TIDMALBA
RNS Number : 0775L
Alba Mineral Resources PLC
30 April 2010
30 April 2010
Alba Mineral Resources Plc
Final results for the year ended 30 November 2009
CHAIRMAN'S STATEMENT
The Board of Alba Mineral Resources plc (the "Company" or "Alba", and
collectively with its Subsidiary Companies, the "Group") is pleased to report
the results for the year ended 30 November 2009. They incorporate the results of
its subsidiary companies Aurum Mineral Resources Limited ("AMR"), Mauritania
Ventures Limited ("MVL") and Alba Mineral Resources Sweden AB ("Alba Sweden")
(collectively the "Subsidiary Companies").
INTRODUCTION
Alba is a committed, technically driven explorer with a commodity focus on
uranium, nickel and gold. Alba currently has a number of well researched wholly
owned properties and joint venture interests.
The Company's overall corporate and exploration strategy will continue to be one
of developing a portfolio of well-researched, promising and prospective
exploration properties that will be pursued further, either in the Company's own
right or in conjunction with other parties. To create and realise value,
projects may be disposed of (in whole or part), spun off into a separate
company, joint ventured to include a cash consideration and/or maintaining a
'Net Smelter Return' or developed into operating mines.
RESULTS AND DIVIDENDS
The loss for the period, after taxation, attributable to equity holders amounted
to GBP192,367 (2008: GBP1,020,523 loss).
The directors do not recommend the payment of a dividend (2008: GBPnil).
REVIEW OF ACTIVITIES
On 7 January 2009, the Company undertook a Share Capital Reorganisation to
facilitate an issue of new ordinary shares. Each issued and unissued existing
ordinary share of 1p was subdivided and converted into 1 new ordinary share of
0.1p each and 1 Deferred Share of 0.9p. Following the Share Capital
Reorganisation, each shareholder had the same number of new ordinary shares as
existing ordinary shares held immediately before the Share Capital
Reorganisation. The Company's authorised share capital remained the same and the
Company's articles were amended to incorporate the provisions relating to the
deferred shares.
Our activities in the year have been primarily focused on securing additional
funding for the Group. As announced on 3 August 2009, the Company allotted
9,300,000 new ordinary shares of 0.1p each ("New Ordinary Shares") (representing
approximately 10.0 per cent. of the current issued share capital of the Company)
at a price of 0.5p per share (the "Placing Price"), to directors and certain
existing shareholders raising GBP46,500 (before expenses) pursuant to a placing
and allotted a further 7,950,316 New Ordinary Shares (representing approximately
8.5 per cent. of the current issued share capital of the Company) at the Placing
Price to discharge certain unpaid directors' remuneration and expenses and debt
due to third parties in the amount of GBP39,751.58.
OUTLOOK
As a result of the time and cost involved in maintaining the Company's licences
and exploration activities, the Company's working capital position has been
adversely affected. In these circumstances our ability to finance exploration
activities has been severely restricted and the Company continues to manage cash
tightly
We have relinquished all of the Swedish licences we hold and plan to focus our
exploration efforts on uranium exploration in Mauritania and precious and base
metal exploration in Ireland and Scotland within the constraints of the
financial resources available to the Company.
The Company continues to look to raise additional funds in the near future to
enable it to continue to advance the development of its project portfolio. In
the meantime, the Company has secured short-term credit facilities to enable it
to meet its immediate requirements. However, in light of the current market
conditions, the directors believe that there is no certainty that further funds
can be raised. If the Company is unable to raise further funds to continue to
develop the Group's exploration assets, then the carrying value of the
exploration assets of the Group and the investment of the Company in its
subsidiaries are likely to be impaired.
During this accounting period being reported on, no directors' fees have been
drawn. All available funds have been spent to preserve our assets and maintain
our listing.
Michael Nott
Chairman and Managing Director
29 April 2010
Enquiries:
+------------------------------------+----+---------------+
| Michael Nott, Alba Mineral | | 020 7495 5326 |
| Resources Plc | | |
+------------------------------------+----+---------------+
| Antony Legge, Astaire Securities | | 020 7448 4400 |
| Plc | | |
+------------------------------------+----+---------------+
www.albamineralresources.com
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2009
+----------+-------+-------------------------------+-----------+-------------+
| | | | 2009 | 2008 |
+----------+-------+-------------------------------+-----------+-------------+
| | | | GBP | GBP |
+----------+-------+-------------------------------+-----------+-------------+
| Revenue | | - | - |
+------------------+-------------------------------+-----------+-------------+
| Cost of sales | | - | - |
+------------------+-------------------------------+-----------+-------------+
| Gross loss | | - | - |
+------------------+-------------------------------+-----------+-------------+
| Other administrative expenses | (191,498) | (344,761) |
+--------------------------------------------------+-----------+-------------+
| Impairment of deferred exploration | (3,229) | (683,005) |
| expenditure | | |
+--------------------------------------------------+-----------+-------------+
| Total administrative expenses | (194,727) | (1,027,766) |
+--------------------------------------------------+-----------+-------------+
| Operating | | (194,727) | (1,027,766) |
| loss | | | |
+------------------+-------------------------------+-----------+-------------+
| Finance | | - | 909 |
| income | | | |
+------------------+-------------------------------+-----------+-------------+
| Loss before | | (194,727) | (1,026,857) |
| tax | | | |
+------------------+-------------------------------+-----------+-------------+
| Taxation | | | - | - |
+----------+-------+-------------------------------+-----------+-------------+
| Loss for the | | (194,727) | (1,026,857) |
| year | | | |
+------------------+-------------------------------+-----------+-------------+
| | | | | |
+----------+-------+-------------------------------+-----------+-------------+
| Attributable | | | |
| to: | | | |
+------------------+-------------------------------+-----------+-------------+
| Equity holders of the parent | (192,367) | (1,020,523) |
+--------------------------------------------------+-----------+-------------+
| Minority | | (2,360) | (6,334) |
| interests | | | |
+------------------+-------------------------------+-----------+-------------+
| | | | | |
+----------+-------+-------------------------------+-----------+-------------+
| | | | (194,727) | (1,026,857) |
+----------+-------+-------------------------------+-----------+-------------+
| Loss per ordinary share | | |
+--------------------------------------------------+-----------+-------------+
| | Basic and diluted | 0.2 | 1.1 |
| | | pence | pence |
+----------+-------+-------------------------------+-----------+-------------+
CONSOLIDATED BALANCE SHEET
30 NOVEMBER 2009
+-------+-------+-------------------------------+-------------+-------------+
| | | | 2009 | 2008 |
+-------+-------+-------------------------------+-------------+-------------+
| | | | GBP | GBP |
+-------+-------+-------------------------------+-------------+-------------+
| Non-current | | | |
| assets | | | |
+---------------+-------------------------------+-------------+-------------+
| Intangible fixed assets | 619,992 | 563,881 |
+-----------------------------------------------+-------------+-------------+
| Property, plant and equipment | - | 3,166 |
+-----------------------------------------------+-------------+-------------+
| Total non-current assets | 619,992 | 567,047 |
+-----------------------------------------------+-------------+-------------+
| | | | | |
+-------+-------+-------------------------------+-------------+-------------+
| Current | | | |
| assets | | | |
+---------------+-------------------------------+-------------+-------------+
| Trade and other receivables | 16,952 | 5,278 |
+-----------------------------------------------+-------------+-------------+
| Cash and cash equivalents | 14,831 | 48,799 |
+-----------------------------------------------+-------------+-------------+
| Total current assets | 31,783 | 54,077 |
+-----------------------------------------------+-------------+-------------+
| | | | | |
+-------+-------+-------------------------------+-------------+-------------+
| Current | | | |
| liabilities | | | |
+---------------+-------------------------------+-------------+-------------+
| Trade and other payables | 349,940 | 232,813 |
+-----------------------------------------------+-------------+-------------+
| Financial | | 212,030 | 190,030 |
| liabilities | | | |
+---------------+-------------------------------+-------------+-------------+
| Total current liabilities | 561,970 | 422,843 |
+-----------------------------------------------+-------------+-------------+
| | | | | |
+-------+-------+-------------------------------+-------------+-------------+
| Net assets | | 89,805 | 198,281 |
+---------------+-------------------------------+-------------+-------------+
| | | | | |
+-------+-------+-------------------------------+-------------+-------------+
| Capital and reserves | | |
+-----------------------------------------------+-------------+-------------+
| Called up share capital | 947,951 | 930,701 |
+-----------------------------------------------+-------------+-------------+
| Share premium account | 977,401 | 908,400 |
+-----------------------------------------------+-------------+-------------+
| Retained | | (2,209,112) | (2,016,745) |
| losses | | | |
+---------------+-------------------------------+-------------+-------------+
| Merger | | 200,000 | 200,000 |
| reserve | | | |
+---------------+-------------------------------+-------------+-------------+
| Foreign currency reserve | 144,907 | 144,907 |
+-----------------------------------------------+-------------+-------------+
| Equity attributable to equity holders of the | 61,147 | 167,263 |
| parent | | |
+-----------------------------------------------+-------------+-------------+
| Minority | | 28,658 | 31,018 |
| interest | | | |
+---------------+-------------------------------+-------------+-------------+
| | | | | |
+-------+-------+-------------------------------+-------------+-------------+
| Total equity | | 89,805 | 198,281 |
+-------+-------+-------------------------------+-------------+-------------+
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2009
+----------+-----------+----------------------+-----------+-------------+
| | | | 2009 | 2008 |
+----------+-----------+----------------------+-----------+-------------+
| | | | GBP | GBP |
+----------+-----------+----------------------+-----------+-------------+
| Cash flows from operating activities | | |
+---------------------------------------------+-----------+-------------+
| Operating loss | | (194,727) | (1,027,766) |
+----------------------+----------------------+-----------+-------------+
| Depreciation | | 3,166 | 4,747 |
+----------------------+----------------------+-----------+-------------+
| Impairment of deferred exploration | 3,229 | 769,059 |
| expenditure | | |
+---------------------------------------------+-----------+-------------+
| Foreign exchange revaluation adjustment | - | (567) |
+---------------------------------------------+-----------+-------------+
| Increase/(decrease) in creditors | 117,127 | (5,782) |
+---------------------------------------------+-----------+-------------+
| (Increase)/decrease | | (11,674) | 95,414 |
| in debtors | | | |
+----------------------+----------------------+-----------+-------------+
| Net cash used in operating activities | (82,879) | (164,895) |
+---------------------------------------------+-----------+-------------+
| | | | | |
+----------+-----------+----------------------+-----------+-------------+
| Cash flows from investing activities | | |
+---------------------------------------------+-----------+-------------+
| Payments to acquire property, plant and | - | (388) |
| equipment | | |
+---------------------------------------------+-----------+-------------+
| Payments for deferred exploration | (59,340) | (290,536) |
| expenditure | | |
+---------------------------------------------+-----------+-------------+
| Interest received | | - | 909 |
+----------------------+----------------------+-----------+-------------+
| Net cash used in investing activities | (59,340) | (290,015) |
+---------------------------------------------+-----------+-------------+
| | | | | |
+----------+-----------+----------------------+-----------+-------------+
| Cash flows from financing activities | | |
+---------------------------------------------+-----------+-------------+
| Proceeds from borrowings | 22,000 | 130,025 |
+---------------------------------------------+-----------+-------------+
| Proceeds from issue of share capital | 86,251 | 50,000 |
+---------------------------------------------+-----------+-------------+
| Net cash generated from financing | 108,251 | 180,025 |
| activities | | |
+---------------------------------------------+-----------+-------------+
| | | | | |
+----------+-----------+----------------------+-----------+-------------+
| Net decrease in cash and cash equivalents | (33,968) | (274,885) |
+---------------------------------------------+-----------+-------------+
| Cash and cash equivalents at beginning of | 48,799 | 323,684 |
| period | | |
+---------------------------------------------+-----------+-------------+
| Cash and cash equivalents at end of period | 14,831 | 48,799 |
+----------+-----------+----------------------+-----------+-------------+
NOTES
1. Basis of preparation
The financial information set out in this announcement does not comprise the
Group's statutory accounts for the year ended 30 November 2009. The financial
information has been extracted from the statutory accounts of the Company for
the year ended 30 November 2009. The auditors reported on those accounts; their
report was unqualified and did not contain a statement under either Section 498
(2) or Section 498 (3) of the Companies Act 2006. The auditor's report did
include an emphasis of matter relating to the uncertainty as to whether the
Group can raise sufficient funds to continue to develop the Group's exploration
assets.
2. Continuation of exploration activities
The Group incurred a loss of GBP192,367 during the year ended 30 November 2009
attributable to equity holders of the parent and at that date had net current
liabilities of GBP530,187. Currently it has no revenue generating activities and
is continuing to incur costs. To continue to develop the Group's exploration
assets and support the value of the investment in subsidiaries supported by
those assets the Group is dependent on securing further funds to continue
exploration activities.
Under current market conditions the Directors believe that there is a material
uncertainty, which may cast significant doubt upon the ability of the Company to
raise sufficient funds to continue to develop the Group's exploration assets. If
it is not possible to raise sufficient funds, the carrying value of the
exploration assets of the Group and the investment of the Company in its
subsidiaries are likely to be impaired.
3. Taxation
No charge for corporation tax for the period has been made due to the expected
tax losses available.
4. Loss per share
Basic loss per share is calculated by dividing the loss attributed to ordinary
shareholders of GBP192,367 (2008: GBP1,020,523) by the weighted average number
of shares of 99,214,048 (2008: 89,741,243) in issue during the year. The
calculation of the average number of shares in issue is based on the new number
of shares in issue following the sub-division and conversion that took place
during the year. 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 is therefore not dilutive under the
terms of IAS 33 "Earnings per Share".
5. Report and Accounts
The statutory accounts for the year ended 30 November 2009 will be delivered to
shareholders of the Company on 30 April 2010 and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting. The
report and accounts will also be available on the Company's web site:
www.albaminersalresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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