45 degree angle is ongoing to test both depth and continuity. Further drilling is likely. The Wicklow/Wexford area where we have 5 licences has been a gold area for hundreds of years. The famous or infamous gold rush of the late 18th century was just to the North of our holdings. The principals and professionals in Connemara have long exploration experience of the area. They managed to acquire ground they thought to be prospective. Sampling, geophysics and drilling have shown extensive gold bearing rock. Drilling results from earlier programmes include 19.9g/t Au over 0.4 metres at Knocknalour (DD2554-1) and 0.5m of 18.4g/t at Tombreen (DD2558-3). A private Canadian company, headed by legendary gold prospector, Dale Hendrick, farmed into the licences and spent up to $500,000 on aeromagnetic surveys, geophysics and sampling. The work reinforced much of the earlier results and identified a series of drill targets. The implosion of the prices of junior explorers on the Toronto Stock exchange has made it difficult to raise the funds to drill. Hendrick need to spend up to $1 million to earn a 75% interest in the licences. Connemara is informed that sufficient funds have been raised to enable some drilling in 2016. Zinc is a metal with many uses such as galvanising, die casting, electronics. Demand is strong in developing economies and stable or slowly declining in first world economies. World growth rates are 4% a year led by India, China, Brazil and Africa. Supply is at best sluggish. Many big mines are exhausted or soon will be. Wood Mackenzie predict a supply/demand deficit. It takes seven to ten years from discovery to production. One would have thought that this picture would spur exploration. But in fact exploration is at a low level. The explanation is simple. The world economic crisis from 2008 onward has seriously weakened most major miners. During the booming early 2000s companies overused available debt to buy and/or develop expensive assets. When prices fell and demand weakened highly leveraged companies suffered. They continue to suffer. What expenditure could be cut was cut. Exploration budgets are easy targets. So it is with our joint venture partner, Teck Resources. Once one of the world’s greatest zinc companies they have been laid low by investments areas other than base metals. Teck knows zinc and knows Ireland. They first joint ventured with Connemara in 2005 on the Stonepark block of licences in Limerick. This block abuts the Pallasgreen block where Glencore have discovered significant quantities of zinc – 42 million tons inferred at 8% zinc/lead. In 2007 Teck made the first of a number of discoveries in Stonepark. Over the subsequent four years three separate highgrade zones were discovered. This type of geology is typical of Irish zinc – separate zones or pods. What is needed is one or more big zones preferably high-grade. In total, to date, Teck have drilled 135 holes but do not yet have a commercial resource. In the past few years Teck have done very limited exploration. In the current year their budget for Stonepark is essentially limited to keeping the ground in good standing. Teck have spent over €8 million on the project so far. They are operator and control 76.6% of the joint venture. On required expenditure to maintain the ground Connemara must pay their share. We can dilute by declining to participate in any other spending. Connemara would like to see more activity on the block. Our experts believe there is more zinc to be discovered. Teck are aware of our policy and have indicated that they may have a drilling budget by end 2016. In recent years the exploration focus of Teck has moved to the Irish midlands where they acquired a substantial block of licences. They approached Connemara with an earn in proposal on the five licences held by the Company in the Oldcastle/Lough Sheelin area. This area has for decades been thought to be geologically analogous to the setting of the giant Tara zinc mine some 30 km to the east. Exploration on the area in the 1970s discovered about 2.5 million tons of zinc ore. Of eleven holes drilled by Connemara 5 contained zinc. But it became apparent that the target strata were 800 metres and deeper. Holes of this depth cost €100,000 plus each. Connemara joint ventured with Teck in 2012. The deal requires Teck to spend €1.35 million to earn 75%. Teck have done extensive geophysical and geochemical work on the block and in 2015 drilled two deep holes both of which contained lead zinc mineralisation. Further drilling is needed. When this happens is a function of the Teck budget for Ireland. The earn in has a way to go so Connemara is not liable for any expense. Connemara holds 100% of 4 licences in the vicinity of the now closed Lisheen zinc mine. One, the Rapla block, has similarities to Galmoy some 2 km away. The other three, the Thurles block to the south of Lisheen, were thought to hold great potential. We did extensive geophysical and geochemical work and drilled 4 holes without success. These three licences are likely to be surrendered, we will hold Rapla. As part of our gold exploration we obtained 10 licences, the Raphoe block, in Donegal to the west of the Dalradian gold discovery in Tyrone. High gold soil values and recent aeromagnetic data indicated potential. Early stage prospecting on the block produced weak results. It is likely that Connemara will concentrate their efforts on the Inishowen licences. Future The immediate future is focused on gold in Donegal. Drilling results are expected to be available in Q3 2016. Later in the year we expect to see work begin on our Wicklow/Wexford block of gold licences. Zinc exploration is at a standstill as our partner has a very limited budget. We continue to look at prospecting opportunities. We think the Rapla licence near Lisheen has big potential. We have identified and applied for some other ground prospective for zinc. Our share price, after declining by 99% to less than 0.5p, has shown signs of life rising to 2.5p. We raised money at 2p to fund our gold drilling programme. Successful drill results will lead to more drilling which may need more funds. Our ongoing saga with a former stakeholder has not reached a happy conclusion. Despite winning a court case, getting full costs and going through on the taxing master we were unable to get paid. The company which owned the shares is in liquidation. We are in discussions with the liquidator. Connemara is a small tightly controlled company with only 76 million shares issued, has very good exploration ground and good partners with the best technology expertise and experience in gold and zinc. Our 100 per cent owned gold exploration is going well and holds out promise. Results to date are positive. Drilling results will be available in the coming weeks and months. John Teeling Chairman 28th June 2016 __________________________________________________________________________________   CONNEMARA MINING COMPANY PLC CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 2015 2014 € € CONTINUING OPERATIONS Administrative expenses (202,965) (308,312) OPERATING LOSS (202,965) (308,312) Investment revenue 4 20 LOSS BEFORE TAXATION (202,961) (308,292) Income tax expense - - LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME (202,961) (308,292) Loss per share – basic and diluted (0.36c) (0.74c)   CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2015 2015 2014 € € ASSETS: NON CURRENT ASSETS Intangible assets 2,451,015 2,379,391 CURRENT ASSETS Other receivables 28,299 69,398 Cash and cash equivalents 120,382 384,848 148,681 454,246 TOTAL ASSETS 2,599,696 2,833,637 LIABILITIES: CURRENT LIABILITIES Trade and other payables (426,392) (457,372) NET CURRENT LIABILITIES (277,711) (3,126) NET ASSETS 2,173,304 2,376,265 EQUITY: Called-up share capital 557,797 557,797 Share premium 4,809,006 4,809,006 Retained deficit (3,193,499) (2,990,538) TOTAL EQUITY 2,173,304 2,376,265   STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 Group and Company Called up Share Capital Share Premium Share Based Payment Reserve Retained Deficit Total € € € € € At 1 January 2014 357,397 4,524,801 49,815 (2,732,061) 2,199,952 Shares issued 200,400 300,600 - - 501,000 Share issue expenses - (16,395) - - (16,395) Options exercised - - (49,815) 49,815 - Loss for the year - - (308,292) (308,292) At 31 December 2014 557,797 4,809,006 - (2,990,538) 2,376,265 Loss for the year - - - (202,961) (202,961) At 31 December 2015 557,797 4,809,006 - (3,193,499) 2,173,304 Share premium The share premium reserve comprises of the excess of monies received in respect of share capital over the nominal value of shares issued. Share based payment reserve The share based payment reserve arises on the grant of share options to directors and consultants under the share options plan. Retained deficit Retained deficit comprises accumulated losses in the current and prior financial years. CONSOLIDATED CASH FLOW STATEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 2015 2014 € € CASH FLOW FROM OPERATING ACTIVITIES Loss for the financial year (202,961) (308,292) Investment revenue recognised in loss for the financial year (4) (20) Exchange movements (16,334) (6,745) (219,299) (315,057) MOVEMENTS IN WORKING CAPITAL (Decrease)/Increase in trade and other payables (30,980) 266,859 Decrease/(Increase) in other receivables 41,099 (44,126) CASH USED BY OPERATIONS (209,180) (92,324) Investment revenue 4 20 NET CASH USED IN OPERATING ACTIVITIES (209,176) (92,304) CASH FLOW FROM INVESTING ACTIVITIES Payments for exploration and evaluation (71,624) (79,110) NET CASH USED IN INVESTING ACTIVITIES (71,624) (79,110) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issue of equity shares - 501,000 Share issue costs - (16,395) NET CASH FROM FINANCING ACTIVITIES - 484,605 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (280,800) 313,191 Cash and cash equivalents at beginning of financial year 384,848 64,912 Effect of exchange rate changes on cash held in foreign currencies 16,334 6,745 Cash and cash equivalents at end of financial year 120,382 384,848 Notes: 1. Accounting Policies There were no changes in accounting policies from those used to prepare the Group’s Annual Report for financial year ended 31 December 2014. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. 2. Loss per Share 2015 2014 € € Loss per share - Basic and Diluted (0.36c) (0.74c) Basic loss per share The earnings and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows: 2015 2014 € € Loss for the year attributable to equity holders of the parent (202,961) (308,292) 2015 2014 No. No. Weighted average number of ordinary shares for the purpose of basic earnings per share 55,779,711 41,504,643 Basic and diluted loss per share is the same as the effect of the outstanding share options and warrants is anti-dilutive. 3. Intangible Assets 2015 2014 Exploration and Evaluation: € € Cost: At 1 January 2015 2,379,391 2,290,281 Additions 71,624 89,110 At 31 December 2015 2,451,015 2,379,391 Carrying amount: At 31 December 2015 2,451,015 2,379,391 The above represents expenditure on projects in Ireland. Included in the Group intangible assets is €Nil (2014: €10,000) of directors’ remuneration which was capitalised during the year. In 2012 the Group entered into an agreement with Teck Ireland Limited (“Teck”), a subsidiary of Teck Resources Limited, which gives Teck the option of earning a 75% interest in licences held by the Group in Cavan/Meath. Teck have to spend €1.35 million on the licences by 2018 in order to earn the option to acquire 75% interest. As per the agreement the licences have been transferred into a new company, Oldcastle Zinc Limited. As at 31 December 2015 Teck had completed €897,725 worth of expenditure. As per the agreement upon Teck completing €550,000 worth of expenditure 343,500 ordinary shares in Oldcastle Zinc Limited were to be issued to Teck. The shares were issued on 20 February 2015 giving Teck a 51% interest in the company. In 2007 the Group entered into an agreement with Teck Cominco which gave Teck Cominco the option to earn a 75% interest in a number of other licences held by the Group. Teck Cominco had to spend CAD$3m to earn the interest. During 2012 the relevant licences were transferred to a new company, TILZ Minerals Limited, which at 31 December 2015 was owned 23.44% (2014: 23.79%) by Limerick Zinc Limited and 76.56% (2014: 76.21%) by Teck Ireland Limited. The Group’s share of expenditure on the licences continues to be capitalised as an exploration and evaluation asset. The Group is subject to cash calls from Teck Ireland Limited in respect of the financing of the ongoing exploration and evaluation of these licences. In the event that the Group decides not to meet these cash calls its interest in TILZ Minerals Limited may be diluted accordingly. The realisation of the intangible assets is dependent on the discovery and successful development of economic reserves which is subject to a number of risks as outlined below. Should this prove unsuccessful the value included in the balance sheet would be written off to the statement of comprehensive income. The Group’s exploration activities are subject to a number of significant and potential risks including: - uncertainties over development and operational risks; - compliance with licence obligations; - liquidity risks; and - going concern risks; The directors are aware that by its nature there is an inherent uncertainty in such exploration and evaluation expenditure as to the value of the asset. Having reviewed the carrying value of exploration and evaluation of assets at 31 December 2015, the directors are satisfied that the value of the intangible asset is not less than carrying value. Segmental analysis 2015 2014 € € Limerick 1,370,210 1,358,347 Oldcastle 330,000 330,000 Rest of Ireland 750,805 691,044 2,451,015 2,379,391   4. Share Capital and Share Premium 2015 2014 € € Authorised: 200,000,000 Ordinary shares of €0.01 each 2,000,000 2,000,000 Allotted, Called-Up and Fully Paid: Share Share Number Capital Premium € € At 1 January 2014 35,739,711 357,397 4,524,801 Issued in the year 20,040,000 200,400 300,600 Share issue costs - - (16,395) At 1 January 2015 55,779,711 55,779,711 4,809,006 31 December 2015 55,779,711 557,797 4,809,006 5. Annual General Meeting The Company’s Annual General Meeting will be held on 28th July 2016 in the Westbury Hotel, Grafton Street, Dublin at 10:00 am. 6. General Information The financial information set out above does not constitute the Company’s financial statements for the year ended 31 December 2015. The financial information for 2014 is derived from the financial statements for 2014 which have been delivered to the Companies Registration Office. The auditors have reported on 2014 statements; their report was unqualified with an emphasis of matter in respect of considering the adequacy of the disclosures made in the financial statements concerning the valuation of intangible assets, investment in subsidiaries and amounts due by group undertakings. The financial statements for 2015 will be delivered to the Companies Registration Office. A copy of the Company’s Annual Report and Accounts for 2015 will be mailed to all shareholders shortly and will also be available for collection from the Company’s registered office, 162 Clontarf Road, Dublin 3, Ireland. The annual report will shortly be available for viewing at Connemara Mining Company PLC’s website at
72873810: boom boom bang bang 13 May'16 - 09:47 - 1689 of 1695 0 0 CON BOOM BOOM
boom boom bang bang: CON BOOM BOOM
hiddendepths: Agreed that the next round of drilling will need funding. It shouldn't be hard to do an institutional placing as they have a good story to tell when they take it round the City. That process alone could well result in the share price escalating as some fund managers may want more than they're likely to be offered. I used to be involved in taking companies to see fund managers for such fundraising. If there was a good story AND it was well told, it usually worked out very well. I have no idea how good the management here is at presenting. I wonder if the share price rise this week was kicked off by institutional nibbling as a result of fundraising presentations.
cpap man: CON has a share price target of 5p.... Broker buy note out from Jason Robertson of Dowgate Capital Stockbrokers who did the same sort of thing for high flying MTR and BOD.... These are encouraging results from Connemara Mining that show the presence of a gold bearing vein system on the Inishowen licences. The objective will be to discover a similar multi-vein system resource to Dalradian Resources' high grade 3.5 million ounce gold deposit at Curraghinalt that lies around 40 miles to the south of the Inishowen licences. A current market cap for Connemara Mining of £0.7m understates the potential that could lie ahead, subject to funding, for further discoveries at Inishowen, along with progress on other ground held by the Group in Ireland. To this end, Dowgate Capital continue to recommend Connemara Mining as a 'Buy'.
caveat_emptor: Results this morning in the words of JT could actually be read by a host of other miners in a similar positon. Share price collapse on small volume. Partnerships established are not working. New prospects in Donegal have shown promise. Enough cash to ride out the storm against small miners. No quick fix.
caveat_emptor: Looks like a planned move to set back share price to level of recent rise coz a deal has been done........ We await the next Varma-Telling development, probably to sell this off for a which company one can only speculate. Cinco possibly?
sallad3: Why has the share price been falling since Danesh Varma was appointed a director?
Connemara share price data is direct from the London Stock Exchange
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