TIDMALBA
RNS Number : 8686R
Alba Mineral Resources PLC
31 August 2010
ALBA MINERAL RESOURCES PLC
HALF-YEARLY UNAUDITED RESULTS
FOR THE SIX MONTHS ENDED 31 MAY 2010
CHAIRMAN'S STATEMENT
Introduction
Alba Mineral Resources plc ("Alba" or the "Company" and collectively with its
subsidiary companies "the Group") holds a portfolio of mineral properties in
Mauritania (uranium), Scotland (nickel-copper) and Ireland (gold and
base-metals). The projects are at different stages of development and range
from early exploration targets to more advanced drill-ready projects.
Results for the Period
The Group made a loss attributable to equity holders of the parent for the
period, after taxation, of GBP96,391. The basic and diluted loss per share was
0.1 pence. The Group had cash balances of GBP12,096 at the period end.
Review of Activities
Our activities in the first half of the year have been primarily focused on
securing additional funding for the Group. During the period the Company secured
unsecured loan facilities of GBP100,000 from the directors and certain major
shareholders convertible, at the lenders option, into ordinary shares of the
Company at 1 pence per share. As at 31 May 2010 no funds had been drawn down
under these facility agreements. Subsequent to 31 May 2010, GBP27,500 has been
drawn down.
In addition, a loan was secured to fund the drilling of an exploration hole on
our Limerick licence in Ireland. The initial results of this exploration hole
are discussed below.
Limerick Licence
In May 2010 a 178 m deep hole was drilled on the company's Limerick base metal
licence. The hole was drilled to test the stratigraphy in the licence and also
determine the cause of a large northeast-trending zinc soil anomaly detected by
a previous operator. The drillhole encountered a 163.25m sequence of variably
dolomitized Waulsortian Limestone Formation before passing into the underlying
Argillaceous Bioclastic Limestone (ABL) Formation. The contact between the
Waulsortian Limestone Formation and the ABL is the target horizon at the
Xstrata/Minco and Connemara/Teck basemetal properties approximately 11 km to the
northeast. Xstrata/Minco recently released an inferred resource of 24.1
million tons with an average grade of 7.85% zinc and 1.35% lead on their
property. Minor iron oxide mineralization (oxidized pyrite) was noted from the
Waulsortian Limestone Formation and pyrite observed in the ABL, whilst the core
was logged. Assays from the core are pending.
Preliminary interpretation of the core suggests that the zinc soil anomaly might
be related to the presence of dolomite in the core. Dolomite alteration in the
carbonate rocks of the Irish Midland is often, although not exclusively,
associated with base metal mineralization.
The company is currently engaged in negotiations with a third party relating to
a possible joint venture on the Limerick property.
Outlook
It seems inevitable that there will be minimal exploration work undertaken by
the Company during the balance of 2010, unless additional funds can be raised.
The Company's working capital position continues to be adversely affected and
the Company is still seeking to raise further funds in the near term. The
Company continues to look to secure joint venture agreements where possible to
fund exploration programs and its financial position is under constant review.
Our exploration programmes can only be financed within our financial
constraints. As our exploration activities are limited currently, there is an
increased risk that we may not be able to fulfill our obligations under existing
licences, which may then be forfeited.
The Board believes that if the Company can overcome its immediate funding
requirements it will be better placed to grow both organically and by
acquisition.
Mike Nott
31 August 2010
Chairman
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2010
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | Unaudited | Unaudited | Audited |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | 6 mths | 6 mths | Year |
| | | | | | ended | ended | ended |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | 31 May | 31 May | 30 Nov |
| | | | | | 2010 | 2009 | 2009 |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | GBP | GBP | GBP |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Revenue | | | | | - | - | - |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Cost of sales | | | | - | - | - |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Gross profit | | | | - | - | - |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Administrative | | | (96,430) | (96,487) | (194,727) |
| expenses | | | | | |
+-------------------------+-------------+--------+-----------+-----------+-----------+
| Operating | | | | (96,430) | (96,487) | (194,727) |
| loss | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Investment | | | | - | - | - |
| revenue | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Loss before | | | | (96,430) | (96,487) | (194,727) |
| taxation | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Taxation | | | | - | - | - |
| (note 2) | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Loss for the | | | | (96,430) | (96,487) | (194,727) |
| period | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | | | |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Attributable | | | | | | |
| to: | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Equity holders of the | | | (96,391) | (95,557) | (192,367) |
| parent | | | | | |
+-------------------------+-------------+--------+-----------+-----------+-----------+
| Minority | | | | (39) | (930) | (2,360) |
| interest | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| Loss for the | | | | (96,430) | (96,487) | (194,727) |
| period | | | | | | |
+-----------------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | | | |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Loss per ordinary 1p | | | | | |
| share (note 3) | | | | | |
+-------------------------+-------------+--------+-----------+-----------+-----------+
| - basic and | | | | 0.1 | 0.1 | 0.2 |
| diluted | | | | pence | pence | pence |
+---------+-------+-------+-------------+--------+-----------+-----------+-----------+
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2010
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| | | | | | Unaudited | Unaudited | Audited |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| | | | | | 31 May | 31 May | 30 Nov |
| | | | | | 2010 | 2009 | 2009 |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| | | | | | GBP | GBP | GBP |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| Non-current | | | | | | |
| assets | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Intangible assets - deferred | | 658,485 | 600,358 | 619,992 |
| exploration costs | | | | |
+--------------------------------------+--------+-------------+-------------+-------------+
| Property, plant and | | | - | 1,223 | - |
| equipment | | | | | |
+------------------------+-------------+--------+-------------+-------------+-------------+
| | | | | | 658,485 | 601,581 | 619,992 |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| Current | | | | | | |
| assets | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Trade and other | | | 69,796 | 87,769 | 16,952 |
| receivables | | | | | |
+------------------------+-------------+--------+-------------+-------------+-------------+
| Cash and cash | | | 12,096 | 19,640 | 14,831 |
| equivalents | | | | | |
+------------------------+-------------+--------+-------------+-------------+-------------+
| | | | | | 81,892 | 107,409 | 31,783 |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| | | | | | | | |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| Total assets | | | | 740,377 | 708,990 | 651,775 |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| | | | | | | | |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| Current | | | | | | |
| liabilities | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Trade and other | | | (478,168) | (399,166) | (349,940) |
| payables | | | | | |
+------------------------+-------------+--------+-------------+-------------+-------------+
| Borrowings | | | | (268,834) | (208,030) | (212,030) |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Total | | | | (747,002) | (607,196) | (561,970) |
| liabilities | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| | | | | | | | |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| Net | | | | | (6,625) | 101,794 | 89,805 |
| assets | | | | | | | |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| | | | | | | | |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
| Equity and | | | | | | |
| liabilities | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Share capital | | | | 947,951 | 930,701 | 947,951 |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Share premium account | | | 977,401 | 908,400 | 977,401 |
+------------------------+-------------+--------+-------------+-------------+-------------+
| Merger | | | | 200,000 | 200,000 | 200,000 |
| reserve | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Other reserve | | | | 144,907 | 144,907 | 144,907 |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Profit and | | | | (2,305,503) | (2,112,302) | (2,209,112) |
| loss account | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Equity attributable to equity | | (35,244) | 71,706 | 61,147 |
| holders of the parent | | | | |
+--------------------------------------+--------+-------------+-------------+-------------+
| Minority | | | | 28,619 | 30,088 | 28,658 |
| interest | | | | | | |
+----------------+-------+-------------+--------+-------------+-------------+-------------+
| Total equity and | | | (6,625) | 101,794 | 89,805 |
| liabilities | | | | | |
+--------+-------+-------+-------------+--------+-------------+-------------+-------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2010
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | Unaudited | Unaudited | Audited |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | 6 mths | 6 mths | Year |
| | | | | | ended | ended | ended |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | 31 May | 31 May | 30 Nov |
| | | | | | 2010 | 2009 | 2009 |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| | | | | | GBP | GBP | GBP |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Net cash used in operating | | (21,046) | (10,682) | (82,879) |
| activities | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | | | | |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Investing | | | | | | |
| activities | | | | | | |
+---------------+-------+-------------+--------+-----------+-----------+-----------+
| Purchase of | | | (38,493) | (36,477) | (59,340) |
| intangible assets | | | | | |
+-----------------------+-------------+--------+-----------+-----------+-----------+
| Net cash used in investing | | (38,493) | (36,477) | (59,340) |
| activities | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | | | | |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Financing | | | | | | |
| activities | | | | | | |
+---------------+-------+-------------+--------+-----------+-----------+-----------+
| Proceeds from issue of share | | - | - | 86,251 |
| capital | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Proceeds from | | | 56,804 | 18,000 | 22,000 |
| borrowings | | | | | |
+-----------------------+-------------+--------+-----------+-----------+-----------+
| Net cash generated from financing | | 56,804 | 18,000 | 108,251 |
| activities | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | | | | |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Net decrease in cash and cash | | (2,735) | (29,159) | (33,968) |
| equivalents | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Cash and cash equivalents at the | | 14,831 | 48,799 | 48,799 |
| beginning of the period | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Cash and cash equivalents at the | | 12,096 | 19,640 | 14,831 |
| end of the period | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | | | | |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
| Operating | | | | (96,430) | (96,487) | (194,727) |
| loss | | | | | | |
+---------------+-------+-------------+--------+-----------+-----------+-----------+
| Depreciation and | | | - | 1,943 | 3,166 |
| amortisation | | | | | |
+-----------------------+-------------+--------+-----------+-----------+-----------+
| Impairment of deferred exploration | | - | - | 3,229 |
| expenditure | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| (Increase)/decrease in trade and | | (52,844) | (82,491) | 117,127 |
| other receivables | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Increase/(decrease) in trade and | | 128,228 | 166,353 | (11,674) |
| other payables | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Net cash used in operating | | (21,046) | (10,682) | (82,879) |
| activities | | | | |
+-------+-------+-------+-------------+--------+-----------+-----------+-----------+
NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION
1. Basis of preparation
The Group consolidates the financial statements of the Company and its
subsidiary undertakings.
The financial information has been prepared under the historical cost convention
in accordance with International Financial Reporting Standards (IFRSs). The
financial information set out in this half-yearly report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The same
accounting policies, presentation and methods of computation are followed in
this interim condensed consolidated report as were applied in the Group's annual
financial statements for the year ended 30 November 2009. The auditor's report
on those financial statements was unqualified and did not contain any statements
under section 498(2) or section 498(3) of the Companies Act 2006.
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 GBP96,391 (May 2009: GBP95,557; November 2009: GBP192,367) by
the weighted average number of shares of 110,320,416 (May 2009: 93,070,100;
November 2009: 99,214,048) 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 please visit the Company's website,
www.albamineralresources.com or contact:
+------------+----------+-----------+
| Alba | Mike | Tel: |
| Mineral | Nott, | +44 |
| Resources | Chairman | (0) 20 |
| plc | | 7495 5326 |
+------------+----------+-----------+
| Astaire | Stuart | Tel: |
| Securities | Lane | +44 |
| plc | | (0) 20 |
| | | 7492 4750 |
+------------+----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UASRRRUAWOAR
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
