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Papua Mining Plc (ROCK)

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Wednesday 13 September, 2017

Papua Mining Plc

Interim Results

RNS Number : 6733Q
Papua Mining Plc
13 September 2017
 

13 September 2017

 

Papua Mining plc

 

("Papua" or "the Company")

 

Interim Results

 

Papua Mining plc ("Papua" or "the Company") a UK company focused on the exploration for and if commercially feasible, development of gold and copper deposits in Papua New Guinea ("PNG") presents its Interim Results for the period ending 30 June 2017.

 

Highlights

 

·     EL2051 has been renewed by the Minister for Mining for a further two year period

·     Applications for renewal of ELs 1462 and 2322 have been lodged

·     ELs 1804, 2353 and 2409 have been relinquished.

 

Exploration

 

No field exploration activity was carried out during the period under review.  Data collation and review was conducted and it was decided to surrender ELs 1804, 2353 and 2409.  Results obtained to date on these licences were not sufficiently attractive to justify the cost of maintaining the licences and it was decided to focus attention on the three most important licences where the bulk of our exploration expenditures to date have been made. 

 

Interim Results

 

Our Income Statement for the six months ended 30 June, 2016 shows a loss of US$116,616 compared to a loss of US$248,798 for the same period last year.  This reduced loss reflects the low level of exploration activity during the period and the very much reduced administration costs. 

 

As stated in our Annual Report last June, your Board is engaged in discussions which it is hoped will lead to an improved outlook for the Company and its shareholders.  A further announcement will be made as required.

 

Financial Highlights

 

 


6 months to

6 months to

12 months to


30 June

30 June

31 December


2017

2016

2016


US$

US$

US$


(unaudited)

(unaudited)

(audited)









(Loss) attributable to equity owners

(116,616)

(248,798)

(8,198,001)

Cash and cash equivalents

346,102

43,672

461,911

Exploration Assets

1,887,200

9,644,624

1,869,300

Net Assets

2,059,018

9,367,678

2,166.633

 

 

 

 

 

Enquiries:

 

Papua Mining plc

Hugh McCullough, Director

+353 1 532 9535

Cenkos Securities - Nominated Adviser & Broker

Derrick Lee/ Beth McKiernan

+44 131 220 6939

 

 

Condensed Interim Consolidated Statement of Comprehensive Income 

For the six months ended 30 June 2017

 

     

6 months

to

6 months

to

12 months

to


30 June

30 June

31 December


2017

2016

2016


US$

US$

US$


(unaudited)

(unaudited)

(audited)





Administrative costs

(116,616)

(248,798)

(8,198,001)

Finance (charges)/income


0

0

0





(Loss) before tax


(116,616)

(248,798)

(8,198,001)





Income tax expense


0

0

0





(Loss) attributable to equity

(116,616)

(248,798)

(8,198,001)

owners for the period








Other comprehensive (loss)/income for the period

0

0

0










Total comprehensive (loss)

attributable to equity owners

(116,616)

(248,798)

(8,198,001)

for the period









(Loss) per share attributable to equity owners




Basic & Diluted

(0.01)

(0.01)

(0.08)





 

 

Condensed Interim Consolidated Statement of Financial Position

As at 30 June 2017

 

                


6 months

to

6 months

 to

12 months

 to



30 June

30 June

31 December



2017

2016

2016



US$

US$

US$


Note

(unaudited)

(unaudited)

(audited)

ASSETS










Non-current assets





Intangible assets

4

1,887,200

9,664,624

1,869,300






Total non-current assets


1,887,200

9,664,624

1,869,300






Current Assets





Trade and other receivables


0

0

0

Cash and cash equivalents


346,102

43,672

461,911






Total current assets


346,102

43,672

461,911






Total assets


2,233,302

9,688,296

2,331,211











EQUITY










Equity attributable to owners





of the parent:





Share Capital

5

8,317,196

8,248,144

8,317,196

Share Premium


15,359,416

14,176,394

15,359,416

Other Reserves


3,087,062

3,087,062

3,087,062

Share Based Payment Reserve


1,422,914

1,377,830

1,413,914

Retained deficit


(26,127,571)

(18,061,752)

(26,010,955)






Total equity


2,059,017

9,367,678

2,166,633











LIABILITIES










Current liabilities





Trade and other payables


174,285

320,619

164,578






Total current liabilities


174,285

320,619

164,578






Total liabilities


174,285

320,619

164,578






Total equity and liabilities


2,233,302

9,688,296

2,331,211

 

Condensed Interim Cash Flow Statement

For the six months ended 30 June 2017

 


 

6 months

to

6 months to

12 months

to


30 June

30 June

31 December


2017

2016

2016


US$

US$

US$


(unaudited)

(unaudited)

(audited)





Cash flow from operating activities








(Loss) for the period

(116,616)

(248,798)

(8,198,001)





Adjustments to reconcile net profit/(loss)




before tax to cash flow from operating activities








Impairment of intangible assets

0

0

7,837,782





Share Based Payments

9,000

9,000

45,084





Currency adjustments

0

0

(21,918)





Net decrease/(increase) in operating assets




-Other receivables

         0

                   

        18,042

           18,042





Net (decrease)/increase in operating liabilities



-Other liabilities

9,707

51,690

(104,351)





Net cash flow from operating activities

(97,910)

(170,066)

(423,362)





Cash flow from investing activities




Purchase of intangible assets

(17,900)

(374,270)

(436,727)





Net cash used in investing activities

(17,900)

(374,270)

(436,727)





Cash flow from financing activities




Proceeds from issuance of ordinary shares

0

288,825

1,000,899





Net cash used in financing activities

0

288,825

1,000,899





Net increase/(decrease) in cash and cash




equivalents

(115,809)

(255,511)

140,810





Cash and cash equivalents at the




beginning of the period

461,911

299,813

299,183

Exchange difference on cash and cash equivalents

0

0

21,918





Cash and cash equivalents at the




end of the period

346,102

43,672

461,911

 

Condensed Interim Statement of Changes in Equity

For the six months ended 30 June 2017

 

 


Share

Share

Other

Share Based

Retained

Total


Capital

Premium

Reserves

Payment

Deficit

Equity





Reserve




US$

US$

US$

US$

US$

US$








 

 

Balance at 31 December 2015

 

8,230,864

 

14,444,849

 

3,087,062

 

1,368,830

 

(17,812,954)

 

9,318,651

 








 

(Loss) for the period

0

0

0

0

(248,798)

(248,798)

 








 

Shares issued during the period

17,280

271,545

0

0

0

288,825

 








 

Share based payments

 0

0

0

9,000

0

9,000

 

 

Balance at 30 June 2016 (unaudited)

 

8,248,144

 

14,716,394

 

3,087,062

 

1,377,830

 

(18,061,752)

 

18,404,303

 








(Loss) for the period

0

0

0

0

(7,949,203)

(7,949,203)








Shares issued during the period

69,052

643,022

0

0

0

   712,074








Share based payments

 0

0

0

36,084

0

    36,084

 

Balance at 31 December 2016

 

8,317,196

 

15,359,416

 

3,087,062

 

1,413,914

 

(26,010,955)

 

 2,166,633

 

(Loss) for the period

0

0

0

0

(116,616)

  (116,616)








Shares issued during the period

0

0

0

0

0

            0 








Share based payments

 0

0

0

9,000

0

       9,000

 

Balance at 30 June 2016 (unaudited)

 

8,317,196

 

15,359,416

 

3,087,062

 

1,422,914

 

(26,127,571)

 

2,059,017

 

Notes to the Condensed Interim Consolidated Financial Statements

For the six months ended 30 June 2017

 

1      Group and Principal activities

 

For the purposes of these financial statements, the term "PM plc Group" is defined as the companies Papua Mining plc (the "Company"), Papua Mining Limited, Aries Mining Limited and Sagittarius Mining Limited.

 

Papua Mining plc is a public limited company, admitted to trading on AIM, and is incorporated and domiciled in England and Wales.

 

Papua Mining plc acquired 100% of the share capital of Papua Mining Limited on 20 December 2011, however each of the companies of the PM plc Group have effectively operated as a group under common management for a number of years although they did not comprise a statutory group for the entire duration of the comparative period ended 31 December 2011 as defined by International Accounting Standards.

 

The PM plc Group's main activity is the exploration for gold and copper resources in Papua New Guinea...

 

2      Basis of preparation

 

This interim report on the unaudited consolidated financial statements is for the six month period ended 30 June 2017. It does not include all the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31 December 2016, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

 

The consolidated financial statements have been prepared under the historical cost convention except for share based payments which are valued at the date of grant.

 

These unaudited consolidated half-year financial statements have been prepared in accordance with accounting policies consistent with those set out in the Group's financial statements for the year ended 31 December 2016, which were prepared in accordance with IFRS as adopted by the EU.

 

The consolidated financial statements incorporate the financial statements of the Company and subsidiaries controlled by the Company as at 30 June 2017.

 

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2016, prepared under IFRS as adopted by the EU, have been filed with the Registrar of Companies.

 

The Group's consolidated financial statements are presented in US dollars.

 

3      Accounting policies

 

The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 December 2016.

4      Intangible assets

 



30 June


30 June


31 December

Group


2017


2016


2016



US$


US$


US$

Exploration costs














At beginning of period


1,869,300


9,270,355


9,270,355








Additions


17,900


374,269


 (7,401,055)








At the end of year


1,887,200


9,644,624


1,869,300

 

The Group's principal subsidiary undertakings at 30 June 2017, all of which are included in the consolidation, were as follows:

 

 


Proportion held

Class of shareholding

Nature of business

Country of incorporation

Name of Company





Subsidiary undertakings





Papua Mining Limited

100%

Ordinary

Exploration

British Virgin Islands

Aries Mining Limited

100%

Ordinary

Exploration

Papua New Guinea

Sagittarius Mining Limited

100%

Ordinary

Exploration

Papua New Guinea

 

5     Share capital






30 June


30 June


31 December

Group





2017


2016


2016



Number


Number


Number








Issued share capital







Ordinary shares of $0.16 each







Ordinary shares of $0.0016 each


151,994,423


84,772,201


151,994,423

Deferred shares of $0.1584 each


51,215,534


51,215,534


51,215,534
























30 June


30 June


31 December



2016


2015


2016

Issued share capital


US$


US$


US$

Fully paid


8,317,196


8,248,144


8,317,196



8,317,196


8,248,144


8,317,196

 

 

Fully paid ordinary shares carry one vote per share and carry the right to dividends. There are no shares held by the entity or its subsidiaries or associates. There are no shares reserved for issue under options and contracts for the sale of shares at the year end.

 

On the 24th June 2014 Papua Mining plc issued 12,500,000 placing units comprising of one placing share and one placing warrant (the Placing Shares and the Placing Warrants together the "Placing Units") at a price of £0.20 per Placing Unit. The Placing Warrants are exercisable within 2 years of 27 June 2014 at a price of £0.30 per Placing Warrant.

 

On the 7th July 2014 Papua Mining plc issued 3,689,200 offer units comprising of one offer share and one offer warrant (the Offer Share and the Offer Warrant together the "Offer Units") at a price of £0.20 per Offer Unit. The Offer Warrants are exercisable within 2 years of 7 July 2014 at a price of £0.30 per Offer Warrant.

 

On 3rd December, Papua Mining plc created £138,000 of Convertible Loan Notes convertible into ordinary shares of the Company at £0.01 per share.

 

26,200,000 ordinary shares of £0.001 ($0.0012) each were issued at a price of £0.01 ($0.012) per share on 21 December 2015 and 2,590,000 ordinary shares of £0.001 ($0.012) each were issued at a price of £0.01 ($0.012) per share on 21 December 2015.   In addition, 2,100,000 ordinary shares of £0.001 were issued to a trade creditor in settlement of an invoice for £21,000.

 

On 21 December 2015 the Ordinary Share capital of £0.10p was divided in Ordinary Share capital of £0.001 and Deferred Share capital of £0.099p. The Deferred Share capital has no income or voting rights and will be entitled to receive the amount paid up on a winding-up once the ordinary share capital has received £1,000,000 per ordinary share held.

 

On 21 December 2015 warrants were issued over 3,000,000 ordinary shares of £0.001, exercisable over five years at a price of £0.01 per share.

 

2,000,000 ordinary shares of £0.001 ($0.0012) each were issued at a price of £0.03 ($0.04) per share on 16 May 2016. In addition, 666,667 ordinary shares of £0.001 were issued on the same day to a trade creditor in settlement of an invoice for £20,000.

 

11,200,000 ordinary shares of £0.001 ($0.0012) each were issued at a price of £0.01 ($0.012) per share on 1 September 2016.

 

40,000,000 ordinary shares of £0.001 ($0.0012) each were issued at a price of £0.01 ($0.012) per share on 10 October 2016. In addition, 444,444 ordinary shares of £0.001 were issued to a trade creditor in settlement of an invoice for £5,000 and 1,777,778 ordinary shares of £0.001 were issued to a trade creditor in settlement of an invoice for £20,000. Also 13,800,000 ordinary shares of £0.001 were issued to satisfy a convertible note of £138,000.

 

 

 


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