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CON Connemara

1.15
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Connemara LSE:CON London Ordinary Share IE00B2357X72 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.15 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
1.10 1.20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.15 GBX

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Date Time Title Posts
01/4/201909:06Connemara Mining Company plc2,028
22/1/201918:39Did NASA really fake the moom landings?547
02/2/201713:11Connemara Mining Company plc 2p to 50p107
27/9/201417:24Market Abuse Troll List45
10/3/201417:56The Great Globalization Swindle.150

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Posted at 01/4/2019 09:06 by purple11
from one con to another....
Posted at 15/3/2019 11:25 by fenners66
All time low share price ?
Its ok suggesting they are going to do something... that's been suggested for a decade - but they have little money so it relies on new shares to keep the gravy train running ... and dilution and as we see above lower share values.. ...
Posted at 05/3/2019 16:24 by currypasty
Connemara Mining Company plc (LON: CON), the Irish gold and zinc exploration and development company, is pleased to announce that it has raised GBP230,000 from directors and existing shareholders, by way of a placing of 18,400,000 new ordinary shares ("the Placing Shares") at a price of 1.25p per ordinary share ("the Placing"). For each new share subscribed, the investor will be entitled to one warrant to subscribe for an additional ordinary share at a price of 1.8p per share at any time before 11 September 2020.
Posted at 12/2/2019 17:21 by exile
Connemara Mining Company plc (LON: CON), the Irish gold and zinc exploration and development company, announces that it is proposing to change the name of the Company to "Arkle Resources Plc". The Board believes that the change of name, while reflecting the Company's heritage as an Irish-based company established to focus on zinc assets, will better reflect the Company's diversified position in both gold and zinc exploration and resource development.

------------------------------------------------------------------------------

I think that DEB-ARKLE may be more apt ?
Posted at 12/2/2019 10:04 by fenners66
Ha Ha finally realise the connotations of having CON as your ticker.....

Of course the change of name may mean we need a change of thread - so we will need new links to that chart above !!

Is that really what they want to hide ?
The fact that the share price has been a one way ride down for 18 months or so ?

Should we expect the same from PET CLON and BOD then ?
Posted at 21/1/2019 16:10 by currypasty
21 January 2019

Connemara Mining Company plc

("Connemara" or the "Company")

Change of Nominated Adviser and Broker

Connemara Mining Company plc (LON: CON), the Irish gold and zinc exploration and development company, announces that pursuant to the proposed merger between share price Angel Corporate Finance LLP ("SP Angel") and Northland Capital Partners Ltd, it has appointed share price Angel as its Nominated Adviser and Joint Broker with immediate effect.

The Company has agreed to grant share price Angel warrants to acquire up to 2,000,000 ordinary shares of the Company at 1.86 pence, exercisable for a period of five years.
Posted at 25/11/2018 22:34 by fenners66
This is a post from the Botswana Diamonds forum...
Maybe you all know that is one of the Clontarf quoted companies.

fenners66
20 Nov '18 - 10:01 - 4154 of 4162 Edit
0 0 0
"This forum is bod though, and that is where my opinions are directed"

I get that
So do the directors

Would you invest in a company run by a handful of men from a (once was?) house in Dublin, that had exploration interests in
Oil - Iraq
Oil - Jordan
Oil - Ghana
Oil - Equatorial Guinea
Oil - Offshore Ireland
Gold - Ireland
Other Metals - Ireland
Gas - Peru
Lithium - Bolivia
Diamonds - South Africa
Diamonds - Botswana
Diamonds - Zimbabwe
Stuff - Namibia
Gold -Scotland

There were/are others I cannot remember them all.
The 4 quoted companies from the same address share some of the directors etc
They also have another as yet (still?) unquoted company, Greenore Gold

ALL 4 have failed to make any money for a decade or more
ALL 4 have had failed projects and had to write off investments
They have partners for projects time and time again that fall through

They report 2 in £ and 2 in Euro so figs below include approx FX translation
From the last annual accounts - not including subsequent interims with more losses.....

Combined losses for a year of c. £7,731,000
Combined balance sheet losses of c. £38,068,000

Directors' remuneration in one year of c. £374,000

I do not know the figures of the unquoted company

Teeling did run a very successful whiskey company and sold it at a handsome profit
Now I understand his sons run another.

I put it to you that if this lot was one company would anyone invest in it with this track record ?
Would share holders be asking just how the directors could possibly keep control of all these projects at the same time all over the world as they are ?
How thinly can their time be spread and still be successful ?
How are they going to have any time for private lives ?

If they were successful - you of course would say they did it somehow - but a decade or so on and what is there to show for it ?

Why set up 4 distinct companies ?
Posted at 22/6/2018 09:17 by bobharris
The Stonepark confirmation has had no impact on the share price
Worryingly the news from Mine River is not good.
" Access problems hampered the programme and resulted in selecting secondary drill sites, and ultimately the program was curtailed to six holes. Most of the strike length remains untested"

Where is the growth to come from? Unless Glencore decide to buy Stonepark and further develop their interest in the are then I can't see there being any significant share price appreciation in the medium term.
Posted at 28/6/2017 06:50 by cpap man
Statement Accompanying the Final Results



Connemara is an Irish focused zinc and gold explorer with 35 licences spread across Ireland. We have three joint ventures where we brought in partners with funds and technology. Or so we hoped. Two of the joint ventures are in zinc with Teck Resources, one of the world's greatest zinc companies. Losses in areas other than zinc have ravaged the share price of Teck. Exploration budgets were slashed to virtually nothing. In recent years Teck have done little on our joint venture licences apart from keeping them in good standing. I believe that the coming months will see developments in the joint ventures.



Hendrick Resources, a private Canadian gold prospector, joint ventured five gold licences in Wicklow/Wexford. They did some excellent work identifying high potential targets. Finance for small gold exploration companies in Canada has been virtually non-existent for the past five years. The promoter has struggled to raise funds while also battling ill health. Once again sufficient work has been done to keep our licences in good standing.



Zinc has doubled in price in the past 18 months and I believe it has further to go. Gold above $1,200 an ounce means that every 1 gram a ton is worth $40. These prices make most producers profitable and should incentivise explorers and early stage investors into exploration shares.



There has been a dramatic revival of interest, particularly from Canada, in Irish zinc exploration with up to seven new companies entering the sector. The announcement by Boliden, the owner of the Tara zinc mine at Navan in Meath, that they have identified an additional orebody on the property which will extend the commercial mine life by years has boosted interest. It is thought that the use of 3D seismic techniques, prevalent in oil exploration but rare until now in Irish zinc/lead exploration, identified the structure at depth.



For many years the flagship Irish zinc exploration project has been at Pallas Green in Limerick, where Glencore the licence holder has identified 42 million tons of ore at a combined grade of 8% zinc/lead. In recent years little or no exploration has been done on the property. But it is now reported that eight drilling rigs are working on the site with a target of 22,000 metres of drilling.



The first Connemara/Teck joint venture is in Stonepark in Limerick, a few hundred metres from the Pallas Green discovery. The excitement of the early years when three good zinc bearing zones were discovered has given way to care and maintenance. This is not a good position for a junior explorer like Connemara which needs news and excitement. Teck are operator and control over 76% of the joint venture. We believe there is interest in acquiring Teck's share of the joint venture and we would be more than pleased to support any sale. Such a sale would be positive for Connemara as we would like to see new eyes evaluate the potential on the Stonepark block.



The second joint venture with Teck is five licences in the Oldcastle area straddling the Meath/Cavan border. This area has historical zinc/lead discoveries. Our block is 30 km west of the Tara mine. The target is a large ore body at depth. Teck holds many licences in the midland area of Ireland and they appear to be following a regional model in which the geology of Oldcastle plays a part. Teck are earning into the block so Connemara has no expenditure at present. In 2016, Teck drilled one deep hole on the block with disappointing results. We do not believe that one hole is enough, however such holes are expensive, costing up to €100,000 each. Further drilling which is our preferred option will mean that Teck will earn into their 75% holding. After which, like in Stonepark, Connemara will either fund its share or dilute.



We like zinc and believe that Ireland is the best zinc prospecting province in the world. The geology is good, title is secure, skills are available and licencing terms are reasonable. We have continued to monitor available ground and in the past year have added seven new licences. Five new prospecting licences have been acquired in the Derrykearn area of Laois. The properties lie along the Rathdowney Trend not far from the closed Galmoy and Lisheen zinc/lead mines. Two historic mines, Tonduff and Derrykearn, are on the licences. The best place to find a mine is where there is or was a mine. Exploration technology is evolving rapidly so we believe that new eyes casting a critical look at the geology of Derrykearn may reveal new targets.



The two Ladyswell licences in Cork cover an area containing a former barite mine. Barite is found in association with base metals. Little historic exploration has been carried out on the ground. Some early stage prospecting will take place this year.





Gold

We have two distinct gold exploration programmes - our 100% owned licence block in Donegal where we are active and our joint venture with Hendrick in Wicklow/Wexford which is effectively on care and maintenance.



The Inishowen block in Donegal now covers 187 km2 in eleven licences. We drilled four holes in 2016 with positive results including 4.82 metres at 5.48 grams/tonne of gold.



We also explored the old Glentogher silver mine approximately 4 km away from our discoveries to see if we could connect the two. We failed to find significant gold grades. Analysis of the geophysics over the area suggest additional veins and has identified two magnetic anomalies about 1 km north of the earlier drilling. We are examining a drilling proposal for later in 2017.



Gold in Wicklow/Wexford has been the subject of lore, fable and frustration since first discovered in Avoca in 1796. Over the decades many companies have prospected and explored to try to find the hard rock source for the gold found in the rivers and streams in the area.



Connemara personnel have long experience in the area. We believe that we hold five of the best licences. This view was supported by the decision of Hendrick Resources to acquire the licences surrounding our block and to joint venture our block. Extensive work by Hendrick revealed numerous drilling targets on Connemara ground. Then the recession hit, money dried up and the principal, Dale Hendrick, a renowned gold explorer, had health issues. The joint venture is in limbo. Because of the skills, experience and technology in Hendrick we are reluctant to walk away. We are in discussions with the principals in order to seek a resolution.









Future

A rising tide lifts all ships. So it is with Connemara. Better zinc prices, renewed exploration actively in Ireland and the arrival of new explorers is good for Connemara. We would be pleased for Teck to drill both joint ventures Stonepark and Oldcastle. But that does not look likely for Stonepark. We would support any transfer of the Teck interest to a new explorer willing to invest in the property. Though the pace of exploration in Oldcastle is excruciatingly slow we are not spending any money and won't for some time. Given the prospectivity and potential of Oldcastle a new partner with more commitment and deeper pockets would be our preferred way forward.



We believe that our new ground in Derrykearn and Ladyswell has excellent potential. We will prospect the ground and then seek to bring in a partner. Our overhead and joint venture partner spending is low so we spend very little money to do the exploration work. But our partners are not spending on the ground. We would like this rectified. We have funded the company on a shoestring and will continue to do so.











John Teeling

Chairman

27th June 2017
Posted at 28/6/2016 09:00 by ruthie
Connemara Mining Company
(“Connemara221; or “the Company”)

Final Results for the Year Ended 31 December 2015

Connemara Mining Company today announces its results for the year ending 31 December 2015.

Ends

Enquiries:
Connemara Mining Company Plc
John Teeling, Chairman +353 1 833 2833
Jim Finn, Director
Northland Capital Partners Limited
William Vandyk/Gerry Beaney +44 (0) 20 3861 6625
John Howes
Dowgate Capital Stockbrokers Limited
Jason Robertson +44 (0) 1293 517744
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7817 841 793
Nick Elwes +44 (0) 7831 851 855
Rachael Brooks
PSG Plus
Colm Heatley +353 1 661 4055
Alan Tyrrell +353 1 661 4055
www.connemaramining.com

Statement Accompanying the Final Results


Connemara is an active explorer in Ireland with 35 gold and zinc licences. A gold drilling campaign is ongoing on our ground in Donegal. Connemara has joint ventures with Teck Resources of Canada on most of our zinc licences and with Hendrick of Canada on our Wicklow/Wexford gold licences.

The prices of both metals have rallied strongly so far in 2016. Gold is touching $1,300 an ounce while zinc is close to $1,900 a tonne. At these prices exploration can be an attractive speculation. Particularly, in areas with good title, fair taxation, the rule of law and, ideally, good prospective geology. Ireland ticks all of these boxes for zinc while gold potential is slowly emerging. For over 50 years Ireland has been recognised as one of the leading, zinc provinces in the world. Some of the world’s biggest zinc discoveries in recent decades have been made in Ireland beginning with the Tynagh mine, 50 years ago the then biggest discovery in Europe; followed by the giant Tara mine still the 5th biggest world producer 40 years after start-up; followed by the world class Lisheen mine, finally exhausted in 2014.

There has not been a commercial gold mine in Ireland in over a thousand years apart from the small Omagh mine. This is likely to change in the coming years as the Dalradian discovery in Tyrone containing over 3m ounces is developed.

The primary exploration activity of the Company is on our Inishowen block of 5 licences covering 187 sq km. The focus is on gold. Previous explorers found gold in streams and in rock samples. Connemara has conducted 4 campaigns on the ground which has narrowed the target to one farm. We conducted grid sampling to identify the best places to drill. Three wide spaced holes intersected numerous veins carrying gold. One of the intercepts was 3.05 metres wide grading 5.8 grams of gold per tonne (g/t) in drillhole 16-MR-03 from 23.05 metres to 26.10 metres. A follow up programme of 4 holes spaced 100 metres apart, each 250 metres and drilled at a 45 degree angle is ongoing to test both depth and continuity. Further drilling is likely.

The Wicklow/Wexford area where we have 5 licences has been a gold area for hundreds of years. The famous or infamous gold rush of the late 18th century was just to the North of our holdings. The principals and professionals in Connemara have long exploration experience of the area. They managed to acquire ground they thought to be prospective. Sampling, geophysics and drilling have shown extensive gold bearing rock. Drilling results from earlier programmes include 19.9g/t Au over 0.4 metres at Knocknalour (DD2554-1) and 0.5m of 18.4g/t at Tombreen (DD2558-3). A private Canadian company, headed by legendary gold prospector, Dale Hendrick, farmed into the licences and spent up to $500,000 on aeromagnetic surveys, geophysics and sampling. The work reinforced much of the earlier results and identified a series of drill targets. The implosion of the prices of junior explorers on the Toronto Stock exchange has made it difficult to raise the funds to drill. Hendrick need to spend up to $1 million to earn a 75% interest in the licences. Connemara is informed that sufficient funds have been raised to enable some drilling in 2016.

Zinc is a metal with many uses such as galvanising, die casting, electronics. Demand is strong in developing economies and stable or slowly declining in first world economies. World growth rates are 4% a year led by India, China, Brazil and Africa. Supply is at best sluggish. Many big mines are exhausted or soon will be. Wood Mackenzie predict a supply/demand deficit. It takes seven to ten years from discovery to production. One would have thought that this picture would spur exploration. But in fact exploration is at a low level. The explanation is simple. The world economic crisis from 2008 onward has seriously weakened most major miners. During the booming early 2000s companies overused available debt to buy and/or develop expensive assets. When prices fell and demand weakened highly leveraged companies suffered. They continue to suffer. What expenditure could be cut was cut. Exploration budgets are easy targets.

So it is with our joint venture partner, Teck Resources. Once one of the world’s greatest zinc companies they have been laid low by investments areas other than base metals.

Teck knows zinc and knows Ireland. They first joint ventured with Connemara in 2005 on the Stonepark block of licences in Limerick. This block abuts the Pallasgreen block where Glencore have discovered significant quantities of zinc – 42 million tons inferred at 8% zinc/lead.

In 2007 Teck made the first of a number of discoveries in Stonepark. Over the subsequent four years three separate highgrade zones were discovered. This type of geology is typical of Irish zinc – separate zones or pods. What is needed is one or more big zones preferably high-grade. In total, to date, Teck have drilled 135 holes but do not yet have a commercial resource. In the past few years Teck have done very limited exploration. In the current year their budget for Stonepark is essentially limited to keeping the ground in good standing. Teck have spent over €8 million on the project so far. They are operator and control 76.6% of the joint venture. On required expenditure to maintain the ground Connemara must pay their share. We can dilute by declining to participate in any other spending. Connemara would like to see more activity on the block. Our experts believe there is more zinc to be discovered. Teck are aware of our policy and have indicated that they may have a drilling budget by end 2016.

In recent years the exploration focus of Teck has moved to the Irish midlands where they acquired a substantial block of licences. They approached Connemara with an earn in proposal on the five licences held by the Company in the Oldcastle/Lough Sheelin area. This area has for decades been thought to be geologically analogous to the setting of the giant Tara zinc mine some 30 km to the east. Exploration on the area in the 1970s discovered about 2.5 million tons of zinc ore. Of eleven holes drilled by Connemara 5 contained zinc. But it became apparent that the target strata were 800 metres and deeper. Holes of this depth cost €100,000 plus each.

Connemara joint ventured with Teck in 2012. The deal requires Teck to spend €1.35 million to earn 75%. Teck have done extensive geophysical and geochemical work on the block and in 2015 drilled two deep holes both of which contained lead zinc mineralisation. Further drilling is needed. When this happens is a function of the Teck budget for Ireland. The earn in has a way to go so Connemara is not liable for any expense.

Connemara holds 100% of 4 licences in the vicinity of the now closed Lisheen zinc mine. One, the Rapla block, has similarities to Galmoy some 2 km away. The other three, the Thurles block to the south of Lisheen, were thought to hold great potential. We did extensive geophysical and geochemical work and drilled 4 holes without success. These three licences are likely to be surrendered, we will hold Rapla.

As part of our gold exploration we obtained 10 licences, the Raphoe block, in Donegal to the west of the Dalradian gold discovery in Tyrone. High gold soil values and recent aeromagnetic data indicated potential. Early stage prospecting on the block produced weak results. It is likely that Connemara will concentrate their efforts on the Inishowen licences.

Future
The immediate future is focused on gold in Donegal. Drilling results are expected to be available in Q3 2016. Later in the year we expect to see work begin on our Wicklow/Wexford block of gold licences. Zinc exploration is at a standstill as our partner has a very limited budget. We continue to look at prospecting opportunities. We think the Rapla licence near Lisheen has big potential. We have identified and applied for some other ground prospective for zinc.

Our share price, after declining by 99% to less than 0.5p, has shown signs of life rising to 2.5p. We raised money at 2p to fund our gold drilling programme. Successful drill results will lead to more drilling which may need more funds.

Our ongoing saga with a former stakeholder has not reached a happy conclusion. Despite winning a court case, getting full costs and going through on the taxing master we were unable to get paid. The company which owned the shares is in liquidation. We are in discussions with the liquidator.

Connemara is a small tightly controlled company with only 76 million shares issued, has very good exploration ground and good partners with the best technology expertise and experience in gold and zinc.

Our 100 per cent owned gold exploration is going well and holds out promise. Results to date are positive. Drilling results will be available in the coming weeks and months.





John Teeling
Chairman

28th June 2016
__________________________________________________________________________________


CONNEMARA MINING COMPANY PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015



2015 2014
€ €

CONTINUING OPERATIONS

Administrative expenses (202,965) (308,312)

OPERATING LOSS (202,965) (308,312)

Investment revenue 4 20

LOSS BEFORE TAXATION (202,961) (308,292)

Income tax expense - -

LOSS FOR THE FINANCIAL YEAR AND
TOTAL COMPREHENSIVE INCOME (202,961) (308,292)


Loss per share – basic and diluted (0.36c) (0.74c)





CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2015



2015 2014
€ €

ASSETS:

NON CURRENT ASSETS

Intangible assets 2,451,015 2,379,391


CURRENT ASSETS

Other receivables 28,299 69,398
Cash and cash equivalents 120,382 384,848

148,681 454,246

TOTAL ASSETS 2,599,696 2,833,637


LIABILITIES:

CURRENT LIABILITIES
Trade and other payables (426,392) (457,372)

NET CURRENT LIABILITIES (277,711) (3,126)

NET ASSETS 2,173,304 2,376,265


EQUITY:

Called-up share capital 557,797 557,797
Share premium 4,809,006 4,809,006
Retained deficit (3,193,499) (2,990,538)

TOTAL EQUITY 2,173,304 2,376,265






STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015



Group and Company
Called up Share
Capital Share
Premium Share Based Payment
Reserve Retained
Deficit
Total
€ € € € €

At 1 January 2014 357,397 4,524,801 49,815 (2,732,061) 2,199,952
Shares issued 200,400 300,600 - - 501,000
Share issue expenses - (16,395) - - (16,395)
Options exercised - - (49,815) 49,815 -
Loss for the year - - (308,292) (308,292)
At 31 December 2014 557,797 4,809,006 - (2,990,538) 2,376,265
Loss for the year - - - (202,961) (202,961)
At 31 December 2015 557,797 4,809,006 - (3,193,499) 2,173,304

Share premium

The share premium reserve comprises of the excess of monies received in respect of share capital over the nominal value of shares issued.

Share based payment reserve

The share based payment reserve arises on the grant of share options to directors and consultants under the share options plan.

Retained deficit

Retained deficit comprises accumulated losses in the current and prior financial years.



CONSOLIDATED CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015



2015 2014
€ €
CASH FLOW FROM OPERATING ACTIVITIES

Loss for the financial year (202,961) (308,292)
Investment revenue recognised in loss for the financial year (4) (20)
Exchange movements (16,334) (6,745)

(219,299) (315,057)

MOVEMENTS IN WORKING CAPITAL
(Decrease)/Increase in trade and other payables (30,980) 266,859
Decrease/(Increase) in other receivables 41,099 (44,126)

CASH USED BY OPERATIONS (209,180) (92,324)

Investment revenue 4 20

NET CASH USED IN OPERATING ACTIVITIES (209,176) (92,304)

CASH FLOW FROM INVESTING ACTIVITIES

Payments for exploration and evaluation (71,624) (79,110)

NET CASH USED IN INVESTING ACTIVITIES (71,624) (79,110)

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issue of equity shares - 501,000
Share issue costs - (16,395)

NET CASH FROM FINANCING ACTIVITIES - 484,605


NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (280,800) 313,191

Cash and cash equivalents at beginning of financial year 384,848 64,912

Effect of exchange rate changes on cash held in foreign currencies 16,334 6,745

Cash and cash equivalents at end of financial year 120,382 384,848




Notes:

1. Accounting Policies

There were no changes in accounting policies from those used to prepare the Group’s Annual Report for financial year ended 31 December 2014. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

2. Loss per Share

2015 2014
€ €

Loss per share - Basic and Diluted (0.36c) (0.74c)


Basic loss per share
The earnings and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:

2015 2014
€ €

Loss for the year attributable to equity holders of the parent (202,961) (308,292)


2015 2014
No. No.
Weighted average number of ordinary shares for the
purpose of basic earnings per share 55,779,711 41,504,643


Basic and diluted loss per share is the same as the effect of the outstanding share options and warrants is anti-dilutive.

3. Intangible Assets

2015 2014
Exploration and Evaluation: € €

Cost:
At 1 January 2015 2,379,391 2,290,281
Additions 71,624 89,110

At 31 December 2015 2,451,015 2,379,391


Carrying amount:
At 31 December 2015 2,451,015 2,379,391

The above represents expenditure on projects in Ireland. Included in the Group intangible assets is €Nil (2014: €10,000) of directors’ remuneration which was capitalised during the year.

In 2012 the Group entered into an agreement with Teck Ireland Limited (“Teck”), a subsidiary of Teck Resources Limited, which gives Teck the option of earning a 75% interest in licences held by the Group in Cavan/Meath. Teck have to spend €1.35 million on the licences by 2018 in order to earn the option to acquire 75% interest. As per the agreement the licences have been transferred into a new company, Oldcastle Zinc Limited. As at 31 December 2015 Teck had completed €897,725 worth of expenditure. As per the agreement upon Teck completing €550,000 worth of expenditure 343,500 ordinary shares in Oldcastle Zinc Limited were to be issued to Teck. The shares were issued on 20 February 2015 giving Teck a 51% interest in the company.

In 2007 the Group entered into an agreement with Teck Cominco which gave Teck Cominco the option to earn a 75% interest in a number of other licences held by the Group. Teck Cominco had to spend CAD$3m to earn the interest. During 2012 the relevant licences were transferred to a new company, TILZ Minerals Limited, which at 31 December 2015 was owned 23.44% (2014: 23.79%) by Limerick Zinc Limited and 76.56% (2014: 76.21%) by Teck Ireland Limited. The Group’s share of expenditure on the licences continues to be capitalised as an exploration and evaluation asset. The Group is subject to cash calls from Teck Ireland Limited in respect of the financing of the ongoing exploration and evaluation of these licences. In the event that the Group decides not to meet these cash calls its interest in TILZ Minerals Limited may be diluted accordingly.

The realisation of the intangible assets is dependent on the discovery and successful development of economic reserves which is subject to a number of risks as outlined below. Should this prove unsuccessful the value included in the balance sheet would be written off to the statement of comprehensive income.

The Group’s exploration activities are subject to a number of significant and potential risks including:

- uncertainties over development and operational risks;
- compliance with licence obligations;
- liquidity risks; and
- going concern risks;

The directors are aware that by its nature there is an inherent uncertainty in such exploration and evaluation expenditure as to the value of the asset. Having reviewed the carrying value of exploration and evaluation of assets at 31 December 2015, the directors are satisfied that the value of the intangible asset is not less than carrying value.


Segmental analysis 2015 2014
€ €

Limerick 1,370,210 1,358,347
Oldcastle 330,000 330,000
Rest of Ireland 750,805 691,044

2,451,015 2,379,391




4. Share Capital and Share Premium

2015 2014
€ €
Authorised:
200,000,000 Ordinary shares of €0.01 each 2,000,000 2,000,000


Allotted, Called-Up and Fully Paid:
Share Share
Number Capital Premium
€ €
At 1 January 2014 35,739,711 357,397 4,524,801
Issued in the year 20,040,000 200,400 300,600
Share issue costs - - (16,395)


At 1 January 2015 55,779,711 55,779,711 4,809,006

31 December 2015 55,779,711 557,797 4,809,006



5. Annual General Meeting

The Company’s Annual General Meeting will be held on 28th July 2016 in the Westbury Hotel, Grafton Street, Dublin at 10:00 am.


6. General Information

The financial information set out above does not constitute the Company’s financial statements for the year ended 31 December 2015. The financial information for 2014 is derived from the financial statements for 2014 which have been delivered to the Companies Registration Office. The auditors have reported on 2014 statements; their report was unqualified with an emphasis of matter in respect of considering the adequacy of the disclosures made in the financial statements concerning the valuation of intangible assets, investment in subsidiaries and amounts due by group undertakings. The financial statements for 2015 will be delivered to the Companies Registration Office.

A copy of the Company’s Annual Report and Accounts for 2015 will be mailed to all shareholders shortly and will also be available for collection from the Company’s registered office, 162 Clontarf Road, Dublin 3, Ireland. The annual report will shortly be available for viewing at Connemara Mining Company PLC’s website at www.connemaramining.com.
Connemara share price data is direct from the London Stock Exchange

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