Information  X 
Enter a valid email address

All Star Minerals PLC (ASMO)

  Print      Mail a friend

Tuesday 30 September, 2014

All Star Minerals PLC

Half-yearly Report


30 September 2014

                             ALL STAR MINERALS PLC                             

                  ("All Star", the "Group" or the "Company")                   

UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2014

All Star Minerals Plc (ISDX: ASMO), the ISDX Growth Market Company with a focus
on Natural Resources, is pleased to announce its Interim Results for the six
month period from 1 January 2014 to 30 June 2014.

Chairman's Statement

The past 6 months have continued to be a difficult period for listed junior
resource companies. This is despite increased IPO activity in markets globally
and improving economic indicators.

The board is very aware of the issues that the Company faces and continues to
review ways in which All Star can achieve its corporate objectives going
forward.

However, despite this challenging environment, All Star has been active in the
period under review.

The Company's primary focus during the period under review was on the "Big One"
project, originally announced on 12 November 2013 and the Peter Craigie Mine
announced on 31 March 2014.

The Big One

Pursuant to an agreement dated 1st November 2013, NQ Mines Pty Ltd ("NQ
Mines"), a wholly owned subsidiary of the Company agreed to acquire a tenement
(Mining Lease 5481, Mt Isa District), located in Queensland Australia for a
consideration of Au$150,000. The tenement is known as the "Big One".

NQ Mines paid a Au$10,000 non-refundable deposit in relation to the agreement.
On completion of the acquisition NQ Mines will pay the remaining Au$140,000,
which was anticipated to be payable by 1 May 2014.

On 16 June 2014 the Company announced that it had agreed to extend the
completion date to 31 December 2014 in order to provide the vendor further time
to renew licences and obtain the relevant transfer consents.

About the "Big One"

The Big One is situated on a North-East striking fault structure, which lies
sub parallel and approximately 11 kilometres from the Mount Gordon Fault Zone.
The deposit lies in the Myally Subgroup within the dolomitic, feldspathic
sandstones and siltstones of the Upper Lochness Formation and the feldspathic
quartzites and sandstones of the Whitworth Quartzite. Fault structures stand
proud as hills above the lower lying unfaulted sediments.

The outcropping mineralisation at The Big One is predominantly copper lode
within vesicular basalt of a fault gouge. The dominant copper mineralisation is
malachite, whilst chalcocite and azurite are also present.

Peter Craigie

On 31 March 2014 the Company announced that it had entered into an option
agreement on the Peter Craigie Mine, located in North West Queensland. The
consideration for the option was AS$15,000 with a further AS$145,000 payable
should the Company exercise its option.

Peter Craigie Mine is a mining lease covering 119 acres in North West
Queensland, Australia. The project is located 15km north of Dajarra, a small
town some 150km south of Mount Isa, a city that hosts a number of major copper
and base metal mines including Mount Isa Mines.

On 5September 2014 All Star announced that the board had decided not to proceed
with exercising the option to purchase the project based on analysis of
drilling results.

Other developments

On 13 August 2014 the Company announced that its 53 per cent. subsidiary
undertaking -Blue Doe Gold PLC had obtained shareholder consent to dispose of
the Blue Doe, Eagle Hawk, and Edward tenements to NQ Minerals Pty Ltd.

These tenements were disposed of for a consideration of 40,000,000 ordinary
shares in NQ Minerals Pty Ltd representing 9.09 per cent of NQ Minerals Pty
Ltd's issued share capital, an Australian company controlled by Mr Walter
Doyle.

FINANCIALS

The consolidated financial results for the period from 1 January 2014 to 30
June 2014 show a loss after taxation attributable to equity holders of the
parent of £194,818. The basic loss per share was 0.05p. The loss is
attributable to ongoing administrative costs associated with the running of the
Group, and exploration expenses.

On 19 February 2014 the Company announced that it had entered into a
convertible loan agreement with Valiant Investments PLC and received £20,000,
repayable by 14 May 2014. The Company has agreed to pay all interest on the
coupon after the maturity date until 14 November 2014 in cash. If the
Convertible Loan Note remains outstanding at this date it will accrue interest
at a rate of 20 per cent per annum.

On 5 March 2014 the Company announced that it had agreed to extend the terms of
3 Convertible Loan Notes with an aggregate principal of £100,000 to maturity
dates in July 2014. The Company is pleased to announce that the holders have
agreed to further extend the term of the loans for a further 6 months - with
maturity dates in January 2015. A separate announcement will be made in
relation to this extension.

On 10 April 2014 the Company announced that it had raised £180,000 through the
issue of 226,000,000 new ordinary shares in the Company at a price of 0.08
pence per share.

The Company is carefully managing its working capital and is seeking to raise
further funds in the near future.

OUTLOOK

Whilst the Company has been active within the reporting period, the board have
also been giving serious consideration about the long term direction of the
Company.

To this end, the board are continuing to appraise the asset base to ascertain
whether the disposal of the remaining tenements given the early stage nature
and limited exploration work having been done, is the right choice for the
Company.

Presently the funding climate for early stage exploration juniors continues to
remain frustrating and challenging at the same time. Therefore, the board has
to keep this in mind with respect to our exploration commitments.

More positively and forward looking, the board is also actively looking at a
number of attractive large projects with a key focus being on near term
production/cash flow visibility or project scalability based on sound
geological technical data being available to review.

Tomas Nugent
Executive Chairman
30 September 2014



ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 30 JUNE 2014

                                Unaudited         Unaudited           Unaudited
                                                                               
                           6 month period        year ended      6 month period
                            ended 30 June       31 December       ended 30 June
                                     2014              2014                2013
                                                                               
                                      GBP               GBP                 GBP
                                                                               
Revenue                                 -                 -                   -
                                                                               
Administrative expenses         (185,334)         (497,232)           (170,415)
                                                                               
Finance costs                     (9,990)           (7,123)             (2,879)
                                                                               
Other non-operating                     -                 -                  55
income                                                                         
                                                                               
LOSS BEFORE TAX                 (195,324)         (504,355)           (173,239)
                                                                               
Income tax expense                      -                                      
                                                                               
LOSS FOR THE YEAR FROM          (195,324)         (504,355)           (173,239)
CONTINUING OPERATIONS                                                          
                                                                               
Discontinued operations                 -         (139,418)                   -
                                                                               
LOSS FOR THE PERIOD/YEAR        (195,324)         (643,773)           (173,239)
                                                                               
Attributable to:                                                               
                                                                               
Equity holder of the              194,818          (539,033           (136,438)
parent                                                                         
                                                                               
Non-controlling interest            (506)         (104,740)            (36,801)
                                                                               
LOSS PER SHARE                                                                 
                                                                               
Basic & diluted (pence per share)                                              
                                                                               
Continuing operations              (0.05)            (0.16)              (0.04)
                                                                               
Discontinued operations                 -            (0.04)                   -



ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014

                                Unaudited         Unaudited           Unaudited
                          at 30 June 2014    At 31 December     at 30 June 2013
                                                       2014                    
                                      GBP               GBP                 GBP

NON CURRENT ASSETS                                                             
                                                                               
Property, plant and                    54               160                 275
equipment                                                                      
                                                                               
Intangible assets                       -                 -             489,070
                                                                               
Available for sale                      1                 1                   1
investment                                                                     
                                                                               
Trade and other                    11,111            10,764              12,464
receivables                                                                    
                                                                               
                                   11,166            10,925             501,810
                                                                               
CURRENT ASSETS                                                                 
                                                                               
Trade and other                    87,194            92,612              26,558
receivables                                                                    
                                                                               
Cash and cash equivalents          78,888             2,362              17,569
                                                                               
                                  166,082            94,974              44,127
                                                                               
TOTAL ASSETS                      177,248           105,899             545,937
                                                                               
EQUITY PLUS NON-CONTROLLING INTEREST                                           
                                                                               
ISSUED SHARE CAPITAL AND RESERVES                                              
                                                                               
Share capital                     373,028           350,428             340,728
                                                                               
Share premium                   1,317,049         1,152,849           1,152,849
                                                                               
Reserves                          720,452           720,452             696,894
                                                                               
Retained profits              (2,720,846)       (2,526,028)         (2,126,226)
                                                                               
Foreign exchange                   20,767            28,500                   -
                                                                               
SUBSCRIBED CAPITAL              (289,550)         (267,799)              64,245
                                                                               
Non-controlling interest         (57,966)          (57,460)              24,499
                                                                               
TOTAL EQUITY                    (347,516)         (325,259)              88,744
                                                                               
CURRENT LIABILITIES                                                            
                                                                               
Trade and other payables          524,764           431,158             457,193
                                                                               
TOTAL EQUITY AND                  177,248           105,899             545,937
LIABILITIES                                                                    


Notes:

1. The financial information for the six months ended 30 June 2014, year ended
31 December 2013 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 400,581,745 (31.12.13: 335,668,046; 30.6.13: 322,358,154). Given
the loss per share, there are no dilutive instruments in issue.

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

4. The interim results have not been reviewed by the Company's auditor.

ENQUIRIES:

All Star Minerals plc
Tomas Nugent, Chairman
Conrad Windham, CEO
01366 500722

ISDX Corporate Advisor
Cairn Financial Advisers LLP
Liam Murray
020 7148 7900

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