Interim report – for the period ended 31 December 2015

Written by niall. Posted in 2016

Final DRAFT/18/3/2002

Goldcrest Resources plc       

 

Interim report – for the period ended 31 December 2015

 

Technical Director’s statement

 

In the half-year to 31 December 2015, Goldcrest Resources plc continued to assess additional assets in Ghana focusing on more advanced stage projects with the potential for near to medium-term cash flow generation.

 

Following an extensive due diligence period, the Company secured the Asheba Gold project that is located adjacent to our option on the Akoko Gold Project, through the post period end acquisition of Taoudeni Resources Limited on 19th January 2016.

 

The combined Asheba-Akoko Gold Project brings together an initial non-JORC compliant resource estimate of 176,000 ounces of gold at an average grade of 1.8g/t Au at Asheba, with a JORC-compliant resource of 92,800 ounces of gold at an average grade of 1.9g/t Au at Akoko.

 

Following a detailed assessment, we are confident that there is significant exploration upside at both projects, which could form the basis of a larger and longer-term operation. The Company’s current focus, however, remains set on generating cash flow in the near to medium-term from the existing defined gold mineralisation.

 

With this in mind the Company is currently assessing a number of options to advance the project to cash flow generation, alongside establishing a compliant mineral resource estimate for the combined projects. The Company will update the market as this strategy is advanced in due course.

 

As part of the acquisition, Niall Tomlinson and Dr Ryan D. Long were appointed to the Board as Technical Director and Non-Executive Director, respectively, while Frederick

Bell stepped down from the Board.

 

It is the opinion of the board that Goldcrest is now well positioned for the year ahead as it looks to move from explorer to producer in the years to come.

 

The Company will, however, continue its acquisitive strategy as and when attractive value propositions present themselves.

 

Goldcrest reported an operating loss for the six months to 31 December 2015 of £65,493 (six months to December 2014: £62,251). This translates into a loss per share for the period of 0.004p.  The Directors will continue to focus on ensuring that overheads are kept to a minimum and that exploration expenditure is targeted at value adding activities.

 

 

Niall Tomlinson

Technical Director

24 March 2016

 

 

 

 

Statement of comprehensive income    

 

 

 

6 months to 31 December 2015

6 months to 31 December 2014

Year ended 30 June  2015

 

 

Unaudited

£

 

Unaudited

£

 

Audited

£

 

Finance income

 

 

 

-

 

-

 

-

Continuing operations

 

 

 

 

 

Exploration costs

 

 

(18,937)

(4,385)

(25,913)

Administrative expenses

 

 

 

Finance costs

 

(32,006)

 

 

 

(14,550)

(47,857)

 

 

 

(10,009)

(72,103)

 

 

 

(17,284)

 

 

 

 

 

Loss from continuing operations

 

 

(65,493)

(62,251)

(115,300)

Total comprehensive expense for the period

 

 

(65,493)

(62,251)

(115,300)

 

 

Loss per share:

 

 

0.004 p

 

 

0.007 p

 

0.009 p

 

 

Statement of financial position  

 

 

 

At 31 December 2015

At 31 December  2014

At 30 June 2015

 

 

Unaudited

£

Unaudited

£

Audited

£

Assets

Non-current assets

 

 

 

-

 

-

 

-

 

 

-

-

-

 

Current assets

Cash and cash equivalents

Trade and other receivables

 

 

 

 

 

90,455

4,121

 

 

239,490

-

 

 

 

178,620

7,534

Total current assets

 

 

94,576

239,490

186,154

Total assets

 

 

94,576

239,490

186,154

 

Equity and liabilities

 

 

 

 

 

Capital and reserves

Called up share capital

Share premium account

Profit and loss account

 

 

 

747,993

1,627,610

(2,481,394)

 

 

 

701,764

1,623,342

(2,362,853)

 

 

 

747,993

1,627,610

(2,415,901)

 

 

 

Total Equity

 

 

(105,791)

(37,747)

(40,298)

 

 

 

 

 

Current liabilities

Trade and other payables

Borrowings

Provisions

 

 

 

127,617

72,750

-

 

 

145,673

121,247

10,317

 

 

153,702

72,750

-

 

Total current liabilities

 

 

200,367

277,237

226,452

 

Total equity and liabilities

 

 

94,576

 

239,490

 

 

186,154

 

 

 

 

 

 

 

Statement of changes in equity        

for the 6 months ended 31 December 2015

               

 

Called up share capital

Share premium account

Share option reserve

Retained earnings

Option premium on convertible notes

Total equity

 

£

£

£

£

£

£

As at 30 June 2014

 

429,037

1,626,068

-

(2,300,601)

-

(245,496)

 

Loss for the period

 

 

-

 

-

 

-

 

(115,300)

 

-

 

(115,300)

Transactions with owners

Issue of shares

Expenses of issue

 

 

318,956

-

 

 

34,142

(32,600)

 

 

-

-

 

 

-

-

 

 

-

-

 

 

353,098

(32,600)

 

Total transactions with owners

 

 

318,956

 

1,542

 

-

 

-

 

-

 

320,498

As at 30 June 2015

 

747,993

1,627,610

-

(2,415,901)

-

(40,298)

 

 

 

 

 

 

 

 

Loss for the period

 

 

-

 

-

 

-

 

(65,493)

 

-

 

(65,493)

Transactions with owners

Issue of shares

Expenses of issue

 

 

-

-

 

 

-

-

 

 

-

-

 

 

-

-

 

 

-

-

 

 

-

-

 

Total transactions with owners

 

 

-

 

-

 

-

 

-

 

-

 

-

As at 31 December 2015

 

747,993

1,627,610

-

(2,481,394)

-

(105,791)

 

Statement of cash flows      

for the 6 months ended 31 December 2015

 

 

 

6 months ended 31 December

 2015

£

 

6 months ended 31 December

 2014

£

 

Year ended 30 June 2015

 

£

 

Cash flows from operating activities

Loss before taxation

 

 

(65,493)

 

(62,251)

 

(115,300)

 

Adjustments for:

 

 

Finance costs

 

 

 

 

 

14,550

 

 

 

 

10,008

 

 

 

 

17,284

 

 

(50,943)

(52,243)

(98,016)

Movements in working capital:

 

Decrease in trade and other receivables

Increase/(decrease) in trade and other payables

 

 

 

3,413

 

(26,085)

 

 

 

7,810

 

1,691

 

 

 

276

 

            (5,441)    

 

 

 

 

(22,672)

9,501

(5,165)

 

Cash outflow from operations

 

 

 

(73,615)

 

(42,742)

 

(103,181)

 

 

 

 

 

Cash flows from investing activities

 

Finance costs

 

 

 

 

(14,550)

 

 

 

 

(10,008)

 

 

 

          (16,784)

 

 

Net cash flows generated by investing activities

 

 

 

(14,550)

 

(10,008)

 

(16,784)

Cash inflows from financing activities

Share issue for cash

Less share issue costs

Proceeds from borrowings

Repayment of borrowings

 

 

 

 

 

-

-

-

-

 

 

 

300,000

(30,000)

15,000

-

 

 

 

350,000

(35,000)

15,000

(31,750)

 

Net cash flows from financing activities

 

 

 

-

 

285,000

 

298,250

 

Net increase/(decrease) in cash and cash equivalents

 

 

 

(88,165)

 

232,250

 

 

178,285

 

Cash and cash equivalents at the beginning

of period

 

 

178,620

7,240

335

Cash and cash equivalents at end of period

 

 

90,455

239,490

178,620

 

 Interim report notes                          

 

1.       Interim report

The information relates to the 6 month period from 1 July 2015 to 31 December 2015. 

The interim report was approved by the Directors on 24 March 2016.

The unaudited interim report has not been reviewed by the Company’s auditors.

 

2.      Basis of accounting

a. The report has been prepared using accounting policies that the Company has adopted and were used for the accounting period to 30 June 2015.  The information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.

b.The financial statements are prepared under the historical cost convention.

c. The Company will report again for the full year to 30 June 2016.

 

3.      Other matters

 

A copy of this report is available from the Company’s website, www.goldcrestresourcesplc.com

 

 

The Directors of the Issuer accept responsibility for this announcement.

ENQUIRIES:

 
Goldcrest Resources plc 
Technical DirectorNiall Tomlinson         
 
Tel:  020 3053 3631This email address is being protected from spambots. You need JavaScript enabled to view it.  
   
Cairn Financial Advisers LLP Tel 020 7148 7900
Avi Robinson Jo Turner