TIDMSTI
RNS Number : 9540X
Stratex International PLC
16 August 2018
Stratex International Plc
("Stratex", the "Company" or the "Group")
Interim Results
for the six-month period ended 30 June 2018
Stratex International Plc, the AIM-quoted gold exploration and
development company, announces its unaudited Interim Results for
the six-month period ended 30 June 2018 (the "Period").
Operational Highlights:
-- Key management changes including the appointment of Tim
Livesey as the Group's CEO in March (Announcement dated 1 May 2018)
and Bob Smeeton as its CFO in June (Announcement dated 30 May
2018). The Company had been in a process of refreshing the Board
and further changes are to be announced imminently;
-- Senegal - in Q1-18, Canadian mid-tier IAMGOLD Corporation
signed an option agreement with the Company to earn up to a 70%
interest in the Company's Dalafin gold project in Senegal by
spending US$8m over 6 years (Announcement dated 1 March 2018). A
5,750m drilling programme commenced in June at the southernmost
Madina Bafé prospect (Announcement dated 31 May 2018);
-- Cameroon - In June the Company signed an option agreement
with Bureau d'Etudes et d'Investigations Géologico-minières,
Géotechniques et Géophysiques SARL ('BEIG3') to earn up to a 90%
interest in BEIG3's early-stage gold projects in Cameroon by
investing a total US$3.12m earn-in over 4 years;
-- Turkey - In February the Company's wholly-owned subsidiary,
Stratex Madencilik Sanayi ve Ticaret Limited irketi ('Stratex
Madencilik'), signed an exploration agreement with TET Madencilik
Ltd. ti. ('TET') for the Hasançelebi and Dogala licences which will
result in a US$500,000 success-based payment on delivery of a
minimum 100,000 oz indicated and inferred JORC-compliant gold
resource (Announcement dated 15 February 2018).
-- Thani Stratex Resources Limited ('TSR') - At TSR's 50% owned
Pandora project in Djibouti, drilling demonstrated broad zones of
multi-gram gold mineralisation towards the north-western extent of
the main outcropping Pandora vein, as well as on the related Pyrrha
structure (Announcement dated 19 April 2018).
Financial Highlights:
-- The Group's pre-tax loss for the 6 months to 30 June 2018 was
GBP3.30m, which compares to a profit in the same period for 2017 of
GBP0.88m;
-- The increase in the pre-tax loss during the period arises
primarily due to the cancellation of TSR's licences in Ethiopia
which resulted in the impairment of the carrying value of the
licences by TSR, and a write-off to its profit and loss of
approximately US$8.7m. Stratex's share of this write-off was
approximately US$2.7m;
-- The Company completed a GBP1.15m fund raise (before expenses)
in June 2018 (Announcement dated 13 June 2018);
-- Repayment of a A$1.6m loan by Crusader Resources Limited;
-- The Company has significantly reduced its administrative and
operational costs during the period to GBP1.04m compared to
GBP1.49m in the 6 months ended 30 June 2017;
-- The cash balance of the Group as at 30 June 2018 was GBP2.31m.
Tim Livesey, CEO of Stratex, said: "The first half of 2018 has
been a time of significant change at Stratex. With a change to
Executive Management and the Board, the Company has been busy
consolidating its existing and well-developed portfolio in Turkey,
executing agreements for the advancement of the Dalafin project and
refocusing on new early stage exploration projects in Europe and
Africa, including our exciting new project in under-explored
Cameroon.
The completion of a significant earn-in option agreement with
IAMGOLD on the Dalafin Licence in March was excellent and we expect
strong news flow over the coming months as the results of IAMGOLD's
drill programme come through. The potential of this deal to lead to
a defined resource, and ultimately commercial mining, is very real
and we believe will add significant value for our shareholders.
As a management team we are confident that the clear strategic,
operational and executive changes undertaken during the last eight
months leave us in a very strong position from which Stratex can
start achieving its true potential."
Chairman's Statement:
The first six months of 2018 have been a time for realignment on
existing assets and for an organisational overhaul in the Group,
following the failed bid for Crusader in 2017. We have a new CEO
and CFO, new assets in Cameroon, and have signed a highly
significant exploration earn-in agreement with IAMGOLD on the
Dalafin licence in Senegal.
At Dalafin, IAMGOLD now have an option to take a 70% stake by
spending a total of US$8 million, and have already begun a
fast-tracked initial programme focused on the southernmost
prospect, Madina Bafé, located within a few kilometres of IAMGOLD's
2.52 Moz Boto gold resource (Indicated and Inferred grading 1.61
g/t Au). A 5,750m drilling programme at Madina Bafé commenced in
June and results from the first round of air-core drilling are
expected towards the end of Q3-18.
In Cameroon, the Group is earning-in to two early-stage gold
projects in what we believe to be an exciting new gold exploration
district. These licenses are held by BEIG3, a well-connected and
well-respected local technical logistics company and were
previously explored by Reservoir Minerals Inc, until their takeover
by Nevsun Resources in 2016. We have committed to spend US$0.56m
within the first year of the option and, subject to ongoing
results, would expect to spend a total of US$3.12m over 4 years to
earn-in to a 90% interest in the projects.
Cameroon and Senegal will be the main exploration operations for
the Company over the next 6-12 months and we expect significant
news flow towards the latter part of the year as both programmes
ramp-up in October after the seasonal rains. We continue to review
other early stage opportunities throughout Europe and Africa.
The Group has posted a pre-tax loss for the period of GBP3,301k
(2017 - profit of GBP880k). This has largely resulted from TSR's
US$8.7m write-off its Ethiopia portfolio following a cancellation
of its licences by the relevant authorities, and a pro-rated
write-off of US$2.7m for Stratex.
Administrative and operational costs of GBP1,048k compare to
GBP1,488k in the prior year, with the reduction in part due to the
successful sub-contracting of the Turkish team to the partners who
are advancing our historic projects in the region.
We had a net cash inflow of GBP272k (2017: GBP4,396k), following
the repayment of the Crusader loan (approximately GBP885k including
compound interest of 12%, and the GBP1.15m fund raise (before
expenses) which was undertaken in part to support our most recent
venture in Cameroon. As disclosed in our 2017 Financial Statements
we are in continuing discussions with HMRC regarding our VAT
recovery position. During the period, as a protective, without
prejudice measure, we have paid the GBP557k provided for in the
2017 Financial Statements.
In Q1-2018, we increased our investment in TSR from 30.1% to
30.4% for its projects in Egypt (100%-owned) and Djibouti
(50%-owned) by committing further funding of GBP156k. This enabled
the completion of the latest phase of drilling (3,036.50m in 18
holes) at the Pandora project in Djibouti, where drilling results
announced in April reaffirmed our view of the potential of the
region. In February TSR announced its intention to spin-off of its
Djibouti portfolio (Announcement dated 1 February 2018) and we
await an update in this regard.
In Turkey, the Group has delivered on its strategy to realise
value from existing, lower priority projects by signing an
exploration agreement with TET on its Hasançelebi and Do ala
projects. Following an initial payment of US$50,000 to Stratex, the
licences were transferred to TET, who are now spending US$1.5m on
exploration and drilling over 2 years. TET will pay Stratex
US$500,000 on delivery of a minimum JORC-compliant measured and
indicated gold resource of 100,000 oz at Hasançelebi and Stratex
retains a 1.5% net smelter returns ('NSR') royalty on both
licences. As with a number of our other investments in Turkey, we
continue to manage the exploration programmes at Hasançelebi and Do
ala whilst recharging our costs to our partners.
During the period, the Group has also gained exposure to a
further two gold projects in Burkina Faso through its 7.84% holding
in private Australian company Aforo. The projects include a
non-JORC gold resource of 98,000 oz @ 1.36 g/t Au. We look forward
to further updates.
With the Group now carving a new path for itself following the
events of last year, I would like to take this opportunity to thank
those that have supported and continue to support the Group on this
journey, and also the entire team at Stratex. Having joined the
Company in 2008, and experienced both the highs and lows that
ensued, it is with mixed emotions that I announce my retirement
from the Company and its Board with effect from 3 September 2018.
Chris Worcester has also decided to step down at this time after
great service to the Group for which I thank him. We have
undertaken a thorough search process and identified our
replacements, who will be announced imminently to commence their
appointments simultaneously with our departures. I wish them and
the Executive Directors all the best for the exciting times that
lie ahead for the Group.
Peter Addison
Non-Executive Chairman
15 August 2018
Statement of Consolidated Comprehensive
Income
Notes 6 months 6 months to
to 30 June 2017
30 June Unaudited
2018 GBP'000
Unaudited
GBP'000
Continuing operations
Revenue - -
------------------------------------------------------ ----------------- ------------------
Cost of sales - -
====================================================== ================= ==================
Gross Profit - -
====================================================== ======== =========== ==============
Administration expenses (1,039) (1,488)
====================================================== ======== =========== ==============
Exchange losses - net (297) (415)
------------------------------------------------------ -------- ----------- --------------
Operating loss (1,336) (1,903)
====================================================== ======== =========== ==============
Finance income 65 4
====================================================== ======== =========== ==============
Share of losses of investments accounted
for using the equity method (2,030) (34)
====================================================== ======== =========== ==============
Loss on change of ownership status - (70)
====================================================== ======== =========== ==============
Profit on sale of other financial assets - 2,883
------------------------------------------------------ -------- ----------- --------------
(Loss)/profit before income tax (3,301) 880
====================================================== ======== =========== ==============
Income tax - -
------------------------------------------------------ -------- ----------- --------------
(Loss)/profit for the period (3,301) 880
====================================================== ======== =========== ==============
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of
foreign operations 327 (368)
Items that will not be reclassified subsequently
to profit or loss
Change in fair value of other financial (114) -
assets
------------------------------------------------------ -------- ----------- --------------
Other comprehensive income net of tax 213 (368)
------------------------------------------------------ -------- ----------- --------------
Total comprehensive income for the period (3,088) 512
====================================================== ======== =========== ==============
(Loss)/profit for the period attributable
to:
====================================================== ======== =========== ==============
Owners of the Parent Company (3,280) 926
====================================================== ======== =========== ==============
Non-controlling interest (21) (46)
------------------------------------------------------ -------- ----------- --------------
(Loss)/profit for the period (3,301) 880
====================================================== ======== =========== ==============
Total comprehensive income attributable
to:
====================================================== ======== =========== ==============
Owners of the Parent Company (3,067) 700
====================================================== ======== =========== ==============
Non-controlling interest (21) (188)
------------------------------------------------------ -------- ----------- --------------
Total comprehensive income for the period (3,088) 512
====================================================== ======== =========== ==============
Earnings per share - continuing operations:
====================================================== ======== =========== ==============
Basic (pence) 8 (0.68) 0.20
====================================================== ======== =========== ==============
Diluted (pence) 8 (0.68) 0.19
====================================================== ======== =========== ==============
Statement of Consolidated Financial
Position
Notes 30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
ASSETS
============================================ ====== =========== =========== ============
Non-current assets
============================================ ====== =========== =========== ============
Property, plant and equipment 8 8 8
============================================ ====== =========== =========== ============
Intangible assets 4 6,463 6,419 6,484
============================================ ====== =========== =========== ============
Investments in equity-accounted associates 5 3,650 6,689 5,524
============================================ ====== =========== =========== ============
Other financial assets 467 1,118 581
============================================ ====== =========== =========== ============
Trade and other receivables 66 1,388 29
============================================ ====== =========== =========== ============
Deferred tax asset 167 244 198
-------------------------------------------- ------ ----------- -----------
10,821 15,866 12,824
-------------------------------------------- ------ ----------- ----------- ------------
Current assets
============================================ ====== =========== =========== ============
Trade and other receivables 66 231 976
============================================ ====== =========== =========== ============
Cash and cash equivalents 2,311 6,085 2,039
-------------------------------------------- ------ ----------- ----------- ------------
2,377 6,316 3,015
============================================ ====== =========== =========== ------------
Total assets 13,198 22,182 15,839
============================================ ====== =========== =========== ------------
EQUITY
Capital and reserves attributable to
owners of the Company
============================================ ====== =========== =========== ============
Ordinary share capital 4,908 4,673 4,673
============================================ ====== =========== =========== ============
Share premium 21,253 20,427 20,427
============================================ ====== =========== =========== ============
Other reserves 2,044 2,390 1,683
============================================ ====== =========== =========== ============
Retained earnings (15,247) (5,831) (11,853)
-------------------------------------------- ------ ----------- ----------- ------------
Total equity attributable to owners
of the Company 12,958 21,659 14,930
============================================ ====== =========== =========== ============
Non-controlling interests (37) 48 (16)
-------------------------------------------- ------ ----------- ----------- ------------
Total equity 12,921 21,707 14,914
------------
LIABILITIES
Non-current liabilities
============================================ ====== =========== =========== ============
Employee termination benefits 29 38 35
============================================ ====== =========== =========== ============
29 38 35
-------------------------------------------- ------ ----------- ----------- ------------
Current liabilities
============================================ ====== =========== =========== ============
Trade and other payables 248 437 890
============================================ ====== =========== =========== ============
Total liabilities 277 475 925
-------------------------------------------- ------ ----------- -----------
Total equity and liabilities 13,198 22,182 15,839
============================================ ====== =========== =========== ------------
Statement of Consolidated Changes in Equity
Share Non-controlling
Share Share Merger option Retained Translation interests Total
Capital Premium Reserve reserve Earnings reserve Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 January 2018 4,673 20,427 (485) 476 (11,853) 1,692 14,930 (16) 14,914
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Share based payments - (32) - 34 - - 2 - 2
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Issue of share capital net
of expense 235 858 - - - - 1,093 - 1,093
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Comprehensive income for the
period:
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
* Loss for the period - - - - (3,280) - (3,280) (21) (3,301)
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
* Other comprehensive income - - - - (114) 327 213 - 213
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Total comprehensive income
for the period - - - - (3,394) 327 (3,067) (21) (3,088)
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
As at 30 June 2018 4,908 21,253 (485) 510 (15,247) 2,019 12,958 (37) 12,921
======================================== ======= ======= ======= ======= ======== =========== ======= =============== ========
As at 1 January 2017 4,673 20,427 (485) 590 (6,757) 2,484 20,932 2,860 23,792
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Share based payments - - - 27 - - 27 - 27
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Disposal of Non-controlling
interest - - - - - - - (2,624) (2,624)
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Comprehensive income for the
period:
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
* Profit for the period - - - - 926 - 926 (46) 880
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
* Other comprehensive income - - - - - (226) (226) (142) (368)
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
Total comprehensive income
for the period - - - - 926 (226) 700 (188) 512
---------------------------------------- ------- ------- ------- ------- -------- ----------- ------- --------------- --------
As at 30 June 2017 4,673 20,427 (485) 617 (5,831) 2,258 21,659 48 21,707
======================================== ======= ======= ======= ======= ======== =========== ======= =============== ========
Statement of Consolidated
Cash Flows
6 months 6 months to 12 months to
to 30 June 2017 31 December 2017
30 June Unaudited Audited
2018 GBP'000 GBP'000
Unaudited
GBP'000
Cash flow from operating
activities
========================================== ============ =============== ===================
Profit/(loss) before income
tax (3,301) 880 (5,382)
=========================================== ============ =============== ===================
Share based payments 2 27 72
=========================================== ============ =============== ===================
Depreciation 1 2 4
=========================================== ============ =============== ===================
Share of losses of associates 2,030 375 151
=========================================== ============ =============== ===================
Net loss on sale of associates - (2,534) (1,674)
=========================================== ============ =============== ===================
Fixed assets write-off - - 2
=========================================== ============ =============== ===================
Other income and deductions (65) (4) 4,549
=========================================== ============ =============== ===================
Foreign exchange movements
on operating activities 533 (75) (404)
=========================================== ============ =============== ===================
Changes in working capital:
========================================== ============ =============== ===================
Trade and other receivables (103) 1,582 188
=========================================== ============ =============== ===================
Trade and other payables (648) 48 (99)
------------------------------------------- ------------ --------------- -------------------
Net cash flow from operating
activities (1,551) 301 (2,593)
------------------------------------------- ------------ --------------- -------------------
Cash flows from investing
activities
========================================== ============ =============== ===================
Purchase of property, plant,
and equipment (1) (2) (7)
=========================================== ============ =============== ===================
Purchase of intangible
assets - (32) (32)
=========================================== ============ =============== ===================
Investment in related companies (156) (302) (451)
Costs related to aborted
acquisition - - (1,621)
Loan repayment from/(loan
to) third party 822 - (906)
Tax paid on former joint
venture - - (796)
Proceeds from sale of available-for-sale
financial assets - - 6,047
Proceeds from disposal
of discontinued operations - - 547
Interest received 65 4 46
------------------------------------------- ------------ --------------- -------------------
Net cash flow from investing
activities 730 (332) 2,827
------------------------------------------- ------------ --------------- -------------------
Cash flows from financing
activities
========================================== ============ =============== ===================
Net funds received from
issue of shares 1,093 - -
Funds received from partners - - 116
Funds received from sale
of associate - 4,427 -
------------------------------------------ ------------ --------------- -------------------
Net cash flow from financing
activities 1,093 4,427 116
------------------------------------------- ------------ --------------- -------------------
Net increase in cash and
cash equivalents 272 4,396 350
=========================================== ============ =============== ===================
Cash and cash equivalents
at beginning of the period 2,039 1,689 1,689
------------------------------------------- ------------ ---------------
Cash and cash equivalents
at end of the period 2,311 6,085 2,039
=========================================== ============ =============== -------------------
Notes to the unaudited financial statements
1. Basis of preparation
The condensed consolidated interim financial statements have
been prepared used accounting policies which are consistent with
International Financial Reporting Standards (IFRS). The condensed
consolidated interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 December 2017, which have been prepared in accordance with IFRS
as adopted by the European Union.
2. Financial Information
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the European Union. Except as described below, the accounting
policies applied in preparing the interim financial information are
consistent with those that have been adopted in the Group's 2017
audited financial statements and are expected to be applied in the
preparation of the 2018 financial statements. Statutory financial
statements for the year ended 31 December 2017 were approved by the
Board of Directors on 16 March 2018 and delivered to the Registrar
of Companies. The report of the auditors on those financial
statements was unqualified but contained a material uncertainty
with regard to going concern.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Group to continue into operational
existence for the foreseeable future and therefore it is
appropriate to adopt the going concern basis in preparing the
condensed consolidated interim financial statements for the period
ended 30 June 2018.
Risks and uncertainties
The key risks that could affect the Group's short and medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Group's 2017 Annual
Report and Financial Statements, a copy of which is available on
the Company's website: www.stratexinternational.com. The Group's
key financial risks are the availability of adequate funding and
foreign exchange movements.
Accounting Policies.
Critical accounting estimates and judgements
The preparation of condensed consolidated interim financial
statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in note 4 of the Group's 2017 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period. The condensed
consolidated interim financial statements have been prepared under
the historical cost convention as modified by the measurement of
certain investments at fair value.
With effect from 1 January 2018, the Group adopted IFRS 9
Financial Instruments and IFRS 15 Revenue from contracts, the
impact of which is set out below. There have been no other changes
in accounting policy during the period.
IFRS 9 Financial Instruments
IFRS 9 provides a single classification and measurement approach
for financial assets that reflects the business model in which they
are managed and their cash flow characteristics. The Group's
financial assets are classified as measured at amortized cost, fair
value through profit or loss, or fair value through other
comprehensive income. Investments in equity instruments are
classified as measured at fair value through profit or loss unless
the Group elects, on an instrument-by-instrument basis, on initial
recognition to recognize fair value gains and losses in other
comprehensive income.
Under IFRS 9, impairments of financial assets classified as
measured at amortized cost are recognized on an expected loss basis
which incorporates forward-looking information when assessing
credit risk. Movements in the expected loss reserve are recognized
in profit or loss.
The overall impact on transition to IFRS 9 on profit or loss is
nil because the Group has elected to recognise the fair value gains
and losses from investments in equity instruments through other
comprehensive income. As permitted by IFRS 9 comparatives were not
restated.
IFRS 15 Revenue from contracts
The Group does not currently have revenue and therefore there is
no impact from adopting this new accounting standard.
The financial information for the 6 months ended 30 June 2018
and the 6 months ended 30 June 2017 has not been audited.
The business is not subject to seasonal variations. No dividends
have been paid in the period (2017: GBPnil)
3. Operating Segments
Operating segments are reported in a manner which is consistent
with internal reports provided to the Board and are used by the
Directors to make strategic decisions. The management structure
reflects these segments. The Group's exploration operations and
investments are based in three geographical areas, namely Turkey,
East Africa and West Africa. The Group's head office is located in
the UK and provides corporate and support services to the Group and
researches new areas of exploration opportunities.
The allocation of profits, losses, assets and liabilities by
operating segment is as follows:
(Loss)/Profit for the
period:
Turkey East Africa West Africa UK Total
GBP'000 GBP'000 GBP'000 GBP' GBP'000
6 months to 30 June
2018
=========================== ========= ============ ============ ====== =========
Administrative costs (173) - (148) (717) (1,038)
=========================== ========= ============ ============ ====== =========
Inter-segment charges (126) - (85) 211 -
=========================== ========= ============ ============ ====== =========
Finance income - - - 65 65
=========================== ========= ============ ============ ====== =========
Depreciation - - - (1) (1)
=========================== ========= ============ ============ ====== =========
Exchange losses (377) - (25) 105 (297)
=========================== ========= ============ ============ ====== =========
Share of losses of
associates - (2,030) - - (2,030)
=========================== ========= ============ ============ ====== =========
Loss before Income
Tax (676) (2,030) (258) (337) (3,301)
--------------------------- --------- ------------ ------------ ------ ---------
6 months to 30 June
2017
=========================== ========= ============ ============ ====== =========
Administrative costs (184) (122) (185) (995) (1,486)
=========================== ========= ============ ============ ====== =========
Inter-segment charges (116) - (335) 451 -
=========================== ========= ============ ============ ====== =========
Finance income - - - 4 4
=========================== ========= ============ ============ ====== =========
Depreciation (1) - (1) - (2)
=========================== ========= ============ ============ ====== =========
Exchange losses (64) - (35) (316) (415)
=========================== ========= ============ ============ ====== =========
Share of profits/(losses)
of associates - 107 (211) - (104)
=========================== ========= ============ ============ ====== =========
Net loss on disposal
of associates 2,883 - - - 2,883
=========================== ========= ============ ============ ====== =========
Profit before Income
Tax 2,518 (15) (767) (856) 880
--------------------------- --------- ------------ ------------ ------ ---------
Assets and liabilities:
Turkey East Africa West Africa UK Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months to 30 June
2018
============================= ========= ============ ============ ========= =========
Intangible assets - - 6,463 - 6,463
============================= ========= ============ ============ ========= =========
Property, plant and
equipment 2 - 1 5 8
============================= ========= ============ ============ ========= =========
Equity-accounted associates - 3,650 - - 3,650
============================= ========= ============ ============ ========= =========
Cash and other assets 236 240 234 2,367 3,077
============================= ========= ============ ============ ========= =========
Liabilities (33) - (13) (231) (277)
============================= ========= ============ ============ ========= =========
Inter-segment (2,316) - (1,704) 4,020 -
----------------------------- --------- ------------ ------------ --------- ---------
Net Assets (2,111) 3,890 4,981 6,161 12,921
----------------------------- --------- ------------ ------------ --------- ---------
6 months to 30 June
2017
============================= ========= ============ ============ ========= =========
Intangible assets - - 6,419 - 6,419
============================= ========= ============ ============ ========= =========
Property, plant and
equipment 6 - - 2 8
============================= ========= ============ ============ ========= =========
Equity-accounted associates - 5,737 952 - 6,689
============================= ========= ============ ============ ========= =========
Cash and other assets 995 407 1,471 6,193 9,066
============================= ========= ============ ============ ========= =========
Liabilities (50) - (20) (405) (475)
============================= ========= ============ ============ ========= =========
Inter-segment (1,134) - (10,496) 11,630 -
----------------------------- --------- ------------ ------------ --------- ---------
Net Assets (183) 6,144 (1,674) 17,420 21,707
----------------------------- --------- ------------ ------------ --------- ---------
Cash and other assets include cash and cash equivalents
amounting to GBP2,311k at 30 June 2018 (2017: GBP6,085k).
4. Intangible assets
2018 2017
GBP'000 GBP'000
At 1 January 6,484 10,491
Exchange movements (21) (64)
Disposal due to change in ownership
status - (4,040)
Additions - 32
At 30 June 6,463 6,419
------------------------------------- -------- --------
5. Investments in equity-accounted associates
2018 2017
GBP'000 GBP'000
At 1 January 5,524 5,758
Exchange movements (34) (313)
Share of (losses)/profits (2,030) (34)
Addition due to change in ownership
status 10 1,319
Additions 156 301
Disposals - (671)
Share of new capital from third
parties 24 329
===================================== ======== ========
At 30 June 3,650 6,689
------------------------------------- -------- --------
Stratex's shareholding interest in Thani Stratex Resources
Limited increased during the period to 30.4%.
6. Related party transactions
Directors of the Company received total remuneration of
GBP259,212 for the six months ended 30 June 2018 (six months ended
30 June 2017 - GBP364,004).
7. Earnings per share
The calculation of earnings per share is based on the
following:
2018 2017
------------------------------------ --------------- -------------
(Loss)/profit attributable to
equity holders (GBP'000) (3,280) 926
Weighted average number of shares
basic 481,641,220 467,311,276
Earnings per share basic (pence) (0.68) 0.20
Weighted average number of shares
diluted 481,641,220 497,316,420
Earnings per share diluted (pence) (0.68) 0.19
As the Group incurred a loss for the period to 30 June 2018, no
options or warrants are potentially dilutive in accordance with IAS
33 and hence basic and diluted earnings per share are the same.
8. Approval of interim financial statements
The interim financial statements were approved by the Board of
Directors on 15 August 2018.
The information contained within this announcement is deemed by
Stratex to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014.
** ENDS **
Stratex International Plc Tel: +44 (0)20 830 9650
Tim Livesey / Bob Smeeton / Claire
Bay
Camarco (IR/PR Contact) Tel: +44 (0)20 3757 3763 / 020
3781 3765
Gordon Poole / Nick Hennis / Monique
Perks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ben Roberts / Samuel Rowe
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Ltd Tel: +44 (0)2036214120
Ben Turner / James Pope / Andy
Thacker
Notes to Editors:
The Company is focused on early-stage gold exploration in
Cameroon and more advanced exploration in Senegal, where IAMGOLD is
spending US$8m at the Dalafin project to earn up to a 70% interest.
It also continues to review early-stage exploration opportunities
in Africa and Europe. In Turkey, the Company owns 14.87% of a
copper-gold project at feasibility stage, which will likely default
to a 1.2% (post-Turkish tax) royalty position during 2018, and it
is managing its royalty interests in a number of other projects.
The Company also has interests in Thani Stratex Resources Ltd,
Tembo Gold Corp. and Aforo Resources Limited for their exploration
projects in Djibouti and Egypt, Tanzania and Burkina Faso
respectively.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR UVVARWAAWAUR
(END) Dow Jones Newswires
August 16, 2018 02:01 ET (06:01 GMT)
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