RNS Number:0357D
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
END
IR ILFFRTAIIVID
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Feb 2025 to Mar 2025
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Mar 2024 to Mar 2025
