Interim Results

Tertiary Minerals PLC 17 May 2004 TERTIARY MINERALS PLC INTERIM STATEMENT 2004 Chairman's Statement I am pleased to report the Company's progress and interim results for the six-month period to 31st March 2004. Review of Activities Since the publication of the last annual report in December 2003 prices of several precious and industrial metals peaked during March 2004 and retreated in late April 2004 as fund managers took profits following the strengthening of the US dollar and the prospect of Chinese government curbs on industrial growth. Despite this, stocks of most metals are at relatively low levels and the outlook for demand remains strong. The recent fall in prices is considered to be a healthy correction to a market that was in danger of overheating. The Company's current exploration programme in Scandinavia has started at a strong pace with the completion of winter drilling programmes at the Ahmavuoma copper-cobalt-gold project in Sweden and the KaaresselkTM gold project in Finland. Some assay results have already been reported and final results are expected shortly. Drilling is also planned in the near future for the Gruvberget zinc-silver-gold project in Sweden, the Company's diamond project in Finland and later this summer on the NottrTMsk nickel project in Sweden. In Saudi Arabia the prospects for development of the Ghurayyah tantalum project are being enhanced by the continuing strong recovery in the tantalum market. Spot prices have increased by over 50% since this time last year and demand is reportedly strong from the recovering electronics industry, which accounts for 80% of tantalum use. The Company continues to work closely with specialist merchant bank, Merchant Bridge & Co. Ltd., financial adviser to the British Offset Office, to secure an external source of funding for further development of the Ghurayyah project. This has included some 12 months of protracted negotiations with a large Saudi company where agreement was anticipated, but where negotiations have recently been terminated. The Company continues to monitor the security situation in Saudi Arabia which has not had any adverse affect on the Company's activities to-date. The Company is sufficiently well funded to meet its budgeted exploration programmes for the remainder of this year and we look forward to reporting further progress on a regular basis. Results The Group loss for the period was Â£190,672. This loss comprises administration costs of Â£138,005 and exploration costs written-off amounting to Â£60,132 and is after crediting bank interest income of Â£7,465. Full details of the Company's progress can be found in the various press releases and quarterly reports published on the Company's website at www.tertiaryminerals.com. Patrick L Cheetham 17 May 2004 Executive Chairman Consolidated Profit and Loss Account for the six months to 31 March 2004 Six months to Six months to Twelve months 31 March 2004 31 March 2003 to 30 September Unaudited Unaudited 2003 Â£ Â£ Â£ ---------- ---------- --------- Administrative expenses (138,005) (113,895) (225,577) Exploration costs written off (60,132) (24,558) (179,452) ---------- ---------- --------- Operating loss (198,137) (138,453) (405,029) Interest receivable 7,465 4,368 7,992 ---------- ---------- --------- Loss on ordinary activities (190,672) (134,085) (397,037) before taxation Taxation - - - ---------- ---------- --------- Loss for the financial period (note 2) (190,672) (134,085) (397,037) ---------- ---------- --------- Loss per share - basic (pence) (0.5) (0.5) (1.3) ---------- ---------- --------- All the above amounts are derived from continuing activities Consolidated Statement of Total Recognised Gains and Losses for the six months to 31 March 2004 Six months to Six months to Twelve months 31 March 2004 31 March 2003 to 30 September Unaudited Unaudited 2003 Â£ Â£ Â£ ---------- ---------- --------- Loss for the financial year (190,672) (134,085) (397,037) Foreign exchange translation differences on foreign currency net investments in subsidiaries (26,289) 27,701 48,483 ---------- ---------- --------- Total recognised losses since last accounts (216,961) (106,384) (348,554) ---------- ---------- --------- Consolidated Balance Sheet as at 31 March 2004 As at 31 March As at 31 March As at 2004 2003 30 September Unaudited Unaudited 2003 Â£ Â£ Â£ ---------- ---------- --------- Fixed assets Intangible Assets 1,314,661 1,200,367 1,180,396 Tangible Assets 5,691 6,704 3,879 ---------- ---------- --------- 1,320,352 1,207,071 1,184,275 Current assets Debtors 35,230 67,697 28,392 Cash at bank and in hand 971,212 200,305 227,505 ---------- ---------- --------- 1,006,442 268,002 255,897 ---------- ---------- --------- Creditors: amounts falling 144,747 65,582 37,851 due within one year ---------- ---------- --------- Net current assets 861,695 202,420 218,046 ---------- ---------- --------- ---------- ---------- --------- Total assets less current 2,182,047 1,409,491 1,402,321 liabilities ---------- ---------- --------- Capital and reserves Called up share capital 404,210 284,210 315,460 Share premium 2,961,665 1,849,978 2,053,728 Merger reserve 131,096 131,096 131,096 Profit and loss account (1,314,924) (855,793) (1,097,963) ---------- ---------- --------- Shareholders' funds 2,182,047 1,409,491 1,402,321 ---------- ---------- --------- Consolidated Cash Flow Statement for the six months to 31 March 2004 Six months to Six months to Twelve months 31 March 2004 31 March 2003 to 30 September Unaudited Unaudited 2003 Â£ Â£ Â£ ---------- ---------- --------- Net cash outflow from operating activities (note 3) (49,142) (165,016) (272,464) Return on investments and servicing of finance 7,465 4,368 7,994 Capital expenditure and financial investment (210,546) (123,507) (231,072) Acquisition and disposals - - - ---------- ---------- --------- Net cash outflow before financing (252,223) (284,155) (495,542) Financing 995,930 90,700 329,287 ---------- ---------- --------- Increase/(Decr ease) in cash in the period (note 4) 743,707 (193,455) (166,255) ---------- ---------- --------- Notes to the Interim Statement 1. Basis of preparation The interim report has been prepared on the basis of the accounting policies set out in the Company's financial statements for the period ended 30 September 2003. The financial information set out in this statement relating to the period ended 30 September 2003 does not constitute statutory accounts for that period. Full audited accounts in respect of that financial period (which received an unqualified audit opinion and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985) have been delivered to the Registrar of Companies. The Directors are satisfied that the Group has adequate resources to continue to operate for the foreseeable future. For this reason they continue to adopt the 'going concern' basis for preparing the accounts. The interim report has been approved by the Directors and is unaudited. Comparative figures for the six months ended 31 March 2003 are extracts from the interim report for that period and are also unaudited. 2. Loss per share Loss per share has been calculated on the attributable loss for the period and the weighted average number of shares in issue during the period. Six months to Six months to Twelve months 31 March 2004 31 March 2003 to 30 September Unaudited Unaudited 2003 --------- --------- -------- Loss for the period (Â£) (190,672) (134,085) (397,037) Weighted average shares in issue 35,796,093 28,253,871 29,639,565 Basic loss per share (pence) (0.5) (0.5) (1.3) --------- --------- -------- The loss attributable to ordinary shareholders and the weighted average number of ordinary shares used for the purpose of calculating diluted earnings per share, are identical to those used to calculate the basic earnings per ordinary share. This is because the exercise of share warrants would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of FRS 14. 3. Reconciliation of operating loss to net cash outflow from operating activities Six months to Six months to Twelve months 31 March 2004 31 March 2003 to 30 September Unaudited Unaudited 2003 Â£ Â£ Â£ --------- --------- -------- Operating loss (198,137) (138,453) (405,029) Depreciation charge 2,353 2,976 5,802 Intangible fixed assets written off 46,585 16,427 161,157 (Increase)/Dec rease in debtors (6,838) 75 39,378 Increase/(Decr ease) in creditors 106,895 (46,041) (73,772) --------- --------- -------- Net cash outflow from operating activities (49,142) (165,016) (272,464) --------- --------- -------- 4. Reconciliation of net cash outflow to movement in net funds Six months to Six months to Twelve months to 31 March 2004 31 March 2003 to 30 September Unaudited Unaudited 2003 Â£ Â£ Â£ ---------- ---------- --------- Increase/(Decr ease) in net 743,707 (193,455) (166,255) cash in the period Opening net funds 227,505 393,760 393,760 ---------- ---------- --------- Closing net funds 971,212 200,305 227,505 ---------- ---------- --------- 5. Interim report Copies of this interim report will be sent to all shareholders and are available from Tertiary Minerals plc, Sunrise House, Hulley Road, Macclesfield, Cheshire, SK10 2LP, United Kingdom. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Tertiary Minerals (TYM)

Friday, 24th January 2025

COMPANIES COVERED:

BRBY REC WRKS

Burberry jumps higher as fall in sales not as bad as feared, The Works gains on news of improved margins with more to come and Record advances as volatility improves performance.

Full Archive

UK 100

Latest directors dealings

1 day ago Judges Scientific
2 days ago Mitie Group
2 days ago NCC Group
2 days ago Worldwide Healthcare Trust
2 days ago JpMorgan China Growth & Income

All directors dealings today