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Friday, 29 September 2017

Ariana Resources plc : Half-year Report

Ariana Resources plc    

Published: 08:00 CEST 29-09-2017 /GlobeNewswire /Source: Ariana Resources plc / : AAU /ISIN: GB00B085SD50

Ariana Resources plc : Half-year Report

 

 

 

29 September 2017

AIM: AAU

 

INTERIM RESULTS

 

Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company operating in Turkey, is pleased to announce its unaudited interim results for the six months ended 30 June 2017.

 

Highlights:

 

  • Kiziltepe Mine (Red Rabbit JV) delivered its first gold-silver pour in March 2017, with commissioning and production ramp-up continuing through the period.
     
  • Pilot gold and silver production during the commissioning phase, to the end of June 2017, totalled 1,929oz and 14,519oz respectively, the sale of which generated maiden revenues for the JV company.
     
  • Commercial production was declared in July 2017, shortly after the period end, and the mine has continued to operate as planned and within its design specifications.
     
  • The mine has been operational for over two full quarters and production remains in line with management forecasts; reporting of the Q3 2017 operational results will occur during October.

 

 

Michael de Villiers, Chairman, commented:

 

"We continue to be very encouraged by the performance of our first gold-silver mine in Turkey, which is being operated by our 50:50 JV partners, Proccea Construction Co.  The Kiziltepe Mine has been operational now for over two quarters, with ramp-up occurring largely between March and the end of June.  This solid progress led to the commencement of commercial production during July of this year. The results to be shown in future periods will be more informative regarding the mine's operational performance*.

 

The results for the Group for the six-month period to June are in line with expectations.  Operating costs are slightly higher than in previous periods due to increased professional fees and salary costs, in part due to our wider footprint in Turkey as a result of our 100% ownership of Salinbas.  The other significant financial activity in the period related to the issue of equity of £2.9m to finance work at both Red Rabbit and Salinbas and which has helped maintain significant developments on both fronts.

 

We look forward to keeping the market updated on our progress across our exploration and development portfolio in the coming months.  We will also be updating the market later in October on the results of our Q3 operational performance from the Kiziltepe Mine, when our first commercial JV production will be recognised."

 

* It is important to note that revenues realised from the operation will be accounted for at the JV company level, such that on consolidation we show our share of the Joint Venture's results for the period using the equity method of accounting rather than a line by line consolidation, in accordance with IAS 28.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

Contacts:

 

Ariana Resources plc

Tel: +44 (0) 20 7407 3616

Michael de Villiers, Chairman

 

Kerim Sener, Managing Director

 

 

 

Beaumont Cornish Limited

Tel: +44 (0) 20 7628 3396

Roland Cornish / Felicity Geidt

 

 

 

Beaufort Securities Limited

Tel: +44 (0) 20 7382 8300

Jon Belliss

 

 

 

Panmure Gordon (UK) Limited

Tel: +44 (0) 20 7886 2500

Adam James / Tom Salvesen

 

 

 

 

Editors' Note:

 

About Ariana Resources

 

Ariana is an exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey.  The Company is developing a portfolio of prospective licences originally selected on the basis of its in-house geological and remote-sensing database.

 

The Company's flagship assets are its Kiziltepe and Tavsan gold projects which form the Red Rabbit Gold Project.  Both contain a series of prospects, within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey.  This Province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits.  These core projects, which are separated by a distance of 75km, form part of a 50:50 Joint Venture with Proccea Construction Co.  The Kiziltepe Sector of the Red Rabbit Project is fully-permitted and is currently in production.  The total resource inventory at the Red Rabbit Project and wider project area stands at c. 605,000 ounces of gold equivalent.  At Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on production is payable to Franco-Nevada Corporation.  At Tavsan an NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

 

In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold Project, comprising the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry among other prospects.  The total resource inventory of the Salinbas project area is c. 1 million ounces of gold equivalent.  A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

 

Beaufort Securities Limited and Panmure Gordon (UK) Limited are joint brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

 

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.

 

Ends

 

 


 

Ariana Resources Plc

Unaudited Condensed Consolidated Interim Financial Statements

For the six months ended 30 June 2017

 

Condensed consolidated statement of comprehensive income

 

 

 

6 months to

6 months to

12 months to

 

 

30 June

30 June

31 December

 

 

2017

2016

2016

 

Note

£'000

£'000

£'000

 

 

 

 

 

Administrative costs

 

(580)

(360)

(930)

 

 

 

 

 

General exploration expenditure

 

(8)

(50)

(118)

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(588)

(410)

(1,048)

 

Other income

 

(4)

 

-

 

 

475

 

 

1,215

 

Gain on acquisition of remaining interest in Joint Venture

 

-

-

12,435

 

Investment income

 

75

43

103

 

Profit on disposal of available for sale investments

 

3

626

810

 

Share of profit on dilution of interest in joint Venture

(5)

-

279

677

 

Share of profit/(loss) of joint venture

(5)

(153)

130

20

 

 

 

 

 

 

 

 

 

 

Profit/(loss) on ordinary activities before tax

 

(663)

1,143

14,212

 

 

 

 

 

Taxation

(7)

-

(390)

(486)

 

 

 

 

 

Profit/(loss) for the period

 

(663)

753

13,726

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

Items that may be reclassified subsequently to profit or loss when specific conditions are met.

 

 

 

 

 

Exchange differences on translating foreign operations

 

(239)

83

(5)

 

 

 

 

 

Fair value adjustment on available for sale investments

(9)

(130)

433

23

 

 

 

 

 

Other comprehensive income for the period

net of tax

 

 

(369)

 

516

 

18

 

 

 

 

 

Total comprehensive income for the period

 

(1,032)

1,269

13,744

 

 

 

 

 

Profit/(loss) for the period attributable to owners of the parent company

 

 

(663)

 

753

 

13,726

 

 

 

 

 

Total comprehensive income attributable to owners of the parent company

 

 

(1,032)

 

1,269

 

13,744

 

 

 

 

 

Profit/(loss) per share (pence)

 

 

 

 

Basic and diluted

(8)

                 (0.07)

                  0.09

                     1.67

 

 


 

Condensed consolidated interim statement of financial position

 

 

 

30 June

30 June

31 December

 

 

2017

2016

2016

 

Note

£'000

£'000

£'000

 

 

 

 

 

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Trade and other receivables

 

113

45

120

Available for sale investments

(9)

-

51

-

Intangible exploration assets

(10)

17,978

1,789

17,965

Land, property, plant and equipment

 

316

351

319

Investment in Joint Venture

(5)

3,374

3,239

3,527

 

 

 

 

 

Total non-current assets

 

21,781

5,475

21,931

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

(11)

3,394

1,110

1,689

Available for sale investments

(9)

691

575

866

Cash and cash equivalents

 

565

822

440

 

 

 

 

 

Total current assets

 

4,650

2,507

2,995

 

 

 

 

 

Total assets

 

26,431

7,982

24,926

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

Called up share capital

(12)

6,056

5,805

5,836

Share premium

(12)

11,735

8,845

9,241

Other reserves

 

720

720

720

Share based payments

 

571

578

571

Translation reserve

 

(779)

(452)

(540)

Retained earnings

 

3,574

(8,085)

4,367

 

 

 

 

 

 

Total equity attributable to equity holders of the parent

 

 

21,877

 

7,411

 

20,195

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Non-Current Liabilities

 

 

 

 

Deferred tax Liability

 

2,273

-

2,273

Other financial liabilities

 

1,651

-

1,651

 

 

 

 

 

Total non-current liabilities

 

3,924

-

3,924

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

630

571

807

 

 

 

 

 

Total current liabilities

 

630

571

807

 

 

 

 

 

Total equity and liabilities

 

26,431

7,982

24,926

 

 

 


 

Condensed consolidated interim statement of changes in equity

 

 

 

 

Share

capital

 

 

 

Share

premium

 

 

 

Other

reserves

 

 

 

Share

options

 

 

Trans-

lation

reserves

 

 

 

Retained

losses

 

 

Non-

controlling

interests

Total

attributable

to equity

holder of

parent

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

Balance at 1 January 2016

5,797

8,764

720

578

(535)

(9,274)

3

6,053

 

 

 

 

 

 

 

 

 

Changes in equity

to 30 June 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

-

753

-

753

Other comprehensive income

-

-

-

-

83

433

-

516

 

 

 

 

 

 

 

 

 

Total comprehensive income

-

-

-

-

83

1,186

-

1,269

 

 

 

 

 

 

 

 

 

Issue of share capital

8

81

-

-

-

-

-

89

Non-controlling interest

-share of net assets in subsidiary

 

-

 

-

 

-

 

-

 

-

 

3

 

(3)

 

-

 

 

 

 

 

 

 

 

 

Transactions with owners

8

81

-

-

-

3

(3)

89

 

 

 

 

 

 

 

 

 

Balance at 30 June 2016

5,805

8,845

720

578

(452)

(8,085)

-

7,411

 

 

 

 

 

 

 

 

 

Changes in equity

to 31 December 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

-

12,973

-

12,973

Other comprehensive income

-

-

-

-

(88)

(410)

-

(498)

 

 

 

 

 

 

 

 

 

Total comprehensive income

-

-

-

-

(88)

12,563

-

12,475

 

 

 

 

 

 

 

 

 

Cancellation of share options

-

-

-

(7)

-

7

-

-

Issue of share capital

31

443

-

-

-

-

-

474

Share issue costs

-

(47)

-

-

-

-

-

(47)

Non-controlling Interest

-acquisition of shares in subsidiary

 

-

 

-

 

-

 

-

 

-

 

(118)

 

-

 

(118)

 

 

 

 

 

 

 

 

 

Transactions with owners

31

396

-

(7)

-

(111)

-

309

 

 

 

 

 

 

 

 

 

Balance at 31 December 2016

5,836

9,241

720

571

(540)

4,367

-

20,195

 

 

 

 

 

 

 

 

 

Changes in equity

to 30 June 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(663)

-

(663)

Other comprehensive income

-

-

 

-

-

(239)

(130)

-

(369)

 

 

 

 

 

 

 

 

 

Total comprehensive income

-

-

-

-

(239)

(793)

-

(1,032)

 

 

 

 

 

 

 

 

 

Issue of share capital

220

2,680

-

-

-

-

-

2,900

Share issue costs

-

(186)

-

-

-

-

-

(186)

 

 

 

 

 

 

 

 

 

Transactions with owners

220

2,494

-

-

-

-

-

2,714

 

 

 

 

 

 

 

 

 

Balance at 30 June 2017

6,056

11,735

720

571

(779)

3,574

-

21,877

 

 


 

Condensed consolidated Interim statement of cash flows

 

6  months to

6 months to

12 months to

 

30 June

30 June

31 December

 

2017

2016

2016

Cash flows from operating activities

 

£`000

 

£`000

 

£`000

 

Profit/(loss) before tax

(663)

1,143

14,212

Adjustments for:

 

 

 

Profit on disposal of available for sale investments

(3)

(626)

(810)

Other income - non cash consideration received in shares

-

-

(1,148)

Depreciation of non-current assets

1

1

1

Disposal of intangible exploration assets - Australian tenements and licences

-

50

51

Gain on acquisition of remaining interest in Joint Venture (excluding cash acquired)

-

-

(12,386)

Fair value adjustments

130

(433)

(23)

(Increase)/decrease  in investment in Joint Venture asset

153

(409)

(697)

Investment income

(75)

(43)

(103)

Movement in working capital

(457)

(317)

(903)

 

 

 

 

Increase/(decrease)  in non-current assets due to exchange movements

                   50

(56)

51

(Increase)/decrease  in trade and other receivables

(624)

123

(660)

Increase/(decrease) in trade and other payables

(86)

(102)

237

Foreign exchange differences on retranslation of assets and liabilities

(239)

83

(5)

Cash outflow from operating activities

(1,356) 

(269)

(1,280)

 

 

 

 

Taxation paid

(91)

 (60)

 (77)

Net cash used in operating activities

(1,447)

(329)

(1,357)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of land, property, plant and equipment

(17)

(10)

(19)

Payments for intangible assets

(175)

(136)

(149)

Investment income

75

43

103

Net cash used in investing activities

(117)

(103)

(65)

 

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from disposal of available for sale investments

48

832

 

1,103

 

Proceeds from issue of share capital

1,641

103

440

Net cash proceeds from financing activities

1,689

935

1,543

 

 

 

 

Net increase in cash and cash equivalents

125

503

121

Cash and cash equivalents at beginning of period/year

440

319

319

Cash and cash equivalents at end of period/year

565

822

440

 

 

 


 

Notes to the interim financial statements for the six months ended 30 June 2017

1. General information

 

Ariana Resources Plc (the "Company") is a public limited company incorporated and domiciled in Great Britain and whose registered office is Bridge House, London Bridge, London, SE1 9QR. The principal activities of the Company and its subsidiaries (the "Group") are related to the exploration for and development of gold and other minerals primarily in Turkey. The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange.

 

2. Basis of preparation

 

The condensed interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting.  The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The condensed interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006.  They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.  Statutory financial statements for the year ended 31 December 2016 were approved by the Board of Directors on 2 June 2017 and delivered to the Registrar of Companies.  The financial information for the periods ended 30 June 2017 and 30 June 2016 are unaudited.

 

3. Significant accounting policies

The condensed interim financial statements have been prepared under the historical cost convention. 

The same accounting policies have been followed in these condensed interim financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2016.

The Group and Company financial statements have been prepared on a going concern basis. As an exploration and development company the Directors are mindful that there is an ongoing need to monitor overheads and cash associated with the exploration and development programme and to raise additional working capital on an ad hoc basis to support the Group's activities.

 

The Group's ability to continue its operations and to realise its assets at their carrying values is dependent upon obtaining additional financing and generating revenues sufficient to cover its operating costs. These financial statements do not give effect to any adjustments which would be necessary should the Group be unable to continue as a going concern and therefore be required to realise its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements.

 

The Company raised £2.9m (gross) in the six month period from two issues of new equity and the Directors remain confident that if future funding is required they will be able to raise this finance to meet the Group's exploration and development programme and associated overhead cost.  The second issue of equity took place near the period end and £1.07m was still to be received as at 30 June 2017, as set out in note 11.  This sum was received after that date.

 

 

4. Other income

30 June

30 June

31 December

 

2017

2016

2016

 

£'000

£'000

£'000

 

 

 

 

Consideration in cash and shares for disposal of Australian tenements and licences

 

-

 

468

 

1,148

Consultancy fees

-

7

67

 

 

 

 

 

-

475

1,215

 

 

 

 

 

 

5. Interest in joint venture

 

The Group accounts for its joint venture with Proccea Construction Co in Zenit Madencilik San. ve Tic. A.S. ("Zenit") using the equity method in accordance with IAS 28 (revised). At 30 June 2017 the Group has a 50% interest in Zenit.

 

Summarised financial information of the joint venture, based on its translated financial statements and reconciliations with the carrying amount of the investment in the consolidated financial statements are set out below:

 

 

30 June

30 June

31 December

 

2017

2016

2016

Summaries statement of financial position

£'000

£'000

£'000

 

 

 

 

Non-current assets

35,337

24,253

23,505

Current assets

4,314

821

15,081

Current and non-current liabilities

(32,903)

(18,596)

(31,532)

 

 

 

 

Equity

6,748

6,478

7,054

 

 

 

 

Proportion of Group's ownership

50%

50%

50%

 

 

 

 

Carrying amount of Investment in Joint Venture

3,374

3,239

3,527

 

 

 

 

 

 

30 June

30 June

31 December

 

2017

2016

2016

Summaries statement of profit and loss

£'000

£'000

£'000

 

 

 

 

Other income

188

202

483

Administrative expenses - including exchange gains/(losses)

(494)

58

(443)

 

 

 

 

Profit/(loss) for the period

(306)

260

40

 

 

 

 

Proportion of Group's ownership

50%

50%

50%

 

 

 

 

Group's share of profit/(loss) for the period

 

(153)

130

20

Increase in share of net assets following

issue of shares in Zenit

 

-

 

279

 

677

 

 

 

 

 

Movement in interest in Joint Venture for the period

(153)

409

697

 

 

 

 

 

During the commissioning phase of the Kiziltepe Gold and Silver Mine, all revenues and costs associated with production during the ramp-up period ending 30 June 2017 have been capitalised and included under development expenditure in accordance with pre-commercial production protocol. Gold and silver production during this commissioning phase totalled 1,929 oz and 14,519 oz respectively.  The Company considers that Zenit commenced commercial production during July 2017.

 

In future accounting periods, more detailed production accounting information will be included in the notes to the Group accounts, as it not permitted to consolidate using acquisition accounting the results of 50% held joint venture enterprises such as Zenit. It will therefore continue to be reported as an investment in the Consolidated Balance sheet and the Consolidated Income Statement will include our share of Zenit's profit or loss for each particular period.

 
 
6. Segmental analysis

 

Management currently identifies one division as an operating segment - mineral exploration. This operating segment is monitored and strategic decisions are made based upon this and other non-financial data collated from exploration activities.

Principal activities for this operating segment are as follows:

Mining - incorporates the acquisition, exploration and development of gold resources in Turkey and lithium in Australia.

 

 

30 June 2017

30 June 2016

31 December 2016

 

 

Other

 

 

Other

 

 

Other

 

 

 

reconciling

 

 

reconciling

 

 

reconciling

 

 

Mining

items

Group

Mining

items

Group

Mining

items

Group

 

 

 

 

 

 

 

 

 

 

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

Administrative costs

-

(580)

 

(580)

-

(360)

(360)

-

(930)

(930)

 

General and specific exploration expenditure

 

(8)

 

-

 

(8)

 

(50)

 

-

 

(50)

 

(118)

 

-

 

(118)

 

Other income

 

-

-

-

475

-

475

1,215

-

1,215

 

Profit on disposal of AFS investments

3

-

3

626

-

626

810

-

810

 

 

 

 

 

 

 

 

 

 

Gain on acquisition in interest in Joint venture

-

-

-

-

-

-

12,435

-

12,435

 

 

Movement in interest in a joint venture

 

 

(153)

 

-

 

 

(153)

 

409

 

-

 

409

 

697

 

-

 

 

697

Investment income

 

-

75

75

-

43

43

-

103

103

Tax

-

-

-

(390)

-

(390)

(486)

-

(486)

 

 

 

 

 

 

 

 

 

 

Profit/(loss) after tax

(158)

(505)

(663)

1,070

(317)

753

14,553

(827)

13,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Segment assets

24,116

2,314

26,431

7,395

587

7,982

24,072

854

24,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Segment liabilities

(4,282)

(272)

(4,554)

(398)

(173)

(571)

(4,539)

(192)

(4,731)

 

 

 

 

 

 

 

 

 

 

Reconciling items include non-mineral exploration costs and transactions between Group and associate companies.

 

Geographical segments

 

All of the Group's mining assets and liabilities are located primarily in Turkey.

 

 

30 June 2017

30 June 2016

31 December 2016

 

 

United

 

 

United

 

 

United

 

 

Turkey

Kingdom

Group

Turkey

Kingdom

Group

Turkey

Kingdom

Group

 

 

 

 

 

 

 

 

 

 

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

Carrying amount of segment non- current assets

 

 

20,844

 

 

937

 

 

21,781

 

 

5,423

 

 

52

 

 

5,475

 

 

20,994

 

 

937

 

 

21,931

 

 

 

7. Taxation

 

The Group has incurred tax losses for the period and a corporation tax charge is not anticipated.

 

8. Profit per share

 

The calculation of basic loss per share is based on the loss after taxation attributable to ordinary shareholders of £663,000 divided by the weighted average number of shares in issue during the period, being 903,412,283.

 

9. Available for sale Investments

 

Company

Non- Current

Current

Total

 

£'000

£'000

£'000

 

Valuation at 1 January 2016

Additions

Disposals

22

-

-

-

380

(209)

22

380

(209)

Fair value adjustment

29

404

433

 

 

 

 

 

Valuation at 30 June 2016

 

51

 

575

 

626

 

 

 

 

Additions

Disposals

-

-

734

(84)

734

(84)

Fair value adjustment

Transfer to current assets

(5)

(46)

(403)

46

(408)

-

 

 

 

 

 

Valuation at 31 December 2016

 

-

 

866

 

866

 

 

 

 

Disposals

-

(45)

(45)

Fair value adjustment

-

(130)

(130)

 

Valuation at 30 June 2017

 

-

 

691

 

691

 

 

 

 

 

 

 

 

Net book value

 

 

 

At 30 June 2017

-

691

691

 

 

 

 

At 31 December 2016

-

866

866

 

 

 

 

At 30 June 2016

51

575

626

 

 

 

 

Available for sale investments represent the Group's investment in Novo Litio Limited (previously Dakota Minerals Limited) and Kingston Resources Limited, both listed on the Australian Securities Exchange and the Company`s  investment in Royal Road Minerals Limited, a company listed on the Toronto Venture Exchange and all are stated at their market value at the period end.

 

As at 30 June 2017 due to changes in the market value of these investments, a fair value loss totaling £130,000 has been reflected in these accounts.

 

 

10. Intangible exploration assets

£'000

 

 

 

 

Six months ended 30 June 2016

 

 

 

 

 

Opening net book value at 1 January 2016

1,654

 

 

Additions

136

 

 

Disposals

(50)

 

 

Exchange movements

49

 

 

 

 

 

 

 

Closing net book value at 30 June 2016

1,789

 

 

 

 

Six months ended 31 December 2016

 

 

 

 

 

Opening net book value at 1 July 2016

1,789

 

 

Additions

13

 

 

Disposals

(1)

 

 

Additions through acquisition of remaining interest in Joint Venture

16,210

 

 

Exchange movements

(46)

 

 

 

 

 

 

 

Closing net book value at 31 December 2016

17,965

 

 

 

 

Six months ended 30 June 2017

 

 

 

 

 

Opening net book value at 1 January 2017

 

17,965

 

Additions

 

175

 

 

Exchange movements

(162)

 

 

 

 

 

Closing net book value at 30 June 2017

17,978

 

                           

None of the Group's intangible assets are owned by the Company.

 

The technical feasibility and commercial viability of extracting a mineral resource are not yet demonstrable in the above intangible exploration assets. These assets are not amortised, until technical feasibility and commercial viability is established. Intangible exploration costs written off represent costs relating to certain projects that are no longer considered economically viable or where exploration licences have been relinquished.

 

 

11. Trade and other receivables

30 June

30 June

31 December

 

2017

2016

2016

 

£'000

£'000

£'000

 

 

 

 

Amounts owed by Joint Venture Company

2,120

941

1,597

 

 

 

 

Other receivables

85

70

48

 

 

 

 

Prepayments and accrued income

116

99

44

 

 

 

 

Share capital receivable

1,073

-

-

 

 

 

 

 

3,394

1,110

1,689

 

 

 

 

The fair value of trade and other receivables is not materially different to the carrying values presented. The amounts owed by Group undertakings and the Joint Venture Company are interest free and repayable on demand.

 

12. Called up share capital and share premium

 

 

 

 

 

 

 

 

 

Allotted, issued and fully paid 0.1p shares

 

 

 

 

 

Number

Share

Deferred

Share

 

of shares

Capital

Shares

Premium

 

£'000

£'000

£'000

£'000

 

 

 

 

 

At 1 January 2016

802,060,196

802

4,995

8,764

 

 

 

 

 

Shares issued in period (net of expenses)

7,814,928

8

-

81

 

 

 

 

 

 

 

 

 

 

At 30 June 2016

809,875,124

810

4,995

8,845

 

 

 

 

 

Shares issued in period (net of expenses)

31,666,666

31

-

396

 

 

 

 

 

 

 

 

 

 

At 31 December 2016

841,541,790

841

4,995

9,241

 

 

 

 

 

Shares issued in period (net of expenses)

210,096,154

220

-

2,494

 

 

 

 

 

 

 

 

 

 

At 30 June 2017

1,051,637,944

1,061

4,995

11,735

 

 

During 2017 the Company issued 210,096,154 ordinary shares for a total gross consideration of £2,900,000 for cash and in settlement of professional fees.

 

At 30 June 2017 the Company had 12,500,000 options and 32,777,777 warrants outstanding for the issue of ordinary shares. No options or warrants were issued or exercised during the six month period.

 

 

13. Approval of interim financial statements

 

The interim financial statements were approved by the Board of Directors on 29 September 2017.





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Ariana Resources plc, Bridge House, London Bridge, London, SE1 9QR, United Kingdom
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