Beams of Life: Mega in conversation with Professor Stephen Myers OBE

Proton therapy is a new way of beating cancer, with fewer side effects than conventional radiation treatments, explains Stephen Myers, a pioneering nuclear medicine scientist.

Professor Stephen Myers OBE – Physicist, proton therapy specialist at ADAM

Find the original article here

Andalas Energy and Power Plc #ADL – Holding(s) in Company

Andalas Energy and Power Plc

Holding(s) in Company

Andalas Energy and Power PLC

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: Andalas Energy and Power PLC
1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)iii:
3. Details of person subject to the notification obligationiv
Name Lombard Odier Asset Management (Europe) Limited
City and country of registered office (if applicable) London, United-Kingdom
4. Full name of shareholder(s) (if different from 3.)v
Name Disclosure on behalf of accounts managed on a discretionary  basis by Lombard Odier Investment Managers group.
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reachedvi: 22/05/2018
6. Date on which issuer notified (DD/MM/YYYY): 23/05/2018
7. Total positions of person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B) Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached 12.90% 12.90% 9,662,162,387
Position of previous notification (if
applicable)
13.84% 13.84%

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)
Number of voting rightsix % of voting rights
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
IM00B1FPZP63 1,247,139,208 12.90%
SUBTOTAL 8. A 1,247,139,208 12.90%
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is
exercised/converted.
% of voting rights
SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
 xi
Physical or cash
settlementxii
Number of voting rights % of voting rights
SUBTOTAL 8.B.2

 

9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
Namexv % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional informationxvi

 

Place of completion London, United-Kingdom
Date of completion 23/05/2018

Find the original Investigate announcement here

US Department of the Interior Releases 2018’s Final List of 35 Minerals Deemed Critical to U.S. National Security and the Economy – USGS

Article from The United States Geological Survey
Release Date: 

The Department of the Interior today published a list of 35 mineral commodities considered critical to the economic and national security of the United States. This list will be the initial focus of a multi-agency strategy due in August this year to implement President Donald J. Trump’s Executive Order to break America’s dependence on foreign minerals

At the direction of Secretary Zinke, on February 16, 2018, Interior’s U.S. Geological Survey published a draft list of 35 critical minerals under Executive Order 13817. A report summarizing the methodology for compiling the list and background information can be found here.

Today, after consideration of the 453 public comments received, the Department of the Interior decided that the methodology used to draft the list remains valid and finalized the original list of 35 critical minerals in the Federal Register.

“The expertise of the USGS is absolutely vital to reducing America’s vulnerability to disruptions in our supply of critical minerals,” said Dr. Tim Petty, Assistant Secretary of the Interior for Water and Science.

The list includes aluminum—used in almost all sectors of the economy; the platinum group metals—used for catalytic agents; rare-earth elements—used in batteries and electronics; tin—used as protective coatings and alloys for steel; and titanium—overwhelmingly used as a white pigment or as a metal alloy. A full list of the 35 mineral commodities follows.

This list of critical minerals, while “final,” is not intended as a permanent designation of criticality, but will be a dynamic list updated periodically to represent current data on supply, demand, and concentration of production, as well as current policy priorities.

Under the Executive Order, the Commerce Department is responsible for organizing the interagency responses into a final report which is due Aug. 16, 2018, to the President.  The report will include:

  • a strategy to reduce the nation’s reliance on critical minerals
  • the status of recycling technologies
  • alternatives to critical minerals
  • options for accessing critical minerals through trade with allies and partners
  • a plan for improvements to mapping the United States and its mineral resources
  • recommendations to streamline lease permitting and review processes,
  • ways to increase discovery, production, and domestic refining of critical minerals

This report will, as appropriate, include analyses and strategies to strengthen and sustain the supply chains for all minerals, and analyses and strategies targeted to minerals deemed critical based on this 2018 analysis.  For example, because the permitting of minerals development activities is administered under existing mineral disposal laws and regulations, any recommendations to improve permitting processes for critical minerals will improve permitting processes for all minerals administered under the same laws and regulations by the Bureau of Land Management and other Federal land management agencies..

The full list of critical minerals includes the following—click a mineral’s name to find relevant statistics and publications: 

  • Aluminum (bauxite), used in almost all sectors of the economy
  • Antimony, used in batteries and flame retardants
  • Arsenic, used in lumber preservatives, pesticides, and semi-conductors
  • Barite, used in cement and petroleum industries
  • Beryllium, used as an alloying agent in aerospace and defense industries
  • Bismuth, used in medical and atomic research
  • Cesium, used in research and development
  • Chromium, used primarily in stainless steel and other alloys
  • Cobalt, used in rechargeable batteries and superalloys
  • Fluorspar, used in the manufacture of aluminum, gasoline, and uranium fuel
  • Gallium, used for integrated circuits and optical devices like LEDs
  • Germanium, used for fiber optics and night vision applications
  • Graphite (natural), used for lubricants, batteries, and fuel cells
  • Hafnium, used for nuclear control rods, alloys, and high-temperature ceramics
  • Helium, used for MRIs, lifting agent, and research
  • Indium, mostly used in LCD screens
  • Lithium, used primarily for batteries
  • Magnesium, used in furnace linings for manufacturing steel and ceramics
  • Manganese, used in steelmaking
  • Niobium, used mostly in steel alloys
  • Platinum group metals, used for catalytic agents
  • Potash, primarily used as a fertilizer
  • Rare earth elements group, primarily used in batteries and electronics
  • Rhenium, used for lead-free gasoline and superalloys
  • Rubidium, used for research and development in electronics
  • Scandium, used for alloys and fuel cells
  • Strontium, used for pyrotechnics and ceramic magnets
  • Tantalum, used in electronic components, mostly capacitors
  • Tellurium, used in steelmaking and solar cells
  • Tin, used as protective coatings and alloys for steel
  • Titanium, overwhelmingly used as a white pigment or metal alloys
  • Tungsten, primarily used to make wear-resistant metals
  • Uranium, mostly used for nuclear fuel
  • Vanadium, primarily used for titanium alloys
  • Zirconium, used in the high-temperature ceramics industries

Under the Executive Order, these commodities qualify as “critical minerals” because  each has been identified as  a non-fuel mineral or mineral material that is essential to the economic and national security of the United States, that has a supply chain vulnerable to disruption, and that serves an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economy or national security.

Link here to view the article on USGS website

Buy Countryside Properties #CSP says VectorVest – This well managed company offers a compelling investment case for any portfolio…

Countryside Properties (CSP.L) is a leading UK homebuilder and regeneration partner specialising in place making and urban regeneration. The business is centred around two complementary divisions, Partnerships and Housebuilding. Partnerships specialises in urban regeneration of public sector land, delivering private and affordable homes by partnering with local authorities and housing associations. The Housebuilding division, operating under Countryside and Millgate brands, develops sites that provide private and affordable housing, on land owned or controlled by the Group. CSP was founded in 1958. It operates in locations across outer London, the South East, the North West of England and the Midlands.

On May 17th 2018, CSP published half-year results to March 31st 2018. The company reported a strong first half, with in line trading and good momentum into H2. Adjusted operating profits rose 22% to £46.8m, with completions 19% higher at 1172 homes. A strong net cash position enabled the group to acquire Westleigh Homes from existing cash resources post period end. Current trading is reported as ‘robust’, with visitor levels, cancellations and net reservation rates all in line with expectations and the prior year. CEO Ian Sutcliffe added: “…with continued strong growth in Partnerships and improved efficiency and returns in the Housebuilding division we remain confident of maintaining our sector leading growth over the medium-term.” 

Examine this trading opportunity and a host of other similar stocks. A single payment of £5.95 gives access to the VectorVest Risk Free 30-day trial. More here

A perennial favourite of VectorVest despite a retracement in the share price in late 2017. The recent upward move in the GRT (Earnings Growth Rate) metric flagged up on the VectorVest stock analysis and portfolio management platform in March 2018 and is also clearly indicated on the chart below. The forecast growth in earnings continues all the way through to today’s GRT rating of 25%, which VectorVest considers to be excellent. Although the RS (Relative Safety) metric only registers a fair rating of 1.00 (scale of 0.00 to 2.00), trading at 374p the stock is still way below the current VectorVest valuation of 539p per share.

 

A weekly chart of CSP.L is shown above in my normal format. The share is breaking upwards through a 52-week high and is on a buy recommendation on VectorVest. The technical target should be a repeat of the directional move made in March to July of 2017. This would result in a technical target similar to the current VectorVest valuation.

Summary: It is generally accepted that well managed UK property investments are ‘safe as houses’. I have spoken of the virtues of CSP on many occasions, and while the ‘fair’ RS rating may see conservative sector investors look elsewhere, in the view of VectorVest the substantial valuation upside on offer and excellent GRT rating adds up to a compelling investment case for any portfolio. Buy.

Dr David Paul

May 15th 2018

Readers can examine trading opportunities on PRES and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 30-day trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.

VectorVest Unisearch

On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 30-day trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.

Link here for more info and to set up a trial.

European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.com

Proactive Investors – Tertiary Minerals #TYM focuses attention on single acquisition in second half of financial year

 The AIM-listed miner reported a pre-tax loss for the period of £133,539, narrowing from £211,850 in the same period last year

Tertiary said it was focusing on one fluorspar project that had potential for near term revenue

 

Tertiary Minerals PLC (LON:TYM) said it is focusing its acquisition efforts on one particular project as it provided an update in its half-year report.

The AIM-listed miner reported a pre-tax loss for the period of £133,539, narrowing from £211,850 in the same period last year, while the group ended the period with cash and cash equivalents totalling £474,052, up from £145,212 for the same period a year ago.

READ: Tertiary Minerals in constructive dialogue with authorities in Sweden about mine permit

The group added that following an evaluation of several potential acquisitions, it was now focusing its efforts on one fluorspar project that has the potential to generate revenue in the near term.

Tertiary also said that the Swedish Mining Inspectorate was assessing feedback from key stakeholders regarding its application for an exploitation permit for the Storuman Fluorspar project in Sweden.

In April, the firm had said dialogue between itself and the relevant authorities in Sweden had continued to make constructive progress regarding the potential development of the project.

Meanwhile, scoping study level bench scale metallurgical testwork was progressing at SGS Lakefield in Canada for the company’s MB Fluorspar project in Nevada, USA.

Executive chairman of Tertiary, Patrick Cheetham, said: “The pricing environment for fluorspar has continued to strengthen, particularly for delivery into Europe where, after a period of disconnect, prices are now catching up with Chinese domestic prices which have traditionally set the pricing benchmark. Downstream processors of fluorochemicals have recently reported strong sales and increased prices.”

He added that the company was still entitled to further payments on the definition of ore reserves and mineral resources and a royalty on production in relation to the sale of its Finnish gold projects to Aurion Resources Ltd, in which the company profited £31,264.

Ian Pollard: Marks & Spencer Group #MKS Writes Its Own Obituary

 Marks & Spencer Group MKS – Results for the year to the end of March read like an obituary for what was once a great British retail institution. It matters not where you look, Clothing & Home, Food, International, Marks is in retreat on all fronts, exiting international markets, reducing selling space, and expecting further closures during the current financial year. Even the successes ring hollow, when you examine them. International profits more than doubled but only because they got rid of the loss making bits. They are even reduced to blaming unseasonable weather for impacting trading in the second half. And of course you can not forget that old chestnut, the challenging UK consumer market. Any management which has to blame the consumers, has got serious problems, when it should be blaming itself for failing to live up to the challenges.

Group revenue fell by 0.7% leading to a slump of 62.1% in profit before tax and 77.8% in basic earnings per share. Of course these can be adjusted to make them look better and Marks does not hesitate in so doing. Like for like sales fell in each quarter One can almost hear the sigh of relief as it announces that it will manage to maintain its dividend. Blame is laid on the costs incurred as Marks pursues its transformation plan, “restoring the basics”, which still has a long way to go. It even lists its problems so that shareholders can see what damage management has done and the problems which it has to overcome if it is to survive.

Marks admits it has lost appeal and has to recover it, it needs to refresh its food offer, stop losing market share in younger customers and larger households, its online offer is not competitive and its website is too slow. If a website is slow, that does not happen overnight, it is an indication of a sclerotic management living in the past. This seems to be the year when the past has well and truly caught up with Marks. Will predators soon be circling it ?

Beachfront property for sale in Greece;   http://www.hiddengreece.net

Britain faces EU lawsuit and huge fines over illegal air pollution – The Telegraph

By James Crisp, Brussels correspondent

Britain will be hit with European Commission legal action for persistently ignoring EU rules on deadly air pollution, a breach which could result in huge fines from the bloc’s highest court.

The Telegraph has learnt that Britain is among the worst offending member countries that will be hit by new “infringement proceedings” and referred to EU judges in Luxembourg at the end of April.

The majority of infringement proceedings, used to ensure adherence to EU law, are resolved before the commission takes the step of referring the case to the lower General Court of the EU.

Which countries are to be targeted by the regular cycles of lawsuits are a closely-guarded secret but the Telegraph understands the UK is in the commission’s crosshairs after missing air quality targets for the last eight years.

If the UK still doesn’t curb harmful pollutants, which are linked to 400,000 early deaths in the EU and 40,000 in Britain every year, it could ultimately face either a large lump sum fine and a daily penalty in the European Court of Justice.

The exact sum is recommended by the European Commission, which is leading the Brexit negotiations on behalf of the EU, but is likely to cost the British taxpayers millions of pounds.

EU air quality rules demand countries cut exposure to harmful fine particulate matter, such as microscopic specks of dust and soot caused by burning petrol. There are also caps on emissions of particulate matter, ozone and nitrogen dioxide.

Breathing in the particulates can cause respiratory illnesses such as asthma and heart disease, especially in children.

While 23 of the bloc’s 28 member states fall short of the rules, Britain is among the worst offenders.

At the end of January, EU Environment Commissioner Karmenu Vella called a meeting of ministers from the UK, Czech Republic,  Germany, Spain, France, Italy, Hungary, Romania and Slovakia in Brussels.

The commission said the summit was to give the countries a last chance to prove they were serious about taking the steps to bring them into line with the rules.

On Monday, Mr Vella told MEPs in the European Parliament’s environment committee that a number of countries had failed the test.

“We will go ahead and refer these member states to the Court,” the Maltese commissioner said, “We have to take action.”

Without naming the countries, Mr Vella said he would ask that all EU commissioners back his recommendation at their weekly meeting at the end of April.

If they, as expected, back the call it will be the latest embarrassing humiliation for the British government over air pollution.

The government has already made legal history by losing three landmark cases in three years over air pollution to ClientEarth, a NGO of environmental lawyers.

Ugo Taddei, a ClientEarth lawyer, said taking Britain to the European Court of Justice was the only logical step for the commission.

“Our success in the UK’s High Court confirmed that the government is failing to comply with air quality laws – it would be remiss of the environment commissioner to falter now. The UK has had too many chances,” he said.

The most recent defeat was in the High Court in February and means ClientEarth can take the government back to court if it prepares an action plan to reduce pollution that does not go far enough.

The judge said the government’s plan to tackle pollution was “flawed” and “unlawful”.

A joint report by four select committees called for significant improvements to the 2017 Air Quality Plan. The unprecedented joint inquiry branded British air pollution a “national health emergency” and were scathing about the plan.

London broke its annual air pollution limits in February, just 31 days into 2018.

On 19 March this year, campaigners for a group called Stop Killing Londoners were arrested after spraying slogans on offices of London mayor Sadiq Khan.

European cities, such as France, are increasingly turning to free public transport to cut air pollution.

Find the original Telegraph article here

David Paul of VectorVest discusses market timing, #GKP, #PSN, #AAL, #KAZ & #CWK on Core Finance

David Paul of VectorVest discusses market timing, Gulf Keystone #GKP, Persimmon #PSN, Anglo American #AAL, #KAZ Minerals & Cranswick #CWK with Nick ‘Moose’ Batsford of Core Finance.

 

Tertiary Minerals #TYM – Half yearly report 2018 – focussed on near term revenue generating acquisition

Tertiary Minerals plc, the AIM-traded company building a strategic position in the fluorspar sector, announces its unaudited interim results for the six months ended 31 March 2018.

Operational Summary for the six months ending 31 March 2018:

Acquisition Opportunities

·      Following the evaluation of a number of potential fluorspar project acquisitions, the Company is now focusing its efforts on one particular project that has the potential to generate revenue in the near term

·      Early stage due diligence and negotiations are progressing

·      There is no guarantee that the acquisition will proceed at this stage

Partnership with Global Commodities Trading Group

·      Non-binding Memorandum of Understanding signed with Possehl Erzkontor GmbH & Co. KG (wholly owned subsidiary of CREMER) in November 2017

·      Intention for Possehl and the Company to enter into a definitive sales and purchase agreement, if and when the Tertiary projects reach commercial viability, whereby Possehl commit to purchase a minimum of 70% of commercial grade acid-spar to be produced at Tertiary’s three fluorspar projects

·      As a condition of the Offtake Agreement Possehl, will provide part of the pre-financing to Tertiary, where funds will be advanced by Possehl to Tertiary to assist the Company in meeting its working capital needs and/or its capital investment needs for the development of its current and future fluorspar projects

Storuman Fluorspar Project, Sweden – Exploitation (Mine) Permit Progress

·      Recent positive meetings have been held between the head of The Swedish Mining Inspectorate, The County Administrative Board of Västerbotten and the Company

·      Comprehensive supplementary reports and a legal statement have been submitted to Swedish Mining Inspectorate – requested as part of the Mine Permit re-assessment process

·      The in-depth analysis shows that the Company’s proposed mining operations at Storuman, with mitigation measures proposed, will have only a minimal impact on reindeer husbandry and that there will be no impact on the Natura 2000 area

·      The Swedish Mining Inspectorate will now assess feedback from key stakeholders and the Company remains hopeful for a positive decision regarding the award of the Mine Permit in the near future

MB Fluorspar Project, Nevada, USA – Metallurgical Testwork Progress

·      Scoping Study level bench scale metallurgical testwork progressing at SGS Lakefield in Canada with the aim of producing commercial grade acid-spar and mica

·      Early testwork has indicated that the ore is metallurgically complex, presenting certain processing challenges, and therefore the Company has engaged the services of one of the world’s leading consultant fluorspar metallurgists to assist with the testwork

·      The Company along with the consultant metallurgist are now scoping the next phase of testwork following recent positive developments

Lassedalen Fluorspar Project, Norway

·      The project continues to be a lower priority for the Company given the commitments on its other larger/more advanced fluorspar projects and acquisition opportunities

·      The Company has made the decision not to proceed with the purchase of land and historic mine workings from Norwegian aluminium producer, Hydro, on which part of the Lassedalen fluorspar project sits

·      The Company continues to control exploration rights on the Hydro land and all other landholder parcels on which the project sits, through a combination of expropriation rights, exploration licences and landholder agreements

Kaaresselkä and Kiekerömaa Gold Projects, Finland

·      Following the sale of the two projects in March 2017 to Aurion Resources, the Company sold its shares in Aurion Resources (paid as part initial consideration) in November 2017, resulting in a profit of £31,264

·      The Company retains pre-production and net smelter royalty interest in the projects

·      Aurion is a Canadian listed exploration company with primary focus on the development of its Finnish gold projects, several of which are under joint venture with B2Gold. Kinross Gold Corporation are also significant shareholders of Aurion.

Financial Results – Summary:

·      Operating Loss for the six-month period of £170,880 comprises:

Revenue of £110,554; less

Administration costs of £269,480 (which includes non-cash share based payments of £3,998); and

Pre-licence and reconnaissance exploration costs totalling £11,954

·      Total Group Loss of £133,539 is after charging:

Gain on disposal of available for sale investment of £37,263

Interest income of £78

·      362,554 Ordinary Shares were issued during the reporting period to directors in lieu of fees at a price of 1.875 pence per share

·      41,666,670 Ordinary Shares were issued during the reporting period by way of placing, in December 2017, at a price of 1.2 pence per share.

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

Richard Clemmey, Managing Director

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat / Lindsay Mair

 

 

+44 (0) 20 3470 0470

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).

 

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2018.

The Company’s plan to build a strategic position in the fluorspar sector has attracted the support of global commodities trading group, Possehl, part of the CREMER Group, with the signing of an important Memorandum of Understanding. This (“MOU”), whilst non-binding, paves the way for a definitive sales and purchase agreement for fluorspar from the Company’s projects and, importantly, extends to the provision of pre-financing for commercial production and lends support to the Company’s ambitions to develop not only its existing projects but to acquire a near-term revenue generating project.

The Company has evaluated a number of possible acquisition opportunities in the reporting period. Whilst most of these have been rejected for various reasons, one project opportunity is currently being taken forward through early due diligence and negotiations with the current owners. There is no guarantee that the acquisition will proceed at this stage.

Work on the Company’s existing fluorspar projects in Europe and North America has largely focused on the Storuman Project in Sweden. The re-assessment process for the Company’s Exploitation (Mine) Permit application for our Storuman Fluorspar Project in Sweden has consumed considerable management time to meet an April 2018 deadline for the submission of supplementary reports and legal statements in support of the grant of the permit.

Whilst the Storuman mine permit was originally granted in 2016, the government returned the permit case, along with many other cases, back to the Swedish Mining Inspectorate for re-assessment following a Supreme Court decision to overturn the grant of a third-party mining company’s mine permit in the south of Sweden. The re-assessment is intended to consider the impact of mining in the concession area on a wider surrounding area. The Company has addressed these issues with detailed impact and mitigation studies and, after consultation with certain stakeholders, has submitted comprehensive additional information that demonstrates minimal impact with the mitigation measures proposed. We are hopeful of a favourable outcome in the near future.

In Nevada, USA, our previous exploration on the MB Project has defined a very large fluorspar resource with varying metallurgical characteristics in different zones. The zone of mineralisation that is most immediately accessible to open-pit mining is the most metallurgically complex. Nevertheless, I am pleased that progress is now being made in scoping study level testwork towards production of acid-grade fluorspar as well as a by-product industrial filler grade mica. Testwork continues under the guidance of our specialist consultants.

In Norway, work at our Lassedalen Fluorspar Project has assumed a lower priority due to its smaller fluorspar resource and a decision was made not to proceed with the purchase of land from large Norwegian aluminium producer, Hydro, a forerunner company of which was responsible for mining fluorspar at Lassedalen in World War II.

The pricing environment for fluorspar has continued to strengthen, particularly for delivery into Europe where, after a period of disconnect, prices are now catching up with Chinese domestic prices which have traditionally set the pricing benchmark. Downstream processors of fluorochemicals have recently reported strong sales and increased prices.

Earlier in the reporting period we announced the sale of our shareholding in Canadian TSX-listed Aurion Resources Ltd which we received as part payment for the sale of our Finnish gold projects. This resulted in a profit of £31,264 on the original transactional value and with good timing we achieved a price per share substantially above the current prevailing price. We will, however, continue to share in any of Aurion’s future success on these projects as we are entitled to further payments on the definition of Ore Reserves and Mineral Resources and a royalty on production.

We look forward to reporting further progress through the rest of this financial year.

Patrick L Cheetham

Executive Chairman

22 May 2018

 

Consolidated Income Statement

for the six months to 31 March 2018

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

 to 30 September

2017

Audited

£

£

£

Revenue

110,554

134,885

241,024

 
Administration costs

(269,480)

(286,654)

(550,229)

 
Pre-licence and other exploration costs

(11,954)

(4,371)

(30,617)

 

Operating loss

(170,880)

(156,140)

(339,822)

Impairment of available for sale investment

(55,987)

(55,987)

Profit on disposal of available for sale investment

37,263

Interest receivable

78

277

277

Loss before income tax

(133,539)

(211,850)

(395,532)

Income tax

Loss for the period attributable to equity holders of the parent

(133,539)

(211,850)

(395,532)

Loss per share – basic and diluted (pence) (Note 2)

(0.04)

(0.08)

(0.14)

Consolidated Statement of Comprehensive Income

for the six months to 31 March 2018

Six months to 31 March

2018

Unaudited

Six months to

31 March

2017

Unaudited

Twelve months to

30 September

2017

Audited

£

£

£

Loss for the period

(133,539)

(211,850)

(395,532)

 

Other comprehensive income:

Items that could be reclassified subsequently
to the Income Statement:
 
Fair value movement on available for sale investment

(111,316)

(54,755)

122,753

 
Foreign exchange translation differences on foreign currency net investments in subsidiaries

(209,948)

59,852

(15,442)

Items that have been reclassified subsequently

to the Income Statement:

Amount reclassified on disposal of available for sale investment

(37,263)

Total comprehensive income/(loss) for the period attributable to equity holders of the parent

(492,066)

(206,753)

(288,221)


Company Registration Number 03821411

Consolidated Statement of Financial Position

at 31 March 2018

As at

31 March

2018

Unaudited

As at

31 March

2017

Unaudited

As at

30 September

2017

Audited

£

£

£

Non-current assets
Intangible assets

4,406,689

4,497,712

4,508,015

Property, plant & equipment

2,463

6,607

4,361

Available for sale investment

164,391

231,463

408,971

4,573,543

4,735,782

4,921,347

Current assets

Receivables

95,668

86,975

94,253

Cash and cash equivalents

474,052

145,212

159,278

569,720

232,187

253,531

Current liabilities

Trade and other payables

(75,464)

(62,555)

(75,808)

Net current assets

494,256

169,632

177,723

Net assets

5,067,799

4,905,414

5,099,070

Equity
Called up Ordinary Shares

35,910

2,670,769

31,708

Deferred Shares

2,644,062

2,644,062

Share premium account

9,784,363

9,066,769

9,331,768

Merger reserve

131,096

131,096

131,096

Share option reserve

204,522

254,566

259,690

Available for sale investment reserve

25,291

(3,638)

173,870

Foreign currency reserve

156,964

442,206

366,912

Accumulated losses

(7,914,409)

(7,656,354)

(7,840,036)

Equity attributable to the owners of the parent

5,067,799

4,905,414

5,099,070

 

                Consolidated Statement of Changes in Equity

Ordinary

Share

Capital

Deferred

Shares

Share

Premium

 Account

Merger

Reserve

Share

Warrant

Reserve

Available

for Sale

Reserve

Foreign

Currency

Reserve

Accumulated

Losses

Total

£

£

£

£

£

£

£

£

£

At 30 September 2016

2,669,442

9,066,735

131,096

343,486

51,117

382,354

(7,539,696)

5,104,534

Loss for the period

(211,850)

(211,850)

Change in fair value

(54,755)

(110,742)

Exchange differences

59,852

59,852

Total comprehensive loss for the period

(54,755)

59,852

(211,850)

(206,753)

Share issue

1,327

34

1,361

Share based payments expense

6,272

6,272

Transfer of expired warrants

(95,192)

95,192

At 31 March 2017

2,670,769

9,066,769

131,096

254,566

(3,638)

442,206

(7,656,354)

4,905,414

Loss for the period

(183,682)

(183,682)

Change in fair value

177,508

177,508

Exchange differences

(75,294)

(75,294)

Total comprehensive loss for the period

177,508

(75,294)

(183,682)

(81,468)

Share split

(2,644,062)

2,644,062

Share issue

5,001

264,999

270,000

Share based payments expense

5,124

5,124

At 30 September 2017

31,708

2,644,062

9,331,768

131,096

259,690

173,870

366,912

(7,840,036)

5,099,070

Loss for the period

(170,802)

(170,802)

Change in fair value

(111,316)

(111,316)

Transfer of disposals to income statement

(37,263)

37,263

Exchange differences

(209,948)

(209,948)

Total comprehensive loss for the period

(148,579)

(209,948)

(133,539)

(492,066)

Share issue

4,202

452,595

456,797

Share based payments expense

3,998

3,998

Transfer of expired warrants

(59,166)

59,166

At 31 March 2018

35,910

2,644,062

9,784,363

131,096

204,522

25,291

156,964

(7,914,409)

5,067,799

Consolidated Statement of Cash Flows

for the six months to 31 March 2018

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

to 30 September

2017

Audited

£

£

£

Operating activity
 

Operating loss

(170,880)

(156,140)

(339,822)

Depreciation charge

2,003

3,265

5,910

Shares issued in lieu of net wages

6,797

1,361

1,361

Share based payment charge

3,998

6,272

11,396

Non-cash additions to available for sale investment

(52,735)

(52,735)

(Increase)/decrease in receivables

(1,415)

18,057

10,779

Increase/(decrease) in payables

(344)

(29,933)

(16,680)

Net cash outflow from operating activity

(159,841)

(209,853)

(379,791)

Investing activity

Interest received

78

277

277

Development expenditures

(102,415)

(108,558)

(190,172)

Disposal of exploration asset

15,000

15,000

Disposal of available for sale investment

133,264

Purchase of property, plant & equipment

(105)

(87)

(486)

Net cash outflow from investing activity

30,822

(93,368)

(175,381)

Financing activity

Issue of share capital (net of expenses)

450,000

270,000

Net cash inflow from financing activity

450,000

270,000

Net (decrease)/increase in cash and cash

equivalents

320,981

(303,221)

(285,172)

Cash and cash equivalents at start of period

159,278

448,474

448,474

Exchange differences

(6,207)

(41)

(4,024)

Cash and cash equivalents at end of period

474,052

145,212

159,278

 

Notes to the Interim Statement

1.       Basis of preparation

The consolidated interim financial information has been prepared in accordance with the accounting policies that are expected to be adopted in the Group’s full financial statements for the year ending 30 September 2018 which are not expected to be significantly different to those set out in Note 1 of the Group’s audited financial statements for the year ended 30 September 2017. These are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) or that are expected to be adopted and effective at 30 September 2018.  The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of this financial information.

The financial information in this statement relating to the six months ended 31 March 2018 and the six months ended 31 March 2017 has neither been audited nor reviewed by the Auditors, pursuant to guidance issued by the Auditing Practices Board. The financial information presented for the year ended 30 September 2017 does not constitute the full statutory accounts for that period.  The Annual Report and Financial Statements for the year ended 30 September 2017 have been filed with the Registrar of Companies. The Independent Auditor’s Report on the Annual Report and Financial Statement for the year ended 30 September 2017 was unqualified, although did draw attention to  matters by way of emphasis in relation to going concern, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

          The directors prepare annual budgets and cash flow projections for a 15 month period. These projections include the proceeds of future fundraising necessary within the period to meet the Company’s and Group’s planned discretionary project expenditures and to maintain the Company and Group as a going concern. Although the Company has been successful in raising finance in the past, there is no assurance that it will obtain adequate finance in the future. This represents a material uncertainty related to events or conditions which may cast significant doubt on the entity’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, the directors have a reasonable expectation that they will secure additional funding when required to continue meeting corporate overheads and exploration costs for the foreseeable future and therefore believe that the going concern basis is appropriate for the preparation of the financial statements.

2.       Loss per share

Loss per share has been calculated on the attributable loss for the period and the weighted average number of shares in issue during the period.

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

to 30 September

2017

Audited

Loss for the period (£)

(133,539)

(211,850)

(395,532)

Weighted average shares in issue (No.)

343,522,305

266,987,238

284,429,468

Basic and diluted loss per share (pence)

(0.04)

(0.08)

(0.14)

The loss attributable to ordinary shareholders and the weighted average number of ordinary shares used for the purpose of calculating diluted earnings per share are identical to those used to calculate the basic earnings per ordinary share. This is because the exercise of share warrants would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of IAS33.

3.       Share capital

During the six months to 31 March 2018 the following share issues took place:

An issue of 41,666,670 0.01p Ordinary Shares at 1.2p per share, by way of placing, for a total consideration of £500,000 before expenses (6 December 2017).

An issue of 72,554 0.01p Ordinary Shares at 1.875p per share, to a director, in satisfaction of directors’ fees, for a total consideration of £1,360 (31 January 2018).

An issue of 290,000 0.01p Ordinary Shares at 1.875p per share, to a director, in satisfaction of directors’ fees, for a total consideration of £5,437 (31 January 2018).

Ian Pollard – Halford #HFD management challenged by Retail environment

Halfords Group plc HFD found itself facing a challenging retail environment in the year to 30th. March which is Boardspeak for “we lost the plot a bit”. Like for like revenue rose by 2% and total revenue by 3.7%. but profit before tax fell by 5% and basic earnings per share wee down by 2.3% which was not sufficient to prevent a 3% rise in the full year ordinary dividend. As for the current year, the motoring market is expected to remain robust and there are good growth prospects for cycllng.

Cranswick plc CWK delivered a strong financial performance across each of its four product categories in the year to 31st March and the full year dividend is to be increased by 21.8% to 53.7p. Like for like revenue rose by 12.7% and export sales surged by 30.2%. Statutory profit before tax increased by 13.5% and like for like earnings per share  by 11%.

Pets at home Grp PETS claims to be back on a better footing after a drop of 16.6% in statutory profit before tax for the year to 29th March. . Group like for like revenue grew by 5,5% as against 1.5% for 2017. The total dividend is maintined at 7.5% and the new Chief Executive is both proud and excited to be taking over and sees a bright future ahead.

Entertainment One Ltd eOne reports another year of double digit growth in profits and earnings..Despite a 4% drop in revenue for the year to 31st March, adjusted profit before tax was up by 11%  (or 116% on a reported basis) and  the full year dividend is being increased from 1.3p per share to 1.4p. eOne claims that its market has now changed and customers, with the exception of sports vents, want to watch what they want, where they want and when they want. It believes that its three pronged strategy of connect, create and deliver, will drive rvenue and ABITDA growth.

Beachfront villas & houses for sale in Greece;   http://www.hiddengreece.net

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