TIDMFCR
RNS Number : 6161Z
Ferrum Crescent Ltd
16 March 2017
16 March 2017
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group") (ASX: FCR,
AIM: FCR, JSE: FCR)
Results for the Half-Year Ended 31 December 2016
Ferrum Crescent, the ASX, AIM and JSE quoted metals project
developer, today announces its unaudited results for the half-year
ended 31 December 2016.
Highlights:
-- Placement of new shares, raising AUD 655,034 in July and AUD 927,850 in December
-- Completion of the acquisition of GoldQuest Iberica, S.L.
-- Commencement of Toral Exploration Project Work programme in northern Spain
Financial Overview
-- Net assets as at 31 December 2016 of AUD 2,508,235 (2015: AUD 718,659)
-- Total Loss for the half-year of AUD 829,797 (2015: AUD 857,699)
Post Period End
-- First exploration results from Toral project, northern Spain
-- Termination of the BFS Farm-in Agreement with BVI/Ovation Capital
-- Laurence Read appointed as Director, following Klaus Borowski's resignation
A pdf copy of the full half-year accounts is available on the
Company's website (www.ferrumcrescent.com) and on the ASX website
(www.asx.com.au). A summary of the material financial information
(including a statement on going concern) is set out below.
Commenting on the half-year interim results, Justin Tooth,
Executive Chairman of Ferrum Crescent said: "This period has seen
the Company take an exciting stride forward down the route
originally outlined in our strategic update of March 2016 via the
acquisition of Goldquest Iberica and its wholly-owned lead-zinc
project of Toral in northern Spain. We have swiftly brought a
strong international team into action, led by Merlin Marr-Johnson
as Project Manager. We were pleased to announce in February the
first set of results from the mapping, geochemistry and channel
sampling which has confirmed a continuous two kilometre
zinc-in-soil anomaly and identified multiple near-surface targets.
This has been a great step forward towards our first drill
programme, recently announced, fuller details of which will follow
shortly. At either end of this half-year, we made two modest
placements of new equity in order to fund our activities and we
also benefited from the influx of fresh capital thanks to several
exercises by options holders to acquire new stock. We continued to
work throughout the period on developing the strategic
relationships and the optimal pathway for the Moonlight Iron Ore
Project in South Africa and we expect to bring a satisfactory
conclusion to that activity in due course. We are at present
suitably funded for our immediate plans and we remain particularly
committed to full transparency with our shareholders and throughout
the markets where we are listed.
For further information on the Company, please visit
www.ferrumcrescent.com or contact:
Ferrum Crescent Limited T: +61 8 9474
Justin Tooth, Executive Chairman 2995
Grant Button, Director and
Company Secretary
UK enquiries: T: +44 7557 672
Laurence Read, Non-Executive 432
Director
Strand Hanson Limited (Nominated T: +44 (0) 20
Adviser) 7409 3494
Rory Murphy/Matthew Chandler
Beaufort Securities Limited T: +44 (0) 20
(Broker) 7382 8300
Elliot Hance
Bravura Capital (Pty) Ltd T (direct): +27
(JSE Sponsor) 11 459 5037
Doné Hattingh
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
The directors accept full responsibility for the information
contained in this announcement. The auditor's unqualified review
report is available for inspection at the Company's registered
office in Australia and at the Company's office at Block B, Regent
Hill Office Park, cnr Leslie & Turley Rds, Lonehill, 2062 for
28 business days from the date of release of this announcement.
Review and results of operations
Operating Results
During the half-year 1 July 2016 to 31 December 2016, the Group
recorded a net loss after tax of AUD 688,661 (1 July 2015 to 31
December 2015: net loss of AUD 727,485).
Principal activities during the half-year
The principal work streams for the Company during the period
were as follows:
1. Determine viable progression routes for the Moonlight assets
either through existing structures or
new pathways;
2. Group-wide review of operations and costs; and
3. Diversify asset portfolio to secure prospective assets, outside of bulk materials, in low risk
geographies
During the six month period covered by this report the Board
gave BVI Business Venture Investments No. 1709 (Proprietary)
Limited ("BVI") every opportunity to fulfill their commitments
under an existing development agreement first announced by the
Company on 14 October 2015, entitling the group to earn up to a 43
per cent. equity interest in Ferrum Iron Ore (Pty) Limited ("FIO")
through the completion and funding of the Bankable Feasibility
Study ("BFS"), which was to be conducted in two phases. The
agreement was subsequently extended in January 2016.
The Company also assessed new options for development including
certain specific laboratory tests relating to beneficiation.
Subsequent to the period, in early 2017, the BVI agreement was
terminated. Further costs reduction initiatives at Moonlight have
been advanced and the Company is actively reviewing routes forward
for progressing Moonlight.
Due diligence continued over two lead-zinc projects located in
Northwest Spain that had been previously subject to exploration by
drilling and analysis. Following two extensions made at the
Company's request, to allow the seller to meet the conditions of
the deal, the option was exercised on 22(nd) September 2016. The
new Ferrum Crescent exploration team, operating out of the UK and
Spain, designed and implemented a work programme for the Toral
Project. The geological goal is to establish the presence and
parameters of mineralisation at surface and then to define the most
prospective areas of the structure for the planning of a targeted
Phase 1 drill campaign. To this end, soil geochemistry sampling,
rock chip sampling, and channel sampling was carried out in
conjunction with detailed mapping.
Post-period work was completed at the Toral asset in Spain
comprising 575 soil samples, 108 rock chip samples and 23 channel
samples in addition to desktop re-analysis of historic data. Using
a GIS (geographic information system), Ferrum Crescent has compiled
all the various data streams into a three-dimensional model. The
proposed 2017 drilling campaign has been based on an increased
understanding of the Toral Project and identification of new target
zones. Following receipt and interpretation of the positive mapping
and sampling results, Ferrum Crescent has drawn up a drill plan
comprising thirteen holes off twelve drill platforms, totalling
from 1,600 metres to 1,800 metres of diamond drilling. The primary
drill targets are zones of co-incident anomalies combining soil
geochemistry, rock alteration, visible mineralisation at surface or
underground, and structurally favourable zones. Exploration
drilling is set to commence in Q2 2017. Drillholes have been
designed to intersect multiple zones of mineralisation at depths
from 50 metres to 200 metres below surface. In order to facilitate
access, all drill platforms are located on existing tracks and
roads.
South Africa
Moonlight Iron Ore Project
Ferrum's principal project is the Moonlight Iron Ore Project
located in Limpopo Province in the north of South Africa. The
Moonlight Deposit (upon which the Moonlight Project is based) is a
magnetite deposit located on the Moonlight, Gouda Fontein and
Julietta farms and is the main operational focus for the Company.
Iscor Limited ("Iscor"), which explored the Moonlight Project in
the 1980s and '90s, reported mineralisation capable of producing a
concentrate grading at 68.7% iron. At that time, Iscor concluded
that the deposit, which was described as being comparable to the
world's best, was easily mineable due to its low waste-to-ore
ratio. The beneficiation attributes of Moonlight ore are extremely
impressive, with low-intensity magnetic separation considered
suitable for optimum concentration.
The Mineral Resource estimate is provided in the table below and
the Mineral Resource estimation criteria, as required in JORC
(2012) and in Section 5.8.2 of the ASX Listing Rules, are available
on the ASX Website.
With a cut off grade of 16% Fe, geological losses of 5% and a
depth constraint of between 100m and 250m from surface, (depending
upon dip and the number of zones present), The Mineral Corporation
has determined that there are reasonable prospects for eventual
economic extraction, and hence estimate the Mineral Resource as
follows:
Category Gross Net (attributable to
Ferrum Crescent at 97%)
----------- ------------------------------------------ ------------------------------------------
Tonne Fe SiO(2) Al(2) Contained Tonne Fe SiO(2) Al(2) Contained
(Mt) (%) (%) O(3) Fe (Mt) (Mt) (%) (%) O(3) Fe (Mt)
(%) (%)
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
Inferred 172.1 25.3 51.2 4.8 43.5 166.9 25.3 51.2 4.8 42.2
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
Indicated 83.0 27.4 50.1 4.0 22.7 80.5 27.4 50.1 4.0 22.1
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
Measured 52.6 31.3 47.3 2.5 16.5 51.0 31.3 47.3 2.5 16.0
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
Total 307.7 26.9 50.3 4.2 82.8 298.5 26.9 50.3 4.2 80.3
----------- ------ ----- ------- ------ ---------- ------ ----- ------- ------ ----------
*Tonnes are rounded
The Company confirms that it is not aware of any new data that
materially affects this resource statement since the first public
announcement and that all material assumptions and technical
parameters underpinning the resource estimates continue to apply
and have not materially changed since first reported.
Competent Person's Statement South Africa:
The information that relates to Exploration Results and Mineral
Resources in the report of which this statement is a summary, is
based on information compiled by Stewart Nupen, who is registered
with the South African Council for Natural Scientific Professionals
(Reg. No. 400174/07) and is a member of the Geological Society of
South Africa. Mr. Nupen is employed by The Mineral Corporation,
which provides technical advisory services to the mining and
minerals industry. Mr. Nupen has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves' and as defined in the June 2009 Edition
of the AIM Note for Mining and Oil and Gas Companies. Mr. Nupen
consents to the inclusion in this statement of the matters based on
his information in the form and context in which it appears.
Spain
On 30 September 2016 the Company completed the purchase of 100%
of the shares of GoldQuest Iberica, S.L. ("GoldQuest"), owning 100%
of the Toral and Lago lead-zinc exploration projects located
respectively in the provinces of León and Galicia in Spain.
Toral Project
The wholly owned Toral zinc-lead-silver permit is located near
Ponferrada in the west of the province of León, Autonomous
Community of Castile and León, Spain approximately 400km northwest
of Madrid.
Location of Toral Zinc-Lead-Silver Permit Area
The Toral Project has been extensively explored historically by
its previous owners Portex Minerals Inc. and Lundin Mining S.L. and
the 2,024ha of mineral rights contains extensive high grade zinc
mineralisation. The project's licence area hosts excellent road,
rail and power infrastructure and is situated in a known historic
mining jurisdiction. The asset also has a pre-existing NI 43-101
resource estimate reported by Micon International Co. Limited on 30
April 2012 (the "NI 43-101 Report"). The NI 43-101 Report estimated
that the project has a NI 43-101 compliant Inferred and Indicated
foreign resource estimate of 8.71Mt at an economic cut-off grade of
7% Pb + Zn (as set out in the Company's announcement of 10 November
2016).
The work undertaken by the Company has concentrated on the
prospective area located vertically above the deep Toral Deposit
within the same licence, which is the subject of a foreign estimate
for the purpose of the ASX Listing Rules, comprising an NI 43-101
compliant Indicated foreign mineral resource estimate of 4.04 Mt at
11.8 Pb + Zn (%) and Inferred foreign mineral resource estimate of
4.67 Mt at 9.8 Pb+ Zn (%) (details of which are set out in the
Company's announcement of 10 November 2016).
Recent work, concluded post-period, has been carried out over
areas of zinc-in-soil anomalism along 2 kilometres of strike
extension at the Toral Project, with an average width of around 150
metres. A topographic survey, completed with a high specification
GPS, enabled accurate positioning of old workings (adits),
identifying sub-parallel zones of mineralisation. Underground
channel sampling has identified high grade mineralisation close to
surface.
Historic Work
Between 1975 and 1985, the Adaro/Peñarroya joint venture carried
out exploration on the four separate licences which now correspond,
approximately, to the Toral permit area. Over a period of nine
years, a topographical survey, geological mapping, a
hydrogeological study and more than 40,000m of diamond drilling (62
holes and 41 wedges) were carried out.
Lundin Mining S.L. (Lundin) acquired the Toral investigation
permit no. 15.199 in 2007 and commenced exploration in April 2007.
Lundin compiled the information collected by the previous licence
holders. In addition, samples of drill core were sent to ALS Chemex
in Canada in order to validate the reliability of the existing
assays and exploration information was digitised. The results of
Lundin's preliminary work confirmed the mineral potential of the
Toral area. However, it was apparent that the continuity and the
thickness of the mineralisation were insufficiently detailed. In
2007 to 2009, seven diamond holes for a total of 4,523.7m were
drilled for the purpose of confirming the continuity of the
mineralisation in the San Jose area of the Toral permit and also to
test the possibility of an extension of the mineralisation in
depth.
GoldQuest acquired Lundin, including the Toral permit, in
January 2010. During 2011 and 2012, GoldQuest conducted systematic
geological mapping and soil sampling.
The Board believes that the observations and results of work
programme carried out by Ferrum Crescent from October 2016 to
January 2017, suggest the following:
-- Measurable and anomalous mineralisation extends for at least two kilometres at the Toral
Project
-- More than one mineralising horizon has been identified
-- More than one mineralising style has been identified
-- There is a structural control on the emplacement, thickness and paragenesis of the
mineralisation
-- Transverse and cross-cutting faults may act as controlling factors on mineralising fluids
Following receipt and interpretation of the positive mapping and
sampling results, Ferrum Crescent has drawn up a drill plan
comprising thirteen holes off twelve drill platforms, totalling
from 1,600 metres to 1,800 metres of diamond drilling. The primary
drill targets are zones of co-incident anomalies combining soil
geochemistry, rock alteration, visible mineralisation at surface or
underground, and structurally favourable zones.
Using a GIS (geographic information system), Ferrum Crescent has
compiled all the various data streams into a three dimensional
model. The proposed 2017 drilling campaign has been based on the
new understanding of the Toral Project and identification of new
target zones.. Drillholes are designed to intersect multiple zones
of mineralisation at depths from 50 metres to 200 metres below
surface. In order to facilitate access, all drill platforms are
located on existing tracks and roads.
Lago Project
The Lago Project is located approximately 54km to the north-east
of the Toral Project in the province of Galicia. Historical
investigations completed by or on behalf of the Spanish mining
firm, Exploracion Minera International Espana S.A. ("EXMINESA"),
between 1985 and 1990, indicated that mineralisation at the Lago
Project may be similar to that encountered at the Toral Project
with vertical, lenticular bodies (probably more than one),
approximately 800m long by 300m wide.
Corporate
Subsequent to the Company entering into an exclusive option to
acquire 100 percent of GoldQuest, two nil-cost extensions were
granted to Ferrum Crescent and on 22 September 2016 the option was
exercised. Accordingly, the Company has acquired 100 per cent. of
the share capital of GoldQuest. GoldQuest owns 100 per cent. of two
lead-zinc exploration projects in the provinces of Le n and
Galicia, in historic Spanish mining areas. Consideration comprised
GBP326,500 in cash and the issue of 100 million new ordinary shares
in the capital of Ferrum Crescent.
On 25 July 2016, the Company announced that it had conditionally
raised in aggregate, GBP 374,453 (AU$655,034) before expenses
through a placement via Beaufort Securities Limited, as agent to
the Company, of 187,226,485 new ordinary shares of no par value
each in the capital of the Company at a price of 0.20 pence per new
ordinary share. As part of the placing, each investor was offered,
subject to shareholder approval in accordance with the ASX Listing
Rules, options on the basis of one option for every share
subscribed pursuant to the placing. Each option will entitle the
holder to subscribe for a further new ordinary share at a price of
0.30 pence per share for an exercise period of two years following
the date of admission of the placing shares trading on AIM. In
addition the Company has agreed to grant a further 18,722,649
options to Beaufort Securities Limited on the same terms. Following
admission, the total issued ordinary share capital of the Company
was 1,470,018,368 ordinary shares.
On 28 July 2016, the Company announced that it was issuing
66,874,816 new ordinary shares of no par value each in the capital
of the Company as a result of the exercise of, in aggregate
66,874,816 options exercisable at a price of 0.165 pence per share,
raising AUD 193,025 before expenses. Such options were granted in
connection with the Company's placing and subscription announced on
27 April 2016. Following the issue of the option shares and the
abovementioned placing shares, the total issued ordinary share
capital of the Company was 1,536,893,184 ordinary shares.
On 26 August 2016, the Company announced that it was issuing
44,797,543 new ordinary shares of no par value each in the capital
of the Company as a result of the exercise of, in aggregate, a
further 44,797,543 options exercisable at a price of 0.165 pence
per share, raising AUD 128,184 before expenses. Such options were
granted in connection with the Company's placing and subscription
announced on 27 April 2016. Following the issue of these option
shares, the total issued ordinary share capital of the Company was
1,581,690,727 ordinary shares.
On 23 September 2016, the Company announced that was issuing
5,381,907 new ordinary shares of no par value each in the capital
of the Company as a result of the exercise of, in aggregate,
5,381,907 options exercisable at a price of 0.165 pence per share
Such options were granted in connection with the Company's placing
and subscription announced on 27 April 2016. Following the issue of
these further option shares, the total issued ordinary share
capital of the Company was 1,587,072,634 ordinary shares.
On 29 September 2016, the Company announced the following proxy
results of the General Meeting of Shareholders held on said date in
respect of the resolutions set out in the Notice of General Meeting
dated 23 August 2016. Resolution 1, 2 and 3 were passed on a show
of hands.
Resolution 1: Ratification of prior issue of Shares
Resolution 2: Approval of grant of Placement Options
Resolution 3: Approval of grant of Broker Options
Also on 29 September 2016, the Company announced that it was
issuing 100,000,000 new ordinary shares of no par value each in the
capital of the Company to GoldQuest Mining (Spain) Corp
On 30 September 2016, the above shares were issued in settlement
of the share element of the consideration for the acquisition of
100 per cent. of the issued share capital of GoldQuest. The shares
are fully paid and rank pari passu in all respects with the
Company's existing ordinary shares. Following the issue of the
shares, the total issued ordinary share capital of the Company was
1,687,072,634 ordinary shares.
On 4 October 2016, the Company granted 187,226,485 new unlisted
options to investors who subscribed for placing shares on a one for
one basis and 18,722,649 new unlisted options to Beaufort
Securities Limited as settlement of certain corporate broking fees.
These options are exercisable at 0.30 pence per share on or by 29
July 2018
On 7 October 2016, the Company announced that was issuing
181,560,288 new ordinary shares of no par value each in the capital
of the Company as a result of the exercise of, in aggregate,
181,560,288 options exercisable at a price of 0.165 pence per share
These options were granted in connection with the Company's placing
and subscription announced on 27 April 2016. Following the issue of
these further option shares, the total issued ordinary share
capital of the Company was 1,814,787,339 ordinary shares.
On 25 November 2016, the Company issued 769,231 new ordinary
shares of no par value each in the capital of the Company as a
result of the exercise of, in aggregate, 769,231 options
exercisable at a price of 0.165 pence per share. The options were
granted in connection with the Company's placing and subscription
announced on 27 April 2016. Following the issue of these further
option shares, the total issued ordinary share capital of the
Company was 1,869,402,153 ordinary shares.
On 12 December 2016, the Company announced that it had
conditionally raised approximately GBP550,000 before expenses via a
placement of 275,218,025 new ordinary shares of no par value in the
capital of the Company at 0.2 GBP pence per new ordinary share.
Following the issue of these shares, the total issued ordinary
share capital of the Company was 2,144,620,178 ordinary shares.
On 22 December 2016, the Company issued 3,205,088 new ordinary
shares of no par value each in the capital of the Company as a
result of the exercise of, in aggregate, 3.205,088 options
exercisable at a price of 0.165 pence per share. The options were
granted in connection with the Company's placing and subscription
announced on 27 April 2016. Following the issue of these further
option shares, the total issued ordinary share capital of the
Company is 2,147,825,266 ordinary shares.
Events subsequent to reporting date
On 9 January 2017, the Company announced a contract of
employment had been entered into with the Company's Executive
Chairman and that Mr Merlin Marr-Johnson had been appointed as
Project Manager with his principal responsibility being the
progression of the lead-zinc projects held in Spain.
On 16 January 2017, the Company announced that Business Venture
Investments No.1709 (Pty) Ltd (BVI) had not completed BFS Phase 1
in accordance with the terms of the farm-in and joint venture
Agreement and the extended deadline of 12 January 2017.
On 25 January 2017, the Company announced the resignation of Mr
Klaus Borowski as a Non-Executive Director and the appointment of
Mr Laurence Read to replace him on the Board.
On 14 February 2017 the Company announced that it had formally
terminated the farm-in and joint venture Agreement with BVI.
On 23 February the Company announced the exploration results and
drill programme of the Toral project in Spain.
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the half-year from 1 July 2016 to 31 December 2016
6 months 6 months
to to
31 December 31 December
2016 2015
AUD AUD
-------------------------------------- --- ------------- -------------
Revenue from continuing operations
Revenue 11,409 20,320
Other income 184,378
195,787 20,320
Fair value (loss) / gain
on financial instrument 102,523 21,368
Exploration expenditure (174,645) (143,320)
Foreign exchange gain 64,165 71,313
Share based payments (7,733) (17,133)
Other expenses (766,235) (659,314)
Gain on disposal of available
for sale investment - 649
Impairment of minority interest
obligation (102,523) (21,368)
(Loss) before income tax (688,661) (727,485)
Income tax (expense)/benefit - -
------------- -------------
Net (loss) after income tax (688,661) (727,485)
------------- -------------
Other comprehensive income
Items that may be reclassified
subsequently to profit or
loss:
Net exchange gain / (loss)
on translation of foreign operation (141,136) (131,205)
Net fair value gains on available
for sale investment - 649
Income tax effect - (182)
Growth on investment unrealised - 524
Other comprehensive (loss)
for the period, net of tax (141,136) (130,214)
Total comprehensive (loss)
for the period (829,797) (857,699)
============= =============
Net (loss) for the period
is attributable to:
Non-controlling interest - -
Owners of the parent (688,661) (727,485)
------------- -------------
(727,485)
============= =============
Total comprehensive (loss)
for the period attributable
to:
Non-controlling interest - -
Owners of the parent (828,797) (857,699)
------------- -------------
(828,797) (857,699)
============= =============
(Loss) per share attributable to the ordinary equity
holders of the Company
Cents per Cents per
Loss per share share share
- basic (loss) per share (0.05) (0.13)
- diluted (loss) per share (0.05) (0.13)
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Financial Position
As at 31 December 2016
31 December 30 June
2016 2016
AUD AUD
---------------------------------------- ------------- -------------
Current Assets
Cash and cash equivalents 1,284,487 743,264
Trade and other receivables 76,141 33,929
Other current financial assets 34,113 29,303
Prepayments 78,496 50,606
Total Current Assets 1,473,237 857,102
------------- -------------
Non-current Assets
Plant and equipment 21,838 13,533
Exploration and evaluation expenditure 1,180,488 243,331
Non-current financial assets 55,129 64,715
------------- -------------
Total Non-current Assets 1,257,455 321,579
------------- -------------
Total Assets 2,730,692 1,178,681
============= =============
Current Liabilities
Trade and other payables 199,295 263,827
Payments received in advance - 175,722
Provisions 23,166 20,473
Total Current Liabilities 222,461 460,022
------------- -------------
Total Liabilities 222,461 460,022
============= =============
NET ASSETS 2,508,231 718,659
============= =============
Equity
Contributed equity 35,611,957 33,049,490
Reserves (7,990,764) (7,906,534)
Accumulated losses (25,112,958) (24,424,297)
------------- -------------
PARENT INTEREST 2,508,235 718,659
NON-CONTROLLING INTEREST - -
TOTAL EQUITY 2,508,235 718,659
============= =============
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Changes in Equity
For the half-year from 1 July 2016 to 31 December 2016
Employee Foreign Available
Contributed Accumulated Share Option Exchange For Sale
Incentive Equity Total
Equity Losses Reserve Reserve Reserve Reserve Reserve Equity
AUD AUD AUD AUD AUD AUD AUD AUD
--------------- ------------ ------------- ---------- ---------- ---------- ---------- ------------- ----------
At 1 July 2015 31,542,093 (22,850,764) 491,577 1,514,742 (46,054) - (10,126,072) 525,522
------------ ------------- ---------- ---------- ---------- ---------- ------------- ----------
(Loss) for the
period - (727,485) - - - - (727,485)
Other
comprehensive
income (net
of tax) - - - - (130,214) - - (130,214)
Total
comprehensive
loss (net of
tax) - (727,485) - - (130,214) - - (857,699)
Transaction
with owners
in their
capacity
as owners'
Options issued
under
employee
option plan - - - 17,133 - - - 17,133
Net growth on
investment
portfolio - - - - (991) 524 - (467)
At 31 December
2015 31,542,093 (23,578,249) 491,577 1,531,875 (177,259) 524 (10,126,072) (315,511)
============ ============= ========== ========== ========== ========== ============= ==========
At 1 July 2016 33,049,490 (24,424,297) 491,577 1,548,840 179,121 - (10,126,072) 718,659
------------ ------------- ---------- ---------- ---------- ---------- ------------- ----------
(Loss) for the
period - (688,661) - - - - (688,661)
Other
comprehensive
income (net
of tax) - - - - (141,136) - - (141,136)
Total
comprehensive
loss (net of
tax) - (688,661) - - (141,136) - - (829,797)
Transaction
with owners
in their
capacity
as owners'
Options issued
under
employee
option plan - - - 7,733 - - - 7,733
Options issued
as
part of
purchase of
GoldQuest
Iberica - - - 49,173 - - - 49,173
Shares issued
net
of
transaction
costs 2,562,467 - - - - - - 2,562,467
At 31 December
2016 35,611,957 (25,112,958) 491,577 1,605,746 37,985 - (10,126,072) 2,508,235
============ ============= ========== ========== ========== ========== ============= ==========
Ferrum Crescent Limited
ACN 097 532 137
Consolidated Statement of Cash Flows
For the period 1 July 2016 to 31 December 2016
6 months 6 months
to 31 December to 31 December
2016 2015
AUD AUD
---------------------------------------- ---------------- ----------------
Cash flows from operating activities
Interest received 2,305 4,883
Income from available for sale
financial assets - 4,795
Payments to suppliers and employees (852,709) (647,939)
Payment for exploration and evaluation
costs (179,456) (137,118)
Receipts from customers 9,104 10,642
Net cash flows used in operating
activities (1,020,756) (764,737)
---------------- ----------------
Cash flows from investing activities
Payments for plant and equipment (444) -
Payment for acquisition of GoldQuest
assets (937,157) -
Purchase of available for sale
financial assets - (30,360)
Proceeds from disposal of available
for sale financial assets - 92,699
Net cash flows from / (used in)
investing activities (937,601) 62,339
---------------- ----------------
Cash flows from financing activities
Proceeds from issue of shares 2,833,467 -
Costs of capital raising (271,000) -
Net cash flows from financing
activities 2,562,467 -
---------------- ----------------
Net increase / (decrease) in
cash and cash equivalents 604,110 (702,398)
Cash and cash equivalents at
beginning of period 743,264 1,028,468
Effect of foreign exchange on
cash and cash equivalents (62,887) (38,879)
---------------- ----------------
Cash and cash equivalents at
end of period 1,284,487 287,191
================ ================
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LELLFDXFLBBV
(END) Dow Jones Newswires
March 16, 2017 03:00 ET (07:00 GMT)
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