Share Name Share Symbol Market Type Share ISIN Share Description
Ironridge LSE:IRR London Ordinary Share AU0000XINEX3 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.75p -1.75% 42.00p 41.00p 43.00p 42.25p 40.00p 42.25p 688,235.00 16:22:51
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -1.4 -0.6 - 100.05

IronRidge Resources Limited Interim Financial Report

15/02/2017 9:49am

UK Regulatory (RNS & others)


Ironridge (LSE:IRR)
Historical Stock Chart

2 Months : From Jan 2017 to Mar 2017

Click Here for more Ironridge Charts.

TIDMIRR

RNS Number : 9499W

IronRidge Resources Limited

15 February 2017

15 February 2017

IronRidge Resources Limited

(AIM: IRR)

Interim Financial Report

The Board of IronRidge Resources Limited, ("IronRidge" or the "Company") is pleased to advise all shareholders and interested investors of the release of the Company's interim results for the half year ended 31 December 2016.

A full copy of the report (including tables and / or diagrams) is available in the Investor Centre of the Company's website (www.ironridgeresources.com.au).

By order of the Board

Karl Schlobohm

Company Secretary

For Further Information:

 
 IronRidge Resources Limited 
 Vincent Mascolo (Chief Executive       Tel: +61 7 3303 0610 
  Officer) 
 Nicholas Mather (Executive Chairman)   Tel: +61 7 3303 0610 
 
 SP Angel Corporate Finance LLP         Tel: +44 (0)20 3470 
                                         0470 
 Nominated Adviser and Broker 
 Jeff Keating 
  Tercel Moore 
 
  Yellow Jersey PR Limited                Tel: +44(0)7768 537 
  Financial PR                            739 
  Dominic Barretto 
  Clare Glynn 
  Harriet Jackson 
 

IRONRIDGE RESOURCES LIMITED

AND CONTROLLED ENTITIES

ACN 127 215 132

FINANCIAL REPORT

FOR THE HALF-YEAR

ED 31 DECEMBER 2016

(UNAUDITED)

Registered Office & Principal Place of Business:

Level 27

111 Eagle Street

Brisbane QLD 4000

DIRECTORS' REPORT

Your Directors submit their report for the half-year ended 31 December 2016.

DIRECTORS

The names of the Directors in office during the financial period and up to the date of this report are:-

Nicholas Mather

Vincent Mascolo

Geoffrey (Stuart) Crow

Neil Herbert

Bastiaan Van Aswegen

Alistair McAdam

Tsuyoshi Ueda - appointed 26 May 2015 and resigned 31 March 2016

Kenichiro Tsubaki - appointed 31 March 2016

Christelle Van der Merwe (alternate for Bastiaan Van Aswegen)

Frans Olivier (alternate for Alistair McAdam)

CORPORATE STRUCTURE

IronRidge Resources Limited ("IronRidge") is a company limited by shares that is incorporated and domiciled in Australia. It was converted to a public company on 22 August 2011 and was admitted to AIM on 12 February 2015.

IronRidge Resources Limited's registered office is at Level 27, 111 Eagle Street, Brisbane.

PRINCIPAL ACTIVITIES

IronRidge is a multi-commodity mineral exploration and development company with assets in Africa and Australia.

The Company is exploring for gold and associated metals in Chad, Central Africa through the Tekton Joint Venture covering 1,400km(2) of highly prospective granted tenure.

The Company is exploring for gold and associated metals in Ivory Coast, West Africa through Earn-In Agreements covering 3,510km(2) of granted and under application tenure of highly prospective Birimian geology.

The Company is exploring for 'hard-rock' lithium and associated metals in Ivory Coast and Ghana through direct applications and Earn-In Agreements covering 1,652km(2) of granted and under application tenure over pegmatitic terrains.

The Company is exploring for bauxite, titania, nickel and gold within its 100% owned Monogorilby, May Queen and Quaggy Project areas covering 1,533km(2) in south-eastern Queensland, Australia where a Maiden bauxite Resource of 54.9Mt @ 37.5% total Al and 8.5% total Si has been defined.

The Company holds 3,953km(2) of highly prospective granted tenure within Gabon, West Africa where it is exploring for iron ore deposits within trucking distance of established infrastructure corridors.

IronRidge's corporate strategy is to create and sustain shareholder value through the discovery and evaluation of significant mineral deposits of globally demanded commodities.

(Refer Figure 1, Global project country locations and targeted commodities)

REVIEW AND RESULTS OF OPERATIONS

Since IronRidge made its AIM debut in February 2015, the iron ore market has seen unprecedented volatility and its lowest prices in a decade. Accordingly, the Company took a conservative approach to ongoing exploration at its iron ore projects in Gabon until prices return to a sustained level which would underpin further development. The Company, with the support of its major shareholders continues to review iron ore assets that complement its existing portfolio in Gabon.

In parallel, IronRidge has been conducting a top down global search for province-scale, grass roots and / or advanced projects in new frontiers which show potential for the discovery of world class deposits, in addition to a review of its extensive Australian landholding. Through this intensive review and targeting process, the Company has successfully secured an extensive gold portfolio in Chad, Central Africa, extensive gold and lithium opportunities in Ivory Coast, West Africa, historical lithium opportunities in Ghana and uncovered an historical gold project at its wholly owned bauxite portfolio in Queensland, Australia. The highlights of the Company's various initiatives and agreements are outlined below.

AUSTRALIA - Bauxite, Gold, Titania

IronRidge Resources has an extensive ground holding in central-southern Queensland prospective for bauxite, titanium, gold and iron ore. The Company initially targeted the area for titanium and subsequently through auger drilling defined bauxite mineralization in addition to minor iron ore.

A maiden bauxite resource estimate and preliminary metallurgical test-work was completed at Monogorilby. Careful review of bauxite tenure allowed for reductions in surface area, yet retention of the most prospective targets. Additional review of historical data and reports highlighted gold prospectivity within the project portfolio, with high-grade gold intersections up to 145g/t Au over 1m in historical drilling at the May Queen prospect. Subsequent drilling during the reporting period confirmed gold mineralization and identified further targets.

(Refer Figure 2: Examples of DSO bauxite outcrops and scarp face channel sampling)

(Refer Figure 3: IronRidge Resources Australian Tenement Locations)

Monogorilby Bauxite and Titanium Project

The Monogorilby project is located in central Queensland, within a short trucking distance of the dormant rail system leading north to the Port of Bundaberg, including provision for a multi-user loader. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

During the period, an independently calculated maiden 54.9 MT inferred bauxite mineral resource was estimated at 37.5% total alumina and 8.5% total silica. The mineralisation is found on hilltops and slopes implying low stripping ratios at an average 7m and up to 14m thick bauxite profile from surface. Full details are available via the Company's market release of 29 July 2016.

Preliminary scoping metallurgical test-work including size reduction, scrubbing and sizing was completed at Core Resources laboratory in Brisbane, Australia on representative 25 to 50kg bulk samples of the surface duricrust and bauxite resource. Results of metallurgical test-work to date demonstrate that surface material can be beneficiated through simple crushing, screening and scrubbing to a good to premium quality DSO bauxite at 44-52% alumina (>36% available alumina) and 2-5% silica (>2% reactive silica), at 85-5% mass-recovery respectively.

Drilling to date has defined bauxite occurring over the Monogorilby plateau alone (used for the current resource estimate); however, drilling has also intersected high-grade 'blind' DSO bauxite under cover within the valleys floors, termed 'Valley Fill Bauxite'. The Company considers that scope exists for further exploration and drilling of these areas to provide a resource upgrade.

The Company has identified additional high-grade titanium results within the resource drilling with grades consistently reported between 3.8% to 5% TiO(2) . Accordingly the Company believes that additional resource potential exists for a high-grade pre-strip titanium concentrate. The Company moved quickly to secure exploration rights through license approvals and applications covering 1,484km(2) of prospective host lithologies for both "plateau type" and "valley fill" type bauxite targets, providing exciting resource growth potential.

Targets include extensive plateau zones within the Mount Redhead and Coco forest areas to the north with confirmed bauxite occurrences, as well as potential extensive "blind" targets lying buried below the Durong plateau to the south (see Figure 4 below).

(Refer Figure 4: Monogorilby and May Queen project tenure with current project locations and target areas.)

May Queen Gold Project

During the period the Company identified historical high-grade gold drill intersections at the May Queen Prospect within its wholly owned Monogorilby license package, Central Queensland Australia.

A detailed review of historical exploration records encouraged IronRidge to undertake an initial drilling program during the period of 8 percussion reverse circulation drill holes for a total of 567m at the May Queen Prospect. Drilling intersected multiple high-grade gold intervals confirming the 100m long zone of historical intersections, along the interpreted contact between intrusive gabbros and feldspar porphyry dykes. The contact is open along strike and at depth, providing opportunities for additional mineralisation within the target area.

Gold mineralisation occurs along the contact zone and in close proximity to the porphyry dykes. Copper - gold (potential 'skarn' type mineralisation associated with copper-gold porphyries) was intersected in the north-east of the prospect (1m @ 1.3% Cu & 0.62g/t Au) where surface copper oxide staining had been recognised in reconnaissance mapping.

The May Queen Prospect is also characterised by a discrete magnetic anomaly, spatially associated with historical and new drill intersections. Additional magnetic anomalies occur along strike to the south-east of the May Queen prospect under approximately 20m to 50m of younger cover sediments. Potential exists for the discovery of additional high-grade gold mineralisation concealed below the younger cover sequence in settings similar to May Queen, 2km to 8km along strike to the south-east and associated with these magnetic anomalies and regional zinc anomalism (refer Figure 5).

The Company will carry out a detailed review of the results received at May Queen to plan the next phase of work. Detailed field mapping and sampling will be completed along the southern magnetic anomalies to ascertain any surface expressions to assist in the next phase of work.

(Refer Figure 5: May Queen location (left) and additional exploration target areas for gold and base metals (right).

CHAD - Gold

During the period the Company entered into a conditional share subscription agreement with Tekton Minerals Pte Ltd ('Tekton') which was subsequently ratified. The agreement provides IronRidge with access to exclusive rights to an extensive land package and associated major new gold discovery in Chad, Central Africa.

Tekton has secured exclusive rights over five (5) exploration permits covering a total of 1,000km(2) , in addition to 400km(2) of reconnaissance licenses within the Ouaddaï Province, an under-explored yet highly prospective domain within the Saharan Metacraton of Central Africa. The Saharan Metacraton represents a potential gold-bearing equivalent to the prolific Birimian Greenstone belt, known for several world-class gold mines in Ghana, Senegal, Mali, Cote d'Ivoire and Burkina Faso.

To date, three (3) highly prospective, gold mineralised areas including extensive artisanal workings over areas exceeding 4km(2) and one drill-ready target/advanced exploration target with the potential to host a multi-million ounce gold deposit have been defined over the Dorothe, Echbara and Am Ouchar licenses. Additionally, two (2) further highly prospective reconnaissance licenses have been awarded within the same province over the Adé and Nabagay targets. Gold nuggets up to 1cm across, including gold in quartz-vein material and disseminated gold were observed in the project areas.

(Refer Figure 6: Granted license areas (left) and regional geological setting (right, after Liegois, 2005) within Ouaddaï Region of Chad, Central Africa.

Dorothe

Mapping and sampling at the Dorothe target to date has defined two distinct gold mineralising events; an early centimetre scale shallowly westward dipping quartz vein swarm zone over a 3x1km area and later, cross-cutting sub-vertical 1-5m true thickness, north-south striking quartz vein zone up to 200m wide and over a confirmed 1km of strike with possible extensions up to 3km of strike.

(Refer Figure 7: Extensive artisanal pitting zone over 3x1km area (below) at the Dorothe prospect.

Of the sampling completed to date, over 40% of the rock chip samples collected at the Dorothe target returned grades over 0.5g/t Au with grades up to 103 g/t, 99.6g/t, 94.5g/t and 82.2 g/t Au. Trenching and channel sampling across strike of the north-south quartz vein system has returned multiple gold intersections over 10g/t Au along a combined 1km strike length, with better intersections of 4m at 14.2g/t, 2m at 34.1g/t, 2m at 31.1g/t and 1m at 63.2 g/t Au. The north-south vein set is not restricted to a single quartz vein, however in places occurs as multiple splays and sub-parallel veins over a 20m to 50m width.

(Refer Figure 8: Extensive surface workings defining 3x1km early stage gold mineralised zone and second stage >1km strike high-grade quartz vein zone (inset; Dorothe license setting over regional geology).

(Refer Figure 9: Gold nuggets and gold mineralised rock-chip samples from the project areas (centimetre scale, unless shown otherwise).

Echbara

The Echbara license covers 200km(2) and is 25km west of the Dorothe license. Historical work completed by the UNDP during the 1990's has defined a 2km long by 150-200m wide 100ppb soil anomaly with highs of 300ppb. Follow-up trenching by the UNDP has returned results of 58m at 1.29g/t Au and 28m at 1.29g/t Au. Follow-up trenching by Tekton has returned results of 56m at 0.61g/t Au (including 10m at 0.9g/t Au and 20m at0.87g/t Au) and 25m at 0.8g/t Au. This target has not yet been drill tested.

Am Ouchar

The Am Ouchar license covers 200km(2) and is 70km south-east of the Dorothe license. Historical work by the UNDP during the 1990's indicated that gold mineralisation is hosted within 2-5m thick, shallow dipping north-east trending quartz veins and within the adjacent hematitic schists. UNDP trenching results included spectacular intersections of 20m at 6.8g/t Au, 16m at 4.7g/t Au and 12m at 5.7g/t Au with individual 2m composite grades up to 33g/t Au.

Follow-up channel sampling by Tekton perpendicular to quartz veins and within the adjacent host rock returned intersections including 2m at 18.2g/t Au, 2m at 14.2g/t Au and 2.3m at 9.9g/t Au, providing confidence in the reported grades and extension of mineralisation into the adjacent host rock.

Other Targets

Recently granted licenses covering a total of 400km(2) at Nabagay and Adé cover further exciting and highly prospective geological targets within the Ouaddaï South project portfolio.

The Adé license, located approximately 40km east of Dorothe, occurs within an interpreted 'pressure-shadow' adjacent to a large 15km diameter late granitic intrusion. Regional soil sampling by the UNDP during the 1990's identified multiple lithium soil anomalies up to 5km in strike length in addition to multiple coincident and isolated gold in soil anomalies adjacent to the granitic intrusive contact.

The Nabagay license is located approximately 25km north of Dorothe and is considered prospective for gold mineralisation in similar geological settings as the Dorothe project.

The Waya Waya licenses cover 400km(2) within the Ouaddaï North Region, approximately 260km north of the Dorothe project area. Historical work by the UNDP during the 1990's and follow-up mapping and rock-chip sampling by Tekton has identified a 15km long and approximately 50m wide surface graphitic schist occurrence. Reconnaissance rock chip and channel sampling completed by Tekton has returned results of 11% to 12% total carbon content (Ct) with historical results by the UNDP up to 18% Ct.

IVORY COAST - Gold

The Company has secured via Earn-In Agreements, access rights to nine (9) licenses and applications covering a total of 3,510km(2) within the Ivory Coast, West Africa. The tenement portfolio covers major shear zones and associated second and third order structures along proven, gold bearing shears.

Four (4) principal gold bearing structures have been targeted:

-- Two significant splay structures off the Sassandra Shear Zone that effectively separates the older Archean Craton of the Leo Shield in Liberia from the younger intrusive and metasedimentary rocks of the West African Birimian Sequence to the east. Similar splay-off structures host the world-class Syama (7Moz) and Tongon (5Moz) gold mines to the north (Gboguhue and Vavoua Projects and Soubre Project).

-- The southern extension of the hugely gold prolific Ahafo (23Moz) - Bibiani (7Moz) - Chirano (5Moz) structure into Ivory Coast (Bianouan Project).

-- The southern extensions of the North-South striking Wa (2.2Moz) - Konkera (3.3Moz) gold bearing structure (Bouna, Kineta North, Kineta and Marahui Projects).

-- An area of more thickly preserved metasedimentary rocks and underlying granitic intrusives (Bodite Project).

The Vavoua license and Gboguhue application occur along a major splay structure off the Sassandra Shear Zone; a major crustal bounding fault between the Archean Leo Shield to the west and Birimian sequence to the east. Artisanal workings have been observed, representing likely extensions of the large scale gold artisanal workings 45km to the south-west along the same splay structure. Similar splay structures occurring to the north host the world-class Syama (7Moz) and Tongon (5Moz) gold mines. The Dugbe deposit (4.2Moz) occurs along a splay structure to the south, providing further evidence for the gold endowment of the region.

The Soubre application occurs along a similar splay structure and geological setting to the south of the Gboguhue-Vavoua project area. The structure represents a major bounding fault between the Birimian granitic intrusive complex and younger Birimian volcaniclastics and greenstone belts; an ideal setting for 'Structural Gold' type deposits within second and third order faults off the major shear structure.

The Bouna, Kineta, Kineta North and Marahui applications and license represents an exciting opportunity along the poorly explored southern extensions of the gold mineralised Wa (2.2Moz) - Konkera (3.3Moz) Wa-Lawra Shear zone. Extensive 'hard rock' artisanal workings and quartz veining has been defined within the license area over an 8km strike.

The Bianouan license occurs at the south-western extension of the hugely gold prolific Ahafo (23Moz) - Bibiani (7Moz) - Chirano (5Moz) structure where similar geological settings may occur.

(Refer Figure 10: Ivory Coast Gold Project portfolio locations)

(Refer Figure 11: Large-scale 'open pit' type hard-rock artisanal workings observed within the Kineta North license

The Bodite license is located wholly within Birimian metasediments, where a thicker package of turbidite sequence rocks are intruded by more fractionated granitic intrusives. Similar geological settings host the 13.3Moz Siguiri Mine and 8Moz Lefa Mine in Guinea where a thicker sedimentary sequence is preserved within the Birimian.

All projects are well serviced, with an extensive bitumen road network, well established cellular network and good high-voltage transmission line network.

GHANA & IVORY COAST - Lithium

The Company acquired a highly prospective 'hard-rock' pegmatite tenement package with associated lithium potential, through earn-in agreements and direct application over 314km(2) , and associated access rights to an historical (non-JORC compliant) 1.48Mt at 1.66% Li(2) O lithium resource in Ghana, West Africa during the reporting period.

The Company acquired a highly prospective 'hard rock' lithium pegmatite tenement package with associated lithium potential, through direct application and earn-in agreement over 1338km(2) in Ivory Coast, West Africa during the reporting period.

All projects are subject to completion of satisfactory due diligence and are well serviced within <100km along bitumen roads from their respective capital cities Accra and Abidjan.

In Ghana the project area is located on the southern margin of the Cape Coast Batholith, a major 100km x 200km granitic intrusive complex occurring along the southern-central coastline of Ghana and part of the West African shield. A window of older Birimian metasediments is surrounded by the batholith and occurs along the intrusive contact; possibly representing a roof pendent of older metasediments underlain by granitic intrusives.

Smaller kilometre scale, more fractionated granitic intrusive bosses occur within the metasediments and are spatially associated with pegmatitic vein swarms. These intrusive bodies are believed to be the more fractionated end-members, and accordingly more prospective zones for lithium rich pegmatites.

Pegmatites appear to be associated with kilometre scale microgranite bosses within the license area. Significant exploration potential exists along strike, within the pegmatite vein swarm trend.

Through Joint Venture agreements the Company has secured rights to acquire the historical Egyasimanku Hill lithium resource. The deposit was drilled by the Ghana Geological Survey during 1962 and a resource estimate of 1.48Mt at 1.66% Li(2) O reported. Additionally the Company has submitted applications through its wholly owned local subsidiary Green Metals Resources Ltd.

(Refer Figure 12: Ivory Coast and Ghana 'hard-rock' lithium pegmatite licenses and applications locations relative to significant lithium projects on geological background

(Refer Figure 13: Ghana Project locations and targets on geology background

In Ivory Coast the Company has secured through its wholly owned local subsidiary (100%), access rights to three applications covering a total of 938km(2) for lithium and associated minerals. The tenement portfolio, in addition to the Ench Proci JV area (400km(2) ) covers highly prospective fractionated granitic intrusive centres with historical lithium and columbite-tantalum occurrences and confirmed outcropping pegmatites.

All license applications have been submitted through Khaleesi Resources SARL, a wholly owned local subsidiary of IronRidge Resources Limited.

All projects are well serviced, with an extensive bitumen road network, well established cellular network and good high-voltage transmission line network. Drive time from Abidjan to the project area takes approximately 1 1/2 hours.

GABON - Iron Ore

The Company submitted license renewal reports for the Tchibanga Nord concession during the reporting period. The Company is awaiting license renewals with the pre-requisite 50% license area reductions over the Tchibanga, Tchibanga Nord and Belinga Sud licenses.

Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km(2) and include over 90km of prospective lithologies and the historical Mont Pele iron occurrence.

Belinga Sud is Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville. IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1Bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.

The loss after income tax for the Group for the half-year ended 31 December 2016 was $2,235,770 (31 December 2015 loss of A$648,702).

SIGNIFICANT EVENTS AFTER BALANCE DATE

On 23 January 2017, a total of 400,000 fully paid ordinary shares were allotted as a result of the exercise of employment options.

As a result of this allotment, the Company now has a total of 238,223,425 ordinary shares of no par value and 22,870,000 unlisted options on issue.

There have been no other events since the end of the half year that impact the financial report as at 31 December 2016.

Signed in accordance with a resolution of the Board of Directors:

Vincent Mascolo

Managing Director and CEO

Brisbane

Date: 14 February 2017

COMPETENT PERSON STATEMENT

The information in this Report that relates to Exploration Targets, Exploration Results or Mineral Resources is based on information compiled by Mr. Nicholas Mather B.Sc. (Hons) Geol., who is a Member of The Australian Institute of Mining and Metallurgy. Mr. Mather is employed by Samuel Capital Pty Ltd, which provides certain consultancy services including the provision of Mr. Mather as an Executive Director of IronRidge Resources.

Mr. Mather has more than five years' experience which is relevant to the style of mineralisation and type of deposit being reported and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves' (the JORC Code). This public report is issued with the prior written consent of the Competent Person(s) as to the form and context in which it appears.

CONSOLIDATED statement of comprehensive income

For the half year ended 31 December 2016

 
                                          31 December   31 December 
                                              2016          2015 
                                  Notes       A$            A$ 
                                          (Unaudited)   (Unaudited) 
 
 Revenue                            3           3,929           624 
 
 Administration and consulting 
  expenses                                    773,145       730,785 
 Depreciation                                   4,290         1,650 
 Employment benefits expenses                 372,662        47,618 
 Exploration costs written 
  off                                               -         2,871 
 Project generation expenses                  615,634             - 
 Legal expenses                                97,543         3,541 
 Share based payments                         538,850             - 
  expense 
 Unrealised foreign exchange 
  (gains) losses                            (162,425)     (137,139) 
 (Loss) before income 
  tax                               4     (2,235,770)     (648,702) 
 Income tax expense                                 -             - 
-------------------------------  ------  ------------  ------------ 
 (Loss) for the period                    (2,235,770)     (648,702) 
-------------------------------  ------  ------------  ------------ 
 
 Other comprehensive income                         -             - 
-------------------------------  ------  ------------  ------------ 
 Total comprehensive income 
  for the period                          (2,235,770)     (648,702) 
-------------------------------  ------  ------------  ------------ 
 
 
 
 Earnings per share                        Cents per     Cents per 
                                             share         share 
 Basic earnings per share           5           (0.9)         (0.3) 
 Diluted earnings per 
  share                             5           (0.9)         (0.3) 
 
 
 
 

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

CONSOLIDATED statement of financial position

As at 31 December 2016

 
                                          31 December      30 June 
                                              2016           2016 
                                  Notes        A$             A$ 
                                          (Unaudited)     (Audited) 
 
 Current assets 
 Cash and cash equivalents                   7,570,958     10,719,669 
 Trade and other receivables                   122,287         48,834 
 Other current assets                            4,800          8,959 
 Total current assets                        7,698,045     10,777,462 
-------------------------------  ------  -------------  ------------- 
 
 Non-current assets 
 Other financial assets                      1,466,100         53,666 
 Property, plant and equipment                  31,436         35,460 
 Exploration and evaluation 
  assets                                     5,412,675      5,139,993 
-------------------------------  ------  -------------  ------------- 
 Total non-current assets                    6,910,211      5,229,119 
-------------------------------  ------  -------------  ------------- 
 
 Total assets                               14,608,256     16,006,581 
-------------------------------  ------  -------------  ------------- 
 
 Current liabilities 
 Trade and other payables                      470,024        424,860 
 Total current liabilities                     470,024        424,860 
-------------------------------  ------  -------------  ------------- 
 
 Total liabilities                             470,024        424,860 
-------------------------------  ------  -------------  ------------- 
 
 Net assets                                 14,138,232     15,581,721 
-------------------------------  ------  -------------  ------------- 
 
 Equity 
 Issued capital                     6       26,031,159     25,777,728 
 Reserves                                      713,954        175,104 
 Accumulated losses                       (12,606,881)   (10,371,111) 
-------------------------------  ------  -------------  ------------- 
 Total equity attributable 
  to owners of 
  IronRidge Resources 
  Limited                                   14,138,232     15,581,721 
-------------------------------  ------  -------------  ------------- 
 
 
 

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

CONSOLIDATED statement of changes in equity

For the half year ended 31 December 2016

 
                             Issued      Accumulated       Share         Total 
                             Capital        Losses         Based         Equity 
                                                          Payments 
                                                          Reserve 
                               A$             A$            A$            A$ 
                           (Unaudited)   (Unaudited)    (Unaudited)   (Unaudited) 
 
 Balance at 1 July 
  2015                      25,777,728    (8,065,651)       171,711    17,883,788 
 Loss for the period                 -      (648,702)             -     (648,702) 
 Other comprehensive                 -              -             -             - 
  income 
                          ------------  -------------  ------------  ------------ 
 Total comprehensive 
  income for the 
  period                             -      (648,702)             -     (648,702) 
 Balance at 31 December 
  2015                      25,777,728    (8,714,353)       171,711    17,235,086 
------------------------  ------------  -------------  ------------  ------------ 
 
 Loss for the period                 -    (1,656,758)             -   (1,656,758) 
 Other comprehensive                 -              -             -             - 
  income 
                          ------------  -------------  ------------  ------------ 
 Total comprehensive 
  income for the 
  period                             -    (1,656,758)             -   (1,656,758) 
 Share based payments                -              -         3,393         3,393 
 Balance at 30 June 
  2016                      25,777,728   (10,371,111)       175,104    15,581,721 
------------------------  ------------  -------------  ------------  ------------ 
 
 Loss for the period                 -    (2,235,770)             -   (2,235,770) 
 Other comprehensive                 -              -             -             - 
  income 
                          ------------  -------------  ------------  ------------ 
 Total comprehensive 
  income for the 
  period                             -    (2,235,770)             -   (2,235,770) 
 Shares issued during 
  the period                   253,431              -             -       253,431 
 Share based payments                -              -       538,850       538,850 
 Balance at 31 December 
  2016                      26,031,159   (12,606,881)       713,954    14,138,232 
------------------------  ------------  -------------  ------------  ------------ 
 

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

CONSOLIDATED statement of cash flows

For the half year ended 31 December 2016

 
                                           31 December   31 December 
                                               2016          2015 
                                   Notes       A$            A$ 
                                           (Unaudited)   (Unaudited) 
 
 Cash flows from operating 
  activities 
 Payments to suppliers and 
  employees                                (1,621,535)   (1,126,744) 
 Interest received                   3           3,932           624 
 Interest paid                                       -             - 
 Net cash flows from operating 
  activities                               (1,617,603)   (1,126,120) 
--------------------------------  ------  ------------  ------------ 
 
 Cash flows from investing 
  activities 
 Payments for security deposits                (5,000)             - 
 Investment in Tekton Minerals             (1,407,434)             - 
  Pte Ltd 
 Purchase of property, plant                     (265)             - 
  and equipment 
 Payments for exploration 
  and evaluation assets                      (280,834)   (1,054,644) 
--------------------------------  ------  ------------  ------------ 
 Net cash flows from investing 
  activities                               (1,693,533)   (1,054,644) 
--------------------------------  ------  ------------  ------------ 
 
 Cash flows from financing 
  activities 
 Proceeds from the issue                             -             - 
  of shares 
 Transactions costs on the                           -             - 
  issue of shares 
 Borrowings from related                             -             - 
  parties - DGR Global Ltd 
 Prepayment of IPO costs                             -             - 
 Net cash flows from financing                       -             - 
  activities 
--------------------------------  ------  ------------  ------------ 
 
 Net increase in cash and 
  cash equivalents                         (3,311,136)   (2,180,764) 
 Cash and cash equivalents 
  at the beginning of the 
  period                                    10,719,669    14,947,231 
 Foreign exchange impact 
  on cash                                      162,425       137,140 
--------------------------------  ------  ------------  ------------ 
 Cash and cash equivalents 
  at the end of the period                   7,570,958    12,903,607 
--------------------------------  ------  ------------  ------------ 
 
 
 
 

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the financial statements

For the half year ended 31 December 2016

Note 1: Summary of Significant Accounting Policies

Corporate information

The consolidated financial report of IronRidge Resources Limited (the "Company") for the half-year ended 31 December 2016 was authorised for issue in accordance with a resolution of the Directors on 14 February 2017. IronRidge Resources Limited (the Parent) is a public company limited by shares incorporated and domiciled in Australia. The Company's registered office is located at Level 27, 111 Eagle Street, Brisbane, QLD 4000.

Basis of preparation

This half-year financial report for the period ended 31 December 2016 prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001, comprises the Company and its subsidiaries (together referred to as the "Group").

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.

Accordingly, this half year financial report is to be read in conjunction with the annual financial report for the year ended 30 June 2016 and any public announcements made by the Company during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.

Going concern

The half year financial report has been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. The Group has not generated revenues from operations. As such, the Group's ability to continue to adopt the going concern assumption will depend upon a number of matters including subsequent successful raisings in the future of necessary funding and the successful exploration and subsequent exploitation of the Group's tenements. In the absence of these matters being successful, this may cast significant doubt on the Group's ability to continue as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the ordinary course of business and at amounts different from those stated in the half-year financial report. No adjustments for such circumstances have been made in the half-year financial report.

Note 2: Segment Information

The Group has identified its operating segment based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Group is managed primarily on a geographic basis, that is, the location of the respective areas of interest (tenements) in Queensland, and Gabon. Operating segments are determined on the basis of financial information reported to the Board for the Group as a whole. The Group does not yet have any products or services from which it derives an income.

Accordingly, management currently identifies the Group as having only one reportable segment, being exploration for base and precious metals. The financial results from this segment are equivalent to the financial statements of the Group. There have been no changes in the operating segments during the half year.

Geographical information

 
                Geographical - non-current 
                          assets 
                31 December       30 June 
                    2016            2016 
                     $               $ 
                (Unaudited)      (Audited) 
 Australia          2,887,759     1,304,013 
 Gabon              4,022,452     3,925,106 
              ---------------  ------------ 
                    6,910,211     5,229,119 
              ---------------  ------------ 
 

Notes to the financial statements

For the half year ended 31 December 2016

 
                                         31 December   31 December 
                                             2016          2015 
                                             A$            A$ 
                                         (Unaudited)   (Unaudited) 
 Note 3: Revenue 
 - Interest received                           3,929           624 
 Total Revenue                                 3,929           624 
                                        ------------  ------------ 
 
 (a) Interest revenue from: 
 - Cash deposits held with 
  financial institutions                       3,929           624 
                                        ------------  ------------ 
 Total Interest Revenue                        3,929           624 
                                        ------------  ------------ 
 
 
   Note 4: Profit / (Loss) 
 Included in the profit 
  / (loss) are the following 
  specific expenses: 
 Depreciation 
 - Office equipment                              299           300 
 - Plant and equipment                         3,991         1,350 
 Defined contribution superannuation 
  expense                                     10,428        10,594 
 

Note 5: Earnings Per Share (EPS)

 
 (a) Earnings 
 Earnings used to calculate 
  basic and diluted EPS                (2,235,770)      (648,702) 
 
                                         Number of      Number of 
                                            Shares         Shares 
 (b) Weighted average number 
  of shares and options 
 Weighted average number 
  of ordinary shares outstanding 
  during the period, used 
  in calculating basic earnings 
  per share                            236,671,771    236,612,203 
 Weighted average number 
  of dilutive options outstanding       14,770,000              - 
  during the period 
                                     -------------  ------------- 
 Weighted average number 
  of ordinary shares and 
  potential ordinary shares 
  outstanding during the 
  period, used in calculating 
  diluted earnings per share           251,441,771    236,612,203 
                                     -------------  ------------- 
 
 
                                31 December    30 June 
                                    2016         2016 
                                    A$            A$ 
                                (Unaudited)   (Audited) 
 Note 6: Issued Capital 
 
 (a) Issued and paid up 
  capital 
 Ordinary shares fully paid      26,739,251   26,485,820 
 Share issue costs                (708,092)    (708,092) 
                               ------------  ----------- 
                                 26,031,159   25,777,728 
                               ------------  ----------- 
 

Ordinary shares participate in dividends and the proceeds on winding up the Company. At shareholder meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on show of hands.

Notes to the financial statements

For the half year ended 31 December 2016

Note 6: Issued Capital (continued)

 
 (b) Reconciliation of issued          Number of        A$ 
  and paid-up capital                    Shares 
                                     ------------  ----------- 
 At 30 June 2016                      236,612,203   25,777,728 
 Shares issued by way of payment 
  of employment related bonuses 
  (GBP0.138 per share, equivalent 
  to $0.209 per share - 22/12/16)       1,211,222      253,431 
                                     ------------  ----------- 
 At 31 December 2016                  237,823,425   26,031,159 
                                     ------------  ----------- 
 

Note 7: Contingent Assets and Contingent Liabilities

The Directors are not aware of any contingent assets or contingent liabilities at the date of this report.

Note 8: Financial Instruments

There are no financial assets or liabilities measured at fair value in the statement of financial position.

The carrying value of all financial assets and liabilities not measured at fair value in the statement of financial position approximate their fair value.

Note 9: Subsequent Events

On 23 January 2017, a total of 400,000 fully paid ordinary shares were allotted as a result of the exercise of employment options.

As a result of this allotment, the Company now has a total of 238,223,425 ordinary shares of no par value and 22,870,000 unlisted options on issue.

There have been no other events since the end of the half year that impact the financial report as at 31 December 2016.

directors' declaration

In accordance with a resolution of the Directors of IronRidge Resources Limited, I state that:

In the opinion of the directors:

1. The attached half-year financial report and notes of the consolidated entity are in accordance with the Corporations Act 2001, including:

(a) Giving a true and fair view of the financial position as at 31 December 2016 and the performance for the half-year ended on that date of the consolidated entity; and

(b) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

2. There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the Board

Vincent Mascolo

Director

Brisbane

Date: 14 February 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR SFLSUIFWSELE

(END) Dow Jones Newswires

February 15, 2017 04:49 ET (09:49 GMT)

1 Year Ironridge Chart

1 Year Ironridge Chart

1 Month Ironridge Chart

1 Month Ironridge Chart
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:40 V:gb D:20170330 02:45:17