The information
contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 ("MAR").
28 February
2019
Conroy Gold and Natural Resources plc
(“Conroy” or “the Company”)
Half-yearly
results for the six months ended 30 November
2018
Conroy (AIM: CGNR), the Irish-based resource company exploring
and developing gold projects in Ireland and Finland, is pleased to announce its results
for the six months ended 30 November
2018.
Highlights:
- Excellent drill results from extended programme at
Clontibret; 1,768 metres completed
- Updated Exploration Target of 8.8 million ounces of
gold:
- In only the three major gold targets - Clontibret, Clay Lake
and Glenish - and excluding the defined gold resource of over half
a million ounces at Clontibret
- Gold lodes intercepted with excellent grades - up to
24g/t
- New area of bedrock gold mineralisation discovered between the
Clontibret gold deposit and the Corcaskea gold target
- Clay Lake:
- Gold intersection of over 150 metres at 0.3g/t gold
- The intersection at a downhole depth of 252 metres is the
deepest to date
- Placing to raise £500,000 completed
Professor Richard Conroy, Chairman, commented:
“The initial drill programme was very successful and we used
the extended one to build on those results. Further drilling
is planned to increase the resource, and the
environmental and other studies related to the projected mine
development continue. The new discoveries and the updated
exploration target show the potential of the 700 km² that the
Company has under licence."
For further information please contact:
Conroy Gold and
Natural Resources plc |
Tel:
+353-1-479-6180 |
Professor Richard
Conroy, Chairman |
|
Allenby Capital
Limited (Nomad) |
Tel:
+44-20-3328-5656 |
Nick Athanas/Nick
Harriss |
|
Brandon Hill
Capital Limited (Broker) |
Tel:
+44-20-3463-5000 |
Jonathan Evans |
|
Lothbury Financial
Services |
Tel:
+44-20-3290-0707 |
Michael Padley |
|
Hall
Communications |
Tel:
+353-1-660-9377 |
Don Hall |
|
Visit the website at:
www.conroygold.com
Chairman’s
Statement
Dear Shareholder,
I have great pleasure in presenting your Company’s Half-Yearly
Report for the six month period ended 30 November 2018. The
period has been one of further successful progress. Excellent
results came from the drilling programme in the Clontibret – Clay
Lake – Glenish gold area and an expanded exploration target of
8.8M oz gold was estimated for the
area as announced on 2 August 2018. Environmental and other
studies continued to progress in relation to the Company’s proposed
mine development at Clontibret. In addition a successful
placing during the half-year raised £500,000 (€556,545) for the
Company to fund the advancement of the Company’s gold assets.
Principal Activities and Business
Review
Gold Price
The price of gold is a dominant feature in any business review
or sensitivity analysis of a gold mining development. During
the period as the Company continued with its exploration and
development activities, it is very pleasing to note a significant
rise in the gold price from less than $1,200 an ounce in October
2018 to over $1,300 an ounce
at the date of writing. It is also relevant that all the
world’s Central Banks have been increasing their holdings of gold
during the past year.
Exploration Activity
The Company’s principal exploration activities during the period
centred around its drilling at Clontibret where, following the
discovery of extensive gold zones with wide mineralised
intersections and grades up to 24g/t gold, an initial 1,000 metre
drilling programme was expanded by a further 700 metres. This
resulted in the discovery of further significant intercepts and
gold grades.
Drilling was also carried out at the Company’s gold targets at
Clay Lake and Glenish, immediately to the northeast and southwest
respectively of Clontibret, as part of an overall drilling
programme encompassing the 17km long gold district, Clontibret –
Clay Lake – Glenish, which the Company has discovered in the
northeast of its licence area.
Gold intersections at Clay Lake included one which extended for
over 150 metres at 0.3g/t gold. This wide gold intersection
adds to previous drilling and trenching results which suggest
potential for high tonnage and overall gold content in the Clay
Lake gold target.
Bedrock Gold Discovery
A new area of bedrock gold mineralisation was discovered during
prospecting between the Clontibret gold deposit and the Corcaskea
gold target. The grade of the gold outcrop discovered is
5.6g/t gold. This newly discovered outcrop lies to the north
of the Clontibret gold deposit, on which the Company has defined a
JORC resource of 517,000 oz gold, and to the south of the Corcaskea
gold target, which has yielded significant gold intersections in
trenches, including 16.5 metres at 6.5g/t gold and 12 metres at
4.9g/t gold. The relevance of this discovery is that
geological interpretation suggests that continuity between the
Clontibret gold deposit, which is open in all directions and to
depth, and the Corcaskea gold target is becoming established.
Proving continuity between the Clontibret gold deposit and the
Corcaskea gold target will indicate significantly increased gold
potential in the area.
Exploration Target Update
During the half-year an updated Exploration Target of
8.8M ounces gold associated with the
gold-in-soil anomalies in the Clontibret–Clay Lake–Glenish gold
district has been estimated by consulting geologist Professor
Garth Earls (Professor Earls is also
a non-executive director of the Company). This updated
Exploration Target of 8.8M oz gold
does not include the already defined JORC compliant resource of
517,000 oz gold in the Clontibret gold deposit. The updated
target is to a depth of 200 metres and now includes the Glenish
gold target. It should be noted, however, that the potential
quantity and grade of the Exploration Target are, however,
essentially conceptual in nature and must not be construed as
Resources or Reserves.
Future Drilling and Other Activities
Further drilling is planned for the Clontibret – Clay Lake –
Glenish gold target area with a view to increasing the resource at
Clontibret and delineating the gold potential at Clay Lake and
Glenish and indeed elsewhere along the 65km (40 miles) gold trend
which your Company has discovered. There will also be follow
up on the gold in bedrock discovery between the Clontibret gold
deposit and the Corcaskea gold target.
Mine Development
The ultimate objective of your Company’s exploration programme
is, of course, the discovery and development of economic mineral
resources. A Preliminary Economic Assessment (PEA) has indicated
technical and financial feasibility of the Company’s Clontibret
gold deposit and environmental and other studies related to the
projected mine development continue.
Summary
Overall the geology of the area, further excellent drilling
results during 2018, the recent bedrock discovery between the
resource area and Corcaskea and the presence of 65km (40 miles)
gold trend discovered by the Company all lend encouragement and
substance to our belief that the discovery of a multimillion ounce
gold deposit in the Company’s licence area is highly
achievable.
Finance
The loss after taxation for the half-year ended 30 November 2018 was €285,604 (six-month period
ended 30 November 2017: loss
€458,222) and the net assets as at 30
November 2018 were €18,145,291 (30
November 2017: €16,709,325). During the half – year a
placing to raise £500,000 (€556,545) was successfully completed by
the Company.
Directors and Staff
I would like to thank my fellow directors, staff and consultants
for their support and dedication, which has enabled the continued
success of the Company.
Outlook
We look forward to continuing to make successful progress with
our exploration, delineation and development programmes on the
Company’s gold properties.
Professor Richard Conroy
Chairman
28 February 2019
Condensed
consolidated income statement and condensed consolidated statement
of comprehensive income
for the six-month
period ended 30 November 2018
Condensed consolidated income
statement |
|
|
|
|
|
|
|
Note |
Six-month period
ended 30 November 2018
(Unaudited) € |
|
Six-month period ended 30 November 2017
(Unaudited) € |
|
Year ended 31 May
2018
(Audited) € |
|
|
|
|
|
|
|
Continuing operations |
|
|
|
|
|
|
Operating expenses |
|
(285,604) |
|
(458,222) |
|
(745,498) |
Finance income – interest |
|
- |
|
- |
|
13 |
|
|
|
|
|
|
|
Loss before taxation |
|
(285,604) |
|
(458,222) |
|
(745,485) |
|
|
|
|
|
|
|
Income tax expense |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
Loss for the financial
period/year |
|
(285,604) |
|
(458,222) |
|
(745,485) |
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
Basic loss per ordinary share |
2 |
(€0.0130) |
|
(€0.0401) |
|
(€0.0485) |
Diluted loss per ordinary share |
2 |
(€0.0130) |
|
(€0.0401) |
|
(€0.0396) |
|
|
|
|
|
|
|
|
|
|
|
Six-month period
ended 30 November 2018
(Unaudited) € |
|
Six-month period
ended 30 November 2017 (Unaudited) € |
|
Year ended 31 May
2018 (Audited) € |
|
|
|
|
|
|
|
Loss for the financial
period/year |
|
(285,604) |
|
(458,222) |
|
(745,485) |
|
|
|
|
|
|
|
Income/expense recognised in other
comprehensive income |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
Total comprehensive expense for
the financial period/year |
|
(285,604) |
|
(458,222) |
|
(745,485) |
Condensed consolidated statement of financial
position as at 30 November
2018
|
Note |
30 November 2018
(Unaudited) |
|
30 November 2017
(Unaudited) |
|
Year ended 31 May
2018 (Audited) |
|
|
€ |
|
€ |
|
€ |
Assets |
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Intangible assets |
4 |
21,487,318 |
|
19,981,950 |
|
21,000,286 |
Property, plant and
equipment |
|
12,292 |
|
14,174 |
|
13,232 |
Total non-current
assets |
|
21,499,610 |
|
19,996,124 |
|
21,013,518 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash
equivalents |
|
53,773 |
|
102,109 |
|
233,161 |
Other receivables |
|
99,664 |
|
97,117 |
|
72,298 |
Total current
assets |
|
153,437 |
|
199,226 |
|
305,459 |
|
|
|
|
|
|
|
Total assets |
|
21,653,047 |
|
20,195,350 |
|
21,318,977 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Capital and
reserves |
|
|
|
|
|
|
Called up share
capital |
|
23,693 |
|
12,214 |
|
20,057 |
Called up deferred
share capital |
|
10,504,431 |
|
10,504,431 |
|
10,504,431 |
Share premium |
|
12,727,194 |
|
11,054,732 |
|
12,174,285 |
Capital conversion
reserve fund |
|
30,617 |
|
30,617 |
|
30,617 |
Share based payments
reserve |
|
751,293 |
|
1,542,961 |
|
995,489 |
Retained losses |
|
(5,891,937) |
|
(6,435,630) |
|
(5,850,529) |
Total equity |
|
18,145,291 |
|
16,709,325 |
|
17,874,350 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Directors’ loans |
5 |
185,343 |
|
180,343 |
|
185,343 |
Total non-current
liabilities |
|
185,343 |
|
180,343 |
|
185,343 |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Trade and other
payables: amounts falling due within one year |
|
3,322,413 |
|
3,305,682 |
|
3,259,284 |
Total current
liabilities |
|
3,322,413 |
|
3,305,682 |
|
3,259,284 |
|
|
|
|
|
|
|
Total liabilities |
|
3,507,756 |
|
3,486,025 |
|
3,444,627 |
|
|
|
|
|
|
|
Total equity and
liabilities |
|
21,653,047 |
|
20,195,350 |
|
21,318,977 |
Condensed consolidated statement of cash
flows
for the six-month
period ended 30 November 2018
|
|
|
|
|
|
|
Six-month period
ended 30 November 2018
(Unaudited) € |
|
Six-month period
ended 30 November 2017 (Unaudited) € |
|
Year ended 31 May
2018 (Audited) € |
Cash flows from operating
activities |
|
|
|
|
|
Loss for the financial
period/year |
(285,604) |
|
(458,222) |
|
(745,485) |
Adjustments for: |
|
|
|
|
|
Depreciation |
940 |
|
942 |
|
1,884 |
Expense recognised in income
statement in respect of equity settled share based payments |
- |
|
- |
|
74,621 |
(Increase)/decrease in other
receivables |
(27,366) |
|
1,863 |
|
26,862 |
Increase in trade and other
payables |
58,792 |
|
551,279 |
|
665,196 |
Net cash (outflow)/provided by
operating activities |
(253,238) |
|
95,862 |
|
22,898 |
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
|
Investment in exploration and
evaluation |
(487,032) |
|
(322,846) |
|
(1,042,705) |
Payments to acquire property, plant
and equipment |
- |
|
- |
|
- |
Net cash used in investing
activities |
(487,032) |
|
(322,846) |
|
(1,042,705) |
|
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
|
Issue of share capital |
556,545 |
|
406,680 |
|
1,543,076 |
Share issue costs |
- |
|
- |
|
(48,206) |
(Repayments)/advances from
Directors’ |
- |
|
(96,944) |
|
(91,944) |
Advances/(Repayments) from Karelian
Diamond Resources P.L.C. |
4,337 |
|
(347) |
|
(160,662) |
Net cash provided by financing
activities |
560,882 |
|
309,389 |
|
1,233,264 |
|
|
|
|
|
|
(Decrease)/Increase in cash and
cash equivalents |
(179,388) |
|
82,405 |
|
213,457 |
Cash and cash equivalents at
beginning of financial period/year |
233,161 |
|
19,704 |
|
19,704 |
Cash and cash equivalents at end
of financial period/year |
53,773 |
|
102,109 |
|
233,161 |
Condensed
consolidated statement of changes in equity
for the six-month
period ended 30 November 2018
|
Share
capital (including called up deferred share capital) |
Share
premium |
Capital conversion reserve fund |
Share
based payment reserve |
Retained
losses |
Total
equity |
|
€ |
€ |
€ |
€ |
€ |
€ |
Balance at 1 June 2018 |
10,524,488 |
12,174,285 |
30,617 |
995,489 |
(5,850,529) |
17,874,350 |
Share issue |
3,636 |
552,909 |
- |
- |
- |
556,545 |
Transfer from
share-based payment reserve to retained losses |
- |
- |
- |
(244,196) |
244,196 |
- |
Loss for the financial
period |
- |
- |
- |
- |
(285,604) |
(285,604) |
Balance at 30
November 2018 |
10,528,124 |
12,727,194 |
30,617 |
751,293 |
(5,891,937) |
18,145,291 |
Balance at 1 June 2017 |
10,515,445 |
10,649,252 |
30,617 |
1,542,961 |
(5,977,408) |
16,760,867 |
Share issue |
1,200 |
405,480 |
- |
- |
- |
406,680 |
Loss for the financial
period |
- |
- |
- |
- |
(458,222) |
(458,222) |
Balance at 30
November 2017 |
10,516,645 |
11,054,732 |
30,617 |
1,542,961 |
(6,435,630) |
16,709,325 |
Share capital
The share capital comprises the nominal value share capital
issued for cash and non-cash consideration. The share capital also
comprises deferred share capital. The deferred share capital arose
through the restructuring of share capital which was approved at
General Meetings held on 26 February
2015 and 14 December 2015.
Authorised share capital:
The authorised share capital at 30
November 2018 comprised 11,995,569,058 ordinary shares of
€0.001 each, 306,779,844 deferred shares of €0.02 each, and
437,320,727 deferred shares of €0.00999 each (€22,500,000),
(30 November 2017: 11,995,569,058
ordinary shares of €0.001 each, 306,779,844 deferred shares of
€0.02 each, and 437,320,727 deferred shares of €0.00999 each
(€22,500,000)).
Share issues during the period ended
30 November 2018:
On 24 August 2018, the Company
raised €556,545, (before expenses), through the issue of 3,636,365
ordinary shares of €0.001 in the capital of the Company at a price
of £0.1375 per Subscription Share.
Share premium
The share premium reserve comprises the excess consideration
received in respect of share capital over the nominal value of the
shares issued.
Capital conversion reserve fund
The ordinary shares of the Company were re-nominalised from
€0.03174435 each to €0.03 each in 2001 and the amount by which the
issued share capital of the Company was reduced, was transferred to
the capital conversion reserve fund.
Share based payment reserve
The share based payment reserve represents the amount expensed
to the condensed consolidated income statement in addition to the
amount capitalised as part of intangible assets of share-based
payments granted which are not yet exercised and issued as shares.
During the six month period ended 30
November 2018 a number of unexercised warrants expired
resulting in a transfer of €244,196 from this reserve to retained
losses.
Retained losses
This reserve represents the accumulated losses absorbed by the
Company to the condensed consolidated statement of financial
position date.
Notes
to and forming
part of the condensed consolidated financial statements for the
six-month period ended 30 November
2018
- Accounting policies
Reporting entity
Conroy Gold and Natural Resources
plc (the “Company”) is a company domiciled in Ireland. The unaudited condensed consolidated
financial statements for the six-month period ended 30 November 2018 comprise the condensed financial
statements of the Company and its subsidiaries (together referred
to as the “Group”).
Basis of preparation and statement of
compliance
The condensed consolidated financial statements have been
prepared in accordance with International Accounting Standard
(“IAS”) 34: Interim Financial Reporting.
The condensed consolidated financial statements do not include
all the information and disclosures required in the annual
consolidated financial statements, and should be read in
conjunction with the Group’s annual consolidated financial
statements as at 31 May 2018, which
are available on the Group’s website - www.conroygold.com . The
accounting policies adopted in the presentation of the condensed
consolidated financial statements are consistent with those
followed in the preparation of the Group’s annual consolidated
financial statements for the year ended 31
May 2018. IFRS 15: Revenue from Contracts with
Customers (“IFRS 15”) is effective for the first time in the
current interim period. The Directors have assessed that the impact
of IFRS 15 on the condensed financial statements for the current
period will not be material.
The condensed consolidated financial statements have been
prepared under the historical cost convention, except for
derivative financial instruments which are measured at fair value
at each reporting date.
The condensed consolidated financial statements are presented in
Euro (“€”). € is the functional currency of the Group.
The preparation of condensed consolidated financial statements
requires the Board of Directors and management to use judgements,
estimates and assumptions that affect the application of policies
and reported amounts of assets, liabilities, income and expenses.
Actual results may differ from those estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the financial period in
which the estimate is revised and in any future financial periods
affected. Details of critical judgements are disclosed in the
accounting policies detailed in the annual consolidated financial
statements.
The financial information presented herein does not amount to
statutory consolidated financial statements that are required by
Chapter 4 part 6 of the Companies Act 2014 to be annexed to the
annual return of the Company. The statutory consolidated financial
statements for the financial year ended 31
May 2018 were annexed to the annual return and filed with
the Registrar of Companies. The audit report on those consolidated
financial statements was unqualified.
These Condensed Consolidated Financial Statements were
authorised for issue by the Board of Directors on 28 February 2019.
Going concern
The Group incurred a loss of €285,604 for the six-month period
ended 30 November 2018 (six month
period ended 30 November 2017:
€458,222). The Group had net current liabilities of €3,168,976 at
that date (30 November 2017:
€3,106,456).
The Board of Directors have considered carefully the financial
position of the Group and in that context, have prepared and
reviewed cash flow forecasts for the period to 29 February 2020. In reviewing the proposed work
programme for exploration and evaluation assets and on the basis of
the equity raised during the period ended 30
November 2018, the results obtained from the exploration
programme and the prospects for raising additional funds as
required, the Board of Directors are satisfied that it is
appropriate to prepare the condensed consolidated financial
statements on a going concern basis.
- Accounting policies
(continued)
New and amended standards adopted by
the group
A number of new or amended standards became applicable for the
current reporting period. IFRS 15: Revenue from Contracts with
Customers (“IFRS 15”) is effective for the first time in the
current interim period. The Directors have assessed that the impact
of IFRS 15 on the condensed financial statements for the current
period will not be material.
Standards, interpretations and
amendments issued but not yet effective
The following new standards, amendments to standards and
interpretations have been issued to date and are not yet effective
for the financial period ended 30 November
2018, and have not been applied nor early adopted, where
applicable, in preparing these condensed financial statements:
- IFRS 9: Financial Instruments - effective for annual
periods beginning 1 January 2018
- IFRS 16: Leases - effective for periods beginning 1 January 2019
• IFRS 17: Insurance Contracts - effective for
periods beginning 1 January 2021
• IFRS10/IAS28: Sale or contribution of an
asset between an investor and its Associate of Joint Venture
(Amendment) – Deferred indefinitely by amendments made in
December 2015.
The Board of Directors anticipate that the adoption of new
standards, interpretations and amendments that were in issue at the
date of authorisation of these condensed financial statements, but
not yet effective, will have no material impact on the condensed
financial statements in the period of initial application.
- Loss per share
Basic earnings per
share |
|
|
Six-month period ended 30 November 2018
(Unaudited) € |
|
Six-month period ended 30 November 2017 (Unaudited) € |
|
Year
ended 31 May 2018
(Audited) € |
Loss for the financial
period/year attributable to equity holders of the Company |
|
|
(285,604) |
|
(458,222) |
|
(745,485) |
|
|
|
|
|
|
|
|
Number of ordinary shares at start
of financial period/year |
|
|
20,056,674 |
|
11,013,537 |
|
11,013,537 |
Number of ordinary shares issued
during the financial period/year |
|
|
3,636,365 |
|
1,200,000 |
|
9,043,137 |
Number of ordinary shares at end of
financial period/year |
|
|
23,693,039 |
|
12,213,537 |
|
20,056,674 |
Weighted average number of ordinary
shares for the purposes of basic earnings per share |
|
|
22,023,947 |
|
11,424,773 |
|
15,379,675 |
Basic loss per ordinary
share |
|
|
(€0.0130) |
|
(€0.0401) |
|
(€0.0485) |
|
|
|
|
|
|
|
|
Weighted average number of ordinary
shares for the purposes of diluted earnings per share |
|
|
22,023,947 |
|
11,424,773 |
|
18,839,251 |
Diluted loss per ordinary
share |
|
|
(€0.0130) |
|
(€0.0401) |
|
(€0.0396) |
- Subsidiaries
Shares in subsidiary companies
(Unlisted shares) at cost: |
30 November 2018
(Unaudited) € |
|
30 November 2017
(Unaudited) € |
|
31 May 2018
(Audited) € |
Conroy Gold Limited – 100%
owned |
- |
|
- |
|
- |
Trans International Mineral
Exploration Limited – 100% owned |
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
The registered office of the above non-trading subsidiaries is
3300 Lake Drive, Citywest Business Campus, Dublin 24, D24 TD21, Ireland.
Basis of consolidation
The condensed consolidated financial statements include the
condensed financial statements of Conroy
Gold and Natural Resources plc and its subsidiaries.
Subsidiaries are entities controlled by the Company. Control exists
when the Group is exposed to or has the right to variable returns
from its involvement with the entity and has the ability to affect
those returns through its control over the entity. In assessing
control, potential voting rights that presently are exercisable are
taken into account. The condensed financial statements of
subsidiaries are included in the condensed consolidated financial
statements from the date that control commences until the date that
control ceases. Intra-Group balances, and any unrealised income and
expenses arising from intra-Group transactions are eliminated in
preparing the condensed consolidated financial statements.
- Intangible assets
Exploration and evaluation
assets |
|
|
|
|
|
|
Cost |
30
November 2018 (Unaudited) € |
|
30
November 2017 (Unaudited) € |
|
31 May 2018
(Audited) € |
At 1 June |
21,000,286 |
|
19,659,104 |
|
19,659,104 |
Expenditure during the financial
period/year |
|
|
|
|
|
- License and appraisal costs
|
259,740 |
|
38,851 |
|
530,959 |
|
227,292 |
|
283,995 |
|
511,746 |
- Equity settled share based payments
|
- |
|
- |
|
298,477 |
At 30 November/31 May |
21,487,318 |
|
19,981,950 |
|
21,000,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and evaluation assets relate to expenditure incurred
in the development of mineral exploration opportunities. These
assets are carried at historical cost and have been assessed for
impairment in particular with regard to the requirements of IFRS 6:
Exploration for and Evaluation of Mineral Resources relating
to remaining licence or claim terms, likelihood of renewal,
likelihood of further expenditure, possible discontinuation of
activities as a result of specific claims and available data which
may suggest that the recoverable value of an exploration and
evaluation asset is less than its carrying amount.
The Board of Directors have considered the proposed work
programmes for the underlying mineral resources. They are satisfied
that there are no indications of impairment.
The Board of Directors note that the realisation of the
intangible assets is dependent on further successful development
and ultimate production of the mineral resources and the
availability of sufficient finance to bring the resources to
economic maturity and profitability.
- Related party transactions
(a) Directors’ loans |
30 November 2018
(Unaudited) € |
|
30 November 2017
(Unaudited) € |
|
31 May 2018
(Audited) € |
At 1 June |
185,343 |
|
277,287 |
|
277,287 |
Loans advanced |
- |
|
69,736 |
|
89,736 |
Loan repayment |
- |
|
(166,680) |
|
(181,680) |
At 30 November/31
May |
185,343 |
|
180,343 |
|
185,343 |
The Directors’ loan amounts relate to monies owed to Professor
Richard Conroy amounting to €135,918
(31 May 2018: €135,918), and
Maureen T.A. Jones amounting to
€49,425 (31 May 2018: €49,425).
- Apart from Directors’ remuneration, and loans from Directors,
there have been no contracts or arrangements entered into during
the six-month period in which a Director of the Group had a
material interest.
- The Group shares accommodation with Karelian Diamond Resources
plc which have certain common Directors and shareholders. For the
six-month period ended 30 November
2018, the Group incurred costs totalling €74,968
(30 November 2017: €143,686) on
behalf of Karelian Diamond Resources plc. These costs were
recharged to Karelian Diamond Resources plc by the Group. At
30 November 2018, the Group owed
€117,514 (30 November 2017: €273,453)
to Karelian Diamond Resources plc. Amounts owed to Karelian Diamond
Resources plc are included within trade and other payables in the
current and previous financial periods/years.
- Commitments and contingencies
The Group has received prospecting licences under the Republic
of Ireland Mineral Development Acts 1940 to 1995 for areas in
Monaghan and Cavan. It has also received licences in Northern Ireland for areas in Armagh in
accordance with the Mineral Development Act (Northern Ireland) 1969.
At 30 November 2018, the Group had
work commitments of approximately €340,000 for the forthcoming
year, in respect of prospecting licences held (31 May 2018: €440,000).
- Approval of the Condensed Consolidated Financial
Statements
These Condensed Consolidated Financial Statements were approved
by the Board of Directors on 27 February
2019. A copy of the Condensed Consolidated Financial
Statements will be available on the Group’s website
www.conroygold.com on 28 February
2019.