![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hunter Res. | LSE:HUN | London | Ordinary Share | IM00BMNQNZ42 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.185 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHUN
RNS Number : 0266A
Hunter Resources PLC
24 September 2015
24 September 2015 Hunter Resources plc ("Hunter" or the "Company") (AIM: HUN) Half Year Report for the six months to 30 June 2015 REPORT OF THE EXECUTIVE CHAIRMAN Dear Shareholder, I am pleased to announce the results for Hunter Resources plc ('Hunter' or the 'Company') for the six months to 30 June 2015. During the period the Hunter Resources plc group (the 'Group') has focussed on the geological exploration and community relations at its Pampamali site, while concurrently expanding its prospective area in Peru through the acquisition of the Prospero tenements. The Prospero project significantly expands the Group's landbank in Peru and provides opportunities to potentially share future facilities and infrastructure with Pampamali. In addition the Group, having renegotiated the terms of the Pampamali farm-in agreement, has exercised its option to acquire a controlling 51% interest in the project in an accelerated timeline and at a significantly lower cost. Prospero As announced on 19 June 2015, and following further regional exploration in the Pampamali area, the Group acquired additional tenements covering 5,000 hectares near and to the north west of the Pampamali project within a prospective silver-gold-base metal belt. The location of these tenements can be seen on the Company's website at www.hunter-resources.com. The acquisition of the Prospero tenements approximately doubles the size of the Group's mining tenements in the area and provides new geological targets over ground not previously subject to modern geological exploration. The Prospero area is directly along strike of the Group's Pampamali project from which the trend of mineralisation continues into this new area. Preliminary mapping of the Prospero area by the Group's technical team identified prospective geological structures and quartz veining with associated hydrothermal activity and breccias. Numerous anomalies and prospect areas have been identified for further assessment. Hunter has carried out geological mapping and sampling on Prospero and expects to be able to release the results from these, following completion of a full analysis and interpretation, in due course. We are working closely with the two local communities on the Prospero site who are supportive of the Group's plans. Pampamali The Pampamali Project consists of 8 exploration concessions with a total area of 3,500 hectares and is located in central Peru in the Department of Huancavelica, approximately 550 km by road from the City of Lima. The Pampamali project is a potentially high grade gold, silver and base metal project, consisting of 36 mineralised veins identified to date from surface outcrops. Outcrops of between 100 and 2,000 metres in length exist with mineralised widths ranging from 0.20 to over 3.00 metres. Various sampling exercises have been carried out at Pampamali with encouraging results announced in August and December 2014 and February 2015. As previously advised, we are continuing our negotiations with the communities in the Pampamali region to ensure that we have support on a wider basis. As announced on 1 July 2015, and in accordance with the revised and improved terms of the Joint Venture Agreement (as announced on 8 April 2015, and defined in the Company's announcement of 9 June 2014) with the owners of the Pampamali Project, the Company exercised its option to acquire a 51% interest in the Pampamali Project (the 'Option'). This satisfied the first two AIM Rule 9 Conditions (as set out in the announcement of 3 July 2014) to which the Company was subject following its re-admission to AIM on 4 July 2014 and the 12 month period relating to the third AIM Rule 9 Condition commenced. Potential regional plan As the Pampamali and Prospero tenements are close to each other and cover areas of a similar geological environment the Company is considering a potential plan to evaluate them as one project. Exploring these two areas together would reduce costs and offer increased efficiencies. In the event that resources are eventually established in the area then mining and treatment could be carried out together with a single treatment plant that would provide a material reduction in both capital and operating costs. Other projects We continue to look for new projects, both in Peru and in prospective areas in other countries. Financial Review The Group's loss for the six months to 30 June 2015 was GBP95,000 (2014: loss of GBP160,000). The Group's net assets for the six months to 30 June 2015 were GBP694,000 (2014: net liabilities of GBP175,000) and cash balances for the six months to 30 June 2015 were GBP272,000 (2014: GBP373,000). Simon D Hunt Executive Chairman 23 September 2015
For further information, please contact:
Hunter Resources plc Allenby Capital Limited Simon Hunt (Nominated Adviser and Broker) (Chairman) Nick Harriss/Nick Naylor +44 7733 337 755 +44 20 3328 5656 www.hunter-resources.com www.allenbycapital.com ------------------------- -------------------------------
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2015 2014 2014 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 ---- ------------ ------------ ------------ Administrative expenses (95) (101) (202) Expenditure incurred in connection with the Re-admission of the Company's Ordinary Shares to AIM 2 - (51) (118) Share based payments - - (148) Finance costs - (8) (8) ------------ ------------ ------------ Loss before taxation (95) (160) (476) Taxation - - - ------------ ------------ ------------ LOSS AND TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (95) (160) (476) ------------ ------------ ------------ LOSS PER SHARE Basic and diluted loss per share - pence 3 (0.07) (0.43) (0.56) ------------ ------------ ------------
All results derive from continuing operations. The loss and the total comprehensive loss for all periods presented are wholly attributable to equity holders of the parent Company.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June 2015 2014 31 December 2014 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 ----- ------------- ------------- ----------------- ASSETS Non-current assets Exploration and evaluation assets 4 436 45 353 436 45 353 ------------- ------------- ----------------- Current Assets Prepayments 11 118 13 Other receivables 25 32 25 Cash and cash equivalents 272 373 478
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
308 523 516 ------------- ------------- ----------------- TOTAL ASSETS 744 568 869 ------------- ------------- ----------------- LIABILITIES Current liabilities Convertible loan notes 5 - 176 - Advances against equity subscriptions - 364 - Trade and other payables 50 203 80 ------------- ------------- ----------------- TOTAL LIABILITIES 50 743 80 ------------- ------------- ----------------- NET CURRENT ASSETS / (LIABILITIES) 258 (220) 436 ------------- ------------- ----------------- NET ASSETS / (LIABILITIES) 694 (175) 789 ------------- ------------- ----------------- Share capital 6 2,170 1,216 2,170 Share premium 5,406 5,187 5,406 Convertible loan note reserve 5 - 10 - Currency translation reserve 470 471 470 Accumulated losses (7,352) (7,059) (7,257) ------------- ------------- ----------------- EQUITY / (DEFICIT) ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY 694 (175) 789 ------------- ------------- -----------------
These Interim financial statements were approved by the Board of Directors and authorised for issue on 22 September 2015. Signed on behalf of the Board of Directors by:
Simon Hunt Director and Executive Chairman
[23] September 2015
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Convertible loan Currency note reserve translation Accumulated Note Share capital Share premium reserve losses Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----- -------------- -------------- ----------------- ----------------- ------------ -------- Balance at 1 January 2014 (Audited) 1,216 5,187 5 471 (6,899) (20) Total comprehensive loss for the period - - - - (160) (160) Allocation of proceeds received from the issue of convertible loan notes 5 - - 5 - - 5 Balance at 30 June 2014 (Unaudited) 1,216 5,187 10 471 (7,059) (175) Total comprehensive loss for the period - - - (1) (316) (317) Share based payments - 93 - - 108 201 Issue of Ordinary Shares 954 464 - - - 1,418 Expenses incurred in issuing Ordinary Shares - (338) - - - (338) Transfer to accumulated loss on conversion of convertible loan notes 5 - - (10) - 10 - -------------- -------------- ----------------- ----------------- ------------ -------- Balance at 31 December 2014 (Audited) 2,170 5,406 - 470 (7,257) 789 Total comprehensive loss for the period - - - - (95) (95) Balance as at 30 June 2015 (Unaudited) 2,170 5,406 - 470 (7,352) 694 -------------- -------------- ----------------- ----------------- ------------ --------
CONSOLIDATED CASH FLOW STATEMENT
6 months ended 6 months ended 12 months ended 30 June 30 June 31 December 2015 2014 2014 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 --------------- --------------- ---------------- Cash flows from operating activities Loss for the period (95) (160) (476) Adjustments for: Share based payments - - 148 Finance costs - 8 8 Foreign exchange loss / (gain) 5 - (7) Operating cash flows before movements in working capital (90) (152) (327) Decrease / (increase) in receivables 3 (38) (26) (Decrease) / increase in trade and other payables (31) 180 53 --------------- --------------- ---------------- Cash used in operating activities (118) (10) (300) --------------- --------------- ---------------- Cash flows from investing activities Acquisition of intangible assets (85) (45) (154) Net cash used in investing activities (85) (45) (154) --------------- --------------- ---------------- Cash flows from financing activities Advances against the Subscription of new Ordinary Shares completed in July 2014 - 364 - Deferred issue expenses of new Ordinary Shares (issued in July 2014) - (98) - Proceeds from the issue of new Ordinary Shares - - 883 Issue expenses of new Ordinary Shares - - (164) Proceeds from the issue of convertible loan notes 5 - 148 190 Net cash provided by financing activities - 414 909 --------------- --------------- ---------------- Net (decrease) / increase in cash and cash equivalents (203) 359 455 Effects of exchange rate changes on the balance of cash held in foreign currencies (3) - 9 Cash and cash equivalents at the beginning of the period 478 14 14 --------------- --------------- ---------------- Cash and cash equivalents at the end of the period 272 373 478 --------------- --------------- ----------------
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The Company was incorporated and domiciled in the Isle of Man under the Companies Acts 1931 to 2004 with registered number 115011C. On 1 July 2014 the Company re-registered under the Companies Act 2006, with registered number 011261V.
The Interim financial statements, which are unaudited and have not been reviewed by the Company's auditor, have been prepared in accordance with the IFRS accounting policies adopted by the Group and set out in the 2014 Financial Statements. The Group does not anticipate any change in these accounting policies for the year ended 31 December 2015.
These Interim financial statements have been prepared to comply with the requirements of the AIM Rules. In preparing the Interim financial statements, the Group has adopted the guidance in the AIM Rules for interim accounts which do not require that the Interim financial statements are prepared in accordance with IAS 34, 'Interim financial reporting'. While the financial figures included in this report have been computed in accordance with IFRSs applicable to interim periods, this report does not contain sufficient information to constitute interim financial statements as that term is defined in IFRSs.
The financial information contained in this Interim report also does not constitute statutory accounts under the Isle of Man Companies Acts 1931 to 2004 or the Isle of Man Companies Act 2006. The financial information for the year ended 31 December 2014 is based on the 2014 Financial Statements. The auditors reported on those accounts. Their report was unqualified and did not include any statements of emphasis of matter.
These Interim financial statements have been prepared in accordance with the IFRS principles applicable to a going concern, which contemplate the realisation of assets and liquidation of liabilities during the normal course of operations. Having carried out a going concern review in preparing these Interim financial statements, the Directors have concluded that there is a reasonable basis to adopt the going concern principle.
The Group's presentation currency is Great British Pounds ('GBP' or GBP') which is the functional currency of the Company and the currency of the country in which the Company's Ordinary Shares are listed on AIM. Except where otherwise noted, amounts are presented in this Interim report in rounded thousands of GBP's.
2. Expenditure incurred in connection with the re-admission of the Company's Ordinary Shares to AIM
The Company's Ordinary Shares were re-admitted to trading on AIM on 4 July 2014, following the acquisition of Gold Hunter and the Company securing funding of GBP925,000 (before issue expenses).
During the current period, the Group did not incur any expenditure in connection with the Re-admission. During the 12 months ended 31 December 2014 the Company incurred expenditure of GBP345,000 (H1-2014: GBP149,000) in connection with the Re-admission (excluding commissions related directly to the funds raised), principally comprising legal, geological, reporting accountants, corporate finance and other related fees and expenses. As required by IFRS, this expenditure was allocated pro-rata to the issue of new Ordinary Shares under the July 2014 Funding, and the re-admission of the Ordinary Shares in issue immediately preceding the July 2014 Funding. Accordingly, GBP118,000 (H1-2015: GBP51,000) was expensed to profit and loss and GBP227,000 (H1-2014: GBP98,000) was recorded within the Share Premium account (recorded within prepayments and subsequently transferred to the Share Premium account on Re-admission during H2-2014).
3. LOSS PER ORDINARY SHARE
There is no difference between the diluted loss per share and the basic loss per share presented as the Group is loss making in all periods presented and the convertible loan notes (refer to note 5) were anti-dilutive in comparative periods.
The calculation of basic and diluted loss per share is based on the following data:
6 months ended 6 months ended 12 months ended 30 June 30 June 31 December 2015 2014 2014 (Unaudited) (Unaudited) (Audited) Loss for the period - GBP'000 (95) (160) (476) Weighted average number of Ordinary Shares 133,195,035 37,729,678 84,800,486 --------------- --------------- ---------------- Basic and diluted loss per Ordinary Share - pence (0.07) (0.43) (0.56) --------------- --------------- ---------------- 4. EXPLORATION AND EVALUATION ASSETS Intangible assets GBP'000 ------------------ COST AND NET BOOK VALUE At 1 January 2014 (audited) - Additions 45 ------------------ At 30 June 2014 (unaudited) 45 Additions 308 ------------------ At 31 December 2014 (audited) 353 Additions 85 Foreign exchange gain / (loss) (2) ------------------ At 30 June 2015 (unaudited) 436 ------------------
Exploration and evaluation assets comprise the Group's initial investments to participate in exploration and evaluation projects, including the Pampamali Project and the Prospero Project, related legal and other expenditure, and expenditure incurred by the Group in the initial exploration and evaluation of the resource at these projects. Initial exploration and evaluation expenditure includes, inter alia, the initial geological assessment and environmental impact assessment of the project, geological analysis, drilling, trenching, sample analysis and similar expenditure.
Expenditure incurred in the Group's general administrative activities in Peru is expensed to profit and loss as incurred.
5. CONVERTIBLE LOAN NOTES
The following summarises the movements in the convertible loan notes liability and equity components during the preceding periods:
Liability Equity Total GBP'000 GBP'000 GBP'000 ---------- -------- -------- At 1 January 2014 (audited) 26 5 31 Initial measurement 143 5 148 Interest charge 8 - 8 Foreign exchange gain (1) - (1) ---------- -------- -------- At 30 June 2014 (unaudited) 176 10 186 Initial measurement 42 - 42 Interest transferred to accruals upon conversion (4) - (4) Conversion of loan notes (215) (10) (225) Foreign exchange gain 1 - 1 ---------- -------- -------- At 31 December 2014 (audited) and 30 June 2015 (unaudited) - - - ---------- -------- --------
Details on the convertible loan notes are provided in the 2014 Financial Statements.
6. SHARE CAPITAL AND SHARE PREMIUM 6.1. Authorised share capital and rights attaching to shares
The authorised share capital of the Company is comprised of the following at all balance sheet dates presented:
No. GBP ------------ ---------- Ordinary Shares of GBP0.01 each 300,000,000 3,000,000 Deferred Shares of GBP0.09 each 20,000,000 1,800,000 ------------ ---------- 320,000,000 4,800,000 ------------ ----------
The Company's Ordinary Shares carry no right to fixed income. Each Ordinary Share carries the right to one vote at the general meetings of the Company. The Company's Deferred Shares do not carry voting rights or a right to receive a dividend. The holders of Deferred Shares do not have the right to receive notice of any general meeting of the Company, nor have any right to attend, speak or vote at any such meeting. In addition, holders of Deferred Shares will only be entitled to a payment on a return of capital or on a winding up of the Company after each of the holders of Ordinary Shares has received a payment of GBP100,000 in respect of each Ordinary Share. Accordingly, the Deferred Shares have no economic value. The Deferred Shares are not admitted to trading on any stock exchange.
6.2. Shares in issue
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
1 Year Hunter Res. Chart |
1 Month Hunter Res. 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