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All Star Minerals PLC (ASMO)

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Friday 29 May, 2015

All Star Minerals PLC

Final Results


                             ALL STAR MINERALS PLC                             

                         ("All Star" or the "Company")                         

    UNAUDITED FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2014    

CHAIRMAN'S STATEMENT

The past twelve months have continued to be a challenging arena for junior
resource companies as valuations are still well below the peaks seen prior to
2008. That said, for a company like All Star, it allows us to appraise suitable
projects quickly and to potentially negotiate favourable deals with vendors,
who are seeking joint venture partners.

For a Company with a listing on the ISDX Growth Market, access to capital is
mainly from UK investors, whether that be through private client brokers or
sophisticated and high net worth individuals. However, the board is keen to
explore new avenues of funding and to this end, numerous meetings have taken
place with institutional investors and alternative finance providers to gauge
appetite for supporting suitable projects.

The performance of All Star during the period under review has seen the Company
enter into an option agreement in Queensland, Australia and the sale of certain
tenements of our 55.24% owned subsidiary, Blue Doe Gold plc, for a 40m
shareholding in NQ Minerals Pty Ltd. The Company also successfully raised
capital over the past twelve months, both through the issue of new ordinary
shares and issue of convertible loan notes.

Historically, the Company has focussed its activities in Australia. However,
since the Queensland option was secured in early 2014, the board decided that
All Star should consider expanding its geographical presence and therefore it
has been appraising base and precious metal projects in North America, Europe
and Africa.

I would like to take this opportunity to thank my fellow board members,
shareholders and our advisers for their continued support and patience over the
past twelve months.

FINANCIALS

The consolidated financial results for the 12 month period to 31 December 2014
showed a loss after taxation of GBP 430,826 (2013: GBP 643,773).

The basic loss per share from continuing operations was 0.08p (2013:0.16p). The
loss is attributable to ongoing administrative costs associated with the
running of the Group, and exploration expenses.

The Directors do not recommend the payment of a dividend.

In accordance with the ISDX Rules, if it becomes known to the Directors of the
Company that the audit report will be qualified or modified in relation to
going concern or otherwise, the terms of such qualification or modification
will be announced immediately.

OUTLOOK

Having significantly reduced our losses for the financial year to GBP 430,826
from GBP 643,773 last year, we have concentrated on strengthening the Company's
Balance Sheet.  As a resources business our future is dependent on having the
funding at hand to meet our exploration commitments and to pay creditors as
they fall due.

The financial position of All Star is much healthier that when I came to
office. With the funding we have raised during the period the majority of
creditors have been settled and we are now looking towards securing new
projects that have the ability to complete value add propositions longer term. 
The Company's working capital position still requires careful management.

The board has been working to ensure that there is a clear strategy to advance
the Group going forward. To this end, All Star has successfully raised £277,800
in the past 12 months.

Tomas Nugent

Executive Chairman

28 May 2015


 

REPORT ON GROUP PROJECTS AND CORPORATE DEVELOPMENTS

THE PETER CRAIGIE PROJECT

On 31 March 2014 All Star announced that it had entered into an option
agreement over a copper-gold project in North-West Queensland called Peter
Craigie Mine through its wholly-owned subsidiary, NQ Mines Pty Ltd.  The
initial payment of the option agreement was As$15,000 with the remaining
balance of As$145,000 payable should the Company wish to proceed with the
acquisition.

In July 2014, NQ Mines executed a reverse circulation drilling program at the
tenement.  The results of assays and drill samples were analysed at our chosen
laboratory. However, in September 2014 we announced that following a review of
the results the Company decided not to proceed with exercising the option to
acquire the project.

The board of NQ Mines and All Star felt that there were more attractive
opportunities than Peter Craigie Mine to pursue.

THE BIG ONE PROJECT

On 12 November 2013 the Company announced that it had entered into an option
agreement on The Big One. The cost of the option agreement was As$10,000 with a
remaining balance of As$140,000 being payable upon satisfaction of conditions
precedent being met by the vendor.

In June 2014, All Star announced that its wholly-owned subsidiary, NQ Mines Pty
Ltd had agreed to extend the completion date of the proposed acquisition to 31
December 2014. However, at 31 December 2014 the conditions precedent had not
been met therefore the agreement automatically terminated.

BLUE DOE GOLD PLC

All Star has increased its shareholding in Blue Doe Gold plc ("Blue Doe") to
55.24% through capitalising loans of £130,307 into 4,738,442 new ordinary
shares.

In July 2014, All Star announced that Blue Doe had entered into a conditional
agreement to dispose of the Blue Doe, Eagle Hawk and Edward tenements to NQ
Minerals Pty Ltd for a 40,000,000 share consideration which represented 9.09%
of the enlarged share capital of NQ Minerals Pty Ltd.

In August 2014, we further announced that the General Meeting held by Blue Doe
Gold plc to approve the sale of the tenements was duly passed and the
transaction was completed in September 2014.

PLAIN CREEK

The Company holds the Plain Creek project as a wholly-owned project of All
Star. Consideration had been given to a separate corporate listing to develop
the project, however we felt that in the longer term it would be in the best
interests of the Company and its shareholders to maintain sole ownership of the
two tenements prospective for phosphate and uranium.

Over the past year due to funding constraints, very little work was carried out
on the Plain Creek project. It is our hope, funding permitting, a degree of
work can be undertaken at Plain Creek to further our understanding of its
potential.

CORPORATE

In 2013, the Company made a loan of £46,500 to an ISDX listed Company - U3O8
Holdings plc ("U308"). The rationale behind this loan was that at the time All
Star had not reviewed any near term production opportunities and that the board
of U3O8 were in discussions over projects that could be advanced quickly.
However, since the loan was made, U3O8 was unsuccessful in securing projects
due to further funding constraints.

U3O8's listing to ISDX was withdrawn on 30 July 2014 as it had no means to
raise further capital. Following this in September 2014, All Star received
notification of a default under the terms of the Convertible Loan Note and U308
had no way of repaying the principal amount of £46,500 plus accrued interest or
its other creditors. Subsequently U3O8 was placed into liquidation later in
2014.

On a more positive note during the period, All Star raised £257,800 - £180,800
in April 2014 and £77,000 in September 2014 through the issue of new shares.

A further £20,000 was raised in February 2015 through the issue of a
Convertible Loan Note.

The funding enabled the board to undertake project appraisal, a drilling
program and to pay down creditors to enable the business to move forward.


 

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2014

                                Unaudited         Unaudited             Audited
                            Year ended 31    6 month period       Year ended 31
                            December 2014     ended 30 2014       December 2013
                                      GBP               GBP                 GBP
                                                                               
Revenue                                 -                 -                   -
                                                                               
Administrative expenses         (400,090)         (185,334)           (554,961)
                                                                               
Finance costs                    (30,736)           (9,900)             (6,677)
                                                                               
LOSS BEFORE TAX                 (430,826)         (195,324)           (561,638)
                                                                               
Income tax expense                      -                 -                   -
                                                                               
LOSS FOR THE YEAR FROM          (430,826)         (195,324)           (561,638)
CONTINUING OPERATIONS                                                          
                                                                               
Discontinued operations                 -                 -           (123,712)
                                                                               
LOSS FOR THE PERIOD/YEAR        (430,826)         (195,324)           (685,350)
                                                                               
Attributable to:                                                               
                                                                               
Equity holder of the            (363,112)         (194,818)           (578,295)
parent                                                                         
                                                                               
Non-controlling interest         (67,714)             (506)           (107,055)
                                                                               
LOSS PER SHARE                                                                 
                                                                               
Basic & diluted (pence per share)                                              
                                                                               
Continuing operations              (0.08)            (0.05)              (0.17)
                                                                               
Discontinued operations                 -                 -              (0.04)


 

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014

                                Unaudited         Unaudited             Audited
                           at 31 December        At 30 June      At 31 December
                                     2014              2014                2013
                                      GBP               GBP                 GBP
                                                                               
NON CURRENT ASSETS                                                             
                                                                               
Property, plant and                     -                54                 160
equipment                                                                      
                                                                               
Available for sale                      -                 1                   -
investment                                                                     
                                                                               
Trade and other                     5,252            11,111              10,764
receivables                                                                    
                                                                               
                                    5,252            11,116              10,924
                                                                               
CURRENT ASSETS                                                                 
                                                                               
Trade and other                    41,668            87,194              32,905
receivables                                                                    
                                                                               
Cash and cash equivalents          11,730            78,888               2,362
                                                                               
                                   53,398           166,082              35,267
                                                                               
TOTAL ASSETS                       58,650           177,248              46,191
                                                                               
EQUITY PLUS NON-CONTROLLING INTEREST                                           
                                                                               
ISSUED SHARE CAPITAL AND RESERVES                                              
                                                                               
Share capital                     353,238           373,028             350,428
                                                                               
Share premium                   1,413,839         1,317,049           1,152,849
                                                                               
Reserves                          720,452           720,452             720,452
                                                                               
Retained profits              (2,928,403)       (2,720,846)         (2,565,290)
                                                                               
Foreign exchange                   35,772            20,767              28,500
                                                                               
SUBSCRIBED CAPITAL              (405,102)         (289,550)           (307,061)
                                                                               
Non-controlling interest        (127,488)          (57,966)            (59,775)
                                                                               
TOTAL EQUITY                    (532,590)         (347,516)           (366,836)
                                                                               
CURRENT LIABILITIES                                                            
                                                                               
Trade and other payables          591,240           524,764             413,027
                                                                               
TOTAL EQUITY AND                   58,650           177,248              46,191
LIABILITIES                                                                    


 

Notes:

1. The financial information for the year ended 31 December 2014, and the six
months ended 30 June 2013 has not been audited and does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act 2006.

2. Basic loss per share has been calculated using the weighted average number
of shares of 532,442,019 (31.12.13: 335,668,046; 30.6.13: 400,581,745). Given
the loss per share, there are no dilutive instruments in issue.

3. In the year ended 31 December 2013 there was a gain reported in other
comprehensive income of £53,200 reducing the loss attributable to the parent to
£525,095.

4. The Directors of the issuer accept full responsibility for this
announcement.

a d v e r t i s e m e n t