TIDMMNC
RNS Number : 6679A
Metminco Limited
13 September 2018
AIM ANNOUNCEMENT 13(th) September 2018
----------------- ----------------------
Half Year Report
Metminco Limited (ASX: MNC; AIM: MNC) is pleased to announce its
Half Yearly Report for the period June 30(th) 2018.
This announcement is an abridged version of the announcement.
For the full announcement, please refer to the Company's website at
www.metminco.com.au
Highlights
Principal Activities
The Group's Quinchia Gold Portfolio encompasses a potential
near-term producing asset, the Miraflores Gold Project, as well as
assets with substantial upside potential including the significant
gold porphyry system targets of Tesorito, Dosquebrados and Chuscal.
A Plan of works was submitted to the Colombian Mining Agency in
January 2018 for the construction of the proposed Miraflores gold
mine.
While the Company also retains its 100% Chilean Projects, the
primary focus is on the Miraflores Gold Project and as such the
Chilean projects are on care and maintenance. These Chilean
projects provide significant exposure to copper through Mollacas on
which a mining study announced in 2014 demonstrated robust
economics for development of the Mollacas Project, which is subject
to resolution of a dispute with the land holder. The Vallecillo
Project is a polymetallic deposit with identified resources.
Quinchia Gold Portfolio Colombia
In June 2016 the Company completed the acquisition of Miraflores
Compañia Minera ("Miraflores Compañia") from RMB Resources
Australia Pty Ltd. Miraflores Compañia owns 100% of the Quinchia
Gold Portfolio located within Colombia's Middle Cauca Belt
approximately 90km WNW of the Colombian capital of Bogota and 55 km
to the north of Pereira, the capital of the Department of
Risaralda.
The Quinchia Portfolio contains several gold deposits and
exploration prospects including Miraflores, Dosquebradas, Tesorito
and Chuscal.
A review of the Columbian concessions during the half year
resulted in the decision to relinquish a number of concessions and,
in line with the Company's accounting policies, to impair some of
the capitalised exploration on certain concessions.
During the half year period a 1,500m diamond drilling program
was commenced at Tesorito, part of the Quinchia Gold Portfolio.
Results from the program were announced in August 2018 and included
best intercept of 64m @ 1.67g/t Au from 144m within 253m @ 1.10 g/t
from 2.9m from hole TS-DH-07 (refer ASX announcement of 30 August
2018).
Negotiations commenced with the owner of the Chuscal licence
applications to form a joint venture. These discussions are ongoing
as at the date of this report.
The Company submitted the Plan of Work ("PTO") to the Colombian
Mining Agency for mine development approval for the Miraflores Gold
Project in January 2018. Colombian regulations require both the PTO
and Environmental Impact Assessment approvals prior to commencement
of operations. As at the date of this report, approval of the PTO
is awaited.
The critical path for the development of the project remains the
completion of the EIA, including the validation of the impacts on
the local communities and the gaining of the social licence for the
project. Final, seasonal water monitoring was completed during the
quarter and will inform the EIA submission.
Mollacas, Vallecillo, Loica Projects, Chile
These projects remained on care and maintenance during the
reporting period.
Corporate
During the half year the new management of Company undertook a
number of measures to reduce on-going costs, which necessitated
some additional short-term expenses. The Company's registered
office was moved from Sydney to Melbourne.
Matters subsequent to the end of the financial period
Matters that have arisen in the interval between the end of the
half year ended 30 June 2018 and the date of this report of a
material or unusual nature are as follows:
Appointment of Nick Winer (2 August 2018) as Director of
Exploration, based in Medellin, Colombia
Nick is a geologist with over 30 years' experience in gold, base
metals in South America and will lead the Company's activities in
Colombia, in particular, the advancement of the portfolio of gold
assets in the Quinchia district.
On 13(th) September 2018, the Company entered into an unsecured
loan facility arrangement with private investors to the value of
$500,000 at a 12% coupon rate paid quarterly maturing 6 months from
date of issue or earlier by the Company on 30 days' notice or on
completion of a proposed capital raising.
On 13(th) September 2018, the Company entered into a Trading
Halt on the ASX pending a corporate transaction and capital
raising.
As at the date of this report, the Directors are not aware of
any further matters that have arisen that have significantly
affected, or may significantly affect, the operations of the
Company
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the half year ended 30 June 2018
Note
30 June 2018 30 June 2017
$ $
------------- -------------
Other income 2,496 -
Administration expenses (122,692) (288,047)
Corporate expenses (1,685,036) (1,267,766)
Occupancy expense (67,677) (51,860)
Exploration expenditure written
off 9 (2,485,725) (87,880)
Share based payments expense 12 (781,607) -
Loss on sale of asset - (27,165,722)
Unrealised loss on derivative asset - (1,553,481)
Realised loss on derivative asset 5 (228,273) (106,118)
Profit on disposal of assets - 23,570
Finance costs (230,253) (229,730)
Loss before income tax (5,598,767) (30,727,034)
Income tax expense - -
------------- -------------
Loss for the period from continuing
operations (5,598,767) (30,727,034)
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translating
foreign controlled entities 435,451 (1,430,655)
------------- -------------
Total comprehensive Loss for the
period (5,163,316) (32,157,689)
============= =============
Loss attributable to:
Members of the parent entity (5,598,767) (30,727,034)
(5,598,767) (30,727,034)
============= =============
Total comprehensive (loss) attributable
to:
Members of the parent entity (5,163,316) (32,157,689)
(5,163,316) (32,157,689)
============= =============
Loss per share
From continuing operations:
Basic loss per share (cents) (4.83) (25.38)
Diluted loss per share (cents) (4.83) (25.38)
These financial statements should be read in conjunction with the
accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
Note
30 June 2018 31 December 2017
$ $
------------- -----------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,705,998 834,377
Trade and other receivables 4 99,502 167,382
Derivative asset 5 - 272,683
Asset held for sale 6 2,726,512 2,586,122
Other assets 7 151,880 48,610
------------- -----------------
TOTAL CURRENT ASSETS 4,683,892 3,909,174
------------- -----------------
NON-CURRENT ASSETS
Property, plant and equipment 8 740,571 569,642
Exploration and evaluation expenditure 9 10,352,562 12,015,128
------------- -----------------
TOTAL NON-CURRENT ASSETS 11,093,132 12,584,770
------------- -----------------
TOTAL ASSETS 15,777,024 16,493,944
------------- -----------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 10 3,907,227 3,392,074
Provisions 11 214,300 187,214
------------- -----------------
TOTAL CURRENT LIABILITIES 4,121,527 3,579,288
------------- -----------------
NON-CURRENT LIABILITIES
Trade and other Payables 10 1,714,678 4,322,867
TOTAL NON-CURRENT LIABILITIES 1,714,678 4,322,867
------------- -----------------
TOTAL LIABILITIES 5,836,205 7,902,155
------------- -----------------
NET ASSETS 9,940,819 8,591,789
------------- -----------------
EQUITY
Issued capital 13 338,729,969 332,987,792
Other reserves (28,685,744) (29,914,047)
Accumulated losses (300,103,406) (294,481,956)
------------- -----------------
TOTAL EQUITY 9,940,819 8,591,789
------------- -----------------
These financial statements should be read in conjunction with the
accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the half year ended 30 June 2018
Issued Accumulated Option Convertible Foreign Acquisition Total
Capital Losses Reserve Note equity Currency Reserve
reserve Translation
Reserve
$ $ $ $ $ $ $
----------- ------------- --------- ------------ ------------ ------------ ------------
Balance at 1
January 2017 329,032,074 (259,254,583) 54,686 _ 11,309,289 (41,506,662) 39,634,804
Loss attributable
to members of
the parent
entity _ (30,727,034) _ _ _ _ (30,727,034)
Other
comprehensive
loss _ _ _ _ (1,430,655) _ (1,430,655)
----------- ------------- --------- ------------ ------------ ------------ ------------
Total
comprehensive
loss for the
period _ (30,727,034) _ _ (1,430,655) _ (32,157,689)
Shares issued
during the
period 4,375,000 _ _ _ _ _ 4,375,000
Transaction
costs (314,703) _ _ _ _ _ (314,703)
Equity component
of convertible
note _ _ _ 11,468 _ _ 11,468
Options issued
during the
period _ _ 426,172 _ _ _ 426,172
Balance at 30
June 2017 333,092,371 (289,981,617) 480,858 11,468 9,878,634 (41,506,662) 11,975,052
=========== ============= ========= ============ ============ ============ ============
Balance at 1
January 2018 332,987,792 (294,481,956) 480,860 11,448 11,100,307 (41,506,662) 8,591,789
Loss attributable
to members of
the parent
entity _ (5,598,767) _ _ _ _ (5,598,767)
Other
comprehensive
loss _ _ _ _ 435,451 _ 435,451
----------- ------------- --------- ------------ ------------ ------------ ------------
Total
comprehensive
loss for the
period _ (5,598,767) _ _ 435,451 _ (5,163,316)
Shares issued
during the
period 6,282,789 _ _ _ _ _ 6,282,789
Transaction
costs (540,612) _ _ _ _ _ (540,612)
Equity component
of convertible
note - _ _ (11,468) _ _ (11,468)
Options issued
during the
period - - 781,617 _ _ _ 781,617
Options expired
-prior period
adjustment - 54,687 (54,687) - - - -
Balance at 30
June 2018 338,729,968 (300,026,036) 1,207,790 - 11,535,758 (41,506,662) 9,940,818
=========== ============= ========= ============ ============ ============ ============
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year ended 30 June 2018
Note
30 June 2018 30 June 2017
$ $
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (1,677,704) (1,573,133)
Interest received 2,496 -
Net cash used in operating activities (1,675,208) (1,573,133)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (170,394) 23,570
Payments for exploration expenditure (712,408) (1,203,307)
Payment of deferred consideration (1,000,000) -
Proceeds from sale of Los Calatos - 6,601,155
Net cash (used in)/provided by investing
activities (1,882,802) 5,421,418
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 6,282,789 2,020,035
Payments in respect to capital raisings (540,612) (314,704)
Cash received from convertible notes - 750,000
Cash paid for convertible notes redemption (842,383) -
Cash received from derivative asset - 35,549
Cash received from equity swap 44,410 -
------------- -------------
Net cash provided by financing activities 4,944,204 2,490,880
------------- -------------
Net increase in cash held 1,386,194 6,339,165
Cash and cash equivalents at beginning
of financial period 834,377 71,548
Effect of exchange rates on cash holdings
in foreign currencies (514,573) (60,782)
------------- -------------
Cash and cash equivalents at end of
financial period 1,705,998 6,349,931
============= =============
These financial statements should be read in conjunction with
the accompanying notes.
This announcement contains inside information as stipulated
under Article 7 of the Market Abuse Regulation (EU) No.
596/2014.
For further enquiries contact:
Kevin Wilson
Executive Chairman Metminco Limited;
kwilson@metminco.com.au
+61 409 942 355
For further information, please contact:
METMINCO LIMITED
Kevin Wilson +61 409 942 355
NOMINATED ADVISOR AND JOINT BROKER
RFC Ambrian
Australia
Andrew Thomson / Alena Broesder +61 2 9250 0000
United Kingdom
Charlie Cryer +44 20 3440 6800
JOINT BROKER
Stockdale Securities
United Kingdom
Corporate Finance- Robert Finlay/
Ed Thomas
Sales- Zoe Alexander +44 20 7601 6100
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis +44 20 3757 4997
Forward Looking Statement
All statements other than statements of historical fact included
in this announcement including, without limitation, statements
regarding future plans and objectives of Metminco are
forward-looking statements. When used in this announcement,
forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "future",
"intend", "may", "opportunity", "plan", "potential", "project",
"seek", "will" and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding
future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of the
Company, its directors and management of Metminco that could cause
Metminco's actual results to differ materially from the results
expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Metminco does not
undertake to update or revise forward-looking statements, or to
publish prospective financial information in the future, regardless
of whether new information, future events or any other factors
affect the information contained in this announcement, except where
required by applicable law and stock exchange listing.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FKNDPABKKCCD
(END) Dow Jones Newswires
September 13, 2018 03:58 ET (07:58 GMT)
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