IM00B61FM981
26 September 2012
CENTRAL ASIAN MINERALS AND RESOURCES PLC
("CAMAR" or the "Company")
Interim Condensed Financial Statements
For the six months ended 30 June 2012
CAMAR, the gold production and exploration company focused on Tajikistan, is pleased to announce its interim
results for the six months ended 30 June 2012.
Chairman's Statement
During the first six months of 2012 progress has been made at Aprelevka, the company in which CAMAR has a 49%
interest. The first phase of the exploration programme has now been scoped out and drilling has commenced.
Currently, we are using Aprelevka's own equipment which consists of a Longyear 44 diamond drill rig and a
Comacchio RC rig. We are also in discussions with a number of drilling companies and expect to have one or
more contract operators on site shortly. The contractors will be working in parallel to our own rigs, which
will speed up the drilling programme and ensure that results are timely.
New classifiers, crushers and other equipment for upgrading the production plant/conventional mill have been
purchased by Aprelevka and are being installed. This will be the first step towards increasing mill
throughput with a finer grind size which is expected to lead to improved gold recoveries. The net result is
also expected to be an increased net gold production above the current 1,000 oz per month.
The Stepnoe/Dashti licence, which is within the Burgunda system, was awarded to Aprelevka at the end of last
year and a small portion of the exploration programme has been dedicated to initial drilling at this deposit.
Under Soviet data it has the equivalent of an inferred resource of 750,000 oz Au (i.e. a non-JORC compliant
resource).
In June this year CAMAR completed the initial stages of a further fund raising through the issuance of a
Convertible Loan Note of up to GBP5.5m (USD8.9m) and a Standby Loan Facility of GBP1.7m (USD2.7m). A first
tranche of GBP2.8m (USD4.5m) of the Convertible Loan Note was issued in June and the balance is due to be
marketed in the autumn. This funding will see the Company through to an expected floatation on the AIM market
in the second quarter of next year.
The Company had revenues of USD NIL during the six months ended 30 June 2012 and made a loss for the period of
USD 1,676,117 (six months to 30 June 2011: loss of USD 550,271). The Company's share of losses from the
Aprelevka Joint Venture during the period was USD 134,514.
Earnings per share
The basic and diluted loss per share from continuing operations was USD 0.16 per share (2011: loss of USD 0.09
per share).
Balance sheet
At 30 June 2012 the consolidated Central Asian Minerals and Resources Group held net cash balances of USD
3,161,798, an increase of USD 1,801,718 from 31 December 2011.
We are looking forward to an exciting year-end and to updating our shareholders about progress with the
drilling programme.
Oliver Vaughan
Executive Chairman
26 September 2012
The Directors of CAMAR are responsible for the contents of this announcement.
Enquiries:
Central Asian Minerals and Resources PLC +41 44 268 5115
Christine Melian
St Helens Capital Partners LLP 020 7368 6959
Mark Anwyl or Duncan Vasey
Newgate Threadneedle 020 7653 9855
Graham Herring or Richard Gotla
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2012
Notes Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 12 30 June 11 31 December 11
USD USD USD
Revenue - 48,000 48,000
Administrative expenses (1,498,777) (1,770,940) (3,070,864)
Net income/(loss) from the joint venture (134,514) 247,778 409,562
--------------- --------------- ----------------
Operating loss (1,633,291) (1,475,162) (2,613,302)
Excess of the investor's share of the fair value of
the joint venture's identifiable assets and - 926,103 2,932,798
liabilities over the cost of the investment
Group operating loss (1,633,291) (549,059) 319,496
Interest receivable 674 542 4,585
Finance costs (43,500) (1,754) (4,807)
(Loss)/profit on ordinary activities before tax (1,676,117) (550,271) 319,274
Tax expense - - -
(Loss)/profit for the period (1,676,117) (550,271) 319,274
Other comprehensive income:
Exchange differences on translation of foreign (110,290) - (473,041)
operations
Share of other comprehensive income of joint venture (116,481) - (178,133)
(550,271) (331,900)
Total comprehensive loss for the period (1,902,888)
(Loss)/profit per share 2
Basic (0.16) (0.09) 0.03
Diluted (0.16) (0.09) 0.02
-------------- ----------- ---------
All losses for the period are attributable to the equity shareholders of the company.
All operations are continuing operations
Condensed Consolidated Balance Sheet
as at 30 June 2012
Notes Unaudited Unaudited Audited
30 June 12 30 June 11 31 December 11
USD USD USD
ASSETS
Non-current assets
Property, plant and equipment 198,671 268,470 233,604
Interest in joint venture 11,905,818 5,345,579 12,166,521
Total non-current assets 12,104,489 5,614,049 12,400,125
Current assets
Trade and other receivables 119,004 157,585 113,923
Amount due from joint venture 1,058,454 - -
Cash and cash equivalents 3,161,798 555,634 1,360,080
Total current assets 4,339,256 713,219 1,474,003
Current liabilities
Trade and other payables (154,232) (75,370) (123,025)
Net current assets 4,185,024 637,849 1,350,978
Non-current liabilities
Convertible loan stock 3 (4,439,500) - -
-
NET ASSETS 11,850,013 6,251,898 13,751,103
SHAREHOLDERS' EQUITY
Called up share capital-equity - - -
Share premium account 14,608,251 7,881,733 14,606,453
Retained (deficit)/earnings (2,758,238) (1,629,635) (855,350)
TOTAL EQUITY 11,850,013 6,251,898 13,751,103
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 June 12
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 12 30 June 11 31 December 11
USD USD USD
(1,676,117) (549,059) 319,274
Operating (loss)/profit
Depreciation of non-current assets 34,933 31,610 69,859
Decrease/(increase) in trade and other receivables (5,081) 21,539 774,021
(Decrease)/increase in trade and other payables 31,207 (44,143) (973,828)
Share based payments - - 93,127
Finance costs-net 42,826 - 222
Exchange difference on translation of foreign (100,582) - -
operations
Net income from joint venture 134,514 - (409,562)
Excess of the investor's share of the net fair value - (926,103) (2,932,798)
of the joint venture's identifiable assets and
liabilities over the cost of the investment
Net cash flows from operating activities (1,538,300) (1,466,156) (3,059,685)
Cash flows from investing activities
Interest received 674 542 4,585
Interest paid - (1,754) (4,807)
Acquisition of subsidiary, net of cash acquired - - 14,627
Investment in joint venture - - (4,337,378)
Loan granted to joint venture (1,058,454) - -
Purchases of property, plant and equipment - - (3,383)
(1,057,780) (1,212) (4,326,356)
Net cash from investing activities
Financing activities
Proceeds from issue of convertible loan stock 4,510,000 - -
Proceeds from issue of ordinary shares - 1,559,791 8,611,479
Expenses of issue of ordinary shares and loan stock (112,202) (35,274) (363,843)
Net cash from financing activities 4,397,798 1,524,517 8,247,636
Net increase/(decrease) in cash and cash equivalents 1,801,718 57,149 861,595
Cash and cash equivalents at beginning of period 1,360,080 498,485 498,485
Cash and cash equivalents at end of period 3,161,798 555,634 1,360,080
Condensed Consolidated Statement of Changes in Equity
for the six months ended 30 June 12
Share Share Premium Retained Total
Capital USD earnings USD
USD USD
At 1 January 2010 - 31,154 (31,063) 91
Total comprehensive loss for the year - - (1,048,501) (1,048,501)
Shares issued in the year - 2,612,695 - 2,612,695
Expense of issue - (93,269) - (93,269)
------------- -------------- -------------- --------------
-
At 31 December 2010 - 2,550,580 (1,079,564) 1,471,016
Total comprehensive loss for the year - - (1,473,374) (1,476,374)
Shares issued in the year - 5,366,427 - 5,366,427
Expense of issue - (35,274) - (35,274)
-------------- -------------- -------------- --------------
- -
At 30 June 2011 - 7,881,733 (2,555,938) 5,325,795
Total comprehensive loss for the year - - 1,144,474 1,144,474
Shares issued in the year - 7,053,289 - 7,053,289
Share based payment reserve - - 556,114 556,114
Expense of issue - (328,569) - (328,569)
-------------- ------------- -------------- --------------
- - -
At 31 December 2011 - 14,606,453 (855,350) 13,751,103
Total comprehensive loss for the year - - (1,902,888) (1,902,888)
Shares issued in the year - - - -
Expense of issue - 1,798 - 1,798
-------------- ------------- -------------- --------------
- -- -
At 30 June 2012 - 14,608,251 (2,758,238) 11,850,013
========= ========= ========== =========
Notes to the Interim Condensed Financial Statements
for the six months ended 30 June 2012
1. ACCOUNTING POLICIES
Central Asian Minerals and Resources plc is a public limited company incorporated and domiciled in the Isle of
Man. The principal activity of the company is the development and exploitation of the Company's share of The
Joint Tajik-Canadian Limited Liability Company "Aprelevka". Aprelevka is licensed to operate and is currently
operating a number of gold deposits in Tajikistan. The company's ordinary shares are quoted on the PLUS
market ("PLUS").
The registered office of the Company is at 34 North Quay, Douglas, Isle of Man, IM1 4LB.
The interim consolidated financial information for the six months ended 30 June 2012 has not been audited or
reviewed and does not constitute statutory accounts within the meaning of the Isle of Man Companies Act 2006.
The report of the independent auditor on the financial statements for the year ended 31 December 2011 was
unqualified.
The interim financial statements have been prepared in accordance with International Financial Reporting
Standards ('IFRS') as adopted by the European Union, IFRIC interpretations and the Companies Act 2006
applicable to companies reporting under IFRS and under the historical cost convention. The accounting policies
applied in preparing the interim financial information are consistent with those set out in the statutory
accounts of the Company for the year ended 31 December 2011.
The interim consolidated financial statements are presented in US Dollars because that is the currency of the
primary economic environment in which the group operates.
2. EARNINGS PER SHARE
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 12 30 June 11 31 December 11
USD USD USD
Basic:
Group (loss)/profit attributable to ordinary (1,676,117) (550,271) 319,274
shareholders
Weighted average number of shares (number) 10,409,621 6,457,893 10,409,621
Basic (loss)/profit per share (USD) (0.16) (0.09) 0.03
Diluted:
Group (loss)/profit attributable to ordinary (1,676,117) (550,271) 319,274
shareholders
Weighted average number of shares (number) 10,409,621 6,457,893 13,277,866
Diluted (loss)/profit per share (USD) (0.09) 0.02
(0.16)
3. ISSUE OF CONVERTIBLE LOAN NOTES
On 30 May 2012, the Company raised USD4.5 million through the issue of 10% Unsecured Convertible Loan Notes
2013 (the "Loan Notes").
The Loan Notes are repayable on 31 December 2013 and are convertible into ordinary shares of no par value in
the Company ("Ordinary Shares") in the event of, amongst other things, admission of the Ordinary Shares to
trading on AIM, provided that such admission to AIM occurs on or before 30 June 2013 and that a placing has
occurred by 30 June 2013 raising at least USD15 million (excluding any money subscribed by Como or Augsburg).
The Loan Notes convert into Ordinary Shares on admission to AIM at a price which is 75 per cent of the placing
price. If there is no admission of Ordinary Shares to trading on AIM on or before 30 June 2013 and/or there is
no placing on or before 30 June 2013 which raises at least USD15 million then the Loan Notes are convertible
into Ordinary Shares at the lower of: (a) GBP 0.40; or (b) the price which is equal to the average mid-market
closing price of Ordinary Shares on the 20 business days prior to conversion (as certified by the PLUS
Corporate Adviser of the Company from time to time); or (c) the price at which any Ordinary Shares are issued
at any time before 30 June 2013 for a consideration which is satisfied wholly in cash.