We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Orogen | LSE:ORE | London | Ordinary Share | GB00BYXD4566 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.70 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMORE
RNS Number : 0094L
Orogen Gold PLC
28 September 2016
28 September 2016
Orogen Gold plc
("Orogen" or the "Company")
Interim Results for the six months ended 30 June 2016
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, announces its interim results for the six months ended 30 June 2016.
Enquiries:
Orogen Gold plc C/o Walbrook Colin Bird, CEO PR Alan Mooney, FD --------------------------------- ------------ Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 20 Liam Murray / Sandy Jamieson 7148 7900 --------------------------------- ------------ Beaufort Securities Limited (Broker) +44 (0) 20 Jon Belliss 7382 8300 --------------------------------- ------------ Walbrook PR (Public Relations and Investor Relations) +44 (0) 20 Paul Cornelius / Gary Middleton 7933 8780 --------------------------------- ------------
About Orogen Gold
Orogen Gold plc is a UK public company quoted on the London Stock Exchange AIM market (ticker: ORE). The Company is focused on gold exploration and is currently operating two gold exploration projects: a) at Mutsk in Armenia and b) at Silverton in Nevada, USA. The Mutsk gold project in Armenia was optioned by Orogen early in 2013 to follow-up reports of a new epithermal discovery within an established gold district. In Nevada, an earn-in agreement was recently announced covering the Silverton gold-silver prospect, giving Orogen the right to earn in to an initial 51% interest in the property. Anomalous gold values are recorded from bedrock across much of the property, but previous drilling is not considered to have adequately tested the potential gold sources.
Chairman's statement
The period under review showed slightly improving metal prices with a more favourable sentiment towards natural resource companies. The major mining companies in general showed significant gains whilst junior mining companies with good projects were able to access funds for development, although still limited.
On 27 June 2016 the Company announced the signing of an earn-in agreement over the Silverton gold and silver property in Nevada, USA. This agreement provides exploration rights on a highly prospective gold/silver project, which has good technical history. The Company will commence drilling operations early in the fourth quarter 2016.
Towards the end of July, the Company raised GBP350,000 in an equity funding which was implemented to enable the final stage of earn-in at the Mutsk property in Armenia. On 31 August 2016 we advised our partners on the project that the US$2.5 million earn-in had been completed and requested that our 80% interest be registered.
The Company recently announced that our drilling on the Mutsk property had been successful and the "size footprint" of the property had been doubled. The exploration area is open to the north and south and extension possibilities exist to the east.
Financial and Corporate Review
At 30 June 2016 cash stood at GBP652,000 (31 December 2015: GBP921,000). The loss for the period amounted to GBP171,000 (6 months to 30 June 2015: GBP181,000).
The Group seeks to maintain a low cost structure and actively manages the corporate overhead to reflect our activity levels and the broader difficult funding environment for junior exploration companies.
Outlook
The Company has two large gold projects in two different geological environments on two continents and is well placed to take advantage of the renewed investor interest. Both of our properties exhibit potential to be significant open pit mines and as such we expect to receive corporate interest as they progress.
At Mutsk we are currently modelling all of our results to sharpen our understanding of the nature of the mineralisation and its structural placement. This is a relatively low cost exercise, which will improve our drill targeting in the future. On completion of the modelling we plan to carry out further drilling to extend the limits of the gold deposit and progress on to in-fill drilling to define a resource. With 80% of the Mutsk project now earned, Orogen will be driving the project forward with input from the former Georaid CJSC principles who will continue to assist us with managing logistics and local relations on the ground and have an option to maintain their 20% interest in the project by contributing pro-rata to future work programs. We are conscious to minimise our operational cost base particularly when there is less field activity during the winter period but will use this time productively collating all the information from the drilling to date.
At Silverton we intend to carry out a small reconnaissance programme directed towards testing the highly prospective north south shear zone and surrounding areas. The results of this programme should allow us to test the drivers for gold mineralisation as well as testing the potential for a deeper situated gold feeder system.
ADAM REYNOLDS
Non-Executive Chairman
27 September 2016
Consolidated statement of profit or loss and other comprehensive income
For the six months ended 30 June 2016
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
----------------------------------- ---------- ---------- -------------
General and administrative (154) (184) (356)
Impairment of exploration
and evaluation assets (9) - (534)
Share based payments (10) - (5)
Group operating loss (173) (184) (895)
Interest received 2 3 5
----------------------------------- ---------- ---------- -------------
Loss on ordinary activities
before taxation (171) (181) (890)
Tax on loss on ordinary - - -
activities
----------------------------------- ---------- ---------- -------------
Loss for the year from continuing
operations (171) (181) (890)
Attributable to:
Equity holders of the parent (171) (181) (677)
Non-controlling interests - - (213)
----------------------------------- ---------- ---------- -------------
Group loss for the period (171) (181) (890)
Exchange translation differences - (1) (2)
----------------------------------- ---------- ---------- -------------
Total comprehensive loss
for the period (171) (182) (892)
Attributable to:
Owners of the parent (171) (182) (679)
Non-controlling interests - - (213)
----------------------------------- ---------- ---------- -------------
(171) (182) (892)
----------------------------------- ---------- ---------- -------------
Loss per share:
Loss per share - basic and
diluted, attributable to
ordinary equity holders
of the parent (pence) (0.003) (0.005) (0.02)
Consolidated statement of financial position
As at 30 June 2016
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
------------------------------- ---------- ---------- -------------
Assets
Non-current assets
Exploration and evaluation
assets 1,670 1,926 1,577
Property, plant and equipment 2 2 2
------------------------------- ---------- ---------- -------------
Total non-current assets 1,672 1,928 1,579
------------------------------- ---------- ---------- -------------
Current assets
Trade and other receivables 27 27 22
Cash and cash equivalents 652 851 921
Total current assets 679 878 943
------------------------------- ---------- ---------- -------------
Total assets 2,351 2,806 2,522
------------------------------- ---------- ---------- -------------
Equity and liabilities
Equity
Share capital 4,418 4,237 4,418
Share premium 12,181 11,950 12,181
Other reserves 635 621 625
Retained earnings (14,936) (14,269) (14,765)
------------------------------- ---------- ---------- -------------
Equity attributable to
owners of the parent 2,298 2,539 2,459
Non-controlling interests - 210 -
------------------------------- ---------- ---------- -------------
Total equity 2,298 2,749 2,459
------------------------------- ---------- ---------- -------------
Current liabilities
Trade and other payables 53 57 63
------------------------------- ---------- ---------- -------------
Total current liabilities 53 57 63
------------------------------- ---------- ---------- ------------- Total liabilities 53 57 63 ------------------------------- ---------- ---------- ------------- Total equity and liabilities 2,351 2,806 2,522 ------------------------------- ---------- ---------- -------------
Consolidated cash flow statement
For the six months ended 30 June 2016
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to 31
30 June 30 June December
2016 2015 2015
GBP'000 GBP'000 GBP'000
--------------------------------- ---------- ---------- -----------
Cash flows from operating
activities
Group operating loss (173) (184) (895)
Share based payments 10 - 5
(Increase)/decrease in trade
and other receivables (5) 31 36
Decrease in trade and other
payables (10) (12) (4)
Impairment of exploration
and evaluation assets 9 - 534
Net cash flow from operating
activities (169) (165) (324)
--------------------------------- ---------- ---------- -----------
Cash flow from investing
activities
Expenditure on exploration
and evaluation assets and
project earn-ins (102) (106) (292)
Interest received 2 3 5
--------------------------------- ---------- ---------- -----------
Net cash flow from investing
activities (100) (103) (287)
--------------------------------- ---------- ---------- -----------
Cash flow from financing
activities
Net proceeds from issue of
equity instruments - - 411
--------------------------------- ---------- ---------- -----------
Net cash flow from financing
activities - - 411
--------------------------------- ---------- ---------- -----------
Net change in cash and cash
equivalents (269) (268) (200)
Net foreign exchange difference - 1 3
Cash and cash equivalents
at beginning of period 921 1,118 1,118
--------------------------------- ---------- ---------- -----------
Cash and cash equivalents
at end of period 652 851 921
--------------------------------- ---------- ---------- -----------
Consolidated statement of changes in equity
For the six months ended 30 June 2016
Share Foreign
based currency Non-controlling
Share Share payment Shares Retained translation interests Total
capital premium reserve to earnings reserve Total equity
be
issued
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- --------- --------- --------- -------- ---------- ------------- -------- ----------------- --------
Balance at
1 January
2015 4,222 11,827 592 138 (14,088) 30 2,721 200 2,921
Loss for
the period - - - - (181) - (181) - (181)
Issue of
share
capital 15 123 - - - - 138 - 138
Shares to
be issued - - - (138) - - (138) - (138)
Other
reserve
movements - - - - - - - 10 10
Foreign
exchange
translation
reserve - - - - - (1) (1) - (1)
Balance at
30 June
2015 4,237 11,950 592 - (14,269) 29 2,539 210 2,749
------------- --------- --------- --------- -------- ---------- ------------- -------- ----------------- --------
Balance at
1 July 2015 4,237 11,950 592 - (14,269) 29 2,539 210 2,749
Loss for
the period - - - - (496) - (496) (210) (706)
Issue of
share
capital 181 231 - - - - 412 - 412
Foreign
exchange
translation
reserve - - - - - (1) (1) - (1)
Share based
payments - - 5 - - - 5 - 5
Balance at
31 December
2015 4,418 12,181 597 - (14,765) 28 2,459 - 2,459
------------- --------- --------- --------- -------- ---------- ------------- -------- ----------------- --------
Balance at
1 January
2016 4,418 12,181 597 - (14,765) 28 2,459 - 2,459
Loss for
the period - - - - (171) - (171) - (171)
Share based
payments - - 10 - - - 10 - 10
Balance at
30 June
2016 4,418 12,181 607 - (14,936) 28 2,298 - 2,298
------------- --------- --------- --------- -------- ---------- ------------- -------- ----------------- --------
Notes to the Interim Report
1 General information
Orogen Gold plc is a company incorporated and domiciled in England and Wales. Details of the registered office, the officers and advisers to the Company are presented on the Company information page at the end of this report. The Company's offices are in London and Dublin. The Company is quoted on the AIM market of the London Stock Exchange (ticker: ORE.L). The company's investment strategy is focused on mineral exploration in Europe and Nevada, USA.
The Mutsk gold exploration project in Armenia is the Company's main operational project and the Silverton project in Nevada, USA was added to the exploration portfolio in April 2016.
2 Basis of preparation
The financial information for the six months ended 30 June 2016 and 30 June 2015 is unaudited.
The Interim Report has been prepared using the same accounting policies as were applied in the Group's audited financial statements to 31 December 2015, which were prepared in accordance with International Financial Reporting Standards ("IFRS"). As is permitted by the AIM rules the Directors have not adopted the requirements of IAS34 "Interim Financial Reporting" in preparing the financial statements. Accordingly, the financial statements are not in full compliance with IFRS and have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. The Directors consider that the financial information presented in this Interim Report represents fairly the financial position, operations and cash flows for the period, in conformity with IFRS. The Interim Report for the six months ended 30 June 2016 was approved by the Directors on 27 September 2016.
The financial information presented for the period ended 31 December 2015 is an extraction from the Group's audited accounts on which the auditors issued an unqualified report. The information presented does not constitute full accounts for that period.
3 Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- -------------
Loss after tax attributable
to equity holders of the parent (171) (181) (677)
Weighted average number of
ordinary shares in issue (millions) 5,508 3,691 4,002
Basic and diluted loss per
share (pence) (0.003) (0.005) (0.02)
-------------------------------------- ---------- ---------- -------------
Basic and diluted earnings per share are the same, since where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. The share options outstanding as at 30 June 2016 totalled 380,000,000 (30 June 2015: 225,000,000, 31 December 2015: 380,000,000) and are potentially dilutive.
4 Exploration and evaluation assets
Armenia Silverton Serbia Total
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ---------- ------------ --------- --------
Cost
At 1 January 2015 1,311 - 5,520 6,831
Additions 90 - 25 115
----------------------------- ---------- ------------ --------- --------
At 30 June 2015 1,401 - 5,545 6,946
Impairment
At 1 January 2015 - - 5,020 5,020
Impairment charge - - - -
----------------------------- ---------- ------------ --------- --------
At 30 June 2015 - - 5,020 5,020
----------------------------- ---------- ------------ --------- --------
Carrying value 30 June 2015 1,401 - 525 1,926
----------------------------- ---------- ------------ --------- --------
Cost
At 1 July 2015 1,401 - 5,545 6,946
Additions 176 - 9 185
----------------------------- ---------- ------------ --------- --------
At 31 December 2015 1,577 - 5,554 7,131
----------------------------- ---------- ------------ --------- --------
Impairment
At 1 July 2015 - - 5,020 5,020
Impairment charge - - 534 534
----------------------------- ---------- ------------ --------- --------
At 31 December 2015 - - 5,554 5,554
----------------------------- ---------- ------------ --------- --------
Carrying value 31 December
2015 1,577 - - 1,577
----------------------------- ---------- ------------ --------- --------
Cost
At 1 January 2016 1,577 - 5,554 7,131
Additions 87 6 9 102
----------------------------- ---------- ------------ --------- --------
At 30 June 2016 1,664 6 5,563 7,233
----------------------------- ---------- ------------ --------- --------
Impairment
At 1 January 2016 - - 5,554 5,554
Impairment charge - - 9 9
----------------------------- ---------- ------------ --------- --------
At 30 June 2016 - - 5,563 5,563
----------------------------- ---------- ------------ --------- --------
Carrying value 30 June 2016 1,664 6 - 1,670
----------------------------- ---------- ------------ --------- --------
5 Cash and cash equivalents
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- -------------
Cash at bank 652 851 921
--------------------------- ---------- ---------- -------------
Cash and cash equivalents 652 851 921
--------------------------- ---------- ---------- -------------
6 Share capital
Details of ordinary and deferred shares issued are in the table below:
Deferred
Ordinary Shares Shares
(GBP0.0001) (GBP0.009)
------------- ------------------------ --------------------------- ---------------------
Issue Issue
Date Number Price Number Price
Details of shares GBP of shares GBP
------------- ------------------------ ---------------- --------- ------------ -------
At 1 Jan
2015 Opening Balance 3,560,432,183 429,643,035
------------- ------------------------ ---------------- --------- ------------ -------
27 Jan Mutsk continuation
2015 notice 110,886,804 0.000597
25 Mar Drill for equity
2015 agreement 36,350,350 0.002
Share placing
30 Oct - GBP450,000 (before
2015 costs) 1,800,000,000 0.00025
------------- ------------------------ ---------------- --------- ------------ -------
At 30
June 2016 Closing Balance 5,507,669,337 429,643,035
------------- ------------------------ ---------------- --------- ------------ -------
7 Subsequent events
On 26 July 2016, Orogen announced that it raised GBP350,000 before expenses through a share placing of 2,333,333,333 new Ordinary Shares of 0.01p each in the capital of the Company with investors at 0.015p per share. Following the completion of the placing, the total issued ordinary share capital of the Company comprised 7,841,002,670 shares.
On 31 August 2016, Orogen announced that it had completed US$2.5m exploration expenditures on the Mutsk property and exercised its option to acquire an 80% interest in Georaid CJSC, the Armenian registered company that holds the exploration licence covering the Mutsk property. The completion of the earn-in has been acknowledged by Orogen's partners on the project and the process to register the Company's interest has commenced.
8 Copy of the Interim Report
Copies of the Interim Report are available to download from the Company's website at www.orogengold.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UBARRNVAKUUR
(END) Dow Jones Newswires
September 28, 2016 02:01 ET (06:01 GMT)
1 Year Orogen Gold Chart |
1 Month Orogen Gold Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
