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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ariana Resources Plc | LSE:AAU | London | Ordinary Share | GB00B085SD50 | 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% | 2.825 | 2.75 | 2.90 | 2.825 | 2.825 | 2.825 | 20,000 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | 4.03M | 0.0035 | 8.06 | 32.33M |
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TIDMAAU
29 September 2017
AIM: AAU
INTERIM RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the gold exploration
and development company operating in Turkey, is pleased to announce its
unaudited interim results for the six months ended 30 June 2017.
Highlights:
-- Kiziltepe Mine (Red Rabbit JV) delivered its first gold-silver pour in
March 2017, with commissioning and production ramp-up continuing through
the period.
-- Pilot gold and silver production during the commissioning phase, to the
end of June 2017, totalled 1,929oz and 14,519oz respectively, the sale of
which generated maiden revenues for the JV company.
-- Commercial production was declared in July 2017, shortly after the period
end, and the mine has continued to operate as planned and within its
design specifications.
-- The mine has been operational for over two full quarters and production
remains in line with management forecasts; reporting of the Q3 2017
operational results will occur during October.
Michael de Villiers, Chairman, commented:
"We continue to be very encouraged by the performance of our first
gold-silver mine in Turkey, which is being operated by our 50:50 JV
partners, Proccea Construction Co. The Kiziltepe Mine has been
operational now for over two quarters, with ramp-up occurring largely
between March and the end of June. This solid progress led to the
commencement of commercial production during July of this year. The
results to be shown in future periods will be more informative regarding
the mine's operational performance*.
The results for the Group for the six-month period to June are in line
with expectations. Operating costs are slightly higher than in previous
periods due to increased professional fees and salary costs, in part due
to our wider footprint in Turkey as a result of our 100% ownership of
Salinbas. The other significant financial activity in the period
related to the issue of equity of GBP2.9m to finance work at both Red
Rabbit and Salinbas and which has helped maintain significant
developments on both fronts.
We look forward to keeping the market updated on our progress across our
exploration and development portfolio in the coming months. We will
also be updating the market later in October on the results of our Q3
operational performance from the Kiziltepe Mine, when our first
commercial JV production will be recognised."
* It is important to note that revenues realised from the operation will
be accounted for at the JV company level, such that on consolidation we
show our share of the Joint Venture's results for the period using the
equity method of accounting rather than a line by line consolidation, in
accordance with IAS 28.
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Beaufort Securities Limited Tel: +44 (0) 20 7382 8300
Jon Belliss
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Adam James / Tom Salvesen
Editors' Note:
About Ariana Resources
Ariana is an exploration and development company focused on epithermal
gold-silver and porphyry copper-gold deposits in Turkey. The Company is
developing a portfolio of prospective licences originally selected on
the basis of its in-house geological and remote-sensing database.
The Company's flagship assets are its Kiziltepe and Tavsan gold projects
which form the Red Rabbit Gold Project. Both contain a series of
prospects, within two prolific mineralised districts in the Western
Anatolian Volcanic and Extensional (WAVE) Province in western Turkey.
This Province hosts the largest operating gold mines in Turkey and
remains highly prospective for new porphyry and epithermal deposits.
These core projects, which are separated by a distance of 75km, form
part of a 50:50 Joint Venture with Proccea Construction Co. The
Kiziltepe Sector of the Red Rabbit Project is fully-permitted and is
currently in production. The total resource inventory at the Red Rabbit
Project and wider project area stands at c. 605,000 ounces of gold
equivalent. At Kiziltepe a Net Smelter Return ("NSR") royalty of up to
2.5% on production is payable to Franco-Nevada Corporation. At Tavsan
an NSR royalty of up to 2% on future production is payable to Sandstorm
Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold Project,
comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million ounces
of gold equivalent. A NSR royalty of up to 2% on future production is
payable to Eldorado Gold Corporation.
Beaufort Securities Limited and Panmure Gordon (UK) Limited are joint
brokers to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
For further information on Ariana you are invited to visit the Company's
website at www.arianaresources.com.
Ends
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2017
Condensed consolidated statement of comprehensive income
6 months to 6 months to 12 months to
30 June 30 June 31 December
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
Administrative costs (580) (360) (930)
General exploration expenditure (8) (50) (118)
Operating loss (588) (410) (1,048)
Other income (4) - 475 1,215
Gain on acquisition of remaining interest in Joint
Venture - - 12,435
Investment income 75 43 103
Profit on disposal of available for sale investments 3 626 810
Share of profit on dilution of interest in joint
Venture (5) - 279 677
Share of profit/(loss) of joint venture (5) (153) 130 20
Profit/(loss) on ordinary activities before tax (663) 1,143 14,212
Taxation (7) - (390) (486)
Profit/(loss) for the period (663) 753 13,726
Other comprehensive income:
Items that may be reclassified subsequently to profit
or loss when specific conditions are met.
Exchange differences on translating foreign operations (239) 83 (5)
Fair value adjustment on available for sale investments (9) (130) 433 23
Other comprehensive income for the period
net of tax (369) 516 18
Total comprehensive income for the period (1,032) 1,269 13,744
Profit/(loss) for the period attributable to owners
of the parent company (663) 753 13,726
Total comprehensive income attributable to owners
of the parent company (1,032) 1,269 13,744
Profit/(loss) per share (pence)
Basic and diluted (8) (0.07) 0.09 1.67
Condensed consolidated interim statement of financial position
31
30 June 30 June December
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Trade and other receivables 113 45 120
Available for sale investments (9) - 51 -
Intangible exploration assets (10) 17,978 1,789 17,965
Land, property, plant and equipment 316 351 319
Investment in Joint Venture (5) 3,374 3,239 3,527
Total non-current assets 21,781 5,475 21,931
Current assets
Trade and other receivables (11) 3,394 1,110 1,689
Available for sale investments (9) 691 575 866
Cash and cash equivalents 565 822 440
Total current assets 4,650 2,507 2,995
Total assets 26,431 7,982 24,926
EQUITY
Called up share capital (12) 6,056 5,805 5,836
Share premium (12) 11,735 8,845 9,241
Other reserves 720 720 720
Share based payments 571 578 571
Translation reserve (779) (452) (540)
Retained earnings 3,574 (8,085) 4,367
Total equity attributable to equity holders of the
parent 21,877 7,411 20,195
LIABILITIES
Non-Current Liabilities
Deferred tax Liability 2,273 - 2,273
Other financial liabilities 1,651 - 1,651
Total non-current liabilities 3,924 - 3,924
Current liabilities
Trade and other payables 630 571 807
Total current liabilities 630 571 807
Total equity and liabilities 26,431 7,982 24,926
Condensed consolidated interim statement of changes in equity
Total
attributable
Trans- Non- to equity
Share Share Other Share lation Retained controlling holder of
capital premium reserves options reserves losses interests parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2016 5,797 8,764 720 578 (535) (9,274) 3 6,053
Changes in equity
to 30 June 2016
Profit for the period - - - - - 753 - 753
Other comprehensive income - - - - 83 433 - 516
Total comprehensive income - - - - 83 1,186 - 1,269
Issue of share capital 8 81 - - - - - 89
Non-controlling interest
-share of net assets in subsidiary - - - - - 3 (3) -
Transactions with owners 8 81 - - - 3 (3) 89
Balance at 30 June 2016 5,805 8,845 720 578 (452) (8,085) - 7,411
Changes in equity
to 31 December 2016
Profit for the period - - - - - 12,973 - 12,973
Other comprehensive income - - - - (88) (410) - (498)
Total comprehensive income - - - - (88) 12,563 - 12,475
Cancellation of share options - - - (7) - 7 - -
Issue of share capital 31 443 - - - - - 474
Share issue costs - (47) - - - - - (47)
Non-controlling Interest
-acquisition of shares in subsidiary - - - - - (118) - (118)
Transactions with owners 31 396 - (7) - (111) - 309
Balance at 31 December 2016 5,836 9,241 720 571 (540) 4,367 - 20,195
Changes in equity
to 30 June 2017
Loss for the period - - - - - (663) - (663)
Other comprehensive income - - - - (239) (130) - (369)
Total comprehensive income - - - - (239) (793) - (1,032)
Issue of share capital 220 2,680 - - - - - 2,900
Share issue costs - (186) - - - - - (186)
Transactions with owners 220 2,494 - - - - - 2,714
Balance at 30 June 2017 6,056 11,735 720 571 (779) 3,574 - 21,877
Condensed consolidated Interim statement of cash flows
6 12
months months
6 months to to to
31
30 June 30 June December
2017 2016 2016
Cash flows from operating activities GBP`000 GBP`000 GBP`000
Profit/(loss) before tax (663) 1,143 14,212
Adjustments for:
Profit on disposal of available for sale investments (3) (626) (810)
Other income - non cash consideration received in
shares - - (1,148)
Depreciation of non-current assets 1 1 1
Disposal of intangible exploration assets - Australian
tenements and licences - 50 51
Gain on acquisition of remaining interest in Joint
Venture (excluding cash acquired) - - (12,386)
Fair value adjustments 130 (433) (23)
(Increase)/decrease in investment in Joint Venture
asset 153 (409) (697)
Investment income (75) (43) (103)
Movement in working capital (457) (317) (903)
Increase/(decrease) in non-current assets due to exchange
movements 50 (56) 51
(Increase)/decrease in trade and other receivables (624) 123 (660)
Increase/(decrease) in trade and other payables (86) (102) 237
Foreign exchange differences on retranslation of assets
and liabilities (239) 83 (5)
Cash outflow from operating activities (1,356) (269) (1,280)
Taxation paid (91) (60) (77)
Net cash used in operating activities (1,447) (329) (1,357)
Cash flows from investing activities
Purchase of land, property, plant and equipment (17) (10) (19)
Payments for intangible assets (175) (136) (149)
Investment income 75 43 103
Net cash used in investing activities (117) (103) (65)
Cash flows from financing activities
Proceeds from disposal of available for sale investments 48 832 1,103
Proceeds from issue of share capital 1,641 103 440
Net cash proceeds from financing activities 1,689 935 1,543
Net increase in cash and cash equivalents 125 503 121
Cash and cash equivalents at beginning of period/year 440 319 319
Cash and cash equivalents at end of period/year 565 822 440
Notes to the interim financial statements for the six months ended 30
June 2017
1. General information
Ariana Resources Plc (the "Company") is a public limited company
incorporated and domiciled in Great Britain and whose registered office
is Bridge House, London Bridge, London, SE1 9QR. The principal
activities of the Company and its subsidiaries (the "Group") are related
to the exploration for and development of gold and other minerals
primarily in Turkey. The Company's shares are listed on the Alternative
Investment Market of the London Stock Exchange.
2. Basis of preparation
The condensed interim financial statements have been prepared using
accounting policies consistent with International Financial Reporting
Standards and in accordance with International Accounting Standard 34
Interim Financial Reporting. The condensed interim financial statements
should be read in conjunction with the annual financial statements for
the year ended 31 December 2016, which have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by
the European Union.
The condensed interim financial statements set out above do not
constitute statutory accounts within the meaning of the Companies Act
2006. They have been prepared on a going concern basis in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) as adopted by the European Union. Statutory
financial statements for the year ended 31 December 2016 were approved
by the Board of Directors on 2 June 2017 and delivered to the Registrar
of Companies. The financial information for the periods ended 30 June
2017 and 30 June 2016 are unaudited.
3. Significant accounting policies
The condensed interim financial statements have been prepared under the
historical cost convention.
The same accounting policies have been followed in these condensed
interim financial statements as were applied in the preparation of the
Group's financial statements for the year ended 31 December 2016.
The Group and Company financial statements have been prepared on a going
concern basis. As an exploration and development company the Directors
are mindful that there is an ongoing need to monitor overheads and cash
associated with the exploration and development programme and to raise
additional working capital on an ad hoc basis to support the Group's
activities.
The Group's ability to continue its operations and to realise its assets
at their carrying values is dependent upon obtaining additional
financing and generating revenues sufficient to cover its operating
costs. These financial statements do not give effect to any adjustments
which would be necessary should the Group be unable to continue as a
going concern and therefore be required to realise its assets and
discharge its liabilities in other than the normal course of business
and at amounts different from those reflected in the accompanying
financial statements.
The Company raised GBP2.9m (gross) in the six month period from two
issues of new equity and the Directors remain confident that if future
funding is required they will be able to raise this finance to meet the
Group's exploration and development programme and associated overhead
cost. The second issue of equity took place near the period end and
GBP1.07m was still to be received as at 30 June 2017, as set out in note
11. This sum was received after that date.
31
4. Other income 30 June 30 June December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Consideration in cash and shares for disposal of Australian
tenements and licences - 468 1,148
Consultancy fees - 7 67
- 475 1,215
5. Interest in joint venture
The Group accounts for its joint venture with Proccea Construction Co in
Zenit Madencilik San. ve Tic. A.S. ("Zenit") using the equity method in
accordance with IAS 28 (revised). At 30 June 2017 the Group has a 50%
interest in Zenit.
Summarised financial information of the joint venture, based on its
translated financial statements and reconciliations with the carrying
amount of the investment in the consolidated financial statements are
set out below:
30 June 30 June 31 December
2017 2016 2016
Summaries statement of financial position GBP'000 GBP'000 GBP'000
Non-current assets 35,337 24,253 23,505
Current assets 4,314 821 15,081
Current and non-current liabilities (32,903) (18,596) (31,532)
Equity 6,748 6,478 7,054
Proportion of Group's ownership 50% 50% 50%
Carrying amount of Investment in Joint
Venture 3,374 3,239 3,527
30 June 30 June 31 December
2017 2016 2016
Summaries statement of profit and loss GBP'000 GBP'000 GBP'000
Other income 188 202 483
Administrative expenses - including exchange
gains/(losses) (494) 58 (443)
Profit/(loss) for the period (306) 260 40
Proportion of Group's ownership 50% 50% 50%
Group's share of profit/(loss) for the period (153) 130 20
Increase in share of net assets following
issue of shares in Zenit - 279 677
Movement in interest in Joint Venture for the
period (153) 409 697
During the commissioning phase of the Kiziltepe Gold and Silver Mine,
all revenues and costs associated with production during the ramp-up
period ending 30 June 2017 have been capitalised and included under
development expenditure in accordance with pre-commercial production
protocol. Gold and silver production during this commissioning phase
totalled 1,929 oz and 14,519 oz respectively. The Company considers
that Zenit commenced commercial production during July 2017.
In future accounting periods, more detailed production accounting
information will be included in the notes to the Group accounts, as it
not permitted to consolidate using acquisition accounting the results of
50% held joint venture enterprises such as Zenit. It will therefore
continue to be reported as an investment in the Consolidated Balance
sheet and the Consolidated Income Statement will include our share of
Zenit's profit or loss for each particular period.
6. Segmental analysis
Management currently identifies one division as an operating segment -
mineral exploration. This operating segment is monitored and strategic
decisions are made based upon this and other non-financial data collated
from exploration activities.
Principal activities for this operating segment are as follows:
Mining - incorporates the acquisition, exploration and development of
gold resources in Turkey and lithium in Australia.
30 June 2017 30 June 2016 31 December 2016
Other Other Other
reconciling reconciling reconciling
Mining items Group Mining items Group Mining items Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Administrative costs - (580) (580) - (360) (360) - (930) (930)
General and specific exploration
expenditure (8) - (8) (50) - (50) (118) - (118)
Other income - - - 475 - 475 1,215 - 1,215
Profit on disposal of AFS investments 3 - 3 626 - 626 810 - 810
Gain on acquisition in interest in Joint
venture - - - - - - 12,435 - 12,435
Movement in interest in a joint venture (153) - (153) 409 - 409 697 - 697
Investment income - 75 75 - 43 43 - 103 103
Tax - - - (390) - (390) (486) - (486)
Profit/(loss) after tax (158) (505) (663) 1,070 (317) 753 14,553 (827) 13,726
Assets
Segment assets 24,116 2,314 26,431 7,395 587 7,982 24,072 854 24,926
Liabilities
Segment liabilities (4,282) (272) (4,554) (398) (173) (571) (4,539) (192) (4,731)
Reconciling items include non-mineral exploration costs and transactions
between Group and associate companies.
Geographical segments
All of the Group's mining assets and liabilities are located primarily
in Turkey.
30 June 2017 30 June 2016 31 December 2016
United United United
Turkey Kingdom Group Turkey Kingdom Group Turkey Kingdom Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Carrying
amount 20,844 937 21,781 5,423 52 5,475 20,994 937 21,931
of
segment
non-
current
assets
7. Taxation
The Group has incurred tax losses for the period and a corporation tax
charge is not anticipated.
8. Profit per share
The calculation of basic loss per share is based on the loss after
taxation attributable to ordinary shareholders of GBP663,000 divided by
the weighted average number of shares in issue during the period, being
903,412,283.
9. Available for sale Investments
Company Non- Current Current Total
GBP'000 GBP'000 GBP'000
Valuation at 1 January 2016 22 - 22
Additions - 380 380
Disposals - (209) (209)
Fair value adjustment 29 404 433
Valuation at 30 June 2016 51 575 626
Additions - 734 734
Disposals - (84) (84)
Fair value adjustment (5) (403) (408)
Transfer to current assets (46) 46 -
Valuation at 31 December 2016 - 866 866
Disposals - (45) (45)
Fair value adjustment - (130) (130)
Valuation at 30 June 2017 - 691 691
Net book value
At 30 June 2017 - 691 691
At 31 December 2016 - 866 866
At 30 June 2016 51 575 626
Available for sale investments represent the Group's investment in Novo
Litio Limited (previously Dakota Minerals Limited) and Kingston
Resources Limited, both listed on the Australian Securities Exchange and
the Company`s investment in Royal Road Minerals Limited, a company
listed on the Toronto Venture Exchange and all are stated at their
market value at the period end.
As at 30 June 2017 due to changes in the market value of these
investments, a fair value loss totaling GBP130,000 has been reflected in
these accounts.
10. Intangible exploration assets GBP'000
Six months ended 30 June 2016
Opening net book value at 1 January 2016 1,654
Additions 136
Disposals (50)
Exchange movements 49
Closing net book value at 30 June 2016 1,789
Six months ended 31 December 2016
Opening net book value at 1 July 2016 1,789
Additions 13
Disposals (1)
Additions through acquisition of remaining interest
in Joint Venture 16,210
Exchange movements (46)
Closing net book value at 31 December 2016 17,965
Six months ended 30 June 2017
Opening net book value at 1 January 2017 17,965
Additions 175
Exchange movements (162)
Closing net book value at 30 June 2017 17,978
None of the Group's intangible assets are owned by the Company.
The technical feasibility and commercial viability of extracting a
mineral resource are not yet demonstrable in the above intangible
exploration assets. These assets are not amortised, until technical
feasibility and commercial viability is established. Intangible
exploration costs written off represent costs relating to certain
projects that are no longer considered economically viable or where
exploration licences have been relinquished.
11. Trade and other receivables 30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Amounts owed by Joint Venture Company 2,120 941 1,597
Other receivables 85 70 48
Prepayments and accrued income 116 99 44
Share capital receivable 1,073 - -
3,394 1,110 1,689
The fair value of trade and other receivables is not materially
different to the carrying values presented. The amounts owed by Group
undertakings and the Joint Venture Company are interest free and
repayable on demand.
12. Called up share capital and
share premium
Allotted, issued and fully paid
0.1p shares
Number Share Deferred Share
of shares Capital Shares Premium
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2016 802,060,196 802 4,995 8,764
Shares issued in period (net of
expenses) 7,814,928 8 - 81
At 30 June 2016 809,875,124 810 4,995 8,845
Shares issued in period (net of
expenses) 31,666,666 31 - 396
At 31 December 2016 841,541,790 841 4,995 9,241
Shares issued in period (net of
expenses) 210,096,154 220 - 2,494
At 30 June 2017 1,051,637,944 1,061 4,995 11,735
During 2017 the Company issued 210,096,154 ordinary shares for a total
gross consideration of GBP2,900,000 for cash and in settlement of
professional fees.
At 30 June 2017 the Company had 12,500,000 options and 32,777,777
warrants outstanding for the issue of ordinary shares. No options or
warrants were issued or exercised during the six month period.
13. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors
on 29 September 2017.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Ariana Resources plc via Globenewswire
http://www.arianaresources.com/s/Home.asp
(END) Dow Jones Newswires
September 29, 2017 02:01 ET (06:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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