TIDMORM
RNS Number : 6873M
Ormonde Mining PLC
23 September 2021
23 September 2021
Ormonde Mi n i ng p lc
("Or m onde" or "the C o m pany ")
Interim Results for the six months ended 30 June 2021
The Board of Ormonde (the "Board") announces the Company's
unaudited interim results for the six months ended 30 June 2021,
details of which are provided below.
During the interim period, progress in relation to the
identification and evaluation of new opportunities slowed, and
ultimately stalled, for reasons including the absence of agreement
with the largest shareholder in relation to proposals the Board
believed to be transformative for the Company and its shareholders.
This culminated in the removal of shareholder authority which
previously had allowed Ormonde to utilise shares as full or part
consideration for a transaction, greatly reducing the
attractiveness of Ormonde as a counterparty and therefore the
number of potential transactions available to the Company. Until
such matters are resolved, it will be very difficult for the
Company to conclude any material transaction.
Spanish projects
-- Salamanca and Zamora Gold Projects (Ormonde interest at 30
June 2021: 50.2% Salamanca, 45.5% Zamora): The three investigation
permits that make up these promising gold exploration projects came
up for renewal during July and September 2021. Applications to
extend each permit for a further three years have been submitted to
the mining authorities where they are currently being processed. No
field activities will be carried out while the applications are
pending. This process can take some time to be completed with no
guarantee in relation to the renewal of the permits.
-- La Zarza: The Company continues to hold discussions with
interested parties with a view to disposing of its data and land
assets relating to the La Zarza copper-gold project in the Iberian
Pyrite Belt. These assets are held for sale on the Company's
balance sheet at a value of EUR2.4 million.
Financial results
-- The Company reports a loss after tax for the six months ended
30 June 2021 of EUR630,000 (2020: EUR1.16 million profit). In 2020
the reported profit included a gain of EUR1,600,000 relating to
accounting for the completion of the Barruecopardo Mine disposal in
February 2020.
-- As at 30 June 2021, the Company held EUR4.3 million of cash
(EUR5.6 million at 30 June 2020).
Adjourned Annual General Meeting ("AGM")
On 6 September 2021, the Company announced the reconvening of
its AGM on Thursday, 30 September 2021 at 11 a.m. IST/BST, at the
Carlton Hotel Blanchardstown, Dublin 15, Ireland. A Letter from the
Executive Chair, Jonathan Henry (the "Chair's Letter"), Notice of
AGM and Form of Proxy were posted to shareholders on 6 September
2021, along with a letter from Mr. Thomas Anderson, a shareholder
of the Company, which are available for review on the Company's
website www.ormondemining.com . The Chair's Letter, which explains
the resolutions to be proposed at the AGM and the Board's
recommendations thereon, was also provided in an announcement on
the same day.
Shareholders are urged to read the note section of the Notice of
AGM for important information pertaining to voting and attending
the meeting, including associated Covid-19 safety measures which
may apply at the time of the meeting.
Enqu iries t o:
Ormonde Mining plc
Jonathan Henry, Executive Chair
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Tel: +353 (0)1 8014184
Media enquiries - Buchanan
Bobby Morse / Ariadna Peretz / James Husband
Tel: +44 (0)20 7466 5000
Email: ormonde@buchanan.uk.com
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
John Frain / Barry Murphy
Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat
Te l: +44 (0)20 3 470 0470
Company website: www.ormondemining.com
Ormonde Mining plc
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2021
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-21 30-Jun-20 31-Dec-20
EUR000s EUR000s EUR000s
Turnover - - -
Administration expenses (617) (436) (1,119)
______ ______ ______
Loss on ordinary activities (617) (436) (1,119)
Finance costs (13) (4) (17)
______ ______ ______
Loss for the period from continuing
activities (630) (440) (1,136)
Tax expense - - -
______ ______ ______
Loss for the period after tax (630) (440) (1,136)
Profit from discontinued operations - 1,600 1,600
______ ______ ______
Profit/(loss) for the period (630) 1,160 464
Other comprehensive income
less: Reclassification of foreign
currency gain on disposal of
foreign operation - (1,600) (1,600)
______ ______ ______
Total comprehensive (loss) for
the period (630) (440) (1,136)
(Loss) per share
from continuing operations
Basic & diluted (loss) per share
(in cent) (0.13) (0.09) (0.24)
Total earnings per share
Basic & diluted gain (loss) per
share (in cent) (0.13) 0.25 0.10
Ormonde Mining plc
Consolidated Statement of Financial Position
As at 30 June 2021
unaudited unaudited audited
30-Jun-21 30-Jun-20 31-Dec-20
EUR000s EUR000s EUR000s
Assets
Non-current assets
Intangible assets 305 295 295
_______ _______ _______
Total non-current assets 305 295 295
Current assets
Trade & other receivables 31 36 59
Cash & cash equivalents 4,315 5,591 4,965
Asset classified as held for
sale 2,400 2,400 2,400
_______ _______ _______
Total current assets 6,746 8,027 7,423
_______ _______ _______
Total assets 7,051 8,322 7,718
_______ _______ _______
Equity & liabilities
Equity
Issued share capital 4,725 13,485 4,725
Share premium account 29,932 29,932 29,932
Share based payment reserve 283 837 283
Capital conversion reserve
fund 29 29 29
Capital redemption reserve
fund 7 7 7
Retained losses (28,099) (36,105) (27,469)
_______ _______ _______
Total equity - attributable
to the owners of the Company 6,877 8,185 7,507
Current liabilities
Trade & other payables 174 137 211
_______ _______ _______
Total current liabilities 174 137 211
_______ _______ _______
Total equity & liabilities 7,051 8,322 7,718
_______ _______ _______
Ormonde Mining plc
Consolidated Statement of Cashflows
Six months ended 30 June 2021
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-21 30-Jun-20 31-Dec-20
EUR000s EUR000s EUR000s
Cashflows from operating activities
(Loss) / profit for period before
taxation
Continuing operations (630) (440) (1,136)
Discontinued operations - 1,600 1,600
________ ________ ________
(630) 1,160 464
Adjustments for:
Reclassification of foreign exchange
gain - (1,600) (1,600)
Non cash item: Share option cost - - 19
________ ________ ________
(630) (440) (1,117)
Movement in working capital
Movement in receivables 27 343 320
Movement in liabilities (37) (432) (358)
________ ________ ________
Net cash used in operations (640) (529) (1,155)
Investing activities
Expenditure on intangible assets (10) (10) (10)
Proceeds from disposal of associate - 6,000 6,000
________ ________ ________
Net cash (used in) / generated
by investing activities (10) 5,990 5,990
Net (decrease) / increase in
cash and cash equivalents (650) 5,461 4,835
Cash and cash equivalents at
beginning of period 4,965 130 130
______ ______ ______
Cash and cash equivalents at
end of period 4,315 5,591 4,965
_______ _______ _______
Ormonde Mining plc
Consolidated Statement of Changes in Equity
Six months ended 30 June 2021
Share
based
payment
reserve
Share Share Other Retained Total
Capital Premium Reserves Losses
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
At 1 January 2020 13,485 29,932 837 1,636 (37,265) 8,625
Loss for the period - - - - (440) (440)
Other comprehensive income
Reclassification of Foreign
exchange gain on disposal
of overseas associate - - - (1,600) 1,600 -
______ ______ ______ ______ ______ ______
Total comprehensive income
for the period 0 0 0 (1,600) 1,160 (440)
______ ______ ______ ______ ______ ______
At 30 June 2020 13,485 29,932 837 36 (36,105) 8,185
Loss for the period - - - - (696) (696)
______ ______ ______ ______ ______ ______
Total comprehensive income
for the period 0 0 0 0 (696) (696)
Release relating to expired
share options - - (572) - 572 -
Employee share-based compensation - - 18 - 18
Cancellation of shares (8,760) - - - 8,760 -
______ ______ ______ ______ ______ ______
At 31 December 2020 4,725 29,932 283 36 (27,469) 7,507
Loss for the period - - - - (630) (630)
______ ______ ______ ______ ______ ______
Total comprehensive income
for the period 0 0 0 0 (630) (630)
______ ______ ______ ______ ______ ______
At 30 June 2021 4,725 29,932 283 36 (28,099) 6,877
______ ______ ______ ______ ______ ______
Notes to the Interim Consolidated Financial Statements
1. Accounting policies and basis of preparation
Ormonde Mining plc is a company domiciled in the Republic of
Ireland. The Unaudited Consolidated Interim Financial Statements
("the Interim Consolidated Financial Statements") of the Company,
as at and for the six months ended 30 June 2021, comprise the
Company and its subsidiaries (together referred to as the
"Group").
The comparative information provided in the Interim Consolidated
Financial Statements relating to the year ended 31 December 2020
does not comprise statutory financial statements. The audit opinion
on the statutory financial statements for the year ended 31
December 2020 was unqualified. However, the auditors drew attention
by way of an emphasis of matter paragraph to the material
uncertainty relating to the carrying value of the La Zarza
exploration and evaluation assets, which are classified as assets
held for sale.
The Interim Consolidated Financial Statements do not include all
of the information required for full annual financial statements
and should be read in conjunction with the audited consolidated
financial statements of the Group as at and for the year ended 31
December 2020, which are available on the Company's website,
www.ormondemining.com. The Interim Consolidated Financial
Statements for the six months ended 30 June 2021 are unaudited but
have been reviewed by the Company's auditors.
The interim consolidated financial information in this report
has been prepared using accounting policies consistent with
International Financial Reporting Standards (" IFRS") as adopted by
the European Union. IFRS is subject to amendment and interpretation
by the International Accounting Standards Board ("IASB") and the
IFRS Interpretations Committee and there is an ongoing process of
review and endorsement by the European Commission. These policies
are consistent with those to be adopted in the Group's consolidated
financial statements for the year ending 31 December 2021. The
accounting policies applied by the Group in the Interim
Consolidated Financial Statements are the same as those applied by
the Group in the consolidated financial statements for the year
ended 31 December 2020.
The principal risks and uncertainties of the Group have not
changed since the last annual consolidated financial statements for
the year ended 31 December 2020.
The Board of Directors has carefully considered the impact of
Covid-19, noting the widespread disruption to normal activities and
the uncertainty over the duration of this disruption. The Group is
currently seeking new investment opportunities and has been
impacted by Covid-19, particularly in relation to management's
ability to conduct technical due diligence in overseas
jurisdictions.
Three previously issued Investigation Permits in Spain, which
have a book value of EUR305,000, have renewal dates between July
and September 2021. It is possible that applications for license
renewal may be declined by the relevant authorities, which would
result in the licenses becoming impaired.
The Company has, for some time, been advancing a disposal
process in relation to certain land and data assets associated with
the La Zarza Project, located in south-west Spain. Based on the
information available at the time of signing these interim
consolidated financial statements, the Directors have estimated a
fair value for these assets of EUR2.4m, with the assets represented
in the financial statements as "assets held for sale". While the
Directors believe this estimation to be reasonable, there is no
binding agreement presently in place relating to this disposal
process and as a result there remains a material uncertainty as to
whether such a disposal will take place and/or the final price at
which any such disposal will complete. Were a disposal not to
materialise the assets held for sale could become impaired in
value.
The Board of Directors is satisfied that the Group has
sufficient resources to continue in operation for the foreseeable
future, being a period of not less than 12 months from the date of
the Interim Consolidated Financial Statements. Accordingly, it
continues to adopt the going concern basis in preparing the
financial information.
The unaudited Interim Consolidated Financial Statements were
approved by the Board of Directors on 22 September 2021.
Notes to the Interim Consolidated Financial Statements
2. Segmental analysis
An analysis by geographical segments is presented below. The
Group has geographical segments in Ireland and Spain.
The segment results for the period ended 30 June 2021 are as
follows:
Ireland Spain Total
Total comprehensive loss for 6 months
to 30 June 2021 EUR000s EUR000s EUR000s
Segment (loss) for period (532) (97) (630)
______ ______ ______
(532) (97) (630)
______ ______ ______
Total comprehensive loss for year
to 31 December 2020 EUR000s EUR000s EUR000s
Segment (loss) / profit for period (737) 1,201 464
Less: Reclassification of foreign
exchange gain on disposal of foreign
operation - (1,600) (1,600)
______ ______ ______
(737) (399) (1,136)
______ ______ ______
Total comprehensive loss for 6 months
to 30 June 2020 EUR000s EUR000s EUR000s
Segment (loss) / profit for period (394) 1,554 1,160
Less: Reclassification of foreign
exchange gain on disposal of foreign
operation - (1,600) (1,600)
______ ______ ______
(394) (46) (440)
______ ______ ______
Notes to the Interim Consolidated Financial Statements
(continued)
3. Basic earnings per share
The basic and weighted average number of ordinary shares used in
the calculation of basic earnings per share are as follows:
Earnings per share 30-Jun-21 30-Jun-20 31-Dec-20
EUR000s EUR000s EUR000s
(Loss) / profit for the period attributable
to equity holders of the parent:
From continuing business (630) (440) (1,136)
From discontinuing business 0 1,600 1,600
______ ______ ______
Total (loss) / profit for period (630) 1,160 464
Weighted average number of ordinary
shares
for the purpose of basic earnings per
share 472,507,482 472,507,482 472,507,482
______ ______ ______
Basic loss per ordinary shares (in
cent) from continuing operations (0.13) (0.09) (0.24)
Basic profit per ordinary shares (in
cent) from discontinuing operations 0.00 0.34 0.34
______ ______ ______
Total basic (loss) / profit per ordinary
shares (in cent) (0.13) 0.25 0.10
______ ______ ______
Diluted earnings per share
For the six months to 30 June 2021, the share options are
anti-dilutive and therefore diluted earnings per share is the same
as the basic earnings per share.
For the six months to 30 June 2020 and the year ended 31
December 2020 the basic and diluted earnings per share are the
same.
Notes to the Interim Consolidated Financial Statements
(continued)
4. Share capital
30-Jun-21 30-Jun-20 31-Dec-20
EUR000s EUR000s EUR000s
Authorised Equity
650,000,000 ordinary shares of EUR0.01
each 6,500 6,500 6,500
650,000,000 A deferred shares of EUR0.015 - 9,750 -
each
100,000,000 deferred shares of EUR0.038092
each - 3,809 -
______ ______ ______
6,500 20,059 6,500
______ ______ ______
Issued Capital
Share Capital 4,725 13,485 4,725
Share Premium 29,932 29,932 29,932
______ ______ ______
34,657 43,417 34,657
______ ______ ______
Issued Capital comprises
472,507,482 ordinary shares of EUR0.01
each 4,725 4,725 4,725
Nil (Jun 2020: 472,507,482) A deferred - 7,087 -
shares of EUR0.015 each
Nil (Jun 20: 43,917,841) deferred shares - 1,673 -
of EUR0.038092 each
______ ______ ______
4,725 13,485 4,725
______ ______ ______
5. Dividends
No dividends were paid or proposed in respect of the six months
ended 30 June 2021.
6. Post balance sheet event
There are no post balance sheet events.
Independent Review Report to Ormonde Mining plc
Introduction
We have been engaged by Ormonde Mining plc ("the Company") to
review t he Unaudited Consolidated Interim Financial Statements
("the Interim Consolidated Financial Statements") in the half
yearly report of the Company as at and for the six months ended 30
June 2021 comprising the Consolidated Statement of Comprehensive
Income, the Consolidated Statement of Financial Position, the
Consolidated Statement of Cashflows, the Consolidated Changes in
Equity and the related explanatory notes. We have read the other
information contained in the half-yearly report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the Interim Consolidated
Financial Statements .
Directors' responsibilities
The Interim Consolidated Financial Statements are the
responsibility of, and have been approved by, the Board of
Directors. The directors are responsible for preparing the Interim
Consolidated Financial Statements in accordance with AIM Rule 18
and Euronext Growth Rule 14.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards ("IFRSs") as adopted by the European Union
("EU"). It is the responsibility of the Board of Directors to
ensure that the Interim Consolidated Financial Statements included
in this half-yearly report have been prepared on a basis consistent
with that which will be adopted in the Group's annual financial
statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the Interim Consolidated Financial Statements in the half-yearly
report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council. A review
of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (Ireland) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the Interim Consolidated Financial
Statements in the half-yearly report for the six months ended 30
June 2021 are not prepared, in all material respects, in accordance
with AIM Rule 18 and Euronext Growth Rule 14.
Emphasis of matter - carrying value of the intangible assets and
the assets held for sale
We draw attention to Note 1 Accounting policies and basis of
preparation which describes the material uncertainties relating to
the anticipated disposal of the La Zarza assets which are
classified as held for sale, and the possible risks of impairment
of these assets. Our conclusion is not modified in respect of this
matter.
Use of our report
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of AIM Rule 18 and Euronext Growth Rule 14. Our review
has been undertaken so that we might state to the Company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company
for our review work, for this report or for the conclusions we have
reached.
Nexia Smith and Williamson (Ireland) Limited
Chartered Accountants, Statutory Audit Firm
Paramount Court
Corrig Road
Sandyford Business Park
Dublin 18
22 September 2021
ENDS
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