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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Neptune Min | LSE:NPM | London | Ordinary Share | GB00B0LHS387 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Half-yearly report 26 March 2008 NEPTUNE MINERALS PLC ("Neptune" or the "Company") INTERIM RESULTS For the six months ended 31 December 2007 Neptune Minerals Plc (AIM: NPM), the AIM listed explorer and developer of Seafloor Massive Sulphide ("SMS") deposits is pleased to announce its interim results for the six months ended 31 December 2007. Highlights: Two new hydrothermally inactive SMS zones were discovered on the Rumble II West seamount in the Company's New Zealand prospecting licence PL39-195 (Kermadec), over which Neptune is preparing to make its first mining licence application. A conceptual engineering scoping study was commissioned in October 2007 to review existing and potential technologies that may be used for the commercial development of SMS deposits. Project Trident was announced - Trident is a program of continuous SMS exploration planned to commence in 2008 and using dedicated survey and sampling vessels, offshore New Zealand. Funding discussions with potential joint venture partners and contract negotiations for Trident operations are ongoing. Exploration licences were granted in Papua New Guinea and Vanuatu waters - granted exploration tenements now total 278,000 km2 within the Exclusive Economic Zone ("EEZ") of New Zealand, Papua New Guinea, the Federated States of Micronesia and Vanuatu. Further applications for exploration licences were lodged in New Zealand, bringing the total area under application to 434,000 km2 within the waters of New Zealand, Japan, Commonwealth of Northern Mariana Islands, Palau and Italy. The Company's second and third New Zealand exploration programs; Kermadec 07 and Colville-Monowai 2007, were completed in August 2007. In July and August 2007, Neptune also participated in a joint Canadian-German research program over the Company's Italian application areas. Neptune's management team was strengthened with the appointment of a Corporate Development Manager and an Environment Manager in late 2007. Post-reporting period events: Neptune's management team was further strengthened with the addition of a Contracts & Procurement Manager and a New Zealand Country Manager. Neptune signed a Letter of Intent in March 2008 with C&C Technologies, one of the world's leading marine survey companies, for the provision of autonomous underwater vehicle survey, sampling and vessel charter services. The L.O.I. commits both parties to contract negotiations and project preparations towards Project Trident. Dr Simon McDonald, CEO of Neptune, said: "Following the location of inactive SMS zones within Neptune's New Zealand tenements, the Company is focussed on lodging its first mining licence application. The Company still aims to conduct trial mining by 2010. Neptune is building up its management capabilities to support the Company's growth and transition from SMS explorer to SMS developer. "At the same time, Neptune is planning to step up its exploration activities to pursue the Company's vast opportunities. In the past 12 months, Neptune's tenement acreage has increased by 650%. We are progressing discussions with potential joint venture partners to farm into Neptune's New Zealand licences and participate in Project Trident." The interim results for the six months ended 31 December 2007 will be posted to shareholders and are available on the Company's website www.neptuneminerals.com. Extracts from these financial statements are set out below. - -END- For further information please contact: Simon McDonald (Neptune MD and CEO) T: +61 (0)2 9957 5244 By email to the Company info@nepmins.com Richard Hail (Fox Davies Capital Limited, T: +44 (0)20 7936 5200 Broker) Fiona Owen (Grant Thornton Corporate Finance, T: +44 (0)20 7383 5100 Nomad) Rozanne Ichikowitz (Grant Thornton Sydney) T: +61 (0)2 8297 2522 Nadja Vetter / Matthew Law (Cardew Group, PR) T: +44 (0)20 7930 0777 M: +44 (0)7941 340 436 The Neptune Minerals website is www.neptuneminerals.com CHIEF EXECUTIVE'S STATEMENT I am pleased to report the interim results of Neptune Minerals Plc ("the Company" or "Neptune") for the six-month period to 31 December 2007. NEW ZEALAND EXPLORATION In August 2007 following the conclusion of the Kermadec 07 exploration program, Neptune announced that it had discovered two new hydrothermally inactive SMS zones on the Rumble II West seamount in the Company's New Zealand prospecting licence PL39-195 (Kermadec). The Company is currently preparing to lodge a mining licence application over this area to the New Zealand government. Also in August 2007, Neptune completed its third New Zealand exploration program using initial IPO funds, Colville-Monowai 07. The Company acquired 20,000km2 of ship-mounted multi-beam bathymetry ("swath") data over PL39-194 (Monowai) and 8,000km2 of swath data over PL39-205 (Colville). This data has been analysed as part of a thorough structural interpretation of Neptune's New Zealand tenements. The structural review highlighted at least 150 high-priority structural targets for follow up in Project Trident and formed the technical basis for Neptune's new application areas within New Zealand waters. Neptune is currently undertaking a baseline environmental impact assessment of the Kermadec licence area for its Mining Licence Application ("MLA"). Monitoring and measuring activities of the Environmental Impact Assessment ("EIA") associated with the MLA will be run off the RV Tangaroa later in 2008. Neptune is awaiting completion of a conceptual engineering scoping study commissioned with the French marine engineering firm, Technip and Dutch dredging company, Boskalis in October 2007. This study was designed to review and assess existing marine equipment and technologies for SMS mining and lifting, to be assessed for preliminary costing, operational reliability, capacity and environmental issues. Neptune will evaluate this report with a view to proceeding to pilot testing of the Kermadec prospect and a mining pre-feasibility study. PROJECT TRIDENT Neptune announced in August 2007 its intention to undertake a program of continuous exploration called Project Trident, to focus on Neptune's New Zealand tenements. Neptune is progressing negotiations with potential partners to farm into Neptune's New Zealand licences and fund Project Trident through a joint venture. Neptune signed a Letter of Intent in March 2008 with C&C Technologies, one of the world's leading marine survey companies, for the provision of autonomous underwater vehicle survey, sampling and vessel charter services. The L.O.I. commits both parties to contract negotiations and project preparations towards Project Trident. EXPLORATION LICENCE GRANTS In October 2007, Neptune was granted 10 prospecting licences ("PL's") in the EEZ of Vanuatu covering a total area of 914km2, and in November 2007, was granted seven exploration licences ("EL's") in the EEZ of Papua New Guinea covering a total area of 13,345km2. In the past 12 months, Neptune has increased its tenement acreage by 650% and now has 278,000 km2 of SMS-prospective seafloor granted in New Zealand, Papua New Guinea, the Federated States of Micronesia and Vanuatu. Vanuatu licences Prospecting licences PL 1627-1636 were granted to Neptune Minerals (Vanuatu) Limited, a wholly-owned subsidiary of the Company. Each licence has been granted for an initial three-year period, with a work commitment during that time to complete high resolution surface mapping and geophysics and to collect surface and sub-surface samples. The cumulative work commitment costs for these licences are US$28,000 in year 1 and US$1.6 million in year 2. The tenements are contiguous and cover the Gemini-Oscostar Volcanic Complex, part of the New Hebrides Arc and situated south of Aneityum, the southernmost island of Vanuatu. Exploration over this area by researchers from Australia's Commonwealth Scientific and Industrial Research Organisation ("CSIRO") in 2004, recovered sulphide rock samples by dredging and detected hydrothermal activity. Both are strong indications of the presence of SMS mineralisation. PNG licences Seven licences were granted to Neptune Minerals (PNG) Limited, a wholly-owned subsidiary of the Company. Each has been granted for an initial two-year period, with a work commitment to complete high resolution surface mapping and geophysics as well as to collect surface samples during that time. The cumulative work commitment costs for these licences are US$0.6 million in year 1 and US$1.2 million in year 2. Five tenements (EL 1554 to EL 1558) cover prospective seamounts and other features that surround, and are submerged parts of, the island groups that comprise the Tabar-Feni Arc. Numerous epithermal gold deposits occur on these islands, including the Ladolam Deposit on Lihir Island, one of the world's largest gold resources (43Moz contained gold) and producing at 750Koz gold per year; and the 2.4Moz Simberi gold deposit in the Tabar Islands where gold production began in late 2007. The target is high-grade epithermal gold mineralisation similar to that sampled and drilled by joint British and German research cruises on Conical Seamount 10km to the south of Lihir Island, and covered by Neptune's licence (EL 1425). Previous grab-sampling at the summit of Conical Seamount in 1999 and 2002 recovered distinctive epithermal-style polymetallic veins with gold grades reaching 230g/t Au, averaging 25g/t Au from 40 samples. Research drilling at the summit plateau of Conical Seamount in 2002 (39 holes, 31% average recovery) confirmed the sub-seafloor extent of surface gold mineralisation and associated alteration to depths of at least 4.5m. Drill core samples of clay-silica alteration contained average gold grades of 14.2g/t Au over a length of about 30cm and appear to be part of a more extensive gold zone. Two tenements (EL 1541 Klotsu and EL 1542 Namel) are situated in the central Bismarck Sea, adjacent to a granted EL which has been the subject of intensive commercial SMS exploration and scientific research. Both tenements cover structural features related to SMS mineralisation processes in the adjacent EL. NEW VENTURES APPLICATIONS In November 2007, Neptune lodged three PL applications in the EEZ of New Zealand. The three licences, numbered PLA 50-468 to PLA 50-470, have a total area of 84,880 km2 and cover SMS prospective areas adjacent to Neptune's granted PL 39-194 (Monowai) and PL 39-205 (Colville). ADDITIONS TO NEPTUNE MANAGEMENT TEAM In October 2007, Neptune strengthened its management team with the appointments of Glen Parsons as Corporate Development Manager and Glenn Creed as Environment Manager. Glen Parsons has over 15 years' international experience in corporate finance, treasury and general management. During this time he has built new teams and divisions within various organisations. He became an executive director of RFC Corporate Finance Ltd, a minerals resources investment bank. Glen has specific AIM experience as a nominated advisor (Nomad) and has been involved with a number of successful equity and debt raisings for junior and developing mining companies. Glenn Creed has 13 years' experience in environment and safety management within the mining and construction industry, throughout Australia and internationally. He was part of Placer Dome's global EHS team, and as such was responsible for the environmental management of Placer Dome's deep sea mineral exploration. This involved the design, coordination and management of deep sea monitoring and scientific research programs. Glenn has also held the position of Vice President of Sustainability for Nautilus Minerals Inc. EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD During the first quarter of 2008, Neptune further strengthened its management team with the appointment of Contracts & Procurement Manager, Peter Wong and New Zealand Country Manager, Campbell McKenzie. Peter Wong has 20 years' experience in the fields of supply and contract management, procurement, outsourcing and engineering construction cost management. In the last 15 years, he has worked in the oil and gas industry in the United Arab Emirates, Yemen, Egypt, Brunei, PNG and Russia. He has successfully executed and managed the contracting, procurement and supply chain management for onshore and offshore drilling and construction projects. Campbell McKenzie has 12 years' experience in the minerals industry in both private and public sectors. He was previously manager of the minerals unit at the Crown Minerals Group of the Ministry of Economic Development of New Zealand, where he led a team that assessed and made recommendations on all applications made to prospect, explore or mine the NZ mineral resource estate. He has also worked as a geologist with several Australian-based companies over a period of nine years. KEY OBJECTIVES The Company's key objectives remain to grow Neptune's value and business model by refining the exploration techniques for SMS deposits; by adding prospective SMS areas to Neptune's exploration portfolio and by attracting strategic partnerships and exploration joint venture partners. CASH POSITION Neptune's cash position as at 31 December 2007 was £3.1 million. As at the end of February 2008 the Company's cash position was £2.6 million. Dr Simon McDonald CEO and Managing Director 25 March 2008 NEPTUNE MINERALS PLC CONSOLIDATED INCOME STATEMENT For the six months ended 31 December 2007 Six months Six months Financial ended ended Year 31 December 31 December ended 2007 2006 30 June 2007 (unaudited) (unaudited) (audited) Note £'000 £'000 £'000 Administrative expenses (1,219) (552) (864) Other operating expenses (9) - (13) Operating Loss (1,228) (552) (877) Investment income 111 109 228 Loss for the period before taxation (1,117) (443) (649) Taxation - - - Loss after taxation (1,117) (443) (649) Loss per share (in pence) Basic 6 (1.7p) (1p) (1.1p) Diluted 6 (1.0p) (1p) (1.1p) The notes on pages 5 to12 form part of these financial statements. The income statement has been prepared on the basis that all operations are continuing. NEPTUNE MINERALS PLC CONSOLIDATED BALANCE SHEET As at 31 December 2007 As at As at As at 31 December 31 December 30 June 2007 2007 2006 (unaudited) (unaudited) (audited) Note £'000 £'000 £'000 Assets Non-current assets: Intangible assets 7 6,315 2,583 4,336 Property, plant and equipment 26 21 17 6,341 2,604 4,353 Current assets: Trade and other receivables 15 9 138 Cash and cash equivalents 3,093 4,731 5,927 3,108 4,740 6,065 Total assets 9,449 7,344 10,418 Equity and liabilities: Capital and reserves Share capital 9 330 288 323 Share premium 10 11,521 8,789 11,119 Share option reserve 10 817 392 392 Retained profits (3,355) (2,161) (2,460) Total equity 9,313 7,308 9,374 Current liabilities Trade and other payables 136 36 1,044 Total liabilities 136 36 1,044 Total equity and liabilities 9,449 7,344 10,418 The notes on pages 5 to 12 form part of these interim financial statements. Approved by the Board on 25 March 2008 and signed on its behalf by Simon McDonald. DIRECTOR: _________________________________ NEPTUNE MINERALS PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 31 December 2007 Share Share Share Retained Total option Capital Premium Earnings reserve £'000 £'000 £'000 £'000 £'000 Balance at 30 June 2006 392 288 8,789 (1,946) 7,523 (audited) Exchange differences on translating foreign - - - 228 228 operations Loss for the period - - - (443) (443) Share option benefit - - - - - Ordinary Shares issued - - - - - Premium on shares issued - - - - Balance at 31 December 2006 392 288 8,789 (2,161) 7,308 (unaudited) Exchange differences on translating foreign - - - (93) (93) operations - - - (206) (206) Loss for the period - - - - - Share option benefit - 5 - - 35 Ordinary shares issued - - 2,330 - 2,330 Premium on shares issued Balance at 30 June 2007 392 323 11,119 (2,460) 9,374 (audited) Exchange differences on translating foreign - - - 222 222 operations Loss for the period - - - (1,117) (1,117) Performance share benefit (note 10 (c)) - 3 205 - 208 Share option benefit (note 426 - - - 426 10 (a)) Ordinary Shares issued (note - 4 - - 4 9) Premium on shares issued - - 196 - 196 Balance at 31 December 2007 818 330 11,520 (3,355) 9,313 The notes on pages 5 to 12 form part of these interim financial statements. NEPTUNE MINERALS PLC CONSOLIDATED CASH FLOW STATEMENT For the six months ended 31 December 2007 Six month Financial Six months ended Year ended 31 December ended 31 December 2007 2006 30 June 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating Activities Operating loss (1,228) (552) (877) Adjustment for: Performance Share Benefit 208 - - Share option benefit 426 - - Foreign Exchange (179) - (194) Depreciation 9 1 13 Operating cash flow before changes in working capital (764) (551) (1,058) Increase in trade and other receivables 123 93 (36) Increase in trade and other payables (908) (118) 890 Net cash used in operating activities (1,549) (576) (204) Investing Activities Purchase of property, plant and equipment (18) (4) (9) Intangibles (1,694) (223) (1,581) Net cash used in investing activities (1,712) (227) (1,590) Financing activities Interest received 111 109 228 Issue of share capital 200 - 2,530 Cost of share issue - - (165) Net cash from financing activities 311 109 2,593 Net increase in cash and cash equivalents (2,950) (694) 799 Cash and cash equivalents at beginning of period 5,927 5,197 5,197 Effect of foreign exchange rate changes 116 228 (69) Cash and cash equivalents at 31 December 2007 3,093 4,731 5,927 The notes on pages 5 to 12 form part of these interim financial statements. - ---END OF MESSAGE---
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