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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ormonde Mining Plc | AQSE:ORM | Aquis Stock Exchange | Ordinary Share | IE00BF0MZF04 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.225 | 0.20 | 0.25 | 0.225 | 0.225 | 0.225 | 0.00 | 06:55:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMORM
RNS Number : 0781O
Ormonde Mining PLC
29 September 2023
29 September 2023
Ormonde Mi n i ng p lc
("Or m onde" or the "C o m pany ")
Interim Results for the six months ended 30 June 2023
Ormonde Mining plc (AQSE: ORM), a natural resource company providing exposure to quality and diverse assets across a range of strategic minerals, announces its unaudited interim results for the six months ended 30 June 2023.
Key points:
-- Acquisition of an initial 36.2% interest in Toronto-listed exploration company, TRU Precious Metals Corp ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada
-- Acquisition of a 20% interest in Peak Nickel Limited ("PNL") which is advancing exploration on a potentially significant battery metals project
-- Transfer of the Company's shares to trading on the Aquis Growth Market
Brendan McMorrow, Chief Executive Officer, commented:
"I am very pleased with the progress achieved during the first six months of 2023. During the period we identified and negotiated two highly attractive investment opportunities to advance the Board's stated goal of generating shareholder value by leveraging the Company's balance sheet and resources whilst carefully managing its operating costs.
"The Company now has exposure to two compelling, diverse and complementary exploration opportunities. These opportunities position the Company and its shareholders for future capital growth, while retaining a stock market listing on the Aquis Growth Market."
Operational Review
TRU Investment
On 30 June 2023, just prior to the end of the reporting period, Ormonde announced its intention to acquire an initial 36.2% interest in TRU's share capital through a private subscription for 60 million new common shares of TRU at CAD $0.05 per share for a total consideration of CAD $3,000,000. Ormonde has the potential to increase its shareholding up to 46.0% through the exercise of warrants. This investment was approved by Ormonde's shareholders after the period end, on 25 August 2023, and completed on 5 September 2023.
TRU's flagship Golden Rose Project ("Golden Rose") is in the highly prospective Cape Ray - Valentine Lake gold-bearing structural corridor in Southern Central Newfoundland. Golden Rose is a regional-scale 273.5 km(2) land package, of which 240.25km(2) is fully owned by TRU, with the additional 33.25 km(2) held under an option to acquire a 65% interest.
This coherent land package straddles a 45km strike length along the deposit-bearing Cape Ray -Valentine Lake shear zone and is located between Marathon Gold's Valentine Gold Project (4 million oz Measured and Indicated) and Matador Mining's Cape Ray Gold Project (0.6 million oz Indicated and Inferred - exploration continuing).
Following recent significant discoveries, Newfoundland has become one of the world's most attractive gold exploration regions. The prospective geology, ease of access, a supportive local government and moderate weather all combine to give Newfoundland a top 10 global ranking for mining investment attractiveness by the Fraser Institute.
Within the TRU landholding, various mineralisation styles have already been recognised, including a structural domain potentially similar to the Curraghinalt gold deposit in Northern Ireland (6 million oz). Golden Rose has had limited historical exploration, but the prospectivity of the area has been confirmed. TRU has capitalised on previous work and is already turning up new high-grade gold and copper mineralised targets on the property with high grades similar to those that other Newfoundland explorers have been reporting in recent years.
With the help of Ormonde, TRU intends to fast-track the advancement of Golden Rose, as well as the evaluation of other mineral property transaction opportunities, leveraging our teams' complementary experience.
PNL Investment
PNL, in which Ormonde acquired a 20% interest on 7 February 2023, is a private UK-based company, which is advancing exploration on a promising battery metals project. Ormonde's investment ( GBP512,500) was designed to support a fast-track initial drilling programme aimed at identifying a modern, code-compliant resource in those minerals. The Board is continuing to closely follow the progress of this exploration programme with a view to supporting, if and as appropriate and commensurate with Ormonde's shareholding, the further development of this very attractive project, as the opportunities unfold.
Financial Review
Interim Results
The Company reports a loss after tax for the six months ended 30 June 2023 of EUR454,000 (H1 2022: EUR363,000 Loss), with the increased loss for the period reflecting additional costs incurred on the two transactions set out in the Operational Review above.
As at 30 June 2023, the Company held EUR2.5 million of cash (EUR3.4 million at 31 Dec 2022).
Deferred Consideration
The Company has, after the period end, received the second instalment of consideration (EUR500,000) due in respect of the disposal of the La Zarza assets, which completed on 3 October 2022. A further two instalments of EUR500,000 each are due on the second and third anniversaries of the completion of the sale of the La Zarza assets.
Admission to the Aquis Growth Market
As of 5 September 2023, the Company's Ordinary Shares have been admitted to trading on the Access Segment of the Aquis Growth Market, a Multi-lateral Trading Facility (MTF) and a Recognised Stock Exchange under S1005 (1)(b) United Kingdom Income Tax Act 2007.
Concurrently, admission of the Company's Ordinary Shares to the AIM and Euronext Growth markets, from which they had been suspended from trading since 7 February 2023 pending the publication of an Admission Document, was cancelled on the same day following shareholder approval.
Enquiries:
Ormonde Mining plc Brian Timmons, Chairman Tel: +353 (0)1 801 4184 Vigo Consulting (Investor Relations) Ben Simons / Fiona Hetherington Tel: +44 (0)20 7390 0230 Peterhouse Capital (Aquis Corporate Adviser) Narisha Ragoonanthun / Brefo Gyasi Tel: +44 (0)20 7469 0930
About Ormonde Mining
Ormonde is a natural resource company which provides its shareholders with exposure to quality and diverse assets across a range of strategic minerals. Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, and a 20% interest in Peak Nickel, which is advancing exploration on a potentially significant battery metals project.
Ormonde's shares are listed on the Aquis Growth Market under the symbol AQSE: ORM.
For more information, visit the Company's website at www.ormondemining.com .
Ormonde Mining plc
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2023
unaudited unaudited audited 6 Months ended 6 Months ended Year ended 30-Jun-23 30-Jun-22 31-Dec-22 EUR000s EUR000s EUR000s Turnover - - - Administration expenses (536) (350) (881) Impairment of asset classified as held for sale - - (167) ______ ______ ______ Loss on ordinary activities (536) (350) (1,048) Finance costs (2) (13) (17) Finance income (non cash) 84 - - ______ ______ ______ Loss for the period from continuing activities (454) (363) (1,065) Taxation on loss - - - ______ ______ ______ Total comprehensive loss for the period (454) (363) (1,065) Earnings per share from continuing operations Basic & diluted loss per share (in cent) (0.10) (0.08) (0.23) Total earnings per share Basic & diluted loss per share (in cent) (0.10) (0.08) (0.23)
Ormonde Mining plc
Consolidated Statement of Financial Position
As at 30 June 2023
unaudited unaudited audited 30-Jun-23 30-Jun-22 31-Dec-22 Note EUR000s EUR000s EUR000s Assets Non-current assets Intangible assets 157 315 157 Trade and other receivables 5 784 - 700 Financial assets 4 656 - - _______ _______ _______ Total Non-Current Assets 1,597 315 857 Current assets Trade and other receivables 5 540 49 613 Cash and cash equivalents 2,524 3,385 3,564 Asset classified as held for sale - 2,000 -
_______ _______ _______ Total current assets 3,064 5,434 4,177 _______ _______ _______ Total assets 4,661 5,749 5,034 _______ _______ _______ Equity & liabilities Equity Issued share capital 6 4,725 4,725 4,725 Share premium account 6 29,932 29,932 29,932 Share based payment reserve 281 281 281 Capital conversion reserve fund 29 29 29 Capital redemption reserve fund 7 7 7 Retained losses (30,532) (29,376) (30,078) _______ _______ _______ Total equity - attributable to the owners of the Company 4,442 5,598 4,896 Current liabilities Trade & other payables 219 151 138 _______ _______ _______ Total liabilities 219 151 138 _______ _______ _______ Total equity & liabilities 4,661 5,749 5,034 _______ _______ _______
Ormonde Mining plc
Consolidated Statement of Cashflows
Six months ended 30 June 2023
unaudited unaudited audited 6 Months ended 6 Months ended Year ended 30-Jun-23 30-Jun-22 31-Dec-22 EUR000s EUR000s EUR000s Cashflows from operating activities Loss for period before taxation (454) (363) (1,065) ________ ________ ________ (454) (363) (1,065) Adjustments for non-cash items: Impairment of intangible assets - - 167 Finance income (84) - - ________ ________ ________ (538) (363) (898) Movement in Working Capital Movement in receivables 74 44 (20) Movement in liabilities 80 (36) (49) ________ ________ ________ Net Cash used in operations (384) (355) (967) Investing activities Expenditure on intangible assets - (6) (15) Expenditure on financial assets (656) - - Proceeds from disposal of assets held for resale - - 800 ________ ________ ________ Net cash generated by / (used in) investing activities (656) (6) 785 Net decrease in cash and cash equivalents (1,040) (361) (182) Cash and cash equivalents at beginning of period 3,564 3,746 3,746 ________ ________ ________ Cash and cash equivalents at end of period 2,524 3,385 3,564 ________ ________ ________
Ormonde Mining plc
Consolidated Statement of Changes in Equity
Six months ended 30 June 2023
Share Based Payment Reserve Share Capital Share Premium Other Reserves Retained Losses Total EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s At 1 January 2022 4,725 29,932 281 36 (29,013) 5,961 Loss for the period - - - - (363) (363) ______ ______ ______ ______ ______ ______ Total comprehensive income for the period - - - - (363) (363) ______ ______ ______ ______ ______ ______ At 30 June 2022 4,725 29,932 281 36 (29,376) 5,598 Loss for the period - - - - (702) (702) ______ ______ ______ ______ ______ ______ Total comprehensive income for the period - - - - (702) (702) ______ ______ ______ ______ ______ ______ At 31 December 2022 4,725 29,932 281 36 (30,078) 4,896 Loss for the period - - - - (454) (454) ______ ______ ______ ______ ______ ______ Total comprehensive income for the period - - - - (454) (454) ______ ______ ______ ______ ______ ______ At 30 June 2023 4,725 29,932 281 36 (30,532) 4,442 ______ ______ ______ ______ ______ ______
Notes to the Interim Consolidated Financial Statements
1. Accounting policies and basis of preparation
Ormonde Mining plc is a company incorporated and domiciled in the Republic of Ireland. The Interim Consolidated Financial Statements for the six months ended 30 June 2023 comprise the Company and its subsidiaries (together referred to as the "Group"), and have not been audited or reviewed by the Company's auditors.
The Interim Consolidated Financial Statements do not include all of the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group as at and for the year ended 31 December 2022, which are available on the Company's website at https://ormondemining.com/ . The audit opinion on the statutory financial statements for the year ended 31 December 2022 was unqualified.
The financial information in this report has been prepared using accounting policies consistent with International Financial Reporting Standards (" IFRS") as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. These policies are consistent with those to be adopted in the Group's consolidated financial statements for the year ending 31 December 2023. The accounting policies applied by the Group in the Interim Consolidated Financial Statements are the same as those applied by the Group in the consolidated financial statements for the year ended 31 December 2022.
The Directors have prepared the Interim Consolidated Financial Statements on the going concern basis which assumes that the Group and Company will have sufficient resources to continue in operation for the foreseeable future, being a period of not less than 12 months from the date of signing of these statements. The Directors have prepared cashflow forecasts for the twelve-month period to September 2024 and on that basis consider it appropriate to prepare the Interim Consolidated Financial Statements on the going concern basis. These statements do not include any adjustments that would result from the going concern basis of preparation not being adopted.
The unaudited Interim Consolidated Financial Statements were approved by the Board of Directors on 28 September 2023.
2. Segmental analysis
An analysis by geographical segments is presented below. The Group has geographical segments in Ireland and Spain.
The segment results for the period ended 30 June 2023 are as follows:
Ireland Spain Total Total comprehensive loss for 6 months to 30 June 2023 EUR000s EUR000s EUR000s Segment loss for period (431) (23) (454) ______ ______ ______ (431) (23) (454) ______ ______ ______ Total comprehensive loss for year to 31 December 2022 EUR000s EUR000s EUR000s Segment loss for period (933) (132) (1,065) ______ ______ ______ (933) (132) (1,065) ______ ______ ______ Total comprehensive loss for 6 months to 30 June 2022 EUR000s EUR000s EUR000s Segment loss for period (207) (156) (363) ______ ______ ______ (207) (156) (363) ______ ______ ______ 3. Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Earnings per share 30-Jun-23 30-Jun-22 31-Dec-22 EUR000s EUR000s EUR000s Loss for the period attributable to equity holders of the parent: From continuing business (454) (363) (1,065) ______ ______ ______ Total Loss for period (454) (363) (1,065) Weighted average number of ordinary shares for the purpose of basic earnings per share 472,507,482 472,507,482 472,507,482 ______ ______ ______ Basic loss per ordinary shares (in cent) from continuing operations (0.10) (0.08) (0.23) ______ ______ ______ Basic loss per ordinary shares (in cent) Total (0.10) (0.08) (0.23) ______ ______ ______
Diluted earnings per share
For the six months to 30 June 2023, the share options are anti-dilutive and therefore diluted earnings per share is the same as the basic earnings per share.
For the six months to 30 June 2022 and the year ended 31 December 2022 the basic and diluted earnings per share are the same.
4. Financial assets
Financial assets of EUR656,000 is comprised of EUR588,000 relating to the Company's 20% equity investment in Peak Nickel Limited which is advancing exploration on a potentially significant battery metals project and EUR68,000 which represents a first payment relating to the equity investment in TRU Precious Metals Corporation (a TSX V listed company) which transaction closed on 5 September 2023. See Post balance sheet events note for more details.
5. Trade and other receivables
Trade receivables include the amount of EUR500,000 (current) and EUR784,000 (non-current) (total of EUR1.284 Million) representing the fair value of the EUR1.5 Million deferred consideration receivable at 30 June 2023 following the disposal in September 2022 of certain land and data assets associated with the La Zarza project.
6. Share capital 30-Jun-23 30-Jun-22 31-Dec-22 EUR000s EUR000s EUR000s Authorised Equity 650,000,000 ordinary shares of EUR0.01 each 6,500 6,500 6,500 ______ ______ ______ 6,500 6,500 6,500 ______ ______ ______ Issued Capital Share Capital 4,725 4,725 4,725 Share Premium 29,932 29,932 29,932 ______ ______ ______ 34,657 34,657 34,657 ______ ______ ______ Issued Capital comprises 472,507,483 ordinary shares of EUR0.01 each 4,725 4,725 4,725 ______ ______ ______ 4,725 4,725 4,725 ______ ______ ______ 7. Dividends
No dividends were paid or proposed in respect of the six months ended 30 June 2023.
8. Post balance sheet events
At an extraordinary general meeting on 25 August 2023, shareholders passed a resolution to cancel the listing of the Company's shares from both the AIM Market and the Euronext Growth Market. At the same extraordinary general meeting the Company was authorised by shareholders to enter into and complete the TRU investment.
On 5 September 2023 the Company announced that its ordinary shares were admitted to trading on the Access Segment of the Aquis Growth Market. It was then noted that the Company's shares would be de-listed from trading on both the AIM and Euronext markets with effect from 7.00 a.m. on the same day.
On 6 September 2023 the Company announced the closing of the investment in TRU Precious Metals Corporation (TRU - a TSX V listed company) whereby it acquired a 36.2% equity interest in TRU for a consideration of CAD$3 Million.
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September 29, 2023 02:00 ET (06:00 GMT)
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