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INTERIM RESULTS

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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 £3.0m in 6 months to June 2019, compared to £3.7m in year ended December 2018.

 

·    Profit before tax of £2.3m 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 Tavşan 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

/ Henry Wilkinson

[email protected]

 

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

6 months to

Unaudited

6 months to

Audited

12 months to

 

 

30 June

30 June

31 December

 

 

2019

2018

2018

 

Note

£'000

£'000

£'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

30 June

Unaudited

30 June

Audited

31 December

 

 

2019

2018

2018

 

Note

£'000

£'000

£'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

 

 

 

 

Share

capital

 

 

 

Share

premium

 

 

 

Other

reserves

 

 

 

Share

options

 

 

Trans-

lation

reserves

 

 

 

Retained

earnings

Total

attributable

to equity

holders of

parent

 

£'000

£'000

£'000

£'000

£'000

£'000

£'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

6  months to

 

Unaudited

6 months to

 

Audited

12 months to

 

30 June

30 June

31 December

 

2019

2018

2018

Cash flows from operating activities

 

£`000

 

£`000

 

£`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 of assets and liabilities

-

(50)

-

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 2nd 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 to

6 months to

12 months to

 

30 June

30 June

31 December

 

2019

2018

2018

Summary statement of profit and loss

 

£'000

£'000

£'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

£'000

£'000

£'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

 

 

 

 

 

 

 

 

 

 

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'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

 

 

 

 

 

 

 

 

 

 

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'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 £2,305,000 divided by the weighted average number of shares in issue during the period, being 1,059,677,953.

8. Available for sale Investments

 

 

Current

 

£'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 £49,000 has been reflected in these accounts.

 

 

 

 

9. Intangible exploration assets

£'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

 

£'000

£'000

£'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

 

 

£'000

£'000

£'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 £114,000 (2018: £250,000) 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 [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Ariana Resources PLC

Price: 2.25

Market: AIM
Market Cap: £23.84 m
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