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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 | 343,588 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | 4.03M | 0.0035 | 8.06 | 32.33M |
From Apr 2019 to Apr 2024
TIDMAAU
RNS Number : 4990A
Ariana Resources PLC
30 September 2020
30 September 2020
AIM: AAU
INTERIM RESULTS
Ariana Resources plc ("Ariana" or the "Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce its unaudited interim results for the six months ended 30 June 2020.
Financial Highlights:
-- Ariana's share of profits from the Kiziltepe Mine, part of the joint venture ("Zenit" or "JV"), in the six months to June 2020 amount to GBP3.0m, compared to GBP7.9m in the year ended December 2019.
-- Profit before tax of GBP2.2m recorded for the period, with operating costs in line with expectations and the prior year.
-- Profit for the period of GBP1.9m reflects a withholding tax charge on maiden dividend distributions of GBP1,600,000 which were paid in March 2020 from Ariana's operating subsidiary in Turkey to its intermediate (BVI) holding company.
Operational Highlights:
-- Gold production guidance for 2020 for the Kiziltepe Mine is c. 18,000 oz Au (gross to the JV) is expected to be met at the end of Q4 2020.
-- Gold production for H1 2020 achieved 9,808 oz Au (H1 2019: 13,734 oz Au); reduced output due to the planned progression of mining to lower grade areas.
-- During the period, 100% of Zenit's US$33 million construction capital loan for Kiziltepe was repaid to Turkiye Finans Katilim Bankasi A.S.
-- Ariana completed its initial earn-in on Cyprus-focused Venus Minerals Ltd to 9.24% and, following further expenditure, has earned an entitlement to 12%, post-period end.
-- New independent JORC resource estimates completed for Kiziltepe, Kizilcukur and Tavsan, increasing the total depleted resource inventory across the wider Red Rabbit Project Area to just over 500,000 ounces of gold.
-- An exploration drilling campaign, which commenced during the period at the Arzu South vein, identified a new high-grade vein which will become the focus of further work.
Michael de Villiers, Chairman, commented:
"The first half of 2020 was marked by extraordinary global developments, which will undoubtedly leave their mark on society for many years into the future. Despite this, our business has continued to progress positively under the conditions imposed by the Coronavirus pandemic and we are now drawing on this experience to further strengthen and build the Company's strategy.
"During the period, both our operating mine and our ongoing exploration and development activities have continued to yield positive results. While we remain on track to produce c.18,000 oz (gross to the JV) of gold for the year, at an average operating cost in the region of US$580 per ounce, exploration at Kiziltepe has continued to demonstrate the opportunities to expand the resource and to identify new mining areas.
"Significantly, the period saw the end of repayments against Zenit's US$33 million construction capital loan in April 2020. Full repayment of this loan has in turn underpinned the financial strength of our business, through cash flow arising from the repayment of debtor balances and dividends, enabling us to support various exploration and development programmes across our Turkish portfolio and the diversification of the portfolio outside of Turkey.
"In particular we are pursuing an expanded joint venture with our current partners, Proccea Construction Co., along with a potential new partner, Ozaltin Holding A.S. The Salinbas Gold Project, which we believe has the potential to become a significant new gold mine producing at a rate of 50,000 oz per annum over a 10-year life of mine, is the focus of this enhanced joint venture.
"Meanwhile, commodity market conditions have not been this favourable for many years, with the gold price having risen to a high of US$1,782 per ounce at the end of the period. Under the current conditions of global uncertainty and with yet more unprecedented central bank financial action, we expect that the gold market will remain strong for some time to come.
"As always, I take this opportunity to thank the Ariana and joint venture teams for their unwavering efforts during a period of heightened uncertainty. These efforts have been reflected in a share price which climbed 56% during the period; a momentum which was maintained into the current period."
Management Statement
Ariana has continued to make significant progress during the period, having established itself as a profitable, cash generative exploration and development company. Our strategy of developing a pipeline of projects at the production, development and exploration phases continues to be rewarded. We remain committed to enhancing our current portfolio and continue to evaluate new projects both in Turkey, and in surrounding countries, which straddle the Tethyan Metallogenic Belt. Such projects are carefully filtered to fit our development criteria and must show capacity to enhance shareholder value.
Production from our flagship mining operation at Kiziltepe in Turkey, which is part of the 50/50 Red Rabbit Joint Venture with Proccea Construction Co., remains fully on target. Q1 2020 gold production was 5,129 ounces, with 4,679 ounces delivered in Q2 2020, bringing H1 2020 gold production to 9,808 ounces of gold. This represents an expected decrease in mine output compared to the same period last year as a result of mining transitioning from the high-grade Arzu South pit to the lower grade Arzu North pit. Importantly, however, despite the reduction in grade, average operating cash costs for the first half of the year remain in the region of US$500 to US$530 per ounce, in line with the same period in 2019. Our strong performance in the first half of the year reflects positively on our 2020 production guidance of 18,000 ounces of gold (gross to the JV).
Due to high commodity prices during the period, Kiziltepe achieved an average revenue per gold ounce of US$1,920 (inclusive of silver credit). This, coupled with low operating costs which have carried over into the period, have resulted in strong revenue from the operation in the range of c. US$9 to 10 million per quarter. In addition, 100% of the US$33 million JV construction capital loan was repaid to the project finance bank, Turkiye Finans Katilim Bankasi A.S. during the period.
In terms of exploration within the Red Rabbit JV area, we continue to make significant progress across all of our projects in western Turkey, with the aim of increasing the JV life of mine and achieving a production profile of up to 50,000 ounces of gold per annum. In addition to this we have been making significant progress at the wholly-owned Salinbas Gold Project, which is located in northeastern Turkey. A revised resource estimate was completed shortly after the period end, demonstrating c.1.5 million ounces of gold. The project comprises three licences two of which were renewed as 10-year operational licences and one renewed as a 5-year operational licence. These licences areas include the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry among other prospects.
Outlook
While the first half of the year was impacted by the onset of the Coronavirus pandemic, mining operations at Kiziltepe continued without interruption and an exploration drilling programme proceeded at the Arzu South vein. This was achieved through the introduction of various company-wide risk mitigation measures, which have come at the cost of limiting travel and physical interaction, requiring the development of an even more atomised and autonomous approach to business. Both our team and that at the mine site have demonstrated their ability to operate under this new reality. Accordingly, our business has emphasised a remarkable resilience, a characteristic that will be further built upon and further incorporated into our strategy for the years ahead.
Our existing joint venture with Proccea Construction Co. has proven the importance of creating strong, successful in-country partnerships. In this context, we are now looking forward to enhancing our partnership further with the addition of Ozaltin Holding A.S. as a second partner in to our current joint venture. This expanded partnership will drive the further development of the Red Rabbit assets of Kiziltepe and Tavsan, in addition to progressing the Salinbas asset through feasibility with the addition of new capital and engineering expertise.
We strive to continue to deliver on this year's exceptional progress, through continued production and exploration success, as well as seeking new development opportunities within and outside of Turkey. Notably, our investment in Cyprus has continued to progress and we have been encouraged by the success of initial exploration on the island.
Based on the progress of mine development we expect our production guidance for the year of 18,000 oz (gross to the JV) will be met, and operations during the third quarter continue to perform in line with expectations. We look forward to providing further updates on our progress across our projects and particularly in relation to the development of an enhanced joint venture encompassing both the Red Rabbit and Salinbas Projects.
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 Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500 John Prior / Hugh Rich / Atholl Tweedie Yellow Jersey PR Limited Tel: +44 (0) 7951 402 336 Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com Wilkinson
Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development company operating in Europe. It has interests in gold production in Turkey and copper-gold assets in Cyprus. The Company is developing a portfolio of prospective licences in Turkey, which contain a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020).
The Red Rabbit Project is comprised of the Company's flagship assets, the Kiziltepe and Tavsan gold projects, and is part of a 50:50 Joint Venture with Proccea Construction Co. Both assets are located in western Turkey, which hosts some of the largest operating gold mines in the country and remains highly prospective for new porphyry and epithermal deposits. The Kiziltepe Sector of the Red Rabbit Project is fully permitted and is currently in production. The total depleted resource inventory at the Project and its wider area is c. 500,000 ounces of gold equivalent (as at April 2020). 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.
The 100% owned Salinbas Gold Project is located in north-eastern Turkey and has a total resource inventory of c. 1.5 million ounces of gold. The project comprises three notable licence areas: Salinbas, Ardala and Hizarliyayla, all of which are located within a multi-million ounce Artvin Goldfield. The "Hot Gold Corridor" contains several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas and 7km south of Hizarliyayla. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation on the Salinbas Gold Project.
Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus") and has to date earned into an entitlement to 12%. Venus is focused on the exploration and development of copper-gold assets in Cyprus.
Panmure Gordon (UK) Limited is broker 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 2020
Condensed consolidated statement of comprehensive income
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2020 2019 2019
Note GBP'000 GBP'000 GBP'000
Administrative costs (782) (588) (1,242)
General exploration expenditure - (139) (18)
Intangible exploration assets
- written off - - (364)
Other gains - - 627
Other income - - 61
Operating Loss (782) (727) (936)
---------------------- ---------------------- -------------------------
Profit on disposal of equity
securities
at FVOCI - - 20
Share of profit of joint venture
accounted for using the equity
method (4) 3,010 3,029 7,891
Investment Income 2 3 5
---------------------- ---------------------- -------------------------
Profit before tax 2,230 2,305 6,980
Taxation (6) (282) - (46)
---------------------- ---------------------- -------------------------
Profit for the period from
continuing
operations 1,948 2,305 6,934
---------------------- ---------------------- -------------------------
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translating
foreign operations (1,307) (1,121) (1,774)
Items that will not be reclassified
to profit or loss:
Net change in fair value of equity
securities at FVOCI (8) - 49 49
Other comprehensive (loss) for
the period
net of income tax (1,307) (1,072) (1,725)
---------------------- ---------------------- -------------------------
Total comprehensive profit for
the period 641 1,233 5,209
Earnings per share (pence)
Basic (7) 0.18 0.22 0.65
Fully diluted 0.17 0.21 0.65
Condensed consolidated interim statement of financial position
Unaudited Unaudited Audited
30 June 30 June 31 December
2020 2019 2019
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Trade and other receivables 106 120 93
Intangible exploration assets (9) 16,347 16,987 16,404
Intangible assets 177 - 187
Land, property, plant and equipment 59 185 50
Other Investments (Earn-In advances) 808 - -
Investment in Joint Venture accounted
for using the equity method (4) 9,969 3,521 7,768
---------- ---------- -------------
Total non-current assets 27,466 20,813 24,502
---------- ---------- -------------
Current assets
Trade and other receivables (10) 340 4,196 4,574
Equity securities at FVOCI (8) - 84 -
Cash and cash equivalents 2,342 569 453
---------- ---------- -------------
Total current assets 2,682 4,849 5,027
---------- ---------- -------------
Total assets 30,148 25,662 29,529
========== ========== =============
EQUITY
Called up share capital (11) 6,054 6,054 6,054
Share premium (11) 11,821 11,821 11,821
Other reserves 720 720 720
Share based payments 409 364 364
Translation reserve (7,277) (5,317) (5,970)
Retained earnings 14,246 7,670 12,298
Total equity attributable to equity
holders of the parent 25,973 21,312 25,287
---------- ---------- -------------
Total equity 25,973 21,312 25,287
---------- ---------- -------------
LIABILITIES
Non-Current Liabilities
Deferred tax liability 2,273 2,273 2,273
Other financial liabilities 1,651 1,651 1,651
---------- ---------- -------------
Total non-current liabilities 3,924 3,924 3,924
Current liabilities
Trade and other payables 251 426 318
---------- ---------- -------------
Total current liabilities 251 426 318
---------- ---------- -------------
Total equity and liabilities 30,148 25,662 29,529
========== ========== =============
Condensed consolidated interim statement of changes in equity
Total
Share attributable
based Trans- to equity
Share Share Other payment lation Retained holder
capital premium reserves reserve reserve earnings of
parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December
2018 6,054 11,821 720 250 (4,196) 5,315 19,964
Changes in equity to 30
June 2019
Profit for the period - - - - - 2,306 2,306
Other comprehensive income - - - (1,121) 49 (1,072)
---------- ---------- ----------- ---------- ---------- ----------- --------------
Total comprehensive income - - - - (1,121) 2,355 1,234
---------- ---------- ----------- ---------- ---------- ----------- --------------
Share options - - - 114 - - 114
Transactions with owners - - - 114 - - 114
---------- ---------- ----------- ---------- ---------- ----------- --------------
Balance at 30 June 2019 6,054 11,821 720 364 (5,317) 7,670 21,312
========== ========== =========== ========== ========== =========== ==============
Changes in equity
to 31 December 2019
Profit for the period - - - - - 4,628 4,628
Other comprehensive income - - - - (653) - (653)
---------- ---------- ----------- ---------- ---------- ----------- --------------
Total comprehensive income - - - - (653) 4,628 3,975
---------- ---------- ----------- ---------- ---------- ----------- --------------
Share options - - - - - - -
Transactions with owners - - - - - - -
---------- ---------- ----------- ---------- ---------- ----------- --------------
Balance at 31 December
2019 6,054 11,821 720 364 (5,970) 12,298 25,287
========== ========== =========== ========== ========== =========== ==============
Changes in equity
to 30 June 2020
Profit for the period - - - - - 1,948 1,948
Other comprehensive income - - - - (1,307) - (1,307)
---------- ---------- ----------- ---------- ---------- ----------- --------------
Total comprehensive income - - - - (1,307) 1,948 641
---------- ---------- ----------- ---------- ---------- ----------- --------------
Share options - - - 45 - - 45
Transactions with owners - - - 45 - - 45
---------- ---------- ----------- ---------- ---------- ----------- --------------
Balance at 30 June 2020 6,054 11,821 720 409 (7,277) 14,246 25,973
========== ========== =========== ========== ========== =========== ==============
Condensed consolidated interim statement of cash flows
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2020 2019 2019
Cash flows from operating activities GBP`000 GBP`000 GBP`000
Profit for the year 1,948 2,305 6,934
Adjustments for:
Profit on disposal of land owning operations - - (627)
Profit on disposal of equity securities at
FVOCI - - (20)
Profit on disposal of equipment - (53)
Depreciation of non-current assets 11 1 20
Write down of intangible exploration assets - - 364
Fair value adjustments - (49) (49)
Share of profit in Joint Venture (3,010) (3,029) (7,891)
Share based payments charge 45 114 114
Investment income (2) (3) (5)
Income tax expense 282 - 46
Movement in working capital (726) (661) (1,167)
---------- --------------------- -------------------------
Decrease in trade and other receivables 3,419 580 918
Increase/(decrease) in trade and other payables (62) 178 253
Cash inflow from operating activities 2,631 97 4
---------- --------------------- -------------------------
Taxation paid (282) - (8)
---------- --------------------- -------------------------
Net cash from operating activities 2,349 97 (4)
---------- --------------------- -------------------------
Cash flows from investing activities
Purchase of land, property, plant and equipment (13) (28) (12)
Payments for intangible assets (166) (367) (516)
Payments for other investments (274) - -
Proceeds from disposal of equity securities
at FVOCI - - 104
Proceeds from disposal of equipment - - 55
Investment income 2 3 5
---------- --------------------- -------------------------
Net cash used in investing activities (451) (392) (364)
---------- --------------------- -------------------------
Net increase/(decrease) in cash and cash equivalents 1,898 (295) (368)
Cash and cash equivalents at beginning of period 453 938 938
Exchange adjustment (9) (74) (117)
---------- --------------------- -------------------------
Cash and cash equivalents at end of period 2,342 569 453
========== ===================== =========================
Notes to the interim financial statements for the six months ended 30 June 2020
1. General information
Ariana Resources Plc (the "Company") is a public limited company incorporated, domiciled and registered in the U.K. The registration number is 05403426 and the registered address is 2(nd) Floor, Regis House, 45 King William Street, London, EC4R 9AN, United Kingdom.
The Company`s shares are listed on the Alternative Investment Market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (together the "Group") are related to the exploration for and development of gold and other technology-metals, principally in Turkey and surrounding countries.
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 2019, 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 2019 were approved by the Board of Directors on 27 July 2020 and delivered to the Registrar of Companies. The financial information for the periods ended 30 June 2020 and 30 June 2019 are unaudited.
3. Significant accounting policies
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 2019.
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, where necessary, 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 the Group generating revenues sufficient to cover its operating costs, and /or obtaining additional financing. 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 Directors remain confident that if future funding is required they will be able to raise finance to meet the Group's exploration and development programme and associated overhead cost.
4. Share of profit of 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 2020 the Group has a 50% interest in Zenit.
Zenit entered production during March 2017, with commercial production declared from 1 July 2017. Operational revenues and costs arising from pre-commercial production were capitalised in 2017, along with any new capital expenditure incurred subsequently, including the construction of the district road diversion necessary for the full development of the Arzu South open pit.
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:-
6 months 6 months Year ended
to to 31 December
30 June 30 June
2020 2019 2019
Summary statement of comprehensive GBP'000 GBP'000 GBP'000
income
Revenue 14,301 16,132 35,337
Cost of sales (7,051) (7,357) (15,444)
Gross Profit 7,250 8,775 19,893
Other income 359 - -
Administrative expenses (812) (985) (1,636)
Operating profit 6,797 7,790 18,257
Finance expenses including foreign
exchange losses (1,584) (2,810) (4,762)
Finance income including foreign exchange
gains 756 1,117 2,667
---------------- --------------------- -------------
Profit for the period before tax 5,969 6,097 16,162
Taxation credit/(charge) 51 (39) (380)
---------------- --------------------- -------------
Profit for the period 6,020 6,058 15,782
---------------- --------------------- -------------
Proportion of Group's profit share 50% 50% 50%
Group's share of profit for the period 3,010 3,029 7,891
================ ===================== =============
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2020 2019 2019
Summary statement of financial position GBP'000 GBP'000 GBP'000
Non-current assets 22,886 22,904 24,552
Current assets 13,950 8,506 11,868
Current liabilities (11,522) (16,518) (16,643)
Non-current liabilities (5,376) (7,851) (4,241)
---------------- --------------------- -------------
Equity 19,938 7,041 15,536
---------------- --------------------- -------------
Proportion of Group's ownership 50% 50% 50%
Carrying amount of Investment in Joint
Venture 9,969 3,521 7,768
================ ===================== =============
5. 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.
Other reconciling items - include non-mineral exploration costs and transactions between Group and associate companies.
30 June 2020 30 June 2019 31 December 2019
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 - (782) (782) - (588) (588) - (1,242) (1,242)
General and
specific
exploration
expenditure - - - (139) - (139) (382) - (382)
Profit on
disposal
of
investments - - - - - - - 20 20
Share of profit
in joint
venture 3,010 - 3,010 3,029 - 3,029 7,891 - 7,891
Other gains - - - - - - 627 - 627
Investment
income - 2 2 - 3 3 - 66 66
Profit before
taxation 3,010 (780) 2,230 2,890 (585) 2,305 8,136 (1,156) 6,980
Taxation (282) - (282) - - - (43) (3) (46)
-------- ------------ -------- -------- ------------ -------- -------- ------------ --------
Profit/(loss)
after tax 2,728 (780) 1,948 2,890 (585) 2,305 8,093 (1,159) 6,934
======== ============ ======== ======== ============ ======== ======== ============ ========
Assets
Segment assets 28,886 1,262 30,148 25,061 601 25,662 28,706 823 29,529
-------- ------------ -------- -------- ------------ -------- -------- ------------ --------
Liabilities
Segment
liabilities (3,940) (235) (4,175) (3,970) (380) (4,350) (4,003) (239) (4,242)
======== ============ ======== ======== ============ ======== ======== ============ ========
Geographical segments
The Group's mining assets and liabilities are located primarily in Turkey.
30 June 2020 30 June 2019 31 December 2019
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
of segment non-
current assets 26,479 987 27,466 20,243 570 20,813 24,314 188 24,502
========= ======== ========= ========= ======== ========= ========= ======== =========
6. Taxation
The Group has not incurred taxable profits for the period and a corporation tax charge is not anticipated.
During the period, withholding tax amounting to GBP282,000 was paid by the Group's operating subsidiary in Turkey, Galata Madencilik San. ve Tic Ltd. on two dividend distributions totalling GBP1,600,000 to the Group's intermediate (BVI) holding company, Portswood Resources Limited.
7. Earnings per share on continuing operations
The calculation of basic profit per share is based on the profit attributable to ordinary shareholders of GBP1,948,000 divided by the weighted average number of shares in issue during the period, being 1,059,677,953.
8. Equity securities designated as FVOCI
Group & Company
GBP'000
Valuation at 1 January 2019 35
Fair value adjustment 49
Valuation at 30 June 2019 84
----------------
Disposals (84)
Valuation at 31 December 2019 and 30 June 2020 -
================
The Company sold its remaining shares in Royal Road Minerals Ltd. during 2019 and hence holds no further listed investments at the period end.
9. Intangible exploration assets GBP'000
Six months ended 30 June 2019
Opening net book value at 1 January 2019 16,975
Additions 378
Exchange movements (366)
Closing net book value at 30 June 2019 16,987
Six months ended 31 December 2019
Opening net book value at 1 July 2019 16,987
Additions 138
Expenditure written off (364)
Reclassification of expenditure (207)
Exchange movements (150)
Closing net book value at 31 December 2019 16,404
Six months ended 30 June 2020
Opening net book value at 1 January 2020 16,404
Additions 166
Exchange movements (223)
---------
Closing net book value at 30 June 2020 16,347
=========
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.
10. Trade and other receivables 30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Amounts owed by Joint Venture Company - 3,613 3,383
Other receivables 214 478 598
Earn-In advances - - 534
Prepayments 126 105 59
340 4,196 4,574
======== ======== ============
The fair value of trade and other receivables is not materially different to the carrying values presented.
11. 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
In issue at 1 January 2019 to
30 June 2020 1,059,677,953 1,059 4,995 11,821
-------------- -------- --------- --------
Potential issue of ordinary shares - share options and warrants
The Company on the 1 January 2018 issued 64,000,000 new share options to directors and staff at an exercise price of 1.55 pence, vesting over 3 years. A share based payment charge of GBP45,000 (2019: GBP114,000) has been recognised in these interim results.
At 30 June 2020 the Company had 64,000,000 options and nil warrants outstanding for the issue of ordinary shares.
12. Contingent liabilities
Following the disposal of the Group's 99%-owned subsidiary, Çamyol Gayrimenkul, Madencilik, Turizm, Tarim ve Hayvancilik Ltd. ("Camyol") 75% of the resulting gain on disposal is exempt from Turkish corporation tax provided the gain is retained under equity by Galata Madencilik San. ve Tic. Ltd. for a period of 5 years. This potentially exempt taxable gain amounts to Turkish Lira 4,529,343 with an associated corporation tax liability of Turkish Lira 996,455, or approximately GBP137,000.
13. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 29 September 2020.
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(END) Dow Jones Newswires
September 30, 2020 02:00 ET (06:00 GMT)
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