Tertiary Minerals plc (TYM), the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce the sale of its non-core gold assets, Kaaresselkä and Kiekerömaa, in Finland to TSX-V listed Aurion Resources Ltd.
· The Company has sold its non-core gold assets, Kaaresselkä and Kiekerömaa, in Finland to Aurion Resources Ltd, www.aurionresources.com
· Aurion is a Canadian listed (TSX-V: AU) precious metals exploration company primarily focusing on the development of its Finnish gold projects, several of which are under a joint venture with B2Gold, a main listed (TSX:BTO,NYSE MKT:BTG) gold producer and developer, www.b2gold.com
· £100,000 initial consideration to be paid by Aurion: £15,000 in cash and £85,000 in Aurion shares
· Tertiary will retain royalty interest in the projects:
Ø – Pre-Production Royalty of US$1.00/ounce gold following the definition of a NI 43-101 (or equivalent) Code compliant Inferred Mineral Resource Estimate on either project
Ø – Pre-Production Royalty of US$2.00/ounce gold following the definition of a NI 43-101 (or equivalent) Code compliant Indicated Mineral Resource Estimate on either project
Ø – Pre-Production Royalty of US$3.00/ounce gold following the definition of a NI 43-101 (or equivalent) Code compliant Measured Mineral Resource Estimate on either project
Ø – Net Smelter Returns Royalty (NSR) of 2% on all future gold production from either property
Ø – Aurion can purchase 50% of the NSR from Tertiary for USD$1,000,000 at any time prior to commencement of commercial production on either project
· The sale is conditional upon successful transfer of the Exploration Licences for each project from Tertiary to Aurion (to be handled by the mining division of the Finnish Safety and Chemical Agency (Tukes)) and exchange approval by the TSX-V.
Commenting today, Managing Director, Richard Clemmey said: “We are delighted to have sold our two legacy gold projects to an accomplished gold explorer. We wish Aurion every success with the development of the projects and look forward to potentially sharing the future upside through our retained royalty interest”.
Tertiary Minerals plc
Richard Clemmey, Managing Director
Patrick Cheetham, Executive Chairman
+44 (0) 1625 838 679
SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker
Ewan Leggat/Laura Harrison
+44 (0) 20 3470 0470
Beaufort Securities Ltd
+44 (0)20 7382 8300
Both projects, Kaaresselkä and Kiekerömaa, have been previously drilled by the Geological Survey of Finland (GTK) and Tertiary. Significant gold mineralisation was encountered in the various drilling programmes therefore highlighting the future potential for the projects. Further information on the projects can be viewed through the Company’s website:
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 Pursuant to Schedule 4 of the AIM Rules
1. Intangible asset value of Kaaresselkä and Kiekerömaa on 30 September 2016: £444,622
2. Aurion consideration shares will be held by Tertiary for a minimum period of four months and one day following issue, a requirement of National Instrument 45-102, Part 2, Section 2.5 (2) 3(ii), under Canadian Securities Law.
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).
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.
The Italian’s have done it. They have joined the growing list of countries whose peoples are sick and tired of their political establishments living lives completely divorced from the realities of the ordinary workaday world which most of us inhabit. The referendum has become the stock, shock weapon for taming the arrogant political elites of the world. The only question now is whether the bureaucrats of Brussels will try to find a way of banning them as being in breach of the Maastricht treaty or any other nonsensical reason they can think up for saving their tax free privileged lives and their dictatorial powers. Perhaps the usual catch all of health and safety would be appropriate.
As we forecast on Friday as a strong possibility, the Euro has fallen sharply this morning to over 1.20 to the pound bringing our currency speedily back to levels which our economic commentators and experts proclaimed would not be seen again for many a year. And this is only the beginning, The Italians now have to face an election with the possibility of Beppe Grillo as the winner.
Filtronic FTC traded strongly in the 6 months to the end of November and expects unaudited first half revenues will have reached £21.6m almost five times the total of £4.5m for the whole of 2016. The company cautions however that its success is based primarily on sales to one lead customer of its new ultra wide band antenna.
Ryanair RYA November traffic grew by 15% over last year, to 8.8m customers and load factor was up by another 2% to 95%. The airline advised customers to book their flights now for next summer
Purplebricks Group PURP claims to have caused a seismic shift in the UK estate agency market with its fixed fee revolution. Revenue for the 6 months to the end of October rose by 159%, exceeding the total for the whole of 2016. Gross profit for the half year surged from £4.1m to £10.2m and average revenue per customer rose by over 20%.
Kent-based brewer Shepherd Neame (SHEP) has acquired Village Green Restaurants, the operator of five freehold pub restaurants in the Maidstone and Ashford area, for £11.85m. The business made an operating profit of £900,000 on revenues of £6.6m in the year to October 2016. The cash for the acquisition has come from an extended credit facility.
IMC Exploration (IMCP) says that it is evaluating approaches from mining companies concerning IMC’s ten base metal licences in Ireland. IMC has already secured Koza as partner for its gold licences. IMC’s full year loss was slightly lower at £418,000. There was less than £4,000 in the bank at the end of June 2016.
Walls & Futures REIT (WAFR) floated on 29 November at 100p a share and ended the week at 100.5p (98p/103p). The residential property investor raised just over £1m in an offer for subscription and is capitalised at £3.3m. The REIT has acquired the assets of the Walls & Futures London Growth Fund and the additional cash will be used to invest in development and redevelopment assets in cities and towns around the UK. The focus is the private renting and social housing sectors.
Hearing and mobility products retailer DHAIS (DHAP) has been hit by a further decline in its mobility business. Three mobility stores have been sold and two others closed, leaving ten stores. The hearing aid division is the main focus. In the year to June 2016, revenues fell from £10.6m to £9.86m, while the loss increased from £186,000 to £295,000. There is £216,000 in the bank and cash was generated in the period but it went towards the regular repayment of an interest free loan from a hearing aid manufacturer. A notional interest charge is recognised on this loan, which is why there is positive cash flow despite the loss.
Welney (WENP) is still seeking a new direction and talking to potential funders and recipients of investment. There was £52 in the bank at the end of June 2016. Management admits it will need more cash this year and that is why the accounts are prepared on a going concern basis. The directors are not taking fees for the time being and loan note holders have agreed not to ask for them to be redeemed for at least the next 12 months. The investment in Nasdaq-listed Green Automotive Co has performed poorly and is illiquid.
Exploration company NQ Minerals (NQMI) has appointed Daniel Stewart as its broker as part of a proposed move to the standard list.
A strong second half meant that enterprise software provider Sanderson (SND) grew its full year revenues by 11% to £21.3m and ended the year with a strong order book. New customer orders were 18% of revenues – a higher level than normal. There was additional investment in development and support but underlying pre-tax profit still improved from £2.91m to £3.44m. There is £4.34m in the bank. The retail, manufacturing and logistics operations all have stronger order books than normal. A 2016-17 profit of £3.7m is forecast.
Park Group (PKG) made a relatively small interim loss. The consumer and corporate gift voucher and prepaid card business is still highly seasonal with the Christmas savings business maintaining its importance. New product launches will continue to reduce the importance, though, as will the acquisition of Fisher Moy International, which brings with it some large corporate clients. An increase in full year profit from £11.9m to £12.7m is forecast.
A strong performance in the industrials division of Gooch & Housego (GHH) offset flatter performances elsewhere. Acquisitions masked an underlying decline in defence and electronics and revenues also fell in the he much smaller life sciences division, which requires acquisitions itself in order to build its scale. Pre-tax profit was slightly better than expected at £14.2m. Despite spending on acquisitions, there is still net cash of £11.7m and the total dividend has been raised by 10% to 9p a share. The order book is worth £52.8m but it covers more than one year. A full year profit of £15.5m is forecast.
Active Energy (AEG) has received a $6m, five year unsecured loan facility to finance the construction of a reference plant for its CoalSwitch technology. The North American plant will have an annual capacity o 35,000 tonnes. This plant could generate revenues of $6.3m a year. CoalSwitch technology can use low value wood, pulp and saw-mill by-products to produce a biomass fuel that can be mixed with coal, or replace coal, in coal-fired power stations. The interest rate on the loan is 8%.
Billing and customer relationship software provider Cerillion (CER) reported annualised revenues 6% ahead at £14.8m but the mix of revenues changed with software revenues one-fifth higher. Underlying pre-tax profit edged ahead to £2.3m. The total dividend is 3.9p a share. A $2.8m (£2.4m) contract has been won in the Americas, which is the second phase of an existing contract. Cerillion should be able to achieve a pre-tax profit of £2.7m this year with scope to expand the customer base outside of the mobile sector in the next few years.
TechFinancials (TECH) will receive a $1.02m dividend from its 51%-owned joint venture DragonFinancials. The dividend relates to the nine months to September 2016. This cash inflow should make it more likely that TechFinancials will restart paying its won dividends. TechFinancials had already said that its 2016 profit will be ahead of market expectations. House broker Northland forecasts a 0.42 cents a share dividend for the 2016 financial year and a decision will be made in early 2017. That level of dividend would be more than two times covered by forecast earnings.
Premier African Minerals (PREM) has increased the open pit mineral resource estimate at the RHA tungsten mine in Zimbabwe to 20.9 million tonnes at a grade of 2.34kg/t. The maiden mineral resource estimate for the underground mine is 1.3 million tonnes at a grade of 4.25kg/t. The mine could last 40 years. Premier owns 49% of RHA.
There was an organic sales decline of 7% in the first half at electronic components manufacturer distributor Acal (ACL) but better margins and acquisitions helped earnings per share grow by 10%. Order levels were stronger in the second quarter and this augurs well for the second half.
Bluebird Merchant (BMV) is acquiring 100% of the Batangas gold project, where it previously held a 25% stake. Bluebird is issuing 1.25 million shares and it will pay a 1% royalty in return for taking full control of the project in the Philippines, which has a JORC resource of 445,000 ounces of gold and gold equivalent. The deal also means that Bluebird will have access to $20m of tax losses.
Opera Investments (OPRA)has reassured investors that the plan to acquire the Omweru and Lubando gold projects from Kibo Mining (KIBO) continues to make progress and a fundraising should happen in the New Year. The deal was first announced in September.
Italy this weekend, hold the future of the Euro in its hands. Sundays referendum will show whether Italy is prepared to do a Trump and turn its back on its political establishment, whilst at the same time shaking the EU to its foundations. Massive support for Beppe Grillo the Clown Prince of Italian politics and leader of the Five Star movement could lead to the collapse of Italian Banks and a Euro crisis of huge proportions. Italian voters appear to be in no mood for half measures.
They have had enough and they have smelt blood, as they continue to watch their country’s economy destroyed, blighted by the Euro and the intransigence of the Eurozones unelected bureaucrats. Sterling has been rocketing ahead over the last few weeks, much to the chagrin of the EUs bitter and disappointed leaders. Come Monday morning the political establishment not just of Italy but of the whole EU could have received the biggest shock of their political lives, rejection by a core EU member, home of The Treaty of Rome.
Berkeley Group Holdings BKG Produced a 33% rise in profit before tax for the half year to 31st October and is increasing its interim dividend by 11%. Earnings per share rose by 35.2% and net cash almost doubled to to £207.9m after dividends and share purchases. Because of increased stamp duty and economic uncertainty arising from the referendum reservations are down 20% on the same time last year. The Chairman disagrees and claims that market conditions are resilient and forward sales are strong enabling the company to announce a new 5 year target of at least £3billion profit before tax in the five years from 1st May 2016. The present 3 year target of £2 billion pounds over the 3 years to April 2018 is being met. Time alone will tell whether the chairman is correct or whether the company is being impacted by uncertainty and market volatility.
James Halstead JHD is finding trading conditions are challenging and it will be difficult for it to beat the figures for the previous year. Revenue has continued to be below that of last year with the best estimate being that the shortfall could be as large as 4-5%. In particular Halstead has suffered from a shortage of plasticiser, one of its main ingredients, after an explosion at one of BASF; European plants which has led to delays, shortages and rising prices.
IndigoVision Group IND is experiencing a substantial turn round in its second half with revenues up 20% on those of the first half. In addition overheads are materially below last years and the company is now trading profitably after the first half’s losses. The full year to the end of December is now expected to end profitably.
Brand CEO Alan Green discusses Tertiary Minerals (TYM), Barclays (BARC) and AB Dynamics (ABDP) on VOX Markets podcast
Brand CEO Alan Green discusses Tertiary Minerals (TYM), Barclays (BARC) and AB Dynamics (ABDP) with Justin Waite on the VOX Markets podcast. The interview is 12 minutes 25 seconds in.
Metspar spot prices have remained largely stable in Europe over the last couple of week despite increased supplies reaching Turkey, market sources told Industrial Minerals.
Turkey is receiving more materials from Afghanistan, Pakistan and Iran, as it is the main export destination from the three producing countries, a trader active in…Full article here
TipTV – Dr David Paul of VectorVest looks at undervalued shares including Carnival (CCL), AB Dynamics (ABDP) & John Laing Group (JLG)
VectorVest takes into account the Earnings per Share (EPS), and picks undervalued shares that could offer safety as well as healthy returns in a rising overall market.
In this segment, David Paul, MD of Vector Vest lists Carnival (CCL), Siphon (SPE), AB Dynamics (ABDP) and John Laing Group (JLG) as the preferred stocks to play the short-term uptrend in the market as suggested by the VectorVest composite index. For the above mentioned stocks…technicals have perfectly aligned with the fundamentals, thus painting a bullish picture.
Check out the whole segment to know Paul’s ‘Tip of the day’. The segment is hosted by Presenter Jenny Hammond and Alan Green, CEO of Brand Communications.
The directors of IMC Exploration Group plc (‘IMC’) are pleased to present the Financial Results for IMC for twelve months to 30th June 2016.
World developments in recent times have had an encouraging effect on the mining sector and IMC is in a position to benefit from these developments. The rising price of gold and zinc since the beginning of the year is very reassuring but we are also very mindful of, and encouraged by, the results of an Irish Government sponsored Tellus geological survey.
Earlier this year, the Geological Survey of Ireland (GSI) released the Tellus Survey, revealing higher than expected values of gold and platinum in the stream and rivers of Counties Wicklow and Wexford in south east Ireland. All five of IMC’s precious metal prospecting licences in Wicklow and Wexford are sited centrally in the survey region, the very licence areas that we continue to explore with our joint venture partners, Koza Limited (a subsidiary of the gold mining major, Koza Altin Isletmeleri AS).
We are delighted to report that The Tellus Survey confirms high levels of gold in streams near the Gold Mine River and Avoca region of Wicklow. This justifies, confirms and validates the current geological exploration programme underway with Koza Limited.
IMC is currently evaluating a number of approaches from international mining companies in relation to its base metal licences. These advances have come as a result of a resurgence of interest in the base metal sector in Ireland, leaving IMC well positioned to take advantage of this via our 10 base metal licences, through the imminent implementation of our base metal Work’s Programme.
IMC continues to make excellent progress in its exploration and corporate activities. We look forward to the coming weeks and months with enthusiasm.
This is a great time for gold and base metals and is an exciting time for IMC.”
|Audited Consolidated Statement of Comprehensive Income for the year ended 30 June 2016|
|Year Ended||Year Ended|
|Other Income / (Expense)||–||–|
|(Loss) before tax||(417,989)||(439,648)|
|Income tax expense||0||(1,093)|
|(Loss) for period from continuing operations||(417,989)||(440,741)|
|Other Comprehensive income||–||–|
|Loss for the period and total comprehensive loss for the period||(417,989)||(440,741)|
|Earning per share (all continuing)|
|Loss per ordinary share – basic & diluted||1||(0.004)||(0.006)|
|Audited Consolidated Statement of Financial Position As at 30 June 2016|
|Year Ended||Year Ended|
|Non Current Assets||2||524,725||526,189|
|Cash and cash equivalents||3,731||(26,685)|
|Equity and liabilities|
|“A” Ordinary Share Capital||38,093||38,093|
|Ordinary Share Capital||107,817||74,317|
|Share Premium – Ord Shares||2,053,373||1,739,769|
|Equity attributable to the owners of the Company||373,346||444,230|
|Trade & Other Payables||255,245||166,945|
|Total equity and liabilities||628,591||611,175|
|Audited Consolidated Statement of Changes in Equity for the year ended 30 June 2016|
|Balance at 30 June 2015||38,093||74,317||1,739,769||(1,407,949)||444,230|
|Loss for the Period||–||–||–||(417,989)||(417,989)|
|Other Comprehensive loss for the period||–||–||–||–||–|
|Issue of share capital||–||33,500||313,604||–||347,104|
|Share Issue Costs||–||–||–||–||–|
|Balance at 30 June 2016||38,093||107,817||2,053,373||(1,825,938)||373,346|
|Basis of Preparation|
|The financial statements have been prepared on a historical cost basis.|
|The financial statements are presented in Euro.|
|1. Statement of Compliance|
|The consolidated year end financial statements of IMC Exploration Group PLC and its subsidiary have been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB).|
|Notes to and forming part of the annual financial statements|
|1. Loss per Share|
|Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.|
|Basic earnings per share|
|The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:|
|Loss for the period attributable to equity holders of the parent||417,989||440,741|
|Weighted average number of ordinary shares for the purposes of basic earning per share||107,816,719||74,316,719|
|Basic (loss) per ordinary share||(0.004)||(0.006)|
|2. Non Current Assets|
|At 30 June 2015||524,724||6,125||38,738||569,587|
|At 30 June 2016||524,724||6,125||38,738||569,587|
|Provision for diminution in value|
|At 30 June 2015||–||(4,660)||(38,738)||(43,398)|
|Charge for period||–||(1,465)||0||(1,465)|
|At 30 June 2016||–||(6,125)||(38,738)||(44,863)|
|Net book value|
|At 30 June 2016||524,724||0||0||524,724|
|Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 30 June 2016. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas.|
|3. Share capital – Group and Company|
|200,000,000 Ordinary shares of Euro 0.001 each||200,000||200,000|
|50,000 “A” Ordinary shares of One Euro each||50,000||50,000|
|Issued, called up and fully paid|
|Euro 0.001 Ordinary Shares|
|As at 30 June 2015||74,316,719||74,317||1,739,769|
|Issued in period||33,500,000||33,500||313,604|
|As at 30 June 2016||107,816,719||107,817||2,053,373|
|Issued, called up and partly paid|
|One Euro A Ordinary Shares|
|As at 30 June 2015||38,093||38,093||–|
|Issued in period||–||–||–|
|As at 30 June 2016||38,093||38,093||–|
|“A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.|
|The directors of the issuer accept responsibility for this announcement.|
|IMC Exploration Group PLC|
|Mr. Liam McGrattan|
|Tel. Ireland +353 872745427|
The Royal Bank of Scotland RBS claims that it is committed to creating a stronger simpler, safer bank for customers and shareholders but somehow it just can’t seem to get round to doing it and in the end it can not avoid admitting that it has much to do to restore its stress resilience and has had to submit a revised capital plan to its regulators.
The statement which the bank has released this morning appears to have been written with the sole aim of making it unintelligible except to other bankers. Its promises about making things simpler are exposed as yet more empty, meaningless words. Let us hope it is more sincere about the stronger and safer bit.
Only a bank could be so arrogant as to address its shareholders, let alone its long suffering customers, with such nonsense as “As part of its Supervisory Review and Evaluation Process (“SREP”) the PRA has reduced the CET1 Pillar 2A component of RBS’s ICG from the previously disclosed 2.8% to 2.1% of RWAs.” . Further evidence as if more were needed that the banks think they are a law unto themselves and customers exist purely to do as they are told.
The Bank of England put it quite clearly in terms which are readily understandable “The stress test demonstrates that RBS remains susceptible to financial and economic stress,” Why does RBS try to obfuscate the issue. There can only be one reason, namely the hope that people who read the statement will either fall asleep before they get to the end of it or if they get to the end of it will not have an inkling that the bank has failed its exams but daren’t fess up that it is not strong, safe or simple enough.
It has failed to divest itself of Williams & Glyn, which it was ordered to do as part of the deal which enabled it to be bailed out by the taxpayer. It has made more promises about cutting costs and selling off more loan portfolios but it still warns that “additional management actions may be required until RBS’ balance sheet is sufficiently resilient to stressed scenarios”.
Basically the results of the Bank of England stress tests reveal that the UKs big banks are still uncontrolled, too big to tame and can get away with blue murder, compared to what would be allowed in any other UK industry.
Brand CEO Alan Green talks markets,EU, Cranswick (CWK) & Topps Tiles (TPT) with Jenny Hammond on TipTV.
Brand CEO Alan Green talks markets, the EU, Cranswick Plc (CWK) and Topps Tiles (TPT) with Jenny Hammond on TipTV.