We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Greatland Gold Plc | LSE:GGP | London | Ordinary Share | GB00B15XDH89 | 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% | 5.97 | 5.90 | 6.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -21.12M | -0.0041 | -14.51 | 302.88M |
From May 2019 to May 2024
TIDMGGP
RNS Number : 5279H
Greatland Gold PLC
13 March 2018
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
13 March 2018
Greatland Gold plc
("Greatland" or "the Company")
Interim Results
Greatland Gold plc ("AIM:GGP)), the precious and base metals mineral exploration and development company, announces its results for the six months ended 31 December 2017.
H1 Summary
-- Successful exploration campaigns at its Ernest Giles, Paterson and Panorama projects
o Ernest Giles:
-- Mobile Metal Ion ("MMI") surface geochemistry identified multiple gold anomalies at Ernest Giles East with key clusters exhibiting a strike in excess of 9 kilometres long and 3 kilometres wide;
-- Post period, the Company announced a drilling programme after Newmont Exploration Pty Ltd's ("Newmont") proprietary technology identified a new large gold anomaly at the Meadows area.
o Paterson:
-- Increased its land holdings in the Paterson region by acquiring 100% of the Black Hills gold project;
-- Encouraging exploration results indicated that the Havieron copper/gold target may be significantly larger than previously expected.
o Panorama:
-- First exploration campaign in the Pilbara region confirmed the potential for a high grade zone of gold mineralisation in the northern licence;
-- Identified two clusters of gold anomalies coincident with the base of the Mt Roe basalt and adjacent conglomerates in southern licence.
-- Company is well financed with cash and cash equivalents of approximately GBP4.5 million at 31 December 2017 (30 June 2017: GBP930,500; 31 December 2016: GBP547,713).
Gervaise Heddle, Chief Executive Officer, commented: "The first half of the year was characterised by operational progress across all the Company's key projects as well as achieving financial stability through successful fundraising. Specifically, the first half saw strong progress and encouraging results at Ernest Giles, Paterson and Panorama projects.
"Looking ahead, the Company is in a very strong financial position to pursue its strategy of advancing exploration across its portfolio of quality projects and identifying and acquiring new underexplored projects, such as the Black Hills gold project in the Paterson region. The next 12-18 months will see the Company pursue multiple targeted exploration campaigns across its portfolio, including at Ernest Giles where encouraging gold anomalies were identified during Newmont's examination of the project."
Strategy
The Company's strategy remains to maximise shareholder value by advancing exploration across the Company's core portfolio of existing exploration projects while seeking to acquire new opportunities in the precious and base metal sectors.
During the first six months of the financial year, general commodity and financial market conditions continued to improve. In anticipation of a sustained recovery in the commodity sector, the Company believes that active exploration across its portfolio of existing projects and the selective acquisition of new projects provides the best path to enhance shareholder value.
Operational Review
During the first half of the financial year, the Company engaged in active exploration campaigns across three of its key exploration projects and acquired the right to 100% of the Black Hills gold project in the Paterson region.
Ernest Giles
At Ernest Giles, Mobile Metal Ion ("MMI") surface geochemistry identified multiple gold anomalies over 60 kilometres of strike at the eastern region of the Ernest Giles gold project. Several clusters of gold anomalies were identified with key clusters exhibiting a strike in excess of 9 kilometres long and 3 kilometres wide. These results followed the successful drilling results at the western region of the Ernest Giles project (announced 12 January 2017 and 19 January 2017) and further highlighted the potential of the vast and virtually unexplored Ernest Giles greenstone belt.
Subsequent to the end of the first half of the financial year, Greatland was notified by Newmont that it would not be proceeding with the Ernest Giles project. Newmont had a six month right of first refusal over the Ernest Giles project (as announced 16 May 2017) which has lapsed. While Newmont's decision was disappointing, the Company was very encouraged by the results of Newmont's Deep Sensing Geochemistry ("DSG") survey. In particular, the DSG survey identified a large 5km by 1km gold anomaly at the Meadows area, immediately to the north of Greatland's previous drilling, that has not been drill tested. Subsequently, the Company has announced a drilling programme at the Ernest Giles project including plans for approximately twenty-four drill holes at the Meadows area to test the anomalies identified by Newmont.
Paterson
At the Paterson project, encouraging MMI and gravity results indicated that the Havieron copper/gold target might be significantly larger than previously expected. Moreover, detection of certain pathfinder elements by MMI sampling, including cerium, lanthanum and uranium, supports the Company's view that Havieron is potentially an Iron Oxide Copper Gold ("IOCG") system.
Black Hills
In November 2017, the Company acquired 100% of the Black Hills gold project (E45/4512). The Black Hills gold project covers 25 square kilometres and represents an important strategic addition to the Company's Paterson project. Historical work at Black Hills by companies including Newcrest Limited demonstrated high grade gold at surface with rock chip results up to 90g/t gold and drill intercepts including 4m at 7.0g/t gold from 25 metres. Greatland has been encouraged by the increased level of interest in the Paterson region as evidenced by the substantial number of new exploration licence applications lodged by several key industry participants in recent months.
Panorama
At the Panorama project in the Pilbara region, the Company embarked on its first exploration campaign at this new and exciting project. The Pilbara region received a lot of attention from resource investors in the second half of 2017 and the Company is fortunate to have an established position in the region. The maiden exploration campaign conducted by the Company was successful in identifying two clusters of gold anomalies coincident with the base of the Mt Roe basalt and adjacent conglomerates. Moreover, rock chip sampling on the northern licence also confirmed historic rock chip sampling results that indicate a potential high grade zone of gold mineralisation in bedrock approximately 3.2 kilometres long.
Financials
Greatland reported an unaudited operating loss for the six months ended 31 December 2017 of GBP718,096 (six months to December 2016: loss of GBP608,421). Loss per share for the period of 0.03p (six months to December 2016: 0.04p). The Company is well financed with approximately GBP4.5 million in cash as at 31 December 2017, which will enable the Company to pursue multiple targeted exploration campaigns across its key projects over the next 12-18 months.
Outlook
In 2018, Greatland intends to use its strong financial position to accelerate exploration across its portfolio of exciting exploration assets. In the second half of the financial year, the Company has already announced new drilling campaigns at the Ernest Giles project and the Paterson project, both of which are scheduled for the second quarter of calendar 2018. We look forward to updating the market on the results from these exploration campaigns and to providing details on additional exploration campaigns at Greatand's other key projects as exploration plans are finalised.
Group statement of comprehensive income
Hot Features
Premium
6 months 6 months Year ended
to to 30 June
31 December 31 December 2017
2017 2016
Unaudited Unaudited Audited
GBP GBP GBP
Turnover - - -
Exploration expenses (350,544) (312,549) (557,848)
Administrative
expenses (367,552) (295,872) (694,186)
Operating loss (718,096) (608,421) (1,252,034)
Finance revenue 1,108 1,002 1,500
Loss on ordinary
activities before
taxation (716,988) (607,419) (1,250,534)
Tax on loss on - - -
ordinary activities
------------- ------------- ------------
Loss for the financial
period (716,988) (607,419) (1,250,534)
------------- ------------- ------------
Other comprehensive
income
Exchange differences
on translation
of foreign operations 87,338 19,906 29,240
------------- ------------- ------------
Other comprehensive
income/(loss)
for the year net
of taxation 87,338 19,906 29,240
Total comprehensive
loss for the year
attributable to
equity holders
of the parent (629,650) (587,513) (1,221,294)
------------- ------------- ------------
Loss per share
- see note 3 (0.03) (0.04) (0.07)
Basic pence pence pence
------------- ------------- ------------
Group balance sheet
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current
assets
Tangible assets - 8,549 -
Intangible assets 850,756 581,054 671,515
-------------- -------------- --------------
Total non-current
assets 850,756 589,603 671,515
-------------- -------------- --------------
Current assets
Cash and cash
equivalents 4,499,411 547,713 930,500
Trade and other
receivables 63,702 86,862 51,793
-------------- -------------- --------------
Total current
assets 4,563,113 634,575 982,293
-------------- --------------
Total assets 5,413,869 1,224,178 1,653,808
-------------- --------------
Liabilities
Current liabilities
Trade and other
payables (118,882) (126,487) (118,829)
-------------- -------------- --------------
Total liabilities (118,882) (126,487) (118,829)
-------------- -------------- --------------
Net assets 5,294,987 1,097,691 1,534,979
-------------- -------------- --------------
Equity
Called up share
capital 1,185,830 1,056,239 1,091,598
Share premium
reserve 11,310,916 6,095,307 7,042,627
Share based
payment reserve 250,278 329,724 328,060
Retained losses (7,835,431) (6,670,302) (7,223,363)
Other reserves 383,394 286,723 296,057
-------------- -------------- --------------
Total equity 5,294,987 1,097,691 1,534,979
-------------- -------------- --------------
Group cash flow statement
6 months 6 months Year ended
to to 30 June
31 December 31 December 2017
2017 2016
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from
operating activities
Operating loss (718,096) (608,421) (1,252,034)
(Increase)/Decrease
in receivables (11,909) 1,567 36,637
(Decrease)/Increase
in payables (55) 58,357 50,698
Share option charge 27,138 52,191 140,580
Depreciation - - 1,405
Net cash outflow
from operations (702,922) (496,306) (1,022,714)
------------ ------------- ------------
Cash flows from
investing activities
Interest received 1,108 1,002 1,500
Disposal of fixed
assets - - 7,251
Payments to acquire
tangible assets (197,612) (229,723) (319,011)
Net cash outflow
from investing
activities (196,504) (228,721) (310,260)
------------ ------------- ------------
Cash inflows from
financing activities
Proceeds from issue
of shares 4,437,988 409,500 1,409,679
Transaction costs
of issue of shares (75,467) (20,475) (37,975)
------------ ------------- ------------
Net cash flows
from financing
activities 4,362,521 389,025 1,371,704
------------ ------------- ------------
Net increase/(decrease)
in cash and cash
equivalents
Cash and cash equivalents 3,463,095 (336,002) 38,730
at the beginning
of period 930,500 883,478 883,478
Exchange gain on
cash and cash equivalents 105,816 237 8,292
------------ ------------- ------------
Cash and cash equivalents
at end of period 4,499,411 547,713 930,500
------------ ------------- ------------
Statement of group changes in equity
Called Share Share Retained Other Total
up share premium based earnings reserves
capital account payment
reserve
GBP GBP GBP GBP GBP GBP
As at 30
June 2016 1,041,614 5,720,907 277,533 (6,062,883) 266,817 1,243,988
---------- ---------- -------- ------------ -------- ----------
Loss for
the period - - - (1,250,534) - (1,250,534)
Currency
translation
differences - - - - 29,239 29,239
---------- ---------- --------- ------------ -------- ------------
Total comprehensive
income - - - (1,250,534) 29,239 (1,221,295)
Share option
charge - - 140,581 - - 140,581
Transfer
of exercise
of options - - (90,054) 90,054 - -
Share capital
issued 49,984 1,359,695 - - - 1,409,679
Cost of share
issue - (37,975) - - - (37,975)
---------- ---------- --------- ------------ -------- ------------
Total contributions
by and distributions
to owners
of the Company 49,984 1,321,720 50,527 90,054 - 1,512,285
---------- ---------- --------- ------------ -------- ------------
As at 30
June 2017 1,091,598 7,042,627 328,060 (7,223,363) 296,056 1,534,978
---------- ---------- --------- ------------ -------- ------------
Loss for
the period - - - (716,988) - (716,988)
Currency
translation
differences - - - - 87,338 87,338
---------- ----------- ---------- ------------ -------- ----------
Total comprehensive
income - - - (716,988) 87,338 (629,650)
Share option
charge - - 27,138 - - 27,138
Transfer
of exercise
of options - - (104,920) 104,920 - -
Share capital
issued 94,232 4,343,756 - - - 4,437,988
Cost of share
issue - (75,467) - - - (75,467)
---------- ----------- ---------- ------------ -------- ----------
Total contributions
by and distributions
to owners
of the Company 94,232 4,268,289 (77,782) 104,920 - 4,389,659
---------- ----------- ---------- ------------ -------- ----------
As at 31
December
2017 1,185,830 11,310,916 250,278 (7,835,431) 383,394 5,294,987
---------- ----------- ---------- ------------ -------- ----------
Statements of changes in other reserves
Merger reserve Foreign Total other
currency reserves
translation
reserve
Group GBP GBP GBP
As at 30 June
2016 225,000 41,817 266,817
-------- ------- --------
Currency translation
differences - 29,239 29,239
-------- ------- --------
As at 30 June
2017 225,000 71,056 296,056
-------- ------- --------
Currency translation
differences - 87,338 87,338
-------- --------
As at 31 December
2017 225,000 158,394 383,394
-------- -------- --------
Half-yearly report notes
1. Half-yearly report
This half-yearly report was approved by the Directors on 13 March 2018.
The information relating to the six month periods ended 31 December 2016 and 31 December 2017 are unaudited.
The information relating to the year ended 30 June 2017 is extracted from the audited financial statements of the Company which have been filed at Companies House and on which the auditors issued an unqualified audit report.
2. Basis of accounting
The report has been prepared using accounting policies and practices that are consistent with those adopted in the statutory financial statements for the year ended 30 June 2017, although the information does not constitute statutory financial statements within the meaning of the Companies Act 2006. The half-yearly report has been prepared under the historical cost convention.
These half-yearly financial statements consolidate the financial statements of the Company and its subsidiary and are prepared in accordance with International Financial Reporting Standards as adopted for use in the European Union.
This half-year report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2017.
The Company and Group will report again for the full year ended 30 June 2018.
3. Loss per share
6 months 6 months Year ended
to to 30 June
31 December 31 December 2017
2017 2016
Unaudited Unaudited Audited
GBP GBP GBP
These have been
calculated on
a loss of: (716,988) (607,419) (1,250,534)
---------------- ---------------- ----------------
The weighted
average number
of shares used
was: 2,547,928,996 1,357,691,656 1,694,378,384
---------------- ---------------- ----------------
Basic loss per (0.03) (0.04) (0.07)
share: pence pence pence
---------------- ---------------- ----------------
Copies of this half-yearly report are available free of charge by application in writing to the Company Secretary at the Company's registered office, 55 Gower Street, London WC1E 6HQ, or by email to info@greatlandgold.com. The report will also be made available on the Company's website: www.greatlandgold.com in compliance with the AIM Rules of Companies.
End
Enquiries:
Greatland Gold PLC
Callum Baxter/Gervaise Heddle
Tel +44 (0)20 3709 4900
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady/Andrew Emmott/James Keeshan
Tel +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson/Alan Gunn
Tel +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Ana Ribeiro/Alexis Gore
Tel +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc is London listed (LON:GGP) natural resource exploration and development company with a current focus on gold and nickel exploration projects.
The Company has six main projects; four situated in Western Australia and two in Tasmania. All projects are 100% owned by Greatland or Greatland has the right to take 100% ownership.
Greatland is seeking to identify large mineral deposits in areas that have not been subject to extensive exploration previously. It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.
The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFFSADFASEDD
(END) Dow Jones Newswires
March 13, 2018 04:35 ET (08:35 GMT)
1 Year Greatland Gold Chart |
1 Month Greatland Gold Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
