18 February 2019
Karelian Diamond
Resources plc
(“Karelian” or “the Company”)
Half-yearly
results for the six months ended 30 November
2018
Karelian Diamond Resources plc (AIM: KDR), the diamond
exploration company focused on Finland, announces its unaudited results for
the six months ended 30 November
2018.
Highlights of the half-year period
included:
- Assessment of the Lahtojoki diamond deposit continues; the
broker model valued the project at US$32.9M, with an IRR of 50.2%. Over the
past six months, the Company has spent considerable time in
relation to regulatory issues as it prepares to develop a
mine.
- Drilling was carried out on both Anomaly 5 and at Riihivaara
leading to the discovery of orangeite in both areas, a potentially
diamondiferous host rock.
- At Anomaly 5, where the Company discovered a green diamond in a
till sample, the orangeite (Group II Kimberlite) was up-ice from
the diamond discovery.
- At Riihivaarä - the drilling programme also yielded positive
results, with further evidence of diamond potential in the
area.
Commenting, Chairman, Professor
Richard Conroy said:
“The Company has made successful
progress, particularly in regard to regulatory matters, with its
Lahtojoki Diamond Mining Project as we move towards the issuance of
a mining permit. In addition, the results, at Anomaly 5 and
Riihivaara, enhance not only our understanding of the Riihivaara
kimberlite and Anomaly 5 but also of the possible overall diamond
potential of the Kuhmo region of Finland.”
For further
information please contact:
Karelian Diamond
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 |
|
www.kareliandiamondresources.com
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CHAIRMAN’S STATEMENT
I have great pleasure in presenting your Company’s Half-Yearly
Report for the six months ended 30 November 2018. During the
period, your Company made successful progress with its Lahtojoki
Diamond Mining Project in the Kuopio-Kaavi region of Finland towards the issuance of a mining
permit which is of course essential before the Company can proceed
with developing a mine. The Company’s diamond exploration
programme in the Kuhmo region of Eastern
Finland also made good progress with drilling resulting in
the discovery of orangeite, a potentially diamondiferous host
rock.
The Lahtojoki Diamond Mining
Project
The complexity of assessing a diamond deposit’s value is
considerable. The size, colour and quality of the diamonds
are all critical aspects as are the kimberlite host rocks and pipe
geology. Mining and processing methods are also
crucial. Your Company is also conscious, as it moves forward
with its assessment of the Lahtojoki diamond deposit and,
hopefully, of proceeding with a mine, of the importance, not only
of the technical and financial aspects, but also of the social,
environmental, local and regulatory issues involved.
Over the past six months, your Company has spent considerable
time in relation to regulatory issues. In particular on
compensation for land use, an essential part of the regulatory
processes in Finland which lead to
the issuance of a mining permit. The Company has
been in contact with all of the landowners involved and
subsequently the Managing Director and I met personally with most
of the individual landowners or their representatives. The
process has involved a great deal of time and effort, but I am glad
to be able to say that matters are now at an advanced stage.
Brandon Hill Capital (“BHC”), the Company’s brokers, has
modelled the Lahtojoki Diamond Project based on the Preliminary
Economic Assessment (“PEA”), (as announced 1
August 2017). BHC valued the project at US$32.9M, with an IRR of 50.2% using a discount
rate of 10% and an average diamond price of US$100 ct. BHC also pointed to the fact
that although pink diamonds only accounted for 5% of the production
at the Argyle mine in Western
Australia, they generated 50% of the revenue and that pink
diamonds having been found at Lahtojoki that there could be a
significant upside to the US$100 ct
used in their modelling. (BHC Report 16
January 2019)
Technical matters at Lahtojoki are of course also related to
regulatory issues. There is no point in your Company
proceeding with extensive, and expensive, technical programmes
before regulatory matters are satisfactorily completed.
However, untested drillcore from drilling by a previous operator
were available which had not previously been analysed. No drilling
expenditure was, therefore, necessary and as the drillcore related
to the untested larger Eastern lobe of the deposit which could
yield information highly relevant in relation to any decision to
proceed with a mine, it was decided it would be beneficial to have
some of this drillcore analysed.
The analyses which were performed by Microlithics Laboratories
Inc. in Canada on the drillcore
yielded microdiamond results comparable to the microdiamond results
in the smaller Western and Central portions of the deposit.
The results indicate the potential for high quality diamonds of
good colour and shape and give increased confidence for the
economics of the deposit. They not only serve to confirm the
validity of earlier analyses, by a previous operator, they indicate
that the grade, modelled at 40 carats per hundred tonnes (CPHT) of
rock from past microdiamond results could be reasonably extended
into the Eastern Lobe of the kimberlite at depth.
Diamond Exploration Programme
Positive progress has continued to be made in the Company’s
exploration programmes. Drilling was carried out on both Anomaly 5
and at Riihivaara leading to the discovery of orangeite in both
areas, a potentially diamondiferous host rock.
Anomaly 5 Drilling
The drill programme in the anomalous area (Anomaly 5) where the
Company discovered a green diamond in a till sample led to the
discovery of orangeite (Group II Kimberlite) up-ice from the green
diamond discovery. Orangeite is a potentially diamondiferous
host rock of which the best-known example is the major Finsch
Diamond Mine in South Africa. The name Orangeite comes from
its first discovery near the Orange River in South Africa.
Interestingly, in its early days of production, the Finsch mine
produced green diamonds. This discovery is a considerable
encouragement as we search for the source of the green diamond or
of other diamond sources in Anomaly 5.
Riihivaara Drilling
The drilling programme at Riihivaara also yielded positive
results, with further evidence of diamond potential in the
area. The drilling programme was designed to intersect
kimberlite at a deeper level in bedrock, where pitting had already
discovered a kimberlite near surface, and also to provide
additional kimberlite material for analysis.
The drilling successfully intersected kimberlite at a deeper
level and provided material both for scanning electron microscopy
(“SEM”) and thin sections studies which were done at the Geological
Survey of Finland (“GTK”)
laboratories. The SEM studies confirmed that the kimberlite
was an orangeite and diamondiferous potential was indicated by thin
section and SEM studies with the presence of a G10 garnet grain
showing that the kimberlite includes mantle material which
increases the likelihood that this kimberlite may be
diamondiferous.
These results, at Anomaly 5 and Riihivaara, enhance not only our
understanding of the Riihivaara kimberlite and Anomaly 5 but also
of the possible overall diamond potential of the Kuhmo region of
Finland.
This steady, incremental progress and continued success of our
diamond exploration programme in Finland is very encouraging as we continue to
pursue our long-term goal of discovering a major diamond deposit in
the Finnish sector of the Karelian Craton.
Finance
The loss before taxation for the half-year ended 30 November 2018 was €215,342 (6 months ended
30 November 2017: €211,590) and the
net assets as at 30 November 2018
were €9,345,090 (30 November 2017:
€9,281,407).
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 progress at Lahtojoki and
to further success with our exploration programme.
Professor Richard Conroy
Chairman
18 February 2019
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Note |
Six
month period ended 30 November 2018
(Unaudited) € |
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Six
month period ended 30 November 2017
(Unaudited) € |
|
Year
ended 31 May 2018
(Audited) € |
Continuing operations |
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Operating expenses |
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(215,342) |
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(211,590) |
|
(439,568) |
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Loss before taxation |
|
(215,342) |
|
(211,590) |
|
(439,568) |
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|
|
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|
|
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Income tax expense |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
Loss for the financial
period/year |
|
(215,342) |
|
(211,590) |
|
(439,568) |
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Loss per share |
|
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Basic and diluted loss per
share |
2 |
(€0.0064) |
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(€0.0091) |
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(€0.0188) |
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Condensed statement
of comprehensive income
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Six month period
ended 30 November 2018
(Unaudited) € |
|
Six month period
ended 30 November 2017
(Unaudited) € |
|
Year ended 31 May
2018
(Audited) € |
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Loss for the financial
period/year |
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(215,342) |
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(211,590) |
|
(439,568) |
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Income/expense recognised in other
comprehensive income |
|
- |
|
- |
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- |
|
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|
|
|
|
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Total comprehensive expense for
the financial period/year |
|
(215,342) |
|
(211,590) |
|
(439,568) |
The accompanying notes form an
integral part of these condensed financial statements.
|
Note |
30 November 2018
(Unaudited) |
|
30 November 2017
(Unaudited) |
|
Year ended 31 May
2018 (Audited) |
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€ |
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€ |
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€ |
Assets |
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Non-current
assets |
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Intangible assets |
3 |
9,967,646 |
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9,607,634 |
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9,661,559 |
Financial assets |
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4 |
|
4 |
|
4 |
Total non-current
assets |
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9,967,650 |
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9,607,638 |
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9,661,563 |
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Current assets |
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Cash and cash
equivalents |
|
198,692 |
|
44,347 |
|
18,703 |
Other receivables |
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166,655 |
|
386,848 |
|
241,859 |
Total current
assets |
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365,347 |
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431,195 |
|
260,562 |
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Total assets |
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10,332,997 |
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10,038,833 |
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9,922,125 |
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Equity |
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Capital and
reserves |
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Called up share
capital |
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8,622 |
|
5,844 |
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5,844 |
Called up deferred
share capital |
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3,174,672 |
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3,174,672 |
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3,174,672 |
Share premium |
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8,768,276 |
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8,201,664 |
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8,201,664 |
Share based payments
reserve |
|
525,124 |
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802,939 |
|
519,159 |
Retained losses |
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(3,131,604) |
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(2,903,712) |
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(2,884,872) |
Total equity |
|
9,345,090 |
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9,281,407 |
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9,016,467 |
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Liabilities |
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Non-current
liabilities |
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Trade and other payables: amounts
falling due after more than one year |
5 |
158,008 |
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158,088 |
|
192,489 |
Total non-current
liabilities |
|
158,008 |
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158,088 |
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192,489 |
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Current
liabilities |
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Trade and other
payables: amounts falling due within one year |
|
829,899 |
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599,338 |
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713,169 |
Total current
liabilities |
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829,899 |
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599,338 |
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713,169 |
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Total liabilities |
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987,907 |
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757,426 |
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905,658 |
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Total equity and
liabilities |
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10,332,997 |
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10,038,833 |
|
9,922,125 |
The accompanying
notes form an integral part of these condensed financial
statements.
|
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 |
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Loss for the financial
period/year |
(215,342) |
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(211,590) |
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(439,568) |
Adjustments for: |
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Expense recognised in income
statement in respect of equity settled share based payments |
5,965 |
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6,810 |
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- |
Increase in trade and other
payables |
116,730 |
|
120,536 |
|
234,367 |
Decrease/(increase) in other
receivables |
70,827 |
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(94,633) |
|
(109,960) |
Net cash used in operating
activities |
(21,820) |
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(178,877) |
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(315,161) |
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Cash flows from investing
activities |
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Investment in exploration and
evaluation |
(306,087) |
|
(300,527) |
|
(384,604) |
Net cash used in investing
activities |
(306,087) |
|
(300,527) |
|
(384,604) |
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Cash flows from financing
activities |
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Issue of share capital |
569,390 |
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- |
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- |
Share issue costs |
(31,390) |
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- |
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- |
Shareholder’s loan
(repayments)/advances |
(34,481) |
|
80 |
|
34,481 |
Advances from Conroy Gold and
Natural Resources P.L.C. |
4,377 |
|
347 |
|
160,663 |
Net cash provided by financing
activities |
507,896 |
|
427 |
|
195,144 |
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Increase/(decrease) in cash and
cash equivalents |
179,989 |
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(478,977) |
|
(504,621) |
Cash and cash equivalents at
beginning of financial period/year |
18,703 |
|
523,324 |
|
523,324 |
Cash and cash equivalents at end
of financial period/year |
198,692 |
|
44,347 |
|
18,703 |
The accompanying
notes form an integral part of these condensed financial
statements
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Share
capital (including deferred share capital) |
Share
premium |
Share-based payment reserve |
Retained
losses |
Total
equity |
|
€ |
€ |
€ |
€ |
€ |
Balance at 1 June
2018 |
3,180,516 |
8,201,664 |
519,159 |
(2,884,872) |
9,016,467 |
Issue of share
capital |
2,778 |
566,612 |
- |
- |
569,390 |
Share issue costs |
- |
- |
- |
(31,390) |
(31,390) |
Share-based
payments |
- |
- |
5,965 |
- |
5,965 |
Loss for the financial
period |
- |
- |
- |
(215,342) |
(215,342) |
Balance at 30
November 2018 |
3,183,294 |
8,768,276 |
525,124 |
(3,131,604) |
9,345,090 |
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Balance at 1 June
2017 |
3,180,516 |
8,201,664 |
765,977 |
(2,692,122) |
9,456,035 |
Share-based
payments |
- |
- |
36,962 |
- |
36,962 |
Loss for the financial
period |
- |
- |
- |
(211,590) |
(211,590) |
Balance at 30
November 2017 |
3,180,516 |
8,201,664 |
802,939 |
(2,903,712) |
9,281,407 |
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 an Annual General Meeting held on
9 December 2016.
Authorised share capital:
The authorised share capital at 30
November 2018 compromised 7,301,301,041 ordinary shares of
€0.00025 each, and 317,785,034 deferred shares of €0.00999
each* (€5,000,000), (30 November
2017: 182,532,751,034 ordinary shares of €0.00001 each, and
317,785,034 deferred shares of €0.00999 each (€5,000,000)).
*Capital reorganisation:
Following approval at an Annual General Meeting (“AGM”) held on
9 December 2016, the Company
reorganised its share capital by subdividing and reclassifying each
issued ordinary share of €0.01 as one ordinary share of €0.00001
each and one deferred share of €0.00999 each. The Deferred
Shares have no right to vote, attend or speak at general meetings
of the Company and have no right to receive any dividend or other
distribution, and have only limited rights to participate in any
return of capital on a winding-up or liquidation of the Company,
which will be of no material value. No application was made to the
London Stock Exchange for admission of the Deferred Shares to
trading on the AIM.
Consolidated shares:
On 21 December 2017, the Company
passed a Special Resolution at the Company’s AGM, that all of the
ordinary shares of €0.00001 each in the capital of the Company,
whether issued or unissued were consolidated into New Ordinary
Shares of €0.00025 each in the capital of the Company
(“consolidated shares”) on the basis of one consolidated share for
every 25 existing ordinary shares. Following the consolidation of
the ordinary shares on 21 December
2017, the warrants in issue were consolidated into one
consolidated warrant for every 25 existing warrants. The exercise
price in relation to the warrants was also adjusted at this time
(see Note 2).
Share issues during the period:
On 11 June 2018, the Company
raised €569,390, (before expenses), through the issue of 11,111,111
ordinary shares of €0.00025 in the capital of the Company at a
price of £0.045 per Subscription Share. 388,889 broker warrants
were also issued on 11 June 2018.
Share premium
The share premium reserve comprises the excess consideration
received in respect of share capital over the nominal value of the
shares issued.
Share based payment reserve
The share based payment reserve represents the amount expensed
to the condensed 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.
Retained losses
This reserve represents the accumulated losses incurred by the
Company up to the condensed statement of financial position
date.
The accompanying
notes form an integral part of these condensed financial
statements.
Notes to and forming part of the
condensed financial statements for the six month period ended
30 November 2018
- Accounting policies
Reporting entity
Karelian Diamond Resources plc (the “Company”) is a company
domiciled in Ireland.
Basis of preparation and statement of
compliance
The condensed financial statements for the six months ended
30 November 2018 are unaudited.
The condensed financial statements have been prepared in
accordance with International Accounting Standard (“IAS”) 34:
Interim Financial Reporting.
The condensed financial statements do not include all the
information and disclosures required in the annual financial
statements, and should be read in conjunction with the Company’s
annual financial statements as at 31 May
2018, which are available on the Company’s website -
www.kareliandiamondresources.com. The accounting policies adopted
in the presentation of the condensed financial statements are
consistent with those followed in the preparation of the Company’s
annual 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 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 financial statements are presented in Euro (“€”).
€ is the functional currency of the Company.
The preparation of condensed 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 financial
statements.
The financial information presented herein does not amount to
statutory 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 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 financial statements was unqualified.
These Condensed Financial Statements were authorised for issue
by the Board of Directors on 18 February
2018.
Going concern
The Company incurred a loss of €215,342 (30 November 2017: €211,590) for the six month
period ended 30 November 2018. The
Company had net current liabilities of €464,552 (30 November 2017: €168,143) at that date.
The Board of Directors have considered carefully the financial
position of the Company and in that context, have prepared and
reviewed cash flow forecasts for the period to 30 November 2019. 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 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 |
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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 |
|
|
(215,342) |
|
(211,590) |
|
(439,568) |
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Number of ordinary shares for the
purposes of earnings per share¥ |
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34,489,179 |
|
23,378,068¥ |
|
23,378,068¥ |
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Loss per ordinary share |
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(€0.0064) |
|
(€0.0091) |
|
(€0.0188) |
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¥ On 21 December
2017, the Company passed a Special Resolution at the
Company’s AGM, that all of the ordinary shares of €0.00001 each in
the capital of the Company, whether issued or unissued were
consolidated into new ordinary shares of €0.00025 each in the
capital of the Company (“consolidated shares”) on the basis of one
consolidated share for every 25 existing ordinary shares. (In
line with IAS 33: Earnings per share, the calculation of basic and
diluted EPS for all periods presented is adjusted retrospectively
when the number of ordinary or potential ordinary shares
outstanding increases as a result of a reverse share
split).
On 11 June 2018, the Company
raised €569,390, (before expenses), through the issue of 11,111,111
ordinary shares of €0.00025 in the capital of the Company at a
price of £0.045 per Subscription Share.
- Loss per share (continued)
Diluted earnings per share
The effect of share options and warrants is anti-dilutive.
Following the consolidation of the ordinary shares on
21 December 2017, the warrants in
issue were consolidated into one consolidated warrant for every 25
existing warrants. The exercise price in relation to the warrants
was also adjusted at that time, to the following:
- Expiry date: 29 December 2018 -
20p sterling;
- Expiry date: 28 April 2019 - 20p
sterling;
- Expiry date: 16 November 2022 -
£2.20 sterling.
- Intangible assets
Exploration and
evaluation assets |
|
|
|
|
|
|
Cost |
30
November 2018 (Unaudited) € |
|
30
November 2017 (Unaudited) € |
|
31 May 2018
(Audited) € |
At 1 June |
9,661,559 |
|
9,276,955 |
|
9,276,955 |
Expenditure during the
financial period/year |
|
|
|
|
|
- License and appraisal costs
|
71,198 |
|
136,002 |
|
200,696 |
|
234,889 |
|
164,525 |
|
183,908 |
- Equity settled share based payments
|
- |
|
30,152 |
|
- |
At 30 November/31
May |
9,967,646 |
|
9,607,634 |
|
9,661,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
- Commitments and Contingencies
At 30 November 2018, there were no
capital commitments or contingent liabilities (31 May 2018: No capital commitments or
contingencies liabilities). Should the Company decide to develop
the Lahtojoki project, an amount of €80,000 is payable by the
Company.
- Related party transactions
(a) Shareholders loans |
30 November 2018
(Unaudited) € |
|
30 November 2017
(Unaudited) € |
|
31 May 2018
(Audited) € |
Opening balance 1 June |
192,489 |
|
158,008 |
|
158,008 |
Loan repayment |
(34,481) |
|
- |
|
(80) |
Loan advances |
- |
|
- |
|
34,561 |
Reclassification of loan |
- |
|
80 |
|
- |
Closing balance 30
November/31 May |
158,008 |
|
158,088 |
|
192,489 |
Prior to the various placings of shares, the immediate funding
requirements of the Company had been financed by advances from
Professor Richard Conroy (executive
chairman and major shareholder).
- Apart from Directors’ remuneration, and loans from
shareholders, (who are also Directors), there have been no
contracts or arrangements entered into during the six month period
in which a Director of the Company had a material interest.
- The Company shares accommodation with Conroy Gold and Natural Resources plc which have
certain common Directors and shareholders. For the six month period
ended 30 November 2018, Conroy Gold and Natural Resources plc incurred
costs totalling €74,968 (30 November
2017: €143,686) on behalf of the Company. These costs were
recharged to the Company by Conroy
Gold and Natural Resources plc. At
30 November 2018, Conroy Gold and Natural Resources plc owed
€117,514 (30 November 2017: €273,453)
to the Company. Amounts owed from Conroy
Gold and Natural Resources plc are included within other
receivables in the current and previous financial
periods/years.
- Approval of the Condensed Financial Statements
These Condensed Financial Statements were approved by the Board
of Directors on 15 February 2019. A
copy of the Condensed Financial Statements will be available on the
Company’s website www.kareliandiamondresources.com on 18 February 2019.
ENDS