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Share Name | Share Symbol | Market | Type |
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Moonbound Mining Ltd | CSE:MML | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.395 | 0.36 | 0.40 | 0.395 | 0.395 | 0.395 | 2,000 | 21:00:00 |
TIDMMML MEDUSA MINING LIMITED ABN: 60 099 377 849 Unit 7, 11 Preston Street Como WA 6152 PO Box 860 Canning Bridge WA 6153 Telephone: +618-9367 0601 Facsimile: +618-9367 0602 Email: admin@medusamining.com.au Internet: www.medusamining.com.au MEDUSA RECORDS STRONG 2009 FINANCIAL RESULTS Medusa Mining Limited ("Medusa" or the "Company"), is pleased to present its full year financial results for the year ended 30 June 2009, highlighted by a record Net Profit After Tax ("NPAT") of $38.1 million. Highlights: * Record Net Profit of 38.1 million (2008: ($1.3 million)) * Turnover increased 216% to $57.3 million * Earnings per share $0.25 (2008:$0.009) * Total Co-O mine resource increased 60% to 1.38 million ounces of gold * Maiden resource of 650,000 ounces of gold at its Bananghililg Deposit Managing Director, Geoff Davis commented: "The year has been one of tremendous advance with gold production from the Co-O Mine now annualised at June 30 at over 60,000 ounces per annum, following production of 47,869 ounces at a cash cost of US$213 per ounce for the year, making Medusa one of the lowest cost gold producers on the ASX and AIM markets. Work is progressing on schedule to attain 100,000 ounces of annualised production in early 2010. Capital works are continuing and are expected to be completed by the end of the year, enabling the Company to concentrate on production of gold. The main outstanding item is the completion of the mill crushing circuit expansion to treat up to approximately 1,000 tonnes of ore per day. Exploration expenditure has increased during the year with the addition of more surface rigs, now totalling 12. As over 1,100,000 ounces have been added to the Company's resource inventory since last year's annual report, this amount of effort has produced great results, and further increases are anticipated. The recent announcement of a maiden resource at Bananghilig of 650,000 ounces of gold now sets the scene for propelling the Company to upper mid-tier status by potentially developing a second mine with a potential total production profile of 300,000 to 400,000 ounces of gold per year. The Bananghilig Deposit further strengthens the Company's belief in the enormous prospectivity of its substantial tenement package. Financially the Company is in a sound position with just under $33 million in the bank and this year's EBITDA of A$40.6 million sets the scene of what we believe will be strong future earnings growth." For further information, please contact: Medusa Mining Limited +61 8 9367 0601 Geoffrey Davis, Managing Director Roy Daniel, Finance Director Fairfax I.S. PLC +44 (0)20 7598 5368 (Nominated Adviser/Joint Broker) Ewan Leggat Mirabaud Securities Limited +44 (0)20 7321 2508 (Joint Broker) Peter Krens Lothbury Financial +44 (0)20 7011 9411 Michael Padley/Libby Moss Managing Director's Review Achievement of our production targets ahead of schedule during the past year has triggered the desire to look back to where we have come from since becoming fully involved in the Co-O Gold Project in December 2006. At that point the Co-O Mine had a resource of 267,000 ounces. The production target was a modest 40,000 ounces per year, but exploration was starting to indicate we had a growing giant on our hands. In the next resource update in September 2007, it had grown to 713,000 ounces, in August 2008 to 862,000 and in June this year to 1,380,000 ounces, and this figure is expected to continue growing. With potentially a long mine life and production now heading rapidly to 100,000 ounces per year from the first quarter of 2010, and exploration in progress to potentially justify a further expansion, the Company is set to enter the realms of a mid-tier gold producer. On a world basis, the Co-O Mine is producing gold as one of the lowest cost producers. We see no reason for this to change in the foreseeable future which cements the Company's position in the gold industry as a low cost producer. While exploration has rightly focused on the Co-O Mine to fully establish cash flow, the Company now has the 650,000 ounce Bananghilig Deposit to provide the potential for a second producing mine. The size of the deposit (which is anticipated to grow with further exploration), has the potential to add another 200,000 ounces of annualised production. The deposit is low grade, but has a number of redeeming features which are anticipated, with further work, to translate into a medium-cost producer. Copper exploration is also advancing at the Lingig copper project where drilling during the year returned encouraging intersections over good widths. Provided drilling continues to outline a body that has commercial size potential, it is anticipated that the pace of work will pick up as results justify it. Encouraging scout drilling results were also obtained from the Kamarangan copper project during the year, justifying further drilling. A number of visitors and consultants to the Co-O Project during the year have observed and commented that the project is noticeably intimately integrated in our host communities. This is an observation of which our community relations people are intensely proud, not only from the perspective of personal achievement, but more importantly from the perspective of the Company's ability to provide tangible benefits to our host communities, raising the aspirations of, in particular, younger members of those communities through education, health, agriculture and for many of them, secure work at a potentially long life project. The Co-O Project today is the result of a dedicated team effort at all levels of the organisation. At times during our infancy it was difficult to see the light at the end of the tunnel, but to everyone's credit, the sense of ownership and enthusiasm now present at all levels is something of which I am immensely proud. We all look forward to progressing the Company to 300,000 to 400,000 ounce gold producer which will significantly elevate the status of the Philippines as a gold producer and provide employment and other benefits to a large number of people. Geoff Davis Managing Director HIGHLIGHTS OF THE FINANCIAL YEAR FINANCIALS +----------------------------------------------------------------+ | Key Results | 30 June 2009 | 30 June 2008 | Variance | (%) | |-------------+--------------+--------------+-------------+------| | Revenues | $57,257,750 | $18,074,035 | $39,183,715 | 216% | |-------------+--------------+--------------+-------------+------| | EBITDA | $40,608,840 | $4,655,085 | $35,953,755 | - | |-------------+--------------+--------------+-------------+------| | EBIT | $35,819,516 | $1,018,439 | $34,801,077 | - | |-------------+--------------+--------------+-------------+------| | NPAT | $38,110,876 | ($1,347,489) | $39,458,365 | - | |-------------+--------------+--------------+-------------+------| | EPS (basic) | $0.25 | ($0.009) | $0.259 | - | +----------------------------------------------------------------+ * Record Net Profit After Tax ("NPAT") of $38.1 million (2008: ($1.3 million)), representing basic earnings per share ("EPS"), of 25 cents on a weighted average basis; * Revenues increased 216% to a record $57.3 million, due to increased gold production and a higher price received on sales. Medusa is an un-hedged gold producer and received an average gold price of US$880 per ounce from the sale of 47,869 ounces of gold for the year (2008: 19,009 ounces at US$849 per ounce); * Earnings Before Interest, Tax, Depreciation and Amortisation ("EBITDA") of $40.6 million (2008: $4.7 million) and Earnings Before Interest and Tax ("EBIT") of $35.8 million (2008: $1.0 million); * Mindanao Mineral Processing and Refining Corporation, Medusa's wholly owned Philippines subsidiary was granted a four year tax concession, commencing July 2009; * The Company is debt free and had a cash balance of $32.9 million at year end. OPERATIONS Co-O MINE * The Company produced a record 47,869 ounces of gold for the year, an increase of 28,860 ounces or 152 % from the previous year's production of 19,009 ounces, at an average grade of 13.30 g/t gold (2008: 10.40 g/t gold) and cash costs of US$213 per ounce (2008: US$248 per ounce) as seen in figure 1 (please see the link at the end of this announcement) * With Phase 1 of its expansion programme completed ahead of schedule in the June 2009 quarter and the Phase II expansion programme on schedule, the Company expects to produce approximately 82,000 ounces in the forthcoming fiscal year at an estimated cash cost of US$200 per ounce RESERVES AND RESOURCES +---------------------------------------------------------+ | Type | June 2009 | June 2008 | Variance | |----------------------+-----------+-----------+----------| | Co-O Reserves | | | | |----------------------+-----------+-----------+----------| | Probable reserves | 500,000 | 249,000 | 101% | |----------------------+-----------+-----------+----------| | Total Co-O Reserves | 500,000 | 249,000 | 101% | |----------------------+-----------+-----------+----------| | Co-O Resources | | | | |----------------------+-----------+-----------+----------| | Indicated resources | 603,000 | 392,000 | 54% | |----------------------+-----------+-----------+----------| | Inferred resources | 777,000 | 470,000 | 65% | |----------------------+-----------+-----------+----------| | Total Co-O Resources | 1,380,000 | 862,000 | 60% | +---------------------------------------------------------+ * Gold reserves at Co-O increased by 251,000 ounces or 101 % to 500,000 ounces excluding mine depletion for the year of 47,869 ounces; * Co-O's gold resource inventory at year end of 1,380,000 contained ounces represents an increase of 518,000 ounces or 60% and excludes any mine depletion for the year as seen in figure 2 (please see the link at the end of this announcement) * Subsequent to year end, Medusa announced a maiden resource of 650,000 ounces at its Banaghilig Deposit (15 million tonnes at 1.3 g/t gold); * Together with Co-O's resource of 1.38 million, the Company's total resource inventory now stands at 2.03 million. EXPLORATION * Contiguous tenement package maintained at >800km2; * Budgeted exploration for 2009/10 of $17.0 million (2008 actual: $15 million); * Exploration highlights at Co-O include: * Discovery of new high grade veins, such as the Great Hamish Vein; * Extension along strike to approximately 1,400 metres; * Extension across strike to approximately 500 metres; and * Demonstrating that mineralisation extends to over 400 metres below the mine's adit entrance; as seen in figure 3 (please see the link at the end of this announcement). * At the Bananghilig disseminated gold deposit, a very large mineralised system has now been estimated in preparation for planning additional work; * At the Lingig copper prospect, drilling is on-going to define an economic sized resource following initial good results; * Scout drilling at the Kamarangan copper prospect returned encouraging results requiring follow-up drilling. INCOME STATEMENTS for the year ended 30 June 2009 Consolidated Company 2009 2008 2009 2008 $ $ $ $ Revenue 57,252,098 18,074,035 1,651,506 1,819,183 Other income 5,652 - - - Cost of sales (17,339,343) (10,066,585) - - Exploration & evaluation expenses (80,735) (572,221) - - Finance Costs - (375,842) - - Administration expenses (2,351,838) (3,307,302) (1,787,601) (1,578,609) Other expenses (1,666,318) (2,733,646) (1,024,872) (2,437,571) Profit/(loss) before income tax expense 35,819,516 1,018,439 (1,160,967) (2,196,997) Income tax (expense)/income 2,291,360 (2,365,928) - - Profit/(loss) attributable to members of the Company 38,110,876 (1,347,489) (1,160,967) (2,196,997) Basic earnings/(loss) per share $0.250 ($0.009) Diluted earnings/(loss) per share $0.249 ($0.009) The accompanying notes form part of these financial statements. BALANCE SHEETS as at 30 June 2009 Consolidated Company 2009 2008 2009 2008 $ $ $ $ CURRENT ASSETS Cash & cash equivalents 32,938,971 4,834,161 17,662,620 2,242,620 Trade & other receivables 6,198,161 2,185,194 23,914 27,425 Inventories 1,446,171 935,976 - - Other current assets 159,595 333,119 48,102 29,484 Total Current Assets 40,742,898 8,288,450 17,734,636 2,299,529 Non-Current Assets Property, plant & equipment 37,818,693 28,499,551 45,438 60,481 Exploration, evaluation and development expenditure 65,797,441 40,740,193 - - Deferred tax assets 85,989 2,851,792 - - Other assets - - 66,169,494 56,143,200 Total Non-Current Assets 103,702,123 72,091,536 66,214,932 56,203,681 Total Assets 144,445,021 80,379,986 83,949,568 58,503,210 Current Liabilities Trade & other payables 11,423,616 6,845,501 568,549 1,217,702 Total Current Liabilities 11,423,616 6,845,501 568,549 1,217,702 NON-CURRENT LIABILITIES Deferred tax liability 388,879 5,217,720 - - Total Non-Current Liabilities 388,879 5,217,720 - - Total Liabilities 11,812,495 12,063,221 568,549 1,217,702 Net Assets 132,632,526 68,316,765 83,381,019 57,285,508 Equity Issued capital 92,773,702 65,866,550 92,773,702 65,866,550 Reserves (1,231,604) (529,337) 2,072,018 1,722,692 Retained profits / (accumulated losses) 41,090,428 2,979,552 (11,464,701) (10,303,734) Total equity 132,632,526 68,316,765 83,381,019 57,285,508 The accompanying notes form part of these financial statements. STATEMENTS OF CHANGES IN EQUITY for the year ended 30 June 2009 Foreign Share Currency Capital Accumulated Option Translation Ordinary Losses Reserve Reserve Total$ $ $ $ $ $ CONSOLIDATED Balance at 01.07.2007 63,805,000 4,327,041 1,544,961 793,287 70,470,289 Exchange differences arising on translation - - - (3,045,316) (3,045,316) (Loss) attributable to members of Company - (1,347,489) - - (1,347,489) Total recognised income and expenses during the year - (1,347,489) - (3,045,316) 4,392,805 Shares issued during the period 1,742,200 - - - 1,742,200 Share transaction costs (674,750) - - - (674,750) Share options issued during the period in accordance with AASB 2 - share based payment - - 1,171,831 - 1,171,831 Transfer from option reserve 994,100 - (994,100) - - Balance at 30.06.2008 65,866,550 2,979,552 1,722,692 (2,252,029) 68,316,765 Exchange differences arising on translation - - - (1,051,593) (1,051,593) Profit attributable to members of Company - 38,110,876 - - 38,110,876 Total recognised income and expenses during the year - 38,110,876 - (1,051,593) 37,059,283 Shares issued during the period 28,208,841 - - - 28,208,841 Share transaction costs (1,301,689) - - - (1,301,689) Share options issued during the period in accordance with AASB 2 - share based payment - - 349,326 - 349,326 Balance at 30.06.2009 92,773,702 41,090,428 2,072,018 (3,303,622) 132,632,526 COMPANY Balance at 01.07.2007 63,805,000 (8,106,737) 1,544,961 - 57,243,224 Loss attributable to members of Company - (2,196,997) - - (2,196,997) Total recognised income and expenses during the year - (2,196,997) - - (2,196,997) Shares issued during the period 1,742,200 - - - 1,742,200 Share transaction costs (674,750) - - - (674,750) Share options issued during the period in accordance with AASB 2 - share based payment - - 1,171,831 - 1,171,831 Transfer from option reserve 994,100 - (994,100) - - Balance at 30.06.2008 65,866,550 (10,303,734) 1,722,692 - 57,285,508 Loss attributable to members of Company - (1,160,967) - - (1,160,967) Total recognised income and expenses during the year - (1,160,967) - - (1,160,967) Shares issued during the period 28,208,841 - - - 28,208,841 Share transaction costs (1,301,689) - - - (1,301,689) Share options issued during the period in accordance with AASB 2 - share based payment - - 349,326 - 349,326 Balance at 30.06.2009 92,773,702 (11,464,701) 2,072,018 - 83,381,019 The accompanying notes form part of these financial statements. CASH FLOW STATEMENTS for the year ended 30 June 2009 Consolidated Company 2009 2008 2009 2008 $ $ $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 57,019,136 17,540,189 - 805 Payments to suppliers and employees (17,532,970) (10,738,999) (3,190,999) (2,708,082) Interest received 232,963 399,085 212,768 389,073 Net cash provided by/(used in) operating activities 39,719,129 7,200,275 (2,978,231) (2,318,204) CASH FLOWS FROM INVESTING ACTIVITIES Receipt from sale of investments - 110,119 - 110,119 Payments for plant and equipment (8,379,429) (2,313,575) (6,012) (17,508) Payments for exploration and evaluation activities (4,178,100) (8,293,728) - - Payment for development activities (23,187,857) (6,546,801) - - Loans to controlled entities - - (8,409,904) (9,621,057) Net cash (used in) investing activities (35,745,386) (17,043,985) (8,415,916) (9,528,446) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares 28,143,000 1,742,200 28,143,000 1,742,200 Transaction costs from issue of shares (1,301,673) (1,811,250) (1,301,673) (1,811,250) Repayment of vendor finance - (5,000,000) - (5,000,000) Net cash provided by/(used in) financing activities 26,841,327 (5,069,050) 26,841,327 (5,069,050) Net (decrease)/increase in cash and cash equivalents held 30,815,070 (14,912,760) 15,447,180 (16,915,700) Cash and cash equivalents at the beginning of the financial year 4,834,161 20,168,063 2,242,620 19,166,563 Exchange rate adjustment (2,710,260) (421,142) (27,180) (8,243) Cash and cash equivalents at the end of the financial year 32,938,971 4,834,161 17,662,620 2,242,620 The accompanying notes form part of these financial statements. NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2009 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated. The financial report covers the Group of Medusa Mining Limited ("Medusa") and controlled entities, and Medusa as an individual Company. Medusa is a listed public company, incorporated and domiciled in Australia. The financial statements were authorised for issue by the Directors on 4 September 2009. Basis of Preparation Reporting Basis and Conventions The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. (a) Principles of Consolidation A controlled entity is any entity over which Medusa has the power to govern the financial and operating policies so as to obtain benefits from its activities. In assessing the power to govern, the existence and effect of holdings of actual and potential voting rights are considered. A list of controlled entities is contained in Note 19 to the financial statements. As at reporting date, the assets and liabilities of all controlled entities have been incorporated into the consolidated financial statements as well as their results for the year then ended. Where controlled entities have entered (left) the consolidated group during the year, their operating results have been included (excluded) from the date control was obtained (ceased). All inter-group balances and transactions between entities in the consolidated group, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with those adopted by the parent entity Comparative Figures Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year. (b) Revenue Recognition Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of interest that is generally accepted in the market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is interest revenue. Gold and Silver Sales Revenue from the production of gold and silver is recognised when the Group has passed control and risk to the buyer. Interest Revenue Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. Dividends Dividend revenue (net of franking credits) is recognised when the right to receive a dividend has been established. Dividends received from associates and joint venture entities are accounted for in accordance with the equity method of accounting and recognised when the dividends are received. All revenue is stated net of the amount of goods and services tax ("GST"). (c) Income Tax The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). EARNINGS/(LOSS) PER SHARE Consolidated 2009 2008 $ $ Earnings used to calculate basic and diluted EPS 38,110,876 (1,347,489) Weighted average number of ordinary shares used in the calculation of the basic earnings per share. 152,723,201 43,626,534 Weighted average unlisted options on issue 479,874 Weighted average of ordinary shares diluted as at 30 June 2009 153,203,075 Diluted earnings per share was not calculated for the year ended 30 June 2008 as the result was anti-dilutive in nature. The annual report and accounts for the year ended 30 June 2009 will be sent to shareholders by electronic means (or by post to those shareholders who have specifically requested a hard copy of the annual report) shortly and a copy will be available on the Company's website thereafter - www.medusamining.com.au. ABOUT MEDUSA MINING LIMITED Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX and AIM, is an Australian based gold producer, focussed solely on the Philippines. With total current resources of over 2,000,000 ounces of gold, Medusa aims to become a 300,000 to 400,000 ounce per year, low cost gold producer. The Company is currently expanding its high grade Co-O Mine operations (1,380,000 ounces at 10.8 g/t gold) to increase it production capacity to 100,000 ounces per year, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year. Current cash costs at the Co-O Mine are approximately US$200 per ounce. A pipe-line of deposits is now being established with the Bananghilig Deposit (650,000 ounces at 1.3 g/t gold) which is expected to expand, potentially in conjunction with new nearby discoveries. Further potential upside exists in the discovery of substantial copper deposits within the tenement holding of > 800km2. +---+ | | +---+ JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS Cube Consulting Pty Ltd Information in this report relating to Mineral Resources has been estimated and complied by Mark Zammit of Cube Consulting Pty Ltd. Mr Zammit is a member of The Australasian Institute of Mining & Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Zammit consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Cube Consulting is an independent Perth based resource industry consulting firm specialising in geological modelling, resource estimation and information technology. Crosscut Consulting Information in this report that relates to Ore Reserves is based on information compiled by Declan Franzmann, B Eng (Mining), MAusIMM. Mr Franzmann is a full-time employee of Crosscut Consulting. Mr Franzman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Franzmann consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. DISCLAIMER This announcement contains certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Medusa, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based. You should not place undue reliance on forward-looking statements and neither Medusa nor any of its directors, employees, servants or agents assume any obligation to update such information. =--END OF MESSAGE--- http://hugin.info/138050/R/1339709/320008.pdf This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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