TIDMARK
RNS Number : 5607Q
Arkle Resources PLC
22 June 2020
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
22 June 2020
Arkle Resources PLC
("Arkle" or the "Company")
Final Results for the Year Ended 31 December 2019
Arkle Resources PLC (LON: ARK), the Irish gold and zinc
exploration and development company, is pleased to announce its
audited results for the year ending 31 December 2019.
S
www.arkleresources.com
Enquiries:
Arkle Resources PLC
John Teeling, Chairman +353 (0) 1 833 2833
Patrick Cullen, CEO +353 (0) 87 272 1748
+44 (0) 755 237 8208
SP Angel Corporate Finance
LLP
Nominated Advisor & Joint Broker
Matthew Johnson/Soltan Tagiev +44 (0) 203 470 0470
First Equity Limited
Joint Broker
Jason Robertson +44 (0) 207 374 2212
Blytheweigh
UK Financial PR
Megan Ray/Rachael Brooks +44 (0) 207 138 3204
Teneo
Ireland Financial PR
Luke Hogg/ Alan Tyrrell +353 (0) 1 661 4055
Chairman's Statement
Since its foundation Arkle has maintained a clear focus -
mineral exploration in Ireland. In particular in zinc and gold. The
strategy has worked. We have a good zinc deposit in Stonepark and
promising gold projects in Mine River and Donegal. There are good
reasons for this strategy. The best place to find a mine is where
there is, or was, a mine. Ireland has one of the best, if not the
best, record in recent decades of discovering commercial zinc
deposits, Tynagh, Tara, Lisheen and Galmoy. Gold exploration has
yielded less spectacular results but there have been positive signs
in recent years. So, the geology is favourable. Second, the
political climate was very positive, good title, a good tax regime,
little bureaucracy and a welcoming attitude to investment. The
result was a vibrant exploration industry starting in the 1950s.
Discoveries in Galway, Meath and Tipperary led to the creation of
thousands of well paid jobs. Small towns blossomed, as did spin off
ventures. New skills in mining, exploration and associated
industries were learned, families were educated and infrastructure
improved. It is rarely understood that mining in a rural area has a
major multiplier effect - up to 9. This means that for every Euro
spent by the mine, nine Euros is generated in the locality.
Mineral deposits have finite lives. They get mined out. Local
communities find it hard to comprehend the cessation of the main
source of local income. Towns can wither. Historically, close downs
may not have been well handled leaving disfigured landscapes.
Regulations now ensure that this is unlikely to happen. What is
rarely noticed is the positive legacy. Modern mining in Ireland has
produced numerous vibrant offshoots. There are over 20 Irish
exploration companies exploring worldwide for a variety of
minerals. Most were established by graduates of Irish mining. A few
of these companies have made significant discoveries. Skilled Irish
miners, managers and geologists populate world mining. There is a
vibrant mining services industry working worldwide out of Ireland.
Less well known are the logistics companies which grew, supplying
materials to mines and moving the output.
It has been said that Ireland is a post-industrial society with
no place for "dirty industry" but there is recognition that Ireland
has a role to play in supporting a reliable and sustainable supply
of metals and minerals for Europe's industry and societal needs.
"Leave it in the ground" is another mantra. Leave what? Until
exploration discovers something not known there is nothing. The
people of Navan in the 1970s, a small sleepy town north of Dublin
did not know that they were sitting on one of the largest zinc
deposits in the world. Forty years after the discovery, Navan is a
vibrant town which has grown twenty fold. Lisheen and Galmoy were
small mines by comparison, but their social and economic impacts
have been significant and very positive according to a 2020 report
commissioned by the state's Exploration and Mining Division. The
remediation of the Galmoy tailings pond was awarded an
international award for environmental best practice. The Minister
of State for Rural Affairs and Natural Resources has noted that
this is "the type of closure practice that will win the trust of
communities, which is key for the future".
Galmoy and Lisheen employed more than three quarters of their
employees from with a 30km radius of the operations. Tara still
employs 580 people today and is developing towards new, deep
resources.
There are valid concerns which modern mining addresses but the
environmental and planning process can frustrate developments for
many years. One positive development has been the recent expansion
of the surface tailings pond at Tara after many years of
consultation and work.
Let me focus on the two metals of interest to Arkle, zinc and
gold.
The principal focus of Arkle is zinc. Ireland was a world
leading zinc producer. The geology is very favourable. Over 20
companies were, until recently, exploring for zinc. One of the
world's largest zinc discoveries in the world, Pallas Green, in
Limerick contains at least 45 million tonnes of good grade zinc and
is still largely unexplored. The Stonepark deposit, in which Arkle
holds a 23% interest, lies alongside Pallas Green. It contains over
5m tonnes of good grade, it is shallower and is open on three
sides.
The outlook for zinc is positive, particularly in emerging
countries. Zinc is widely used in industry, electronics and pharma.
As emerging economics have grown, annual global zinc growth rates
have risen from 2% to 4%. Prices over $2,000 a tonne are generally
considered to make Irish zinc profitable.
Stonepark was discovered in 2007 by Arkle and our then partner
Teck Ireland Ltd. A series of high grade discoveries were made in
three zones. The focus of Teck shifted elsewhere and exploration
virtually ceased. In recent years, Teck sold their interest to a
Canadian junior, Group Eleven. Group Eleven held a large number of
licences in Ireland but have recently focused on Stonepark. Group
Eleven are operator of the joint venture and drilling is set to
resume on Stonepark in the coming months. It is notable that
Glencore, the second largest zinc producer in the world and the
owner of Pallas Green, adjacent to Stonepark, has taken a
significant equity interest in Group Eleven, increasing from 11% in
2019 to 26% recently.
Arkle and Group Eleven are anxious to progress exploration in
Stonepark. We have examined various options for the block of
licences, but for now we are maintaining our stake. The upcoming
drilling program is fully funded.
Gold is the second metal of interest. From time immemorial gold
is a store of value. In uncertain times, like the present, it
increases in value. Current prices of $1,700 plus, an oz, are good.
Gold has rarely featured in Irish exploration or mining but there
are tantalising gold indications both historically and recently.
There is a large, high grade gold deposit being developed by
Dalradian in Tyrone but it is delayed by land ownership and
planning issues. Arkle holds ground in Donegal some 80 kilometres
away from the Dalradian discovery in similar geology. We have had a
number of good exploration results but also some failures in
Donegal. The geology contains veins which host the gold. These
pinch, swell and meander across country. We are looking for veins
which are continuous, high grade and wide enough over sufficient
distance, to be commercial.
The Mine River gold licenses held by Arkle in Wexford / Wicklow
cover an area well known to contain gold. It was the source of a
gold rush at the end of the 18th century. Gold panning enthusiasts
continue to work the streams and rivers. Over an extended period we
have explored on our own and with partners. The gold is in veins
making exploration complicated. We have identified a substantial 15
kilometre long target zone. In recent times we conducted a detailed
small grid sample survey on one prospective area, Tombreen. The
results are good with new drilling targets identified 1km away from
good holes drilled by Arkle.
The Future
Stonepark is the bedrock asset for Arkle. It needs more drilling
to expand the resource. Under the joint venture we can agree to
participate in or dilute, in any exploration programme. This gives
us flexibility. There is ongoing interest from external parties in
this deposit. The interest shown by neighbours Glencore is
encouraging. We are hopeful of significant developments.
We would like fresh eyes to take a look at our Mine River
properties. We have the database and recently identified drilling
targets.
The Donegal gold licences have potential which needs to be
prospected and explored. The attractions of the opportunity would
be enhanced by the development of the Dalradian mine.
We remain committed to Irish zinc and gold but as the local
environment has soured and exploration interest weakened we have
considered overseas possibilities.
The Arkle team has extensive international experience and we see
a flow of potential deals. None, to date, have offered better than
what we have in Ireland. Many are cast-offs from other exploration
companies, others are in jurisdictions with title issues.
We have identified one or two areas where we believe our skill
set and experience can bring value. But the immediate future goal
is to create value in our Irish zinc and gold interests.
John Teeling
Chairman
19 June 2020
ARKLE RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEARED 31 DECEMBER 2019
2019 2018
EUR EUR
Administrative expenses (313,860) (337,306)
---------- ----------
OPERATING LOSS (313,860) (337,306)
---------- ----------
LOSS BEFORE TAXATION (313,860) (337,306)
Income tax expense - -
---------- ----------
LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME (313,860) (337,306)
========== ==========
Loss per share - basic and diluted (0.24c) (0.31c)
========== ==========
ARKLE RESOURCES PLC
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2019
2019 2018
EUR EUR
ASSETS:
NON-CURRENT ASSETS
Intangible assets 3,445,710 3,314,312
CURRENT ASSETS
Other receivables 3,864 23,353
Cash and cash equivalents 39,631 106,031
43,495 129,384
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables (207,352) (136,877)
Warrants (18,644) -
NET CURRENT LIABILITIES (182,501) (7,493)
NET ASSETS 3,263,209 3,306,819
EQUITY:
Called-up share capital 1,323,116 1,139,116
Share premium 6,209,190 6,136,298
Share based remuneration reserve 44,989 31,631
Retained deficit (4,314,086) (4,000,226)
TOTAL EQUITY 3,263,209 3,306,819
ARKLE RESOURCES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEARED 31 DECEMBER 2019
Group and Company
Called up Share Based
Share Share Payment Retained
Capital Premium Reserve Deficit Total
EUR EUR EUR EUR EUR
At 1 January 2018 874,176 5,162,527 4,343 (3,603,414) 2,437,632
Shares issued 264,940 973,771 - - 1,238,711
Share issue expenses - - - (59,506) (59,506)
Share options vested - - 27,288 - 27,288
---------- ---------- ------------ ------------ ----------
Loss for the year - - - (337,306) (337,306)
---------- ---------- ------------ ------------ ----------
At 31 December 2018 1,139,116 6,136,298 31,631 (4,000,226) 3,306,819
Shares issued 184,000 72,892 - - 256,892
Share options vested - - 13,358 - 13,358
Loss for the year - - - (313,860) (313,860)
---------- ---------- ------------ ------------ ----------
At 31 December 2019 1,323,116 6,209,190 44,989 (4,314,086) 3,263,209
========== ========== ============ ============ ==========
Share premium
The share premium reserve comprises of the excess of monies
received in respect of share capital over the nominal value of
shares issued.
Share based payment reserve
The share based payment reserve arises on the grant of share
options to directors and consultants under the share options
plan.
Retained deficit
Retained deficit comprises accumulated losses in the current and
prior financial years.
ARKLE RESOURCES PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE FINANCIAL YEARED 31 DECEMBER 2019
2019 2018
EUR EUR
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the financial year (313,860) (337,306)
Share based payments charge 6,679 13,644
Fair Value of warrants issued 18,644 -
Foreign exchange (235) 2,570
(288,772) (321,092)
MOVEMENTS IN WORKING CAPITAL
Increase/(Decrease) in trade and other payables 70,475 (264,889)
Decrease in other receivables 19,489 5,243
NET CASH USED IN OPERATING ACTIVITIES (198,808) (580,738)
CASH FLOW FROM INVESTING ACTIVITIES
Payments for exploration and evaluation (124,719) (389,050)
NET CASH USED IN INVESTING ACTIVITIES (124,719) (389,050)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of equity shares 256,892 1,015,179
Share issue costs - (59,506)
NET CASH FROM FINANCING ACTIVITIES 256,892 955,673
NET DECREASE IN CASH AND CASH EQUIVALENTS (66,635) (14,115)
Cash and cash equivalents at beginning
of financial year 106,031 122,716
Effect of exchange rate changes on cash held in foreign currencies 235 (2,570)
Cash and cash equivalents at end
of financial year 39,631 106,031
Notes:
1. Accounting Policies
There were no changes in accounting policies from those used to
prepare the Group's Annual Report for financial year ended 31
December 2018. The financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union.
2. Loss per Share
2019 2018
EUR EUR
Loss per share - Basic and Diluted (0.24c) (0.31c)
Basic loss per share
The earnings and weighted average number of ordinary shares used
in the calculation of basic loss per share are as follows:
2019 2018
EUR EUR
Loss for the year attributable to equity holders
of the parent (313,860) (337,306)
2019 2018
No. No.
Weighted average number of ordinary shares
for the
purpose of basic earnings per share 129,085,292 109,774,178
Basic and diluted loss per share is the same as the effect of
the outstanding share options and warrants is anti-dilutive.
3. Going Concern
The Group and Company incurred a loss for the financial year of
EUR313,860 (2018: EUR337,306) and the Group had net current
liabilities of EUR182,501 (2018: EUR7,493) at the balance sheet
date leading to concern about the Group and Company's ability to
continue as a going concern.
The Group and Company had a cash balance of EUR39,631 (2018:
EUR106,031) and EUR39,054 (2018: EUR105,230) respectively, at the
balance sheet date.
On 27 March 2020, the Group raised GBGBP252,000 and on 18 May
2020 GBGBP250,000 from the issue of shares and warrants. Further
details are outlined in note 7. The directors have prepared
cashflow projections for a period of at least twelve months from
the date of approval of these financial statements. The cashflow
projections include any anticipated impacts of the Covid-19
pandemic on the Group and Company. As the Group and the Company are
not revenue or cash generating they rely on raising capital from
the public market. The cash flow projections prepared by the Group
and Company indicate that the funds available are sufficient to
meet the obligations of the Group and Company for a period of at
least twelve months from the date of approval of these financial
statements.
Accordingly, the directors are satisfied that it is appropriate
to continue to prepare the financial statements of the Group and
Company on the going concern basis as there will be sufficient
funds in place to continue operations for the foreseeable future.
The financial statements do not include any adjustment to the
carrying amount, or classification of assets and liabilities, if
the Group or Company was unable to continue as a going concern.
4. Intangible Assets
Exploration and Evaluation: 2019 2018
EUR EUR
Cost:
At 1 January 3,314,312 2,911,618
Additions 131,398 402,694
At 31 December 3,445,710 3,314,312
Carrying amount:
At 31 December 3,445,710 3,314,312
In 2012 the Group entered into an agreement with Teck Ireland
Limited ("Teck"), a subsidiary of Teck Resources Limited, which
gives Teck the option of earning a 75% interest in licences held by
the Group in Cavan/Meath. Teck had to spend EUR1.35 million on the
licences by 2018 in order to earn the option to acquire 75%
interest. As per the agreement the licences have been transferred
into a new company, Oldcastle Zinc Limited. As at 31 December 2019
Teck had completed EUR1.35 million worth of expenditure. As per the
agreement upon Teck completing EUR550,000 worth of expenditure
343,500 ordinary shares in Oldcastle Zinc Limited were to be issued
to Teck. The shares were issued on 20 February 2015 giving Teck a
51% interest in the company. On completion of a further EUR400,000
worth of expenditure 269,360 ordinary shares in Oldcastle Zinc
Limited were to be issued to Teck. The shares were issued on 22
December 2018 giving Teck a total 65% interest in the company. On
10 December 2019 the balance of 377,140 shares were issued to Teck
to give them a total of 75% in the company.
In 2007 the Group entered into an agreement with Teck Cominco
which gave Teck Cominco the option to earn a 75% interest in a
number of other licences held by the Group. Teck Cominco had to
spend CAD$3m to earn the interest. During 2012 the relevant
licences were transferred to a new company, TILZ Minerals Limited,
which at 31 December 2019 was owned 23.44% (2018: 23.44%) by
Limerick Zinc Limited (subsidiary of Arkle Resources plc) and
76.56% (2017: 76.56%) by Group Eleven Resources Corp (third
party).
On 13 September 2017 t he board of Arkle Resources plc were
informed that Group Eleven Resources Corp. a private company, has
acquired the 76.56% interest held by Teck Ireland in TILZ Minerals.
Arkle Resources plc owns the remaining 23.44%.
The Group's share of expenditure on the licences continues to be
capitalised as an exploration and evaluation asset. The Group is
subject to cash calls from Group Eleven Resources Corp. in respect
of the financing of the ongoing exploration and evaluation of these
licences. In the event that the Group decides not to meet these
cash calls its interest in TILZ Minerals Limited may be diluted
accordingly.
The realisation of the intangible assets is dependent on the
discovery and successful development of economic reserves which is
subject to a number of risks as outlined below:
The Group's exploration activities are subject to a number of
significant and potential risks including:
- uncertainties over development and operational risks;
- compliance with licence obligations;
- liquidity risks; and
- going concern risks;
Should this prove unsuccessful the carrying value included in
the balance sheet would be written off to the statement of
comprehensive income.
The directors are aware that by its nature there is an inherent
uncertainty in such exploration and evaluation expenditure as to
the value of the asset. Having reviewed the carrying value of
exploration and evaluation of assets at 31 December 2019, the
directors are satisfied that the value of the intangible asset is
not less than carrying value.
Segmental Analysis
2019 2018
EUR EUR
Limerick 1,537,931 1,537,931
Oldcastle 330,000 330,000
Rest of Ireland 1,577,779 1,446,381
3,445,710 3,314,312
5. Share Capital and Share Premium
2019 2018
EUR EUR
Authorised:
500,000,000 Ordinary shares of EUR0.01 each 5,000,000 5,000,000
Allotted, Called-Up and Fully Paid:
Share Share
Number Capital Premium
EUR EUR
At 1 January 2018 87,417,618 874,176 5,162,527
Issued during the financial year 26,493,975 264,940 973,771
At 31 December 2018 113,911,593 1,139,116 6,136,298
Issued during the financial year 18,400,000 184,000 72,892
31 December 2019 132,311,593 1,323,116 6,209,190
Movement in shares
On 26 February 2018, a total of 21,686,747 shares were issued at
a price of 4.15p per share to provide additional working capital
and fund development costs. For each share subscribed for, the
investors also received one warrant to subscribe for an additional
ordinary share at a price of 7p per share for a period of two
years.
Should the volume weighted average share price of the Company
exceed 20 (twenty) pence for five consecutive trading days the
Company has the right to provide a written notice to warrant
holders that they have one week to exercise the 7p warrants with a
further two weeks thereafter for payment. Any then unexercised
warrants could be cancelled by the Company. This acceleration
condition is entirely at the volition of the Company should the 20
pence hurdle described above be triggered.
On 26 February 2018, John Teeling and James Finn, directors of
Arkle Resources Plc, had their unpaid salaries owed to them
totalling GBP199,500 settled via the issue of 4,807,228 new
ordinary shares at the placing price of 4.15p. In addition, John
Teeling and James Finn were granted 2,698,795 and 2,108,433
warrants respectively to subscribe for ordinary shares on the same
terms as the placing warrants.
On 5 March 2019, a total of 18,400,000 shares were issued at a
price of 1.25p per share to provide additional working capital and
fund development costs. For each share subscribed for, the
investors also received one warrant to subscribe for an additional
ordinary share at a price of 1.8p per share until 11 September
2020.
6. Share Based Payments
Equity-settled share-based payments are measured at fair value
at the date of grant.
The Group plan provides for a grant price equal to the average
quoted market price of the ordinary shares on the date of
grant.
OPTIONS 2019 2019 2018 2018
Options Weighted Options Weighted
average average
exercise exercise
price price
in cent in cent
Outstanding at beginning of
the financial year 2,800,000 2,276 300,000 1.45
Granted during the
financial year - - 2,500,000 2.375
Exercised during the
financial year - - - -
Outstanding at the end of
the financial year 2,800,000 2.276 2,800,000 2.276
Exercisable at the end of
the financial year 2,800,000 2.276 1,967,000 2.276
On 15 August 2018 (2017: 300,000) a total of 2,500,000 options
were granted to Patrick Cullen with a fair value of EUR40,646.
These fair values were calculated using the Black-Scholes valuation
model. These options vest in three tranches with 834,000 having
vested on 26 February 2018, 833,000 options vested on 14 August
2018 and 833,000 vesting on 14 August 2019. The options expire on
13 August 2024 and have exercise prices as follows:
Number of options Exercise price
1,000,000 2p
750,000 2.5p
750,000 2.75p
The inputs into the Black-Scholes valuation model were as
follows:
Weighted average share price at date of
grant (in pence) 2p/2.5p/2.75p
Weighted average exercise price (in pence) 1.72p
Expected volatility 111.26%
Expected life 7 years
Risk free rate 1.3%
Expected dividends none
Expected volatility was determined by management based on their
cumulative experience of the movement in share prices over the
financial year.
The terms of the options granted do not contain any market
conditions within the meaning of IFRS 2.
The Group capitalised expenses of EUR6,679 and expensed costs of
EUR6,679 relating to equity-settled share-based payment
transactions during the financial year.
WARRANTS 2019 2019 2018 2018
Warrants Weighted Warrants Weighted
average average
exercise exercise
price price
in pence in pence
Outstanding at beginning
of
the financial year 39,431,219 5.90 31,637,907 4.41
Granted during the
financial year 18,400,000 1.25 27,803,312 7
Expired during the
financial year (11,627,907) 4.41 (20,010,000) 5
Outstanding and
exercisable at the end
of the financial year 46,203,312 4.70 39,431,219 5.90
On 26 February 2018, a total of 26,493,975 shares were issued at
a price of 4.15p per share. As part of the placing, f or each share
subscribed for, the investors also received one warrant to
subscribe for an additional ordinary share at a price of 7p per
share at any time until 8 March 2020. The fair value of those
warrants are immaterial as at 31 December 2019.
On 26 February 2018, a total of 1,059,337 warrants with an
exercise price of 7p were issued to the broker First Equity Limited
for work done on the above placing.
On 20 July 2018, a total of 250,000 warrants with an exercise
price of 7p were issued to the broker First Equity Limited for
services provided.
On 5 March 2019, a total of 18,400,000 shares were issued at a
price of 1.25p per share. As part of the placing, f or each share
subscribed for, the investors also received one warrant to
subscribe for an additional ordinary share at a price of 1.8p per
share at any time until 11 September 2020. The fair value of these
warrants at 31 December 2019 was EUR18,644.
Warrants which have been issued for services rendered are
considered share based payments and not a liability at FVTPL.
On 15 August 2019, a total of 11,627,907 warrants at a price of
3.4p per warrant expired.
The fair values of the warrants have been calculated using the
Black-Scholes valuation model.
The inputs into the Black-Scholes valuation model were as
follows:
Grant 5 March 2019
Weighted average share price at date of grant (in pence)
1.25p
Weighted average exercise price (in pence) 1.80p
Expected volatility 62.83%
Expected life 0.66 years
Risk free rate 1.3%
Expected dividends none
Expected volatility was determined by management based on their
cumulative experience of the movement in share prices over the
financial year.
7. Post Balance Sheet Events
On 27 March 2020 the company announced that it raised GBP252,000
from directors and existing shareholders, by way of a placing of
50,400,000 new ordinary shares at a price of 0.5p per ordinary
share. For each new share subscribed, the investor will be entitled
to one warrant to subscribe for an additional ordinary share at a
price of 0.5p per share for a period of two years.
On 22 April 2020, the shareholders approved a share capital
reorganisation which resulted in each of the existing ordinary
shares being sub-divided into one new ordinary share with a nominal
value of EUR0.0025 and one Deferred Share with a nominal value of
EUR0.0075. The Deferred Shares have no value or voting rights and
they will not be admitted to trading on AIM. Following the share
capital reorganisation, there are the same number of new ordinary
shares in issue as there were on 31 December 2019.
On 18 May 2020 the company announced that it raised GBP250,000
from existing shareholders, by way of a placing of 33,333,333 new
ordinary shares at a price of 0.75p per ordinary share.
The unprecedented spread of Covid-19 across the world has had a
significant impact on the global economy. The Group are actively
monitoring the impact and continue to engage with banks and
implement measures to mitigate the financial impacts of Covid-19.
The Directors have considered events that existed at the reporting
date, the specific circumstances relating to Arkle Resources plc's
operations and the inherent uncertainty relating to Covid-19 when
concluding that Covid-19 is a non-adjusting post balance sheet
event.
8. Annual General Meeting
The Company's Annual General Meeting will be held at held at the
Hotel Riu Plaza The Gresham, 23 O'Connell Street Upper, North City
Dublin, D01 C3W7, Ireland on 24(th) July 2020 at 12.30pm.
We are closely monitoring the Coronavirus (COVID-19) situation.
The Board takes its responsibility to safeguard the health of its
shareholders, stakeholders and employees very seriously and so
certain measures will be put in place for the AGM in response to
the COVID-19 pandemic. Details of these measures will be provided
in a letter that will be attached to the Notice of AGM.
General Information
The financial information set out above does not constitute the
Company's financial statements for the year ended 31 December 2019.
The financial information for 2018 is derived from the financial
statements for 2018 which have been delivered to the Companies
Registration Office. The auditors have reported on 2018 statements;
their report was unqualified with an emphasis of matter in respect
of considering the adequacy of the disclosures made in the
financial statements concerning the valuation of intangible assets,
investment in subsidiaries and amounts due by group undertakings.
The financial statements for 2019 will be delivered to the
Companies Registration Office.
A copy of the Company's Annual Report and Accounts for 2019 will
be mailed to all shareholders shortly and will also be available
for collection from the Company's registered office, 162 Clontarf
Road, Dublin 3, Ireland. The annual report will shortly be
available for viewing at Arkle's website at
www.arkleresources.com
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 rns@lseg.com or visit www.rns.com.
END
FR GPURCQUPUGAB
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