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TSTR Tri-star Resources Plc

1.80
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tri-star Resources Plc LSE:TSTR London Ordinary Share GB00BGDLPW84 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.80 1.50 2.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Tri-Star Resources PLC Interim Results (1447L)

29/09/2016 7:01am

UK Regulatory


Tri-star Resources (LSE:TSTR)
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TIDMTSTR

RNS Number : 1447L

Tri-Star Resources PLC

29 September 2016

TRI-STAR RESOURCES PLC

("Tri-Star" or the "Company")

Interim Results for the six month period ended 30 June 2016

Tri-Star (AIM: TSTR), the integrated antimony development company, is pleased to announce results for the six months ended 30 June 2016.

Results for the Interim Period

Following the successful implementation of restructuring initiatives undertaken in the latter part of 2015 and the first half of 2016, Tri-Star is pleased to report a significantly reduced operating loss for the six months to 30 June 2016 of GBP485,000 (2015: GBP1,083,000). Total comprehensive loss amounts to GBP931,000 (2015: GBP1,924,000).

Administration and exploration expenses have been cut by 55% in the first half to GBP478,000 (2015: GBP1,072,000).

Business Review

Activity during the first half has focussed on the continued development of the Oman Antimony Roaster Project ("OAR"). The OAR is being developed by Strategic & Precious Metals Processing LLC ("SPMP"), an Omani company. The OAR is being built by SPMP in Sohar, Oman. Tri-Star has a 40% interest in SPMP.

The OAR has continued to show good progress in 2016. SPMP's most notable developments announced to date include: the strengthening of its management team, confirmation that the project is now entering the procurement and implementation phase, and the strategically important and exciting inclusion of a revenue-enhancing gold plant within the overall specification for the facility.

Tri-Star will continue to keep the market updated with developments in relation to this crucial project.

Market Abuse Regulations

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:

Tri-Star Resources plc Tel: +44 (0) 20 3470 0470

Guy Eastaugh, Chief Executive Officer

   SP Angel Corporate Finance (Nomad and Broker)                             Tel: +44 (0) 20 3470 0470 

Robert Wooldridge / Jeff Keating

Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7825 916 715

Dominic Barretto / Alistair de Kare-Silver

TRI-STAR RESOURCES PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2016

 
                                             Notes       Unaudited       Unaudited 
                                                      Period ended    Period ended 
                                                           30 June         30 June 
                                                              2016            2015 
                                                           GBP'000         GBP'000 
 
 Share based payment charge                                    (5)            (11) 
 Exploration expenditure 
  and other administrative 
  expenses                                                   (478)         (1,072) 
 Amortisation of intangibles                                   (2)               - 
 Total administrative expenses 
  and loss from operations                                   (485)         (1,083) 
 
 Share of loss in associated 
  companies                                                  (305)            (93) 
 
 Finance income                                                848             180 
 Finance cost                                                (990)           (638) 
                                                    --------------  -------------- 
 Loss before taxation                                        (932)         (1,634) 
 
 Taxation                                        4               -               - 
 
 Loss after taxation, and 
  loss attributable to the 
  equity holders of the 
  Company                                                    (932)         (1,634) 
 
 Loss before and after 
  taxation attributable 
  to 
 Non-controlling interest                                        -             (3) 
 Equity holders of the 
  parent                                                     (932)         (1,631) 
 
 Other comprehensive (expenditure)/income 
 Items that will be reclassified 
  subsequently to profit 
  and loss 
 Exchange differences on 
  translating foreign operations                                 1           (290) 
 
 Other comprehensive (expenditure)/income 
  for the period, net of 
  tax                                                            1           (290) 
                                                    --------------  -------------- 
 
 Total comprehensive loss 
  for the year, attributable 
  to owners of the Company                                   (931)         (1,924) 
                                                    ==============  ============== 
 
 Total comprehensive loss 
  attributable to 
 Non-controlling interest                                        -             (3) 
 Equity holders of the 
  parent                                                     (931)         (1,921) 
 
 Loss per share 
 Basic and diluted loss 
  per share (pence)                              5          (0.01)          (0.02) 
                                                    ==============  ============== 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2016

 
                                                 30 June       31 December 
                                                    2016              2015 
                                             (Unaudited)         (Audited) 
 
 Assets                            Notes         GBP'000           GBP'000 
 
 Non-current 
 Intangible assets                                    20                 - 
 Investment in associates                          1,947             2,252 
 Property, plant and equipment                        57                62 
                                          --------------      ------------ 
                                                   2,024             2,314 
 Current 
 Cash and cash equivalents                           580             1,308 
 Trade and other receivables                          59               148 
 Total current assets                                639             1,456 
 
 Total assets                                      2,663             3,770 
                                          ==============      ============ 
 
 Liabilities 
 Current 
 Trade and other payables                             49               373 
 Derivative financial liability        6             253             1,100 
 Total current liabilities                           302             1,473 
 
 Liabilities due after 
  one year 
 Loans                                 6           9,309             8,318 
 Deferred tax liability                              176               176 
 Total liabilities                                 9,787             9,967 
 
 Equity 
 Issued share capital                              2,601             2,601 
 Share premium                                    14,519            14,515 
 Share based payment reserve                       1,074             1,074 
 Other reserves                                  (6,156)           (6,156) 
 Translation reserve                               (757)             (758) 
 Retained earnings                              (18,402)          (17,470) 
                                          --------------      ------------ 
                                                 (7,121)           (6,194) 
                                          --------------      ------------ 
 
 Non-controlling interest                            (3)               (3) 
 Total equity                                    (7,124)           (6,197) 
 Total equity and liabilities                      2,663             3,770 
                                          ==============      ============ 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHSED 30 JUNE 2016

 
                                      Unaudited       Unaudited 
                                   Period ended    Period ended 
                                        30 June         30 June 
                                           2016            2015 
                                        GBP'000         GBP'000 
 Cash flows from operating 
  activities 
 Loss after tax                           (932)         (1,634) 
 Amortisation of intangibles                  2               - 
 Depreciation                                10              10 
 Finance income                             (1)             (1) 
 Finance cost                               991             638 
 Loss from associates                       305              93 
 Fees paid by shares                          5              11 
 Equity settled share-based 
  payments                                    -              11 
 Movement on fair value 
  of derivatives                          (847)           (178) 
 Decrease/(increase) in 
  trade and other receivables                97             (3) 
 (Decrease) in trade and 
  other payables                          (368)            (68) 
 Net cash outflow from 
  operating activities                    (738)         (1,121) 
                                 --------------  -------------- 
 
 Cash flows from investing 
  activities 
 Purchase of property, 
  plant and equipment                       (2)            (15) 
 Purchase of intangible 
  assets                                   (22)               - 
 Cash invested in associates                  -            (27) 
 Finance income                               1               1 
 Net cash outflow from 
  investing activities                     (23)            (41) 
                                 --------------  -------------- 
 
 Net (decrease) in cash 
  and cash equivalents                    (761)         (1,162) 
 Cash and cash equivalents 
  at beginning of period                  1,308           1,496 
 Exchange differences on 
  cash and cash equivalents                  33             (7) 
 Cash and cash equivalents 
  at end of period                          580             327 
                                 --------------  -------------- 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHSED 30 JUNE 2016

 
                         Share                Share              Other       Share-based              Translation           Retained                      Total   Non-controlling                      Total 
                       capital              premium           reserves           payment                  reserve           earnings               attributable          interest                     equity 
                                            account                              reserve                                                                     to 
                                                                                                                                                         owners 
                                                                                                                                                             of 
                                                                                                                                                         parent 
                       GBP'000              GBP'000            GBP'000           GBP'000                  GBP'000            GBP'000                    GBP'000           GBP'000                    GBP'000 
 
 Balance at 
  1 January 
  2015 
  (audited)              2,525               13,179            (6,156)               767                    (256)           (10,140)                       (81)             (235)                      (316) 
 Issue of 
  share capital              -                   11                  -                 -                        -                  -                         11                 -                         11 
 Share based 
  payments                   -                    -                  -                11                        -                  -                         11                 -                         11 
 Transactions 
  with owners                -                   11                  -                11                        -                  -                         22                 -                         22 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Loss for 
  the period                 -                    -                  -                 -                        -            (1,631)                    (1,631)               (3)                    (1,634) 
 Exchange 
  difference 
  on 
  translation 
  of foreign 
  operations                 -                    -                  -                 -                    (290)                  -                      (290)                 -                      (290) 
 Total 
  comprehensive 
  loss for 
  the period                 -                    -                  -                 -                    (290)            (1,631)                    (1,921)               (3)                    (1,924) 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Balance at 
  30 June 2015 
  (unaudited)            2,525               13,190            (6,156)               778                    (546)           (11,771)                    (1,980)             (238)                    (2,218) 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Issue of 
  share capital             76                1,438                  -                 -                        -                  -                      1,514                 -                      1,514 
 Share issue 
  costs                      -                (113)                  -                 -                        -                  -                      (113)                 -                      (113) 
 Share based 
  payments                   -                    -                  -               326                        -                  -                        326                 -                        326 
 Transfer 
  on lapse 
  of warrants                -                    -                  -              (30)                        -                 30                          -                 -                          - 
                                                                        ---------------- 
 Transactions 
  with owners               76                1,325                  -               296                        -                 30                      1,727                 -                      1,727 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Loss for 
  the period                 -                    -                  -                 -                        -            (5,729)                    (5,729)               235                    (5,494) 
 Exchange 
  difference 
  on 
  translation 
  of foreign 
  operations                 -                    -                  -                 -                    (212)                  -                      (212)                 -                      (212) 
 Total 
  comprehensive 
  loss for 
  the period                 -                    -                  -                 -                    (212)            (5,729)                    (5,941)               235                    (5,706) 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Balance at 
  31 December 
  2015 
  (audited)              2,601               14,515            (6,156)             1,074                    (758)           (17,470)                    (6,194)               (3)                    (6,197) 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Issue of 
  share capital              -                    4                  -                 -                        -                  -                          4                 -                          4 
 Share based 
  payments                   -                    -                  -                 -                        -                  -                          -                 -                          - 
                                                                        ---------------- 
 Transactions 
  with owners                -                    4                  -                 -                        -                  -                          4                 -                          4 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Loss for 
  the period                 -                    -                  -                 -                        -              (932)                      (932)                 -                      (932) 
 Exchange 
  difference 
  on 
  translation 
  of foreign 
  operations                 -                    -                  -                 -                        1                  -                          1                 -                          1 
 Total 
  comprehensive 
  loss for 
  the period                 -                    -                  -                 -                        1              (932)                      (931)                 -                      (931) 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 Balance at 
  30 June 2016 
  (unaudited)            2,601               14,519            (6,156)             1,074                    (757)           (18,402)                    (7,121)               (3)                    (7,124) 
                 -------------  -------------------  -----------------  ----------------  -----------------------  -----------------  -------------------------  ----------------  ------------------------- 
 

NOTES TO THE INTERIM REPORT

FOR THE SIX MONTHSED 30 JUNE 2016

1. GENERAL INFORMATION

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The statutory financial statements of the Company and its subsidiaries (the "Group") for the year ended 31 December 2015 have been completed and filed at Companies House. The auditor's report on the annual financial statements was unqualified and did not contain statements under section 498(2) or section 498(3) of the Companies Act 2006.

2. ACCOUNTING POLICIES

BASIS OF PREPARATION

The Company's ordinary shares are quoted on the AIM market of the London Stock Exchange and the Company applies the Companies Act 2006 when preparing its annual financial statements.

The annual financial statements for the year ended 31 December 2016 will be prepared under International Financial Reporting Standards as adopted by the European Union (IFRS) and the principal accounting policies adopted remain unchanged from those adopted in preparing its financial statements for the year ended 31 December 2015.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.

GOING CONCERN

The Directors have prepared cash flow forecasts for the period ending 30 September 2017. The forecasts identify unavoidable third party running costs of the Group and demonstrate that the Group will have sufficient cash resources available to allow it to continue in business for a period of at least twelve months from the date of approval of these interim financial statements. Accordingly, the accounts have been prepared on a going concern basis. The forecasts assume receipt of the US$ 2million contingent asset referred to in Note 7 of these interim financial statements.

3. SEGMENTAL REPORTING

An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group's chief operating decision maker to make decisions about the allocation of resources and assessment of performance and about which discrete financial information is available. The chief operating decision maker has defined that the Group's only reportable operating segment during the period is mining.

The Group has not generated any revenues from external customers during the period.

In respect of the non-current assets as at 30 June 2016 of GBP2,024,000, GBP35,000 arise in the UK (30 June 2015: GBP48,000, 31 December 2015: GBP41,000), and GBP1,989,000 arise in the rest of the world (30 June 2015: GBP4,467,000, 31 December 2015: GBP2,273,000).

4. TAXATION

Unrelieved tax losses of approximately GBP15.30 million as at 30 June 2016 (30 June 2015: GBP9.61 million, 31 December 2015: GBP14.92) remain available to offset against future taxable trading profits. The unprovided deferred tax asset at 30 June 2016 is GBP3,447,000 (30 June 2015: GBP2,197,000, 31 December 2015: GBP3,269,000) which has not been provided on the grounds that it is uncertain when taxable profits will be generated by the Group to utilise those losses.

5. LOSS PER SHARE

The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.

 
                                          Unaudited              Unaudited 
                                         six months             six months 
                                              ended                  ended 
                                       30 June 2016           30 June 2015 
                                            GBP'000                GBP'000 
 
Loss on ordinary activities 
 after tax (GBP'000)                          (932)                (1,634) 
                              ---------------------  --------------------- 
 
Weighted average number 
 of shares for calculating 
 basic loss per share                 8,461,899,843          6,944,959,686 
                              ---------------------  --------------------- 
 
Basic and diluted loss 
 per share (pence)                           (0.01)                 (0.02) 
                              ---------------------  --------------------- 
 

Diluted earnings per share is the same as basic loss per share in each year because the potential shares arising under the share option scheme, share warrants and convertible bonds are anti-dilutive.

The weighted average number of ordinary shares excludes deferred shares which have no voting rights and no entitlement to a dividend.

6. CONVERTIBLE SECURED LOAN NOTES

The Company has issued three tranches of convertible secured loan notes ("Notes") to Odey European Inc. ("OEI"). The Notes carry a non-cash coupon of 15% per annum which compounds half yearly and are secured by way of a guarantee and debenture granted by Tri-Star Antimony Canada Inc. The Notes are redeemable at 100% of their principal amount plus accrued interest by way of the issue of new Tri-Star Resources plc ordinary shares on 19 June 2018 (unless otherwise previously so converted).

On 19 June 2013, Tri-Star made the initial issuance of GBP4.0 million of Notes to OEI (the "2013 Notes"). These Notes were drawn down in two tranches of GBP1.33 million on 20 June 2013 and of GBP2.67 million on 27 September 2013.

On 27 August 2014, Tri-Star issued additional GBP2.0 million of Notes to OEI under the same terms as in 2013 (the "2014 Notes"). On 11 August 2015, Tri-Star issued a further GBP2.0 million of Notes, again, under the same terms (the "2015 Notes").

The conversion price is fixed at GBP0.0020. On maturity in June 2018, if a conversion notice has not been served previously, the Notes will convert into new Tri-Star ordinary shares at the conversion price of GBP0.0020. Up to maturity, OEI has the option to serve a conversion notice (at the conversion price) at any time. If the conversion of Notes in the period to maturity results in OEI holding more than 29.9% of the Company's enlarged voting share capital, OEI has the option of either continuing to hold those notes the conversion of which would increase its holding of shares above 29.9% or otherwise to have those notes redeemed in cash.

The Directors consider that the use of the Black-Scholes model is the most appropriate method of valuing the derivative component of the Notes. The following assumptions were used in calculating the fair value:

   -     the option to convert the Notes into equity will be exercised on 31 December 2016 

- share price volatility for a Tri-Star Resources plc share of 117%, which is based on historic volatility

   -     conversion price of GBP0.0020 
   -     Tri-Star Resources plc share price of GBP0.0009 
   -     the effects of potential dilution have been ignored 

The carrying value of the host debt component of the Notes at 30 June 2016 amounted to GBP9,309,000 (31 December 2015: GBP8,318,000; 30 June 2015: GBP5,711,000). The increase in fair value in the six month period, amounting to GBP991,000, has been recorded in finance cost in the Consolidated Statement of Comprehensive Income for the period ended 30 June 2016 (30 June 2015: GBP638,000).

The conversion option is an embedded derivative treated as a liability at fair value through profit and loss. At 30 June 2016 the fair value of the embedded derivative, calculated using the Black-Scholes option valuation model, was GBP253,000 (31 December 2015: GBP1,100,000; 30 June 2015: GBP448,000). The decrease in fair value in the six month period, amounting to GBP847,000, has been recorded in finance income in the Consolidated Statement of Comprehensive Income for the period ended 30 June 2016 (30 June 2015: GBP178,000).

The Notes are recorded in the Consolidated Statement of Financial Position as follows:

 
Carrying 
 value of          At 30     Profit      At 31    At 30     Profit      At 31 
 host debt          June   and loss   December     June   and loss   December 
 instrument         2016   movement       2015     2015   movement       2014 
                 GBP'000    GBP'000    GBP'000  GBP'000    GBP'000    GBP'000 
2013 Notes       (4,862)      (582)    (4,280)  (3,748)      (459)    (3,289) 
2014 Notes       (2,380)      (218)    (2,162)  (1,963)      (179)    (1,784) 
2015 Notes       (2,067)      (191)    (1,876)        -          -          - 
TOTAL            (9,309)      (991)    (8,318)  (5,711)      (638)    (5,073) 
                 -------  ---------  ---------  -------  ---------  --------- 
 
Fair value         At 30     Profit      At 31    At 30     Profit      At 31 
 of derivative      June   and loss   December     June   and loss   December 
                    2016   movement       2015     2015   movement       2014 
                 GBP'000    GBP'000    GBP'000  GBP'000    GBP'000    GBP'000 
2013 Notes         (140)        468      (608)    (313)        124      (437) 
2014 Notes          (60)        203      (263)    (135)         54      (189) 
2015 Notes          (53)        176      (229)        -          -          - 
TOTAL              (253)        847    (1,100)    (448)        178      (626) 
                 -------  ---------  ---------  -------  ---------  --------- 
 

7. CONTINGENT ASSET

Under the agreement to sell the Roaster intellectual property to SPMP, there remains a balance of US$ 2million to be paid to Tri-Star by SPMP. This payment is contingent upon the successful completion of a pilot plant and has not been recognised as an asset in the financial statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR SEAEFAFMSESU

(END) Dow Jones Newswires

September 29, 2016 02:01 ET (06:01 GMT)

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