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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tectonic Gold Plc | AQSE:TTAU | Aquis Stock Exchange | Ordinary Share | GB00B9276C59 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.20 | 0.40 | 0.00 | 15:29:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMTTAU 28 March 2019 TECTONIC GOLD PLC ("Tectonic Gold" or the "Company") Unaudited Interim Results to 31 December 2018 MANAGING DIRECTOR'S STATEMENT Dear Shareholder, I am pleased to present the unaudited financial results for ("Tectonic Gold" and/or "the Company") and its controlled entities (the Group) for the half year ended 31 December 2018. During the reporting period the Company completed significant technical evaluation of the lead project at Specimen Hill, including final targeting via geophysics and a 2,500m diamond core drilling program. This successful campaign resulted in the intersection of mineralisation in each of ten drill holes, strongly supporting the Company's research into an exploration and delineation methodology for Intrusive Related Gold Systems (IRGS). Further sampling and testing at the Mt Cassidy prospect also generated positive results. The IRGS nature of the Mt Cassidy discovery was confirmed in the publication of research undertaken in partnership with The Centre for Ore Deposit Excellence Studies (CODES) at the University of Tasmania. The success in the drilling campaign has provided the evidence required for pursuing continued delineation of the system at Specimen Hill. High-grade assays from Mt Cassidy (+30g/t gold) and geophysical mapping have similarly provided support for diamond drilling at that site. In order to fund substantial drilling campaigns on these project areas and maintain exploration activities across the portfolio, the Company entered into a Joint Venture agreement with VAST Mineral Sands Pty Ltd, a South African company with mining concessions on the Alexkor diamond mine in South Africa. Revenues from planned mining of the concession will be used to fund further exploration across the core Intrusive Related Gold System portfolio. The Company has also announced the intention to move the listing from the NEX Exchange to the London Stock Exchange under a Standard Listing via initial Public Offering. RESULTS AND COMPARATIVE INFORMATION On 25 June 2018, Tectonic Gold (the legal parent) acquired Signature Gold Ltd (Signature Gold). Although the transaction was not a business combination, the acquisition has been accounted for as an asset acquisition with reference to the guidance for reverse acquisition in IFRS 3 Business Combinations and IFRS 2 Share-based Payment. In preparing the Financial Statements, Signature has been treated as the "accounting parent". Comparative information included in the Financial Statements for the Group relates to Signature Gold for the half-year ended 31 December 2017. The Group incurred a loss after tax for the reporting period of GBP11,262 (31 Dec 2017: GBP160,134 profit). During the reporting period Signature Gold received a Research and Development (R&D) Tax Incentive Rebate of approximately GBP330,248 (A$ 590,180) for the financial year ended 30 June 2018. The R&D Tax Incentive Rebate is an Australian Government program under which eligible companies receive cash refunds of up to 45% of eligible expenditure on research and development. For and on behalf of the Board. Brett Boynton Director The Directors of the Company accept responsibility for the contents of this announcement. For further information, please contact: Tectonic Gold plc +61 2 9241 7665 Brett Boynton Sam Quinn www.tectonicgold.com @tectonic_gold NEX Exchange Corporate Adviser and Broker +44 20 7469 0930 Peterhouse Capital Limited Mark Anwyl Financial Adviser and Broker VSA Capital Limited +44 20 3005 5004 Andrew Raca - Corporate Finance Andrew Monk - Corporate Broking CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHSED 31 DECEMBER 2018 NOTE 6 MONTHS TO 6 MONTHS TO 18 MONTHS 31 DEC 201 31 DEC 2017 TO 30 JUNE 8UNAUDITED UNAUDITED1 2018 AUDITED2 GBP GBP Revenue from continuing operations - 891 198,694 Expenses from continuing operations: Accounting and audit fees (37,567) (49,454) (125,438) Administration and office costs (34,064) (23,039) (48,993) Corporate costs (84,041) (7,681) (21,203) Amortisation and depreciation (588) - (1,659) Employee benefits, management fees and (59,995) (704) (10,408) on costs Exploration and tenement costs (18,629) (21,822) (52,550) Insurance (7,796) (2,682) (17,134) Legal expenses 400 7,737 (319,601) Options fee and associated costs - - (199,520) Impairment of exploration costs - - (182,153) Bad debt expense - - (93,050) Listing fees recognised on reverse - - (2,537,622) acquisition Share based payments (68,900) - - Other expenses (30,330) (3,160) (9,575) (Loss) from continuing operations (341,510) (99,914) (3,420,210) before income tax Income tax benefit 330,248 260,048 256,810 Net (loss)/profit for the reporting (11,262) 160,134 (3,163,400) period Other comprehensive income, net of tax - - - Total comprehensive (loss)/income for (11,262) 160,134 (3,163,400) the year Earnings per share attributable to owners of the company Basic and diluted (cents per share) From continuing operations 4 (0.002) 0.18 (1.74) 1. The Group was formed on 25 June 2018 with the reverse takeover of Signature Gold Ltd, by Tectonic Gold Plc (the legal parent entity). In preparing the Financial Statements, Signature Gold Limited has been treated as the "accounting parent". Group comparative figures for the half year ended 31 December 2017 relates to Signature Gold. 2. The Company's Accounting Reference Date was extended to end on 30 June 2018. Accordingly, as required by Companies House, the comparative figures reported refer to the period 1 January 2017 to 30 June 2018. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 31 DEC 2018 31 DEC 2017 30-JUN-18 NOTE GROUP GROUP GROUP AUDITED UNAUDITED UNAUDITED GBP GBP GBP ASSETS NON-CURRENT ASSETS Trade and other receivables - 92,361 - Plant and equipment 7,398 2,027 2,152 Exploration and evaluation 3,285,833 2,714,499 2,830,470 expenditure TOTAL NON-CURRENT ASSETS 3,293,231 2,808,886 2,832,621 CURRENT ASSETS Cash and cash equivalents 177,009 496,197 149,397 Trade and other receivables 14,142 7,028 359,869 Investments 40,122 - 40,122 Other assets 5 358,498 - 647,688 TOTAL CURRENT ASSETS 589,771 503,225 1,197,076 TOTAL ASSETS 3,883,002 3,312,111 4,029,697 EQUITY Share capital 8,266,848 3,612,988 8,266,848 Warrant reserves 68,900 - - Foreign exchange translation (82,088) (38,122) (58,251) reserves Accumulated losses (4,835,596) (1,742,077) (4,824,334) TOTAL EQUITY 3,418,064 1,832,789 3,384,263 LIABILITIES NON-CURRENT LIABILITIES Trade and other payables - 93,235 16,198 Borrowings 166,741 379,548 168,868 Employee benefits 10,713 8,916 10,120 TOTAL NON-CURRENT LIABILITIES 177,454 481,699 195,187 CURRENT LIABILITIES Trade and other payables 272,218 159,327 436,155 Borrowings - 822,020 - Employee benefits 15,266 16,276 14,092 TOTAL CURRENT LIABILITIES 287,484 997,623 450,247 TOTAL LIABILITIES 464,938 1,479,322 645,434 TOTAL EQUITY AND LIABILITIES 3,883,002 3,312,111 4,029,697 The accompanying notes form part of these financial statements.
These financial statements were approved by the Board of Directors on 27 March 2019. Signed on behalf of the Board by: Brett Boynton Managing Director Company number: 05173250 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 31 DECEMBER 2018 GROUP - UNAUDITED ISSUED WARRANTS FOREIGN ACCUMULATED TOTAL CAPITAL RESERVE CURRENCY LOSSES RESERVE GBP GBP GBP GBP GBP Balance at 1 January 2018 8,266,848 - (58,251) (4,824,334) 3,384,263 Total comprehensive loss for the - - - (11,262) (11,262) period Transactions with owners, recorded directly in equity: Issue of share options - 68,900 - - 68,900 Foreign Exchange movement - - (23,837) - (23,837) Balance as at 31 December 2018 8,266,848 68,900 (82,088) (4,835,596) 3,418,064 GROUP - AUDITED ISSUED FOREIGN ACCUMULATED TOTAL CAPITAL CURRENCY LOSSES RESERVE GBP GBP GBP GBP Balance at 1 January 2017 3,064,795 - (1,660,934) 1,403,861 Total comprehensive loss for the period - - (3,163,400) (3,163,400) Transactions with owners, recorded directly in equity: Issue of share capital by Signature 1,066,798 - - 1,066,798 Gold prior to the reverse acquisition of Tectonic Gold plc Issued capital of Signature Gold prior 4,131,593 - - - to the reverse acquisition of Tectonic Gold Deemed fair value of share-based 3,605,255 - - 3,605,255 payment on reverse acquisition Shares Issued by Tectonic Gold since 530,000 - - 530,000 the acquisition Foreign Exchange movement - (58,251) - (58,251) Balance as at 30 June 2018 8,266,848 (58,251) (4,824,334) 3,384,263 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 31 DECEMBER 2018 6 MONTHS 6 MONTHS 18 MONTHS TO 31 DEC TO 31 DEC TO 30 JUNE 2018 2017 2018 UNAUDITED UNAUDITED1 AUDITED2 GBP GBP GBP CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts in the course 38,301 (79,103) - of operations Cash payments in the course (402,490) (486,777) (487,882) of operations Research and Development Tax 330,249 260,048 256,810 Incentive Claim Interest received - 891 2,516 Net cash used in operating (33,940) (304,941) (228,556) activities CASH FLOWS USED IN INVESTING ACTIVITIES Payments for exploration and (212,352) (184,460) (914,538) evaluation expenditure Payments for property, plant (5,456) - (2,609) and equipment Payment for security deposit - - (2,120) Cash acquired on acquisition - - 27,870 of Tectonic Gold plc Net cash used in investing (217,808) (184,460) (891,397) activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of 280,000 562,614 - shares Proceeds from borrowings - 177,416 1,381,769 Repayment of borrowings - (165,389) (232,675) Net cash provided by 280,000 574,641 1,149,094 financing activities Net (decrease)/increase in cash held 28,252 85,240 29,141 and cash equivalents Cash and cash equivalents at the 149,397 420,899 126,236 beginning of the period Effects of exchange rate changes on (640) (9,942) (5,980) cash and cash equivalents Cash and cash equivalents at the end 177,009 496,197 149,397 of the period 1. The Group was formed on 25 June 2018 with the reverse takeover of Signature Gold Ltd, by Tectonic Gold Plc (the legal parent entity). In preparing the Financial Statements, Signature Gold Limited has been treated as the "accounting parent". Group comparative figures for the half year ended 31 December 2017 relates to Signature Gold. 2. The Company's Accounting Reference Date was extended to end on 30 June 2018. Accordingly, as required by Companies House, the comparative figures reported refer to the period 1 January 2017 to 30 June 2018. NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHSED 31 DECEMBER 2018 1. GENERAL INFORMATION Tectonic Gold Plc is a company incorporated in the United Kingdom under the Companies Act 2006. The consolidated entity (the "Group") consists of Tectonic Gold Plc (the "Company") and the entities it controlled at the end of, or during, the six months ended 31 December 2018. The principal activity of the Group during the financial period was mineral exploration. 2. BASIS OF PREPARATION These condensed interim consolidated financial statements ("the interim financial statements") of the Group are for the six months ended 31 December 2018 and are presented in Sterling which is the Company's presentational currency. These interim financial statements have not been reviewed or audited. The interim financial statements have been prepared in accordance with the recognition and measurement principles of IFRS as adopted by the European Union (EU) and on the same basis and using the same accounting policies as applied in the Company's 2018 Annual Report and statutory accounts for the reporting period, 1 January 2017 to 30 June 2018. The statutory accounts for the reporting period 1 January 2017 to 30 June 2018 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The interim financial statements have been prepared on a going concern basis under the historical cost convention. The Directors believe that the going concern basis is appropriate for the preparation of these interim financial statements as the Company is in a position to meet all its liabilities as they fall due. The interim financial statements for the six months ended 31 December 2018 were approved by the board on 27 March 2019. 3. DIVID The Board is not recommending the payment of an interim dividend for the period ended 31 December 2018. 4. EARNINGS PER SHARE The basic earnings per share is based on the profit/(loss) for the year divided by the weighted average number of shares in issue during the reporting period. The weighted average number of ordinary shares for the reporting period assumes that all shares have been included in the computation based on the weighted average number of days since issue. 6 MONTHS 6 MONTHS 18 MONTHS TO 31 TO TO DEC 2018 31 DEC 2017 30 JUNE 2018 AUDITED UNAUDITED UNAUDITED GBP GBP GBP (Loss)/profit for the (11,262) 160,134 (3,163,400) year attributable to owners of the Company Weighted average number 656,762,746 87,871,756 181,331,554 of ordinary shares in issue for basic and fully diluted earnings* (Loss)/gain per share (pence per share) Basic and fully (0.002) 0.18 (1.74) diluted*: *Since the Company incurred a loss in the 31 December 2018 and 30 June 2018 reporting periods and there were no options on issue during the 31 December 2017 comparative period the basic loss and the diluted loss per share are the same as the effect of exercise of options and warrants is not dilutive. 5. OTHER ASSETS 6 MONTHS 6 MONTHS 18 MONTHS TO TO TO 31 DEC 2018 31 DEC 2017 UNAUDITED 30 JUNE 2018 AUDITED UNAUDITED GBP GBP GBP Prepayments(i) 347,902 - 633,825 Other prepayments 3,014 - 11,817 Security deposits 7,582 - 2,045 358,498 - 647,688 (i) In June 2018, the Company paid Titeline Drilling Pty Ltd ACN 096 640 201 (Titeline) for future drilling services in accordance with the heads of agreement dated 28 March 2018 between Titeline, Signature and StratMin. Titeline has been engaged to complete 10,000 metres of diamond drilling on a 50:50 cash and equity basis to produce core samples for analysis, assay and metallogenic studies from the Company's Queensland Project sites. A review to be completed after 2,500 metres of drilling has been completed and the
remaining 7,500 metres is in planning for the second half of 2019. The cash component of the drilling contract is expected to be met from revenues generated by the diamond mining joint venture with VAST Mineral Sands Pty Ltd announced on 18 February 2019. As at 30 June 2018, the prepayment of GBP 633,825 (A$1,125,000) to Titeline was comprised of: - GBP 126,765 (A$225,000 excluding GST) paid in cash; and - pre-paid technical services amounting to GBP 507,060 ($A90,000) settled with the issue of 5,544,484 fully paid ordinary shares issued in the Company at an issue price of A$0.162 per share. As at 31 December 2018, GBP 347,902 ($A625,386) remains prepaid to Titeline. 6. EVENTS AFTER THE REPORTING PERIOD On 18 February 2019 the Company announced a transaction with VAST Mineral Sands Pty Ltd (VAST) under which it is farming in to a 50% interest in VAST's diamond mining concession in South Africa. The Company's revenue share from the diamond mining operations is expected to fully fund future gold exploration expenses. The Company announced initiation of mining under this farm in agreement on 13 March 2019. Other than as stated elsewhere in this report, Directors are not aware of any other matters or circumstances at the date of this report that have significantly affected or may significantly affect the operations, the results of the operations or the state of affairs of the Company in subsequent financial years. 7. DISTRIBUTION Copies of these interim financial statements are available on the Company's website (www.tectonicgold.com) or directly from the Company at its registered address. Ends The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. END
(END) Dow Jones Newswires
March 28, 2019 05:42 ET (09:42 GMT)
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