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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Conroy Gold & Natural Resources Plc | LSE:CGNR | London | Ordinary Share | IE00BZ4BTZ13 | ORD EUR0.001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.30 | 10.80 | 11.80 | 11.30 | 11.30 | 11.30 | 49,340 | 07:48:46 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 257k | -363k | -0.0081 | -13.95 | 5.06M |
Hot Features
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TIDMCGNR
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
("MAR"). Upon publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in the public
domain.
28 February 2017
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
Half-yearly results for the six months ended 30 November 2016
Conroy (AIM: CGNR; ESM: CGNRI), the Irish-based resource company exploring and
developing gold projects in Ireland and Finland, is pleased to announce its
results for the six months ended 30 November 2016. During the period, drilling
successes at Clontibret in County Monaghan Ireland included the discovery of
five new gold zones, together with high grades and wide intersections of gold.
The Company also moved forward with its plans for mining at Clontibret.
Highlights:
* Recent drilling results at Clontibret have included the discovery of five
new gold zones
* High Grades including 0.5m grading 25.9g/t gold
* Wide intersections including 5.75m grading 5.0g/t gold
* Plans for Mine Development at Clontibret advanced
* Major gold target at Glenish - four new gold zones identified
* Additional Claim Reservations in Finland
* Appointment of Professor Garth Earls to Board
Commenting, Chairman, Professor Richard Conroy said:
"I am delighted with the continued progress and excellent drilling results at
Clontibret, where we are focused on bringing in a gold mine. Elsewhere,
ongoing work further enhanced the overall potential of our extensive licence
area in Ireland."
For further information please contact:
Conroy Gold and Natural Resources plc Tel:
+353-1-661-8958
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad) Tel:
+44-20-3328-5656
Virginia Bull/James Thomas/Nick Harriss
Hybridan LLP (Broker) Tel:
+44-20-3764-2341
Claire Louise Noyce/Niall Pearson/William Lynne
IBI Corporate Finance Limited (ESM Adviser) Tel:
+353-766-234-800
Ger Heffernan / Jan Fitzell
Lothbury Financial Services Tel:
+44-20-3290-0707
Michael Padley
Hall Communications Tel:
+353-1-660-9377
Don Hall
Visit the website at: www.conroygold.com
CHAIRMAN'S STATEMENT
Dear Shareholder,
I have great pleasure in presenting your Company's Half-Yearly Report for the
six months ended 30 November 2016. During the half-year excellent progress was
made at your Company's flagship project, Clay Lake - Clontibret.
During the half-year, drilling at Clontibret resulted in the discovery of five
new gold zones, high gold grades including 0.25m at 35.4g /t gold and wide
intersections including 5.75m grading 5.04g/t, giving further encouragement to
your Company's belief in a combined multi-million oz. gold exploration target
at Clay Lake - Clontibret.
The excellent results of the drilling programme were complemented by results
from a structural study by independent consultant Dr. Francis Murphy. The
structural survey identified eight gold lodes in stream bedrock at Clontibret.
All of these corresponded to gold lodes previously identified by the drilling,
thus giving further crucial technical information and confidence as your
Company moves forward with its plans for mine development at Clay Lake -
Clontibret, starting with a conventional open pit gold mine at Clontibret. A
Scoping Study prepared by independent consultants Tetra Tech Wardrop
demonstrated that the established resource, on only 20% of the target area at
Clontibret, was technically and financially viable.
Drilling results at your Company's Glenish target, which is at the junction of
two major geological structures - the Orlock Bridge and Glenish Faults, gave
further evidence of the overall gold prospectivity of your Company's licence
area. Channel sampling at Glenish had proved 1.3m Au grading 9.4g/t gold. The
drilling results together with the channel sampling demonstrated the presence
of four new gold zones in a 150 metre wide structural corridor in the western
part of the Glenish gold target. The gold mineralisation in bedrock was traced
down dip for over 70 metres and remains open in all directions.
Your Company has now delineated three major targets close together in the
North-East of your Company's licence area - Glenish, Clontibret, and Clay Lake.
Clay Lake is to the North-East of the original gold discovery at Clontibret and
Glenish is to the South-West. Each of the targets has a large (more than 100
hectares) gold-in-soil surface expression.
Additional claim reservations have been applied for in Finland which has
excellent potential for gold but your Company's prime focus is, of course, in
Ireland at Clay Lake - Clontibret.
During the half-year Professor Garth Earls was appointed as a Non-Executive
Director of the Company. Professor Earls, who has worked with the Company for a
number of years as a consultant, has over 25 years mineral exploration and
management experience. Professor Earls was a project geologist on the team
which discovered the Curraghinalt gold deposit in the North of Ireland, now
under development. He was Director of the Geological Survey of Northern Ireland
("GSNI") from 2002-10 and after leaving the GSNI was Managing Director of
Dalradian Gold and Chief Operating Officer of Premier Gold. I am delighted to
welcome him as a member of the Board of your Company.
Financial
The loss after taxation for the half-year ended 30 November 2016 was EUR176,680 -
(2015: loss EUR107,618) and the net assets as at 30 November 2016 were EUR
16,976,644 (2015: EUR15,256,853).
As in previous years I have supported the working capital requirements of the
Company and at the period end the amount due to me was EUR79,000. Since the
period end I have advanced a further EUR55,000. These loans have currently been
provided on an interest free and unsecured basis and are repayable at any time
at the discretion of the Company. In addition, at the period end there was EUR
135,287 of accrued interest outstanding on previous loans provided by me.
In the light of the excellent exploration results achieve to date, your
directors are considering how best to fund your Company's activities going
forward. Options being studied include joint venture, farm-out and equity
funding, as well as other arrangements as may be appropriate for advancing the
interests of your Company.
Outlook
Your Company continues to make excellent progress with its exploration and
mining development plans. I look forward to further enhancement of the
potential of the overall licence area in Ireland and to development of a mine
at Clontibret.
Directors and Staff
I would like to thank all of my fellow directors, staff and consultants for
their dedication and hard work which has played a major role in the continued
success of your Company.
Yours faithfully
Professor Richard Conroy
Chairman
28 February 2017
CONSOLIDATED INCOME STATEMENT
FOR HALF-YEARED 30 NOVEMBER 2016
Six months ended Six months ended Year ended
30 November 30 November 31 May
2016 2015 2016
(Unaudited) (Unaudited) (Audited)
EUR EUR EUR
OPERATING EXPENSES (176,680) (107,302) (291,486)
Finance income - bank interest - - -
receivable
Finance costs - interest on - (416) (679)
shareholder loan
LOSS BEFORE TAXATION (176,680) (107,618) (292,165)
Taxation - - -
LOSS FOR HALF-YEAR (176,680) (107,618) (292,165)
Loss per ordinary share - basic and (EUR0.0160) (EUR0.0246) (EUR0.0479)
diluted
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR HALF-YEARED 30 NOVEMBER 2016
Six months ended Six months ended Year ended
30 November 30 November 31 May
2016 2015 2016
(Unaudited) (Unaudited) (Audited)
EUR EUR EUR
LOSS FOR PERIOD (176,680) (107,618) (292,165)
Total income and expense recognised - - -
in other comprehensive income
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD - ENTIRELY ATTRIBUTABLE TO (176,680) (107,618) (292,165)
EQUITYHOLDERS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2016
30 November 30 November 31 May
2016 2015 2016
(Unaudited) (Unaudited) (Audited)
ASSETS EUR EUR EUR
Non-current Assets
Intangible assets 19,349,507 18,029,895 18,696,602
Property, plant and equipment 17,105 16,150 16,150
19,366,612 18,046,045 18,712,752
Current Assets
Trade and other receivables 26,899 56,592 38,334
Cash and cash equivalents 8,573 29,224 687,708
35,472 85,916 726,042
Total Assets 19,402,084 18,131,961 19,438,794
EQUITY AND LIABILITIES
Capital and Reserves
Called up share capital 11,014 4,373,208 11,014
Called up deferred share capital 10,504,431 6,135,597 10,504,431
Share premium 10,649,252 8,855,525 10,649,252
Capital conversion reserve fund 30,617 30,617 30,617
Share based payments reserve 1,503,496 1,162,830 1,464,030
Retained losses (5,722,166) (5,300,924) (5,545,486)
Total Equity 16,976,644 15,256,853 17,113,858
Non-current Liabilities
Shareholder loan 79,000 265,000 -
Financial Liabilities 135,287 193,102 135,287
Total Non-current Liabilities 214,287 458,102 135,287
Current Liabilities
Trade and other payables 2,211,153 2,417,006 2,189,649
Total Current Liabilities 2,211,153 2,417,006 2,189,649
Total Liabilities 2,425,440 2,875,108 2,324,936
Total Equity and Liabilities 19,402,084 18,131,961 19,438,794
CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF-YEAR ENDED 30 NOVEMBER 2016
Six months ended Six months ended Year ended
30 November 2016 30 November 2015 31 May 2016
(Unaudited) (Unaudited) (Audited)
EUR EUR EUR
Cash flows from operating activities
Cash (used in)/generated by operations (84,266) 88,884 41,014
Tax paid - - -
Net cash generated/(used in)by operating (84,266) 88,884 41,014
activities
Cash flows from investing activities
Investment in exploration and evaluation (621,213) (432,910) (858,769)
Payments to acquire property, plant and (2745) - -
equipment
Net cash used in investing activities (623,958) (432,910) (858,769)
Cash flows from financing activities
Issue of share capital - - 1,800,367
Advances from shareholders 79,000 267,080 -
Share issue costs - - (60,015)
Interest on shareholder loan - - (679)
Amount repaid to shareholders - - (201,955)
(Repaid to)/advances from related parties (49,911) 82,690 (55,735)
Net cash generated from financing 29,089 349,770 1,481,983
activities
Increase/(Decrease) in cash and cash (679,135) 5,744 664,228
equivalents
Cash and cash equivalents at beginning of 687,708 23,480 23,480
period
Cash and cash equivalents at end of period 8,573 29,224 687,708
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 30 NOVEMBER 2016
Capital
Conversion Share-based Retained
Share Share Reserve Payment Earnings Total
Capital Premium Fund Reserve (Deficit) Equity
EUR EUR EUR EUR EUR EUR
At 1 June 2016 10,515,445 10,649,252 30,617 1,464,030 (5,545,486) 17,113,858
Share-based payments - - - 39,466 - 39,466
Loss for the period - - - - (176,680) (176,680)
At 30 November 2016 10,515,445 10,649,252 30,617 1,503,496 (5,722,166) 16,976,644
Conversion Share-based Retained
Share Share Reserve Payment Earnings Total
Capital Premium Fund Reserve (Deficit) Equity
EUR EUR EUR EUR EUR EUR
At 1 June 2015 10,508,805 8,855,525 30,617 1,120,009 (5,193,306) 15,321,650
Share-based payments - - - 42,821 - 42,821
Loss for the period - - - - (107,618) (107,618)
At 30 November 2015 10,508,805 8,855,525 30,617 1,162,830 (5,300,924) 15,256,853
Notes to the Financial Statements
1. Basis of preparation
The half-yearly financial statements have 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 their
interpretations adopted by the International Accounting Standards Board (IASB).
The accounting policies used in the preparation of the half-yearly financial
information are the same as those used in the Company's audited financial
statements for the year ended 31 May 2016. The half-yearly financial statements
do not include all of the information required for full annual financial
statements and should be read in conjunction with the audited financial
statements of the Company for the year ended 31 May 2016, which are available
on the Company's website www.conroygold.com. The auditor's report on those
financial statements was unqualified and contained emphasis of matter
paragraphs relating to the preparation of the accounts on the going concern
basis and the recoverability of tangible assets.
2. Earnings per share
The calculation of the loss per ordinary share of EUR0.0160 (2015: EUR0.0246) is
based on the loss for the financial year of EUR176,680 (2015: EUR107,618) and the
weighted average number of ordinary shares in issue during the period of
11,013,537 (2015: 4,373,207).
Since the Company incurred a loss the effect of share options and warrants
would be anti-dilutive.
3. Dividends
No dividends were paid or are proposed in respect of the period ended 30
November 2016.
4. Copies of Accounts
A copy of the Half-Yearly Report will be available on the Company's website
www.conroygold.com and will be available from the Company's registered office,
9 Merrion Square North, Dublin 2.
END
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February 28, 2017 09:16 ET (14:16 GMT)
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