TIDMKRS
RNS Number : 2847G
Keras Resources PLC
01 March 2018
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
1 March 2018
Keras Resources plc
('Keras' or the 'Company')
Final Results and Notice of AGM
Keras Resources plc, the AIM listed mineral resource company, is
pleased to announce its final results for the year ended 30
September 2017 along with the notice of its Annual General Meeting,
which is to be held on 29 March 2018.
Copies of the Company's full Annual Report and Financial
Statements (the "Annual Report") will be posted to shareholders on
5 March 2018 and will also be made available to download today from
the Company's website at www.kerasplc.com/documents.aspx
The Company's Annual General Meeting ('AGM') will be held at
Craven House, West Street, Farnham, Surrey, GU9 7EN on Thursday 29
March 2018 at 11.00a.m. A formal Notice of AGM and proxy form will
be posted to the Company's shareholders with the Annual Report and
will also be available to download today from the Company's website
at www.kerasplc.com/documents.aspx
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Dave Reeves Keras Resources plc dave@kerasplc.com
Nominated Adviser
David Hignell/Gerry Beaney/
Jamie Spotswood Northland Capital Partners Limited +44 (0) 20 3861 6625
Broker
Damon Heath/Erik Woolgar Shard Capital Partners LLP +44 (0) 20 7186 9952
Tom Curran/Ben Tadd SVS Securities Plc +44 (0) 203 700 0093
Chairman Statement
During the year under review the Company has successfully
capitalised its Australian gold interests, primarily the Klondyke
Gold Project ('Klondyke') in Western Australia by reversing
Klondyke into a company listed on the Australian Stock Exchange
('ASX'), Calidus Resources Limited ('Calidus'). Under the rules of
the ASX the Company's ordinary shares in Calidus ('Calidus Shares')
are held in escrow for a two year period which ends in June 2019,
and the intention of the Directors is to distribute those Calidus
Shares' to Keras shareholders at that time, subject to any Calidus
Shares which may be realised to provide working capital.
Calidus acquired the Klondyke assets from Keras in June 2017 for
the following consideration:
(i) 225,000,000 Calidus Shares were issued to Keras upon
completion of the transaction ('Completion'); and
(ii) 525,000,000 shares upon Completion, which are to be
converted to fully paid Calidus Shares following the achievement of
certain milestones ('Performance Shares'), namely:
a) 250,000,000 Performance Shares to be converted into the same
number of Calidus Shares upon the announcement, within 18 months of
Completion, of a JORC compliant Indicated or Measured Resource of
at least 500,000oz of gold at Klondyke; and
b) 275,000,000 Performance Shares to be converted into the same
number of Calidus Shares upon the announcement, within 36 months of
Completion, of a positive pre-feasibility study, which demonstrates
the Klondyke Project is commercially viable.
3.5% of these shares will be transferred to Keras' financial
advisers in respect of fees relating to the transaction, leaving
96.5% owned by Keras.
The first milestone was met in December 2017 when Calidus
announced a 74% increase in the high grade Warrawoona Resource to
712,000 oz, at which time the first tranche of Performance Shares
was converted to Calidus Shares, subject to the escrow arrangements
set out above. Calidus has stated its intention to announce a
pre-feasibility study before the end of 2018, which is expected to
trigger the second milestone. By the end of the escrow period,
therefore, Keras expects that it will own 723,750,000 Calidus
Shares. The Calidus Shares are included in the financial Statements
at fair value.
Aside from our investment in Calidus, we have an 85% interest in
the Nayega Manganese Project in Togo, West Africa, which we believe
offers significant upside due to its low capex, open pit, near-term
production of 250,000 tonnes per annum of export potential
manganese. Whilst we remain optimistic about the future development
potential of this project, especially given the positive price
performance of manganese, we continue to await the award of a
mining licence.
As part of our commitment to mining in Togo, during the year we
also obtained five exploration licences, covering 854.3 square
kilometres of ground in Togo that cover previously discovered
cobalt and nickel mineralisation. Initial exploration on the
licences has commenced, and Keras is currently considering how best
to advance this project.
The iron ore interests in Gabon have been sold for a nominal
value to our partners in Gabon, as they are not economic at the
current iron ore price. Assets in South Africa have been fully
impaired, and the remaining subsidiary company will be liquidated
as soon as regulatory approvals are obtained.
Board changes
During the year, Peter Hepburn-Brown resigned as director of
Keras. Peter introduced the initial toll milling Australian gold
projects to Keras and as part of the process of separating the two
companies, Peter was appointed as a director of Calidus. I would
like to thank Peter for his contribution to the Company.
Financial review
Due primarily to the disposal of the Klondyke assets in exchange
for Calidus shares, the Income Statement shows a total consolidated
profit for the year of GBP3,895,000 (2016 - loss GBP2,239,000).
Taking into account the increased value of the Calidus Shares, the
net assets at 30 September 2017 are GBP21,293,000 (2016 -
GBP333,000). The net assets at 30 September 2017 represented 0.97p
per share. Furthermore, the Group is now debt free.
Notwithstanding these improvements, the Directors continue to
seek to preserve the Group's cash resources, in preparation for the
grant of the mining licence in Togo. Overhead costs have been
reduced to minimum levels, and each of the Directors has reduced
his remuneration by at least 50%. The total being paid to the three
directors is currently at a rate of GBP39,000 per annum, compared
with total directors remuneration in the year under review of
GBP214,000 and in the previous year GBP438,000.
Outlook
This has been a transformational year for Keras, with the
capitalisation of our gold assets in Australia into Calidus
Shares.
Keras intends to proceed to develop the manganese assets in Togo
into a producing mine as soon as the mining licence is issued.
However, this has been the situation for some considerable time.
The cobalt exploration licences will be evaluated as part of the
general strategy in Togo.
The directors are actively seeking other mineral opportunities
and look forward to providing shareholders with further updates as
appropriate.
Finally, I would like to take this opportunity to thank the rest
of the board and our management team for their hard work, and
shareholders for their support through what has proved to be a
successful period of transition.
Brian Moritz
Chairman
28 February 2018
Operating Review
Principal Activities
The principal activity of the Group during the reporting period
has been the exchange of the Group's Australian gold mining
interests for shares in Calidus Resources Limited ("Calidus"), a
company listed on the Australian Securities Exchange. Following
this transaction the Group no longer mines in Australia and does
not seek to exercise influence over the activities of Calidus, and
holds its shares as a passive investor.
The main areas of activity during the reporting period were
consequently in Australia, with some limited exploration work at
the Group's manganese and cobalt projects in Togo.
In the upcoming year the Directors will focus on identifying new
projects for the Group, as well as seeking to obtain the mining
licence for the Nayega manganese mine in Togo.
Organisation Overview
The Group's business is directed by the Board and has been
managed by David Reeves. The Group's previous senior management
team was transferred to Calidus in June 2017. To date, the Group
has mainly engaged the services of external contractors and
consultants to provide services to its various projects such as
mining and drilling services, metallurgical testwork, engineering
design, and environmental studies. The structure reflects the
relatively small scale nature of the Group's activities, which
necessitates a balance between managing cash expenditure and
achieving the Group's work programmes in a professional and timely
manner.
Strategy and Business Plan
The Group's strategy is to target projects that increase
shareholder value by taking projects through the life cycle from
feasibility to development.
The Group's business model has established the Company as an
efficient and low cost explorer/developer.
During the reporting period the Group was focussed on the
transaction by which the Group's Australian gold assets were sold
to Calidus, the consideration being Calidus shares. This
transaction was completed in June 2017, and the Calidus shares are
in escrow under the rules of ASX until June 2019, when it is
intended that they will be distributed to Keras shareholders.
In Togo, while minimal work was undertaken at the Nayega
Manganese project pending the award of a mining licence from the
Togolese government, further exploration licences were obtained
over areas known to host cobalt mineralisation and initial
exploration was undertaken. Positive discussions with the Togolese
Government continue, but with the current focus in Togo more on
political issues, timing remains unclear.
A definitive feasibility study was previously completed for
Nayega and the project still represents significant value potential
for the Group.
In exploring and developing mineral deposits, the Group accepts
that not all its exploration will be successful but also that the
rewards for success can be high. It therefore expects that its
shareholders will be invested for potential capital growth, taking
a long-term view of management's good track record in mineral
discovery and development. The Directors have increased their
holdings in the Company by 257,416,546 shares and currently hold
approximately 20% of the issued shares in Keras. We believe this
stake provides further evidence of the Board's belief in and
commitment to its strategy.
To date, the Group has financed its activities through equity
and debt raisings. As the Group's projects become more advanced,
the Board will seek mining finance, as well as investigating
strategic opportunities to obtain funding for projects from future
customers via production sharing, royalty and other marketing
arrangements.
Financial and Performance Review
Turnover in the year under review derives from gold mining
activities in Australia which have now been transferred to Calidus.
Revenue for the period was GBP1.0m (2016 - GBP1.9m).
The results of the Group are set out in detail in the financial
statements. The Group reports a profit for the year of GBP3.9m
(2016: loss GBP2.2m). This profit arises from the gain on sale of
the Australian gold assets as set out above.
The financial statements show that, at 30 September 2017, the
Group had total assets of GBP21.6m (2016: GBP3.1m), and net assets
of GBP21.3m (2016: GBP0.3m). The huge increase is primarily due to
the fair value of Calidus shares, which amounted to GBP20.4m at 30
September 2017. The basis of valuation is set out in note 19 to the
financial statements. Intangible assets total GBP1.2m (2016 :
GBP2.0m) which now comprises exploration, evaluation and
development expenditure on the Group's projects in Togo.
Expenditure such as pre-licence and reconnaissance costs is
expensed in profit or loss as incurred.
The Directors have assessed the carrying value of the Group's
assets, and no impairment has been made to the carrying value of
the Nayega manganese project in Togo. Other African assets have
either been disposed of or fully impaired.
Key Performance Indicators (KPIs)
During the year the Board monitored the following KPIs:
-- Cash flow and working capital:
o Short (<3 months) and long term cashflow models are
prepared to monitor and forecast the Group's funding needs;
o Management accounts prepared on a monthly basis for the
Group's key subsidiaries and quarterly on a consolidated basis;
and
o Weekly reporting of the Group's working capital position.
Should the Group receive a mining permit for the Nayega
Manganese project, activities at this project could increase
substantially from the current reporting period, to include
production forecasts and mine plans.
African Portfolio
Togo - Nayega Manganese Project (85% owned)
Keras holds an 85% interest in the Nayega manganese project,
which covers 92,390 hectares in northern Togo, held through Societe
Generale des Mines SARL. The project is 30km from a main road,
which has direct access to the regionally important deep-water port
of Lome 600km away that has >800,000t per annum back loading
capabilities.
Having defined a JORC Code compliant Indicated and Measured
Resource of 11.0Mt @ 13.1% manganese, the Group has completed the
majority of the Phase 1 Definitive Feasibility Study to develop an
initial open-pit, 250,000tpa manganese operation. To support this
proposed development, we have applied for a Mining Permit. The
Group continues to await the award of this, and consequently we
have not undertaken any significant activities during the year.
However, we would like to assure shareholders that we have all the
relevant documents, government assurances and local support in
place so that we are well positioned to deliver first production
within approximately nine months from a development decision,
subject to the availability of mining finance.
With the manganese price performing well this year we remain
unchanged in our view that Nayega offers significant value for
Keras and we are currently assessing the best ways in which to
realise this.
Initial reconnaissance work at the cobalt licences has been
undertaken and results are being assessed. Until movement in the
granting of the manganese licence is observed, operations are being
kept to a minimum.
Gabon - Mebaga Iron Ore (previously 78% owned)
The Mebaga iron ore project has been disposed of to our partner
in Gabon for nominal consideration.
South Africa - Leinster Manganese (74% owned)
The Company has discontinued this project and the licence
holding subsidiary will be liquidated as soon as regulatory
approval is received. The cost has been fully impaired in previous
years.
Risk Management
The Board regularly reviews the risks to which the Group is
exposed and ensures through its meetings and regular reporting that
these risks are minimised as far as possible.
The principal risks and uncertainties facing the Group at this
stage in its development are:
Exploration Risk
The Group's business has been primarily mineral exploration and
evaluation which are speculative activities and whilst the
Directors are satisfied that good progress is being made, there is
no certainty that the Group will be successful in the definition of
economic mineral deposits, or that it will proceed to the
development of any of its projects or otherwise realise their
value.
The Group aims to mitigate this risk when evaluating new
business opportunities by targeting areas of potential where there
is at least some historical drilling or geological data
available.
Resource Risk
All mineral projects have risk associated with defined grade and
continuity. Mineral reserves and resources are calculated by the
Group in accordance with accepted industry standards and codes but
are always subject to uncertainties in the underlying assumptions
which include geological projection and commodity price
assumptions.
The Group reports mineral resources and reserves in accordance
with the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves ('the JORC Code'). The JORC Code
is a professional code of practice that sets minimum standards for
public reporting of mineral exploration results, mineral resources
and ore reserves. Further information on the JORC Code can be found
at www.jorc.org.
Development Risk
Delays in permitting, financing and commissioning a project may
result in delays to the Group meeting production targets. Changes
in commodity prices can affect the economic viability of mining
projects and affect decisions on continuing exploration
activity.
Mining and Processing Technical Risk
Notwithstanding the completion of metallurgical testwork, test
mining and pilot studies indicating the technical viability of a
mining operation, variations in mineralogy, mineral continuity,
ground stability, ground water conditions and other geological
conditions may still render a mining and processing operation
economically or technically non-viable.
The Group has a small team of mining professionals experienced
in geological evaluation, exploration, financing and development of
mining projects. To mitigate development risk, the Group
supplements this from time to time with engagement of external
expert consultants and contractors.
Environmental Risk
Exploration and development of a project can be adversely
affected by environmental legislation and the unforeseen results of
environmental studies carried out during evaluation of a project.
Once a project is in production unforeseen events can give rise to
environmental liabilities.
The Group is currently in the exploration stage. Any disturbance
to the environment during this phase is minimal and is
rehabilitated in accordance with the prevailing regulations of the
countries in which we operate.
Financing & Liquidity Risk
The Group has an ongoing requirement to fund its activities
through the equity markets and in future to obtain finance for
project development. There is no certainty such funds will be
available when needed. To date, Keras has managed to raise funds
primarily through equity and debt placements despite the very
difficult markets that currently exist for raising funding in the
junior mining industry.
Political Risk
All countries carry political risk that can lead to interruption
of activity. Politically stable countries can have enhanced
environmental and social permitting risks, risks of strikes and
changes to taxation whereas less developed countries can have in
addition, risks associated with changes to the legal framework,
civil unrest and government expropriation of assets.
Partner Risk
Whilst there has been no past evidence of this, the Group can be
adversely affected if joint venture partners are unable or
unwilling to perform their obligations or fund their share of
future developments.
The Group aims to mitigate this risk by 1) holding significant
majority shareholdings in our projects that we can commit to
funding our minority partners until production and positive cash
flow and 2) endeavouring to enter into joint venture funding
arrangements with large and credible counterparties.
Bribery Risk
The Group has adopted an anti corruption policy and whistle
blowing policy under the Bribery Act 2010. Notwithstanding this,
the Company may be held liable for offences under that Act
committed by its employees or subcontractors whether or not the
Company or the Directors have knowledge of the commission of such
offences.
Financial Instruments
Details of risks associated with the Group's financial
instruments are given in Note 29 to the financial statements. Given
the nature of the Group's activities, Keras does not utilise any
complex or derivative financial instruments.
Insurance Coverage
The Group maintains a suite of insurance coverage that is
appropriate for the Group and Company. This is arranged via a
specialist mining insurance broker and coverage includes public and
products liability, travel, property and medical coverage and
assistance while Group employees and consultants are travelling on
Group business. This is reviewed at least annually and adapted as
the Group's scale and nature of activities changes.
Internal Controls and Risk Management
The Directors are responsible for the Group's system of internal
financial control. Although no system of internal financial control
can provide absolute assurance against material misstatement or
loss, the Group's system is designed to provide reasonable
assurance that problems are identified on a timely basis and dealt
with appropriately.
In carrying out their responsibilities, the Directors have put
in place a framework of controls to ensure as far as possible that
ongoing financial performance is monitored in a timely manner, that
corrective action is taken and that risk is identified as early as
practically possible. The Directors review the effectiveness of
internal financial control at least annually.
The Board, subject to delegated authority, reviews capital
investment, property sales and purchases, additional borrowing
facilities, guarantees and insurance arrangements.
The Board takes account of the significance of social,
environmental and ethical matters affecting the business of the
Group. At this stage in the Group's development the Board has not
adopted a specific policy on Corporate Social Responsibility as it
has a limited pool of stakeholders other than its shareholders.
Rather, the Board seeks to protect the interests of Keras'
stakeholders through individual policies and through ethical and
transparent actions.
The Group has adopted an anti-corruption and bribery policy and
a whistle blowing policy.
Shareholders
The Directors are always prepared, where practicable, to enter
into dialogue with shareholders to promote a mutual understanding
of objectives. The Annual General Meeting provides the Board with
an opportunity to informally meet and communicate directly with
investors.
Environment
The Board recognises that its principal activities, mineral
exploration and mining, have potential to impact on the local
environment. To date, activities at the various projects have been
limited to mining and drilling activities and the Group does comply
with local regulatory requirements with regard to environmental
compliance and rehabilitation. The impact on the environment of the
Group's activities has the potential to increase should our
projects move into a development or production phase. This is
currently assessed through baseline environmental studies that are
being undertaken and identifying resources needed to manage
environmental compliance in the future. During the year the Group
engaged an experienced environment consultant to assist with assist
with fulfilling our environmental regulatory obligations at the
Australian gold projects.
Given the Group's size and scale it is not considered practical
or cost effective to collect and report data on carbon
emissions.
Employees
The Group engages its employees to understand all aspects of the
Group's business and seeks to remunerate its employees fairly,
being flexible where practicable. The Group gives full and fair
consideration to applications for employment received regardless of
age, gender, colour, ethnicity, disability, nationality, religious
beliefs, transgender status or sexual orientation. The Group takes
account of employees' interests when making decisions and welcomes
suggestions from employees aimed at improving the Group's
performance.
The Group has operated projects in South Africa, Gabon and Togo
and Australia. We have recruited locally as many of our employees
and contractors as practicable.
Suppliers and Contractors
The Group recognises that the goodwill of its contractors,
consultants and suppliers is important to its business success and
seeks to build and maintain this goodwill through fair dealings.
The Group has a prompt payment policy and seeks to settle all
agreed liabilities within the terms agreed with suppliers. There
have been occasions during the reporting period where this has been
extended beyond normal terms as the Group has managed cash flow
during the year during current difficult market conditions.
Health and Safety
The Board recognises that it has a responsibility to provide
strategic leadership and direction in the development of the
Group's health and safety strategy in order to protect all of its
stakeholders. The Group does not have a formal health and safety
policy at this time. This is re-evaluated as and when the Group's
nature and scale of activities change.
Brexit
Although Article 50 of the European Treaty to leave the EU has
been invoked and the impact of foreign exchange fluctuations has
been evident, the threats and opportunities of 'Brexit' are still
largely unknown. Despite no immediately foreseeable impact on the
Group, the Directors are monitoring developments closely.
This Strategic Report was approved by the Board of Directors on
28 February2018.
Brian Moritz
Director
28 February 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 30 SEPTEMBER 2017
2017 2016
GBP'000 GBP'000
Continuing operations
Revenue - -
Cost - -
of sales
--------- ---------
Gross - -
loss
Administrative and
exploration expenses (938) (775)
Loss from operating
activities (938) (775)
--------- ---------
Finance
costs (309) (462)
Net finance costs (309) (462)
--------- ---------
Results from operating
activities after finance
costs (1,247) (1,237)
Impairment of
assets - (10)
---------
Loss before tax (1,247) (1,247)
Tax - -
--------- ---------
Loss for the year from
continuing operations (1,247) (1,247)
Discontinued operations
Profit/(loss) from discontinued
operation, net of tax 5,142 (992)
Profit/(loss) for the
year 3,895 (2,239)
Other comprehensive
income - items that
may be subsequently
reclassified to profit
or loss
Exchange translation on
foreign operations (160) 95
Change in fair value of 13,915 -
available-for-sale financial
assets
--------- ---------
Total comprehensive
income/(loss) for the
year 17,650 (2,144)
========= =========
Profit/(Loss) attributable
to:
Owners of the Company 3,300 (2,211)
Non-controlling interests 595 (28)
-------- --------
Profit/(loss) for the
year 3,895 (2,239)
======== ========
Total comprehensive
income/(loss) attributable
to:
Owners of the Company 17,055 (2,075)
Non-controlling interests 595 (69)
-------- --------
Total comprehensive
income/(loss) for the
year 17,650 (2,144)
======== ========
Earnings per share from
continuing and discontinued
operations
Basic and diluted earnings/(loss)
per share (pence) 0.183 (0.176)
======== ========
From continuing operations
Basic and diluted loss
per share (pence) (0.103) (0.097)
======== ========
From discontinued operations
Basic and diluted earnings/(loss)
per share (pence) 0.286 (0.079)
======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2017
2017 2016
GBP'000 GBP'000
Assets
Property, plant
and equipment 6 51
Intangible assets 1,164 2,041
Trade and other
receivables - 29
Other investments 20,379 -
Non-current assets 21,549 2,121
--------- ---------
Inventory - 604
Trade and other
receivables 31 200
Cash and cash equivalents 60 134
--------- ---------
Current assets 91 938
--------- ---------
Total assets 21,640 3,059
========= =========
Equity
Share capital 6,970 6,123
Share premium 10,107 7,666
Other reserves 13,779 (339)
Retained deficit (9,446) (12,387)
--------- ---------
Equity attributable
to owners of the Company 21,410 1,063
Non-controlling
interests (117) (730)
--------- ---------
Total equity 21,293 333
--------- ---------
Liabilities
Loans and borrowings - 1,136
Trade and other
payables 347 1,590
--------- ---------
Current liabilities 347 2,726
--------- ---------
Total liabilities 347 2,726
--------- ---------
Total equity and
liabilities 21,640 3,059
========= =========
The financial statements were approved by the Board of Directors
and authorised for issue on 28 February 2018. They were signed on
its behalf by:
Brian Moritz,
Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2017
Attributable to owners of the Company
Share Share Share Exchange Available Retained Total Non-controlling Total
capital premium option reserve for sale deficit interests equity
/warrant assets
reserve GBP'000 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP '000 GBP'000
Balance at 1
October
2016 6,123 7,666 66 (405) - (12,387) 1,063 (730) 333
Profit for the
year - - - 359 - 2,941 3,300 595 3,895
Other
comprehensive
income - - - (160) 13,915 - 13,755 - 13,755
----------
Total
comprehensive
income for the
year - - - 199 13,915 2,941 17,055 595 17,650
-------- -------- --------- --------- ---------- --------- ---------- ---------------- --------
Issue of
ordinary
shares 847 2,477 - - - - 3,324 - 3,324
Costs of share
issue - (36) - - - - (36) - (36)
Goodwill - - - 4 - - 4 18 22
----------
Transactions
with owners,
recognised
directly
in equity 847 2,441 - 4 - - 3,292 18 3,310
-------- --------- --------- ---------- --------- ---------- ---------------- --------
Balance at 30
September
2017 6,970 10,107 66 (202) 13,915 (9,446) 21,410 (117) 21,293
======== ======== ========= ========= ---------- ========= ========== ================ ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2016
Attributable to owners of the Company
Share Share Share Exchange Retained Total Non-controlling Total
capital premium option reserve deficit interests equity
reserve GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP '000 GBP'000
Balance at 1
October
2015 5,504 6,371 250 273 (11,275) 1,123 (661) 462
Loss for the
year - - - (839) (1,372) (2,211) (28) (2,239)
Other
comprehensive
income - - - 161 (25) 136 (41) 95
-------- -------- -------- --------- --------- ---------- ---------------- --------
Total
comprehensive
loss for the
year - - - (678) (1,397) (2,075) (69) (2,144)
-------- -------- -------- --------- --------- ---------- ---------------- --------
Issue of
ordinary
shares 619 1,306 - - - 1,925 - 1,925
Costs of share
issue - (11) - - - (11) - (11)
Transfer reserve
on
cancellation of
options - - (250) - 250 - - -
Warrants issued
in lieu
of finance
costs - - 101 - - 101 - 101
Transfer in
respect
of warrants
exercised - - (35) - 35 - - -
--------
Total
transactions
with
owners,
recognised
directly
in equity 619 1,295 (184) - 285 2,015 - 2,015
-------- -------- --------- --------- ---------- ---------------- ----------
Balance at 30
September
2016 6,123 7,666 66 (405) (12,387) 1,063 (730) 333
======== ======== ======== ========= ========= ========== ================ ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
2017 2016
GBP'000 GBP'000
Cash flows from operating
activities
Loss from operating
activities (938) (775)
Loss from discontinued operating
activities (504) (875)
Adjustments for:
Depreciation and amortisation 4 107
Impairment 1,119 -
Foreign exchange differences (490) (90)
(809) (1,633)
Changes in:
- inventories 558 (604)
- trade and other
receivables 184 (177)
- trade and other
payables (307) 942
Cash used in operating
activities (374) (1,472)
Finance costs (21) (320)
Taxes paid (118) -
Net cash used in operating
activities (513) (1,792)
--------- ---------
Cash flows from investing
activities
Cash disposed of with subsidiary (11) -
Acquisition of property,
plant and equipment (2) (21)
Exploration and licence
expenditure (1,511) (286)
Net cash used in investing
activities (1,524) (307)
--------- ---------
Cash flows from financing
activities
Net proceeds from issue
of share capital 1,130 1,434
Proceeds from short term
borrowings 833 735
Net cash flows from
financing activities 1,963 2,169
--------- ---------
Net (decrease)/increase
in cash and cash equivalents (74) 70
Cash and cash equivalents
at beginning of year 134 64
Cash and cash equivalents
at 30 September 60 134
========= =========
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FKFDDPBKDNBB
(END) Dow Jones Newswires
March 01, 2018 02:00 ET (07:00 GMT)
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