TIDMGGP
RNS Number : 8934O
Greatland Gold PLC
10 November 2016
10 November 2016
Greatland Gold plc
("Greatland Gold" or "the Company")
Final Results
Greatland Gold plc (LON:GGP), the London Stock Exchange AIM
listed precious and base metals exploration and development
business is pleased to announce its financial results for the year
ended 30 June 2016.
Chairman's Statement
It has been a year of change at Greatland Gold that has seen a
heightened level of activity on both existing and new exploration
projects.
Last year we observed a turnaround in market sentiment towards
the global mining sector after several years of falling commodity
prices. Although the recovery in commodity prices is still in its
nascent phase, the Board of Greatland Gold believes that we are at
or near the bottom of the commodities cycle and, consequently, has
spent the last year seeking to reposition the Company for what we
hope is a sustained upturn in the sector.
In order to capitalise on these opportunities and execute our
strategy, changes have occurred at Board level including the
appointment of Gervaise Heddle, Executive Director and myself as
Non-Executive Chairman. We would also like to note the resignation
of John Watkins and, subsequent to the end of the financial year,
the resignations of Andrew Bell, former Chairman of Greatland Gold,
and Paul Johnson, former Non-executive Director. On behalf of the
Board, I would like to thank Andrew, Paul and John for their
dedication and service.
Greatland Gold successfully raised GBP637,000 of new equity (net
of costs) during the year and a further GBP389,025 (net of costs)
since the close of the financial year. These funds will be used to
advance further our current projects and to take advantage of the
exciting opportunities that we believe exist in the market at this
time, whilst maintaining a disciplined approach towards capital
allocation.
Over the past 12 months the Group recorded a loss of GBP662,903,
equating to a loss of 0.06 pence per share with net cash inflow for
the year of GBP130,871. The loss for the year is reflective of
total administrative expenses of GBP518,894 plus exploration costs
of GBP145,232. This compares to a loss of GBP1,077,779 in the
previous year that equated to a loss of 0.15 pence per share. The
Group's cash deposits stood at GBP883,478 at the period end.
Our strategy for the year ahead involves two key elements.
First, we continue to accelerate our plans to exploit our existing
pipeline of exploration projects. At the time of writing, Greatland
Gold is in the midst of an ambitious exploration campaign at the
Ernest Giles gold project in Western Australia, is preparing for
further exploration at its Tasmanian gold assets and is awaiting
the results of its downhole EM survey from the Bromus project.
Second, we are actively seeking new external opportunities to
capitalise on the relatively depressed valuations that we believe
still exist in the sector. After the close of the financial year,
we announced that Greatland Gold reached an agreement to acquire
100% of the Havieron Project. The Havieron Project covers 135
square kilometres in the Paterson Region of Western Australia and
is located approximately 40 kilometres east of the prolific Telfer
gold mine. Limited historical drilling by Newcrest in the 1990s
demonstrated high grade gold and copper mineralisation and we
believe that the Havieron Project provides Greatland Gold with a
walk up resource definition drill target in a region that is
attracting increasing interest from major mining companies.
In summary, we remain confident in the long-term fundamentals of
the major commodities, particularly gold and precious metals. We
intend to capitalise on this view by advancing our existing
projects and seeking new projects at sensible valuations. Our
thanks go to Callum, Gervaise and the team.
Alex Borrelli
Chairman
10 November 2016
Results and dividends
The Group's results are described in the Group statement of
comprehensive income below. The Group has incurred a loss for the
year of GBP662,903 (2015: GBP1,077,779).
The Directors do not recommend the payment of a dividend.
Group statement of comprehensive income
for the year ended 30 June 2016
Year ended Year ended
30 June 30 June
2016 2015
GBP GBP
Revenue - -
Exploration costs (145,232) (259,263)
Impairment charge - (540,570)
Administrative expenses (518,894) (279,431)
Operating loss (664,126) (1,079,264)
Finance revenue 1,223 1,485
----------- ------------
Loss before taxation (662,903) (1,077,779)
Income tax expense - -
----------- ------------
Loss for the year (662,903) (1,077,779)
----------- ------------
Other comprehensive
income
Exchange differences
on translation of foreign
operations 45,444 (90,937)
Other comprehensive
income for the year
net of taxation 45,444 (90,937)
----------- ------------
Total comprehensive
income for the year
attributable to equity
holders of the parent
company (617,459) (1,168,716)
----------- ------------
Loss per share - basic (0.06) (0.15)
and diluted pence pence
----------- ------------
All operations are considered to be continuing.
Group balance sheet
as at 30 June 2016
30 June 2016 30 June 2015
GBP GBP GBP GBP
ASSETS
Non-current
assets
Tangible assets 8,058 10,381
Intangible assets 332,154 292,200
------------ ------------
340,212 302,581
Current assets
Cash and cash
equivalents 883,478 748,117
Trade and other
receivables 88,429 48,267
------------ ------------
Total current
assets 971,907 796,384
---------- ----------
TOTAL ASSETS 1,312,119 1,098,965
LIABILITIES
Current liabilities
Trade and other
payables (68,131) (175,051)
TOTAL LIABILITIES (68,131) (175,051)
----------
NET ASSETS 1,243,988 923,914
---------- ----------
EQUITY
Called-up share
capital 1,041,614 992,338
Share premium
reserve 5,720,907 5,050,183
Share based
payment reserve 277,533 60,000
Retained earnings (6,062,883) (5,399,980)
Other reserves 266,817 221,373
------------ ------------
TOTAL EQUITY 1,243,988 923,914
---------- ----------
Group statement of changes in equity
for the year ended 30 June 2016
Share Share Share Retained Other Total
capital premium based earnings reserves
account payment
reserve
GBP GBP GBP GBP GBP GBP
As at 30
June 2014 579,233 4,664,538 60,000 (4,322,201) 312,310 1,293,880
--------- ---------- --------- ------------ ---------- ------------
Loss for
the year - - - (1,077,779) - (1,077,779)
Currency
translation
differences - - - - (90,937) (90,937)
Total comprehensive
income - - - (1,077,779) (90,937) (1,168,716)
Share option - - - - - -
charge
Share capital
issued 413,105 436,895 - - - 850,000
Cost of share
issue - (51,250) - - - (51,250)
--------- ---------- --------- ------------ ---------- ------------
Total contributions
by and distributions
to owners
of the Company 413,105 385,645 - - - 798,750
--------- ---------- --------- ------------ ---------- ------------
As at 30
June 2015 992,338 5,050,183 60,000 (5,399,980) 221,373 923,914
--------- ---------- --------- ------------ ---------- ------------
Loss for
the year - - - (662,903) - (662,903)
Currency
translation
differences - - - - 45,444 45,444
Total comprehensive
income - - - (662,903) 45,444 (617,459)
Share option
charge - - 217,533 - - 217,533
Share capital
issued 49,276 693,724 - - - 743,000
Cost of share
issue - (23,000) - - - (23,000)
---------- ---------- -------- ------------ -------- ----------
Total contributions
by and distributions
to owners
of the Company 49,276 670,724 217,533 - - 937,533
---------- ---------- -------- ------------ -------- ----------
As at 30
June 2016 1,041,614 5,720,907 277,533 (6,062,883) 266,817 1,243,988
---------- ---------- -------- ------------ -------- ----------
Other reserves Merger Foreign Total other
reserve currency reserves
translation
reserve
GBP GBP GBP
As at 30 June 2014 225,000 87,310 312,310
--------- ------------- ------------
Currency translation
differences - (90,937) (90,937)
--------- ------------- ------------
Total comprehensive
income - (90,937) (90,937)
--------- ------------- ------------
As at 30 June 2015 225,000 (3,627) 221,373
--------- ------------- ------------
Currency translation
differences - 45,444 45,444
-------- ------- --------
Total comprehensive
income - 45,444 45,444
-------- ------- --------
As at 30 June 2016 225,000 41,817 266,817
-------- ------- --------
Group cash flow statement
for the year ended 30 June 2016
Year ended Year ended
30 June 30 June
2016 2015
GBP GBP
Cash (out)flows from operating
activities
Operating loss (664,126) (1,079,264)
(Increase) in trade &
other receivables (40,162) (17,846)
(Decrease) in trade &
other payables (106,920) (14,036)
Depreciation 3,323 3,531
Impairment of exploration
properties - 540,570
Share option charge 217,533 -
Salary sacrifice charge 83,000 -
------------ -------------
Net (decrease) in cash
and cash equivalents from
operations (507,352) (567,045)
------------ -------------
Cash in/(out)flows from
investing activities
Interest received 1,223 1,485
Payments to acquire intangible
assets - (35,953)
------------ -------------
Net cash in/(out)flows
used in investing activities 1,223 (34,468)
------------ -------------
Cash inflows from financing
activities
Proceeds from issue of
shares 660,000 850,000
Transaction costs of issue
of shares (23,000) (51,250)
------------ -------------
Net cash flows from financing
activities 637,000 798,750
------------ -------------
Net increase in cash and
cash equivalents 130,871 197,237
Cash and cash equivalents
at the beginning of period 748,117 556,085
Exchange gain/(loss) on
cash and cash equivalents 4,490 (5,205)
------------ -------------
Cash and cash equivalents
at end of period 883,478 748,117
------------ -------------
Notes
1 General Information
The financial information set out above
does not comprise statutory accounts for
the purposes of Section 434 of Companies
Act 2006.
The financial information above has been
extracted from the Company's statutory
financial statements upon which the auditor's
opinion is unqualified and does not include
any statement under Section 498 of the
Companies Act 2006.
2 Authorisation of financial statements
and statement of compliance with IFRS
The group financial statements of Greatland
Gold plc for the year ended 30 June 2016
were authorised for issue by the board
on 10 November 2016 and the balance sheets
signed on the board's behalf by Mr Callum
Baxter and Mr Alex Borrelli. Greatland
Gold plc is a public limited company incorporated
and domiciled in England and Wales. The
Company's ordinary shares are traded on
AIM.
The Group's financial statements have
been prepared in accordance with International
Financial Reporting Standards (IFRS).
The Company's financial statements have
been prepared in accordance with IFRS
as adopted by the European Union and as
applied in accordance with the provisions
of the Companies Act 2006. The principal
accounting policies adopted by the Group
and Company are set out below.
3 Loss per share
The basic loss per share is derived by
dividing the loss for the period attributable
to ordinary shareholders by the weighted
average number of shares in issue.
2016 2015
GBP GBP
Loss for the period (662,903) (1,077,779)
---------------- --------------
Weighted average number
of Ordinary shares of GBP0.001
in issue
Loss per share - basic 1,049,314,266 741,937,920
(0.06) (0.15)
pence pence
---------------- --------------
Weighted average number
of Ordinary shares of GBP0.001
in issue inclusive of outstanding
options 1,049,314,266 741,937,920
---------------- --------------
As inclusion of the potential Ordinary
shares would result in a decrease in
the loss per share they are considered
to be anti-dilutive; as such, a diluted
earnings per share is not included.
The annual report will be made available today on Greatland
Gold's website at: http://greatlandgold.com/media/results/. The
annual report will also be posted to shareholders in due
course.
Enquiries:
Greatland Gold PLC
Callum Baxter/Gervaise Heddle
Tel +44 (0)20 7747 9980
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady/Sean Wyndham-Quin/James Keeshan
Tel +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson / Andy Thacker
Tel +44 (0)14 8341 3500
Notes for Editors:
Greatland Gold plc is London listed (LON:GGP) natural resource
exploration and development company with a current focus on gold
and nickel exploration projects.
The Company has five main projects; three situated in Western
Australia and two in Tasmania. All projects are 100% owned by
Greatland or Greatland has the right to take 100% ownership.
Greatland is seeking to identify large mineral deposits in areas
that have not been subject to extensive exploration previously. It
is widely recognised that the next generation of large deposits
will come from such under-explored areas and Greatland is applying
advanced exploration techniques to investigate a number of
carefully selected targets within its focused licence
portfolio.
The Company is also actively investigating a range of new
opportunities in precious and strategic metals and will update the
market on new opportunities as and when appropriate.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URSURNOAAAAA
(END) Dow Jones Newswires
November 10, 2016 07:45 ET (12:45 GMT)
Greatland Gold (LSE:GGP)
Historical Stock Chart
From Apr 2024 to May 2024
Greatland Gold (LSE:GGP)
Historical Stock Chart
From May 2023 to May 2024