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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| W Resources Plc | LSE:WRES | London | Ordinary Share | GB00BKQN5R41 | 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% | 2.65 | 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
TIDMWRES
RNS Number : 0487E
W Resources PLC
03 May 2017
3 May 2017
W Resources Plc
("W" or the "Company")
Final Results for the Year Ended 31 December 2016
W Resources Plc (AIM: WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, announces its audited financial results for the year ended 31 December 2016.
In 2016, W Resources substantially advanced its tungsten, copper and gold assets in Spain and Portugal.
Highlights
-- Increased the La Parrilla JORC compliant resource to 51 million tonnes (Mt) at 0.096% WO3 with an indicated resource up from zero to 36 Mt which equates to 70% of the deposit (February 2016)
-- Completed the La Parrilla mine optimisation and Fast Track Mine (FTM) mining schedules, confirming low strip ratio and low cost mine development
-- Blasted the first two 10 m hard rock benches at La Parrilla in Q2 2016 in the FTM area
-- Commenced plant production Q3 2016 at La Parrilla, running in an initial custom delivery phase for customers to January 2017
-- Completed an economic initial Régua mine development plan and completed the Environmental Impact Study (EIS)
-- Concluded Copper Gold Resources Plc strategic review which highlighted significant opportunity to accelerate the development of the copper and gold projects and increase the value of the assets
-- Completed the São Martinho drilling campaign in September 2016 in order to upgrade the current JORC resource estimate. Initial results delivered strong grades at multiple levels
-- Granted the Monforte-Tinoca Portuguese exploration licence containing the Tinoca and Azeiteiros former copper mines by the DGEG in July 2016
-- Raised GBP2.45 million over three placings during 2016
Post year-end
-- Awarded the La Parrilla Jig / Mill design and construction contract to allmineral Aufbereitungstechnik GmbH & Co. KG of Germany at a contract price of EUR4.98m
-- Raised GBP750,000 since the date of the balance sheet
Chairman of W, Michael Masterman commented: "I am pleased to report that W Resources substantially advanced its tungsten, copper and gold assets in 2016, with particularly successful drilling campaigns across both the tungsten and gold projects.
"The immediate focus is to complete the financing in order to develop the expansion of La Parrilla tungsten project to produce 2,500 tpa of tungsten concentrate. The team are also making good progress with development at Régua and planning continues on the spin-off of Copper Gold Resources Plc. The near future is extremely exciting for W Resources across both its tungsten and copper / gold projects and we look forward to an active and productive 2017."
Financial Statements for the Year Ended 31 December 2016
A full copy of the W Resources Consolidated Financial Statements for the year ended 31 December 2016 is available on the Company's website at www.wresources.co.uk and an extract of the Consolidated Financial Statements for the year ended 31 December 2016 is presented below.
Enquiries:
W Resources Plc
Michael Masterman
T: +44 (0) 20 7193 7463
www.wresources.co.uk
Grant Thornton UK LLP
Colin Aaronson / Harrison Clarke T: +44 (0) 20 7383 5100
SI Capital
Andy Thacker / Nick Emerson T: +44 (0) 1483 413500
www.sicapital.co.uk
Gable Communications
Justine James
T: +44 (0) 20 7193 7463
M: +44 (0) 7525 324431
APPIX I - JORC Compliant Mineral Resource Estimates La Parrilla JORC Compliant Mineral Resource Estimate
Category Tonnes WO3 % Sn (ppm) Cut-off Indicated 36 mt 0.096 115 0.04% WO3 Inferred 15 mt 0.095 92 0.04% WO3 Total 51 mt 0.096 108 0.04% WO3 ----------- ------- ----- -------- ---------
The La Parrilla JORC-compliant mineral resource update was fully disclosed, with JORC Table 1 in a Company news release on 5 February 2016. Mr Andrew Weeks (Golder Associates Pty Ltd) was the Competent Person responsible for the Mineral Resource Estimate for the La Parrilla deposit.
Régua JORC Compliant Mineral Resource Estimate
Category Tonnes WO3 % Cut-off Indicated 3.76 mt 0.304 0.1% WO3 Inferred 1.70 mt 0.227 0.1% WO3 Total 5.46 mt 0.280 0.1% WO3 ---------- ------- ----- --------
The Régua JORC-compliant mineral resource update was fully disclosed, with JORC Table 1 in a Company news release on 27 October 2015. Mr Sia Khosrowshahi (Golder Associates Pty Ltd) was the Competent Person responsible for the Mineral Resource Estimate for the Régua deposit.
São Martinho Maiden JORC Compliant Mineral Resource Estimate
Category Tonnes Au (g/t) Au Content (Oz) Cut-off Indicated 0.48 mt 1.03 17,363 0.5 g/t Au Inferred 2.56 mt 1.05 94,624 0.5 g/t Au Total 3.04 mt 1.04 111,987 0.5 g/t Au ----------- -------- -------- --------------- ----------
The São Martinho maiden JORC-compliant mineral resource update was fully disclosed, with JORC Table 1 in a Company news release on 8 June 2016. Mr Jorge Peres (Golder Associates Pty Ltd) was the Competent Person responsible for the Mineral Resource Estimate for the São Martinho deposit.
W RESOURCES PLC CHAIRMAN'S REPORT
FOR THE YEARED 31 DECEMBER 2016
Dear Shareholders,
I am pleased to report that during 2016 W substantially advanced its tungsten, copper and gold assets.
La Parrilla, our large-scale flagship Tungsten and Tin project in Spain, advanced on both the development and production fronts in preparation for expansion of the facility to 2 million tonnes per annum (mtpa) of ROM and 2,500 tonnes per annum (tpa) of tungsten concentrate production. Key approvals and authorisations were received, and design, engineering and procurement is now advanced on this large scale, low cost project.
Key milestones at La Parrilla include an upgraded JORC resource estimate, mine plan optimisation, the first blast and mining in the Fast Track Mine (FTM) area, and commencement of production and shipments to USA customers in the December quarter 2016.
Régua, our high-grade tungsten mine in northern Portugal, also advanced and will be ready for development in 2018 at a target production rate of 1,300 tpa of tungsten concentrate.
Success was achieved on the advanced exploration front at Tarouca (Tungsten), São Martinho (Gold) and with the granting of the Monforte-Tinoca licence ("Tinoca" Copper), which holds the Tinoca and Azeiteiros former copper mines.
Tungsten and Tin
La Parrilla - Spain - targeting 2,500 tpa tungsten concentrate
-- JORC Resource update: JORC compliant resource increased to 51 million tonnes (Mt) at 0.096% WO3 (February 2016) with an indicated resource up from zero to 36 Mt which equates to 70% of the deposit.
-- Full approvals and land access for the FTM confirmed.
-- Complete title registered in name of W's 100% owned subsidiary Iberian Resources Spain SL following option exercise in 2015.
-- Mine optimisation and FTM mining schedules completed, confirming low strip ratio and low cost mine development.
-- Successful RC infill drilling program in FTM and FTM south with very high grades of tungsten and tin in Q2 2016.
-- Initial mine blast and hard rock mining Q2 2016 covering the first two 10 m benches.
-- Plant production commenced in Q3 2016, running in an initial custom delivery phase for customers to January 2017.
-- First production of tin concentrate using newly installed electrostatic separator.
-- Phase 1 finance package and tungsten off-take arrangements agreed for the start-up of the La Parrilla FTM, with the first shipment to the USA confirmed in October 2016. Optimised mine plan completed which delivers low strip ratio FTM mine pit. Metallurgical test programme and process engineering and preliminary engineering of the FTM crusher, jig / mill, and concentrator plant were also completed.
The priority in 2016 was to achieve first production and expand La Parrilla. Production commenced in Q3, delivering first tungsten concentrate to the USA in Q4. With a mineral resource of 51 Mt, which can be extracted at very low cost, and positive customer feedback on shipment, the scale up to 2,500 tonnes in 2017 will set us apart from our peers in the tungsten market.
Over the year, we achieved a number of key milestones. Significant tungsten and tin grades were announced in October and these results further reinforced the findings that there is a large lateral extension of the La Parrilla orebody to the south, with excellent grades of tungsten and tin from surface at higher grades than the rest of the orebody.
This new data should increase initial production grades which we are incorporating into the new mine plan.
W awarded the design and construction contract for the La Parrilla Jig / Mill to allmineral Aufbereitungstechnik GmbH & Co. KG (allmineral) of Germany at a contract price of EUR4.98m in April 2017. allmineral is providing vendor finance for just under 50% of the contract price on very competitive terms. Engineering, procurement and financing of the other La Parrilla plant components is advancing.
W has also applied for grants from the Extremadura Regional Government in Spain for the Crusher and the Jig / Mill and this process is ongoing in line with the application process.
Régua - Portugal - targeting 1,300 tpa tungsten concentrate
-- Initial Mine development planning completed with an economic initial mine plan.
-- An Environmental Impact Study (EIS) was completed in July and environmental approval for the trial mine is underway.
-- Development is on track for production in 2018.
Régua has a current JORC compliant mineral resource of 5.46 Mt at a grade of 0.28% WO3, with an indicated resource of 3.76 Mt at a grade of 0.304% WO3.
The Régua deposit remains open at depth and on all sides, with significant potential to boost the resource growth to the northeast including a 10 m thick tungsten intersection.
Tarouca - Portugal
In 2015, trench sampling at the Tarouca project showed high-grade tungsten results with 15 out of 126 samples exceeding 0.5% WO3, including 0.8 m at 11.4% WO3 (TTR063). Together with the 15 holes drilled in 2014, this confirms an outstanding exploration target in the north-eastern area of the licence.
After successfully completing all work plan obligations, W submitted an application to extend the Tarouca licence for another two-year period, prior to its expiry on 23 March 2017. The DGEG has indicated that it has been approved internally, and the Board is confident that it will shortly receive the final sign-off from the Secretary of State for Energy under the Ministry for the Economy.
Tarouca is 20 km from Régua and has the potential to enhance and expand the Régua development.
Copper Gold Resources
W holds significant advanced gold and copper exploration deposits. Copper Gold Resources Plc is W Resource's holding vehicle for its gold and copper assets. It is the 100% shareholder of Iberian Resources Portugal Lda., and holds the five mining assets in Portugal; Régua, CAA / Portalegre, Sa o Martinho, Tarouca and Monforte-Tinoca. In September 2016, W instigated a strategic review to explore options to better deliver the value of these assets to W shareholders. In March 2017, the conclusion of strategic review highlighted thatthere is a significant opportunity for W to accelerate the development of its copper and gold projects by focusing dedicated funding in this area which will increase the value of these assets. The Board therefore decided to evaluate alternative routes to separate these projects from W and is currently evaluating the spin-off of Copper Gold Resources Plc into a separate vehicle for which W is considering strategies including the option of separately listing on the London Stock Exchange.
CAA Portalegre - Gold
-- A maiden JORC resource estimate of 3 Mt at 1.04 g/t gold (equating to 111,987 oz. in contained gold) was completed in June 2016 on the São Martinho deposit.
-- Drilling campaign started in September 2016 at São Martinho, to upgrade the current JORC resource estimate. Initial results delivered strong grades at multiple levels.
W commenced a targeted 1,500 m diamond core drilling campaign at the São Martinho project in September 2016.
The results from 6 holes at São Martinho highlighted strong grades at multiple levels and provide a solid base to drive extension drilling with the potential for materially larger resource. This was further verified in January when W revealed exceptional results confirmed an intersection of 56.4 m at 2.34 g/t at a depth of just 2.6 m. Additional holes yielded very positive results providing a solid base to drive extension drilling with the potential for a materially larger resource.
São Martinho currently has a JORC gold resource of over 110,000 oz. The results of the drilling campaign will form part of the update for the upgrade to the JORC compliant mineral resource estimate which will be completed following an infill RC program to be completed in Q3 2017.
Monforte-Tinoca - Copper
In July 2016, the Portuguese Direction General for Energy & Geology (DGEG) under the Ministry for the Economy & the Secretary of State for Energy granted W the Monforte-Tinoca Portuguese exploration licence, containing the Tinoca and Azeiteiros former copper mines. The primary focus in 2016 has been on tungsten and gold projects and we will review activity on the copper projects in 2017.
Commodity Pricing
Tungsten prices were challenging in 2016 and the APT price reference averaged USD198/mtu for the year. Prices have recovered in 2017 to around USD215/mtu. There are emerging shortages of Tungsten concentrate which bodes well for prices for the balance of 2017.
Tin prices have surged from $13,500 per tonne at the beginning of 2016 to around $20,000 per tonne. The prospect of higher tin content and continued strengthening in the tin price provides potential for higher revenues and lower costs after by-product credits in the early years of production at La Parrilla.
Copper prices have recovered well and it is expected that mined copper production will peak in 2018 due to reserve depletion and capacity closures. Analysts are forecasting that copper prices have further room to rise towards US$7,000 per tonne due to this anticipated deficit.
The Gold price has also recovered over the past year with analysts forecasting pricing of around US$1,250 for 2017 with an uplift to over US$1,300 in 2018.
Finance
W raised GBP2.45 million over three placings in 2016. The funds raised were predominately used to advance approvals, engineering procurement and development for the 2 mtpa ROM / 2,500 tpa concentrate La Parrilla expansion, commence hard rock production at the La Parrilla mine, complete the highly successful São Martinho drilling campaign and general working capital.
The Group recorded an after-tax loss of GBP854,000 in 2016, compared to a loss of GBP606,000 in 2015. The increase is mainly due to GBP149,000 of potentially irrecoverable VAT, arising from a HMRC review of the Company's VAT position resulting in the suspension of the Company's VAT registration number. W has disputed HMRC's decision and the review remains ongoing.
Finance activity is focused on the financing of the development of La Parrilla. Specialist debt advisors have been appointed as part of the process and financing is expected to be completed in Q3 2017.
Outlook
The immediate focus of the Board and Management of W is to conclude the financing and development for the expansion of La Parrilla to produce at 2 mtpa ROM / 2,500 tpa of tungsten concentrate.
In parallel, Régua will be prepared for development in 2018 and strategies are being reviewed to spin-off Copper Gold Resources Plc into a new separate vehicle on the London Stock Exchange.
Mr M Masterman Chairman
W Resources Plc 3 May 2017
W RESOURCES PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARED 31 DECEMBER 2016
Hot Features
Premium
Notes 2016 2015
GBP'000 GBP'000
CONTINUING OPERATIONS
Revenue 2 140 82
Cost of sales (141) (100)
----------- -----------
GROSS LOSS (1) (18)
Administrative expenses (680) (570)
Exceptional items (149) -
----------- -----------
OPERATING LOSS (830) (588)
Finance costs 4 (24) (18)
----------- -----------
LOSS BEFORE INCOME TAX 5 (854) (606)
Income tax 6 - -
----------- -----------
LOSS FOR THE YEAR (854) (606)
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified
to profit or loss:
Translation reserve 1,639 (439)
Share Warrants expired (77) -
Share Options Issued 60 -
Income tax relating to items of other - -
comprehensive income
----------- -----------
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX 1,622 (439)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR 768 (1,045)
=========== ===========
Loss attributable to: Owners of the
parent (854) (606)
=========== ===========
Total comprehensive income attributable
to: Owners of the parent 768 (1,045)
=========== ===========
Loss per share expressed in pence
per share: 8
Basic (0.02) (0.02)
Diluted (0.02) (0.02)
=========== ===========
W RESOURCES PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2016
Notes 2016 2015
GBP'000 GBP'000
ASSETS
Non-Current Assets
Intangible assets 9 11,718 8,250
Property, plant and equipment 10 1,983 1,809
Investments 11 - -
--------- ---------
13,701 10,059
--------- ---------
Current Assets
Trade and other receivables 12 892 574
Cash and cash equivalents 13 357 864
--------- ---------
1,249 1,438
--------- ---------
TOTAL ASSETS 14,950 11,497
========= =========
EQUITY
Shareholders' Equity
Called up share capital 14 4,360 3,694
Share premium 15 22,381 20,316
Share based payment reserve 15 60 77
Merger Reserve 15 909 909
Translation Reserve 15 347 (1,292)
Retained earnings 15 (14,191) (13,337)
--------- ---------
TOTAL EQUITY 13,866 10,367
--------- ---------
LIABILITIES
Current Liabilities
Trade and other payables 16 895 837
Financial liabilities - borrowings Interest bearing loans and borrowings 17 189 293
--------- ---------
1,084 1,130
--------- ---------
TOTAL LIABILITIES 1,084 1,130
--------- ---------
TOTAL EQUITY AND LIABILITIES 14,950 11,497
========= =========
The financial statements were approved by the Board of Directors on 3 May 2017 and were signed on its behalf by:
M G Masterman Chairman
W RESOURCES PLC
COMPANY STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2016
2016 2015
GBP'000 GBP'000
Notes
ASSETS
Non-Current Assets
Intangible assets 9 - -
Property, plant and equipment 10 - -
Investments 11 1,520 1,520
1,520 1,520
--------- ---------
Current Assets
Trade and other receivables 12 15,057 10,593
Cash and cash equivalents 13 113 145
--------- ---------
15,170 10,738
--------- ---------
TOTAL ASSETS 16,690 12,258
========= =========
EQUITY
Shareholders' Equity
Called up share capital 14 4,360 3,694
Share premium 15 22,381 20,316
Share based payment reserve 15 60 77
Merger Reserve 15 909 909
Translation Reserve 15 (98) (98)
Retained earnings 15 (11,261) (12,889)
--------- ---------
TOTAL EQUITY 16,351 12,009
--------- ---------
LIABILITIES
Current Liabilities
Trade and other payables 16 339 249
TOTAL LIABILITIES 339 249
--------- ---------
TOTAL EQUITY AND LIABILITIES 16,690 12,258
========= =========
The financial statements were approved by the Board of Directors on 3 May 2017 and were signed on its behalf by:
M G Masterman Chairman
W RESOURCES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2016
Retained Share
Earnings Premium
Called up Share Capital GBP'000 GBP'000 GBP'000
Balance at 1 January 2015 2,420 (12,731) 17,913
Changes in equity
Issue of share capital 1,274 - 2,403
Total comprehensive income - (606) -
Balance at 31 December 2015 3,694 (13,337) 20,316
================================ ========== =========
Changes in equity
Issue of share capital 666 - 2,065
Total comprehensive income - (854) -
Balance at 31 December 2016 4,360 (14,191) 22,381
================================ ========== =========
Total
Share Based Payment Equity
Reserve GBP'000 Merger Reserve GBP'000 Translation Reserve GBP'000 GBP'000
Balance at 1 January 2015 77 909 (853) 7,735
Changes in equity
Issue of share capital - - - 3,677
Total comprehensive income - - (439) (1,045)
Balance at 31 December 2015 77 909 (1,292) 10,367
==================== ======================= ============================ =========
Changes in equity
Issue of share capital - - - 2,731
Total comprehensive income (17) - 1,639 768
Balance at 31 December 2016 60 909 347 13,866
==================== ======================= ============================ =========
W RESOURCES PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2016
Retained Earnings Share Premium
Called up Share Capital GBP'000 GBP'000 GBP'000
Balance at 1 January 2015 2,420 (12,538) 17,913
Changes in equity
Issue of share capital 1,274 - 2,403
Total comprehensive income - (351) -
Balance at 31 December 2015 3,694 (12,889) 20,316
================================ ================== ==============
Changes in equity
Issue of share capital 666 - 2,065
Total comprehensive income - 1,628 -
Balance at 31 December 2016 4,360 (11,261) 22,381
================================ ================== ==============
Total
Share Based Payment Equity
Reserve GBP'000 Merger Reserve GBP'000 Translation Reserve GBP'000 GBP'000
Balance at 1 January 2015 77 909 (98) 8,683
Changes in equity
Issue of share capital - - - 3,677
Total comprehensive income - - - (351)
Balance at 31 December 2015 77 909 (98) 12,009
==================== ======================= ============================ =========
Changes in equity
Issue of share capital - - - 2,731
Total comprehensive income (17) - - 1,611
Balance at 31 December 2016 60 909 (98) 16,351
==================== ======================= ============================ =========
W RESOURCES PLC CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2016
Notes 2016 2015
GBP'000 GBP'000
Cash flows from operating activities
Cash absorbed by operations 1 (714) (974)
Interest paid (15) (18)
Net cash from operating activities (729) (992)
--------- ---------
Cash flows from investing activities
Purchase of intangible fixed assets (2,233) (1,720)
Purchase of tangible fixed assets (31) (15)
Net cash from investing activities (2,264) (1,735)
--------- ---------
Cash flows from financing activities
New loans in year 15 165
Loan repayments in year (144) (533)
Share issue 637 1,274
Share Issue Premium 2,067 2,501
Share Issue Costs (89) (99)
--------- ---------
Net cash from financing activities 2,486 3,308
--------- ---------
(Decrease)/increase in cash and cash equivalents (507) 581
Cash and cash equivalents at beginning of year 2 864 283
Cash and cash equivalents at end of year 2 357 864
========= =========
W RESOURCES PLC COMPANY STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2016
Notes 2016 2015
GBP'000 GBP'0002
Cash flows from operating activities
Cash absorbed by operations 1 (3,206) (3,479)
Interest paid - (18)
Net cash absorbed by operating activities (3,206) (3,497)
--------- ----------
Cash flows from investing activities
Interest received 559 413
Net cash from investing activities 559 413
--------- ----------
Cash flows from financing activities
Loan repayments in year - (512)
Share issue 637 1,274
Share Premium 2,067 2,501
Share issue costs (89) (99)
Net cash from financing activities 2,615 3,164
--------- ----------
(Decrease)/increase in cash and cash equivalents (32) 80
Cash and cash equivalents at beginning of year 2 145 65
--------- ----------
Cash and cash equivalents at end of year 2 113 145
========= ==========
W RESOURCES PLC
NOTES TO THE STATEMENTS OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2016
1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS
Group 2016 2015
GBP'000 GBP'000
Loss before income tax (854) (606)
Depreciation charges 205 184
Loss on disposal of fixed assets 8 -
Share based payment 116 -
Translation reserve 73 32
Share warrants expired (77) -
Share options issued 60 -
Finance costs 24 18
--------- ---------
(445) (372)
Decrease in inventories - 52
(Increase)/decrease in trade and other receivables (318) 274
Increase/(decrease) in trade and other payables 49 (928)
Cash absorbed by operations (714) (974)
========= =========
Company 2016 2015
GBP'000 GBP'000
Profit/(loss) before income tax 1,628 (351)
Share based payments 116 -
Increase in inter-group loans (4,468) (2,785)
Share warrants expired (77) -
Share Options issued 60 -
Finance costs 9 18
Finance income (559) (413)
-------------- --------------
(3,291) (3,531)
Decrease/(increase) in trade and other receivables 26 (35)
Increase in trade and other payables 59 87
-------------- --------------
Cash absorbed by operations (3,206) (3,479)
============== ==============
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statements of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:
Group Company
31.12.16 1.1.16 31.12.16 1.1.16
GBP'000 GBP'000 GBP'000 GBP'000
Year ended 31 December 2016
Cash and cash equivalents 357 864 113 145
========= ========= ================== ==============
Year ended 31 December 2015 31.12.15 1.1.15 31.12.15GBP'000 1.1.15GBP'000
GBP'000 GBP'000
Cash and cash equivalents 864 283 145 65
========= ========= ================== ==============
W RESOURCES PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER 2016
3. SEGMENTAL REPORTING
2015 Corporate Mineral Exploration Total
GBP'000s GBP'000s GBP'000s
By Business Segment
Loss for the year (351) (255) (606)
Balance Sheet
Segment Assets 200 11,297 11,497
Segment Liabilities (136) (994) (1,130)
---------- -------------------- ----------
Net Assets 64 10,303 10,367
========== ==================== ==========
By Geographical Sector Iberia UK Total
Loss for the year (255) (351) (606)
Balance Sheet
Segment Assets 11,297 200 11,497
Segment Liabilities (994) (136) (1,130)
---------- -------------------- ----------
Net Assets 10,303 64 10,367
========== ==================== ==========
2016 Corporate Mineral Exploration Total
GBP'000s GBP'000s GBP'000s
By Business Segment
Gain/loss for the year 1,628 (2,482) (854)
Balance Sheet
Segment Assets 143 14,807 14,950
Segment Liabilities (203) (881) (1,084)
---------- -------------------- ----------
Net Assets (60) 13,926 13,866
========== ==================== ==========
By Geographical Sector Iberia UK Total
Loss for the year (2,482) 1,628 (854)
Balance Sheet
Segment Assets 14,807 143 14,950
Segment Liabilities (881) (203) (1,084)
---------- -------------------- ----------
Net Assets 13,926 (60) 13,866
========== ==================== ==========
4. NET FINANCE ASSETS
2016 2015
GBP'000 GBP'000
Finance costs: - -
Other interest 24 18
========= =========
5. LOSS BEFORE INCOME TAX
The loss before income tax is stated after charging:
2016 2015
GBP'000 GBP'000
Cost of sales 141 100
Other operating leases - 4
Depreciation - owned assets 152 129
Loss on disposal of fixed assets 8 -
Intangible assets amortisation 53 54
Directors' remuneration 32 52
Auditors' remuneration 24 21
Auditors' remuneration for non-audit work 1 3
Exceptional Items - VAT recovery disallowed 149
Foreign exchange differences - 40
========= =========
GBP40,000 of M Masterman's consultancy fee, included in directors' remuneration in 2015, was reversed in the 2016 income statement, and capitalised in intangible assets. A total of GBP 160,000 relating to M Masterman's consultancy fees were capitalised in intangible assets in 2016.
The exceptional item relates to a review by the HMRC of the Company's VAT position resulting in the suspension of the Company's VAT registration number and a deemed of VAT which has been provided for in the financial statements. The Company has disputed the HMRC's decision and the review remains ongoing.
6. INCOME TAX
Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the year ended 31 December 2015.
Factors affecting the tax expense
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:
2016 2015GBP'000
GBP'000
Loss before income tax (854) (606)
========= ============
Loss multiplied by the standard rate of corporation
tax in the UK of 20% (2015 - 20%) (171) (121)
Effects of:
Share options cost disallowed 12 -
Share warrants expired (15) -
Share based payment disallowed 23 -
Benefit of losses brought forward (3,393) (3,272)
Benefit of losses carried forward 3,544 3,393
--------- ------------
Tax expense - -
========= ============
8. LOSS PER SHARE
Basic loss per share is calculated by dividing the losses attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
Diluted losses per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares. The share options issued during 2016 are considered to be anti-dilutive in accordance with IAS 33 as on conversion they would decrease loss per share from continuing operations.
Reconciliations are set out below.
2016
Weighted Per-share
Losses Average Number Amount
GBP'000s of Shares pence
Basic LPS
Losses attributable to ordinary
shareholders (854) 4,004,583,481 (0.02)
Effect of dilutive securities
Options - - -
---------- ---------------- ----------
Diluted LPS
Adjusted losses (854) 4,004,583,481 (0.02)
========== ================ ==========
2015
Weighted Per-share
Losses Average Number Amount
GBP'000s of Shares pence
Basic LPS
Losses attributable to ordinary
shareholders (606) 3,290,674,856 (0.02)
Effect of dilutive securities
Options - - -
Diluted LPS
Adjusted losses (606) 3,290,674,856 (0.02)
========== ================ ==========
9. INTANGIBLE ASSETS
Group
Intangible
assets
GBP'000
COST
At 1 January 2016 8,349
Additions 2,233
Exchange differences 1,305
-----------
At 31 December 2016 11,887
-----------
AMORTISATION
At 1 January 2016 99
Amortisation for year 53
Exchange differences 17
-----------
At 31 December 2016 169
-----------
NET BOOK VALUE
At 31 December 2016 11,718
===========
INTANGIBLE ASSETS - continued Intangible
assets
Group GBP'000
COST
At 1 January 2015 6,990
Additions 1,720
Exchange differences (361)
-----------
At 31 December 2015 8,349
-----------
AMORTISATION
At 1 January 2015 48
Amortisation for year 54
Exchange differences (3)
-----------
At 31 December 2015 99
-----------
NET BOOK VALUE
At 31 December 2015 8,250
===========
The above represents capitalised testing works and concessions costs acquired.
10. PROPERTY, PLANT AND EQUIPMENT -
Group
Plant and Fixtures Motor
Machinery and Fittings Vehicles Totals
GBP'000 GBP'000 GBP'000 GBP'000
COST
At 1 January 2016 2,054 13 6 2,073
Additions 31 - - 31
Disposals (62) (13) (6) (81)
Exchange differences 334 - - 334
----------- -------------- ---------- ---------
At 31 December 2016 2,357 - - 2,357
----------- -------------- ---------- ---------
DEPRECIATION
At 1 January 2016 245 13 6 264
Charge for year 152 - - 152
Eliminated on disposal (55) (13) (6) (74)
Exchange differences 32 - - 32
----------- -------------- ---------- ---------
At 31 December 2016 374 - - 374
----------- -------------- ---------- ---------
NET BOOK VALUE
At 31 December 2016 1,983 - - 1,983
=========== ============== ========== =========
10. PROPERTY, PLANT AND EQUIPMENT - Continued
Group
Plant and Fixtures Motor
Machinery and Fittings Vehicles Totals
GBP'000 GBP'000 GBP'000 GBP'000
COST
At 1 January 2015 2,161 13 6 2,180
Additions 15 - 15
Exchange differences (122) - (122)
----------- -------------- ---------- ---------
At 31 December 2015 2,054 13 2,073
----------- -------------- ---------- ---------
DEPRECIATION
At 1 January 2015 124 13 6 143
Charge for year 129 - 129
Exchange differences (8) - (8)
----------- -------------- ---------- ---------
At 31 December 2015 245 13 6
----------- -------------- ---------- ---------
NET BOOK VALUE
At 31 December 2015 1,809 - 1,809
=========== ============== ========== =========
11. INVESTMENTS
Company
Shares in
group undertakings
GBP'000
COST
At 1 January 2016 and 31 December 2016 1,520
--------------------
NET BOOK VALUE
At 31 December 2016 1,520
At 31 December 2015 1,520
====================
Shares in
group undertakings
GBP'000
COST
At 1 January 2015 and 31 December 2015 1,520
--------------------
NET BOOK VALUE
At 31 December 2015 1,520
====================
11. INVESTMENTS Continued
The group or the Company's investments at the Statement of Financial Position date in the share capital of companies include the following:
Subsidiaries
Iberian Resources Spain SL
Registered office: Finca La Parrilla, 10132 Almoharin Caceres, Spain Nature of business: Tungsten mining, production, exploration
Class of shares % holding
Ordinary 100.00
2016 2015
GBP'000 GBP'000
Aggregate capital and reserves (2,001) (576)
========== =========
Copper Gold Resources Plc (Group)
Registered office: 22 Melton Street, London, NW1 2BW Nature of business: Tungsten mining exploration, development
Class of shares % holding
Ordinary 100.00
2016GBP'000 2015GBP'000
Aggregate capital and reserves 258 293
============ ============
Iberian Resources Portugal LDA
Registered office: Lugar das Mozes, 5110-159 Armamar, Portugal Nature of business: Mineral Exploration
Class of shares % holding
Ordinary 100.00
2016GBP'000 2015GBP'000
Aggregate capital and reserves 126 181
============ ============
During the year Caspian USA Inc, incorporated in the United States of America, a company in which W Resources Plc held 100% of Ordinary Shares was dissolved. All assets held within Caspian USA Inc. had previously been fully provided for.
12. TRADE AND OTHER RECEIVABLES
Group Company
2016 GBP'000 2015 GBP'000 2016 GBP'000 2015 GBP'000
Current:
Amounts owed by group undertakings - - 15,028 10,538
Other debtors 527 488 6 36
Prepayments 365 86 23 19
------------- ------------- ------------- -------------
892 574 15,057 10,593
============= ============= ============= =============
13. CASH AND CASH EQUIVALENTS
Group Company
2016 GBP'000 2015 GBP'000 2016 GBP'000 2015 GBP'000
Bank accounts 357 864 113 145
============= ============= ============= =============
14. CALLED UP SHARE CAPITAL
Allotted and issued:
Number Class Nominal Value 2016 GBP'000 2015 GBP'000
4,360,495,974 Ordinary 0.1p 4,360 3,694
============= =============
637,558,481 Ordinary Shares of 0.1p were issued during the year for cash as follows:
-- On 17 March 2016, 166,666,664 Ordinary Shares of 0.1p each were issued at a premium of 0.35p raising GBP750,000.
-- On 18 March 2016, 22,222,222 Ordinary Shares of 0.1p each were issued at a premium of 0.35p raising GBP100,000
-- On 22 June 2016, 84,933,333 Ordinary Shares of 0.1p each were issued at a premium of 0.20p raising GBP254,800.
-- On 24 August 2016, 171,428,569 Ordinary Shares of 0.1p each were issued at a premium of 0.25p raising GBP600,000.
-- On 7 November 2016, 192,307,693 Ordinary Shares of 0.1p each were issued at a premium of 0.42p raising GBP1,000,000.
29,000,000 Ordinary Shares of 0.1p were issued during the year as a performance bonuses as follows:
-- On 6 July 2016, 29,000,000 Ordinary Shares of 0.1p each were issued at a premium of 0.30p providing a performance bonus of GBP116,000.
15. RESERVES
Group
Share Based
Retained Payment
Earnings Share Premium Reserve
GBP'000 GBP'000 GBP'000
At 1 January 2016 (13,337) 20,316 77
Deficit for the year (854) - -
Cash share issue - 2,154 -
Cost of share issue - (89) -
Share options issued - - 60
Share warrants expired - - (77)
At 31 December 2016 (14,191) 22,381 60
========== ============== ============
15. RESERVES - continued
Group
Merger Translation
Reserve Reserve Totals
GBP'000 GBP'000 GBP'000
At 1 January 2016 909 (1,292) 6,673
Deficit for the year - - (854)
Cash share issue - - 2,154
Cost of share issue - - (89)
Trans to translation reserve - 1,639 1,639
Share options issued - - 60
Share warrants expired - - (77)
At 31 December 2016 909 347 9,506
========= ============ ==========
Company
Share Based
Retained Payment
Earnings Share Premium Reserve
GBP'000 GBP'000 GBP'000
At 1 January 2016 (12,889) 20,316 77
Profit for the year 1,628 - -
Cash share issue - 2,154 -
Cost of share issue - (89) -
Share options issued - - 60
Share warrants expired - - (77)
At 31 December 2016 (11,261) 22,381 60
========== ============== ============
Company
Merger Translation
Reserve Reserve Totals
GBP'000 GBP'000 GBP'000
At 1 January 2016 909 (98) 8,315
Profit for the year - - 1,628
Cash share issue - - 2,154
Cost of share issue - - (89)
Share options issued - - 60
Share warrants expired - - (77)
At 31 December 2016 909 (98) 11,991
========= ============ ==========
16. TRADE AND OTHER PAYABLES
Group Company
2016 GBP'000 2015 GBP'000 2016 GBP'000 2015 GBP'000
Current:
Trade creditors 476 399 46 69
Amounts owed to group undertakings - - 136 115
Other creditors 390 371 135 4
Accrued expenses 29 67 22 61
------------- ------------- ------------- -------------
895 837 339 249
============= ============= ============= =============
17. FINANCIAL LIABILITIES - BORROWINGS
In February 2015, a loan of GBP165,380 was granted by the Banco Bilbao Vizcaya to Iberian Resources Spain SL secured against the VAT receivable at that time. Repayment of this loan in 12 equal instalments commenced in December 2015 and the balance outstanding at 31 December 2016 was GBPNil.
On 20 October 2014, Beronia Investments Pty lent Iberian Resources Spain SL a short-term loan of EUR200,000 to cover VAT receivables. This remains outstanding, is repayable at any time and has an interest rate of 5% per annum. Interest in the year was recognised in the profit and loss account of GBP15,000 (2015: Nil). The converted balance included in financial liabilities - borrowings at the year-end was GBP189,000. (2015: GBP149,000).
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFIIEAIVIID
(END) Dow Jones Newswires
May 03, 2017 07:20 ET (11:20 GMT)
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