Interim Results
(Thomson Reuters ONE) -
9 March 2010
Greatland Gold plc
Half-yearly report - six months ended 31 December 2009
Greatland Gold plc ("Greatland" or the "Company"), the AIM-listed and London
based gold exploration and development company focused on gold projects in
Tasmania and Western Australia announces today its half-yearly report for the
six months ended 31 December 2009.
Greatland is led by an experienced UK and Australian based board of directors
with a proven track record in mineral exploration, resource development and
capital markets.
Managing Director's statement
In the six month period ended 31 December 2009 the Company reported a net loss
of £382,861 equating to a loss per share of 0.16p (31 December 2008 EPS -
0.1p). The net loss reflects our higher exploration expenditure of £262,250
(more than double the comparable period), as we undertook drilling programmes at
our Firetower and Warrentinna projects. We expect our drilling and exploration
expenditure to remain elevated relative to levels of previous years as the
Company looks to continue its drilling programmes in Western Australia during
the second half of the financial year.
The Company has continued to exercise restraint on payroll and administrative
expenses which declined 3.6% to £108,450 over the period - a commendable
achievement given a high proportion of our costs are the fixed expenditures
involved in maintaining an AIM listing, London office and staffing.
Over the six month period ended 31 December 2009 the Company's income statement
was affected by a number of external factors, most notably:
i) the decline in the Sterling/Australian dollar exchange rate which caused a
£13,909 loss on translation; and
ii) the low interest rate environment impacted the Company's interest income
which declined to just £1,748 (31 December 2008 - £33,176). With regards to the
Company's ongoing interest income, the board does not expect a short-term
improvement given recent commentary in the UK.
The Greatland balance sheet reflects the Company's prudent approach to liability
and expense management with net assets of £1.98m, a very high proportion of
which comprises cash and liquid assets of £1.47m.
Despite the delayed start to our drilling programmes at Firetower and
Warrentinna owing to heavy rainfall, the drill results as announced on 29
January 2010 were encouraging. To recap, the drill results revealed strong gold
mineralisationat Warrentinna necessitating further work to investigate the
viability of an open pit operation. Work is ongoing at Warrentinna.
At Firetower we will be completing the modelling of current drill data.
Furthermore, surface geochemistry is planned over areas within the new northern
lease of Beulah, and surface geochemistry at the southern area of Kentish Hill.
We also expect to undertake further work at both Anomaly 1 and Lobster during
2010.
Following the grant of title for licences over the Ernest Giles and Lackman Rock
projects in Western Australia, as announced on 30 July 2009, the board intends
to prioritise these two prospects during the remainder of this financial year.
Additionally, the board has approved a drill programme for Ernest Giles
andsystematic surface geochemistry at Lackman Rock. These programmes are
scheduled to commence during April 2010.
The acceleration of the Company's exploration activities during the six month
periodended 31 December 2009 is expected to continue into the second half of the
financial year, particularly considering the increasing focus on Western
Australia. The board remains open to joint ventures or risk sharing
opportunities with local investors as they arise, with an aim of adding both
local expertise and extra funding for any or all of our projects.
The wider context for gold exploration remains very positive. The fragility of
the financial climate and patchy global recovery has kept gold prices
underpinned at nominal US dollar prices not seen for a generation. Gold has
risen back above $1,100 per ounce and is fulfilling its traditional role as an
inflationary hedge as well as providing portfolio diversification for
institutional investors, central bank and retail investors.
We would encourage shareholders, potential investors and other interested
parties to review our website atwww.greatlandgold.com
and Western Australia.
Callum N Baxter
Managing Director
9 March 2010
Group income statement
6 months to 6 months to Year ended
31 December 31 December 30 June 2009
2009 2008
Unaudited Unaudited Audited
£ £ £
Turnover - - -
Exploration costs (262,250) (129,819) (192,422)
Administrative expenses (108,450) (112,462) (201,958)
Currency gain/(loss) (13,909) 10,928 (225)
----------------- ----------------- ---------------
Operating loss (384,609) (231,353) (394,605)
Interest receivable 1,748 33,176 38,502
----------------- ----------------- ---------------
Loss on ordinary activities (382,861) (198,177) (356,103)
before taxation
Tax on loss on ordinary - - -
activities
----------------- ----------------- ---------------
Loss for the financial (382,861) (198,177) (356,103)
period
----------------- ----------------- ---------------
Loss per
share- see (0.16) pence (0.10) pence (0.18) pence
note 3
Basic
----------------- ----------------- ---------------
Group balance sheet
31 December 2009 31 December 2008 30 June 2009
Unaudited Unaudited Audited
£ £ £
Assets
Non-current assets
Tangible assets 5,465 4,828 4,749
Intangible assets 563,008 490,809 525,372
------------------ ------------------ ---------------
Total non-current assets 568,473 495,637 530,121
------------------ ------------------ ---------------
Current assets
Cash and cash equivalents 1,433,786 1,663,417 1,779,720
Trade and other 51,869 40,816 50,073
receivables 37,547 67,978 34,709
Available for sale
financial assets - see
note 4
------------------ ------------------ ---------------
Total current assets 1,523,202 1,772,211 1,864,502
------------------ ------------------ ---------------
Total assets 2,091,675 2,267,848 2,394,623
------------------ ------------------ ---------------
Liabilities
Current liabilities
Trade and other payables (109,411) (64,651) (83,750)
------------------ ------------------ ---------------
Total liabilities (109,411) (64,651) (83,750)
------------------ ------------------ ---------------
Net assets 1,982,264 2,203,197 2,310,873
------------------ ------------------ ---------------
Equity
Called up share capital 239,550 196,550 239,550
Share premium reserve 3,198,471 2,955,521 3,198,471
Share option reserve 74,443 74,443 74,443
Retained losses (1,779,377) (1,192,044) (1,396,516)
Other reserves 249,177 168,727 194,925
------------------ ----------------------------------
Total equity 1,982,264 2,203,197 2,310,873
------------------ ----------------------------------
Group cash flow statement
6 months to 6 months to Year ended
31 December 31 December 30 June 2009
2009 2008
Unaudited Unaudited Audited
£ £ £
Cash flow from operating
activities
Operating loss (384,609) (231,353) (394,605)
(Increase) in debtors (1,796) 23,578 14,321
Increase in creditors 25,661 (33,331) (14,232)
Depreciation - 1,292 1,913
Currency adjustments 13,062 3,766 225
------------------ ------------------ ---------------
Cash outflow from (347,682) (236,048) (392,378)
operations
------------------ ------------------ ---------------
Cash flows from investing
activities
Interest received 1,748 33,176 38,502
Purchase of intangible - - (28,922)
assets - - (409)
Purchase of tangible
assets
------------------ ------------------ ---------------
Net cash flows used in 1,748 33,176 9,171
investing activities
------------------ ------------------ ---------------
Cash inflows from
financing activities
Proceeds from issue of - - 301,000
shares - - (15,050)
Transaction costs of issue
of shares
------------------ ------------------ ---------------
Net cash flows from - - 289,950
financing activities
------------------ ------------------ ---------------
Net (decrease)/increase in (345,934) (202,872) (97,257)
cash and cash equivalents
Cash and cash equivalents 1,779,720 1,866,289 1,866,289
at the beginning of period
Exchange gain on cash and 10,688
cash equivalents
------------------ ------------------ ---------------
Cash and cash equivalents 1,433,786 1,663,417 1,779,720
at end of period
------------------ ------------------ ---------------
Statements of changes in equity
Share
Called up Share based
share premium payment Retained Other
capital account reserve earnings reserves Total
Group £ £ £ £ £ £
As at 1 July
2008 196,550 2,955,521 74,443 (993,867) 195,482 2,428,129
Share
capital
issued 43,000 258,000 - - - 301,000
Cost of
share issue - (15,050) - - - (15,050)
Loss for the
period - - - (356,103) - (356,103)
Net
unrealised
losses
recognised
directly to
equity - - - - (62,475) (62,475)
Unrealised
foreign
currency
gains - - - - 15,372 15,372
-------------------------------------------------------------------
As at 30
June 2009 239,550 3,198,471 74,443 (1,396,516) 194,925 2,310,873
Share capital issued - - - - - -
Cost of share issue - - - - - -
Loss for the period - - - (382,861) - (382,861)
Net unrealised losses
on available for sale
financial assets - - - - (2,839) (2,839)
Unrealised foreign
currencygains - - - - 57,091 57,091
--------------------------------------------------------
As at 31 December 2009 239,550 3,198,471 74,443 (1,779,377) 249,177 1,982,264
--------------------------------------------------------
Statements of changes in other reserves
Available for
Foreign currency resale
Merger translation financial Total other
reserve reserve assets reserve reserves
Group £ £ £ £
As at 30 June
2008 225,000 59,990 (42,962) 242,028
Net unrealised
losses on
financial assets
available for
resale - - (62,475) (62,475)
Unrealised
foreign currency
gains - 15,372 - 15,372
---------------------------------------------------------------
As at 30 June
2009 225,000 75,362 (105,437) 194,925
---------------------------------------------------------------
Net unrealised
losses on
financial assets
available for
resale - - (2,839) (2,839)
Unrealised
foreign currency
gains - 57,091 - 57,091
---------------------------------------------------------------
As at 31
December 2009 225,000 132,453 (108,276) 249,177
---------------------------------------------------------------
Half-yearly report notes
1. Half-yearly report
This half-yearly report was approved by the Directors on 9 March 2010.
The information relating to the six month periods to 31 December 2008 and 31
December 2009 are unaudited.
The information relating to the year to 30 June 2009 is extracted from the
audited financial statements of the Company which have been filed at Companies
House and on which the auditors issued an unqualified audit report.
2. Basis of accounting
The report has been prepared using accounting policies and practices that are
consistent with those adopted in the statutory financial statements for the
period ended 30 June 2009, although the information does not constitute
statutory financial statements within the meaning of the Companies Act 2006.
These half-yearly financial statements consolidate the financial statements of
the Company and its subsidiary and are prepared in accordance with International
Financial Reporting Standards as adopted for use in the European Union.
The Company and Group will report again for the full year to 30 June 2010.
3. Loss per share
6 months to 6 months to Year ended
31 December 2009 31 December 2008 30 June 2009
Unaudited Unaudited Audited
£ £ £
These have been (382,861) (198,177) (356,103)
calculated on a loss
of:
-------------------- -------------------- ---------------
The weighted average 239,550,000 196,550,000 201,262,329
number of shares used
was:
-------------------- -------------------- ---------------
Basic loss per share: (0.16) pence (0.10) pence (0.18) pence
-------------------- -------------------- ---------------
4. Available for sale financial assets
As at 31 December 2009 the Group's listed company investments were valued at
£37,547.
Copies of this half-yearly report are available free of charge by application in
writing to the Company Secretary at the Company's registered office, 55 Gower
Street, London WC1E 6HQ, or by email to info(at)greatlandgold.com
Company's website, www.greatlandgold.com.
End
[HUG#1392096]
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