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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ferrum Crescent | LSE:FCR | London | Ordinary Share | AU000000FCR2 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0725 | 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
TIDMFCR
RNS Number : 6161Z
Ferrum Crescent Ltd
16 March 2017
16 March 2017
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group") (ASX: FCR, AIM: FCR, JSE: FCR)
Results for the Half-Year Ended 31 December 2016
Ferrum Crescent, the ASX, AIM and JSE quoted metals project developer, today announces its unaudited results for the half-year ended 31 December 2016.
Highlights:
-- Placement of new shares, raising AUD 655,034 in July and AUD 927,850 in December -- Completion of the acquisition of GoldQuest Iberica, S.L. -- Commencement of Toral Exploration Project Work programme in northern Spain
Financial Overview
-- Net assets as at 31 December 2016 of AUD 2,508,235 (2015: AUD 718,659) -- Total Loss for the half-year of AUD 829,797 (2015: AUD 857,699)
Post Period End
-- First exploration results from Toral project, northern Spain -- Termination of the BFS Farm-in Agreement with BVI/Ovation Capital -- Laurence Read appointed as Director, following Klaus Borowski's resignation
A pdf copy of the full half-year accounts is available on the Company's website (www.ferrumcrescent.com) and on the ASX website (www.asx.com.au). A summary of the material financial information (including a statement on going concern) is set out below.
Commenting on the half-year interim results, Justin Tooth, Executive Chairman of Ferrum Crescent said: "This period has seen the Company take an exciting stride forward down the route originally outlined in our strategic update of March 2016 via the acquisition of Goldquest Iberica and its wholly-owned lead-zinc project of Toral in northern Spain. We have swiftly brought a strong international team into action, led by Merlin Marr-Johnson as Project Manager. We were pleased to announce in February the first set of results from the mapping, geochemistry and channel sampling which has confirmed a continuous two kilometre zinc-in-soil anomaly and identified multiple near-surface targets. This has been a great step forward towards our first drill programme, recently announced, fuller details of which will follow shortly. At either end of this half-year, we made two modest placements of new equity in order to fund our activities and we also benefited from the influx of fresh capital thanks to several exercises by options holders to acquire new stock. We continued to work throughout the period on developing the strategic relationships and the optimal pathway for the Moonlight Iron Ore Project in South Africa and we expect to bring a satisfactory conclusion to that activity in due course. We are at present suitably funded for our immediate plans and we remain particularly committed to full transparency with our shareholders and throughout the markets where we are listed.
For further information on the Company, please visit www.ferrumcrescent.com or contact:
Ferrum Crescent Limited T: +61 8 9474 Justin Tooth, Executive Chairman 2995 Grant Button, Director and Company Secretary UK enquiries: T: +44 7557 672 Laurence Read, Non-Executive 432 Director Strand Hanson Limited (Nominated T: +44 (0) 20 Adviser) 7409 3494 Rory Murphy/Matthew Chandler Beaufort Securities Limited T: +44 (0) 20 (Broker) 7382 8300 Elliot Hance Bravura Capital (Pty) Ltd T (direct): +27 (JSE Sponsor) 11 459 5037 Doné Hattingh
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
The directors accept full responsibility for the information contained in this announcement. The auditor's unqualified review report is available for inspection at the Company's registered office in Australia and at the Company's office at Block B, Regent Hill Office Park, cnr Leslie & Turley Rds, Lonehill, 2062 for 28 business days from the date of release of this announcement.
Review and results of operations
Operating Results
During the half-year 1 July 2016 to 31 December 2016, the Group recorded a net loss after tax of AUD 688,661 (1 July 2015 to 31 December 2015: net loss of AUD 727,485).
Principal activities during the half-year
The principal work streams for the Company during the period were as follows:
1. Determine viable progression routes for the Moonlight assets either through existing structures or
new pathways;
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2. Group-wide review of operations and costs; and
3. Diversify asset portfolio to secure prospective assets, outside of bulk materials, in low risk
geographies
During the six month period covered by this report the Board gave BVI Business Venture Investments No. 1709 (Proprietary) Limited ("BVI") every opportunity to fulfill their commitments under an existing development agreement first announced by the Company on 14 October 2015, entitling the group to earn up to a 43 per cent. equity interest in Ferrum Iron Ore (Pty) Limited ("FIO") through the completion and funding of the Bankable Feasibility Study ("BFS"), which was to be conducted in two phases. The agreement was subsequently extended in January 2016.
The Company also assessed new options for development including certain specific laboratory tests relating to beneficiation.
Subsequent to the period, in early 2017, the BVI agreement was terminated. Further costs reduction initiatives at Moonlight have been advanced and the Company is actively reviewing routes forward for progressing Moonlight.
Due diligence continued over two lead-zinc projects located in Northwest Spain that had been previously subject to exploration by drilling and analysis. Following two extensions made at the Company's request, to allow the seller to meet the conditions of the deal, the option was exercised on 22(nd) September 2016. The new Ferrum Crescent exploration team, operating out of the UK and Spain, designed and implemented a work programme for the Toral Project. The geological goal is to establish the presence and parameters of mineralisation at surface and then to define the most prospective areas of the structure for the planning of a targeted Phase 1 drill campaign. To this end, soil geochemistry sampling, rock chip sampling, and channel sampling was carried out in conjunction with detailed mapping.
Post-period work was completed at the Toral asset in Spain comprising 575 soil samples, 108 rock chip samples and 23 channel samples in addition to desktop re-analysis of historic data. Using a GIS (geographic information system), Ferrum Crescent has compiled all the various data streams into a three-dimensional model. The proposed 2017 drilling campaign has been based on an increased understanding of the Toral Project and identification of new target zones. Following receipt and interpretation of the positive mapping and sampling results, Ferrum Crescent has drawn up a drill plan comprising thirteen holes off twelve drill platforms, totalling from 1,600 metres to 1,800 metres of diamond drilling. The primary drill targets are zones of co-incident anomalies combining soil geochemistry, rock alteration, visible mineralisation at surface or underground, and structurally favourable zones. Exploration drilling is set to commence in Q2 2017. Drillholes have been designed to intersect multiple zones of mineralisation at depths from 50 metres to 200 metres below surface. In order to facilitate access, all drill platforms are located on existing tracks and roads.
South Africa
Moonlight Iron Ore Project
Ferrum's principal project is the Moonlight Iron Ore Project located in Limpopo Province in the north of South Africa. The Moonlight Deposit (upon which the Moonlight Project is based) is a magnetite deposit located on the Moonlight, Gouda Fontein and Julietta farms and is the main operational focus for the Company. Iscor Limited ("Iscor"), which explored the Moonlight Project in the 1980s and '90s, reported mineralisation capable of producing a concentrate grading at 68.7% iron. At that time, Iscor concluded that the deposit, which was described as being comparable to the world's best, was easily mineable due to its low waste-to-ore ratio. The beneficiation attributes of Moonlight ore are extremely impressive, with low-intensity magnetic separation considered suitable for optimum concentration.
The Mineral Resource estimate is provided in the table below and the Mineral Resource estimation criteria, as required in JORC (2012) and in Section 5.8.2 of the ASX Listing Rules, are available on the ASX Website.
With a cut off grade of 16% Fe, geological losses of 5% and a depth constraint of between 100m and 250m from surface, (depending upon dip and the number of zones present), The Mineral Corporation has determined that there are reasonable prospects for eventual economic extraction, and hence estimate the Mineral Resource as follows:
Category Gross Net (attributable to
Ferrum Crescent at 97%)
----------- ------------------------------------------ ------------------------------------------
Tonne Fe SiO(2) Al(2) Contained Tonne Fe SiO(2) Al(2) Contained
(Mt) (%) (%) O(3) Fe (Mt) (Mt) (%) (%) O(3) Fe (Mt)
(%) (%)
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
Inferred 172.1 25.3 51.2 4.8 43.5 166.9 25.3 51.2 4.8 42.2
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
Indicated 83.0 27.4 50.1 4.0 22.7 80.5 27.4 50.1 4.0 22.1
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ---------- Measured 52.6 31.3 47.3 2.5 16.5 51.0 31.3 47.3 2.5 16.0 ----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ---------- Total 307.7 26.9 50.3 4.2 82.8 298.5 26.9 50.3 4.2 80.3 ----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
*Tonnes are rounded
The Company confirms that it is not aware of any new data that materially affects this resource statement since the first public announcement and that all material assumptions and technical parameters underpinning the resource estimates continue to apply and have not materially changed since first reported.
Competent Person's Statement South Africa:
The information that relates to Exploration Results and Mineral Resources in the report of which this statement is a summary, is based on information compiled by Stewart Nupen, who is registered with the South African Council for Natural Scientific Professionals (Reg. No. 400174/07) and is a member of the Geological Society of South Africa. Mr. Nupen is employed by The Mineral Corporation, which provides technical advisory services to the mining and minerals industry. Mr. Nupen has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves' and as defined in the June 2009 Edition of the AIM Note for Mining and Oil and Gas Companies. Mr. Nupen consents to the inclusion in this statement of the matters based on his information in the form and context in which it appears.
Spain
On 30 September 2016 the Company completed the purchase of 100% of the shares of GoldQuest Iberica, S.L. ("GoldQuest"), owning 100% of the Toral and Lago lead-zinc exploration projects located respectively in the provinces of León and Galicia in Spain.
Toral Project
The wholly owned Toral zinc-lead-silver permit is located near Ponferrada in the west of the province of León, Autonomous Community of Castile and León, Spain approximately 400km northwest of Madrid.
Location of Toral Zinc-Lead-Silver Permit Area
The Toral Project has been extensively explored historically by its previous owners Portex Minerals Inc. and Lundin Mining S.L. and the 2,024ha of mineral rights contains extensive high grade zinc mineralisation. The project's licence area hosts excellent road, rail and power infrastructure and is situated in a known historic mining jurisdiction. The asset also has a pre-existing NI 43-101 resource estimate reported by Micon International Co. Limited on 30 April 2012 (the "NI 43-101 Report"). The NI 43-101 Report estimated that the project has a NI 43-101 compliant Inferred and Indicated foreign resource estimate of 8.71Mt at an economic cut-off grade of 7% Pb + Zn (as set out in the Company's announcement of 10 November 2016).
The work undertaken by the Company has concentrated on the prospective area located vertically above the deep Toral Deposit within the same licence, which is the subject of a foreign estimate for the purpose of the ASX Listing Rules, comprising an NI 43-101 compliant Indicated foreign mineral resource estimate of 4.04 Mt at 11.8 Pb + Zn (%) and Inferred foreign mineral resource estimate of 4.67 Mt at 9.8 Pb+ Zn (%) (details of which are set out in the Company's announcement of 10 November 2016).
Recent work, concluded post-period, has been carried out over areas of zinc-in-soil anomalism along 2 kilometres of strike extension at the Toral Project, with an average width of around 150 metres. A topographic survey, completed with a high specification GPS, enabled accurate positioning of old workings (adits), identifying sub-parallel zones of mineralisation. Underground channel sampling has identified high grade mineralisation close to surface.
Historic Work
Between 1975 and 1985, the Adaro/Peñarroya joint venture carried out exploration on the four separate licences which now correspond, approximately, to the Toral permit area. Over a period of nine years, a topographical survey, geological mapping, a hydrogeological study and more than 40,000m of diamond drilling (62 holes and 41 wedges) were carried out.
Lundin Mining S.L. (Lundin) acquired the Toral investigation permit no. 15.199 in 2007 and commenced exploration in April 2007. Lundin compiled the information collected by the previous licence holders. In addition, samples of drill core were sent to ALS Chemex in Canada in order to validate the reliability of the existing assays and exploration information was digitised. The results of Lundin's preliminary work confirmed the mineral potential of the Toral area. However, it was apparent that the continuity and the thickness of the mineralisation were insufficiently detailed. In 2007 to 2009, seven diamond holes for a total of 4,523.7m were drilled for the purpose of confirming the continuity of the mineralisation in the San Jose area of the Toral permit and also to test the possibility of an extension of the mineralisation in depth.
GoldQuest acquired Lundin, including the Toral permit, in January 2010. During 2011 and 2012, GoldQuest conducted systematic geological mapping and soil sampling.
The Board believes that the observations and results of work programme carried out by Ferrum Crescent from October 2016 to January 2017, suggest the following:
-- Measurable and anomalous mineralisation extends for at least two kilometres at the Toral
Project
-- More than one mineralising horizon has been identified -- More than one mineralising style has been identified -- There is a structural control on the emplacement, thickness and paragenesis of the
mineralisation
-- Transverse and cross-cutting faults may act as controlling factors on mineralising fluids
Following receipt and interpretation of the positive mapping and sampling results, Ferrum Crescent has drawn up a drill plan comprising thirteen holes off twelve drill platforms, totalling from 1,600 metres to 1,800 metres of diamond drilling. The primary drill targets are zones of co-incident anomalies combining soil geochemistry, rock alteration, visible mineralisation at surface or underground, and structurally favourable zones.
Using a GIS (geographic information system), Ferrum Crescent has compiled all the various data streams into a three dimensional model. The proposed 2017 drilling campaign has been based on the new understanding of the Toral Project and identification of new target zones.. Drillholes are designed to intersect multiple zones of mineralisation at depths from 50 metres to 200 metres below surface. In order to facilitate access, all drill platforms are located on existing tracks and roads.
Lago Project
The Lago Project is located approximately 54km to the north-east of the Toral Project in the province of Galicia. Historical investigations completed by or on behalf of the Spanish mining firm, Exploracion Minera International Espana S.A. ("EXMINESA"), between 1985 and 1990, indicated that mineralisation at the Lago Project may be similar to that encountered at the Toral Project with vertical, lenticular bodies (probably more than one), approximately 800m long by 300m wide.
Corporate
Subsequent to the Company entering into an exclusive option to acquire 100 percent of GoldQuest, two nil-cost extensions were granted to Ferrum Crescent and on 22 September 2016 the option was exercised. Accordingly, the Company has acquired 100 per cent. of the share capital of GoldQuest. GoldQuest owns 100 per cent. of two lead-zinc exploration projects in the provinces of Le n and Galicia, in historic Spanish mining areas. Consideration comprised GBP326,500 in cash and the issue of 100 million new ordinary shares in the capital of Ferrum Crescent.
On 25 July 2016, the Company announced that it had conditionally raised in aggregate, GBP 374,453 (AU$655,034) before expenses through a placement via Beaufort Securities Limited, as agent to the Company, of 187,226,485 new ordinary shares of no par value each in the capital of the Company at a price of 0.20 pence per new ordinary share. As part of the placing, each investor was offered, subject to shareholder approval in accordance with the ASX Listing Rules, options on the basis of one option for every share subscribed pursuant to the placing. Each option will entitle the holder to subscribe for a further new ordinary share at a price of 0.30 pence per share for an exercise period of two years following the date of admission of the placing shares trading on AIM. In addition the Company has agreed to grant a further 18,722,649 options to Beaufort Securities Limited on the same terms. Following admission, the total issued ordinary share capital of the Company was 1,470,018,368 ordinary shares.
On 28 July 2016, the Company announced that it was issuing 66,874,816 new ordinary shares of no par value each in the capital of the Company as a result of the exercise of, in aggregate 66,874,816 options exercisable at a price of 0.165 pence per share, raising AUD 193,025 before expenses. Such options were granted in connection with the Company's placing and subscription announced on 27 April 2016. Following the issue of the option shares and the abovementioned placing shares, the total issued ordinary share capital of the Company was 1,536,893,184 ordinary shares.
On 26 August 2016, the Company announced that it was issuing 44,797,543 new ordinary shares of no par value each in the capital of the Company as a result of the exercise of, in aggregate, a further 44,797,543 options exercisable at a price of 0.165 pence per share, raising AUD 128,184 before expenses. Such options were granted in connection with the Company's placing and subscription announced on 27 April 2016. Following the issue of these option shares, the total issued ordinary share capital of the Company was 1,581,690,727 ordinary shares.
On 23 September 2016, the Company announced that was issuing 5,381,907 new ordinary shares of no par value each in the capital of the Company as a result of the exercise of, in aggregate, 5,381,907 options exercisable at a price of 0.165 pence per share Such options were granted in connection with the Company's placing and subscription announced on 27 April 2016. Following the issue of these further option shares, the total issued ordinary share capital of the Company was 1,587,072,634 ordinary shares.
On 29 September 2016, the Company announced the following proxy results of the General Meeting of Shareholders held on said date in respect of the resolutions set out in the Notice of General Meeting dated 23 August 2016. Resolution 1, 2 and 3 were passed on a show of hands.
Resolution 1: Ratification of prior issue of Shares
Resolution 2: Approval of grant of Placement Options
Resolution 3: Approval of grant of Broker Options
Also on 29 September 2016, the Company announced that it was issuing 100,000,000 new ordinary shares of no par value each in the capital of the Company to GoldQuest Mining (Spain) Corp
On 30 September 2016, the above shares were issued in settlement of the share element of the consideration for the acquisition of 100 per cent. of the issued share capital of GoldQuest. The shares are fully paid and rank pari passu in all respects with the Company's existing ordinary shares. Following the issue of the shares, the total issued ordinary share capital of the Company was 1,687,072,634 ordinary shares.
On 4 October 2016, the Company granted 187,226,485 new unlisted options to investors who subscribed for placing shares on a one for one basis and 18,722,649 new unlisted options to Beaufort Securities Limited as settlement of certain corporate broking fees. These options are exercisable at 0.30 pence per share on or by 29 July 2018
On 7 October 2016, the Company announced that was issuing 181,560,288 new ordinary shares of no par value each in the capital of the Company as a result of the exercise of, in aggregate, 181,560,288 options exercisable at a price of 0.165 pence per share These options were granted in connection with the Company's placing and subscription announced on 27 April 2016. Following the issue of these further option shares, the total issued ordinary share capital of the Company was 1,814,787,339 ordinary shares.
On 25 November 2016, the Company issued 769,231 new ordinary shares of no par value each in the capital of the Company as a result of the exercise of, in aggregate, 769,231 options exercisable at a price of 0.165 pence per share. The options were granted in connection with the Company's placing and subscription announced on 27 April 2016. Following the issue of these further option shares, the total issued ordinary share capital of the Company was 1,869,402,153 ordinary shares.
On 12 December 2016, the Company announced that it had conditionally raised approximately GBP550,000 before expenses via a placement of 275,218,025 new ordinary shares of no par value in the capital of the Company at 0.2 GBP pence per new ordinary share. Following the issue of these shares, the total issued ordinary share capital of the Company was 2,144,620,178 ordinary shares.
On 22 December 2016, the Company issued 3,205,088 new ordinary shares of no par value each in the capital of the Company as a result of the exercise of, in aggregate, 3.205,088 options exercisable at a price of 0.165 pence per share. The options were granted in connection with the Company's placing and subscription announced on 27 April 2016. Following the issue of these further option shares, the total issued ordinary share capital of the Company is 2,147,825,266 ordinary shares.
Events subsequent to reporting date
On 9 January 2017, the Company announced a contract of employment had been entered into with the Company's Executive Chairman and that Mr Merlin Marr-Johnson had been appointed as Project Manager with his principal responsibility being the progression of the lead-zinc projects held in Spain.
On 16 January 2017, the Company announced that Business Venture Investments No.1709 (Pty) Ltd (BVI) had not completed BFS Phase 1 in accordance with the terms of the farm-in and joint venture Agreement and the extended deadline of 12 January 2017.
On 25 January 2017, the Company announced the resignation of Mr Klaus Borowski as a Non-Executive Director and the appointment of Mr Laurence Read to replace him on the Board.
On 14 February 2017 the Company announced that it had formally terminated the farm-in and joint venture Agreement with BVI.
On 23 February the Company announced the exploration results and drill programme of the Toral project in Spain.
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the half-year from 1 July 2016 to 31 December 2016
6 months 6 months
to to
31 December 31 December
2016 2015
AUD AUD
-------------------------------------- --- ------------- -------------
Revenue from continuing operations
Revenue 11,409 20,320
Other income 184,378
195,787 20,320
Fair value (loss) / gain
on financial instrument 102,523 21,368
Exploration expenditure (174,645) (143,320)
Foreign exchange gain 64,165 71,313
Share based payments (7,733) (17,133)
Other expenses (766,235) (659,314)
Gain on disposal of available
for sale investment - 649
Impairment of minority interest
obligation (102,523) (21,368)
(Loss) before income tax (688,661) (727,485)
Income tax (expense)/benefit - -
------------- -------------
Net (loss) after income tax (688,661) (727,485)
------------- -------------
Other comprehensive income
Items that may be reclassified
subsequently to profit or
loss:
Net exchange gain / (loss)
on translation of foreign operation (141,136) (131,205)
Net fair value gains on available
for sale investment - 649
Income tax effect - (182)
Growth on investment unrealised - 524
Other comprehensive (loss)
for the period, net of tax (141,136) (130,214)
Total comprehensive (loss)
for the period (829,797) (857,699)
============= =============
Net (loss) for the period
is attributable to:
Non-controlling interest - -
Owners of the parent (688,661) (727,485)
------------- -------------
(727,485)
============= =============
Total comprehensive (loss)
for the period attributable
to:
Non-controlling interest - -
Owners of the parent (828,797) (857,699)
------------- -------------
(828,797) (857,699)
============= =============
(Loss) per share attributable to the ordinary equity
holders of the Company
Cents per Cents per
Loss per share share share
- basic (loss) per share (0.05) (0.13)
- diluted (loss) per share (0.05) (0.13)
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Financial Position
As at 31 December 2016
31 December 30 June
2016 2016
AUD AUD
---------------------------------------- ------------- -------------
Current Assets
Cash and cash equivalents 1,284,487 743,264
Trade and other receivables 76,141 33,929
Other current financial assets 34,113 29,303
Prepayments 78,496 50,606
Total Current Assets 1,473,237 857,102
------------- -------------
Non-current Assets
Plant and equipment 21,838 13,533
Exploration and evaluation expenditure 1,180,488 243,331
Non-current financial assets 55,129 64,715
------------- -------------
Total Non-current Assets 1,257,455 321,579
------------- -------------
Total Assets 2,730,692 1,178,681
============= =============
Current Liabilities
Trade and other payables 199,295 263,827
Payments received in advance - 175,722
Provisions 23,166 20,473
Total Current Liabilities 222,461 460,022
------------- -------------
Total Liabilities 222,461 460,022
============= =============
NET ASSETS 2,508,231 718,659
============= =============
Equity
Contributed equity 35,611,957 33,049,490
Reserves (7,990,764) (7,906,534)
Accumulated losses (25,112,958) (24,424,297)
------------- -------------
PARENT INTEREST 2,508,235 718,659
NON-CONTROLLING INTEREST - -
TOTAL EQUITY 2,508,235 718,659
============= =============
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Changes in Equity
For the half-year from 1 July 2016 to 31 December 2016
Employee Foreign Available
Contributed Accumulated Share Option Exchange For Sale
Incentive Equity Total
Equity Losses Reserve Reserve Reserve Reserve Reserve Equity
AUD AUD AUD AUD AUD AUD AUD AUD
--------------- ------------ ------------- ---------- ---------- ---------- ---------- ------------- ----------
At 1 July 2015 31,542,093 (22,850,764) 491,577 1,514,742 (46,054) - (10,126,072) 525,522
------------ ------------- ---------- ---------- ---------- ---------- ------------- ----------
(Loss) for the
period - (727,485) - - - - (727,485)
Other
comprehensive
income (net
of tax) - - - - (130,214) - - (130,214)
Total
comprehensive
loss (net of
tax) - (727,485) - - (130,214) - - (857,699)
Transaction
with owners
in their
capacity
as owners'
Options issued
under
employee
option plan - - - 17,133 - - - 17,133
Net growth on
investment
portfolio - - - - (991) 524 - (467)
At 31 December
2015 31,542,093 (23,578,249) 491,577 1,531,875 (177,259) 524 (10,126,072) (315,511)
============ ============= ========== ========== ========== ========== ============= ==========
At 1 July 2016 33,049,490 (24,424,297) 491,577 1,548,840 179,121 - (10,126,072) 718,659
------------ ------------- ---------- ---------- ---------- ---------- ------------- ----------
(Loss) for the
period - (688,661) - - - - (688,661)
Other
comprehensive
income (net
of tax) - - - - (141,136) - - (141,136)
Total
comprehensive
loss (net of
tax) - (688,661) - - (141,136) - - (829,797)
Transaction
with owners
in their
capacity
as owners'
Options issued
under
employee
option plan - - - 7,733 - - - 7,733
Options issued
as
part of
purchase of
GoldQuest
Iberica - - - 49,173 - - - 49,173
Shares issued
net
of
transaction
costs 2,562,467 - - - - - - 2,562,467
At 31 December
2016 35,611,957 (25,112,958) 491,577 1,605,746 37,985 - (10,126,072) 2,508,235
============ ============= ========== ========== ========== ========== ============= ==========
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Cash Flows
For the period 1 July 2016 to 31 December 2016
6 months 6 months
to 31 December to 31 December
2016 2015
AUD AUD
---------------------------------------- ---------------- ----------------
Cash flows from operating activities
Interest received 2,305 4,883
Income from available for sale
financial assets - 4,795
Payments to suppliers and employees (852,709) (647,939)
Payment for exploration and evaluation
costs (179,456) (137,118)
Receipts from customers 9,104 10,642
Net cash flows used in operating
activities (1,020,756) (764,737)
---------------- ----------------
Cash flows from investing activities
Payments for plant and equipment (444) -
Payment for acquisition of GoldQuest
assets (937,157) -
Purchase of available for sale
financial assets - (30,360)
Proceeds from disposal of available
for sale financial assets - 92,699
Net cash flows from / (used in)
investing activities (937,601) 62,339
---------------- ----------------
Cash flows from financing activities
Proceeds from issue of shares 2,833,467 -
Costs of capital raising (271,000) -
Net cash flows from financing
activities 2,562,467 -
---------------- ----------------
Net increase / (decrease) in
cash and cash equivalents 604,110 (702,398)
Cash and cash equivalents at
beginning of period 743,264 1,028,468
Effect of foreign exchange on
cash and cash equivalents (62,887) (38,879)
---------------- ----------------
Cash and cash equivalents at
end of period 1,284,487 287,191
================ ================
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LELLFDXFLBBV
(END) Dow Jones Newswires
March 16, 2017 03:00 ET (07:00 GMT)
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