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 |
|---|---|---|---|---|---|
| Metalnrg Plc | LSE:MNRG | London | Ordinary Share | GB00B15FS791 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0725 | 0.065 | 0.08 | 0.0725 | 0.0725 | 0.0725 | 235,909 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 0 | -2.22M | -0.0018 | -0.39 | 862.19k |
From Apr 2019 to Apr 2024
TIDMMNRG
RNS Number : 7465X
MetalNRG PLC
02 September 2020
2 September 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
MetalNRG plc
("MetalNRG" or "the Company")
Interim Results
MetalNRG plc (LSE:MNRG), the natural resource investing and exploration company, announces its results for the six months period ended 30 June 2020.
Operational Highlights
Key operational milestones achieved during the period:
The focus at the beginning of the financial year was very much on developing the opportunity within our Gold asset in Arizona, Goldridge. We completed two campaigns; one focused on measuring the gold content left behind in the waste dump at level 6 and the second campaign to establish the ore left behind in the underground pillars where we had some extremely encouraging results. Our priority focus has been the last mined face on Level 6 at the Gold Ridge Mine. This sample returned 30.4 grams/tonne (g/t) gold (Au) and 69 g/t silver. The face shows the exposed vein with a width of 0.6 metres on a mined face of 1.3 metres. The vein consists of quartz with massive sulphide mineralisation.
These results affirm our belief that the Gold Ridge Project is a unique exploration and production opportunity with demonstrable high-grade mineralisation and the potential for early avenues to revenue generative processing and a larger scale exploration opportunity. As activity at Goldridge has been impacted by the Covid-19 pandemic, we have had to take a temporary step back from further work on the ground but we remain keen to develop the mine as soon as current restrictions are eased as we see a substantial opportunity to turn Goldridge into a cash positive producing asset within the next 12 to 18 months.
We are continuously assessing the situation in Arizona and will seek to mobilise again as soon as it is safe to do so.
During the year we also entered into an exclusivity agreement to acquire an Oil & Gas asset in Romania. During the due diligence progress the price of oil changed dramatically and as a result we changed the terms of the agreement which the vendor is still considering. We then entered a second exclusivity agreement for the acquisition of a UK based portfolio of onshore oil and gas licences, of which one is currently in production. The due diligence is being finalised and we anticipate closing the transaction by the end of September 2020 when additional announcements will be made.
Corporate Development
The Company will continue to seek additional projects that meet its set investment criteria. The intention is specifically to seek opportunities where we can deliver early positive cash flows from an asset and, where the cash generated from the operations allows us, explore and develop each particular project further. We expect announcements in the very near future on further developments.
During the year we welcomed Pierpaolo Rocco to our board; he brings with him a wealth of experience and expertise in Oil and Gas and he is leading our efforts in this sector.
Financial Review
MetalNRG reported an unaudited operating loss for the six months period ended 30 June 2020 of GBP386,304 (six months period to 31 August 2019: an unaudited operating loss of GBP260,228). Basic and diluted loss per share for the period was 0.11p and 0.08p respectively (six months period to 31 August 2019: Basic loss per share was 0.12p and diluted loss per share was 0.10p).
Outlook
A number of projects have been evaluated and good progress has been made to date. We expect further announcements will be made to update the market on any concrete achievements.
Responsibility Statement
We confirm that to the best of our knowledge:
-- The interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the EU;
-- The interim financial statements give a true and fair view of the assets, liabilities, financial position and loss of the Group;
-- The interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the interim financial information, and a description of the principal risks and uncertainties for the remaining six months of the year; and
-- The interim financial information includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.
Enquiries:
MetalNRG plc
Rolf Gerritsen (Chief Executive Officer)
Tel: +44 (0) 20 7796 9060
Joint Broker
Peterhouse Capital Limited
Guy Miller/Mark Anwyl
Tel: +44 (0) 20 7469 0930
Corporate Broker
SI Capital Limited
Nick Emerson
Tel: +44 (0) 1483 413 500
Notes for Editors:
MetalNRG plc (LSE:MNRG) is a natural resource investing and exploration company whose securities are listed on the main market of London Stock Exchange plc.
The Company's primary strategy is to focus on seeking potential investments in precious and strategic metals through the application of disciplined and structured exploration and analysis.
The Company will update the market on developments as and when appropriate.
Consolidated Income Statement
Hot Features
Premium
6 months 6 months 10-months
to to period to
30 June 31 August 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Revenue - - -
Administrative expenses (405,647) (179,859) (594,140)
Other operating income 19,343 16,431 9,285
IPO expenses - (96,800) -
Operating loss (386,304) (260,228) (584,855)
Finance income - - -
Loss on ordinary activities
before taxation (386,304) (260,228) (584,855)
Tax on loss on ordinary - - -
activities
---------- ----------- ---------------
Loss for the financial
period attributable
to equity holders (386,304) (260,228) (584,855)
---------- ----------- ---------------
Earnings per share
- see note 3 (0.11) (0.12) (0.22) pence
Basic pence pence (0.15) pence
Diluted (0.08) (0.10)
pence pence
Consolidated Statement of Comprehensive Income
6 months 6 months 10-months
to to period to
30 June 31 August 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Loss after tax (386,304) (260,228) (584,855)
Items that may subsequently
be reclassified to
profit or loss:
* Foreign exchange movements (3,675) - (2,067)
Total comprehensive
loss attributable
to equity holders
of the parent company (389,979) (260,228) (586,922)
---------- ----------- -------------
Consolidated Statement of Financial Position
6 months 6 months 10-months
to 30 June to period to
2020 31 August 31 December
2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current assets
Intangible fixed
assets 669,198 641,295 666,291
Investments 166,808 182,764 131,667
Available for sale
assets - 52,083 83,333
----------------- ----------------- --------------
Total assets 836,006 876,142 881,291
----------------- -----------------
Current assets
Trade and other
receivables 63,122 206,141 85,290
Cash and cash equivalents 111,699 70,959 139,039
----------------- ----------------- --------------
Total current assets 174,821 277,100 224,329
----------------- ----------------- --------------
Liabilities
Current liabilities
Trade and other
payables (480,065) (192,562) (214,879)
----------------- ----------------- --------------
Total liabilities (480,065) (192,562) (214,879)
----------------- ----------------- --------------
Net assets 530,762 960,680 890,741
----------------- ----------------- --------------
Equity
Share capital 273,301 266,847 272,801
Share premium 2,443,784 2,167,311 2,414,284
Retained losses (2,181,708) (1,470,778) (1,795,404)
Foreign currency
reserve (4,615) (2,700) (940)
----------------- ----------------- --------------
Total equity 530,762 960,680 890,741
----------------- ----------------- --------------
Consolidated Statement of Cash Flows
6 months 6 months 10-months
to to Period to
30 June 31 August 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from operating
activities
Operating loss (386,304) (260,228) (584,855)
(profit)/loss on sale
of investment (19,134) 16,357 16,357
Shares received in lieu - 79,730 -
of fees
Impairment of investments - - 44,847
Increase/(decrease)
in payables 160,186 14,089 36,407
decrease/(increase)
in receivables 22,167 (19,318) 105,361
Net cash outflow from
operations (223,085) (169,370) (381,883)
----------- ----------- -------------
Cash flows from investing
activities
Payments for intangible
assets - (20,144) (45,140)
Proceeds from sale of
investment 102,467 39,360 39,360
Purchase of investments (38,047) (13,845) (38,846)
----------- ----------- -------------
Net cash flows from
investing activities 64,420 5,371 (44,626)
----------- ----------- -------------
Cash flows from financing
activities
Proceeds from issue
of shares and warrants 30,000 210,790 568,432
Cost of shares issued - - (24,985)
Proceeds from Convertible 105,000 - -
Loan Notes
Net cash flows from
financing activities 135,000 210,790 543,447
----------- ----------- -------------
Net (decrease)/increase
in cash and cash equivalents
Cash and cash equivalents (23,665) 46,791 116,938
at the beginning of
period 139,039 24,168 24,168
Effect of exchange rate
changes on cash and
cash equivalents (3,675) - (2,067)
----------- ----------- -------------
Cash and cash equivalents
at end of period 111,699 70,959 139,039
----------- ----------- -------------
Consolidated Statement of Changes in Equity
Share Share Retained Foreign Total
capital premium earnings currency
reserve
GBP GBP GBP GBP GBP
At 31 August
2018 253,085 1,330,908 (1,071,222) - 512,771
-------- ------------ -------------- ------------- -------------
Loss for the
period - - (139,328) - (139,328)
Translation
differences - - - 1,127 1,127
-------- ------------ -------------- ------------- -------------
Total comprehensive
income - - (139,328) 1,127 (138,201)
Share capital
issued 4,029 537,616 - - 541,645
-------- ------------ -------------- ------------- -------------
Total contributions
by and distributions
to owners of
the Company 4,029 537,616 - - 541,645
-------- ------------ -------------- ------------- -------------
At 28 February
2019 257,114 1,886,524 (1,210,550) 1,127 934,215
-------- ------------ -------------- ------------- -------------
Loss for the
period - - (260,228) - (260,228)
Translation
differences - - - (3,827) (3,827)
-------- ------------ -------------- ------------- -------------
Total comprehensive
income - - (260,228) (3,827) (264,055)
Share capital
issued 9,733 280,787 - - 290,520
-------- ------------ -------------- ------------- -------------
Total contributions
by and distributions
to owners of
the Company 9,733 280,787 - - 290,520
As at 31 August
2019 266,847 2,167,311 (1,470,778) (2,700) 960,680
Loss for the
period - - (324,627) - (324,627)
Translation
differences - - - 1,760 1,760
-------- ------------ -------------- ------------- -------------
Total comprehensive
income - - (324,627) 1,760 (322,867)
Share capital
issued 5,954 246,973 - - 252,927
-------- ------------ -------------- ------------- -------------
Total contributions
by and distributions
to owners of
the Company 5,954 246,973 - - 252,927
-------- ------------ -------------- ------------- -------------
As at 31 December
2019 272,801 2,414,284 (1,795,405) (940) 890,740
-------- ------------ -------------- ------------- -------------
Loss for the
period - - (386,304) - (386,304)
Translation
differences - - - (3,675) (3,675)
Total comprehensive
income - - (386,304) (3,675) (389,979)
Share capital
issued 500 29,500 - - 30,000
-------- ------------ -------------- ------------- -------------
Total contributions
by and distributions
to owners of
the Company 500 29,500 - - 30,000
-------- ------------ -------------- ------------- -------------
As at 30 June
2020 273,301 2,443,784 (2,181,708) (4,615) 530,762
-------- ------------ -------------- ------------- -------------
Half-yearly report notes
1. Half-yearly report
This interim report was approved by the Board of Directors on 1 September 2020.
The information relating to the six months periods to 30 June 2020 and 31 August 2019 are unaudited.
The information relating to the 10-months period to 31 December 2019 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. The condensed interim financial statements have been reviewed by the Company's auditor.
2. Basis of accounting
The interim financial statements have been prepared using accounting policies and practices that are consistent with those adopted in the statutory financial statements for the 10-months period ended 31 December 2019, although the information does not constitute statutory financial statements within the meaning of the Companies Act 2006. The interim financial statements have been prepared under the historical cost convention.
These interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union and the Disclosure and Transparency Rules of the UK Financial Conduct Authority.
This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this interim report should be read in conjunction with the annual report for the year ended 31 December 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The Company will report again for the full year to 31 December 2020.
Going concern
The Company's day to day financing is from its available cash resources.
The Company is confident of raising funds to enable it to continue to develop its targeted investments and exploration campaigns across its key projects over the next 12-18 months and the Directors are confident that adequate funding can be raised as required to meet the Company's current and future liabilities.
For the reasons outlined above, the Directors are satisfied that the Company will be able to meet its current and future liabilities, and continue trading, for the foreseeable future and, in any event, for a period of not less than twelve months from the date of approving this interim report. The preparation of these interim financial statements on a going concern basis is therefore considered to remain appropriate.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in the Company's 2019 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
Intangible assets
Exploration and development costs
All costs associated with mineral exploration and investments are capitalised on a project-by-project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general overheads. If an exploration project is successful, the related expenditures will be transferred to mining assets and amortised over the estimated life of economically recoverable reserves on a unit of production basis.
Interim report notes, continued
2. Basis of accounting, continued
Intangible assets
Exploration and development costs
Where a licence is relinquished or a project abandoned, the related costs are written off in the period in which the event occurs. Where the Group maintains an interest in a project, but the value of the project is considered to be impaired, a provision against the relevant capitalised costs will be raised.
The recoverability of all exploration and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.
3. Earnings per share
6 months 6 months 10-months
to to period
30 June 31 August to
2020 2019 31 December
2019
Unaudited Unaudited Audited
GBP GBP GBP
These have been calculated
on a loss of: (386,604) (260,228) (584,855)
-------------- -------------- --------------
The basic weighted
average number of
shares used was:
359,990,020 225,839,993 260,741,282
The diluted weighted
average number of
shares used was: 466,523,346 263,289,993 388,024,608
-------------- -------------- --------------
Basic loss per share: (0.11) (0.12) (0.22)
pence pence pence
Diluted loss per (0.08) (0.10) (0.15)
share: pence pence pence
4. Events after the reporting period
There were no reportable events after the reporting period other than those highlighted in the 'Financial Review'.
The Condensed interim financial statements were approved by the Board of Directors on 1 September 2020.
By order of the Board
Rolf Gerritsen
Director
The information set out in this announcement is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
The release of this information was arranged by Rolf Gerritsen, Chief Executive Officer.
Copies of this interim report are available free of charge by application in writing to the Company Secretary at the Company's registered office: 1 Ely Place, London, EC1N 6RY, or by email to info@city-group.com . The report will also be made available on the Company's website: www.metalnrg.com .
End
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR ZZGGLGZNGGZG
(END) Dow Jones Newswires
September 02, 2020 02:00 ET (06:00 GMT)
1 Year Metalnrg Chart |
1 Month Metalnrg 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
