Half Yearly Report

Alba Mineral Resources PLC 30 August 2007 Alba Mineral Resources plc ('Alba' or 'the Company') Half Yearly Report - 31 May 2007 CHAIRMAN'S STATEMENT Introduction The Group holds, or has applied for, exclusive rights to explore a portfolio of mineral exploration properties. These are primarily nickel and gold exploration projects in Scotland and Ireland, which are at different stages of development, from conceptual exploration targets to more advanced drill-ready projects. The Group has also acquired nine exploration licences in Sweden, which form part of a collaboration Agreement with Altius Minerals Corporation and has co-founded Mauritania Ventures Limited to acquire exploration permits in Mauritania and prospect for uranium and Iron Oxide-Copper-Gold (IOCG). Three permits have been granted and ten are pending. Ground-based exploration commenced earlier this year on the three permits currently held. Results for the Period The Group made a loss for the period, after taxation, of £207,320 after receiving interest of £4,123 and having paid administrative expenses of £213,053. The basic and diluted loss per share was 0.3 pence. The Group had cash balances of £155,092 at the period end. Review of Activities On 3 January 2007 the Company announced that the exploration efforts on its existing project portfolio would be within the constraints of the financial resources available and that the Company would be seeking to raise additional funds to actively pursue and explore these existing projects. On 27 April 2007 the Company announced that it is continuing to seek additional funding to pursue these objectives and until this funding is in place the Company will, in the short term, downgrade active fieldwork exploration on the existing licences and permits, whilst maintaining the portfolio of assets. Alba will continue the programme of desktop research, analysis and studies using its existing in-house team. Whilst the Company has not completed an additional fund raising at this time, discussions are being held with third parties to raise short term funds to alleviate the immediate capital restraints. The Board has taken steps to reduce ongoing expenditure and is considering the disposal of peripheral non-core assets. Outlook The Company believes it will be able to complete the short term fund raising referred above to allow it to continue to develop its existing assets and evaluate other opportunities. Mike Nott 30 August 2007 Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited Unaudited Audited 6 mths ended 6 mths ended Year ended 31 May 2007 31 May 2006 30 Nov 2006 £ £ £ Turnover - - - Cost of sales - - - --------------- --------------- --------------- Gross profit - - - Administrative expenses -213,053 -177,641 -388,892 --------------- --------------- --------------- Operating loss -213,053 -177,641 -388,892 Interest receivable and investment income 4,123 8,843 15,860 --------------- --------------- --------------- Loss on ordinary activities before taxation -208,930 -168,798 -373,032 Tax on ordinary activities (note 2) - - - --------------- --------------- --------------- Loss on ordinary activities after taxation -208,930 -168,798 -373,032 Minority interest 1,610 3,027 7,282 --------------- --------------- --------------- Loss for the period -207,320 -165,771 -365,750 ========= ========= ========= Loss per ordinary 1p share (note 3) - basic 0.3 pence 0.3 pence 0.5 pence - diluted 0.3 pence 0.3 pence 0.5 pence CONSOLIDATED BALANCE SHEET Unaudited Unaudited Audited 31 May 2007 31 May 2006 30 Nov 2006 £ Fixed assets Intangible assets 802,732 480,383 627,381 Tangible fixed assets 11,084 5,476 4,439 Goodwill 122,934 141,373 122,934 --------------- --------------- --------------- 936,750 627,232 754,754 --------------- --------------- --------------- Current assets Debtors 82,860 155,679 158,062 Cash at bank and in hand 155,092 350,186 507,568 --------------- --------------- --------------- 237,952 505,865 665,630 Creditors: amounts falling due within one year -244,015 -267,567 -280,767 --------------- --------------- --------------- Net current (liabilities)/assets -6,063 238,298 384,863 --------------- --------------- --------------- --------------- --------------- --------------- Total assets less current liabilities 930,687 865,530 1,139,617 ========= ========= ========= Capital and reserves Called up share capital 666,201 603,126 666,201 Share premium account 790,133 374,887 790,133 Merger reserve 200,000 200,000 200,000 Profit and loss account -766,246 -358,947 -558,926 Minority interest 41,108 46,973 42,718 Foreign currency translation reserve -509 -509 -509 --------------- --------------- --------------- 930,687 865,530 1,139,617 ========= ========= ========= CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Audited 6 mths ended 6 mths ended Year ended 31 May 2007 31 May 2006 30 Nov 2006 £ £ £ Net cash outflow from operating activities -155,471 -170,724 -351,682 Returns on investments Interest received 4,123 8,843 15,860 Capital expenditure Purchase of intangible assets -193,791 -186,120 -235,365 Purchase of tangible assets -7,337 -5,577 -708 Acquisitions Net cash balances acquired with subsidiary - - -3,552 --------------- --------------- --------------- Net cash outflow before financing -352,476 -353,578 -575,447 --------------- --------------- --------------- Financing Issue of shares net of costs - - 928,013 Issue of shares of subsidiary undertaking to minority interests - 50,000 - --------------- --------------- --------------- (Decrease)/increase in cash in the period -352,476 -303,578 352,566 ========= ========= ========= Reconciliation of operating loss to net cash outflow from operating activities Operating loss -213,053 -177,641 -388,892 Depreciation and amortisation 19,132 19,172 38,648 Decrease/(increase) in trade debtors 75,202 -92,603 -94,986 (Decrease)/increase in trade creditors -36,752 80,348 93,548 --------------- --------------- --------------- Net cash outflow from operating activities -155,471 -170,724 -351,682 ========= ========= ========= NOTES 1. Basis of preparation The interim report for the six month period ended 31 May 2007 is unaudited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. It has been prepared under the historical cost convention and on a basis consistent with the accounting policies for the year ended 30 November 2006. The financial information relating to the year ended 30 November 2006 has been extracted from the statutory accounts for that period, a copy of which has been delivered to the Registrar of Companies. The auditors report on those financial statements was unqualified and did not contain a statement under section 237 (2) of the Companies Act 1985. The Group consolidates the financial statements of the Company and its subsidiary undertakings. 2. Taxation No charge for corporation tax for the period has been made due to the expected tax losses available. 3. Loss per share Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders of £207,320 (May 2006: £165,771; November 2006: £365,750) by the weighted average number of shares of 66,620,100 (May 2006: 60,312,600; November 2006: 66,620,100) in issue during the period. The diluted loss per share calculation is identical to that used for basic loss per share as the exercise of warrants would have the effect of reducing the loss per ordinary share and therefore is not dilutive under the terms of Financial Reporting Standard 22 ' Earnings Per Shares'. For further information contact: Alba Mineral Resources plc Mike Nott, Chairman Tel: +44 (0) 20 7495 5326 City Financial Associates Ltd Liam Murray, Nominated Advisor Tel: +44 (0) 20 7492 4777 This information is provided by RNS The company news service from the London Stock Exchange

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