TIDMAAU
RNS Number : 0422O
Ariana Resources PLC
30 September 2019
30 September 2019
AIM: AAU
INTERIM RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the
exploration and development company operating in Turkey, is pleased
to announce its unaudited interim results for the six months ended
30 June 2019.
Financial Highlights:
-- Ariana's share of profits from our Joint Venture Kiziltepe
Mine amount to GBP3.0m in 6 months to June 2019, compared to
GBP3.7m in year ended December 2018.
-- Profit before tax of GBP2.3m recorded for period, with
operating costs in line with expectations and prior year.
Operational Highlights:
-- Gold production guidance for 2019 for the Kiziltepe Mine is
c. 25,000 oz Au (gross to the JV) and which is expected to be met
by the end of Q4 2019.
-- Gold production for H1 2019 increased 14% over the same
period last year to 13,734 oz Au (H1 2018: 12,037oz Au).
-- At period end 69% (post period 78%) of the US$33 million
construction capital loan for Kiziltepe had been repaid; on track
to be fully repaid by April 2020.
-- Two new 10-year operating licences received for the Salinbas
Gold Project; Environmental Impact Assessment ("EIA") and
Pre-Feasibility Study to commence.
-- Tavsan EIA nearing completion and further resource definition work underway during Q4 2020.
Michael de Villiers, Chairman, commented:
"It is once again my pleasure to report on another six months of
exceptional results from both our operating mine and our
exploration and development activities. The Kiziltepe Mine has
increased output by 14%, compared to the same period last year, and
I am pleased to confirm that we remain on track to produce
c.25,000oz (gross to the JV) of gold for the year. This has been
achieved whilst realising an average operating cost for the period
under US$500 per ounce, making us one of the lowest cost gold
producers globally.
"We are making significant progress on paying down the US$33
million construction capital loan for the mine, with US$25.8
million, or 78% of the loan, now paid post-period end. We remain
fully on track to repay the remaining construction capital loan by
April 2020, placing us in an even stronger position for FY2020.
This financial strength is expected to support our various
exploration and development programmes across our Turkish portfolio
and underpin the diversification of the Company's portfolio outside
of Turkey.
"We remain excited by the highly prospective Salinbas Gold
Project, which we believe has the potential to become a significant
new gold mine producing at a rate of 50,000 oz per annum over a
10-year life of mine. The commencement of an Environmental Impact
Assessment and a Pre-Feasibility Study during Q4 2019, will confirm
the potential of the Salinbas Project and determine the next steps
for bringing this exciting project into development.
"Commodity market conditions have been very favourable in the
first half of the year, with the gold price having risen up to 22%
to a high of US$1,552 per ounce during the period. We expect that
commodity price strength will continue for the medium-term and this
will continue to maintain our positive momentum into the second
half of the year.
"I would like to take this opportunity to thank Ariana's
production and exploration teams for their hard work and dedication
over the period and also to the Company's board for their continued
support and hard work."
Management Statement
Ariana has made substantial progress during the period, as we
continue to establish ourselves as a profitable, cash generative
exploration and development company. Our strategy of developing a
pipeline of projects at the production, development and exploration
phases continues to be rewarded. We remain committed to enhancing
our current portfolio and continue to evaluate new projects both in
Turkey, and in surrounding countries, which straddle the Tethyan
Metallogenic Belt. Such projects are carefully filtered to fit our
development criteria and must show capacity to enhance shareholder
value.
Production from our flagship mining operation at Kiziltepe in
Turkey, which is part of the 50/50 Red Rabbit Joint Venture with
Proccea Construction Co., is continuing very well. Q1 2019 gold
production was 7,296 ounces, with 6,438 ounces delivered in Q2
2019, bringing H1 2019 gold production to 13,734 ounces;
representing a 14% increase on H1 2018 gold production. Notably,
average operating cash costs for the first half of the year were
under US$500 per ounce. Our strong performance in the first half of
the year reflects positively on our 2019 production guidance of
25,000 ounces of gold (gross to the JV).
During the period Kiziltepe achieved an average realised gold
price of US$1,309 per ounce, against an average revenue per gold
ounce of US$1,492 per ounce. This strong positive cashflow enabled
repayments of 69% of the US$33 million JV construction capital loan
to the project finance bank, Turkiye Finans Katilim Bankasi A.S. as
at 30 June 2019. Repayments since this time, post-period end, have
resulted in 78% of the loan being paid down.
In terms of exploration within the Red Rabbit JV area, we
continue to make significant progress across all of our projects in
western Turkey, with the aim of adding additional resources from
which to increase the JV life of mine and production profile
towards 50,000 ounces of gold per annum. Recent exploration work at
the Tav an Gold Project has highlighted significant potential for
the area to yield additional resources. Meanwhile, work on the
Feasibility and EIA is continuing successfully and we look forward
to completing these studies in the coming months. Drilling
undertaken for the purposes of the EIA earlier this year has been
completed and a rock-saw channel programme is due to begin
imminently over the primary resource areas.
In addition to our progress within the Red Rabbit JV, we have
been making significant progress at the wholly-owned Salinbas Gold
Project, which is located in northeastern Turkey and has a resource
inventory of c.1 million of gold ounces equivalent. The project
comprises three licences two of which have recently been granted
10-year operational status. These licences areas include the
Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum
porphyry among other prospects. Post-period end we reported
positive drilling results that demonstrate the presence of a major
magmatic-hydrothermal system in the vicinity of the Ardala
copper-gold-molybdenum porphyry. Drilling has confirmed that the
porphyry does merge with the Salinbas gold-silver zone and that the
two systems should considered as one. We believe this discovery
bodes extremely well for future development and for the
identification of additional mineralisation in the vicinity.
Consequently, we continue to remain excited by the exploration
upside of the project and look forward to commencing our next work
programmes in late 2019.
Outlook
Joint Venture operations continue to go from strength to
strength and our successful partnership with Proccea Construction
Co. confirms that similarly structured partnerships are a strategy
for future success. In particular, we remain in discussions with a
number of companies on the development of the Salinbas Gold Project
and we look forward to providing further updates once we have
selected a suitable partner.
We strive to continue to deliver on this year's exceptional
progress, through continued production and exploration success, as
well as seeking new development opportunities within and outside of
Turkey. As previously noted, we are in the process of diversifying
our strategy to include another project in a country other than
Turkey. Consequently, we look forward to making an announcement in
due course concerning our interests in an exploration and
development portfolio in Cyprus, upon which we have been conducting
due diligence work during the last two years.
Finally, we expect our production guidance for the year of
25,000 oz (gross to the JV) will be met and that we look forward to
updating the market during October on the results of Q3 2019.
Operations during the third quarter continue to perform fully in
line with expectations. We look forward to updating shareholders on
our developments and milestones as the year progresses, and into
2020.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407
3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628
3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
2500
Adam James / James Stearns
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Harriet Jackson / Felicity Winkles arianaresources@yellowjerseypr.com
/ Henry Wilkinson
Editors' Note:
About Ariana Resources:
Ariana is an exploration and development company with mining
operations focused on epithermal gold-silver and porphyry
copper-gold deposits in Turkey, the largest gold producing country
in Europe. The Company is developing a portfolio of prospective
licences originally selected on the basis of its in-house
geological and remote-sensing database, which now contain a total
of 1.6 million ounces of gold and other metals (as at end-2017).
Ariana's objective is to cost-effectively add value to its projects
through focused exploration and to develop its operations,
primarily through well-financed joint ventures.
The Company's flagship assets are its Kiziltepe and Tavsan gold
projects which form the Red Rabbit Gold Project. Both contain a
series of prospects, within two prolific mineralised districts in
the Western Anatolian Volcanic and Extensional (WAVE) Province in
western Turkey. This Province hosts the largest operating gold
mines in Turkey and remains highly prospective for new porphyry and
epithermal deposits. These core projects, which are separated by a
distance of 75km, form part of a 50:50 Joint Venture with Proccea
Construction Co. The Kiziltepe Sector of the Red Rabbit Project is
fully-permitted and is currently in production. The total resource
inventory at the Red Rabbit Project and wider project area stands
at c. 605,000 ounces of gold equivalent (as at end-2017). At
Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on
production is payable to Franco-Nevada Corporation. At Tavsan an
NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold
Project, comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million
ounces of gold equivalent. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Panmure Gordon (UK) Limited are broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com.
Ends.
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial
Statements
For the six months ended 30 June 2019
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2019 2018 2018
Note GBP'000 GBP'000 GBP'000
Administrative costs (including
share based
payment charge) (11) (588) (801) (1,355)
General exploration expenditure (139) (111) (153)
Exploration expenditure written
off - - (181)
Operating loss (727) (912) (1,689)
Investment income 3 85 158
Loss on disposal of available
for sale investments - (3) (2)
Share of profit of joint venture (4) 3,029 1,149 3,710
Profit before tax 2,305 318 2,177
Taxation (6) - - -
------------------------ ---------------------- -------------------------
Profit for the period 2,305 319 2,177
------------------------ ---------------------- -------------------------
Other comprehensive income:
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on
translating
foreign operations (1,121) (934) (2,162)
Items that will not be
reclassified
to profit or loss:
Net change in fair value of
equity
securities at FVOCI (8) 49 (16) (26)
Other comprehensive (loss) for
the period
net of income tax (1,072) (950) (2,188)
------------------------ ---------------------- -------------------------
Total comprehensive profit/(loss)
for the period 1,233 (631) (11)
Earnings per share (pence)
Basic (7) 0.22 0.03 0.21
Fully diluted 0.21 0.03 0.21
------------------------ ---------------------- -------------------------
Condensed consolidated interim statement of financial
position
Unaudited Unaudited Audited
30 June 30 June 31 December
2019 2018 2018
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Trade and other receivables 120 84 83
Intangible exploration assets (9) 16,987 17,182 16,975
Land, property, plant and equipment 185 272 278
Investment in Joint Venture (4) 3,521 3,230 3,968
---------- ---------- -------------
Total non-current assets 20,813 20,768 21,304
---------- ---------- -------------
Current assets
Trade and other receivables (10) 4,196 2,289 1,860
Available for sale investments (8) 84 45 35
Cash and cash equivalents 569 475 938
---------- ---------- -------------
Total current assets 4,849 2,809 2,833
---------- ---------- -------------
Total assets 25,662 23,577 24,137
========== ========== =============
EQUITY
Called up share capital (11) 6,054 6,054 6,054
Share premium (11) 11,821 11,821 11,821
Other reserves 720 720 720
Share based payments 364 327 250
Translation reserve (5,317) (2,968) (4,196)
Retained earnings 7,670 3,374 5,315
Total equity attributable to equity
holders of the parent 21,312 19,328 19,964
---------- ---------- -------------
LIABILITIES
Non-Current Liabilities
Deferred tax Liability 2,273 2,273 2,273
Other financial liabilities 1,651 1,651 1,651
---------- ---------- -------------
Total non-current liabilities 3,924 3,924 3,924
Current liabilities
Trade and other payables 426 325 249
---------- ---------- -------------
Total current liabilities 426 325 249
---------- ---------- -------------
Total equity and liabilities 25,662 23,577 24,137
========== ========== =============
Condensed consolidated interim statement of changes in
equity
Total
attributable
Trans- to equity
Share Share Other Share lation Retained holders
capital premium reserves options reserves earnings of
parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December
2017 6,054 11,821 720 93 (2,034) 3,071 19,725
Changes in equity to 30
June 2018
Profit for the period - - - - - 319 319
Other comprehensive income - - - (934) (16) (950)
---------- ---------- ----------- ---------- ----------- ----------- --------------
Total comprehensive income - - - - (934) 303 (631)
---------- ---------- ----------- ---------- ----------- ----------- --------------
Share options - - - 234 - - 234
Transactions with owners - - - 234 - - 234
---------- ---------- ----------- ---------- ----------- ----------- --------------
Balance at 30 June 2018 6,054 11,821 720 327 (2,968) 3,374 19,328
========== ========== =========== ========== =========== =========== ==============
Changes in equity
to 31 December 2018
Profit for the period - - - - - 1,858 1,858
Other comprehensive income - - - - (1,228) (10) (1,238)
---------- ---------- ----------- ---------- ----------- ----------- --------------
Total comprehensive income - - - - (1,228) 1,848 620
---------- ---------- ----------- ---------- ----------- ----------- --------------
Share options - - - 16 - - 16
Transfer of share options - - - (93) - 93 -
Transactions with owners - - - (77) - 93 16
---------- ---------- ----------- ---------- ----------- ----------- --------------
Balance at 31 December
2018 6,054 11,821 720 250 (4,196) 5,316 19,964
========== ========== =========== ========== =========== =========== ==============
Changes in equity
to 30 June 2019
Profit for the period - - - - - 2,305 2,305
Other comprehensive income - - - - (1,121) 49 (1,072)
---------- ---------- ----------- ---------- ----------- ----------- --------------
Total comprehensive income - - - - (1,121) 2,354 1,233
---------- ---------- ----------- ---------- ----------- ----------- --------------
Share options - - - 114 - - 114
Transactions with owners - - - 114 - - 114
---------- ---------- ----------- ---------- ----------- ----------- --------------
Balance at 30 June 2019 6,054 11,821 720 364 (5,317) 7,670 21,312
========== ========== =========== ========== =========== =========== ==============
Condensed consolidated Interim statement of cash flows
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2019 2018 2018
Cash flows from operating activities GBP`000 GBP`000 GBP`000
Profit before tax 2,305 319 2,177
Adjustments for:
Loss on disposal of available for sale investments - 3 2
Depreciation of non-current assets 1 1 1
Write down of intangible exploration assets - - 181
Fair value adjustments (49) 16 26
Share of profit in Joint Venture (3,029) (1,149) (3,710)
Investment income (3) (85) (158)
Share based payment charge 114 234 250
Movement in working capital (661) (661) (1,231)
----------------- ---------------------- ------------
(Increase)/decrease in trade and other receivables 580 267 183
Increase/(decrease) in trade and other payables 178 60 (49)
Foreign exchange differences on retranslation - (50) -
of assets and liabilities
Cash inflow/(outflow) from operating activities 97 (384) (1,097)
----------------- ---------------------- ------------
Taxation paid - - -
----------------- ---------------------- ------------
Net cash from operating activities 97 (384) (1,097)
----------------- ---------------------- ------------
Cash flows from investing activities
Purchase of land, property, plant and equipment (28) (12) (36)
Payments for intangible assets (367) (141) (353)
Dividends from Joint Venture - - 1,369
Proceeds from disposal of available for sale
investments - 154 146
Investment income 3 85 158
----------------- ---------------------- ------------
Net cash from investing activities (392) 86 1,284
----------------- ---------------------- ------------
Net (decrease)/increase in cash and cash equivalents (295) (298) 187
Cash and cash equivalents at beginning of period 938 773 773
Exchange adjustment (74) - (22)
----------------- ---------------------- ------------
Cash and cash equivalents at end of period 569 475 938
================= ====================== ============
Notes to the interim financial statements for the six months
ended 30 June 2019
1. General information
Ariana Resources Plc (the "Company") is a public limited company
incorporated, domiciled and registered in the U.K. The
registration number is 05403426 and the registered address is
2(nd) Floor, Regis House, 45 King William Street London EC4R
9AN.
The Company`s shares are listed on the Alternative Investment
Market of the London Stock Exchange. The principal activities of
the Company and its subsidiaries (together the "Group") are related
to the exploration for and development of gold and other
technology-metals, principally in Turkey.
2. Basis of preparation
The condensed interim financial statements have been prepared
using accounting policies consistent with International Financial
Reporting Standards and in accordance with International Accounting
Standard 34 Interim Financial Reporting. The condensed interim
financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2018, which
have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union.The
condensed interim financial statements set out above do not
constitute statutory accounts within the meaning of the Companies
Act 2006. They have been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the European Union. Statutory financial statements for the year
ended 31 December 2018 were approved by the Board of Directors on 4
June 2019 and delivered to the Registrar of Companies. The Auditors
have reported on these financial statements; their report was
unqualified and did not contain statements under Section
498(2) or (3) of the Companies Act 2006.
The financial information for the periods ended 30 June 2019 and
30 June 2018 are unaudited.
3. Significant accounting policies
The same accounting policies have been followed in these
condensed interim financial statements as were applied in the
preparation of the Group's financial statements for the year ended
31 December 2018.
The Group and Company financial statements have been prepared on
a going concern basis. As an exploration and development company
the Directors are mindful that there is an ongoing need to monitor
overheads and cash associated with the exploration and development
programme; and, where necessary, to raise additional working
capital on an ad hoc basis to support the Group's activities.
The Group's ability to continue its operations and to realise
its assets at their carrying values is dependent upon the Group
generating revenues sufficient to cover its operating costs, and
/or obtaining additional financing. These financial statements do
not give effect to any adjustments which would be necessary should
the Group be unable to continue as a going concern and therefore be
required to realise its assets and discharge its liabilities in
other than the normal course of business and at amounts different
from those reflected in the accompanying financial statements.
The Directors remain confident that if future funding is
required they will be able to raise finance to meet the Group's
exploration and development programme and the associated overhead
cost.
4. Interest in joint venture
The Group accounts for its joint venture with Proccea
Construction Co in Zenit Madencilik San ve Tic AS ("Zenit") using
the equity method in accordance with IAS 28 (revised). At 30 June
2019 the Group has a 50% interest in Zenit.
Zenit entered production during March 2017, with commercial
production declared from 1 July 2017. Operational revenues and
costs arising from pre-commercial production were capitalised in
2017, along with any new capital expenditure incurred during 2018
including the construction of the district road diversion necessary
for the full development of the Arzu South open pit.
Summarised financial information of the joint venture, based on
its translated financial statements, and reconciliations with the
carrying amount of the investment in the consolidated financial
statements are set out below:-
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2019 2018 2018
Summary statement of profit and loss GBP'000 GBP'000 GBP'000
Revenue 16,132 12,604 29,254
Cost of sales (7,357) (5,597) (13,548)
Gross Profit 8,775 7,007 15,706
Administrative expenses (net of other
income) (985) (452) (969)
Operating profit 7,790 6,555 14,737
Finance expenses (2,810) (4,749) (12,196)
Finance income 1,117 493 4,552
-------------- --------------------- ------------
Profit for the period before tax 6,097 2,299 7,093
Taxation (39) - 327
-------------- --------------------- ------------
Profit for the period after tax 6,058 2,299 7,420
-------------- --------------------- ------------
Proportion of Group's ownership 50% 50% 50%
Group's share of profit for the period
after tax 3,029 1,149 3,710
============== ===================== ============
30 June 30 June 31 December
2019 2018 2018
Summary statement of financial position GBP'000 GBP'000 GBP'000
Non-current assets 22,904 28,132 25,421
Current assets 8,506 4,292 7,216
Current liabilities (16,518) (11,875) (9,937)
Non-current liabilities (7,851) (14,089) (14,764)
-------------- --------------------- ------------
Equity 7,041 6,460 7,936
-------------- --------------------- ------------
Proportion of Group's ownership 50% 50% 50%
Carrying amount of Investment in Joint
Venture 3,521 3,230 3,968
============== ===================== ============
5. Segmental analysis
Management currently identifies one division as an operating
segment - mineral exploration. This operating segment is monitored
and strategic decisions are made based upon this and other
non-financial data collated from exploration activities.
Principal activities for this operating segment are as
follows:
Mining - incorporates the acquisition, exploration and
development of gold resources in Turkey and Lithium in
Australia.
30 June 2019 30 June 2018 31 December 2018
Other Other Other
reconciling reconciling reconciling
Mining items Group Mining items Group Mining items Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Administrative
costs - (588) (588) - (801) (801) - (1,355) (1,355)
General and
specific
exploration
expenditure (139) - (139) (111) - (111) (334) - (334)
Loss on
disposal
of available
for sale
investments - - - (3) - (3) (2) - (2)
Share of profit
in joint
venture 3,029 - 3,029 1,149 - 1,149 3,710 - 3,710
Investment
income - 3 3 - 85 85 - 158 158
Tax - - - - - - - - -
-------- ------------ -------- -------- ------------ -------- -------- ------------ --------
Profit/(loss)
after tax 2,890 (585) 2,305 1,035 (716) 319 3,374 (1,197) 2,177
======== ============ ======== ======== ============ ======== ======== ============ ========
Assets
Segment assets 25,061 601 25,662 22,999 578 23,577 23,523 614 24,137
-------- ------------ -------- -------- ------------ -------- -------- ------------ --------
Liabilities
Segment
liabilities (3,970) (380) (4,350) (3,988) (261) (4,249) (3,996) (207) (4,173)
======== ============ ======== ======== ============ ======== ======== ============ ========
Reconciling items include non-mineral exploration costs and
transactions between Group and associate companies.
Geographical segments
The Group's mining assets and liabilities are located primarily
in Turkey.
30 June 2019 30 June 2018 31 December 2018
United United United
Turkey Kingdom Group Turkey Kingdom Group Turkey Kingdom Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Carrying amount
of segment non-
current assets 20,243 570 20,813 20,110 658 20,768 20,584 720 21,304
========= ======== ========= ========= ======== ========= ========= ======== =========
6. Taxation
The Group has not incurred taxable profits for the period and a
corporation tax charge is not anticipated.
7. Profit per share
The calculation of basic profit per share is based on the profit
after taxation attributable to ordinary shareholders of
GBP2,305,000 divided by the weighted average number of shares in
issue during the period, being 1,059,677,953.
8. Available for sale Investments
Current
GBP'000
Valuation at 1 January 2018 218
Disposals (146)
Exchange movement (11)
Fair value adjustment (16)
Valuation at 30 June 2018 45
--------
Fair value adjustment (10)
Valuation at 31 December 2018 35
--------
Fair value adjustment 49
--------
Valuation at 30 June 2019 84
========
As at 30 June 2019, available for sale investments represent the
Company`s investment in Royal Road Minerals Limited, a company
listed on the Toronto Venture Exchange. Due to changes in the
market value of this investment, a fair value surplus totaling
GBP49,000 has been reflected in these accounts.
9. Intangible exploration assets GBP'000
Six months ended 30 June 2018
Opening net book value at 1 January 2018 17,527
Additions 141
Exchange movements (486)
Closing net book value at 30 June 2018 17,182
---------
Six months ended 31 December 2018
Opening net book value at 1 July 2018 17,182
Additions 228
Expenditure written off (181)
Exchange movements (254)
Closing net book value at 31 December 2018 16,975
---------
Six months ended 30 June 2019
Opening net book value at 1 January 2019 16,975
Additions 378
Exchange movements (367)
Closing net book value at 30 June 2019 16,987
=========
None of the Group's intangible assets are owned by the
Company.
The technical feasibility and commercial viability of extracting
a mineral resource are not yet demonstrable in the above intangible
exploration assets. These assets are not amortised, until technical
feasibility and commercial viability is established. Intangible
exploration costs written off represent costs relating to certain
projects that are no longer considered economically viable or where
exploration licences have been relinquished.
10. Trade and other receivables 30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Amounts owed by Joint Venture Company 3,613 1,817 1,402
Other receivables 478 450 442
Prepayments 105 22 16
4,196 2,289 1,860
======== ======== ============
The fair value of trade and other receivables is not materially
different to the carrying values presented.
11. Called up share capital and
share premium
Allotted, issued and fully paid
0.1p shares
Number Share Deferred Share
of shares Capital Shares Premium
GBP'000 GBP'000 GBP'000
In issue at 1 January 2018 and
30 June 2019 1,059,677,953 1,059 4,995 11,821
-------------- -------- --------- --------
Potential issue of ordinary shares - share options and
warrants
On 1 January 2018 the Company issued 64,000,000 new share
options to directors and staff at an exercise price of 1.55 pence,
vesting over 3 years. A share based payment charge of GBP114,000
(2018: GBP250,000) has been recognised in these accounts.
At 30 June 2019 the Company had 64,000,000 options and nil
warrants outstanding for the issue of ordinary shares
12. Approval of interim financial statements
The interim financial statements were approved by the Board of
Directors on 27 September 2019.
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
IR GCGDCBXDBGCC
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