07:00 Fri 24 Feb 2017
Savannah Resources - Final Results and Notice of AGM
Financial Results for the Year Ended
and
Notice of Annual General Meeting
HIGHLIGHTS
Operations
· Signed a landmark Consortium Agreement with Rio Tinto over the world-class Mutamba heavy mineral sands deposits in
· Reported a substantial Indicated and Inferred Mineral Resource Estimate for the
· Scoping Study of the
· Consistent high-grade drill results from copper projects in
· Expanded its project portfolio with the grant of two lithium exploration licences in
Financial
· Raised a total of
· Strong support from
· Operating loss of
·
· Cash position of approximately
Availability of Annual Report and Financial Statements
Copies of the Company's full Annual Report and Financial Statements are expected to be posted to shareholders shortly and will also be made available to download today from the Company's website www.savannahresources.com.
Annual General Meeting
The Company's next Annual General Meeting ('AGM') will be held at the
For further information please visit www.savannahresources.com or contact:
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Tel: +44 20 7117 2489 |
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Tel: +44 20 3861 6625 |
(Corporate Broker) |
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Tel: +44 20 7382 8300 |
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Tel: +44 20 7236 1177 |
Chairman's Statement
The mineral resource sector opens 2017 with a much more favourable outlook compared to 2016, with higher commodity prices promoting greater optimism. At Savannah we are feeling particularly energised for the year ahead, having successfully strengthened our asset base in order to create a clear development pipeline portfolio, offering the potential for both near and longer term value accretion.
At the fore of this portfolio is our
To this end, a drilling programme has already been completed targeted at increasing the current Mineral Resource Estimate and defining areas of high grade mineralisation for potential early development. Additionally, a scoping study is nearing completion. A pilot plant is due to be commissioned mid-year so that a proof of concept bulk sampling programme can be undertaken. Furthermore, the resource looks amenable to dry mining techniques, and of supporting phased mining development, which will allow us to commence mining operations in the near term.
Alongside this, in
Block 4 offers further upside potential; the licence hosts a number of previously producing copper mines and initial exploration has identified the potential for these assets to host resources to supplement those already defined at Block 5. The Dog's Bone target at Aarja in particular is recognised for its resource potential and, looking ahead, the existing underground access from historical mining activities should enable rapid development with low capital expenditures. We will continue to undertake strategic exploration work at Block 4 in order to further prove up the licence prospectivity whilst we simultaneously centre our efforts on achieving production at Block 5 later this year. As a result of the significant progress that has been made on both Blocks 4 and 5, and as part of an ongoing portfolio review process, Savannah has terminated its interest in Block 6 in
Finally, a major development for the year under review was the expansion of our asset portfolio through the addition of two new licences in
The exploration tenements are at an early stage of evaluation and initial groundwork has already identified seven pegmatites with anomalous lithium - two on Somero and five on Erajarvi. The addition to our portfolio of these highly prospective assets provides Savannah with the potential for longer-term growth, with a steady flow of operational activity over the coming years. Accordingly, we intend to undertake work to improve our understanding of the resource potential of these areas, but would like to affirm that our primary focus for 2017 will be on our
Corporate Update
We are delighted that
Financial Overview
As is to be expected with an active exploration group, the Group is reporting a loss for the year of
In February and
As of
Social Responsibility
Maintaining positive relationships with the communities in which we operate, supporting regional development, and ensuring high social and environmental standards remains a priority for Savannah and our operating partners. We have developed a very active programme of engagement with the communities close to our operations in
Outlook
Savannah has strategically positioned itself for growth having established a portfolio of assets offering both near and longer term prospects in three commodities, each of which have a favourable pricing outlook at present, albeit this must be tempered somewhat by the uncertain outlook for global trade growth.
2017 is expected to be a significant year for the Company in which we transform from a development to a production company, with copper mining operations scheduled to commence in
In the medium term and of greater significance is the potential of bringing the globally significant Mutamba Heavy Mineral Sands Deposit into development via our Consortium Agreement with Rio Tinto.
Longer term, our lithium assets may enable us to participate in the renewable energy market.
Our plans are to develop the Omani and
We look forward to keeping shareholders updated with our active development strategy and I would like to take this opportunity to thank all our stakeholders for their continued support. I would also like to thank our team for their ever consistent hard-work. We anticipate making further additions to our team to match the needs of our growing company in the coming year and alongside this we are using a well-respected consulting group to help develop a long-term incentive scheme. I look forward to the opportunities ahead.
Chairman
Date:
Chief Executive's Report
Savannah has established a multi-commodity development portfolio spanning heavy mineral sands in
Heavy Mineral Sands,
Savannah operates the
Our focus at Mutamba is to define a potential dry mining operation for staged, early development. In line with this fast-paced development approach, within less than a month of finalising the agreement with Rio Tinto, a major milestone was achieved with the delineation of an initial Indicated and Inferred Mineral Resource Estimate of 3.5 billion tonnes at 3.8% Total Heavy Minerals ('THM'), containing 81 million tonnes ('Mt') of ilmenite, 2.2Mt rutile and 3.8Mt zircon, with 52% in the Indicated Category and 48% in the Inferred Category. This is a significant Mineral Resource, and highlights the project's potential to be a key producer of titanium feedstocks.
While Mutamba is already a globally significant accumulation of heavy mineral sands there is potential to increase the overall Mineral Resource Estimate for the combined deposits. The initial Mineral Resource was defined at the Jangamo and Dongane deposits and a Mineral Resource estimation in respect of the Ravene and Chilubane deposits is yet to be completed. Drilling has been completed at Ravene, and data compilation and a detailed review of the Chilubane is to be undertaken.
Results from drilling at Ravene, together with the Mineral Resource Estimate will form the focus for the current scoping study for the evaluation of an initial phase, low capex, long life, dry mining operation around a potential
The completion of these studies will enable the commencement of a number of other value accretive initiatives, including marketing, pre-feasibility and feasibility studies. The Consortium partners intend to apply for a mining concession later this year. We are planning to commission a pilot plant which is already on site and which will enable a proof-of-concept bulk sampling programme to be undertaken. This bulk sampling programme will help to determine commercially viable processing routes ahead of commencing mine construction, which is targeted to commence in 2018.
The
Copper with additional gold upside,
In
Block 5 is the most advanced of our licences in
The results of the drilling will feed into feasibility studies and ultimately Ore Reserves, which will be our focus of development this year, alongside defining final processing routes. At Maqail South, an open-cut mine development is planned, whilst at Mahab 4, where the larger resource is located, underground mining will be conducted. Whilst underground mining is more expensive than open-pit mining, the surface area required associated with an underground development is much smaller and easier to manage, meaning there is less impact on our neighbours and the environmental impact is far smaller. Mining licences, based on these proposed development plans, have been submitted and work has begun relating to the requisite Environmental Impact Assessment ('EIA'). Commencement of the EIA is a key milestone towards commencing copper mining and leading Omani Environmental Consultant, Geo Resources Consultancy, has been contracted to oversee the work. Discussions with a total of eight Government ministries have commenced and finalisation of the EIA is expected in Q2 2017.
Results from preliminary metallurgical test work at Mahab 4, received post-period end in
Block 4 offers additional upside to our Block 5 production prospects. This licence hosts four targets - Aarja, Bayda and Lasail - which were part of previously producing mines commercially mined between 1980 and 1994. Underground access is still present, which would facilitate rapid development. During the year under review, work has been undertaken to better determine the resource potential of these assets. At Aarja, three primary mineralised areas have been identified, with Dog's Bone emerging as the principle zone of specific interest. Drilling at Dog's Bone has confirmed the location and continuity of known mineralisation, with results including 5.75m at 1.84% copper and 0.8g/t gold from 109.3m, which we expect could lead to the delineation of a JORC compliant Mineral Resource. Alongside this, at Bayda, work to date has identified a significant volume of disseminated sulphide mineralisation, with a broad mineralised zone of 33.4m at 0.69% copper, including 4m at 1.56% copper and 5.1m at 1.22% copper. We believe this prospect could be developed as a larger tonnage, lower grade operation.
A high-powered ground electromagnetic ('EM') survey commenced at Lasail and Bayda in
As shareholders will be aware, we previously held an interest Block 6 in
Lithium,
In
Whilst these assets are still at a very early stage of development, it is important to note that both projects have excellent access to high quality infrastructure and are located close to potential final customers, including battery producers. This will prove extremely beneficial to production, positively impacting capital and operating expenditure.
Outlook
Savannah is poised for growth. With mining expected to commence in
Our commitment is for the timely delivery of the outlined milestone targets. We have a terrific team of industry professionals who have demonstrated their abilities in delivering a high tempo of activity over the last year. We have seen commodity prices continue to improve. Copper is a key Energy Metal and will continue to play a crucial role in the fast-evolving global energy matrix. Ilmenite prices have made a strong recovery and we are looking for further price increases during 2017. Meanwhile we are seeing increased corporate activity in the mineral sands sector which underscores the increasing appeal of the sector to investors.
All that we have achieved to date is testament to the skill set of our Directors, management and operational teams, and support of our shareholders, and for this I give my thanks. I look forward to us continuing to work together to build our Company into a significant mining group.
David S Archer
Chief Executive Officer
Date:
Competent Person and Regulatory Information
The information in this document that relates to exploration results is based upon information compiled by Mr
The information in this document that relates to the Jangamo resource estimation is based upon information compiled by Mr
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Technical Glossary
Inferred Mineral Resource Estimate - as defined in the
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED
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2016 £ |
|
2015 £ |
||||||
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|
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|||||
CONTINUING OPERATIONS |
|
|
|
|
|
|
|||||
Revenue |
|
|
- |
|
- |
|
|||||
Administrative expenses |
|
|
(1,669,203) |
|
(1,372,509) |
|
|||||
Gain / (Loss) on disposal of investments |
|
|
42,871 |
|
(666,154) |
|
|||||
Impairment of investments |
|
|
- |
|
(1,071,374) |
|
|||||
Loss on disposal of assets |
|
|
(128,505) |
|
- |
|
|||||
OPERATING LOSS |
|
|
(1,754,837) |
|
(3,110,037) |
|
|||||
Finance income |
|
|
- |
|
2,371 |
|
|||||
Finance costs |
|
|
(4,413) |
|
(2,446) |
|
|||||
LOSS BEFORE TAX |
|
|
(1,759,250) |
|
(3,110,112) |
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|||||
Taxation |
|
|
- |
|
- |
|
|||||
LOSS FOR THE YEAR ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT |
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(1,759,250) |
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(3,110,112) |
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|||||
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|
|
|
|
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|||||
OTHER COMPREHENSIVE INCOME |
|
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|
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|
|||||
Items that will or may be reclassified to profit or loss: |
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|
|
|
|
|||||
Change in market value of investments |
|
|
44,840 |
|
(930,213) |
|
|||||
Transfer to realised (gain) / loss on disposal of investments |
|
|
(42,871) |
|
666,154 |
|
|||||
Transfer to impairment loss of investments |
|
|
- |
|
1,071,374 |
|
|||||
Exchange gains / (losses) arising on translation of foreign operations |
|
|
476,018 |
|
(120,191) |
|
|||||
|
|
|
|
|
|
|
|||||
OTHER COMPREHENSIVE INCOME FOR THE YEAR |
|
|
477,987 |
|
687,124 |
|
|||||
|
|
|
|
|
|
|
|||||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
|
|
|
|
|
|
|||||
ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT |
|
|
(1,281,263) |
|
(2,422,988) |
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|||||
|
|
|
|
|
|
|
|||||
Loss per share attributable to equity owners of the parent expressed in pence per share: Basic and diluted From Operations |
|
|
(0.46) |
|
(1.27) |
|
|||||
|
|
|
|
|
|
|
|||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
|
|
|
2016 £ |
|
2015 £ |
ASSETS |
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
Intangible assets |
|
|
5,066,750 |
|
3,155,242 |
Property, plant and equipment |
|
|
16,170 |
|
21,892 |
Other receivables |
|
|
33,171 |
|
23,778 |
Other non-current assets |
|
|
- |
|
225,668 |
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
|
|
5,116,091 |
|
3,426,580 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Investments |
|
|
124,472 |
|
149,922 |
Trade and other receivables |
|
|
126,557 |
|
82,472 |
Cash and cash equivalents |
|
|
1,172,347 |
|
359,296 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
1,423,376 |
|
591,690 |
|
|
|
|
|
|
TOTAL ASSETS |
|
|
6,539,467 |
|
4,018,270 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
Share capital |
|
|
4,509,465 |
|
2,858,658 |
Share premium |
|
|
11,226,706 |
|
9,156,284 |
Foreign currency reserve |
|
|
391,998 |
|
(84,020) |
Warrant reserve |
|
|
386,794 |
|
362,252 |
Share based payment reserve |
|
|
455,309 |
|
473,178 |
Retained earnings |
|
|
(10,900,327) |
|
(9,187,216) |
|
|
|
|
|
|
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT |
|
|
6,069,945 |
|
3,579,136 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade and other payables |
|
|
469,522 |
|
439,134 |
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
469,522 |
|
439,134 |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
|
6,539,467 |
|
4,018,270 |
The Financial Statements were approved by the Board of Directors on
D S Archer
Chief Executive Officer
Company number: 07307107
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
|
|
|
2016 £ |
|
2015 £ |
ASSETS |
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
Intangible assets |
|
|
290,750 |
|
55,078 |
Investments |
|
|
281 |
|
820,655 |
Other receivables |
|
|
6,685,753 |
|
3,121,824 |
Other non-current assets |
|
|
- |
|
214,628 |
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
|
|
6,976,784 |
|
4,212,185 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Investments |
|
|
124,472 |
|
149,922 |
Trade and other receivables |
|
|
43,007 |
|
41,970 |
Cash and cash equivalents |
|
|
1,029,765 |
|
316,328 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
1,197,244 |
|
508,220 |
|
|
|
|
|
|
TOTAL ASSETS |
|
|
8,174,028 |
|
4,720,405 |
|
|
|
|
|
|
EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY |
|
|
|
|
|
Called up share capital |
|
|
4,509,465 |
|
2,858,658 |
Share premium |
|
|
11,226,706 |
|
9,156,284 |
Warrant reserve |
|
|
386,794 |
|
362,252 |
Share based payment reserve |
|
|
455,309 |
|
473,178 |
Retained earnings |
|
|
(8,699,890) |
|
(8,452,829) |
|
|
|
|
|
|
TOTAL EQUITY |
|
|
7,878,384 |
|
4,397,543 |
|
|
|
|
|
|
LIABILITIES CURRENT LIABILITIES |
|
|
|
|
|
Trade and other payables |
|
|
295,644 |
|
322,862 |
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
295,644 |
|
322,862 |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
|
8,174,028 |
|
4,720,405 |
|
|
|
|
|
|
The Company total comprehensive loss for the financial year was
The Financial Statements were approved by the Board of Directors on
D S Archer
Chief Executive Officer
Company number: 07307107
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
|
Share capital |
Share premium |
Foreign currency reserve |
Warrant reserve |
Share based payment reserve |
Retained earnings |
Total equity |
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
|
At |
2,231,697 |
8,539,626 |
36,171 |
362,252 |
619,423 |
(7,034,355) |
4,754,814 |
Loss for the year |
- |
- |
- |
- |
- |
(3,110,112) |
(3,110,112) |
Other comprehensive income |
- |
- |
(120,191) |
- |
- |
807,315 |
687,124 |
Total comprehensive income for the year |
- |
- |
(120,191) |
- |
- |
(2,302,797) |
(2,422,988) |
Issue of share capital (net of expenses) |
626,961 |
616,658 |
- |
- |
- |
- |
1,243,619 |
Issue of share options |
- |
- |
- |
- |
3,691 |
- |
3,691 |
Lapse of options |
- |
- |
- |
- |
(149,936) |
149,936 |
- |
At |
2,858,658 |
9,156,284 |
(84,020) |
362,252 |
473,178 |
(9,187,216) |
3,579,136 |
Loss for the year |
- |
- |
- |
- |
- |
(1,759,250) |
(1,759,250) |
Other comprehensive income |
- |
- |
476,018 |
- |
- |
1,969 |
477,987 |
Total comprehensive income for the year |
- |
- |
476,018 |
- |
- |
(1,757,281) |
(1,281,263) |
Issue of share capital (net of expenses) |
1,650,807 |
2,094,964 |
- |
- |
- |
- |
3,745,771 |
Issue of share options |
- |
- |
- |
- |
26,301 |
- |
26,301 |
Exercise of options |
- |
- |
- |
- |
(36,600) |
36,600 |
- |
Lapse of options |
- |
- |
- |
- |
(7,570) |
7,570 |
- |
Issue of warrants |
- |
(24,542) |
- |
24,542 |
- |
- |
- |
At |
4,509,465 |
11,226,706 |
391,998 |
386,794 |
455,309 |
(10,900,327) |
6,069,945 |
The following describes the nature and purpose of each reserve within owners' equity:
Reserve Description and purpose
Share capital Amounts subscribed for share capital at nominal value.
Share premium Amounts subscribed for share capital in excess of nominal value less costs of fundraising.
Foreign currency reserve Gains/losses arising on retranslating the net assets of Group
operations into Pound Sterling.
Warrant reserve Fair value of the warrants issued.
Share based payment reserve Represents the accumulated balance of share based payment
charges recognised in respect of share options granted by
Savannah Resources Plc, less transfers to retained losses in respect of options exercised, lapsed and forfeited.
Retained earnings Cumulative net gains and losses recognised in the consolidated
Statement of Comprehensive Income.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
|
Share capital |
Share premium |
Warrant reserve |
Share based payment reserve |
Retained earnings |
Total equity |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
At 1 January 2015 |
2,231,697 |
8,539,626 |
362,252 |
619,423 |
(6,738,170) |
5,014,828 |
Loss for the year |
- |
- |
- |
- |
(2,671,910) |
(2,671,910) |
Other comprehensive income |
- |
- |
- |
- |
807,315 |
807,315 |
Total comprehensive income for the year |
- |
- |
- |
- |
(1,864,595) |
(1,864,595) |
Issue of share capital (net of expenses) |
626,961 |
616,658 |
- |
- |
- |
1,243,619 |
Issue of share options |
- |
- |
- |
3,691 |
- |
3,691 |
Lapse of options |
- |
- |
- |
(149,936) |
149,936 |
- |
At 31 December 2015 |
2,858,658 |
9,156,284 |
362,252 |
473,178 |
(8,452,829) |
4,397,543 |
Loss for the year |
- |
- |
- |
- |
(859,042) |
(859,042) |
Other comprehensive income |
- |
- |
- |
- |
567,811 |
567,811 |
Total comprehensive income for the year |
- |
- |
- |
- |
(291,231) |
(291,231) |
Issue of share capital (net of expenses) |
1,650,807 |
2,094,964 |
- |
- |
- |
3,745,771 |
Issue of share options |
- |
- |
- |
26,301 |
- |
26,301 |
Exercise of options |
- |
- |
- |
(36,600) |
36,600 |
- |
Lapse of options |
- |
- |
- |
(7,570) |
7,570 |
- |
Issue of warrants |
- |
(24,542) |
24,542 |
- |
- |
- |
At 31 December 2016 |
4,509,465 |
11,226,706 |
386,794 |
455,309 |
(8,699,890) |
7,878,384 |
The following describes the nature and purpose of each reserve within owners' equity:
Reserve Description and purpose
Share capital Amounts subscribed for share capital at nominal value.
Share premium Amounts subscribed for share capital in excess of nominal value less costs of fundraising.
Warrant reserve Fair value of the warrants issued.
Share based payment reserve Represents the accumulated balance of share based payment
charges recognised in respect of share options granted by
Savannah Resources Plc, less transfers to retained losses in respect of options exercised, lapsed and forfeited.
Retained earnings Cumulative net gains and losses recognised in the consolidated
Statement of Comprehensive income.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2016
|
|
|
|
2016 £ |
|
2015 £ |
|
||
Cash flows used in operating activities |
|
|
|
|
|
|
|
||
Loss for the year |
|
|
|
(1,759,250) |
|
(3,110,112) |
|
||
Depreciation and amortisation charges |
|
9,536 |
|
- |
|
||||
Impairment of investments |
|
|
|
- |
|
1,071,374 |
|
||
(Gain) / Loss on disposal of investments |
|
|
|
(42,871) |
|
666,154 |
|
||
Share based payment reserve charge |
|
|
|
26,301 |
|
3,691 |
|
||
Shares issued in lieu of payments to extinguish liabilities
|
|
20,992 |
|
119,521 |
|
||||
Finance income |
|
|
|
- |
|
(2,371) |
|
||
Finance expense |
|
|
|
4,413 |
|
2,446 |
|
||
Exchange losses |
|
|
|
96,036 |
|
- |
|
||
Loss on disposal of assets |
|
|
|
128,505 |
|
- |
|
||
Cash flow from operating activities before changes in working capital |
(1,516,338) |
|
(1,249,297) |
|
|
|
|||
(Increase) / Decrease in trade and other receivables |
|
|
(53,476) |
|
29,317 |
|
|||
Increase in trade and other payables |
|
|
|
46,089 |
|
105,380 |
|
||
|
|
|
|
|
|
|
|
||
Net cash used in operating activities |
|
|
|
(1,523,725) |
|
(1,114,600) |
|
||
Cash flow used in investing activities |
|
|
|
|
|
|
|
||
Purchase of intangible exploration assets |
|
(1,557,087) |
|
(1,245,818) |
|
||||
Purchase of other non-current assets |
|
|
|
- |
|
(133,824) |
|
||
Purchase of investments |
|
|
|
(24,363) |
|
(63,004) |
|
||
Proceeds from sale of investments |
|
|
|
94,653 |
|
109,415 |
|
||
Interest received |
|
|
|
- |
|
2,371 |
|
||
Net cash used in investing activities |
|
|
|
(1,486,797) |
|
(1,330,860) |
|
||
|
|
|
|
|
|
|
|
||
Cash flow from financing activities |
|
|
|
|
|
|
|
||
Interest paid |
|
|
|
(4,413) |
|
(2,446) |
|
||
Proceeds from issues of ordinary shares (net of expenses) |
|
|
|
3,724,778 |
|
1,023,514 |
|
||
Net cash from financing activities |
|
|
|
3,720,365 |
|
1,021,068 |
|
||
|
|
|
|
|
|
|
|
||
Increase / (Decrease) in cash and cash equivalents |
|
|
|
709,843 |
|
(1,424,392) |
|
||
|
|
|
|
|
|
|
|
||
Cash and cash equivalents at beginning of year |
|
|
359,296 |
|
1,778,338 |
|
|||
Exchange gains on cash and cash equivalents |
|
|
|
103,208 |
|
5,350 |
|
||
|
|
|
|
|
|
|
|
||
Cash and cash equivalents at end of year |
|
|
|
1,172,347 |
|
359,296 |
|
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2016
|
|
|
|
2016 £ |
|
2015 £ |
|
|
Cash flows used in operating activities |
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
(859,042) |
|
(2,671,910) |
|
|
Impairment of investments |
|
|
|
76,147 |
|
1,071,374 |
|
|
(Gain) / Loss on disposal of investments |
|
|
|
(42,871) |
|
666,154 |
|
|
Share based payment reserve charge |
|
|
|
26,301 |
|
3,691 |
|
|
Shares issued in lieu of payments to extinguish liabilities |
|
|
|
20,992 |
|
119,521 |
|
|
Finance income |
|
|
|
- |
|
(2,371) |
|
|
Finance expense |
|
|
|
4,377 |
|
2,446 |
|
|
Exchange Gains |
|
|
|
(89,175) |
|
- |
|
|
Cash flow from operating activities before changes in working capital |
|
(863,271) |
|
(811,095) |
|
|
||
(Increase) / Decrease in trade and other receivables |
|
|
|
(1,037) |
|
20,079 |
|
|
Increase in trade and other payables |
|
|
|
28,159 |
|
116,043 |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
|
|
(836,149) |
|
(674,973) |
|
|
Cash flow used in investing activities |
|
|
|
|
|
|
|
|
Investment in subsidiaries |
|
|
|
(672,355) |
|
(820,374) |
|
|
Loans to subsidiaries |
|
|
|
(1,610,058) |
|
(762,076) |
|
|
Purchase of investments |
|
|
|
(24,363) |
|
(63,004) |
|
|
Purchase of intangible exploration assets |
|
|
|
(61,900) |
|
(7,687) |
|
|
Purchase of other non-current assets |
|
|
|
- |
|
(122,783) |
|
|
Proceeds from sale of investments |
|
|
|
94,653 |
|
109,415 |
|
|
Interest received |
|
|
|
- |
|
2,371 |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
(2,274,023) |
|
(1,664,138) |
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
|
Interest paid |
|
|
|
(4,377) |
|
(2,446) |
|
|
Proceeds from issues of ordinary shares |
|
|
|
3,724,778 |
|
1,023,514 |
|
|
|
|
|
|
|
|
|
|
|
Net cash from financing activities |
|
|
|
3,720,401 |
|
1,021,068 |
|
|
|
|
|
|
|
|
|
|
|
Increase / (Decrease) in cash and cash equivalents |
|
|
|
610,229 |
|
(1,318,043) |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
|
|
316,328 |
|
1,634,371 |
|
|
Exchange gains on cash and cash equivalents |
|
|
|
103,208 |
|
- |
|
|
Cash and cash equivalents at end of year |
|
|
|
1,029,765 |
|
316,328 |
|
|
|
|
|
|
|
|
|
|
**ENDS**
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