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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Metminco | LSE:MNC | London | Ordinary Share | AU000000MNC7 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.325 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMMNC
RNS Number : 6679A
Metminco Limited
13 September 2018
AIM ANNOUNCEMENT 13(th) September 2018 ----------------- ----------------------
Half Year Report
Metminco Limited (ASX: MNC; AIM: MNC) is pleased to announce its Half Yearly Report for the period June 30(th) 2018.
This announcement is an abridged version of the announcement. For the full announcement, please refer to the Company's website at www.metminco.com.au
Highlights
Principal Activities
The Group's Quinchia Gold Portfolio encompasses a potential near-term producing asset, the Miraflores Gold Project, as well as assets with substantial upside potential including the significant gold porphyry system targets of Tesorito, Dosquebrados and Chuscal. A Plan of works was submitted to the Colombian Mining Agency in January 2018 for the construction of the proposed Miraflores gold mine.
While the Company also retains its 100% Chilean Projects, the primary focus is on the Miraflores Gold Project and as such the Chilean projects are on care and maintenance. These Chilean projects provide significant exposure to copper through Mollacas on which a mining study announced in 2014 demonstrated robust economics for development of the Mollacas Project, which is subject to resolution of a dispute with the land holder. The Vallecillo Project is a polymetallic deposit with identified resources.
Quinchia Gold Portfolio Colombia
In June 2016 the Company completed the acquisition of Miraflores Compañia Minera ("Miraflores Compañia") from RMB Resources Australia Pty Ltd. Miraflores Compañia owns 100% of the Quinchia Gold Portfolio located within Colombia's Middle Cauca Belt approximately 90km WNW of the Colombian capital of Bogota and 55 km to the north of Pereira, the capital of the Department of Risaralda.
The Quinchia Portfolio contains several gold deposits and exploration prospects including Miraflores, Dosquebradas, Tesorito and Chuscal.
A review of the Columbian concessions during the half year resulted in the decision to relinquish a number of concessions and, in line with the Company's accounting policies, to impair some of the capitalised exploration on certain concessions.
During the half year period a 1,500m diamond drilling program was commenced at Tesorito, part of the Quinchia Gold Portfolio. Results from the program were announced in August 2018 and included best intercept of 64m @ 1.67g/t Au from 144m within 253m @ 1.10 g/t from 2.9m from hole TS-DH-07 (refer ASX announcement of 30 August 2018).
Negotiations commenced with the owner of the Chuscal licence applications to form a joint venture. These discussions are ongoing as at the date of this report.
The Company submitted the Plan of Work ("PTO") to the Colombian Mining Agency for mine development approval for the Miraflores Gold Project in January 2018. Colombian regulations require both the PTO and Environmental Impact Assessment approvals prior to commencement of operations. As at the date of this report, approval of the PTO is awaited.
The critical path for the development of the project remains the completion of the EIA, including the validation of the impacts on the local communities and the gaining of the social licence for the project. Final, seasonal water monitoring was completed during the quarter and will inform the EIA submission.
Mollacas, Vallecillo, Loica Projects, Chile
These projects remained on care and maintenance during the reporting period.
Corporate
During the half year the new management of Company undertook a number of measures to reduce on-going costs, which necessitated some additional short-term expenses. The Company's registered office was moved from Sydney to Melbourne.
Matters subsequent to the end of the financial period
Matters that have arisen in the interval between the end of the half year ended 30 June 2018 and the date of this report of a material or unusual nature are as follows:
Appointment of Nick Winer (2 August 2018) as Director of Exploration, based in Medellin, Colombia
Nick is a geologist with over 30 years' experience in gold, base metals in South America and will lead the Company's activities in Colombia, in particular, the advancement of the portfolio of gold assets in the Quinchia district.
On 13(th) September 2018, the Company entered into an unsecured loan facility arrangement with private investors to the value of $500,000 at a 12% coupon rate paid quarterly maturing 6 months from date of issue or earlier by the Company on 30 days' notice or on completion of a proposed capital raising.
On 13(th) September 2018, the Company entered into a Trading Halt on the ASX pending a corporate transaction and capital raising.
As at the date of this report, the Directors are not aware of any further matters that have arisen that have significantly affected, or may significantly affect, the operations of the Company
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the half year ended 30 June 2018
Hot Features
Premium
Note
30 June 2018 30 June 2017
$ $
------------- -------------
Other income 2,496 -
Administration expenses (122,692) (288,047)
Corporate expenses (1,685,036) (1,267,766)
Occupancy expense (67,677) (51,860)
Exploration expenditure written
off 9 (2,485,725) (87,880)
Share based payments expense 12 (781,607) -
Loss on sale of asset - (27,165,722)
Unrealised loss on derivative asset - (1,553,481)
Realised loss on derivative asset 5 (228,273) (106,118)
Profit on disposal of assets - 23,570
Finance costs (230,253) (229,730)
Loss before income tax (5,598,767) (30,727,034)
Income tax expense - -
------------- -------------
Loss for the period from continuing
operations (5,598,767) (30,727,034)
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translating
foreign controlled entities 435,451 (1,430,655)
------------- -------------
Total comprehensive Loss for the
period (5,163,316) (32,157,689)
============= =============
Loss attributable to:
Members of the parent entity (5,598,767) (30,727,034)
(5,598,767) (30,727,034)
============= =============
Total comprehensive (loss) attributable
to:
Members of the parent entity (5,163,316) (32,157,689)
(5,163,316) (32,157,689)
============= =============
Loss per share
From continuing operations:
Basic loss per share (cents) (4.83) (25.38)
Diluted loss per share (cents) (4.83) (25.38)
These financial statements should be read in conjunction with the
accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
Note
30 June 2018 31 December 2017
$ $
------------- -----------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,705,998 834,377
Trade and other receivables 4 99,502 167,382
Derivative asset 5 - 272,683
Asset held for sale 6 2,726,512 2,586,122
Other assets 7 151,880 48,610
------------- -----------------
TOTAL CURRENT ASSETS 4,683,892 3,909,174
------------- -----------------
NON-CURRENT ASSETS
Property, plant and equipment 8 740,571 569,642
Exploration and evaluation expenditure 9 10,352,562 12,015,128
------------- -----------------
TOTAL NON-CURRENT ASSETS 11,093,132 12,584,770
------------- -----------------
TOTAL ASSETS 15,777,024 16,493,944
------------- -----------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 10 3,907,227 3,392,074
Provisions 11 214,300 187,214
------------- -----------------
TOTAL CURRENT LIABILITIES 4,121,527 3,579,288
------------- -----------------
NON-CURRENT LIABILITIES
Trade and other Payables 10 1,714,678 4,322,867
TOTAL NON-CURRENT LIABILITIES 1,714,678 4,322,867
------------- -----------------
TOTAL LIABILITIES 5,836,205 7,902,155
------------- -----------------
NET ASSETS 9,940,819 8,591,789
------------- -----------------
EQUITY
Issued capital 13 338,729,969 332,987,792
Other reserves (28,685,744) (29,914,047)
Accumulated losses (300,103,406) (294,481,956)
------------- -----------------
TOTAL EQUITY 9,940,819 8,591,789
------------- -----------------
These financial statements should be read in conjunction with the
accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the half year ended 30 June 2018
Issued Accumulated Option Convertible Foreign Acquisition Total
Capital Losses Reserve Note equity Currency Reserve
reserve Translation
Reserve
$ $ $ $ $ $ $
----------- ------------- --------- ------------ ------------ ------------ ------------
Balance at 1
January 2017 329,032,074 (259,254,583) 54,686 _ 11,309,289 (41,506,662) 39,634,804
Loss attributable
to members of
the parent
entity _ (30,727,034) _ _ _ _ (30,727,034)
Other
comprehensive
loss _ _ _ _ (1,430,655) _ (1,430,655)
----------- ------------- --------- ------------ ------------ ------------ ------------
Total
comprehensive
loss for the
period _ (30,727,034) _ _ (1,430,655) _ (32,157,689)
Shares issued
during the
period 4,375,000 _ _ _ _ _ 4,375,000
Transaction
costs (314,703) _ _ _ _ _ (314,703)
Equity component
of convertible
note _ _ _ 11,468 _ _ 11,468
Options issued
during the
period _ _ 426,172 _ _ _ 426,172
Balance at 30
June 2017 333,092,371 (289,981,617) 480,858 11,468 9,878,634 (41,506,662) 11,975,052
=========== ============= ========= ============ ============ ============ ============
Balance at 1
January 2018 332,987,792 (294,481,956) 480,860 11,448 11,100,307 (41,506,662) 8,591,789
Loss attributable
to members of
the parent
entity _ (5,598,767) _ _ _ _ (5,598,767)
Other
comprehensive
loss _ _ _ _ 435,451 _ 435,451
----------- ------------- --------- ------------ ------------ ------------ ------------
Total
comprehensive
loss for the
period _ (5,598,767) _ _ 435,451 _ (5,163,316)
Shares issued
during the
period 6,282,789 _ _ _ _ _ 6,282,789
Transaction
costs (540,612) _ _ _ _ _ (540,612)
Equity component
of convertible
note - _ _ (11,468) _ _ (11,468)
Options issued
during the
period - - 781,617 _ _ _ 781,617
Options expired
-prior period
adjustment - 54,687 (54,687) - - - -
Balance at 30
June 2018 338,729,968 (300,026,036) 1,207,790 - 11,535,758 (41,506,662) 9,940,818
=========== ============= ========= ============ ============ ============ ============
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year ended 30 June 2018
Note
30 June 2018 30 June 2017
$ $
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (1,677,704) (1,573,133)
Interest received 2,496 -
Net cash used in operating activities (1,675,208) (1,573,133)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (170,394) 23,570
Payments for exploration expenditure (712,408) (1,203,307)
Payment of deferred consideration (1,000,000) -
Proceeds from sale of Los Calatos - 6,601,155
Net cash (used in)/provided by investing
activities (1,882,802) 5,421,418
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 6,282,789 2,020,035
Payments in respect to capital raisings (540,612) (314,704)
Cash received from convertible notes - 750,000
Cash paid for convertible notes redemption (842,383) -
Cash received from derivative asset - 35,549
Cash received from equity swap 44,410 -
------------- -------------
Net cash provided by financing activities 4,944,204 2,490,880
------------- -------------
Net increase in cash held 1,386,194 6,339,165
Cash and cash equivalents at beginning
of financial period 834,377 71,548
Effect of exchange rates on cash holdings
in foreign currencies (514,573) (60,782)
------------- -------------
Cash and cash equivalents at end of
financial period 1,705,998 6,349,931
============= =============
These financial statements should be read in conjunction with the accompanying notes.
This announcement contains inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further enquiries contact:
Kevin Wilson
Executive Chairman Metminco Limited;
kwilson@metminco.com.au
+61 409 942 355
For further information, please contact: METMINCO LIMITED Kevin Wilson +61 409 942 355 NOMINATED ADVISOR AND JOINT BROKER RFC Ambrian Australia Andrew Thomson / Alena Broesder +61 2 9250 0000 United Kingdom Charlie Cryer +44 20 3440 6800 JOINT BROKER Stockdale Securities United Kingdom Corporate Finance- Robert Finlay/ Ed Thomas Sales- Zoe Alexander +44 20 7601 6100 PUBLIC RELATIONS Camarco United Kingdom Gordon Poole / Nick Hennis +44 20 3757 4997
Forward Looking Statement
All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as "anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco's actual results to differ materially from the results expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing.
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.
END
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(END) Dow Jones Newswires
September 13, 2018 03:58 ET (07:58 GMT)
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