Interim Results
31 August 2012
Beowulf Mining Plc
("Beowulf" or the "Company")
Interim Results for the six months ended 30 June 2012
Beowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, announces its unaudited interim results for the six months ended 30 June 2012.
Highlights:
Kallak iron ore project:
· Encouraging initial results from the Company's ongoing 7,000m drilling programme on Kallak North with approximately 4,300m completed to date. Strong iron mineralisation encountered extending over significant lengths and substantial vertical depth from the ground surface.
· Initial Environmental Impact Assessment report submitted in connection with the planned test mining at Kallak North, with a response from the Norrbotten County authorities currently anticipated in Q4 2012.
Corporate:
· Nil revenue (2011: nil), loss before and after taxation of £386,955 (2011: £276,693) and basic loss per share of 0.18p (2011: 0.17p).
· Approximately £5.05m in cash held at the period end.
Clive Sinclair-Poulton, Executive Chairman of Beowulf, commented:
"We continue to make good progress with our circa 7,000m drilling campaign on Kallak North, with encouraging assay results received for the first nine holes and approximately 4,300m of drilling completed to date.
We look forward to reporting further assay results in due course and to receiving a positive response from the Norrbotten authorities in respect of our application for test mining.
Enquiries:
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Beowulf Mining Plc |
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Clive Sinclair-Poulton, Chairman |
Tel: +353 (0)85 739 2674 |
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Strand Hanson Limited |
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Matthew Chandler / Simon Raggett |
Tel: +44 (0)20 7409 3494 |
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Alexander David Securities Limited |
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David Scott |
Tel: +44 (0)20 7448 9820 |
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Lothbury Financial Services Limited |
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Gary Middleton / Michael Padley |
Tel: +44 (0)20 7868 2010 |
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or visit http://www.beowulfmining.com |
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Chairman's statement
The Board of Beowulf is pleased to present the group's unaudited interim results for the six month period to 30 June 2012. Beowulf currently has ten exploration projects in Northern Sweden primarily prospecting for iron, copper, gold and uranium. Reflecting our ongoing exploration activities and higher cost base, the unaudited consolidated results for the six month period ended 30 June 2012 show nil revenue (2011: nil), loss before and after taxation of £386,955 (2011: £276,693) and basic loss per share of 0.18p (2011: 0.17p).
In late May 2012, the Company was pleased to announce that its wholly owned Swedish subsidiary, Jokkmokk Iron Mines AB ("JIMAB"), had recommenced its drilling campaign on the northern part (Kallak nr1 licence area) of the group's Kallak iron ore project. In accordance with the work plan for Kallak nr1, fully approved by the relevant Swedish authorities on both a national and county level, JIMAB remains on course to drill approximately 7,000m as it seeks to upgrade the pre-existing maiden independent JORC Code compliant Inferred Resource estimate.
Prior to operations recommencing, JIMAB engaged a local consultancy firm, GeoVista AB, to assist it in ensuring that the requisite Swedish rules and regulations governing such a drilling programme are fully adhered to.
Two drill rigs, "Big Bertha" and "Agnetha", remain fully operational on site and I am pleased to report that drilling continues to make good progress. In late June 2012, encouraging preliminary results were announced for the first two drill holes, which were drilled as extensions to the pre-existing drill holes KAL 10 019 and KAL 10 001 at 45 degree and 60 degree angles respectively. The first revealed approximately 230 metres of strong iron (Fe) mineralisation (79.5m - 313.8m) with weaker mineralisation still being noted to its total target length of 374.5 m, while the second encountered approximately 325 metres of strong mineralisation (85m - 410m) with mineralisation still being discovered down to 454m (corresponding to approximately 400m vertical depth from ground surface of outcropping iron mineralisation), indicating a strong iron ore presence.
To date, approximately 4,300m of drilling has been completed, with drill cores being assessed and assayed by the laboratory in tandem to facilitate the timely reporting of results. Promising assay results for the first nine holes were announced earlier today with assays pending for a further seven holes, the results of which are currently expected to be received in the fourth quarter.
While it is pleasing to confirm continued progress at the drill bit, JIMAB and Beowulf have also been moving forward in other areas.
In July 2012, the initial lengthy Environmental Impact Assessment ("EIA") report was delivered as planned to the Norrbotten County authorities. Submission of this report forms an important part of the application process under the Swedish Minerals Act and the Environmental Code for JIMAB to be able to commence test mining at Kallak North, which is currently intended to include sampling of up to 2,000m3 of mineralised material from up to six trenches crossing the Kallak North mineralisation in a West to East direction. The length of the trenches will be up to 50m each. We are currently anticipating a response from the authorities in Q4 2012. The purpose of the test mining is to collect representative samples for metallurgical test work off site, allowing design parameters for mineral processing to be developed, as well as generating final product samples for metallurgical testing by potential future customers. The EIA prepared for the purpose of this application also forms part of the Company's ongoing environmental studies.
In addition, JIMAB and its appointed consultants have been in discussions with the Swedish Transport Administration and the Municipality of Jokkmokk in order to coordinate and commence planning of the most efficient means by which to transport iron ore concentrates to coastal ports in the event of future commercial mining production being achieved.
When assessing other comparable iron ore projects in development around the world, it is clear that one of Sweden's relative strengths is its well established transport network from which Beowulf can potentially derive significant benefit.
JIMAB has continued to hold information meetings and consult with the local population in the Jokkmokk region in respect of its development plans for the Kallak project, with further meetings planned. A regional office has been established in the town of Jokkmokk and JIMAB is seeking to further develop its community relationships.
Following a constructive meeting in late May with representatives of the local Saami community, the Company has sought to arrange further meetings and follow up correspondence with them, and made a similar request to the Saami representatives who attended the Company's AGM in July. To date, the Saami representatives have responded that they are unable to meet or correspond with the Company until 10 September 2012, at the latest. This delay is clearly unfortunate as we wish to spend more time with them, to discuss our work plans in more detail, and hear their views and any concerns they may have with regard to the proposed form and scheduling of our work programmes and activities. The Company has recently filed and notified a new work plan in respect of the Southern part (Parkijaure nr2 licence area) of its Kallak project for planned drilling to be able to commence on this area later this year following completion of the current Kallak North campaign.
From a macroeconomic perspective, while the Swedish economy is performing relatively well this is in stark contrast to Europe as a whole, where a sense of crisis continues to prevail. There are, however, some grounds for optimism for the rest of the global economy. The US economy arguably appears to be awakening from its near hibernation and gradually turning the corner. For example, construction of new housing in the USA is improving and there generally seems to be more positive news on both employment figures and retail sales.
China is widely reported to be heading for a significant slow down, with the mainstream UK press appearing to latch onto any signs of weakness to demonstrate that the economy there is dramatically stalling. It is worth remembering, however, that even if the Chinese economy is 'only' growing at a rate of 7 per cent. per annum, such a growth rate would still mean that it would almost double in 10 years and the authorities have a number of tools at their disposal to stimulate growth if required. In particular, the sizeable infrastructure projects set out in the current Chinese Five Year Plan augurs well for iron ore demand from China, as does the slow decline of India as an iron ore exporter (currently the third largest).
It is also notable that another major iron ore producer, Brazil, has announced a major infrastructure programme which will undoubtedly have an impact on the size of its iron ore exports. As such, the Company remains positive on the medium and longer term trends and outlook for iron and confident of the prospects for its flagship Kallak iron ore project.
We would again like to thank all those who work with us for their valuable advice and assistance, our shareholders for their continued patience and loyalty and the Jokkmokk community for their interest in our activities and support.
Clive Sinclair-Poulton
Executive Chairman
31 August 2012
CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2012
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2012 30 June 2011 31 Dec 2011
£ £ £
CONTINUING OPERATIONS
Revenue - - -
Administrative expenses (420,292) (277,149) (845,452)
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OPERATING LOSS (420,292) (277,149) (845,452)
Finance costs - - -
Finance income 33,337 456 13,217
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LOSS BEFORE TAX (386,955) (276,693) (832,235)
Tax - - -
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LOSS FOR THE PERIOD (386,955) (276,693) (832,235)
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Loss attributable to:
Owners of the parent (386,955) (276,693) (832,235)
Non-controlling interests - - -
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(386,955) (276,693) (832,235)
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Loss per share:
Basic loss per share (0.18p) (0.17p) (0.50p)
Diluted loss per share (0.18p) (0.17p) (0.49p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2012
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2012 30 June 2011 31 Dec 2011
£ £ £
LOSS FOR THE PERIOD (386,955) (276,693) (832,235)
OTHER COMPREHENSIVE INCOME
Revaluation of investments (134) 10,569 (51,406)
Exchange difference arising on consolidation 1,016 - (193)
Income tax relating to components of other
comprehensive income - - -
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OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME TAX 882 10,569 (51,599)
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (386,073) (266,124) (883,834)
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Total comprehensive income attributable to:
Owners of the parent (386,073) (266,124) (883,834)
Non-controlling interests - - -
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2012
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 2012 30 June 2011 31 Dec 2011
£ £ £
ASSETS
NON-CURRENT ASSETS
Intangible assets 2,725,909 1,785,833 2,304,347
Property, plant and equipment 531 709 607
Investments 109,723 171,833 109,858
Loans and other financial instruments 270,000 270,000 270,000
Financial fixed assets 58,077 - -
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3,164,240 2,228,375 2,684,812
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CURRENT ASSETS
Trade and other receivables 229,949 139,903 197,470
Cash and cash equivalents 5,053,654 510,949 6,050,960
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5,283,603 650,852 6,248,430
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TOTAL ASSETS 8,447,843 2,879,227 8,933,242
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EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 2,104,273 1,622,188 2,104,273
Share premium 10,858,905 4,895,676 10,858,905
Revaluation reserve (15,276) 46,833 (15,142)
Capital contribution reserve 46,451 46,451 46,451
Share scheme reserve 68,317 28,871 68,317
Translation reserve 823 - (193)
Retained earnings (4,816,318) (3,888,299) (4,429,363)
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8,247,175 2,751,720 8,633,248
Non-controlling interest - - -
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TOTAL EQUITY 8,247,175 2,751,720 8,633,248
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LIABILITIES
CURRENT LIABILITIES
Trade and other payables 200,668 127,507 299,994
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TOTAL LIABILITIES 200,668 127,507 299,994
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TOTAL EQUITY AND LIABILITIES 8,447,843 2,879,227 8,933,242
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 30 JUNE 2012
Share Capital
Called up Retained Share scheme contribution
share capital earnings premium reserve reserve
£ £ £ £ £
Balance at 31 December 2010 1,597,966 (3,611,606) 3,904,399 28,871 46,451
Changes in equity
Issue of share capital 24,222 - 991,277 - -
Total comprehensive income - (276,693) - - -
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Balance at 30 June 2011 1,622,188 (3,888,299) 4,895,676 28,871 46,451
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Changes in equity
Issue of share capital 482,085 - 5,963,229 - -
Equity-settled share-based
payment transactions - - - 53,924 -
Share options exercised - 14,478 - (14,478) -
Total comprehensive income - (555,542) - - -
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Balance at 31 December 2011 2,104,273 (4,429,363) 10,858,905 68,317 46,451
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Changes in equity
Issue of share capital - - - - -
Total comprehensive income - (386,955) - - -
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Balance at 30 June 2012 2,104,273 (4,816,318) 10,858,905 68,317 46,451
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Non-
Revaluation Translation controlling Total
reserve reserve Total interest equity
£ £ £ £ £
Balance at 31 December 2010 36,264 - 2,002,345 - 2,002,345
Changes in equity
Issue of share capital - - 1,015,499 - 1,015,499
Total comprehensive income 10,569 - (266,124) - (266,124)
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Balance at 30 June 2011 46,833 - 2,751,720 - 2,751,720
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Changes in equity
Issue of share capital - - 6,445,314 - 6,445,314
Equity-settled share-based
payment transactions - - 53,924 - 53,924
Share options exercised - - - - -
Total comprehensive income (61,975) (193) (617,710) - (617,710)
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Balance at 31 December 2011 (15,142) (193) 8,633,248 - 8,633,248
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Changes in equity
Issue of share capital - - - - -
Total comprehensive income (134) 1,016 (386,073) - (386,073)
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Balance at 30 June 2012 (15,276) 823 8,247,175 - 8,247,175
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS ENDED 30 JUNE 2012
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2012 30 June 2011 31 Dec 2011
Notes £ £ £
Cash flows from operating activities
Cash generated from operations 1 (443,624) (277,281) (626,442)
Exchange rate fluctuation on cash held 1,016 - (193)
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Net cash from operating activities (442,608) (277,281) (626,635)
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Cash flows from investing activities
Purchase of intangible fixed assets (470,838) (444,680) (932,350)
Purchase of financial fixed assets (58,077) - -
Loans to related parties (28,226) (35,860) (70,386)
Funding of joint venture (21,169) - (16,213)
Related party loans repaid - 250,000 250,000
Convertible loan notes issued - (250,000) (250,000)
Interest received 23,612 106 3,142
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Net cash from investing activities (554,698) (480,434) (1,015,807)
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Cash flows from financing activities
Amounts introduced by directors - 20,576 -
Share issue - 1,089,999 7,964,333
Cost of share issue - (74,500) (503,520)
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Net cash from financing activities - 1,036,075 7,460,813
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Increase/(Decrease) in cash
and cash equivalents (997,306) 278,360 5,818,371
Cash and cash equivalents at the beginning
of period 2 6,050,960 232,589 232,589
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Cash and cash equivalents at end of period 5,053,654 510,949 6,050,960
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NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS ENDED 30 JUNE 2012
1. Reconciliation of loss before tax to cash generated from operations
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2012 30 June 2011 31 Dec 2011
£ £ £
Loss before income tax (386,955) (276,693) (832,235)
Depreciation charges 76 101 203
Equity-settled shared-based payment transactions - - 53,924
Impairment of exploration costs - - 5,171
Finance income (33,337) (456) (13,217)
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(420,216) (277,048) (786,154)
Decrease/(Increase) in trade and
other receivables (1,585) 52,319 28,151
(Decrease)/Increase in trade and
other payables (21,823) (52,552) 131,561
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Cash generated from operations (443,624) (277,281) (626,442)
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2. Cash and cash equivalents
The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of these balance sheet amounts:
Period ended 30 June 2012
(Unaudited) (Audited)
As at As at
30 June 2012 31 Dec 2011
£ £
Cash and cash equivalents 5,053,654 6,050,960
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Period ended 30 June 2011
(Unaudited) (Audited)
As at As at
30 June 2011 31 Dec 2010
£ £
Cash and cash equivalents 510,949 232,589
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Period ended 31 December 2011
(Audited) (Audited)
As at As at
31 Dec 2011 31 Dec 2010
£ £
Cash and cash equivalents 6,050,960 232,589
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Cash and cash equivalents consist of cash in hand and balances with banks.
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION FOR THE 6 MONTHS ENDED 30 JUNE 2012
1. Basis of preparation
These interim financial statements for the six month period ended 30 June 2012 have been prepared using the historical cost convention, on a going concern basis and in accordance with the International Financial Reporting Standards ("IFRS") including IAS 34 'Interim Financial Reporting' and IFRS 6 ' Exploration for and Evaluation of Mineral Resources', as adopted by the European Union ("EU"). They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2012, and which are also consistent with the accounting policies applied for the year ended 31 December 2011 except for the adoption of new standards and interpretations.
These interim results for the six months ended 30 June 2012 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2011 have been delivered to the Registrar of Companies and filed at Companies House and the auditors' report on those financial statements was unqualified and did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Accounting policies
Reporting entity
Beowulf Mining plc is a company domiciled in the United Kingdom. The address of the Company's registered office is Richmond House, Broad Street, Ely, Cambridgeshire CB7 4AH. The Group is primarily involved in the exploration for world-class iron, copper, gold and uranium deposits.
Compliance with accounting standards
These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical cost convention.
Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for revenues and expenses during the year and the amounts reported for assets and liabilities at the balance sheet date. However, the nature of estimation means that the actual outcomes could differ from those estimates.
The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are the measurement of any impairment on intangible assets and the estimation of share-based payment costs. The Group determines whether there is any impairment of intangible assets on an annual basis. The estimation of share-based payment costs requires the selection of an appropriate model, consideration as to the inputs necessary for the valuation model chosen and the estimation of the number of awards that will ultimately vest.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
Business acquisitions have been accounted for in accordance with IFRS 3, 'Business Combinations'. Fair values are attributed to the Group's share of net assets. Where the cost of acquisition exceeds the fair values attributed to such assets, the difference is treated as purchased goodwill and is capitalised. In the case of subsequent acquisitions of minority interests, the difference between the consideration payable for the additional interest in the subsidiary and the minority interest's share of the assets and liabilities reflected in the consolidated balance sheet at the date of acquisition of the minority interest has been treated as goodwill.
Interests in jointly controlled entities are accounted for using proportionate consolidation in accordance with IAS 31, 'Financial Reporting of Interests in Joint Ventures'. The consolidated Statement of Financial Position of the venturer includes the proportionate share of the assets that it controls jointly and its share of the liabilities for which it is jointly liable. The Income Statement of the venturer includes its share of income and expenses of the jointly controlled entity.
Intangible fixed assets - exploration costs
Expenditure on the acquisition costs, exploration and evaluation of interests in licences including related overheads are capitalised. Such costs are carried forward in the statement of financial position under intangible assets and amortised over the minimum period of the expected period of mineral extraction in respect of each area of interest where:
a) such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its sale;
b) exploration activities have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active operations in relation to the areas are continuing.
An annual impairment review is carried out by the directors to consider whether any exploration or development costs have suffered impairment in value and whether necessary provisions are required to be made accordingly. Accumulated costs in respect of areas of interest that have been abandoned are written off to the profit and loss account in the year in which the area is abandoned.
Exploration costs are carried at cost less any provision from impairment.
Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Investments
Fixed asset investments in listed companies are stated at open market value. The revaluation adjustment is taken to the revaluation reserve and any impairments are shown in the income statement for the year.
Fixed asset investments in subsidiary undertakings and joint venture interests are stated at cost less provision for any impairment in value.
Financial instruments
Financial assets and liabilities are recognised on the balance sheet when the Group becomes a party to the contractual provisions of the instrument.
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Cash and cash equivalents comprise cash held at bank and short term deposits |
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Trade payables are not interest bearing and are stated at their nominal value |
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Equity instruments issued by the Group are recorded at the proceeds received except where those proceeds appear to be less than the fair value of the equity instruments issued, in which case the equity instruments are recorded at fair value. The difference between the proceeds received and the fair value is reflected in the share based payments reserve. |
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Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Profit and losses of overseas subsidiary undertakings are translated into sterling at average rates for the year. The statements of financial position of overseas subsidiary undertakings are translated at the rate ruling at the statement of financial position date. Differences arising from the translation of Group investments in overseas subsidiary undertakings are recognised as a separate component of equity.
Net exchange differences classified as equity are separately tracked and the cumulative amount disclosed as a translation reserve.
The principal place of business of the Group is the United Kingdom with sterling being the functional currency. Exploration costs are mainly payable in Swedish Kronor and funds are converted to Kronor as required.
Share-based payment transactions
Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of all options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
Where terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the income statement over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the income statement or share premium account if appropriate, are charged with the fair value of goods and services received.
Cash and cash equivalents
Cash and cash equivalents for the purpose of the cash flow statement comprise cash and bank balances.
3. Loss per share
Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares of 210,427,365 (30 June 2011: 160,532,723 and 31 December 2011: 166,800,076) outstanding during the period.
Diluted loss per share is calculated using the weighted average number of shares of 214,981,587 (30 June 2011: 164,632,723 and 31 December 2011: 170,381,671) adjusted to assume the conversion of all dilutive potential ordinary shares.
4. Called up share capital
(Unaudited) (Unaudited) (Audited)
30 June 2012 30 June 2011 31 Dec 2011
£ £ £
Allotted, called up and fully paid
210,427,365 ordinary shares of 1p each 2,104,273 1,622,188 2,104,273
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The number of shares in issue was as follows:
Number
of shares
Balance at 31 December 2010 159,796,689
Issued during the period 2,422,221
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Balance at 30 June 2011 162,218,910
Issued during the period 44,638,890
Share options and warrants exercised 3,569,565
|
|
|
|
|
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|
Balance at 31 December 2011 210,427,365
Issued during the period -
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|
|
|
|
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Balance at 30 June 2012 210,427,365
|
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|
|
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5. Availability of interim report
A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at Richmond House, Broad Street, Ely, Cambridgeshire CB7 4AH. A copy can also be downloaded from the Company's website at www.beowulfmining.com. Beowulf Mining Plc is registered in England and Wales with registered number 02330496.
This information is provided by RNS
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