Conroy Gold & Natural Resources Plc Half-year Report

 
TIDMCGNR 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
                          (EU) No. 596/2014 ("MAR"). 
 
                                                               28 February 2019 
 
                     Conroy Gold and Natural Resources plc 
 
                          ("Conroy" or "the Company") 
 
         Half-yearly results for the six months ended 30 November 2018 
 
Conroy (AIM: CGNR), the Irish-based resource company exploring and developing 
gold projects in Ireland and Finland, is pleased to announce its results for 
the six months ended 30 November 2018. 
 
Highlights: 
 
  * Excellent drill results from extended programme at Clontibret; 1,768 metres 
    completed 
 
  * Updated Exploration Target of 8.8 million ounces of gold: 
 
  * In only the three major gold targets - Clontibret, Clay Lake and Glenish - 
    and excluding the defined gold resource of over half a million ounces at 
    Clontibret 
 
  * Clontibret: 
 
  * Gold lodes intercepted with excellent grades - up to 24g/t 
  * New area of bedrock gold mineralisation discovered between the Clontibret 
    gold deposit and the Corcaskea gold target 
 
  * Clay Lake: 
  * Gold intersection of over 150 metres at 0.3g/t gold 
  * The intersection at a downhole depth of 252 metres is the deepest to date 
 
  * Placing  to raise GBP500,000 completed 
 
Professor Richard Conroy, Chairman, commented: 
 
"The initial drill programme was very successful and we used the extended one 
to build on those results.  Further drilling is planned to increase the 
resource, and the environmental and other studies related to the projected mine 
development continue. The new discoveries and the updated exploration target 
show the potential of the 700 km² that the Company has under licence." 
 
For further information please contact: 
 
Conroy Gold and Natural Resources plc              Tel: [phone] 
 
Professor Richard Conroy, Chairman 
 
Allenby Capital Limited (Nomad)                    Tel: [phone] 
 
Nick Athanas/Nick Harriss 
 
Brandon Hill Capital Limited (Broker)              Tel: [phone] 
 
Jonathan Evans 
 
Lothbury Financial Services                        Tel: [phone] 
 
Michael Padley 
 
Hall Communications                                Tel: [phone] 
 
Don Hall 
 
Visit the website at: www.conroygold.com 
 
                             Chairman's Statement 
 
Dear Shareholder, 
 
I have great pleasure in presenting your Company's Half-Yearly Report for the 
six month period ended 30 November 2018.  The period has been one of further 
successful progress. Excellent results came from the drilling programme in the 
Clontibret - Clay Lake - Glenish gold area and an expanded exploration target 
of 8.8M oz gold was estimated for the area as announced on 2 August 2018. 
Environmental and other studies continued to progress in relation to the 
Company's proposed mine development at Clontibret.  In addition a successful 
placing during the half-year raised GBP500,000 (EUR556,545) for the Company to fund 
the advancement of the Company's gold assets. 
 
Principal Activities and Business Review 
 
Gold Price 
 
The price of gold is a dominant feature in any business review or sensitivity 
analysis of a gold mining development.  During the period as the Company 
continued with its exploration and development activities, it is very pleasing 
to note a significant rise in the gold price from less than $1,200 an ounce in 
October 2018 to over $1,300 an ounce at the date of writing.  It is also 
relevant that all the world's Central Banks have been increasing their holdings 
of gold during the past year. 
 
Exploration Activity 
 
The Company's principal exploration activities during the period centred around 
its drilling at Clontibret where, following the discovery of extensive gold 
zones with wide mineralised intersections and grades up to 24g/t gold, an 
initial 1,000 metre drilling programme was expanded by a further 700 metres. 
This resulted in the discovery of further significant intercepts and gold 
grades. 
 
Drilling was also carried out at the Company's gold targets at Clay Lake and 
Glenish, immediately to the northeast and southwest respectively of Clontibret, 
as part of an overall drilling programme encompassing the 17km long gold 
district, Clontibret - Clay Lake - Glenish, which the Company has discovered in 
the northeast of its licence area. 
 
Gold intersections at Clay Lake included one which extended for over 150 metres 
at 0.3g/t gold.  This wide gold intersection adds to previous drilling and 
trenching results which suggest potential for high tonnage and overall gold 
content in the Clay Lake gold target. 
 
Bedrock Gold Discovery 
 
A new area of bedrock gold mineralisation was discovered during prospecting 
between the Clontibret gold deposit and the Corcaskea gold target.  The grade 
of the gold outcrop discovered is 5.6g/t gold.  This newly discovered outcrop 
lies to the north of the Clontibret gold deposit, on which the Company has 
defined a JORC resource of 517,000 oz gold, and to the south of the Corcaskea 
gold target, which has yielded significant gold intersections in trenches, 
including 16.5 metres at 6.5g/t gold and 12 metres at 4.9g/t gold.  The 
relevance of this discovery is that geological interpretation suggests that 
continuity between the Clontibret gold deposit, which is open in all directions 
and to depth, and the Corcaskea gold target is becoming established. Proving 
continuity between the Clontibret gold deposit and the Corcaskea gold target 
will indicate significantly increased gold potential in the area. 
 
Exploration Target Update 
 
During the half-year an updated Exploration Target of 8.8M ounces gold 
associated with the gold-in-soil anomalies in the Clontibret-Clay Lake-Glenish 
gold district has been estimated by consulting geologist Professor Garth Earls 
(Professor Earls is also a non-executive director of the Company).  This 
updated Exploration Target of 8.8M oz gold does not include the already defined 
JORC compliant resource of 517,000 oz gold in the Clontibret gold deposit.  The 
updated target is to a depth of 200 metres and now includes the Glenish gold 
target.  It should be noted, however, that the potential quantity and grade of 
the Exploration Target are, however, essentially conceptual in nature and must 
not be construed as Resources or Reserves. 
 
Future Drilling and Other Activities 
 
Further drilling is planned for the Clontibret - Clay Lake - Glenish gold 
target area with a view to increasing the resource at Clontibret and 
delineating the gold potential at Clay Lake and Glenish and indeed elsewhere 
along the 65km (40 miles) gold trend which your Company has discovered.  There 
will also be follow up on the gold in bedrock discovery between the Clontibret 
gold deposit and the Corcaskea gold target. 
 
Mine Development 
 
The ultimate objective of your Company's exploration programme is, of course, 
the discovery and development of economic mineral resources. A Preliminary 
Economic Assessment (PEA) has indicated technical and financial feasibility of 
the Company's Clontibret gold deposit and environmental and other studies 
related to the projected mine development continue. 
 
Summary 
 
Overall the geology of the area, further excellent drilling results during 
2018, the recent bedrock discovery between the resource area and Corcaskea and 
the presence of 65km (40 miles) gold trend discovered by the Company all lend 
encouragement and substance to our belief that the discovery of a multimillion 
ounce gold deposit in the Company's licence area is highly achievable. 
 
Finance 
 
The loss after taxation for the half-year ended 30 November 2018 was EUR285,604 
(six-month period ended 30 November 2017: loss EUR458,222) and the net assets as 
at 30 November 2018 were EUR18,145,291 (30 November 2017: EUR16,709,325).  During 
the half - year a placing to raise GBP500,000 (EUR556,545) was successfully 
completed by the Company. 
 
Directors and Staff 
 
I would like to thank my fellow directors, staff and consultants for their 
support and dedication, which has enabled the continued success of the Company. 
 
Outlook 
 
We look forward to continuing to make successful progress with our exploration, 
delineation and development programmes on the Company's gold properties. 
 
Professor Richard Conroy 
 
Chairman 
 
28 February 2019 
 
Condensed consolidated income statement and condensed consolidated statement of 
comprehensive income 
 
for the six-month period ended 30 November 2018 
 
Condensed consolidated income 
statement 
 
                                    Note        Six-month          Six-month         Year 
                                             period ended    period ended 30     ended 31 
                                              30 November      November 2017     May 2018 
                                                     2018      (Unaudited) EUR    (Audited) 
                                            (Unaudited) EUR                               EUR 
 
Continuing operations 
 
Operating expenses                              (285,604)          (458,222)    (745,498) 
 
Finance income - interest                               -                  -           13 
 
Loss before taxation                            (285,604)          (458,222)    (745,485) 
 
Income tax expense                                      -                  -            - 
 
Loss for the financial period/                  (285,604)          (458,222)    (745,485) 
year 
 
Loss per share 
 
Basic loss per ordinary share        2          (EUR0.0130)          (EUR0.0401)    (EUR0.0485) 
 
Diluted loss per ordinary share      2          (EUR0.0130)          (EUR0.0401)    (EUR0.0396) 
 
 
 
 
                                                 Six-month        Six-month         Year 
                                              period ended     period ended     ended 31 

                                               30 November      30 November     May 2018 
                                                      2018             2017    (Audited) 
                                             (Unaudited) EUR    (Unaudited) EUR            EUR 
 
Loss for the financial period/                   (285,604)        (458,222)    (745,485) 
year 
 
Income/expense recognised in 
other comprehensive income                               -                -            - 
 
Total comprehensive expense for 
the financial period/year                        (285,604)        (458,222)    (745,485) 
 
Condensed consolidated statement of financial position as at 30 November 2018 
 
                                      Note    30 November    30 November     Year ended 
                                                     2018           2017    31 May 2018 
                                              (Unaudited)    (Unaudited)      (Audited) 
 
                                                        EUR              EUR              EUR 
 
Assets 
 
  Non-current assets 
 
   Intangible assets                   4       21,487,318     19,981,950     21,000,286 
 
   Property, plant and equipment                   12,292         14,174         13,232 
 
  Total non-current assets                     21,499,610     19,996,124     21,013,518 
 
  Current assets 
 
   Cash and cash equivalents                       53,773        102,109        233,161 
 
   Other receivables                               99,664         97,117         72,298 
 
  Total current assets                            153,437        199,226        305,459 
 
Total assets                                   21,653,047     20,195,350     21,318,977 
 
Equity 
 
  Capital and reserves 
 
   Called up share capital                         23,693         12,214         20,057 
 
   Called up deferred share                    10,504,431     10,504,431     10,504,431 
capital 
 
   Share premium                               12,727,194     11,054,732     12,174,285 
 
   Capital conversion reserve fund                 30,617         30,617         30,617 
 
   Share based payments reserve                   751,293      1,542,961        995,489 
 
   Retained losses                            (5,891,937)    (6,435,630)    (5,850,529) 
 
Total equity                                   18,145,291     16,709,325     17,874,350 
 
Liabilities 
 
  Non-current liabilities 
 
Directors' loans                       5          185,343        180,343        185,343 
 
  Total non-current liabilities                   185,343        180,343        185,343 
 
  Current liabilities 
 
   Trade and other payables: 
amounts falling due within one                  3,322,413      3,305,682      3,259,284 
year 
 
  Total current liabilities                     3,322,413      3,305,682      3,259,284 
 
Total liabilities                               3,507,756      3,486,025      3,444,627 
 
Total equity and liabilities                   21,653,047     20,195,350     21,318,977 
 
Condensed consolidated statement of cash flows 
 
for the six-month period ended 30 November 2018 
 
                                             Six-month      Six-month           Year ended 31 May 2018 
                                                period         period                      (Audited) EUR 
                                              ended 30       ended 30 
                                              November       November 
                                                  2018           2017 
                                           (Unaudited)    (Unaudited) 
                                                     EUR              EUR 
 
Cash flows from operating activities 
 
Loss for the financial period/year           (285,604)      (458,222)                        (745,485) 
 
Adjustments for: 
 
Depreciation                                       940            942                            1,884 
 
Expense recognised in income statement in            -              -                           74,621 
respect of equity settled share based 
payments 
 
(Increase)/decrease in other receivables      (27,366)          1,863                           26,862 
 
Increase in trade and other payables            58,792        551,279                          665,196 
 
Net cash (outflow)/provided by operating     (253,238)         95,862                           22,898 
activities 
 
Cash flows from investing activities 
 
Investment in exploration and evaluation     (487,032)      (322,846)                      (1,042,705) 
 
Payments to acquire property, plant and              -              -                                - 
equipment 
 
Net cash used in investing activities        (487,032)      (322,846)                      (1,042,705) 
 
Cash flows from financing activities 
 
Issue of share capital                         556,545        406,680                        1,543,076 
 
Share issue costs                                    -              -                         (48,206) 
 
(Repayments)/advances from Directors'                -       (96,944)                         (91,944) 
 
Advances/(Repayments) from Karelian 
Diamond Resources P.L.C.                         4,337          (347)                        (160,662) 
 
Net cash provided by financing activities      560,882        309,389                        1,233,264 
 
(Decrease)/Increase in cash and cash         (179,388)         82,405                          213,457 
equivalents 
 
Cash and cash equivalents at beginning of 
financial period/year                          233,161         19,704    19,704 
 
Cash and cash equivalents at end of             53,773        102,109                          233,161 
financial period/year 
 
Condensed consolidated statement of changes in equity 
 
for the six-month period ended 30 November 2018 
 
                           Share      Share    Capital Share based    Retained       Total 
                         capital    premium conversion     payment      losses      equity 
                      (including               reserve     reserve 
                       called up                  fund 
                        deferred 
                           share 
                        capital) 
 
                               EUR          EUR          EUR           EUR           EUR           EUR 
 
                      10,524,488 12,174,285                995,489 (5,850,529)  17,874,350 
Balance at 1 June                               30,617 
2018 
 
Share issue                3,636    552,909          -           -           -     556,545 
 
Transfer from 
share-based payment 
reserve to retained            -          -          -   (244,196)     244,196           - 
losses 
 
Loss for the                   -          -                      -   (285,604)   (285,604) 
financial period                                     - 
 
Balance at 30         10,528,124 12,727,194                751,293 (5,891,937)  18,145,291 
November 2018                                   30,617 
 
                                 10,649,252              1,542,961 (5,977,408)  16,760,867 
Balance at 1 June     10,515,445                30,617 
2017 
 
Share issue                1,200    405,480          -           -           -     406,680 
 
Loss for the                   -          -                      -   (458,222)   (458,222) 
financial period                                     - 
 
Balance at 30         10,516,645 11,054,732              1,542,961 (6,435,630)  16,709,325 
November 2017                                   30,617 
 
Share capital 
 
The share capital comprises the nominal value share capital issued for cash and 
non-cash consideration. The share capital also comprises deferred share 
capital. The deferred share capital arose through the restructuring of share 
capital which was approved at General Meetings held on 26 February 2015 and 14 
December 2015. 
 
Authorised share capital: 
 
The authorised share capital at 30 November 2018 comprised 11,995,569,058 
ordinary shares of EUR0.001 each, 306,779,844 deferred shares of EUR0.02 each, and 
437,320,727 deferred shares of EUR0.00999 each (EUR22,500,000), (30 November 2017: 
11,995,569,058 ordinary shares of EUR0.001 each, 306,779,844 deferred shares of EUR 
0.02 each, and 437,320,727 deferred shares of EUR0.00999 each (EUR22,500,000)). 
 
Share issues during the period ended 30 November 2018: 
 
On 24 August 2018, the Company raised EUR556,545, (before expenses), through the 
issue of 3,636,365 ordinary shares of EUR0.001 in the capital of the Company at a 
price of GBP0.1375 per Subscription Share. 
 
Share premium 
 
The share premium reserve comprises the excess consideration received in 
respect of share capital over the nominal value of the shares issued. 
 
Capital conversion reserve fund 
 
The ordinary shares of the Company were re-nominalised from EUR0.03174435 each to 
EUR0.03 each in 2001 and the amount by which the issued share capital of the 
Company was reduced, was transferred to the capital conversion reserve fund. 
 
Share based payment reserve 
 
The share based payment reserve represents the amount expensed to the condensed 
consolidated income statement in addition to the amount capitalised as part of 
intangible assets of share-based payments granted which are not yet exercised 
and issued as shares. During the six month period ended 30 November 2018 a 
number of unexercised warrants expired resulting in a transfer of EUR244,196 from 
this reserve to retained losses. 
 
Retained losses 
 
This reserve represents the accumulated losses absorbed by the Company to the 
condensed consolidated statement of financial position date. 
 
Notes 
 
to and forming part of the condensed consolidated financial statements for the 
six-month period ended 30 November 2018 
 
 1. Accounting policies 
 
Reporting entity 
 
Conroy Gold and Natural Resources plc (the "Company") is a company domiciled in 
Ireland. The unaudited condensed consolidated financial statements for the 

six-month period ended 30 November 2018 comprise the condensed financial 
statements of the Company and its subsidiaries (together referred to as the 
"Group"). 
 
Basis of preparation and statement of compliance 
 
The condensed consolidated financial statements have been prepared in 
accordance with International Accounting Standard ("IAS") 34: Interim Financial 
Reporting. 
 
The condensed consolidated financial statements do not include all the 
information and disclosures required in the annual consolidated financial 
statements, and should be read in conjunction with the Group's annual 
consolidated financial statements as at 31 May 2018, which are available on the 
Group's website - www.conroygold.com . The accounting policies adopted in the 
presentation of the condensed consolidated financial statements are consistent 
with those followed in the preparation of the Group's annual consolidated 
financial statements for the year ended 31 May 2018. IFRS 15: Revenue from 
Contracts with Customers ("IFRS 15") is effective for the first time in the 
current interim period. The Directors have assessed that the impact of IFRS 15 
on the condensed financial statements for the current period will not be 
material. 
 
The condensed consolidated financial statements have been prepared under the 
historical cost convention, except for derivative financial instruments which 
are measured at fair value at each reporting date. 
 
The condensed consolidated financial statements are presented in Euro ("EUR"). EUR 
is the functional currency of the Group. 
 
The preparation of condensed consolidated financial statements requires the 
Board of Directors and management to use judgements, estimates and assumptions 
that affect the application of policies and reported amounts of assets, 
liabilities, income and expenses. Actual results may differ from those 
estimates. Estimates and underlying assumptions are reviewed on an ongoing 
basis. Revisions to accounting estimates are recognised in the financial period 
in which the estimate is revised and in any future financial periods affected. 
Details of critical judgements are disclosed in the accounting policies 
detailed in the annual consolidated financial statements. 
 
The financial information presented herein does not amount to statutory 
consolidated financial statements that are required by Chapter 4 part 6 of the 
Companies Act 2014 to be annexed to the annual return of the Company. The 
statutory consolidated financial statements for the financial year ended 31 May 
2018 were annexed to the annual return and filed with the Registrar of 
Companies. The audit report on those consolidated financial statements was 
unqualified. 
 
These Condensed Consolidated Financial Statements were authorised for issue by 
the Board of Directors on 28 February 2019. 
 
Going concern 
 
The Group incurred a loss of EUR285,604 for the six-month period ended 30 
November 2018 (six month period ended 30 November 2017: EUR458,222). The Group 
had net current liabilities of EUR3,168,976 at that date (30 November 2017: EUR 
3,106,456). 
 
The Board of Directors have considered carefully the financial position of the 
Group and in that context, have prepared and reviewed cash flow forecasts for 
the period to 29 February 2020. In reviewing the proposed work programme for 
exploration and evaluation assets and on the basis of the equity raised during 
the period ended 30 November 2018, the results obtained from the exploration 
programme and the prospects for raising additional funds as required, the Board 
of Directors are satisfied that it is appropriate to prepare the condensed 
consolidated financial statements on a going concern basis. 
 
 1.    Accounting policies (continued) 
 
New and amended standards adopted by the group 
 
A number of new or amended standards became applicable for the current 
reporting period. IFRS 15: Revenue from Contracts with Customers ("IFRS 15") is 
effective for the first time in the current interim period. The Directors have 
assessed that the impact of IFRS 15 on the condensed financial statements for 
the current period will not be material. 
 
Standards, interpretations and amendments issued but not yet effective 
 
The following new standards, amendments to standards and interpretations have 
been issued to date and are not yet effective for the financial period ended 30 
November 2018, and have not been applied nor early adopted, where applicable, 
in preparing these condensed financial statements: 
 
  * IFRS 9: Financial Instruments - effective for annual periods beginning 1 
    January 2018 
  * IFRS 16: Leases - effective for periods beginning 1 January 2019 
 
*    IFRS 17: Insurance Contracts - effective for periods beginning 1 January 
2021 
 
*    IFRS10/IAS28: Sale or contribution of an asset between an investor and its 
Associate of Joint Venture (Amendment) - Deferred indefinitely by amendments 
made in December 2015. 
 
The Board of Directors anticipate that the adoption of new standards, 
interpretations and amendments that were in issue at the date of authorisation 
of these condensed financial statements, but not yet effective, will have no 
material impact on the condensed financial statements in the period of initial 
application. 
 
 1. Loss per share 
 
Basic earnings per share                   Six-month      Six-month     Year ended 
                                              period         period    31 May 2018 
                                            ended 30       ended 30 
                                            November       November 
                                                2018           2017    (Audited) EUR 
                                         (Unaudited)    (Unaudited) 
                                                   EUR              EUR 
 
Loss for the financial period/ 
year attributable to equity                (285,604)      (458,222)      (745,485) 
holders of the Company 
 
Number of ordinary shares at 
start of financial period/year            20,056,674     11,013,537     11,013,537 
 
Number of ordinary shares issued 
during the financial period/year           3,636,365      1,200,000      9,043,137 
 
Number of ordinary shares at end 
of financial period/year                  23,693,039     12,213,537     20,056,674 
 
Weighted average number of 
ordinary shares for the purposes          22,023,947     11,424,773     15,379,675 
of basic earnings per share 
 
Basic loss per ordinary share              (EUR0.0130)      (EUR0.0401)      (EUR0.0485) 
 
Weighted average number of 
ordinary shares for the purposes          22,023,947     11,424,773     18,839,251 
of diluted earnings per share 
 
Diluted loss per ordinary share            (EUR0.0130)      (EUR0.0401)      (EUR0.0396) 
 
 1. Subsidiaries 
 
Shares in subsidiary companies      30 November    30 November      31 May 2018 
(Unlisted shares) at cost:                 2018           2017 
                                    (Unaudited)    (Unaudited)      (Audited) EUR 
                                              EUR              EUR 
 
Conroy Gold Limited - 100% owned              -              -                - 
 
Trans International Mineral 
Exploration Limited  - 100% owned             2              2                2 
 
                                              2              2                2 
 
The registered office of the above non-trading subsidiaries is 3300 Lake Drive, 
Citywest Business Campus, Dublin 24, D24 TD21, Ireland. 
 
Basis of consolidation 
 
The condensed consolidated financial statements include the condensed financial 
statements of Conroy Gold and Natural Resources plc and its subsidiaries. 
Subsidiaries are entities controlled by the Company. Control exists when the 
Group is exposed to or has the right to variable returns from its involvement 
with the entity and has the ability to affect those returns through its control 
over the entity. In assessing control, potential voting rights that presently 
are exercisable are taken into account. The condensed financial statements of 
subsidiaries are included in the condensed consolidated financial statements 
from the date that control commences until the date that control ceases. 
Intra-Group balances, and any unrealised income and expenses arising from 
intra-Group transactions are eliminated in preparing the condensed consolidated 
financial statements. 
 
 1. Intangible assets 
 
Exploration and evaluation assets 
 
Cost                                 30 November    30 November 2017    31 May 2018 
                                            2018       (Unaudited) EUR 
                                   (Unaudited) EUR                        (Audited) EUR 
 
 
At 1 June                             21,000,286          19,659,104     19,659,104 
 
Expenditure during the financial 
period/year 
 
  * License and appraisal costs          259,740              38,851        530,959 
 
  * Other operating expenses             227,292             283,995        511,746 
 
  * Equity settled share based                 -                   -        298,477 
    payments 
 
At 30 November/31 May                 21,487,318          19,981,950     21,000,286 
 
 
Exploration and evaluation assets relate to expenditure incurred in the 
development of mineral exploration opportunities. These assets are carried at 
historical cost and have been assessed for impairment in particular with regard 
to the requirements of IFRS 6: Exploration for and Evaluation of Mineral 
Resources relating to remaining licence or claim terms, likelihood of renewal, 
likelihood of further expenditure, possible discontinuation of activities as a 
result of specific claims and available data which may suggest that the 
recoverable value of an exploration and evaluation asset is less than its 
carrying amount. 
 
The Board of Directors have considered the proposed work programmes for the 
underlying mineral resources. They are satisfied that there are no indications 
of impairment. 
 
The Board of Directors note that the realisation of the intangible assets is 

dependent on further successful development and ultimate production of the 
mineral resources and the availability of sufficient finance to bring the 
resources to economic maturity and profitability. 
 
 1. Related party transactions 
 
(a) Directors' loans                  30 November    30 November    31 May 2018 
                                             2018           2017 
                                    (Unaudited) EUR    (Unaudited)    (Audited) EUR 
                                                               EUR 
 
At 1 June                                 185,343        277,287        277,287 
 
Loans advanced                                  -         69,736         89,736 
 
Loan repayment                                  -      (166,680)      (181,680) 
 
At 30 November/31 May                     185,343        180,343        185,343 
 
The Directors' loan amounts relate to monies owed to Professor Richard Conroy 
amounting to EUR135,918 (31 May 2018: EUR135,918), and Maureen T.A. Jones amounting 
to EUR49,425 (31 May 2018: EUR49,425). 
 
 a. Apart from Directors' remuneration, and loans from Directors, there have 
    been no contracts or arrangements entered into during the six-month period 
    in which a Director of the Group had a material interest. 
 
 a. The Group shares accommodation with Karelian Diamond Resources plc which 
    have certain common Directors and shareholders. For the six-month period 
    ended 30 November 2018, the Group incurred costs totalling EUR74,968 (30 
    November 2017: EUR143,686) on behalf of Karelian Diamond Resources plc. These 
    costs were recharged to Karelian Diamond Resources plc by the Group. At 30 
    November 2018, the Group owed EUR117,514 (30 November 2017: EUR273,453) to 
    Karelian Diamond Resources plc. Amounts owed to Karelian Diamond Resources 
    plc are included within trade and other payables in the current and 
    previous financial periods/years. 
 
 1. Commitments and contingencies 
 
The Group has received prospecting licences under the Republic of Ireland 
Mineral Development Acts 1940 to 1995 for areas in Monaghan and Cavan. It has 
also received licences in Northern Ireland for areas in Armagh in accordance 
with the Mineral Development Act (Northern Ireland) 1969. 
 
At 30 November 2018, the Group had work commitments of approximately EUR340,000 
for the forthcoming year, in respect of prospecting licences held (31 May 2018: 
EUR440,000). 
 
 1. Approval of the Condensed Consolidated Financial Statements 
 
These Condensed Consolidated Financial Statements were approved by the Board of 
Directors on 27 February 2019. A copy of the Condensed Consolidated Financial 
Statements will be available on the Group's website www.conroygold.com on 28 
February 2019. 
 
 
 
END 
 

(END) Dow Jones Newswires

February 28, 2019 02:00 ET (07:00 GMT)