TIDMIRR
RNS Number : 9499W
IronRidge Resources Limited
15 February 2017
15 February 2017
IronRidge Resources Limited
(AIM: IRR)
Interim Financial Report
The Board of IronRidge Resources Limited, ("IronRidge" or the
"Company") is pleased to advise all shareholders and interested
investors of the release of the Company's interim results for the
half year ended 31 December 2016.
A full copy of the report (including tables and / or diagrams)
is available in the Investor Centre of the Company's website
(www.ironridgeresources.com.au).
By order of the Board
Karl Schlobohm
Company Secretary
For Further Information:
IronRidge Resources Limited
Vincent Mascolo (Chief Executive Tel: +61 7 3303 0610
Officer)
Nicholas Mather (Executive Chairman) Tel: +61 7 3303 0610
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470
0470
Nominated Adviser and Broker
Jeff Keating
Tercel Moore
Yellow Jersey PR Limited Tel: +44(0)7768 537
Financial PR 739
Dominic Barretto
Clare Glynn
Harriet Jackson
IRONRIDGE RESOURCES LIMITED
AND CONTROLLED ENTITIES
ACN 127 215 132
FINANCIAL REPORT
FOR THE HALF-YEAR
ED 31 DECEMBER 2016
(UNAUDITED)
Registered Office & Principal Place of Business:
Level 27
111 Eagle Street
Brisbane QLD 4000
DIRECTORS' REPORT
Your Directors submit their report for the half-year ended 31
December 2016.
DIRECTORS
The names of the Directors in office during the financial period
and up to the date of this report are:-
Nicholas Mather
Vincent Mascolo
Geoffrey (Stuart) Crow
Neil Herbert
Bastiaan Van Aswegen
Alistair McAdam
Tsuyoshi Ueda - appointed 26 May 2015 and resigned 31 March
2016
Kenichiro Tsubaki - appointed 31 March 2016
Christelle Van der Merwe (alternate for Bastiaan Van
Aswegen)
Frans Olivier (alternate for Alistair McAdam)
CORPORATE STRUCTURE
IronRidge Resources Limited ("IronRidge") is a company limited
by shares that is incorporated and domiciled in Australia. It was
converted to a public company on 22 August 2011 and was admitted to
AIM on 12 February 2015.
IronRidge Resources Limited's registered office is at Level 27,
111 Eagle Street, Brisbane.
PRINCIPAL ACTIVITIES
IronRidge is a multi-commodity mineral exploration and
development company with assets in Africa and Australia.
The Company is exploring for gold and associated metals in Chad,
Central Africa through the Tekton Joint Venture covering 1,400km(2)
of highly prospective granted tenure.
The Company is exploring for gold and associated metals in Ivory
Coast, West Africa through Earn-In Agreements covering 3,510km(2)
of granted and under application tenure of highly prospective
Birimian geology.
The Company is exploring for 'hard-rock' lithium and associated
metals in Ivory Coast and Ghana through direct applications and
Earn-In Agreements covering 1,652km(2) of granted and under
application tenure over pegmatitic terrains.
The Company is exploring for bauxite, titania, nickel and gold
within its 100% owned Monogorilby, May Queen and Quaggy Project
areas covering 1,533km(2) in south-eastern Queensland, Australia
where a Maiden bauxite Resource of 54.9Mt @ 37.5% total Al and 8.5%
total Si has been defined.
The Company holds 3,953km(2) of highly prospective granted
tenure within Gabon, West Africa where it is exploring for iron ore
deposits within trucking distance of established infrastructure
corridors.
IronRidge's corporate strategy is to create and sustain
shareholder value through the discovery and evaluation of
significant mineral deposits of globally demanded commodities.
(Refer Figure 1, Global project country locations and targeted
commodities)
REVIEW AND RESULTS OF OPERATIONS
Since IronRidge made its AIM debut in February 2015, the iron
ore market has seen unprecedented volatility and its lowest prices
in a decade. Accordingly, the Company took a conservative approach
to ongoing exploration at its iron ore projects in Gabon until
prices return to a sustained level which would underpin further
development. The Company, with the support of its major
shareholders continues to review iron ore assets that complement
its existing portfolio in Gabon.
In parallel, IronRidge has been conducting a top down global
search for province-scale, grass roots and / or advanced projects
in new frontiers which show potential for the discovery of world
class deposits, in addition to a review of its extensive Australian
landholding. Through this intensive review and targeting process,
the Company has successfully secured an extensive gold portfolio in
Chad, Central Africa, extensive gold and lithium opportunities in
Ivory Coast, West Africa, historical lithium opportunities in Ghana
and uncovered an historical gold project at its wholly owned
bauxite portfolio in Queensland, Australia. The highlights of the
Company's various initiatives and agreements are outlined
below.
AUSTRALIA - Bauxite, Gold, Titania
IronRidge Resources has an extensive ground holding in
central-southern Queensland prospective for bauxite, titanium, gold
and iron ore. The Company initially targeted the area for titanium
and subsequently through auger drilling defined bauxite
mineralization in addition to minor iron ore.
A maiden bauxite resource estimate and preliminary metallurgical
test-work was completed at Monogorilby. Careful review of bauxite
tenure allowed for reductions in surface area, yet retention of the
most prospective targets. Additional review of historical data and
reports highlighted gold prospectivity within the project
portfolio, with high-grade gold intersections up to 145g/t Au over
1m in historical drilling at the May Queen prospect. Subsequent
drilling during the reporting period confirmed gold mineralization
and identified further targets.
(Refer Figure 2: Examples of DSO bauxite outcrops and scarp face
channel sampling)
(Refer Figure 3: IronRidge Resources Australian Tenement
Locations)
Monogorilby Bauxite and Titanium Project
The Monogorilby project is located in central Queensland, within
a short trucking distance of the dormant rail system leading north
to the Port of Bundaberg, including provision for a multi-user
loader. It is also located within close proximity of the active
Queensland Rail network heading south towards the Port of
Brisbane.
During the period, an independently calculated maiden 54.9 MT
inferred bauxite mineral resource was estimated at 37.5% total
alumina and 8.5% total silica. The mineralisation is found on
hilltops and slopes implying low stripping ratios at an average 7m
and up to 14m thick bauxite profile from surface. Full details are
available via the Company's market release of 29 July 2016.
Preliminary scoping metallurgical test-work including size
reduction, scrubbing and sizing was completed at Core Resources
laboratory in Brisbane, Australia on representative 25 to 50kg bulk
samples of the surface duricrust and bauxite resource. Results of
metallurgical test-work to date demonstrate that surface material
can be beneficiated through simple crushing, screening and
scrubbing to a good to premium quality DSO bauxite at 44-52%
alumina (>36% available alumina) and 2-5% silica (>2%
reactive silica), at 85-5% mass-recovery respectively.
Drilling to date has defined bauxite occurring over the
Monogorilby plateau alone (used for the current resource estimate);
however, drilling has also intersected high-grade 'blind' DSO
bauxite under cover within the valleys floors, termed 'Valley Fill
Bauxite'. The Company considers that scope exists for further
exploration and drilling of these areas to provide a resource
upgrade.
The Company has identified additional high-grade titanium
results within the resource drilling with grades consistently
reported between 3.8% to 5% TiO(2) . Accordingly the Company
believes that additional resource potential exists for a high-grade
pre-strip titanium concentrate. The Company moved quickly to secure
exploration rights through license approvals and applications
covering 1,484km(2) of prospective host lithologies for both
"plateau type" and "valley fill" type bauxite targets, providing
exciting resource growth potential.
Targets include extensive plateau zones within the Mount Redhead
and Coco forest areas to the north with confirmed bauxite
occurrences, as well as potential extensive "blind" targets lying
buried below the Durong plateau to the south (see Figure 4
below).
(Refer Figure 4: Monogorilby and May Queen project tenure with
current project locations and target areas.)
May Queen Gold Project
During the period the Company identified historical high-grade
gold drill intersections at the May Queen Prospect within its
wholly owned Monogorilby license package, Central Queensland
Australia.
A detailed review of historical exploration records encouraged
IronRidge to undertake an initial drilling program during the
period of 8 percussion reverse circulation drill holes for a total
of 567m at the May Queen Prospect. Drilling intersected multiple
high-grade gold intervals confirming the 100m long zone of
historical intersections, along the interpreted contact between
intrusive gabbros and feldspar porphyry dykes. The contact is open
along strike and at depth, providing opportunities for additional
mineralisation within the target area.
Gold mineralisation occurs along the contact zone and in close
proximity to the porphyry dykes. Copper - gold (potential 'skarn'
type mineralisation associated with copper-gold porphyries) was
intersected in the north-east of the prospect (1m @ 1.3% Cu &
0.62g/t Au) where surface copper oxide staining had been recognised
in reconnaissance mapping.
The May Queen Prospect is also characterised by a discrete
magnetic anomaly, spatially associated with historical and new
drill intersections. Additional magnetic anomalies occur along
strike to the south-east of the May Queen prospect under
approximately 20m to 50m of younger cover sediments. Potential
exists for the discovery of additional high-grade gold
mineralisation concealed below the younger cover sequence in
settings similar to May Queen, 2km to 8km along strike to the
south-east and associated with these magnetic anomalies and
regional zinc anomalism (refer Figure 5).
The Company will carry out a detailed review of the results
received at May Queen to plan the next phase of work. Detailed
field mapping and sampling will be completed along the southern
magnetic anomalies to ascertain any surface expressions to assist
in the next phase of work.
(Refer Figure 5: May Queen location (left) and additional
exploration target areas for gold and base metals (right).
CHAD - Gold
During the period the Company entered into a conditional share
subscription agreement with Tekton Minerals Pte Ltd ('Tekton')
which was subsequently ratified. The agreement provides IronRidge
with access to exclusive rights to an extensive land package and
associated major new gold discovery in Chad, Central Africa.
Tekton has secured exclusive rights over five (5) exploration
permits covering a total of 1,000km(2) , in addition to 400km(2) of
reconnaissance licenses within the Ouaddaï Province, an
under-explored yet highly prospective domain within the Saharan
Metacraton of Central Africa. The Saharan Metacraton represents a
potential gold-bearing equivalent to the prolific Birimian
Greenstone belt, known for several world-class gold mines in Ghana,
Senegal, Mali, Cote d'Ivoire and Burkina Faso.
To date, three (3) highly prospective, gold mineralised areas
including extensive artisanal workings over areas exceeding 4km(2)
and one drill-ready target/advanced exploration target with the
potential to host a multi-million ounce gold deposit have been
defined over the Dorothe, Echbara and Am Ouchar licenses.
Additionally, two (2) further highly prospective reconnaissance
licenses have been awarded within the same province over the Adé
and Nabagay targets. Gold nuggets up to 1cm across, including gold
in quartz-vein material and disseminated gold were observed in the
project areas.
(Refer Figure 6: Granted license areas (left) and regional
geological setting (right, after Liegois, 2005) within Ouaddaï
Region of Chad, Central Africa.
Dorothe
Mapping and sampling at the Dorothe target to date has defined
two distinct gold mineralising events; an early centimetre scale
shallowly westward dipping quartz vein swarm zone over a 3x1km area
and later, cross-cutting sub-vertical 1-5m true thickness,
north-south striking quartz vein zone up to 200m wide and over a
confirmed 1km of strike with possible extensions up to 3km of
strike.
(Refer Figure 7: Extensive artisanal pitting zone over 3x1km
area (below) at the Dorothe prospect.
Of the sampling completed to date, over 40% of the rock chip
samples collected at the Dorothe target returned grades over 0.5g/t
Au with grades up to 103 g/t, 99.6g/t, 94.5g/t and 82.2 g/t Au.
Trenching and channel sampling across strike of the north-south
quartz vein system has returned multiple gold intersections over
10g/t Au along a combined 1km strike length, with better
intersections of 4m at 14.2g/t, 2m at 34.1g/t, 2m at 31.1g/t and 1m
at 63.2 g/t Au. The north-south vein set is not restricted to a
single quartz vein, however in places occurs as multiple splays and
sub-parallel veins over a 20m to 50m width.
(Refer Figure 8: Extensive surface workings defining 3x1km early
stage gold mineralised zone and second stage >1km strike
high-grade quartz vein zone (inset; Dorothe license setting over
regional geology).
(Refer Figure 9: Gold nuggets and gold mineralised rock-chip
samples from the project areas (centimetre scale, unless shown
otherwise).
Echbara
The Echbara license covers 200km(2) and is 25km west of the
Dorothe license. Historical work completed by the UNDP during the
1990's has defined a 2km long by 150-200m wide 100ppb soil anomaly
with highs of 300ppb. Follow-up trenching by the UNDP has returned
results of 58m at 1.29g/t Au and 28m at 1.29g/t Au. Follow-up
trenching by Tekton has returned results of 56m at 0.61g/t Au
(including 10m at 0.9g/t Au and 20m at0.87g/t Au) and 25m at 0.8g/t
Au. This target has not yet been drill tested.
Am Ouchar
The Am Ouchar license covers 200km(2) and is 70km south-east of
the Dorothe license. Historical work by the UNDP during the 1990's
indicated that gold mineralisation is hosted within 2-5m thick,
shallow dipping north-east trending quartz veins and within the
adjacent hematitic schists. UNDP trenching results included
spectacular intersections of 20m at 6.8g/t Au, 16m at 4.7g/t Au and
12m at 5.7g/t Au with individual 2m composite grades up to 33g/t
Au.
Follow-up channel sampling by Tekton perpendicular to quartz
veins and within the adjacent host rock returned intersections
including 2m at 18.2g/t Au, 2m at 14.2g/t Au and 2.3m at 9.9g/t Au,
providing confidence in the reported grades and extension of
mineralisation into the adjacent host rock.
Other Targets
Recently granted licenses covering a total of 400km(2) at
Nabagay and Adé cover further exciting and highly prospective
geological targets within the Ouaddaï South project portfolio.
The Adé license, located approximately 40km east of Dorothe,
occurs within an interpreted 'pressure-shadow' adjacent to a large
15km diameter late granitic intrusion. Regional soil sampling by
the UNDP during the 1990's identified multiple lithium soil
anomalies up to 5km in strike length in addition to multiple
coincident and isolated gold in soil anomalies adjacent to the
granitic intrusive contact.
The Nabagay license is located approximately 25km north of
Dorothe and is considered prospective for gold mineralisation in
similar geological settings as the Dorothe project.
The Waya Waya licenses cover 400km(2) within the Ouaddaï North
Region, approximately 260km north of the Dorothe project area.
Historical work by the UNDP during the 1990's and follow-up mapping
and rock-chip sampling by Tekton has identified a 15km long and
approximately 50m wide surface graphitic schist occurrence.
Reconnaissance rock chip and channel sampling completed by Tekton
has returned results of 11% to 12% total carbon content (Ct) with
historical results by the UNDP up to 18% Ct.
IVORY COAST - Gold
The Company has secured via Earn-In Agreements, access rights to
nine (9) licenses and applications covering a total of 3,510km(2)
within the Ivory Coast, West Africa. The tenement portfolio covers
major shear zones and associated second and third order structures
along proven, gold bearing shears.
Four (4) principal gold bearing structures have been
targeted:
-- Two significant splay structures off the Sassandra Shear Zone
that effectively separates the older Archean Craton of the Leo
Shield in Liberia from the younger intrusive and metasedimentary
rocks of the West African Birimian Sequence to the east. Similar
splay-off structures host the world-class Syama (7Moz) and Tongon
(5Moz) gold mines to the north (Gboguhue and Vavoua Projects and
Soubre Project).
-- The southern extension of the hugely gold prolific Ahafo
(23Moz) - Bibiani (7Moz) - Chirano (5Moz) structure into Ivory
Coast (Bianouan Project).
-- The southern extensions of the North-South striking Wa
(2.2Moz) - Konkera (3.3Moz) gold bearing structure (Bouna, Kineta
North, Kineta and Marahui Projects).
-- An area of more thickly preserved metasedimentary rocks and
underlying granitic intrusives (Bodite Project).
The Vavoua license and Gboguhue application occur along a major
splay structure off the Sassandra Shear Zone; a major crustal
bounding fault between the Archean Leo Shield to the west and
Birimian sequence to the east. Artisanal workings have been
observed, representing likely extensions of the large scale gold
artisanal workings 45km to the south-west along the same splay
structure. Similar splay structures occurring to the north host the
world-class Syama (7Moz) and Tongon (5Moz) gold mines. The Dugbe
deposit (4.2Moz) occurs along a splay structure to the south,
providing further evidence for the gold endowment of the
region.
The Soubre application occurs along a similar splay structure
and geological setting to the south of the Gboguhue-Vavoua project
area. The structure represents a major bounding fault between the
Birimian granitic intrusive complex and younger Birimian
volcaniclastics and greenstone belts; an ideal setting for
'Structural Gold' type deposits within second and third order
faults off the major shear structure.
The Bouna, Kineta, Kineta North and Marahui applications and
license represents an exciting opportunity along the poorly
explored southern extensions of the gold mineralised Wa (2.2Moz) -
Konkera (3.3Moz) Wa-Lawra Shear zone. Extensive 'hard rock'
artisanal workings and quartz veining has been defined within the
license area over an 8km strike.
The Bianouan license occurs at the south-western extension of
the hugely gold prolific Ahafo (23Moz) - Bibiani (7Moz) - Chirano
(5Moz) structure where similar geological settings may occur.
(Refer Figure 10: Ivory Coast Gold Project portfolio
locations)
(Refer Figure 11: Large-scale 'open pit' type hard-rock
artisanal workings observed within the Kineta North license
The Bodite license is located wholly within Birimian
metasediments, where a thicker package of turbidite sequence rocks
are intruded by more fractionated granitic intrusives. Similar
geological settings host the 13.3Moz Siguiri Mine and 8Moz Lefa
Mine in Guinea where a thicker sedimentary sequence is preserved
within the Birimian.
All projects are well serviced, with an extensive bitumen road
network, well established cellular network and good high-voltage
transmission line network.
GHANA & IVORY COAST - Lithium
The Company acquired a highly prospective 'hard-rock' pegmatite
tenement package with associated lithium potential, through earn-in
agreements and direct application over 314km(2) , and associated
access rights to an historical (non-JORC compliant) 1.48Mt at 1.66%
Li(2) O lithium resource in Ghana, West Africa during the reporting
period.
The Company acquired a highly prospective 'hard rock' lithium
pegmatite tenement package with associated lithium potential,
through direct application and earn-in agreement over 1338km(2) in
Ivory Coast, West Africa during the reporting period.
All projects are subject to completion of satisfactory due
diligence and are well serviced within <100km along bitumen
roads from their respective capital cities Accra and Abidjan.
In Ghana the project area is located on the southern margin of
the Cape Coast Batholith, a major 100km x 200km granitic intrusive
complex occurring along the southern-central coastline of Ghana and
part of the West African shield. A window of older Birimian
metasediments is surrounded by the batholith and occurs along the
intrusive contact; possibly representing a roof pendent of older
metasediments underlain by granitic intrusives.
Smaller kilometre scale, more fractionated granitic intrusive
bosses occur within the metasediments and are spatially associated
with pegmatitic vein swarms. These intrusive bodies are believed to
be the more fractionated end-members, and accordingly more
prospective zones for lithium rich pegmatites.
Pegmatites appear to be associated with kilometre scale
microgranite bosses within the license area. Significant
exploration potential exists along strike, within the pegmatite
vein swarm trend.
Through Joint Venture agreements the Company has secured rights
to acquire the historical Egyasimanku Hill lithium resource. The
deposit was drilled by the Ghana Geological Survey during 1962 and
a resource estimate of 1.48Mt at 1.66% Li(2) O reported.
Additionally the Company has submitted applications through its
wholly owned local subsidiary Green Metals Resources Ltd.
(Refer Figure 12: Ivory Coast and Ghana 'hard-rock' lithium
pegmatite licenses and applications locations relative to
significant lithium projects on geological background
(Refer Figure 13: Ghana Project locations and targets on geology
background
In Ivory Coast the Company has secured through its wholly owned
local subsidiary (100%), access rights to three applications
covering a total of 938km(2) for lithium and associated minerals.
The tenement portfolio, in addition to the Ench Proci JV area
(400km(2) ) covers highly prospective fractionated granitic
intrusive centres with historical lithium and columbite-tantalum
occurrences and confirmed outcropping pegmatites.
All license applications have been submitted through Khaleesi
Resources SARL, a wholly owned local subsidiary of IronRidge
Resources Limited.
All projects are well serviced, with an extensive bitumen road
network, well established cellular network and good high-voltage
transmission line network. Drive time from Abidjan to the project
area takes approximately 1 1/2 hours.
GABON - Iron Ore
The Company submitted license renewal reports for the Tchibanga
Nord concession during the reporting period. The Company is
awaiting license renewals with the pre-requisite 50% license area
reductions over the Tchibanga, Tchibanga Nord and Belinga Sud
licenses.
Tchibanga is located in south-western Gabon, in the Nyanga
Province, within 10-60km of the Atlantic coastline. This project
comprises two exploration licenses, Tchibanga and Tchibanga Nord,
which cover a combined area of 3,396km(2) and include over 90km of
prospective lithologies and the historical Mont Pele iron
occurrence.
Belinga Sud is Located in the north east of Gabon in the
Ogooue-Ivindo Province, approximately 400km east of the capital
city of Libreville. IRR's licence lies between the main Belinga
Iron Ore Deposit, believed to be one of the world's largest
untapped reserves of iron ore with an estimated 1Bt of iron ore at
a grade >60% Fe, and the route of the Trans Gabonese railway,
which currently carries manganese ore and timber from Franceville
to the Port of Owendo in Libreville.
The loss after income tax for the Group for the half-year ended
31 December 2016 was $2,235,770 (31 December 2015 loss of
A$648,702).
SIGNIFICANT EVENTS AFTER BALANCE DATE
On 23 January 2017, a total of 400,000 fully paid ordinary
shares were allotted as a result of the exercise of employment
options.
As a result of this allotment, the Company now has a total of
238,223,425 ordinary shares of no par value and 22,870,000 unlisted
options on issue.
There have been no other events since the end of the half year
that impact the financial report as at 31 December 2016.
Signed in accordance with a resolution of the Board of
Directors:
Vincent Mascolo
Managing Director and CEO
Brisbane
Date: 14 February 2017
COMPETENT PERSON STATEMENT
The information in this Report that relates to Exploration
Targets, Exploration Results or Mineral Resources is based on
information compiled by Mr. Nicholas Mather B.Sc. (Hons) Geol., who
is a Member of The Australian Institute of Mining and Metallurgy.
Mr. Mather is employed by Samuel Capital Pty Ltd, which provides
certain consultancy services including the provision of Mr. Mather
as an Executive Director of IronRidge Resources.
Mr. Mather has more than five years' experience which is
relevant to the style of mineralisation and type of deposit being
reported and to the activity, which he is undertaking to qualify as
a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Minerals
Resources and Ore Reserves' (the JORC Code). This public report is
issued with the prior written consent of the Competent Person(s) as
to the form and context in which it appears.
CONSOLIDATED statement of comprehensive income
For the half year ended 31 December 2016
31 December 31 December
2016 2015
Notes A$ A$
(Unaudited) (Unaudited)
Revenue 3 3,929 624
Administration and consulting
expenses 773,145 730,785
Depreciation 4,290 1,650
Employment benefits expenses 372,662 47,618
Exploration costs written
off - 2,871
Project generation expenses 615,634 -
Legal expenses 97,543 3,541
Share based payments 538,850 -
expense
Unrealised foreign exchange
(gains) losses (162,425) (137,139)
(Loss) before income
tax 4 (2,235,770) (648,702)
Income tax expense - -
------------------------------- ------ ------------ ------------
(Loss) for the period (2,235,770) (648,702)
------------------------------- ------ ------------ ------------
Other comprehensive income - -
------------------------------- ------ ------------ ------------
Total comprehensive income
for the period (2,235,770) (648,702)
------------------------------- ------ ------------ ------------
Earnings per share Cents per Cents per
share share
Basic earnings per share 5 (0.9) (0.3)
Diluted earnings per
share 5 (0.9) (0.3)
The above consolidated statement of comprehensive income should
be read in conjunction with the accompanying notes.
CONSOLIDATED statement of financial position
As at 31 December 2016
31 December 30 June
2016 2016
Notes A$ A$
(Unaudited) (Audited)
Current assets
Cash and cash equivalents 7,570,958 10,719,669
Trade and other receivables 122,287 48,834
Other current assets 4,800 8,959
Total current assets 7,698,045 10,777,462
------------------------------- ------ ------------- -------------
Non-current assets
Other financial assets 1,466,100 53,666
Property, plant and equipment 31,436 35,460
Exploration and evaluation
assets 5,412,675 5,139,993
------------------------------- ------ ------------- -------------
Total non-current assets 6,910,211 5,229,119
------------------------------- ------ ------------- -------------
Total assets 14,608,256 16,006,581
------------------------------- ------ ------------- -------------
Current liabilities
Trade and other payables 470,024 424,860
Total current liabilities 470,024 424,860
------------------------------- ------ ------------- -------------
Total liabilities 470,024 424,860
------------------------------- ------ ------------- -------------
Net assets 14,138,232 15,581,721
------------------------------- ------ ------------- -------------
Equity
Issued capital 6 26,031,159 25,777,728
Reserves 713,954 175,104
Accumulated losses (12,606,881) (10,371,111)
------------------------------- ------ ------------- -------------
Total equity attributable
to owners of
IronRidge Resources
Limited 14,138,232 15,581,721
------------------------------- ------ ------------- -------------
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes.
CONSOLIDATED statement of changes in equity
For the half year ended 31 December 2016
Issued Accumulated Share Total
Capital Losses Based Equity
Payments
Reserve
A$ A$ A$ A$
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Balance at 1 July
2015 25,777,728 (8,065,651) 171,711 17,883,788
Loss for the period - (648,702) - (648,702)
Other comprehensive - - - -
income
------------ ------------- ------------ ------------
Total comprehensive
income for the
period - (648,702) - (648,702)
Balance at 31 December
2015 25,777,728 (8,714,353) 171,711 17,235,086
------------------------ ------------ ------------- ------------ ------------
Loss for the period - (1,656,758) - (1,656,758)
Other comprehensive - - - -
income
------------ ------------- ------------ ------------
Total comprehensive
income for the
period - (1,656,758) - (1,656,758)
Share based payments - - 3,393 3,393
Balance at 30 June
2016 25,777,728 (10,371,111) 175,104 15,581,721
------------------------ ------------ ------------- ------------ ------------
Loss for the period - (2,235,770) - (2,235,770)
Other comprehensive - - - -
income
------------ ------------- ------------ ------------
Total comprehensive
income for the
period - (2,235,770) - (2,235,770)
Shares issued during
the period 253,431 - - 253,431
Share based payments - - 538,850 538,850
Balance at 31 December
2016 26,031,159 (12,606,881) 713,954 14,138,232
------------------------ ------------ ------------- ------------ ------------
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes.
CONSOLIDATED statement of cash flows
For the half year ended 31 December 2016
31 December 31 December
2016 2015
Notes A$ A$
(Unaudited) (Unaudited)
Cash flows from operating
activities
Payments to suppliers and
employees (1,621,535) (1,126,744)
Interest received 3 3,932 624
Interest paid - -
Net cash flows from operating
activities (1,617,603) (1,126,120)
-------------------------------- ------ ------------ ------------
Cash flows from investing
activities
Payments for security deposits (5,000) -
Investment in Tekton Minerals (1,407,434) -
Pte Ltd
Purchase of property, plant (265) -
and equipment
Payments for exploration
and evaluation assets (280,834) (1,054,644)
-------------------------------- ------ ------------ ------------
Net cash flows from investing
activities (1,693,533) (1,054,644)
-------------------------------- ------ ------------ ------------
Cash flows from financing
activities
Proceeds from the issue - -
of shares
Transactions costs on the - -
issue of shares
Borrowings from related - -
parties - DGR Global Ltd
Prepayment of IPO costs - -
Net cash flows from financing - -
activities
-------------------------------- ------ ------------ ------------
Net increase in cash and
cash equivalents (3,311,136) (2,180,764)
Cash and cash equivalents
at the beginning of the
period 10,719,669 14,947,231
Foreign exchange impact
on cash 162,425 137,140
-------------------------------- ------ ------------ ------------
Cash and cash equivalents
at the end of the period 7,570,958 12,903,607
-------------------------------- ------ ------------ ------------
The above consolidated statement of cash flows should be read in
conjunction with the accompanying notes.
Notes to the financial statements
For the half year ended 31 December 2016
Note 1: Summary of Significant Accounting Policies
Corporate information
The consolidated financial report of IronRidge Resources Limited
(the "Company") for the half-year ended 31 December 2016 was
authorised for issue in accordance with a resolution of the
Directors on 14 February 2017. IronRidge Resources Limited (the
Parent) is a public company limited by shares incorporated and
domiciled in Australia. The Company's registered office is located
at Level 27, 111 Eagle Street, Brisbane, QLD 4000.
Basis of preparation
This half-year financial report for the period ended 31 December
2016 prepared in accordance with Australian Accounting Standard
AASB 134 Interim Financial Reporting and the Corporations Act 2001,
comprises the Company and its subsidiaries (together referred to as
the "Group").
The half-year financial report does not include all notes of the
type normally included within the annual financial report and
therefore cannot be expected to provide as full an understanding of
the financial performance, financial position and financing and
investing activities of the Group as the full financial report.
Accordingly, this half year financial report is to be read in
conjunction with the annual financial report for the year ended 30
June 2016 and any public announcements made by the Company during
the half-year reporting period in accordance with the continuous
disclosure requirements of the Corporations Act 2001.
The accounting policies and methods of computation are the same
as those adopted in the most recent annual financial report.
Going concern
The half year financial report has been prepared on a going
concern basis which contemplates the continuity of normal business
activities and the realisation of assets and discharge of
liabilities in the ordinary course of business. The Group has not
generated revenues from operations. As such, the Group's ability to
continue to adopt the going concern assumption will depend upon a
number of matters including subsequent successful raisings in the
future of necessary funding and the successful exploration and
subsequent exploitation of the Group's tenements. In the absence of
these matters being successful, this may cast significant doubt on
the Group's ability to continue as a going concern and, therefore,
it may be unable to realise its assets and discharge its
liabilities in the ordinary course of business and at amounts
different from those stated in the half-year financial report. No
adjustments for such circumstances have been made in the half-year
financial report.
Note 2: Segment Information
The Group has identified its operating segment based on the
internal reports that are reviewed and used by the Board of
Directors (chief operating decision makers) in assessing
performance and determining the allocation of resources. The Group
is managed primarily on a geographic basis, that is, the location
of the respective areas of interest (tenements) in Queensland, and
Gabon. Operating segments are determined on the basis of financial
information reported to the Board for the Group as a whole. The
Group does not yet have any products or services from which it
derives an income.
Accordingly, management currently identifies the Group as having
only one reportable segment, being exploration for base and
precious metals. The financial results from this segment are
equivalent to the financial statements of the Group. There have
been no changes in the operating segments during the half year.
Geographical information
Geographical - non-current
assets
31 December 30 June
2016 2016
$ $
(Unaudited) (Audited)
Australia 2,887,759 1,304,013
Gabon 4,022,452 3,925,106
--------------- ------------
6,910,211 5,229,119
--------------- ------------
Notes to the financial statements
For the half year ended 31 December 2016
31 December 31 December
2016 2015
A$ A$
(Unaudited) (Unaudited)
Note 3: Revenue
- Interest received 3,929 624
Total Revenue 3,929 624
------------ ------------
(a) Interest revenue from:
- Cash deposits held with
financial institutions 3,929 624
------------ ------------
Total Interest Revenue 3,929 624
------------ ------------
Note 4: Profit / (Loss)
Included in the profit
/ (loss) are the following
specific expenses:
Depreciation
- Office equipment 299 300
- Plant and equipment 3,991 1,350
Defined contribution superannuation
expense 10,428 10,594
Note 5: Earnings Per Share (EPS)
(a) Earnings
Earnings used to calculate
basic and diluted EPS (2,235,770) (648,702)
Number of Number of
Shares Shares
(b) Weighted average number
of shares and options
Weighted average number
of ordinary shares outstanding
during the period, used
in calculating basic earnings
per share 236,671,771 236,612,203
Weighted average number
of dilutive options outstanding 14,770,000 -
during the period
------------- -------------
Weighted average number
of ordinary shares and
potential ordinary shares
outstanding during the
period, used in calculating
diluted earnings per share 251,441,771 236,612,203
------------- -------------
31 December 30 June
2016 2016
A$ A$
(Unaudited) (Audited)
Note 6: Issued Capital
(a) Issued and paid up
capital
Ordinary shares fully paid 26,739,251 26,485,820
Share issue costs (708,092) (708,092)
------------ -----------
26,031,159 25,777,728
------------ -----------
Ordinary shares participate in dividends and the proceeds on
winding up the Company. At shareholder meetings each ordinary share
is entitled to one vote when a poll is called, otherwise each
shareholder has one vote on show of hands.
Notes to the financial statements
For the half year ended 31 December 2016
Note 6: Issued Capital (continued)
(b) Reconciliation of issued Number of A$
and paid-up capital Shares
------------ -----------
At 30 June 2016 236,612,203 25,777,728
Shares issued by way of payment
of employment related bonuses
(GBP0.138 per share, equivalent
to $0.209 per share - 22/12/16) 1,211,222 253,431
------------ -----------
At 31 December 2016 237,823,425 26,031,159
------------ -----------
Note 7: Contingent Assets and Contingent Liabilities
The Directors are not aware of any contingent assets or
contingent liabilities at the date of this report.
Note 8: Financial Instruments
There are no financial assets or liabilities measured at fair
value in the statement of financial position.
The carrying value of all financial assets and liabilities not
measured at fair value in the statement of financial position
approximate their fair value.
Note 9: Subsequent Events
On 23 January 2017, a total of 400,000 fully paid ordinary
shares were allotted as a result of the exercise of employment
options.
As a result of this allotment, the Company now has a total of
238,223,425 ordinary shares of no par value and 22,870,000 unlisted
options on issue.
There have been no other events since the end of the half year
that impact the financial report as at 31 December 2016.
directors' declaration
In accordance with a resolution of the Directors of IronRidge
Resources Limited, I state that:
In the opinion of the directors:
1. The attached half-year financial report and notes of the
consolidated entity are in accordance with the Corporations Act
2001, including:
(a) Giving a true and fair view of the financial position as at
31 December 2016 and the performance for the half-year ended on
that date of the consolidated entity; and
(b) Complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001.
2. There are reasonable grounds to believe that the company will
be able to pay its debts as and when they become due and
payable.
On behalf of the Board
Vincent Mascolo
Director
Brisbane
Date: 14 February 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFLSUIFWSELE
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