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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 |
Preliminary Annual Results FOR IMMEDIATE RELEASE 27 November 2008 NEPTUNE MINERALS Plc ("Neptune" or the "Company") Preliminary Annual Results Neptune Minerals (AIM: NPM), a leading explorer and developer of seafloor massive sulphide (SMS) deposits is pleased to announce its preliminary results for the year ended 30 June 2008 this includes an extract from the Chairman and Chief Executive report which highlights achievements for the year and path going forward. CHAIRMAN AND CHIEF EXECUTIVE'S REPORT The 2007/2008 year has been a period of consolidation for Neptune Minerals as the Company prepares for its transition from a mineral explorer to a developer. Significant milestones were achieved during the year to position Neptune to capitalise on its pre-eminent global tenement holding. Kermadec 07 exploration program completed Exploration completed in August 2007 offshore New Zealand confirmed two new hydrothermally inactive SMS zones in the Company's Kermadec licence area PL39-195. Some historically bad weather caused breakages and difficulties which delayed the program and limited completion of the activities. Nevertheless, Neptune's team collected sufficient information over those areas to lodge its first application for a mining licence. Neptune has completed a structural analysis of the tenement and prioritised targets for follow-up exploration and definition. Mining licence application submitted Following extensive consultation with the New Zealand government, Neptune submitted its first mining licence application (MLA) subsequent to year-end in July 2008 for an area within the Company's Kermadec licence PL39-195. Neptune is continuing discussions with the New Zealand regulator Crown Minerals and with other government departments, non-government organisations and interested community groups to ensure an agreed application process. Scoping study commissioned and completed In October 2007 Neptune commissioned engineering consultants Technip to undertake a mining scoping study to identify, cost and compare alternative existing technologies for SMS mining. This study was completed in April 2008 and confirmed the attractive economics of seafloor mining, with total mining cost estimations ranging from US$145-$162 per tonne. Letter of intent signed for Project Trident In March 2008 Neptune signed a letter of intent with C&C Technologies for the provision of autonomous underwater vehicle (AUV) survey, sampling and vessel charter services in preparation for Project Trident - a continuous program of long-term exploration of Neptune's tenements offshore New Zealand. Subject to vessel and equipment availabilities, AUV survey and sampling operations are planned with continuous operations for a minimum of 12 months. Prequalification for seafloor mining contract Neptune is working to engage operational partners to develop the Kermadec asset and other New Zealand SMS deposits. In May 2008 Neptune issued a competitive prequalification tender for international dredging and subsea engineering companies to build, own and operate (BOO) a contract mining system for the commercial development of SMS deposits. New exploration licences granted in Vanuatu and Papua New Guinea Neptune was granted additional exploration licences in Vanuatu in October 2007 and in Papua New Guinea in November 2007. Neptune now has the largest portfolio of any SMS development Company, with 278,000km2 of tenements granted and a further 436,000km2 under application in the territorial waters of New Zealand, Japan, Papua New Guinea, Vanuatu, the Federated States of Micronesia, Commonwealth of Northern Mariana Islands, Palau and Italy. New Zealand operations office established Recent changes to support Neptune's growth strategy include the establishment of an office in Wellington, New Zealand, and the addition of key management personnel including a New Zealand country manager and a contracts and procurement manager. Neptune's management team is experienced and well prepared for future development and increased exploration activity. Reorganisation of the Board of Directors In May 2008, founding Chairman Peter Vanderspuy resigned; existing non-executive director John Goodwin adopted the positions of chairman and head of the remuneration committee. Richard K Gorton accepted an invitation to join the Board as non-executive technical director and has joined the audit and remuneration committees. The Company thanks Mr. Vanderspuy for his role in establishing Neptune. On going funding Neptune has adequate cash resources to continue in operational existence until the end of the 2009 financial year. The Company is involved in fund raising initiatives aimed at securing adequate working capital beyond this date, although it is recognised that the prevailing state of global capital markets is inhibiting this process. Notwithstanding, management is confident of obtaining the necessary funding to ensure that on-going commitments beyond the end of 2009 are met and therefore does not believe it appropriate to regard the assets of Neptune as impaired and have therefore reported them at full value. Future opportunities The next 12-month period holds much promise and many challenges for Neptune as the Company works to achieve its goal of trial mining by 2011. Priorities include: * Securing funding for a Feasibility Project * Securing funding for exploration activities in granted licences * Commencing Project Trident exploration * Defining a contract mining partner * Securing a mining licence for the Kermadec area * Undertaking an environmental baseline study of the Rumble II West mining licence area * Building Neptune's exploration pipeline with selected new exploration licence applications 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 5230 Broker): Fiona Owen (Grant Thornton UK LLP, Nomad): T: +44 (0) 20 7383 5100 Rozanne Ichikowitz (Grant Thornton, Sydney): T: +61 (0) 2 8297 2522 Nadja Vetter/Sofia Rehman/Matthew Law (Cardew T: +44 (0) 20 7930 0777 Group, PR): T: +44 (0) 7941 340 436 The Neptune Minerals Website is www.neptuneminerals.com Neptune Minerals Plc CONSOLIDATED INCOME STATEMENT Year ended 30 June 2008 Year Year ended 30 ended 30 June 2008 June 2007 £'000 £'000 Administrative expenses (2,387) (864) Other operating expenses (26) (13) Operating loss (2,413) (877) Investment income 169 228 Loss before taxation (2,244) (649) Taxation - - Loss for the period (2,244) (649) Attributable to: Equity holders of the Company (2,244) (649) Loss per share Basic and diluted (3.4p) (1.1p) The Group has not yet commenced trading. The income statement has been prepared on the basis that all operations are continuing. Neptune Minerals Plc CONSOLIDATED BALANCE SHEET At 30 June 2008 2008 2007 ASSETS £'000 £'000 Non-current assets Intangible assets 6,680 4,336 Property, plant and equipment 27 17 6,707 4,353 Current assets Trade and other receivables 57 138 Cash and cash equivalents 1,589 5,927 1,646 6,065 Total assets 8,353 10,418 EQUITY AND LIABILITIES Capital and reserves Share capital 331 323 Share premium 11,539 11,119 Share option reserve 819 392 Retained earnings (4,469) (2,460) Total equity 8,220 9,374 Current liabilities Trade and other payables 133 1,044 Total liabilities 133 1,044 Total equity and liabilities 8,353 10,418 Neptune Minerals Plc CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30 June 2008 Share Share Share Retained Total option Capital Premium Earnings reserve £'000 £'000 £'000 £'000 £'000 Balance at 30 392 288 8,789 (1,946) 7,523 June 2006 Exchange differences on - - - 135 135 translating foreignoperations Loss for the (649) (649) period Share option - - - - - benefit Ordinary shares - 35 - - 35 issued Premium on shares - - 2,330 - 2,330 issued Balance at 30 392 323 11,119 (2,460) 9,374 June 2007 Share option - benefits (47) 47 Exercised Exchange differences on translating - - - 188 188 foreign operations Loss for the (2,244) (2,244) period Share option 474 - - - 474 benefit Ordinary shares - 8 - - 8 issued Premium on shares - - 420 - 420 issued Balance at 30 819 331 11,539 (4,469) 8,220 June 2008 Neptune Minerals Plc CONSOLIDATED CASH FLOW STATEMENT Year ended 30 June 2008 Year ended 30 Year ended 30 June 2008 June 2007 £'000 £'000 OPERATING ACTIVITIES Operating loss (2,413) (877) Adjustment for: Employee share option benefit 474 - Employee performance share 216 - benefit Foreign exchange (20) (194) Depreciation 26 13 Operating cash flow before (1,717) (1,058) changes in working capital Decrease(Increase) in trade and 81 (36) other receivables (Decrease)Increase in trade and (910) 890 other payables Net cash used in operating (2,546) (204) activities Investing activities Purchase of property, plant and (36) (9) equipment Payment for exploration and (2,165) (1,581) evaluation of mineral resources Net cash used in investing (2,201) (1,590) activities Financing activities Interest received 169 228 Issue of share capital 212 2,530 Cost of share issue - (165) Net cash from financing 381 2,593 activities Net (decrease)/increase in cash (4,366) 799 and cash equivalents Cash and cash equivalents at 5,927 5,197 start of the year Effect of foreign exchange rate 28 (69) changes Cash and cash equivalents at end 1,589 5,927 of the year Neptune Minerals Plc Year ended 30 June 2008 1. BASIS OF PREPARATION The preliminary results were approved by the Board of Directors on 26 November 2008. The financial information set out above does not comprise the Company's statutory accounts for the year ended 30 June 2008 or 30 June 2007, but is derived from those accounts. The auditors have reported on the 2007 accounts; their report was unqualified. The auditors have signed their report on the 2008 accounts. The report is unqualified however an emphasis of matter regarding going concern and impairment of assets is included. This emphasis surrounds the Company's ability to raise sufficient funding for ongoing working capital. The Directors are actively seeking funding and are confident this will be raised, however there is a degree of uncertainty regarding this matter. These preliminary results have been prepared in accordance with the accounting policies normally adopted by the Company and which are consistent with those adopted in the audited accounts for the years ended 30 June 2008 and 30 June 2007. Where relevant the provisions of International Financial Reporting Standards have been applied in the preparation of this announcement. The Annual Financial Statements will be mailed to shareholders on or before 5 December 2008. 2. PRINCIPAL ACTIVITY The Group's principal activity during the period was the exploration for SMS deposits in the New Zealand held acreage and the identification of new SMS environments. Turnover for the period is £nil. 3. LOSS PER SHARE The calculation of basic loss per share is based on the loss for the period attributable to shareholders of the Company of £2,244,000 (2007: £649,000) and the weighted average number of 66,259,636 shares on issue during the year (2007: 57,857,181 shares). Diluted loss per share for the year ended 30 June 2008 is equal to the basic loss per share:- * Performance shares totalling 1,961,250, which could potentially dilute basic earnings per share in the future, have been excluded from the calculation of diluted earnings as they are considered to be anti-dilutive for the period presented. * Share options totalling 7,602,472, which could potentially dilute basic earnings per share in the future, have been excluded from the diluted earnings per share calculation as they are considered to be anti-dilutive for the period presented. 4. INTANGIBLE ASSETS Year ended 2008 Year ended 2007 Exploration and evaluation Exploration and expenditure evaluation expenditure £'000 £'000 Group Cost and net book value At 1 July 4,336 2,360 Foreign exchange difference 179 395 Additions during the year 2,165 1,581 At 30 June 6,680 4,336 The group commenced active exploration in December 2005 within New Zealand waters. As at 30 June 2008, the Group owned 100% of Prospecting Licences ("PL") PL 39-194 (Monowai, 47,110 square kilometres). PL 39-195 (Kermadec, 3,447 square kilometres) and PL 39-205 (Colville, 13,030 square kilometres). The Company holds 100% of each licence through Neptune Resources New Zealand Limited. Also, as at 30 June 2008, the Group owned 100% of eleven Exploration Licences ("EL") within Papua New Guinea waters, through Neptune Minerals (PNG) Limited: EL 1425 (Conical, 147.4 square kilometres), EL 1449 (New World, 30.2 square kilometres), EL 1457 (Dripela Maunten, 70.4 square kilometres), EL 1458 (Fopela Susa, 72 square kilometres), EL1541 (Klotsu, 353.2 square kilometres), EL1542 (Namel, 192.0 square kilometres), EL1554 (Makau, 2572.0 square kilometres), EL1555 (Kindam, 2570.0 square kilometres), EL 15556 (Tinpis, 2573.0 square kilometres), EL1557 (Trosel, 2572.0 square kilometres), EL 15558, (Sak, 2573.0 square kilometres). The Group also owned 100% of a Foreign Investment Permit ("FIP") in the waters of the Federated States of Micronesia, FIP-006-07, allowing mineral exploration and development over an area of 200,000 square kilometres. Active exploration had not commenced on the Papua New Guinea or Federated States of Micronesia licences as at 30 June 2008 however desktop studies have commenced. The exploration expenditure relates only to mineral exploration activities in the Kermadec, Monowai and Colville licence areas specifically vessel charter, seafloor mapping and surveying, sampling as well as environmental biological studies. The recoverability of the exploration expenditure is dependent upon economically recoverable mineral reserves being discovered in the licence areas and sufficient cash resources being available to enable the group to complete exploration activity and access those mineral reserves. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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