Scotgold Resources Ltd Half-year Report (2163X)
April 30 2021 - 03:08AM
UK Regulatory
TIDMSGZ
RNS Number : 2163X
Scotgold Resources Ltd
30 April 2021
30 April 2021
Scotgold Resources Limited
("Scotgold" or the "Company")
Interim Financial Report & Company Update
The Board of Scotgold Resources Limited is pleased to advise all
shareholders and interested investors of the release of the
Company's interim results for the half year ended 31 December
2020.
A full copy of the results will be made available on the
Company's website shortly (www.scotgoldresources.com) or can be
accessed by clicking the following PDF link:
http://www.rns-pdf.londonstockexchange.com/rns/2163X_1-2021-4-30.pdf
Cononish Gold & Silver Mine ("Cononish") Update
The Company is pleased to note that the Cononish processing
plant has continued to operate throughout April. As previously
announced, reaching the point of commercial production has taken
longer than planned, however the Company is on track to make its
first shipment of concentrate product expected to be made in the
second week of May 2021.
Proposed Director Loan
As previously announced by the Company on 27 April 2021, the
recent delays to the production ramp-up have had and are expected
to have a negative impact on the Company's cash position.
To ensure the Company has adequate funds available for working
capital through this production ramp up period certain directors of
the Company, being Nathaniel le Roux, William "Bill" Styslinger,
Peter Hetherington and Ian Proctor, together with an unrelated
third party, have undertaken to provide a short term loan of up to
GBP2m (the "Director Loan"). The Director Loan has not yet been
formally executed however, it is expected that this will be
executed by end May 2021 at which point a further announcement will
be made by the Company.
The Company is continuing to review the mine plan for Cononish,
the results of which will be announced as soon as it has been
completed, which will in turn provide greater certainty about any
potential working capital requirement beyond that provided by the
Director Loan.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please contact:
Scotgold Resources SP Angel Corporate Finance St Brides Partners
Limited LLP
Financial PR
Chief Executive Officer Nomad and Broker
Susie Geliher / Frank
Philip Day Ewan Leggat / Charlie Buhagiar
Bouverat
Tel +44 (0) 20 3470 0470 Tel +44 (0) 20 7236
1177
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END
IR FIFITSRIIVIL
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April 30, 2021 04:08 ET (08:08 GMT)
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