8 February 2013
GB00B0GQJ825/GBP/PLUS-exn
Equity Resources plc
(the "Company")
Half-year report - six months ended 30 November 2012
Chairman's Statement
The underlying portfolio has continued to fall in value during the half year, reflecting the
continuing decline in the values of AIM mineral exploration traded companies. The net asset value
has continued to decline since the results for the year ended 31 May 2012 were announced in
September 2012 and is currently GBP136,000 or little more than 0.25 pence per ordinary share.
The guarded optimism expressed a year ago, has not proved to be accurate; the tough times
continue.
Red Rock Resources plc (www.rrrplc.com) is a mineral exploration company with direct and
indirect interests in Australia, Colombia, Greenland, and Kenya as well as an interest in Regency
Mines plc. Significant progress has been made during the past year in Greenland and in Kenya with
the establishment of JORC resources.
Regency Mines plc (www.regency-mines.com) is a mineral exploration company/mining finance house
with direct and indirect interests in Australia, Pakistan and Papua New Guinea as well as an
interest in Red Rock Resources plc. Significant progress has been made during the past year in
Papua New Guinea where Regency is now in partnership with Direct Nickel Limited, a developer of a
new technology for the extraction of Nickel. The significant re-rating expected a year ago has
yet to materialise.
During the period under review, there have been no investment transactions; therefore, the
expenses incurred for the period which amounted to GBP17,966, results in a net loss.
Further information
Given the continued high world demand for commodities such as iron ore, manganese, uranium,
nickel, coal and gold, your Board continues to look to the future with some expectation and are
encouraged by the recent announcements made by our investee companies; we hope to report an
improved net asset value as at 31 May 2013.
As we await a recovery, your Directors continue to search for a way by which the fortunes of your
Company may be enhanced.
During the period, each of the Directors accepted an issue of new ordinary shares in the Company
in payment of Directors' fees at a price of 0.5 pence per ordinary share.
John Watkins
Chairman
8 February 2013
Profit & loss account
6 months to 6 months to Year to 31 May
30 November 30 November 2012
2012 2011
Unaudited Unaudited Audited
GBP GBP GBP
Operating income - - -
Direct costs - - -
Gross profit - - -
Administrative expenses (17,366) (16,703) (35,750)
Operating (loss)/profit on ordinary activities (17,366) (16,703) (35,750)
Interest receivable - - -
Interest payable (600) (602) (1,200)
(Loss)/profit on ordinary activities before taxation (17,966) (17,305) (36,950)
Tax on profit on ordinary activities - - -
(Loss)/profit on ordinary activities after taxation (17,966) (17,305) (36,950)
Retained (loss)/profit for the period (17,966) (17,305) (36,950)
(Loss)/profit per share
Basic (0.03) pence (0.03) pence (0.07) pence
Balance sheet
As at 30 As at 30 As at
November November 31 May 2012
2012 2011
Unaudited Unaudited Audited
GBP GBP GBP
Fixed assets - - -
Current assets
Debtors 1,536 1,583 4,749
Investments 96,500 96,500 96,500
Cash at bank 6,260 32,645 18,165
104,296 130,728 119,414
Creditors - amounts due within one year (29,884) (37,205) (35,536)
Net current assets 74,412 93,523 83,878
Total assets less current liabilities 74,412 93,523 83,878
Share capital and reserves
Called up share capital 485,450 482,750 483,750
Share premium account 514,050 498,250 507,250
Profit & loss account (928,469) (890,858) (910,503)
Share based payment reserve 3,381 3,381 3,381
Equity shareholders' funds 74,412 93,523 83,878
Half-year report notes
1. Interim report
The information relating to the six month periods to 30 November 2012 and 30 November 2011 is
unaudited.
The information relating to the year ended 31 May 2012 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 that are consistent with those adopted
by the Company in the statutory accounts for the year ended 31 May 2012, although the
information does not constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006.
The Company will report again for the full year to 31 May 2013.
The Directors of Equity Resources plc accept responsibility for this announcement.
ENQUIRIES:
Equity Resources plc
John Watkins, Chairman Tel: 01483 771992
Email: john@jwca.co.uk
Peterhouse Corporate Finance Limited Tel: 020 7220 9797
Corporate Adviser Email: duncan@pcorpfin.com
Duncan Vasey and Mark Anwyl