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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tethyan Res | LSE:TETH | London | Ordinary Share | GB00BYVFRB16 | 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% | 3.00 | 2.50 | 3.50 | 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
TIDMTETH
RNS Number : 1359R
Tethyan Resources PLC
07 December 2016
TETHYAN RESOURCES PLC
("TETH" or the "Company")
INTERIM REPORT FOR SIX MONTHSED 30 SEPTEMBER 2016
Chairman's Statement
During the period under review, we incurred a loss of GBP577,000 on pursuing our exploration projects in the Balkans region and on covering the costs associated with operating as a listed company; our cash balance declined by GBP411,000 from GBP1,024,000 to GBP613,000. The decline in the cash balance over the period is less than the loss figure, due to the cash injection during the period which is referred to below.
New Ventures and Moroccan Minerals
Following our announcement on 1 December 2015, the Company acquired all the outstanding shares of Moroccan Minerals Ltd (MML) on 25 May 2016. MML had signed an earn in agreement with a local partner to earn up to an 80% interest in a polymetallic project ("Chadine") in Serbia. We withdrew from the Chadine project on 6 October 2016 following a drilling campaign which confirmed the presence of mineralisation, but not of a grade or size that we considered potentially commercial.
We are now managing two other projects, Suva Ruda and Gokcanica, both in South West Serbia. We have an option agreement for Suva Ruda, whereby we can acquire the project through purchase payments and by carrying out an agreed work programme. A summary of the agreement terms was included in our announcement of 27 September 2016. The agreement with Deep Research provides us with an option to purchase 100% of the Suva Ruda Licence or of the shares in Deep Research (at Tethyan's discretion) for a cash payment of EUR6 million, plus a percentage of the eventual capital cost of building the mine. We can exercise this option at any time during the total duration of the Licence and any future extensions of the Licence (a minimum of 7 years from the date of the Agreement). Tethyan needs to carry out the work programme by drilling 2,000m in 2016 on the 'Rudnitza' porphyry, in which is taking place in November-December. More details on Gokcanica are included in our announcement of 5 July 2016. Tethyan may earn up to an 80% interest in the Gokcanica project by completing exploration worth US$ 500,000 to be followed by a PFS and BFS. We have carried out some reconnaissance sampling at Gokcanica and plan to step up the programme next year.
Financing and Strategic Partner
We raised GBP163,400 gross in a private placement on 26 April 2016 and, subsequent to the reporting period, we are in the process of raising additional financing in two tranches, the second of which is expected to be completed following the General Meeting of 12 December 2016, which was announced on 22 November and was called to authorise the issue of additional new shares. As part of this latest financing, we have welcomed a strategic partner, Southern Arc which, on completion of the financing, is expected to hold 29.9% of Tethyan's shares in issue. This was announced on 21 November.
Change of Adviser
Subsequent to the reporting period, we were pleased to engage Cairn Financial Advisers as our Nominated Adviser and Broker, which we announced on 17 November. They take over from finnCap, who had provided us with excellent advice and guidance during our years of partnership with them.
Other Developments
Also in the period under review, and as announced on 24 June 2016, the Company's name was changed from Aurasian Minerals plc to Tethyan Resources plc to better reflect its activities. The Company's accounting reference date was changed from 31 March to 31 December to bring it into line with its subsidiaries and the majority of corporate entities operating in the Balkans. It also undertook a capital reorganisation consisting of a consolidation of six ordinary shares into one new ordinary share.
Conclusion
The Company has, over the 6 months reporting period, developed its presence in the Balkans, with two active projects in Serbia. We are also seeking other projects in the region, currently in Serbia and Bulgaria.
We hope to progress the Suva Ruda and Gokcanica projects rapidly in the current reporting period and to make progress in acquiring interests in other projects. We will continue to keep our shareholders updated on our progress
Christopher Goss
Chairman
For further information, please contact:
Tethyan Resources Plc
Christopher Goss chris@tethyan-resources.com
Peter Mullens pjm@tethyan-resources.com
Cairn Financial Advisers LLP
James Caithie +44 (0) 20 7213 0880
Sandy Jamieson
Copies of this report are available to view on the Company's website at: http://tethyan-resources.com
TETHYAN RESOURCES PLC
INTERIM REPORT FOR SIX MONTHSED 30 SEPTEMBER 2016
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Consolidated income statement Six months Year
ended ended
30th September 31st
March
2016 2015 2016
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Revenue - - -
Cost of sales - - -
----------------------------------------- ------------ ------------ ----------
Gross profit - - -
Operating expenses (572) (263) (441)
Share-based payments - - (29)
Operating loss (572) (263) (470)
----------------------------------------- ------------ ------------ ----------
Finance income 2 - 5
Finance costs - (18) -
Net finance income / (cost) 2 (18) 5
Loss before taxation (570) (281) (465)
Income tax expense - - -
----------------------------------------- ------------ ------------ ----------
Loss for the period from continuing
operations (570) (281) (465)
----------------------------------------- ------------ ------------ ----------
Loss for the period attributable
to equity holders of the parent (570) (281) (465)
----------------------------------------- ------------ ------------ ----------
Basic and diluted (loss) per share
(pence) (0.07)p (0.01)p (0.02)p
Consolidated statement of comprehensive Six months Year
income ended ended
30th September 31st
March
2015 2015 2016
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Loss for the period (570) (281) (465)
Other comprehensive income:
Exchange differences on translating (7) - -
foreign operations
Total comprehensive income for the
period attributable to equity holders
of the parent (577) (281) (465)
----------------------------------------- ------------ ------------ ----------
TETHYAN RESOURCES PLC
INTERIM REPORT FOR SIX MONTHSED 30 SEPTEMBER 2016
Consolidated balance sheet
30th September 31st
March
2016 2015 2016
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Assets
Exploration and evaluation assets - 495 -
held for sale
Tangible assets 38 - -
Trade and other receivables 60 8 6
Cash and cash equivalents 613 664 1,024
Total current assets 711 1,167 1,030
----------------------------------- ------------ ------------ ----------
Total assets 711 1,167 1,030
----------------------------------- ------------ ------------ ----------
Equity attributable to owners of
the parent
Share capital 3,809 3,735 3,735
Share premium 25,590 25,431 25,431
Share-based payment reserve 736 707 736
Currency translation reserve - 748 -
Own shares held reserve (71) (50) (71)
Retained losses (29,444) (29,431) (28,867)
Total equity 620 1,140 964
----------------------------------- ------------ ------------ ----------
Liabilities
Current liabilities Trade and other payables 91 27 66 ----------------------------------- ------------ ------------ ---------- Total liabilities 91 27 66 Total equity and liabilities 711 1,167 1,030 ----------------------------------- ------------ ------------ ----------
TETHYAN RESOURCES PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2016
Consolidated statements of cash flows Six months Year
ended ended
30th September 31st
March
2016 2015 2016
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Cash flows from operating activities
Loss before and after tax (577) (281) (465)
Share-based payments - - 29
Interest received - - (3)
Operating loss (577) (281) (439)
(Increase)/Decrease in trade and
other receivables (54) 10 (19)
(Decrease) / Increase in trade and
other payables 25 (18) 21
Net cash outflow from operating activities (606) (289) (437)
-------------------------------------------- ------------ ------------ ----------
Cash flows from investing activities
Interest received - - 3
Proceeds from disposal of investment - - 505
Acquisition of fixed assets (38) - -
Net cash inflow from investing activities (38) - 508
-------------------------------------------- ------------ ------------ ----------
Financing activities
Proceeds from issue of equity shares 233 208 208
Net cash inflow from financing activities 233 208 208
Net increase/(decrease) in cash and
cash equivalents (411) (81) 279
Cash and cash equivalents at beginning
of period 1,024 745 745
Exchange differences - - -
-------------------------------------------- ------------ ------------ ----------
Cash and cash equivalents at end
of period 613 664 1,024
-------------------------------------------- ------------ ------------ ----------
TETHYAN RESOURCES PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2016
Consolidated statements of changes in equity
Share Share Share Own Currency Retained Total
capital premium based shares translation losses equity
payment held reserve
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 March 2015
(Audited) 3,687 25,271 707 (50) 748 (29,150) 1,213
----------------------- --------- --------- --------- --------- ------------- --------- --------
Loss for the
period - - - - - (281) (281)
Total comprehensive
income for the
period attributable
to equity holders
of the parent - - - - - (281) (281)
----------------------- --------- --------- --------- --------- ------------- --------- --------
Shares issued 48 160 - - - - 208
At 30 September
2015 (Unaudited) 3,735 25,431 707 (50) 748 (29,431) 1,140
----------------------- --------- --------- --------- --------- ------------- --------- --------
Loss for the
period - - - - - (184) (184)
Total comprehensive
income for the
period attributable
to equity holders
of the parent - - - - - (184) (184)
----------------------- --------- --------- --------- --------- ------------- --------- --------
Transfer from
currency revaluation
reserve
Shares held by - - - - (748) 748 -
EBT - - - (21) - - (21)
Share-based payments - - 29 - - - 29
At 31 March 2016
(Audited) 3,735 25,431 736 (71) - (28,867) 964
----------------------- --------- --------- --------- --------- ------------- --------- --------
Loss for the
period - - - - - (577) (577)
Total comprehensive
income for the
period attributable
to equity holders
of the parent - - - - - (577) (577)
----------------------- --------- --------- --------- --------- ------------- --------- --------
Shares issued 74 159 - - - - 233
At 30 September
2016 (Unaudited) 3,809 25,590 736 (71) - (29,444) 620
----------------------- --------- --------- --------- --------- ------------- --------- --------
TETHYAN RESOURCES PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2016
Notes to the interim financial information
1. No dividend is proposed in respect of the period.
2. The results for the period ended 30(th) September 2016 are derived from continuing activities.
3. Basis of preparation
This interim financial information has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union with the exception of IAS 34 Interim Financial Reporting, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Group's audited financial statements for the year ended 31(st) March 2016.
The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information for the six months ended 30(th) September 2016 and 30(th) September 2015 is unaudited. The comparative information for the year ended 31(st) March 2016 was derived from the Group's audited financial statements as filed with the Registrar of Companies. It does not constitute the financial statements for that year. The auditors reported on those financial statements; their report was unqualified, did not contain a statement under section 498(2) or 498 (3) of the Companies Act 2006, and did not include reference to any matters to which the auditor drew attention by way of emphasis.
4. Loss per share
The calculation of loss per share is based on a loss of GBP577,000 for the period ended 30(th) September 2016 (30(th) September 2015: loss of GBP281,000; 31(st) March 2016: loss of GBP465,000) and, following the share reorganisation and issuing of shares in the period, the weighted average number of 83,379, 972 shares in issue (31(st) March 2016: 67,379,970; 30(th) September 2015: 65,006,998). There is no difference between the diluted loss per share and the loss per share presented.
Share options that could have a potentially dilutive effect on earnings per share in the future as at 30(th) September 2016 were:
-- 18,400,000 share options in issue at prices between 1.0 and 1.1 pence per share
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FSEFAMFMSEEE
(END) Dow Jones Newswires
December 07, 2016 02:00 ET (07:00 GMT)
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