TIDMHUN
RNS Number : 0266A
Hunter Resources PLC
24 September 2015
24 September 2015
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
Half Year Report for the six months to 30 June 2015
REPORT OF THE EXECUTIVE CHAIRMAN
Dear Shareholder,
I am pleased to announce the results for Hunter Resources plc ('Hunter'
or the 'Company') for the six months to 30 June 2015.
During the period the Hunter Resources plc group (the 'Group') has focussed
on the geological exploration and community relations at its Pampamali
site, while concurrently expanding its prospective area in Peru through
the acquisition of the Prospero tenements. The Prospero project significantly
expands the Group's landbank in Peru and provides opportunities to potentially
share future facilities and infrastructure with Pampamali. In addition
the Group, having renegotiated the terms of the Pampamali farm-in agreement,
has exercised its option to acquire a controlling 51% interest in the
project in an accelerated timeline and at a significantly lower cost.
Prospero
As announced on 19 June 2015, and following further regional exploration
in the Pampamali area, the Group acquired additional tenements covering
5,000 hectares near and to the north west of the Pampamali project within
a prospective silver-gold-base metal belt. The location of these tenements
can be seen on the Company's website at www.hunter-resources.com.
The acquisition of the Prospero tenements approximately doubles the
size of the Group's mining tenements in the area and provides new geological
targets over ground not previously subject to modern geological exploration.
The Prospero area is directly along strike of the Group's Pampamali
project from which the trend of mineralisation continues into this new
area. Preliminary mapping of the Prospero area by the Group's technical
team identified prospective geological structures and quartz veining
with associated hydrothermal activity and breccias. Numerous anomalies
and prospect areas have been identified for further assessment.
Hunter has carried out geological mapping and sampling on Prospero and
expects to be able to release the results from these, following completion
of a full analysis and interpretation, in due course. We are working
closely with the two local communities on the Prospero site who are
supportive of the Group's plans.
Pampamali
The Pampamali Project consists of 8 exploration concessions with a total
area of 3,500 hectares and is located in central Peru in the Department
of Huancavelica, approximately 550 km by road from the City of Lima.
The Pampamali project is a potentially high grade gold, silver and base
metal project, consisting of 36 mineralised veins identified to date
from surface outcrops. Outcrops of between 100 and 2,000 metres in length
exist with mineralised widths ranging from 0.20 to over 3.00 metres.
Various sampling exercises have been carried out at Pampamali with encouraging
results announced in August and December 2014 and February 2015. As
previously advised, we are continuing our negotiations with the communities
in the Pampamali region to ensure that we have support on a wider basis.
As announced on 1 July 2015, and in accordance with the revised and
improved terms of the Joint Venture Agreement (as announced on 8 April
2015, and defined in the Company's announcement of 9 June 2014) with
the owners of the Pampamali Project, the Company exercised its option
to acquire a 51% interest in the Pampamali Project (the 'Option'). This
satisfied the first two AIM Rule 9 Conditions (as set out in the announcement
of 3 July 2014) to which the Company was subject following its re-admission
to AIM on 4 July 2014 and the 12 month period relating to the third
AIM Rule 9 Condition commenced.
Potential regional plan
As the Pampamali and Prospero tenements are close to each other and
cover areas of a similar geological environment the Company is considering
a potential plan to evaluate them as one project.
Exploring these two areas together would reduce costs and offer increased
efficiencies. In the event that resources are eventually established
in the area then mining and treatment could be carried out together
with a single treatment plant that would provide a material reduction
in both capital and operating costs.
Other projects
We continue to look for new projects, both in Peru and in prospective
areas in other countries.
Financial Review
The Group's loss for the six months to 30 June 2015 was GBP95,000 (2014:
loss of GBP160,000). The Group's net assets for the six months to 30
June 2015 were GBP694,000 (2014: net liabilities of GBP175,000) and
cash balances for the six months to 30 June 2015 were GBP272,000 (2014:
GBP373,000).
Simon D Hunt
Executive Chairman
23 September 2015
For further information, please contact:
Hunter Resources plc Allenby Capital Limited
Simon Hunt (Nominated Adviser and Broker)
(Chairman) Nick Harriss/Nick Naylor
+44 7733 337 755 +44 20 3328 5656
www.hunter-resources.com www.allenbycapital.com
------------------------- -------------------------------
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
---- ------------ ------------ ------------
Administrative expenses (95) (101) (202)
Expenditure incurred in connection with the Re-admission of
the Company's Ordinary Shares
to AIM 2 - (51) (118)
Share based payments - - (148)
Finance costs - (8) (8)
------------ ------------ ------------
Loss before taxation (95) (160) (476)
Taxation - - -
------------ ------------ ------------
LOSS AND TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (95) (160) (476)
------------ ------------ ------------
LOSS PER SHARE
Basic and diluted loss per share - pence 3 (0.07) (0.43) (0.56)
------------ ------------ ------------
All results derive from continuing operations. The loss and the
total comprehensive loss for all periods presented are wholly
attributable to equity holders of the parent Company.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June
2015 2014 31 December 2014
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
----- ------------- ------------- -----------------
ASSETS
Non-current assets
Exploration and evaluation assets 4 436 45 353
436 45 353
------------- ------------- -----------------
Current Assets
Prepayments 11 118 13
Other receivables 25 32 25
Cash and cash equivalents 272 373 478
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
308 523 516
------------- ------------- -----------------
TOTAL ASSETS 744 568 869
------------- ------------- -----------------
LIABILITIES
Current liabilities
Convertible loan notes 5 - 176 -
Advances against equity subscriptions - 364 -
Trade and other payables 50 203 80
------------- ------------- -----------------
TOTAL LIABILITIES 50 743 80
------------- ------------- -----------------
NET CURRENT ASSETS / (LIABILITIES) 258 (220) 436
------------- ------------- -----------------
NET ASSETS / (LIABILITIES) 694 (175) 789
------------- ------------- -----------------
Share capital 6 2,170 1,216 2,170
Share premium 5,406 5,187 5,406
Convertible loan note reserve 5 - 10 -
Currency translation reserve 470 471 470
Accumulated losses (7,352) (7,059) (7,257)
------------- ------------- -----------------
EQUITY / (DEFICIT) ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT COMPANY 694 (175) 789
------------- ------------- -----------------
These Interim financial statements were approved by the Board of
Directors and authorised for issue on 22 September 2015. Signed on
behalf of the Board of Directors by:
Simon Hunt
Director and Executive
Chairman
[23] September 2015
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Convertible loan Currency
note reserve translation Accumulated
Note Share capital Share premium reserve losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----- -------------- -------------- ----------------- ----------------- ------------ --------
Balance at 1
January 2014
(Audited) 1,216 5,187 5 471 (6,899) (20)
Total
comprehensive
loss for the
period - - - - (160) (160)
Allocation of
proceeds
received from
the issue of
convertible
loan notes 5 - - 5 - - 5
Balance at 30
June 2014
(Unaudited) 1,216 5,187 10 471 (7,059) (175)
Total
comprehensive
loss for the
period - - - (1) (316) (317)
Share based
payments - 93 - - 108 201
Issue of
Ordinary Shares 954 464 - - - 1,418
Expenses
incurred in
issuing
Ordinary Shares - (338) - - - (338)
Transfer to
accumulated
loss on
conversion of
convertible
loan notes 5 - - (10) - 10 -
-------------- -------------- ----------------- ----------------- ------------ --------
Balance at 31
December 2014
(Audited) 2,170 5,406 - 470 (7,257) 789
Total
comprehensive
loss for the
period - - - - (95) (95)
Balance as at 30
June 2015
(Unaudited) 2,170 5,406 - 470 (7,352) 694
-------------- -------------- ----------------- ----------------- ------------ --------
CONSOLIDATED CASH FLOW STATEMENT
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
--------------- --------------- ----------------
Cash flows from operating activities
Loss for the period (95) (160) (476)
Adjustments for:
Share based payments - - 148
Finance costs - 8 8
Foreign exchange loss / (gain) 5 - (7)
Operating cash flows before movements in working
capital (90) (152) (327)
Decrease / (increase) in receivables 3 (38) (26)
(Decrease) / increase in trade and other payables (31) 180 53
--------------- --------------- ----------------
Cash used in operating activities (118) (10) (300)
--------------- --------------- ----------------
Cash flows from investing activities
Acquisition of intangible assets (85) (45) (154)
Net cash used in investing activities (85) (45) (154)
--------------- --------------- ----------------
Cash flows from financing activities
Advances against the Subscription of new Ordinary
Shares completed in July 2014 - 364 -
Deferred issue expenses of new Ordinary Shares
(issued in July 2014) - (98) -
Proceeds from the issue of new Ordinary Shares - - 883
Issue expenses of new Ordinary Shares - - (164)
Proceeds from the issue of convertible loan notes 5 - 148 190
Net cash provided by financing activities - 414 909
--------------- --------------- ----------------
Net (decrease) / increase in cash and cash
equivalents (203) 359 455
Effects of exchange rate changes on the balance
of cash held in foreign currencies (3) - 9
Cash and cash equivalents at the beginning of the
period 478 14 14
--------------- --------------- ----------------
Cash and cash equivalents at the end of the
period 272 373 478
--------------- --------------- ----------------
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The Company was incorporated and domiciled in the Isle of Man
under the Companies Acts 1931 to 2004 with registered number
115011C. On 1 July 2014 the Company re-registered under the
Companies Act 2006, with registered number 011261V.
The Interim financial statements, which are unaudited and have
not been reviewed by the Company's auditor, have been prepared in
accordance with the IFRS accounting policies adopted by the Group
and set out in the 2014 Financial Statements. The Group does not
anticipate any change in these accounting policies for the year
ended 31 December 2015.
These Interim financial statements have been prepared to comply
with the requirements of the AIM Rules. In preparing the Interim
financial statements, the Group has adopted the guidance in the AIM
Rules for interim accounts which do not require that the Interim
financial statements are prepared in accordance with IAS 34,
'Interim financial reporting'. While the financial figures included
in this report have been computed in accordance with IFRSs
applicable to interim periods, this report does not contain
sufficient information to constitute interim financial statements
as that term is defined in IFRSs.
The financial information contained in this Interim report also
does not constitute statutory accounts under the Isle of Man
Companies Acts 1931 to 2004 or the Isle of Man Companies Act 2006.
The financial information for the year ended 31 December 2014 is
based on the 2014 Financial Statements. The auditors reported on
those accounts. Their report was unqualified and did not include
any statements of emphasis of matter.
These Interim financial statements have been prepared in
accordance with the IFRS principles applicable to a going concern,
which contemplate the realisation of assets and liquidation of
liabilities during the normal course of operations. Having carried
out a going concern review in preparing these Interim financial
statements, the Directors have concluded that there is a reasonable
basis to adopt the going concern principle.
The Group's presentation currency is Great British Pounds ('GBP'
or GBP') which is the functional currency of the Company and the
currency of the country in which the Company's Ordinary Shares are
listed on AIM. Except where otherwise noted, amounts are presented
in this Interim report in rounded thousands of GBP's.
2. Expenditure incurred in connection with the re-admission of
the Company's Ordinary Shares to AIM
The Company's Ordinary Shares were re-admitted to trading on AIM
on 4 July 2014, following the acquisition of Gold Hunter and the
Company securing funding of GBP925,000 (before issue expenses).
During the current period, the Group did not incur any
expenditure in connection with the Re-admission. During the 12
months ended 31 December 2014 the Company incurred expenditure of
GBP345,000 (H1-2014: GBP149,000) in connection with the
Re-admission (excluding commissions related directly to the funds
raised), principally comprising legal, geological, reporting
accountants, corporate finance and other related fees and expenses.
As required by IFRS, this expenditure was allocated pro-rata to the
issue of new Ordinary Shares under the July 2014 Funding, and the
re-admission of the Ordinary Shares in issue immediately preceding
the July 2014 Funding. Accordingly, GBP118,000 (H1-2015: GBP51,000)
was expensed to profit and loss and GBP227,000 (H1-2014: GBP98,000)
was recorded within the Share Premium account (recorded within
prepayments and subsequently transferred to the Share Premium
account on Re-admission during H2-2014).
3. LOSS PER ORDINARY SHARE
There is no difference between the diluted loss per share and
the basic loss per share presented as the Group is loss making in
all periods presented and the convertible loan notes (refer to note
5) were anti-dilutive in comparative periods.
The calculation of basic and diluted loss per share is based on
the following data:
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
Loss for the period - GBP'000 (95) (160) (476)
Weighted average number of Ordinary Shares 133,195,035 37,729,678 84,800,486
--------------- --------------- ----------------
Basic and diluted loss per Ordinary Share - pence (0.07) (0.43) (0.56)
--------------- --------------- ----------------
4. EXPLORATION AND EVALUATION ASSETS
Intangible assets
GBP'000
------------------
COST AND NET BOOK VALUE
At 1 January 2014 (audited) -
Additions 45
------------------
At 30 June 2014 (unaudited) 45
Additions 308
------------------
At 31 December 2014 (audited) 353
Additions 85
Foreign exchange gain / (loss) (2)
------------------
At 30 June 2015 (unaudited) 436
------------------
Exploration and evaluation assets comprise the Group's initial
investments to participate in exploration and evaluation projects,
including the Pampamali Project and the Prospero Project, related
legal and other expenditure, and expenditure incurred by the Group
in the initial exploration and evaluation of the resource at these
projects. Initial exploration and evaluation expenditure includes,
inter alia, the initial geological assessment and environmental
impact assessment of the project, geological analysis, drilling,
trenching, sample analysis and similar expenditure.
Expenditure incurred in the Group's general administrative
activities in Peru is expensed to profit and loss as incurred.
5. CONVERTIBLE LOAN NOTES
The following summarises the movements in the convertible loan
notes liability and equity components during the preceding
periods:
Liability Equity Total
GBP'000 GBP'000 GBP'000
---------- -------- --------
At 1 January 2014 (audited) 26 5 31
Initial measurement 143 5 148
Interest charge 8 - 8
Foreign exchange gain (1) - (1)
---------- -------- --------
At 30 June 2014 (unaudited) 176 10 186
Initial measurement 42 - 42
Interest transferred to accruals upon conversion (4) - (4)
Conversion of loan notes (215) (10) (225)
Foreign exchange gain 1 - 1
---------- -------- --------
At 31 December 2014 (audited) and 30 June 2015 (unaudited) - - -
---------- -------- --------
Details on the convertible loan notes are provided in the 2014
Financial Statements.
6. SHARE CAPITAL AND SHARE PREMIUM
6.1. Authorised share capital and rights attaching to shares
The authorised share capital of the Company is comprised of the
following at all balance sheet dates presented:
No. GBP
------------ ----------
Ordinary Shares of GBP0.01 each 300,000,000 3,000,000
Deferred Shares of GBP0.09 each 20,000,000 1,800,000
------------ ----------
320,000,000 4,800,000
------------ ----------
The Company's Ordinary Shares carry no right to fixed income.
Each Ordinary Share carries the right to one vote at the general
meetings of the Company. The Company's Deferred Shares do not carry
voting rights or a right to receive a dividend. The holders of
Deferred Shares do not have the right to receive notice of any
general meeting of the Company, nor have any right to attend, speak
or vote at any such meeting. In addition, holders of Deferred
Shares will only be entitled to a payment on a return of capital or
on a winding up of the Company after each of the holders of
Ordinary Shares has received a payment of GBP100,000 in respect of
each Ordinary Share. Accordingly, the Deferred Shares have no
economic value. The Deferred Shares are not admitted to trading on
any stock exchange.
6.2. Shares in issue
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
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