TIDMRLD
RNS Number : 0773H
Richland Resources Ltd
05 June 2017
5 June 2017
Richland Resources Ltd
("Richland" or the "Company")
Final Results for the year ended 31 December 2016
and
Availability of Annual Report
Richland (AIM: RLD), the gemstones producer and developer, today
announces its audited results for the year ended 31 December 2016.
The period covers the second year of sapphire production and sales
by the Company from its operations located in Queensland,
Australia.
Financial Summary (Continuing Operations)
-- US$1.35 million revenues (2015: US$0.7 million)
-- US$3.0 million net loss (2015: US$2.2 million)
-- US$0.3 million unrestricted consolidated cash and cash equivalents (2015: US$1.6 million)
-- US$2.2 million net assets (2015: US$4.8 million)
o Total Assets of US$4.0 million (2015: US$5.8 million)
o Total Liabilities at year end of US$1.8 million (2015: US$1.0
million)
Operational Summary (Continuing Operations)
-- Quarterly production doubled over the period
-- Costs halved as Richland comes out of the development phase:
US$2.00 per carat in Q1 2016 to approximately US$0.78 per carat
during Q4 2016
-- 2,674,536 carats of sapphire produced from the processing of
190,060 tonnes of alluvial gravels
-- Average grade of 14.1 carats per tonne achieved
-- Key optimisation programmes complete
o Redesign of tailings treatment and water recirculation circuit
and its infrastructure
o Infrastructure construction and modifications commenced and
were completed
o Processing plant changes made to improve efficiencies and
reduce double handling of material
o Modifications made to primary jigs, scrubber systems and
feedbin to improve processing efficiencies and their ability to
treat different gravel compositions
o A new pilot testing plant was constructed and commissioned to
allow run of mine testing as part of the ongoing mine planning and
mine development process
-- Updated Measured and Inferred Mineral Resource of 115.5
million carats of sapphire and corundum comprises
o Original JORC Code (2004) compliant historical Measured
Resource of 107.5 million carats following the mining of 1.5
million carats since July 2015; and
o Additional JORC Code (2012) Inferred Resource of 8 million
carats at a grade of 10 carats per tonne recently established.
Corporate Highlights
-- Accrued and unpaid directors' fees of US$260,625 converted
into 5,400,709 common shares in the Company
-- Strand Hanson Limited appointed as Nominated Adviser
-- Unsecured US$500,000 loan facility entered into with certain
of the Company's directors and long term significant
shareholder
Outlook
-- Planned final-stage ramp-up of production to 1.2 million
carats per quarter progressing well and ahead of schedule for
completion by end of June 2017
-- On schedule to achieve 2017 operational profitability targets
following the completion of the current final phase of ramp-up
work
Subsequent events
-- Unsecured US$500,000 loans converted into new common shares
-- Successful completion of equity fundraising of approximately
GBP1 million gross including the issue of 133,333,334 new common
shares
-- Certain directors and management converted certain
outstanding fees and salaries into new common shares
Copies of the Annual Report and Financial Statements for the
financial year to 31 December 2016 are available to download from
the Company's website at www.richlandresourcesltd.com and will
shortly be posted to shareholders.
For more information please contact:
Bernard Olivier
Chief Executive Officer
+61 (0) 4089 48182
Mike Allardice
Group Company Secretary
+852 91 864 854
Nominated Adviser
Strand Hanson Limited
James Harris
Matthew Chandler
James Dance
+44 (0) 20 7409 3494
Laurence Read
Corporate Development and Communications Officer
+44 (0) 20 3289 9923
Broker
Shore Capital Stockbrokers Limited
Jerry Keen (corporate broking)
Toby Gibbs / Mark Percy (corporate finance)
+44 (0) 20 7408 4090
Notes to Editors:
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
Chairman's Statement
As Chairman of Richland Resources Ltd ("Richland" or the
"Company") I am pleased to present the Group's final results for
the financial year ending 31 December 2016 and to report on the
Company's ongoing activities to the date of this statement.
During the course of the year we achieved many important
milestones, but our strategy can best be relayed in numbers;
2,674,536 carats recovered, US$ 1,180,000 of sales whilst still in
the mine ramp-up phase, and 80% of costs being covered in Q4 less
than two years since full project entry. At the current time sales
of both blue and coloured gemstones are increasing apace as the
efficiency of, and sustainable production from our Capricorn
Sapphire mine, located in Queensland Australia, meets its nameplate
capacity. Following some challenging years bringing a new coloured
gemstone mining operation into production, we have applied our
company's considerable experience and expertise and are now seeing
solid results.
The development of the Capricorn Sapphire mine, in order for it
to be a truly commercial success has seen us pursue a series of key
elements that are outlined below:
Consistency and reliability of supply: At a basic level, this
means ensuring that the Capricorn Sapphire mine can produce a bulk
amount of usable sapphires, of consistent size, each and every
month. While I understand some of our shareholders frustrations at
the fluctuations in production throughout our ramp-up phase, our
engineering team has taken time to reconfigure extraction circuits
to ensure a mechanically sustainable mining operation. As opposed
to many other commodities, coloured gemstones can leverage prices
by demonstrating a reliable supply track record to bulk
customers.
However, the gemstone market has changed significantly over the
last ten years and, at Richland, we have been examining diligently
how we can make that ease of supply and seamless distribution of
gemstones to our industry buyers as efficient as possible. It is
worth noting that one of the risks to jewellers and luxury goods
suppliers is that of having to retain high cost inventory on their
books for considerable periods of time. That is why, during 2016,
we engaged in an agreement for the propriety heat treatment and
optional cutting services for batches of Capricorn Sapphire
gemstones. Further to this vertical integration agreement with
Anthony Brooke and Gem Dreams Co., Ltd ("Gem Dreams") the Group is
one of the few wholesale suppliers of sapphires that can deliver
products for immediate cutting or, indeed, setting. Any buyer can
now choose between purchasing rough sapphire, heat-treated rough
sapphire, partially or fully final product from Richland Resources.
The safety and speed of supply chain is one of the key
differentiators for our business.
Ethicacy and transparency: In 2014, Richland took the decision
to develop an entirely new operation in Queensland, Australia.
While risky to undertake such a diversification, we have been
unfailingly impressed not just by the quality of gemstone in
Queensland, but also by the high levels of efficiency, support and
regulation of its mining industry. Environmental and ethical
provenance are at the heart of Richland's values and we see it as
being a key part of our business to be able to clearly show that we
operate, with full transparency, under Australian law and within
global best practice standards. I am particularly proud of the
teams remediation work over historic surface damage caused by past
earthworks in addition to our work conducting a rotational soil
rehabilitation programme, the evidence of which you can see in our
corporate film published at the beginning of 2017. We also have a
great work force on site and fully comply with all federal and
regional employment criteria and safety training and operate under
the established domestic tax regimes for operating resource
companies. Being able to demonstrate our compliance record has
stood us in good stead during sales trips, especially into North
America which is the largest market for coloured gemstones. Our
recently launched 'Australian Sapphire' initiative seeks to promote
Queensland sapphire as a home of ethically mined, high quality
gemstones.
Pipeline: With Capricorn sapphire now being one of the largest
sapphire mines in the world, the Board took the decision to invest
time and funds into delineating a new JORC (2012) resource
estimate. The basis of operational success in mining is a clear
understanding of the geological conditions ahead of the extraction
plan. At the beginning of my career, I was a lead mining geologist
for one of the major mining companies and I felt strongly, along
with our CEO, that we needed to do our own geological work on
understanding the economic mining areas. While an alluvial spread,
we have an excellent geological team which has been involved in
creating and sustaining diamond mines located on such ground, who
worked together with our independent competent person to define an
updated Measured and Inferred Mineral Resource estimate, as at 20
June 2016, of 115.5 million carats of sapphire and corundum
comprising of the original JORC Code (2004) compliant historical
Measured Resource of 107.5 million carats, following the mining of
1.5 million carats since July 2015; and an additional JORC Code
(2012) Inferred Resource of 8 million carats at a grade of 10
carats per tonne established more recently.
Monetisation: In addition to our work securing B2B buyers,
Richland also launched its consumer sales division;
www.richlandgemstones.com with direct-from-mine products. A
profitable part of our historic Tanzanite operation comprised our
consumer sales arm through an online retail portal and also the
creation of the Tanzanite Experience consumer retail stores;
combining education and marketing with the consumer experience.
While we have no plans at this time to open retail stores we are
working hard with key economic stakeholders in Queensland to
promote the concept of Australian sapphire in terms of beauty,
quality and values.
I would like to end by reflecting on corporate activity over the
period. At the beginning of the year, my fellow board member, Mr
Nick Sibley, acquired further shares in the company increasing his
stake to 6.6 per cent. and together we participated in an unsecured
loan facility to Richland of US$500,000. In addition, the Company
successfully undertook a GBP1.0m placing in order to provide a
secure cash base from which to continue and complete sales and
market development negotiations without undue pressure.
We look forward to reporting further updates following the end
of the next quarterly period, but your continued support and belief
in this re-merging story is integral to our future success. As your
management team, our task is not just to realise first operational
profit during 2017, but also to build margins and a solid cash
business once again.
Edward Nealon
Non-Executive Chairman
2 June 2017
Chief Executive's Operational and Financial Review
1. Overview
During 2016, Richland continued to progress its sapphire
production ramp-up and optimisation of the Capricorn Sapphire
gemstone mine in Queensland, Australia. Significant improvements
where achieved across all levels of the operation with the
following results:
-- quarterly production doubling during the year,
-- operating costs per carat were nearly halved and;
-- new sales channels were developed through our marketing and beneficiation programme.
Stringent cost control resulted in a total expenditure, for
2016, of US$4.7 million including, amongst others items
development, production and corporate costs.
2. Financial Performance
Richland successfully disposed of all of its remaining Tanzanian
mining operations and related companies on 2 March 2015 and has
closed its Tanzanite Experience retail operations (the "Disposed
Group"). Its audited financial results, in accordance with IFRS 5,
therefore distinguish between the financials of the Disposed Group
("Discontinued Operations") and Richland's ongoing operations
("Continuing Operations").
2.1 Discontinued Operations
The Company successfully disposed of its remaining Tanzanian
operations and related companies to Sky Associates Group Ltd
("Sky") for a total consideration of US$4.6 million on 2 March
2015.
As Sky did not wish to acquire the Tanzanite Experience retail
operations ("TTE") as part of its acquisition of the Group's mining
operations in Tanzania, it was decided to wind down the affairs of
the retail outlets as TTE could not be sold as a going concern.
Net loss from Discontinued Operations of US$Nil (2015: US$ 3.3
million) has been recognised. The 2015 loss primarily represented
the cumulative exchange differences in equity relating to foreign
operations and non-controlling interest, required to be recognised
in the Profit and Loss account in accordance with IAS 21 and IFRS
5, following completion of the aforementioned sale to Sky.
2.2 Continuing Operations
Revenue for the year of US$1.35 million was 93% higher than the
prior year (2015: US$0.7 million). The Group recorded sales from
its Australian operations of US$1.2 million during year, an
increase of 382% from the prior year as the mine progressed from
the development phase into production. Revenue from the online
sales division was US$0.2 million - down 64% from last year, partly
due to the rebranding of the website to RichlandGemstones.com and
its disassociation from the TanzaniteOne.com site sold to Sky which
was a condition of the sale.
Net loss for the year increased by 36% to US$3.0 million against
the prior year loss of US$2.2 million. The net loss for the year
from Continuing Operations represents operating expenses incurred
as we progressed the Capricorn Sapphire Project through development
into production as well as Richland's corporate expenses.
The total assets for Continuing Operations were US$4.0 million
at the year end (2015: US$5.8 million) which primarily reflects the
investment in the Capricorn Sapphire Project and its associated
capital expenditure.
The Continuing Operations had a net cash position of US$0.6
million as at the year end (including US$0.3 million pledged as
collateral for the financial assurance lodged with the Department
of Natural Resources and Mines (Australia)).
The Continuing Operations had total liabilities of US$1.7
million as at the year end (2015: US$1.0 million) of which loans of
US$530,000 were converted into shares on 5 January 2017.
3. Dividend
The directors have not declared a dividend (2015: nil).
4. Corporate Activities
On 18 April 2016, the Company announced that its directors had
opted to convert all their accrued directors' fees, which had been
unpaid since 1 January 2014 up to 31 March 2016 into new common
shares in order to continue conserving the cash reserves within
Richland as the Company continues its mine ramp-up activities at
the Capricorn Sapphire project located in Queensland, Australia.
This conversion occured at the volume weighted average price
("VWAP") of the Company's shares over the period the fees were
outstanding. The VWAP over the period concerned of 3.4 pence
represented a premium of 60% to the closing share price of 2.125
pence on Friday 15 April 2016. In total, unpaid fees of US$260,625
were converted into 5,400,709 shares.
In early June 2016, the Company was pleased to appoint Strand
Hanson Limited as its Nominated Adviser.
In late June 2016, Richland entered into a US$500,000 unsecured
loan facility with certain of the Company's Directors and a
long-term significant shareholder to satisfy its ongoing working
capital requirements.
On 13 December 2016, the Company announced the successful
completion of an equity fundraising of approximately GBP1 million
gross. The Company issued 133,333,334 new Common Shares of US$
0.0003 each in the capital of the Company ("Common Shares") to
certain new and existing shareholders including Nicholas Sibley, a
Non-Executive Director, at an issue price of 0.75 per placing
share. Richland also issued a further 54,933,334 new Common Shares
in respect of the settlement of the abovementioned unsecured loan
facility of US$ 500,000 entered into on 27 June 2016 and some of
the accrued interest thereon. The Company's 2016 AGM also approved
the cancellation of 7,275,000 restricted shares issued in 2009 and
their acquisition as Treasury Shares. The Company is prohibited
from receiving dividends on Treasury Stock and voting shares which
it holds in Treasury, such that the number of Shares for voting
purposes has been reduced by 7,275,000 shares.
In addition, on 13 December 2016, certain Company directors and
management also agreed to convert their outstanding fees and
salaries from 1 April to 30 November 2016 into new Common Shares in
the Company at a price of 1.74 pence per new Common Share
representing a premium of approximately 55 per cent to the closing
mid-market price of 1.125 pence on 12 December 2016. A total of
5,392,520 new Common Shares were issued as part of the conversion
of such unpaid fees and salaries.
5. Operational Review
5.1 Capricorn Sapphire Project ("Capricorn" or "the
Project")
The Project is located within the Anakie deposit known as the
Queensland Sapphire Gemfields, near the township of Sapphire in
Central Queensland. In total, the project tenements cover
approximately 494 hectares of potential sapphire bearing alluvial
placers within this known deposit.
Production
During 2016, the Capricorn Sapphire mine produced approximately
2.68 million carats of sapphire, of all sizes, quality and value,
as part of the ongoing mine ramp-up and optimisation process. A
total of 190,060 tonnes of sapphire-bearing alluvial gravels were
extracted and processed at an average grade of approximately 14.1
carats per tonne. Table 1 below shows the quarterly breakdown of
sapphire production statistics for Capricorn's operations.
Operational improvements
The year saw significant improvements made to all operational
aspects including, the processing plant, tailings dam and water
retreatment infrastructure, mining operations and sorting
facility.
Key elements of the optimisation programme are as follows:
o Redesign of tailings treatment and water recirculation circuit
and its associated infrastructure;
o Infrastructure construction and modifications commenced and were completed;
o Processing plant changes were made to improve efficiencies and
reduce double handling of material;
o Modifications were made to the primary jigs, scrubber system
and feedbin to improve processing efficiencies and their ability to
treat different gravel compositions; and
o A new pilot testing plant was constructed and commissioned to
allow run of mine testing as part of the ongoing mine planning and
mine development process.
These upgrades plus general optimisation of all aspects of the
mining operations enabled the doubling of production during 2016
from 415,456 carats in Q1 to 839,898 carats in Q4, as per Table 1
below. The optimisation activities and improvement of efficiencies
is also evident from the increase in average grade achieved from
the operations from 12.0 ct/t to 15.7 ct/t during the year.
Table 1: Breakdown of 2016 Production statistics
1(st) 2(nd) 3(rd) 4(th) Total
Quarter Quarter Quarter Quarter 2016
--------- --------- --------- --------- ----------
Tonnes 34,603 45,888 55,985 53,584 190,060
Carats 415,456 617,740 801,443 839,898 2,674,536
Carats per tonnes 12.2 13.7 14 15.4 14.1
Operating Costs
(US$) 830,114 820,383 733,815 655,720 3,040,032
Cost per Carat
(US$) 2.00 1.33 0.92 0.78 1.14
The mine's total operational costs, inclusive of heating,
cutting and polishing costs, have fallen from approximately US$2.00
per carat in Q1 2016 to approximately US$0.78 per carat during Q4
2016, providing further evidence of the ongoing optimisation and
improvement of the operations during the ramp-up phase.
Sales, Marketing and Beneficiation
During the second half of 2016, Richland concluded a
comprehensive review of the sales and marketing channels for its
Capricorn Sapphire project. The review process highlighted the
reluctance of the traditional, rough, untreated wholesale sapphire
industry to engage in the sale and marketing of non-blue sapphires,
despite very positive feedback and interest from the retail
industry and end-consumers for fancy sapphires, including green and
mutli-coloured sapphires. The review further highlighted the
additional margins that can be achieved through additional
beneficiation of not only the fancy coloured sapphires, but also in
the case of traditional blue sapphires. Beneficiation also
significantly widens the potential market for Capricorn Sapphire's
entire product range.
The Company subsequently decided that it needed to further
develop its beneficiation pipeline in order to achieve both higher
prices for its product range as well as to enable the development
of new sales channels, particularly for its fancy coloured
sapphires. As announced on 23 November 2016, Capricorn Sapphire has
engaged Bangkok based Anthony Brooke and Gem Dreams Co., Ltd ("Gem
Dreams") to develop and implement Capricorn Sapphire's
beneficiation processes and its vertical integration strategy.
Following its newly established association with Anthony Brooke
and Gem Dreams, Capricorn Sapphire entered into two significant
downstream beneficiation arrangements:
-- Securing of the preferential use of a specialist sapphire
heat treatment facility for Capricorn Sapphire's product, located
in Chanthaburi, Thailand on a fixed price per carat contracted
basis; and
-- Preferential use of Bangkok-based cutting and polishing
facilities also on fixed price per carat commercial terms.
Thailand is the world's leader in treating sapphires and through
the above mentioned beneficiation agreements, stones from Capricorn
Sapphire will be granted full access to specialist sapphire
beneficiation services and treatments in Thailand. As the
beneficiation strategy is further developed the Company will be
able to provide larger quantities of cut and polished blue and
fancy coloured sapphires with full provenance and authenticity,
produced to the highest ethical standards in Australia, from one of
the world's largest sapphire mines.
Exploration and JORC Resource Update
On 22 June 2016, the Company announced an updated JORC Resource
estimate for its Capricorn Sapphire mine. One of the Company's core
objectives during the period has been to update the geological
model at the group's Capricorn Sapphire mine and further expand the
resource estimate in compliance with the JORC Code (2012). Our
geological delineation programme enables the Company to improve and
refine its mine programme and scheduling.
The updated Measured and Inferred Mineral Resource estimate at
20 June 2016 of 115.5 million carats of sapphire and corundum
comprises:
-- original JORC Code (2004) compliant historical Measured
Resource of 107.5 million carats following the mining of 1.5
million carats since July 2015; and
-- additional JORC Code (2012) Inferred Resource of 8 million
carats at a grade of 10 carats per tonne established more
recently.
5.2 RichlandGemstones.com
The online sales division, www.richlandgemstones.com, was
re-launched in June 2016 with a selection of unique and exotic
sapphires from mine production available for sale through the
website. Reflecting this re-launch, online sales decreased from
US$459,000 in 2015 to US$167,000 in 2016. The online division
continues to source and offer both tanzanite and tanzanite
jewellery from the Merelani tanzanite deposit.
6. Outlook
The planned final-stage ramp-up of production to 1.2 million
carats per quarter is currently progressing ahead of schedule and
the beneficiation strategy detailed on 30 November 2016 continues
to be developed. The Company remains on track to achieve
operational profitably on or before the end of July 2017 as
announced on 13 December 2016.
Financial Statements
Richland Resources Ltd
Consolidated statement of profit or loss
for the Year Ended 31 December 2016
(Audited
2016 2015
US$ US$
'000 '000
CONTINUING OPERATIONS
Revenue 1,347 704
Cost of sales (3,033) (997)
--------- ---------
Gross loss (1,686) (293)
Other income 489 67
Operating expenses (1,754) (1,961)
Operating loss (2,951) (2,187)
Finance cost (46) (14)
--------- ---------
Loss before taxation (2,997) (2,201)
Income tax charge - -
--------- ---------
Loss for the year from continuing
operations (2,997) (2,201)
DISCONTINUED OPERATIONS
Loss for the year from discontinued
operations - (3,312)
--------- ---------
Loss for the year (2,997) (5,513)
========= =========
Attributable to:
--------- ---------
Equity owners of the parent
- Continuing operations (2,997) (2,201)
- Discontinued operations - (3,312)
Non-controlling interest - Discontinued
operations - -
--------- ---------
Other comprehensive income
Loss for the year (2,997) (5,513)
Items that may be reclassified
to profit or loss:
Foreign exchange gain/(loss)
on translation of foreign operation 171 (442)
--------- ---------
Total comprehensive loss for
the year (2,826) (5,955)
========= =========
Attributable to:
Equity owners of the parent (2,826) (5,955)
--------- ---------
* Continuing operations (2,826) (2,643)
* Discontinued operations - (3,312)
--------- ---------
Non-controlling interest - Discontinued
operations - -
--------- ---------
Total comprehensive loss for
the year (2,826) (5,955)
========= =========
Loss per share attributable
to the owners of the parent
during the year
Basic and diluted loss per share
from continuing operations (US
cents/share) (1.36) (1.01)
Basic and diluted loss per share
from discontinued operations
(US cents/share) - (1.52)
Basic and diluted loss per common
share from all operations (US
cents/share) (1.36) (2.53)
Richland Resources Ltd
Consolidated statement of financial position
as at 31 December 2016
(Audited)
2016 2015
US$ US$
'000 '000
Assets
Non-current assets
Property, plant and equipment 2,952 3,306
Intangible assets 31 79
Total non-current assets 2,983 3,385
--------- ---------
Current assets
Inventories 136 243
Trade and other receivables 226 202
Restricted cash and cash equivalents 274 389
Cash and cash equivalents 326 1,564
--------- ---------
962 2,398
---------
Non-current assets and disposal
groups classified as held
for sale 50 50
Total current assets 1,012 2,448
Total assets 3,995 5,833
========= =========
Equity
Share capital 67 65
Share premium 51,875 51,711
Share option reserve 47 -
Foreign currency translation
reserve 27 (144)
Accumulated loss (49,839) (46,842)
--------- ---------
Total equity attributable
to equity owners of the parent 2,177 4,790
Liabilities
Non-current liabilities
Provision for environmental
rehabilitation 237 337
Trade and other payables 29 58
--------- ---------
Total non-current liabilities 266 395
--------- ---------
Current liabilities
Trade and other payables 937 563
Convertible loans 530 -
--------- ---------
1,467 563
--------- ---------
Liabilities associated with
disposal groups classified
as held for sale 85 85
Total current liabilities 1,552 648
--------- ---------
Total liabilities 1,818 1,043
--------- ---------
Total equity and liabilities 3,995 5,833
========= =========
Richland Resources Ltd
Consolidated statement of cash flows
for the Year Ended 31 December 2016
(Audited)
2016 2015
US$ US$
'000 '000
Cash flows from operating activities
Cash utilised by operations (1,727) (2,632)
Interest received 5 3
Net cash utilised in operating
activities (1,722) (2,629)
--------- ---------
Cash flows from investing activities
Purchase of property, plant
and equipment (100) (670)
Purchase of intangible assets (7) (79)
Proceeds from disposal of group,
net of cash and overdraft disposed - 4,401
Minority shareholders' share
of proceeds from Sky - (46)
Purchase of interest in subsidiary - (2)
Transfer from/(to) restricted
cash 116 (181)
--------- ---------
Net cash generated from investing
activities 9 3,423
--------- ---------
Cash flows from financing activities
Proceeds from convertible loans 500 -
--------- ---------
Net cash generated from financing
activities 500 -
--------- ---------
Net (decrease)/increase in cash
and cash equivalents (1,213) 794
========= =========
Movement in cash and cash equivalents
Exchange losses (25) (75)
At the beginning of the year 1,597 878
(Decrease)/increase (1,213) 794
--------- ---------
At the end of the year 359 1,597
========= =========
Cash and cash equivalents -
continuing operations 326 1,564
Cash and cash equivalents net
of borrowings included in asset
from disposal group classified
as held for sale 33 33
--------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
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