31/08/2012
GB00B12T7004/GBP/PLUS-exn
All Star Minerals Plc
("All Star" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2012
All Star Minerals plc (PLUS: ASMO) the PLUS-quoted Swedish uranium exploration company is pleased to
announce its interim results for the period 1 December 2011 to 31 May 2012.
CHIEF EXECUTIVE'S STATEMENT
Being a junior mining exploration company is extremely tough at this present point in time. There remain
serious issues concerning the stability of the Eurozone, with the most recent figures informing that
economic growth in the region contracted by 0.2% in the three months to June compared with the previous
quarter. In China, growth in the second quarter fell to a three-year low of 7.6%, indicating that the
country is not immune to the global financial crisis. In June and July, the People's Bank of China twice
cut interest rates in a move to support growth.
The weakness of the Eurozone, and slowing growth in China, has led to falls in commodity prices, with base
metal and precious metal prices performing poorly over the past six months. With such a backdrop, it is of
little surprise that junior exploration companies are finding current market conditions tough.
All Star has also been affected by the concerns surrounding the future of the PLUS-quoted Market, the stock
exchange that the Company's shares are traded on. There was a great deal of media attention given to the
future of PLUS, which naturally spooked investors, and did nothing to strengthen confidence in the
exchange's constituent companies. Indeed, I cannot recall ever having received as many e-mails on a
specific topic as I did with regard to the future of PLUS. Thankfully the future of PLUS has now been
resolved, with the exchange being acquired by ICAP plc, a FTSE 100 company with acknowledged expertise in
the financial markets / services sector. However, the affair did us no favours whatsoever, and has
doubtless affected investor confidence in companies quoted on PLUS.
In spite of the challenges faced, All Star has continued to make meaningful progress in the period,
progress that promises to deliver value for shareholders over the coming months. The principle focus for
the Company over recent months has been on unlocking value from the Australian projects acquired through
the acquisition of Circle Resources Pty Ltd.
In June 2012, we announced that we had completed a pre-IPO fundraise of GBP352,000 at a share price of
2.75p for Blue Doe Gold plc. All Star holds 50,000,000 shares in Blue Doe Gold, which at the share price at
which the pre-IPO funding was carried out places a value on its holding of GBP1.375 million. The pre-IPO
fundraise shows how we are unlocking value from the acquisition of Circle Resources Pty Ltd, and, once we
list Blue Doe Gold plc on the AIM market, anticipated over the next few months, we would expect to see such
value better reflected in the market's valuation of All Star.
We have recently formed Brumby Gold plc, which is currently a wholly-owned subsidiary of All Star. Brumby
Gold plc has been formed to take ownership of Jodo Gold Pty Ltd, one of the three companies we acquired in
the Australian transaction in December 2011. Jodo Gold Pty Ltd owns the Brilliant Brumby gold project, and
will, in due course, own the Wishbone gold and silver project. It is our intention to mirror the path that
has been taken by Blue Doe Gold plc, and to undertake a pre-IPO fundraise for Brumby Gold during the fourth
quarter of 2012.
We have also sought to increase our portfolio companies' landholding in Queensland through making
application for two new tenements. Jodo Gold Pty Ltd, has recently made an application for 24 sub-blocks
adjacent to the north-eastern boundaries of its Brilliant Brumby project, which will be known as Brilliant
Brumby II. Blue Doe Gold Pty Ltd, which is a wholly-owned subsidiary of Blue Doe Gold plc, in which All
Star holds 50 million ordinary shares, has recently applied for 37 sub-blocks adjacent to the north and
east of the Edward project.
SWEDEN (GILPAS, SAMON AND KUUSIVAARA PROJECTS)
In Sweden, our immediate focus is on advancing our understanding of the magnetic anomaly at the Samon
project, which is located in the Jokkmokk municipality of Norrbotten County of Northern Sweden. We have
engaged GeoVista AB to undertake a ground magnetic survey on the target, which will cover the 2 kilometre
(north-south) by 200 metre (east-west) magnetic anomaly. Around 35 line kilometres of total field magnetic
measurements will be undertaken, with a line spacing of 60 metres and a station spacing of 20 metres. Due
to the impending moose hunting season in the region it is now intended that GeoVista will commence the
ground magnetic survey in mid-September.
In June 2012 we announced that we had registered a new licence that borders the north of the Samon licence,
which will be called Samon number 2. The newly registered area covers 600 hectares and will serve as a
buffer zone to cover potential extensions to the magnetic anomaly at the north of the Samon number 1
licence.
Testament to our commitment to developing our projects in Sweden, in May 2012 we were delighted to announce
the appointment of Dr Jan-Ola Larsson as Technical Director of All Star Minerals. Dr Larsson's wealth of
experience operating in Sweden, which has more recently been focused on the Kallak iron ore project,
c.20km's due west of Samon, will prove invaluable for the Company moving forward.
FINANCIALS
The consolidated financial results for the period from 1 December 2011 to 31 May 2012 show a loss after
taxation of GBP220,493 (2011: GBP75,853). The basic loss per share was 0.08p (2011: 0.04p). The loss is
attributable to ongoing administrative costs associated with the running of the Company, and exploration
expenses.
OUTLOOK
There have been a number of positive developments for the Company over recent months, most notably the pre-
IPO funding of Blue Doe Gold plc, and the new tenements applied for by our portfolio companies in
Queensland. Since we completed the acquisition of Circle Resources there has been a great deal of work
undertaken to restructure these projects, and to fully understand their potential through analysis of
historic data with our geologic consultants in Queensland, Terra Search.
We look forward to progressing the planned AIM listing for Blue Doe Gold plc over the coming months. The
Blue Doe, Eagle Hawk, and Edward projects are in a region proven to host sizeable deposits, such as the
Ravenswood gold mine, the Mount Leyshon gold/silver mine, and the Charters Towers gold field, all of which
are located within 60km of Blue Doe. This gives us confidence as to the potential of these projects to
create value for All Star and its shareholders.
In Sweden, we look forward to the ground magnetic survey at the Samon iron ore target commencing in mid-
September. Once we have received the results of the survey from GeoVista we will make an announcement to
the market accordingly.
We are keeping administrative costs as low as possible, which was why I elected to take my accrued salary
up to 31 May 2012 in ordinary shares, at a premium to the prevailing share price. In June 2012 it was
announced that I had loaned the company GBP50,000 structured through the issue of two convertible unsecured
loan notes, convertible into ordinary shares at 0.5p, again at a premium to the prevailing share price. At
the start of July 2012, I further increased my shareholding in the Company through acquiring 2 million
shares on the market. It goes without saying that a CEO should lead from the front, and I hope my financial
support of the Company is a clear indication to investors of my commitment and belief in the future of All
Star.
I started my report to shareholders by commenting on the economic backdrop that we are up against. In spite
of the challenges, we are striving to create value for shareholders through developing the projects in
Australia and Sweden. We are cautiously optimistic about the future for the Company, and look forward to
the months ahead with great enthusiasm.
Conrad Windham
Chief Executive Officer
31 August 2012
ALL STAR MINERALS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2012
Unaudited Audited Year Unaudited
Six Months Ended Six Months
Ended 30 Nov. Ended
31 May 2011 31May
2012 2011
GBP GBP GBP
Revenue - - -
Administrative expenses (220,540) (163,613) (75,757)
---------- ---------- ----------
OPERATING LOSS (220,540) (163,613) (75,757)
Finance costs - (11,215) 61
Other non-operating income 47 (109) (157)
Other non-operating expenses - (6,999) -
---------- ---------- ----------
LOSS BEFORE TAX (220,493) (181,936) (75,853)
Income tax expense - - -
---------- ---------- ----------
LOSS FOR THE PERIOD (220,493) (181,936) (75,853)
---------- ---------- ----------
EARNINGS PER SHARE
(expressed in pence per share)
Basic loss per share for the period (0.08) (0.08) (0.04)
Diluted loss per share for the period (0.07) (0.07) (0.03)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MAY 2012
Unaudited Audited Year Unaudited
Six Months Ended Six Months
Ended 30 Nov. Ended
31 May 2011 31May
2012 2011
GBP GBP GBP
LOSS FOR THE PERIOD (220,493) (181,936) (75,853)
OTHER COMPREHENSIVE INCOME
Issue of share options - 107,500 107,500
---------- ---------- ----------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (220,493) (74,436) 31,647
---------- ---------- ----------
(220,493) (74,436) 31,647
ATTRIBUTABLE TO:
Equity holders of the parent
---------- ---------- ----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2012
Unaudited Audited Unaudited
31 May 30 Nov. 31May
2012 2011 2011
GBP GBP GBP
ASSETS
NON CURRENT ASSETS
Property, plant and equipment 485 582 679
Intangible assets 600,616 160,261 125,653
Investments at cost - 52,999 -
Available-for-sale financial assets 1 1 7,000
Trade and other receivables 1,777 1,855 1,948
---------- ---------- ----------
602,879 215,698 135,280
CURRENT ASSETS
Trade and other receivables 24,903 44,199 50,830
Prepayments 7,703 3,949 7,085
Cash and cash equivalents 55,277 10,909 65,358
---------- --------- ---------
87,883 59,057 123,273
---------- ---------- ---------
TOTAL ASSETS 690,762 274,755 258,553
---------- ---------- ---------
EQUITY PLUS MINORITY INTEREST
ISSUED CAPITAL AND RESERVES
Issued share capital 301,818 224,485 206,838
Share premium 1,124,097 814,930 702,143
Reserves 693,236 693,236 693,807
Retained profits (1,723,595) (1,503,102) (1,397,590)
------------- ------------- -----------
SUBSCRIBED CAPITAL 395,556 229,549 205,198
Minority interests in net assets 26,000 - -
------------- ------------- -----------
TOTAL EQUITY 421,556 229,549 205,198
CURRENT LIABILITIES
Tax payables 13,364 4,259 1,931
Trade and other payables 255,842 40,947 51,424
---------- ---------- ----------
269,206 45,206 53,355
---------- ---------- ----------
TOTAL EQUITY AND LIABILITIES 690,762 274,755 258,553
---------- ---------- ----------
Notes
1. The financial information for the six months ended 31 May 2012 and the six months ended 31 May
2011 has not been audited and does not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006.
2. Basic loss per share has been calculated using the weighted average number of shares of
275,628,815 (30.11.2011: 208,674,014; 31.05.2011: 195,588,132).
Diluted loss per share has been calculated using the weighted average number of shares of
315,628,815 (30.11.2011: 256,113,466; 31.05.2011: 248,505,836).
3. The Directors of the issuer accept full responsibility for this announcement.
ENQUIRIES:
Company
All Star Minerals Plc
Conrad Windham, CEO
Telephone: 020 3130 0674
E-mail: c.windham@allstarminerals.com
Website: www.allstarminerals.com
Corporate Adviser
St Helens Capital Partners LLP
Duncan Vasey or Guy Miller
Telephone: 020 7368 6959