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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Papua Min | LSE:PML | London | Ordinary Share | GB00B42TN250 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.825 | 0.80 | 0.85 | 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
TIDMPML
RNS Number : 6733Q
Papua Mining Plc
13 September 2017
13 September 2017
Papua Mining plc
("Papua" or "the Company")
Interim Results
Papua Mining plc ("Papua" or "the Company") a UK company focused on the exploration for and if commercially feasible, development of gold and copper deposits in Papua New Guinea ("PNG") presents its Interim Results for the period ending 30 June 2017.
Highlights
-- EL2051 has been renewed by the Minister for Mining for a further two year period -- Applications for renewal of ELs 1462 and 2322 have been lodged -- ELs 1804, 2353 and 2409 have been relinquished.
Exploration
No field exploration activity was carried out during the period under review. Data collation and review was conducted and it was decided to surrender ELs 1804, 2353 and 2409. Results obtained to date on these licences were not sufficiently attractive to justify the cost of maintaining the licences and it was decided to focus attention on the three most important licences where the bulk of our exploration expenditures to date have been made.
Interim Results
Our Income Statement for the six months ended 30 June, 2016 shows a loss of US$116,616 compared to a loss of US$248,798 for the same period last year. This reduced loss reflects the low level of exploration activity during the period and the very much reduced administration costs.
As stated in our Annual Report last June, your Board is engaged in discussions which it is hoped will lead to an improved outlook for the Company and its shareholders. A further announcement will be made as required.
Financial Highlights
Hot Features
Premium
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
US$ US$ US$
(unaudited) (unaudited) (audited)
(Loss) attributable to
equity owners (116,616) (248,798) (8,198,001)
Cash and cash equivalents 346,102 43,672 461,911
Exploration Assets 1,887,200 9,644,624 1,869,300
Net Assets 2,059,018 9,367,678 2,166.633
Enquiries:
Papua Mining plc Hugh McCullough, Director +353 1 532 9535 Cenkos Securities - Nominated Adviser & Broker Derrick Lee/ Beth McKiernan +44 131 220 6939
Condensed Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2017
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
US$ US$ US$
Note (unaudited) (unaudited) (audited)
Administrative costs (116,616) (248,798) (8,198,001)
Finance (charges)/income 0 0 0
---------------------------------- ------------ ------------ ------------
(Loss) before tax (116,616) (248,798) (8,198,001)
---------------------------------- ------------ ------------ ------------
Income tax expense 0 0 0
---------------------------------- ------------ ------------ ------------
(Loss) attributable
to equity (116,616) (248,798) (8,198,001)
owners for the period
Other comprehensive
(loss)/income for
the period 0 0 0
Total comprehensive (loss)
attributable to equity
owners (116,616) (248,798) (8,198,001)
for the period
-------------------------- ------ ------------ ------------ ------------
(Loss) per share
attributable to
equity owners
Basic & Diluted (0.01) (0.01) (0.08)
Condensed Interim Consolidated Statement of Financial Position
As at 30 June 2017
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
US$ US$ US$
Note (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Intangible assets 4 1,887,200 9,664,624 1,869,300
----------------------------- ----- ------------- ------------- -------------
Total non-current
assets 1,887,200 9,664,624 1,869,300
----------------------------- ----- ------------- ------------- -------------
Current Assets
Trade and other receivables 0 0 0
Cash and cash equivalents 346,102 43,672 461,911
----------------------------- ----- ------------- ------------- -------------
Total current assets 346,102 43,672 461,911
----------------------------- ----- ------------- ------------- -------------
Total assets 2,233,302 9,688,296 2,331,211
----------------------------- ----- ------------- ------------- -------------
EQUITY
Equity attributable
to owners
of the parent:
Share Capital 5 8,317,196 8,248,144 8,317,196
Share Premium 15,359,416 14,176,394 15,359,416
Other Reserves 3,087,062 3,087,062 3,087,062
Share Based Payment
Reserve 1,422,914 1,377,830 1,413,914
Retained deficit (26,127,571) (18,061,752) (26,010,955)
----------------------------- ----- ------------- ------------- -------------
Total equity 2,059,017 9,367,678 2,166,633
----------------------------- ----- ------------- ------------- -------------
LIABILITIES
Current liabilities
Trade and other payables 174,285 320,619 164,578
----------------------------- ----- ------------- ------------- -------------
Total current liabilities 174,285 320,619 164,578
----------------------------- ----- ------------- ------------- -------------
Total liabilities 174,285 320,619 164,578
----------------------------- ----- ------------- ------------- -------------
Total equity and
liabilities 2,233,302 9,688,296 2,331,211
----------------------------- ----- ------------- ------------- -------------
Condensed Interim Cash Flow Statement
For the six months ended 30 June 2017
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
US$ US$ US$
(unaudited) (unaudited) (audited)
Cash flow from operating
activities
(Loss) for the period (116,616) (248,798) (8,198,001)
Adjustments to reconcile
net profit/(loss)
before tax to cash flow
from operating activities
Impairment of intangible
assets 0 0 7,837,782
Share Based Payments 9,000 9,000 45,084
Currency adjustments 0 0 (21,918)
Net decrease/(increase)
in operating assets
-Other receivables 0 18,042 18,042
Net (decrease)/increase in operating
liabilities
-Other liabilities 9,707 51,690 (104,351)
------------------------------ ------------ --------------------------- -----------------
Net cash flow from operating
activities (97,910) (170,066) (423,362)
------------------------------ ------------ --------------------------- -----------------
Cash flow from investing
activities
Purchase of intangible
assets (17,900) (374,270) (436,727)
------------------------------ ------------ --------------------------- -----------------
Net cash used in investing
activities (17,900) (374,270) (436,727)
------------------------------ ------------ --------------------------- -----------------
Cash flow from financing
activities
Proceeds from issuance
of ordinary shares 0 288,825 1,000,899
------------------------------ ------------ --------------------------- -----------------
Net cash used in financing
activities 0 288,825 1,000,899
------------------------------ ------------ --------------------------- -----------------
Net increase/(decrease) in cash and cash equivalents (115,809) (255,511) 140,810 ------------------------------ ------------ --------------------------- ----------------- Cash and cash equivalents at the beginning of the period 461,911 299,813 299,183 Exchange difference on cash and cash equivalents 0 0 21,918 ------------------------------ ------------ --------------------------- ----------------- Cash and cash equivalents at the end of the period 346,102 43,672 461,911 ------------------------------ ------------ --------------------------- -----------------
Condensed Interim Statement of Changes in Equity
For the six months ended 30 June 2017
Share Share Other Share Retained Total
Based
Capital Premium Reserves Payment Deficit Equity
Reserve
US$ US$ US$ US$ US$ US$
Balance at 31
December 2015 8,230,864 14,444,849 3,087,062 1,368,830 (17,812,954) 9,318,651
(Loss) for the
period 0 0 0 0 (248,798) (248,798)
Shares issued
during the period 17,280 271,545 0 0 0 288,825
Share based payments 0 0 0 9,000 0 9,000
Balance at 30
June 2016 (unaudited) 8,248,144 14,716,394 3,087,062 1,377,830 (18,061,752) 18,404,303
(Loss) for the
period 0 0 0 0 (7,949,203) (7,949,203)
Shares issued
during the period 69,052 643,022 0 0 0 712,074
Share based payments 0 0 0 36,084 0 36,084
Balance at 31
December 2016 8,317,196 15,359,416 3,087,062 1,413,914 (26,010,955) 2,166,633
(Loss) for the
period 0 0 0 0 (116,616) (116,616)
Shares issued
during the period 0 0 0 0 0 0
Share based payments 0 0 0 9,000 0 9,000
Balance at 30
June 2016 (unaudited) 8,317,196 15,359,416 3,087,062 1,422,914 (26,127,571) 2,059,017
Notes to the Condensed Interim Consolidated Financial Statements
For the six months ended 30 June 2017
1 Group and Principal activities
For the purposes of these financial statements, the term "PM plc Group" is defined as the companies Papua Mining plc (the "Company"), Papua Mining Limited, Aries Mining Limited and Sagittarius Mining Limited.
Papua Mining plc is a public limited company, admitted to trading on AIM, and is incorporated and domiciled in England and Wales.
Papua Mining plc acquired 100% of the share capital of Papua Mining Limited on 20 December 2011, however each of the companies of the PM plc Group have effectively operated as a group under common management for a number of years although they did not comprise a statutory group for the entire duration of the comparative period ended 31 December 2011 as defined by International Accounting Standards.
The PM plc Group's main activity is the exploration for gold and copper resources in Papua New Guinea...
2 Basis of preparation
This interim report on the unaudited consolidated financial statements is for the six month period ended 30 June 2017. It does not include all the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31 December 2016, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").
The consolidated financial statements have been prepared under the historical cost convention except for share based payments which are valued at the date of grant.
These unaudited consolidated half-year financial statements have been prepared in accordance with accounting policies consistent with those set out in the Group's financial statements for the year ended 31 December 2016, which were prepared in accordance with IFRS as adopted by the EU.
The consolidated financial statements incorporate the financial statements of the Company and subsidiaries controlled by the Company as at 30 June 2017.
The financial information set out in this interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2016, prepared under IFRS as adopted by the EU, have been filed with the Registrar of Companies.
The Group's consolidated financial statements are presented in US dollars.
3 Accounting policies
The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 December 2016.
4 Intangible assets
30 June 30 June 31 December
Group 2017 2016 2016
US$ US$ US$
Exploration costs
At beginning of period 1,869,300 9,270,355 9,270,355
Additions 17,900 374,269 (7,401,055)
At the end of year 1,887,200 9,644,624 1,869,300
========== ========== =============
The Group's principal subsidiary undertakings at 30 June 2017, all of which are included in the consolidation, were as follows:
Proportion Class Nature Country of
held of shareholding of business incorporation
Name of Company
Subsidiary
undertakings
Papua Mining 100% Ordinary Exploration British Virgin
Limited Islands
Aries Mining 100% Ordinary Exploration Papua New
Limited Guinea
Sagittarius 100% Ordinary Exploration Papua New
Mining Limited Guinea
5 Share capital
30 June 30 June 31 December
Group 2017 2016 2016
Number Number Number
Issued share capital
Ordinary shares of $0.16
each
Ordinary shares of $0.0016
each 151,994,423 84,772,201 151,994,423
Deferred shares of $0.1584
each 51,215,534 51,215,534 51,215,534
30 June 30 June 31 December
2016 2015 2016
Issued share capital US$ US$ US$
Fully paid 8,317,196 8,248,144 8,317,196
8,317,196 8,248,144 8,317,196
============ =========== ============
Fully paid ordinary shares carry one vote per share and carry the right to dividends. There are no shares held by the entity or its subsidiaries or associates. There are no shares reserved for issue under options and contracts for the sale of shares at the year end.
On the 24th June 2014 Papua Mining plc issued 12,500,000 placing units comprising of one placing share and one placing warrant (the Placing Shares and the Placing Warrants together the "Placing Units") at a price of GBP0.20 per Placing Unit. The Placing Warrants are exercisable within 2 years of 27 June 2014 at a price of GBP0.30 per Placing Warrant.
On the 7th July 2014 Papua Mining plc issued 3,689,200 offer units comprising of one offer share and one offer warrant (the Offer Share and the Offer Warrant together the "Offer Units") at a price of GBP0.20 per Offer Unit. The Offer Warrants are exercisable within 2 years of 7 July 2014 at a price of GBP0.30 per Offer Warrant.
On 3(rd) December, Papua Mining plc created GBP138,000 of Convertible Loan Notes convertible into ordinary shares of the Company at GBP0.01 per share.
26,200,000 ordinary shares of GBP0.001 ($0.0012) each were issued at a price of GBP0.01 ($0.012) per share on 21 December 2015 and 2,590,000 ordinary shares of GBP0.001 ($0.012) each were issued at a price of GBP0.01 ($0.012) per share on 21 December 2015. In addition, 2,100,000 ordinary shares of GBP0.001 were issued to a trade creditor in settlement of an invoice for GBP21,000.
On 21 December 2015 the Ordinary Share capital of GBP0.10p was divided in Ordinary Share capital of GBP0.001 and Deferred Share capital of GBP0.099p. The Deferred Share capital has no income or voting rights and will be entitled to receive the amount paid up on a winding-up once the ordinary share capital has received GBP1,000,000 per ordinary share held.
On 21 December 2015 warrants were issued over 3,000,000 ordinary shares of GBP0.001, exercisable over five years at a price of GBP0.01 per share.
2,000,000 ordinary shares of GBP0.001 ($0.0012) each were issued at a price of GBP0.03 ($0.04) per share on 16 May 2016. In addition, 666,667 ordinary shares of GBP0.001 were issued on the same day to a trade creditor in settlement of an invoice for GBP20,000.
11,200,000 ordinary shares of GBP0.001 ($0.0012) each were issued at a price of GBP0.01 ($0.012) per share on 1 September 2016.
40,000,000 ordinary shares of GBP0.001 ($0.0012) each were issued at a price of GBP0.01 ($0.012) per share on 10 October 2016. In addition, 444,444 ordinary shares of GBP0.001 were issued to a trade creditor in settlement of an invoice for GBP5,000 and 1,777,778 ordinary shares of GBP0.001 were issued to a trade creditor in settlement of an invoice for GBP20,000. Also 13,800,000 ordinary shares of GBP0.001 were issued to satisfy a convertible note of GBP138,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UOSSRBWAKAAR
(END) Dow Jones Newswires
September 13, 2017 11:00 ET (15:00 GMT)
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