ALL STAR MINERALS
PLC
(“All Star” or the
“Company”)
UNAUDITED FINANCIAL STATEMENTS FOR
THE 12 MONTHS ENDED 31 DECEMBER
2014
CHAIRMAN'S STATEMENT
The past twelve months have continued to be a challenging arena
for junior resource companies as valuations are still well below
the peaks seen prior to 2008. That said, for a company like All
Star, it allows us to appraise suitable projects quickly and to
potentially negotiate favourable deals with vendors, who are
seeking joint venture partners.
For a Company with a listing on the ISDX Growth Market, access
to capital is mainly from UK investors, whether that be through
private client brokers or sophisticated and high net worth
individuals. However, the board is keen to explore new avenues of
funding and to this end, numerous meetings have taken place with
institutional investors and alternative finance providers to gauge
appetite for supporting suitable projects.
The performance of All Star during the period under review has
seen the Company enter into an option agreement in Queensland, Australia and the sale of certain
tenements of our 55.24% owned subsidiary, Blue Doe Gold plc, for a
40m shareholding in NQ Minerals Pty Ltd. The Company also
successfully raised capital over the past twelve months, both
through the issue of new ordinary shares and issue of convertible
loan notes.
Historically, the Company has focussed its activities in
Australia. However, since the
Queensland option was secured in
early 2014, the board decided that All Star should consider
expanding its geographical presence and therefore it has been
appraising base and precious metal projects in North America, Europe and Africa.
I would like to take this opportunity to thank my fellow board
members, shareholders and our advisers for their continued support
and patience over the past twelve months.
FINANCIALS
The consolidated financial results for the 12 month period to
31 December 2014 showed a loss after
taxation of GBP 430,826 (2013:
GBP 643,773).
The basic loss per share from continuing operations was 0.08p
(2013:0.16p). The loss is attributable to ongoing administrative
costs associated with the running of the Group, and exploration
expenses.
The Directors do not recommend the payment of a dividend.
In accordance with the ISDX Rules, if it becomes known to the
Directors of the Company that the audit report will be qualified or
modified in relation to going concern or otherwise, the terms of
such qualification or modification will be announced
immediately.
OUTLOOK
Having significantly reduced our losses for the financial year
to GBP 430,826 from GBP 643,773 last year, we have concentrated on
strengthening the Company's Balance Sheet. As a resources
business our future is dependent on having the funding at hand to
meet our exploration commitments and to pay creditors as they fall
due.
The financial position of All Star is much healthier that when I
came to office. With the funding we have raised during the period
the majority of creditors have been settled and we are now looking
towards securing new projects that have the ability to complete
value add propositions longer term. The Company’s working
capital position still requires careful management.
The board has been working to ensure that there is a clear
strategy to advance the Group going forward. To this end, All Star
has successfully raised £277,800 in the past 12 months.
Tomas Nugent
Executive Chairman
28 May 2015
REPORT ON GROUP PROJECTS AND CORPORATE DEVELOPMENTS
THE PETER CRAIGIE PROJECT
On 31 March 2014 All Star
announced that it had entered into an option agreement over a
copper-gold project in North-West
Queensland called Peter Craigie
Mine through its wholly-owned subsidiary, NQ Mines Pty Ltd.
The initial payment of the option agreement was As$15,000
with the remaining balance of As$145,000 payable should the Company
wish to proceed with the acquisition.
In July 2014, NQ Mines executed a
reverse circulation drilling program at the tenement. The
results of assays and drill samples were analysed at our chosen
laboratory. However, in September
2014 we announced that following a review of the results the
Company decided not to proceed with exercising the option to
acquire the project.
The board of NQ Mines and All Star felt that there were more
attractive opportunities than Peter Craigie
Mine to pursue.
THE BIG ONE PROJECT
On 12 November 2013 the Company
announced that it had entered into an option agreement on The Big
One. The cost of the option agreement was As$10,000 with a
remaining balance of As$140,000 being payable upon satisfaction of
conditions precedent being met by the vendor.
In June 2014, All Star announced
that its wholly-owned subsidiary, NQ Mines Pty Ltd had agreed to
extend the completion date of the proposed acquisition to
31 December 2014. However, at
31 December 2014 the conditions
precedent had not been met therefore the agreement automatically
terminated.
BLUE DOE GOLD PLC
All Star has increased its shareholding in Blue Doe Gold plc
(“Blue Doe”) to 55.24% through capitalising loans of £130,307 into
4,738,442 new ordinary shares.
In July 2014, All Star announced
that Blue Doe had entered into a conditional agreement to dispose
of the Blue Doe, Eagle Hawk and Edward tenements to NQ Minerals Pty
Ltd for a 40,000,000 share consideration which represented 9.09% of
the enlarged share capital of NQ Minerals Pty Ltd.
In August 2014, we further
announced that the General Meeting held by Blue Doe Gold plc to
approve the sale of the tenements was duly passed and the
transaction was completed in September
2014.
PLAIN CREEK
The Company holds the Plain Creek project as a wholly-owned
project of All Star. Consideration had been given to a separate
corporate listing to develop the project, however we felt that in
the longer term it would be in the best interests of the Company
and its shareholders to maintain sole ownership of the two
tenements prospective for phosphate and uranium.
Over the past year due to funding constraints, very little work
was carried out on the Plain Creek project. It is our hope, funding
permitting, a degree of work can be undertaken at Plain Creek to
further our understanding of its potential.
CORPORATE
In 2013, the Company made a loan of £46,500 to an ISDX listed
Company - U3O8 Holdings plc (“U308”). The rationale behind this
loan was that at the time All Star had not reviewed any near term
production opportunities and that the board of U3O8 were in
discussions over projects that could be advanced quickly. However,
since the loan was made, U3O8 was unsuccessful in securing projects
due to further funding constraints.
U3O8’s listing to ISDX was withdrawn on 30 July 2014 as it had no means to raise further
capital. Following this in September
2014, All Star received notification of a default under the
terms of the Convertible Loan Note and U308 had no way of repaying
the principal amount of £46,500 plus accrued interest or its other
creditors. Subsequently U3O8 was placed into liquidation later in
2014.
On a more positive note during the period, All Star raised
£257,800 - £180,800 in April 2014 and
£77,000 in September 2014 through the
issue of new shares.
A further £20,000 was raised in February
2015 through the issue of a Convertible Loan Note.
The funding enabled the board to undertake project appraisal, a
drilling program and to pay down creditors to enable the business
to move forward.
ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2014
|
Unaudited
Year ended 31 December 2014
GBP |
|
Unaudited
6 month period
ended 30 2014
GBP |
|
Audited
Year ended 31 December 2013
GBP |
|
|
|
|
|
|
Revenue |
- |
|
- |
|
- |
|
|
|
|
|
|
Administrative expenses |
(400,090) |
|
(185,334) |
|
(554,961) |
Finance costs |
(30,736) |
|
(9,900) |
|
(6,677) |
|
|
|
|
|
|
LOSS BEFORE TAX |
(430,826) |
|
(195,324) |
|
(561,638) |
|
|
|
|
|
|
Income tax expense |
- |
|
- |
|
- |
|
|
|
|
|
|
LOSS FOR THE YEAR FROM CONTINUING
OPERATIONS |
(430,826) |
|
(195,324) |
|
(561,638) |
|
|
|
|
|
|
Discontinued operations |
- |
|
- |
|
(123,712) |
|
|
|
|
|
|
LOSS FOR THE PERIOD/YEAR |
(430,826) |
|
(195,324) |
|
(685,350) |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Equity holder of the parent |
(363,112) |
|
(194,818) |
|
(578,295) |
Non-controlling interest |
(67,714) |
|
(506) |
|
(107,055) |
|
|
|
|
|
|
LOSS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
Basic & diluted
(pence per share) |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
(0.08) |
|
(0.05) |
|
(0.17) |
Discontinued operations |
- |
|
- |
|
(0.04) |
ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
|
Unaudited
at 31 December 2014
GBP |
|
Unaudited
At 30 June
2014
GBP |
|
Audited
At 31 December 2013
GBP |
NON CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
- |
|
54 |
|
160 |
Available for sale investment |
- |
|
1 |
|
- |
Trade and other receivables |
5,252 |
|
11,111 |
|
10,764 |
|
5,252 |
|
11,116 |
|
10,924 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
41,668 |
|
87,194 |
|
32,905 |
Cash and cash equivalents |
11,730 |
|
78,888 |
|
2,362 |
|
53,398 |
|
166,082 |
|
35,267 |
|
|
|
|
|
|
TOTAL ASSETS |
58,650 |
|
177,248 |
|
46,191 |
|
|
|
|
|
|
EQUITY PLUS
NON-CONTROLLING INTEREST |
|
|
|
|
|
|
|
|
|
|
ISSUED SHARE CAPITAL AND
RESERVES |
|
|
|
|
|
|
|
|
|
|
Share capital |
353,238 |
|
373,028 |
|
350,428 |
Share premium |
1,413,839 |
|
1,317,049 |
|
1,152,849 |
Reserves |
720,452 |
|
720,452 |
|
720,452 |
Retained profits |
(2,928,403) |
|
(2,720,846) |
|
(2,565,290) |
Foreign exchange |
35,772 |
|
20,767 |
|
28,500 |
SUBSCRIBED CAPITAL |
(405,102) |
|
(289,550) |
|
(307,061) |
|
|
|
|
|
|
Non-controlling interest |
(127,488) |
|
(57,966) |
|
(59,775) |
|
|
|
|
|
|
TOTAL EQUITY |
(532,590) |
|
(347,516) |
|
(366,836) |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
591,240 |
|
524,764 |
|
413,027 |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
58,650 |
|
177,248 |
|
46,191 |
Notes:
1. The financial information for the year ended 31 December 2014, and the six months ended
30 June 2013 has not been audited and
does not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006.
2. Basic loss per share has been calculated using the weighted
average number of shares of 532,442,019 (31.12.13: 335,668,046;
30.6.13: 400,581,745). Given the loss per share, there are no
dilutive instruments in issue.
3. In the year ended 31 December
2013 there was a gain reported in other comprehensive income
of £53,200 reducing the loss attributable to the parent to
£525,095.
4. The Directors of the issuer accept full responsibility for this
announcement.