Final Results

RNS Number : 6777O

Greatland Gold PLC

24 September 2013

 



24 September 2013

Greatland Gold plc

("Greatland" or "the Company")

Greatland Gold plc (AIM:GGP), the gold focused mineral exploration and development company based in Australia,  announces its financial results for the year ended 30 June 2013.

Chairman's Statement

The last year has been one of significant progress for Greatland Gold, and the company is moving in the right direction as we continue the exploration and development of our exciting portfolio of projects.

Exploration work across our portfolio has yielded some very positive results over the last twelve months, particularly at our Warrentinna project in Tasmania. Future exploration work, supported by the two successful share placings completed post the year end which raised a combined total of £675,000, will allow us to further progress our plans to establish resources across our portfolio of assets. The second placing which raised £450,000 before expenses is conditional on the support of shareholders at the general meeting to be held on 30 September 2013.

We continue to work with our joint venture partners to extract value from our licence base. In March 2013 we announced a farm-in agreement with Tamar Gold at our Lisle Gold project, which will allow us to continue exploration of the prospect within our framework of disciplined capital allocation. The Firetower project in central-north Tasmania is subject to a Farm-In agreement with Australian Stock Exchange ("ASX") listed Unity Mining Limited ("Unity"). Unity has reported to the Company that work continues on all licences at the Firetower project, as announced on 29 August 2013.

Although the price of gold has fallen during the last year, we maintain our positive long-term outlook; global gold production is declining which we expect to have a positive impact on the price. 

Australia is an exciting gold market to be in, and our high quality asset base, disciplined cost control and successful capital raising means we are well positioned to benefit from the positive market dynamics through the future development of our portfolio of projects. 

The management team has delivered another encouraging set of results and I would like to thank them for their ongoing commitment to our objective of establishing resources across our portfolio of assets. I would also like to thank our shareholders for their ongoing support.

Andrew R. McM. Bell

Chairman

Chief Executive's Review of Operations and Finance

The Group's objectives are to increase shareholder value by the systematic evaluation of our existing resource assets, as well as acquire suitable exploration and development projects and producing assets.  In the past 12 months we have made significant progress as we work towards these objectives.

 In the year ending 30 June 2013 the Group reported a decreased loss of £422,239 equating to a loss per share of 0.12 pence (30 June 2012: loss of 0.19 pence). Net cash outflow for the year was £412,779 which reflects total administrative expenses plus exploration expenses. The Group's cash deposits stood at £304,338 at the period end.

Turning to our projects, I am particularly pleased with the progress made on the Tasmanian Gold projects.  Over the year we have achieved positive results from exploration work across the entire licence base in Tasmania, and have made further progress on our plan to establish resources across our portfolio of assets here.

In collaboration with our partners Unity Mining and Tamar Gold we have made significant progress at Firetower and Lisle.  At Firetower, airborne and ground geophysics are now underway and high resolution coverage of the entire project is now complete.  Several sites at Lisle had significant surface geochemical results, with the results peaking at 2.5g/t gold, confirming that both these sites are very exciting locations with established gold mineralisation.

At Warrentinna, we have further drilling scheduled to build on very positive drilling results received in June 2013. Mineralisation here remains open in several directions and recent results enhance this area as a potential open pittable resource.

In Western Australia, we achieved further drilling results from our Ernest Giles Project which confirmed the presence of a mineralized system. At our Bromus and Lackman Rock Gold Projects additional promising targets have been secured, which further adds to their significance in what is a prolific gold producing region.

The London market is resilient and dynamic, and has seen an improvement following summer. Our outlook is positive and we are enthusiastic about the future and our ongoing efforts.

Callum N Baxter

Chief Executive

Results and dividends

The Group's results are described in the Group statement of comprehensive income below. The Group has incurred a loss for the year of £422,239 (2012:  £590,828).

The Directors do not recommend the payment of a dividend.

Group statement of comprehensive income

for the year ended 30 June 2013

		Year ended  30 June 2013 £		Year ended  30 June 2012 £
Revenue		-		-
Exploration costs		(217,238)		(372,957)
Administrative expenses		(206,785)		(222,380)
Operating loss		(424,023)		(595,337)
Finance revenue		1,784		4,509
Loss before taxation		(422,239)		(590,828)
Income tax expense		-		-
Loss for the year		(422,239)		(590,828)
Other comprehensive income Exchange differences on translation of foreign operations		(69,260)		(18,692)
(Loss) on revaluation of available for sale investments		(15,862)		(15,680)
Other comprehensive income for the year net of taxation		(85,122)		(34,372)
Total comprehensive income for the year attributable to equity holders of the parent company		(507,361)		(625,200)
Loss per share - basic and diluted		(0.12) pence		(0.19) pence

All operations are considered to be continuing.

 

 

 

Group balance sheet

as at 30 June 2013

		30 June 2013		30 June 2012
		£	£	£	£
ASSETS
Non-current assets Tangible assets		22,290		31,806
Intangible assets		1,017,361		1,075,747
			1,039,651		1,107,553
Current assets Cash and cash equivalents Trade and other receivables Available for sale financial assets		304,338 43,441 41,041		717,117 68,337 59,952
Total current assets			388,820		845,406
TOTAL ASSETS			1,428,471		1,952,959
LIABILITIES
Current liabilities Trade and other payables		(26,495)		(43,622)
TOTAL LIABILITIES			(26,495)		(43,622)
NET ASSETS			1,401,976		1,909,337
EQUITY Called-up share capital Share premium reserve Retained earnings		350,661 4,256,610  (3,457,931)		350,661 4,256,610  (3,035,692)
Other reserves		252,636		337,758
TOTAL EQUITY			1,401,976		1,909,337

 

Group statement of changes in equity

for the year ended 30 June 2013

 

	Share capital	Share premium account	Share based payment   reserve	Retained earnings	Other reserves	Total
	£	£	£	£	£	£
As at 30 June 2011	300,661	3,944,860	74,443	(2,519,307)	372,130	2,172,787
Loss for the year	-	-	-	(590,828)	-	(590,828)
(Loss) on revaluation of available for sale investments	-	-	-	-	(15,680)	(15,680)
Currency translation differences	-	-	-	-	(18,692)	(18,692)
Total comprehensive income	-	-	-	(590,828)	(34,372)	(625,200)
Share options expired	-	-	(74,443)	74,443	-	-
Share capital issued	50,000	325,000	-	-	-	375,000
Cost of share issue	-	(13,250)	-	-	-	(13,250)
Total contributions by and distributions to owners of the Company	50,000	311,750	(74,443)	74,443	-	361,750
As at 30 June 2012	350,661	4,256,610	-	(3,035,692)	337,758	1,909,337

Loss for the year	-	-	-	(422,239)	-	(422,239)
(Loss) on revaluation of available for sale investments	-	-	-	-	(15,862)	(15,862)
Currency translation differences	-	-	-	-	(69,260)	(69,260)
Total comprehensive income	-	-	-	(422,239)	(85,122)	(507,361)
Share capital issued	-	-	-	-	-	-
Cost of share issue	-	-	-	-	-	-
Total contributions by and distributions to owners of the Company	-	-	-	-	-	-
As at 30 June 2013	350,661	4,256,610	-	(3,457,931)	252,636	1,401,976

Group statement of changes in equity

for the year ended 30 June 2013, continued

Other reserves	Merger reserve	Foreign currency translation reserve	Available for sale financial assets reserve	Total other reserves
	£	£	£	£
As at 30 June 2011	225,000	260,717	(113,587)	372,130
(Loss) on revaluation of available for sale investments	-	-	(15,680)	(15,680)
Currency translation differences	-	(67,302)	48,610	(18,692)
Total comprehensive income	-	(67,302)	32,930	(34,372)
As at 30 June 2012	225,000	193,415	(80,657)	337,758

(Loss) on revaluation of available for sale investments	-	-	(15,862)	(15,862)
Currency translation differences	-	(33,631)	(35,629)	(69,260)
Total comprehensive income	-	(33,631)	(51,491)	(85,122)
As at 30 June 2013	225,000	159,784	(132,148)	252,636

 

Group cash flow statement

for the year ended 30 June 2013

		Year ended 30 June 2013 £		Year ended 30 June 2012 £
Cash (out)flows from operating activities Operating loss Decrease/(increase) in trade & other receivables (Decrease) in trade & other payables Depreciation		(424,023) 24,896 (17,127) 7,850		(595,337) (893) (5,470) 3,942
Net (decrease) in cash and cash equivalents from operations		(408,404)		(597,758)
Cash (out)flows from investing activities Interest received Payments to acquire intangible assets Receipts from sale of tangible assets Payments to acquire tangible assets		1,784 - - -		4,509 (117,888) 5,802 (32,759)
Net cash flows used in investing activities		1,784		(140,336)
Cash inflows from financing activities Proceeds from issue of shares Transaction costs of issue of shares		- -		375,000 (13,250)
Net cash flows from financing activities		-		361,750
Net (decrease) in cash and cash equivalents		(406,620)		(376,344)
Cash and cash equivalents at the beginning of period		717,117		1,097,900
Exchange (loss) on cash and cash equivalents		(6,159)		(4,439)
Cash and cash equivalents at end of period		304,338		717,117

Notes

1	General Information The financial information set out above does not comprise statutory accounts for the purposes of Section 434 of Companies Act 2006. The financial information above has been extracted from the Company's statutory financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 498 of the Companies Act 2006.
2	Authorisation of financial statements and statement of compliance with IFRS The group financial statements of Greatland Gold plc for the year ended 30 June 2013 were authorised for issue by the board on 23 September 2013 and the balance sheets signed on the board's behalf by Mr Callum Baxter and Mr Andrew Bell.  Greatland Gold plc is a public limited company incorporated and domiciled in England and Wales.  The Company's ordinary shares are traded on AIM. The Group's financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company's financial statements have been prepared in accordance with IFRS as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The principal accounting policies adopted by the Group and Company are set out below.

 

3	Loss per share
	The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.
		2013 £		2012 £
	Loss for the period	(422,239)		(590,828)
	Weighted average number of Ordinary shares of £0.001 in issue Loss per share - basic	350,661,111 (0.12) pence		303,939,800 (0.19) pence
	Weighted average number of Ordinary shares of £0.001 in issue inclusive of outstanding options	350,661,111		303,939,800
	As inclusion of the potential Ordinary shares would result in a decrease in the loss per share they are considered to be anti-dilutive; as such, a diluted earnings per share is not included.

 

For more information please contact:

Greatland Gold plc

Callum Baxter

Tel  [phone]

Email:  [e-mail]

www.greatlandgold.com

Grant Thornton UK LLP (Nominated Adviser)

Colin Aaronson/David Hignell

Tel  [phone]

SI Capital Limited (Broker)
Nick Emerson/Andy Thacker
Tel  [phone]

RLM Finsbury
Gordon Simpson / Chris Ryall
Tel [phone]

Notes to Editors

Greatland Gold is a mineral exploration and development company based in Australia. The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold. The Company currently has six mineral projects located in Australia, including the Ernest Giles, Firetower, Warrentinna, Lisle, Bromus and Lackman Rock projects.  The Company was established in London in 2005 and admitted to AIM in July 2006.

The board seeks to increase shareholder value by the systematic evaluation of its existing assets, as well as the acquisition of suitable exploration and development projects and producing assets.

Greatland has a UK and Australian based board of directors with a head office in London and an exploration office in Australia.

 

END

 

 

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