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RNS Number : 9817L
Starvest PLC
18 May 2022
18 May 2022
Half-year report - six months ended 31 March 2022
Chairman's statement
Over the six months to 31 March 2022, Starvest (the "Company")
benefited somewhat from the resilience of the natural resources
sector against a backdrop of emerging inflation and global unrest
due to the conflict in eastern Europe. Nonetheless, weakness in
Greatland Gold's share price resulted in a decline in portfolio
value and net asset value of 17% and 16%, respectively, over the
six months to 31 March 2022, since the Company's financial
year-end.
Our discount to net asset value remained consistent over the
six-month period to 31 March 2022, being 34% on 30 September 2021
and 33% on 31 March 2022, while commodity prices, including gold
have in general, remain ed relatively high, providing a solid
foundation for our investee companies.
While many sectors have not yet recovered to pre-pandemic
levels, the natural resources sector has made significant gains and
is forecast to continue to do so in an economic recovery. We also
expect large-scale infrastructure and climate-focused projects, at
the forefront of government spending plans, will benefit the
natural resource sector.
As part of routine operations, the Board regularly reviews its
portfolio positions and may make adjustments to its holdings to
take advantage of market conditions. The Board is currently
considering opportunities more likely to better align the Company's
stock price with what it regards as the intrinsic value of the
Company's portfolio.
Continuing to advance its Paterson projects, Greatland Gold
(LON:GGP), which makes up over 90% of our portfolio value,
estimated its Havieron project at 6.5 Moz gold equivalent in an
updated JORC compliant report. Its joint venture partner Newcrest
Mining is continuing with mine development and growth drilling at
Havieron, while Greatland Gold concentrates on early-stage
exploration targets within its other licences.
Ariana Resources (LON:AAU) continues to focus on exploration in
south-eastern Europe with a five-year, US$2.5 million strategic
alliance recently announced with Newmont Corporation through
Ariana's 75%-owned West Tethyan Resources, along with gold and
silver production from its mining operations in Turkey.
Cora Gold (LON:CORA) has completed field work on a definitive
feasibility study for its flagship Sanankoro gold project, the full
report is due for completion in H2 2022. Cora has also started a
7,500m drill programme to continue expansion of the resource at the
Sanankoro project.
Kefi Minerals (LON:KEFI) continues with construction of the Tulu
Kapi gold mine in Ethiopia and remains on target to start full
production in 2022. Kefi has also made significant advances in its
exploration and resource calculations of the Jabil Qitman and
Hawiah project in Saudi Arabia.
Other investee companies continue their efforts as well. Oracle
Power (LON:ORCP) has continued its exploration in Western Australia
as well as expanding into the green energy sectors with a new
hydrogen energy project in Pakistan.
Sunrise Resources (LON:SRES) is advancing its pozzolan-perlite
project in Nevada, USA towards mine permitting, while Alba
(LON:ALBA) is continuing the development of its Welsh gold
deposits.
Despite the inevitable increase in global interest rates to stem
inflationary pressures, we believe that the effects of expansionary
monetary policies, continued fiscal stimulus and geopolitical
tensions favour a positive outlook for gold and precious metals in
the longer term.
Callum N Baxter
Chairman & Chief Executive
18 May 2022
Statement of Comprehensive Income
6 months 6 months Year ended
to 31 March to 31 March 30 September
2022 2021 2021
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses (155,472) (147,689) (290,993)
(Loss)/gain on disposal of financial
assets (29,383) 19,313 19,339
Movement in fair value of financial
assets through profit and loss (2,195,966) (1,088,092) (3,645,360)
Investment income 29,628 - 56,000
---------------- --------------- ---------------
Operating profit (2,351,193) (1,216,468) (3,861,014)
Interest receivable - - -
---------------- --------------- ---------------
Profit on ordinary activities
before tax (2,351,193) (1,216,468) (3,861,014)
Tax on (loss) ordinary activities 587,798 - 332,532
---------------- --------------- ---------------
(Loss) attributable to equity
holders of the parent (1,763,395) (1,216,468) (3,528,482)
================ =============== ===============
Earnings per share - see note
3
Basic (3.04 pence) (2.11 pence) (6.11 pence)
Diluted (3.04 pence) (2.11 pence) (6.11 pence)
Statement of Financial Position
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2022 March 2021 2021
Unaudited Unaudited Audited
GBP GBP GBP
Non-current assets
Financial assets at fair
value through profit or
loss 11,625,035 16,596,261 14,038,887
------------- ------------- --------------
Total non-current assets 11,625,035 16,596,261 14,038,887
------------- ------------- --------------
Current assets
Trade and other receivables 53,615 29,893 63,539
Cash and cash equivalents 157,715 125,344 78,276
------------- ------------- --------------
Total current assets 211,330 155,237 141,815
------------- ------------- --------------
Current liabilities
Trade and other payables (70,636) (84,716) (85,627)
------------- ------------- --------------
Total current liabilities (70,636) (84,716) (85,627)
------------- ------------- --------------
Non-current liabilities
Provision for deferred tax (1,083,288) (2,003,618) (1,671,086)
------------- ------------- --------------
Total non-current liabilities (1,083,288) (2,003,618) (1,671,086)
------------- ------------- --------------
Net assets 10,682,441 14,663,164 12,423,989
============= ============= ==============
Capital and reserves
Called up share capital 581,144 575,740 579,820
Share premium account 1,868,696 1,779,414 1,848,173
Retained earnings 8,232,601 12,308,010 9,995,996
------------- ------------- --------------
Total equity shareholders'
funds 10,682,441 14,663,164 12,423,989
============= ============= ==============
Statement of Cash Flows
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2022 March 2021 2021
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating activities
Operating loss (2,351,192) (1,216,468) (3,861,014)
Shares issued in settlement
of salaries and fees 21,847 - 72,839
Movement in fair value of investments 2,195,966 1,088,092 3,645,360
(Loss)/profit on sale of current
asset investments 29,383 (19,313) (19,339)
Decrease/(increase) in debtors 9,923 1,154 (32,493)
(Decrease) in creditors (14,991) (8,499) (7,587)
------------ ------------ --------------
Net cash used in operating
activities (109,064) (155,034) (202,234)
------------ ------------ --------------
Cash flows from investing activities
Sale of current asset investments 188,503 160,013 160,145
Net cash generated from investing
activities 188,503 160,013 160,145
------------ ------------ --------------
Net increase in cash and cash
equivalents 79,439 4,979 (42,089)
Cash and cash equivalents at
beginning of period 78,276 120,365 120,365
------------ ------------ --------------
Cash and cash equivalents at
end of period 157,716 125,344 78,276
============ ============ ==============
Statement of Changes in Equity
Total Equity attributable to
Share capital Share premium Retained earnings shareholders
GBP GBP GBP GBP
At 30 September 2020 575,740 1,779,414 13,524,478 15,879,632
============= ============= ================= ================================
Loss for the period - - (1,216,468) (1,216,468)
------------- ------------- ----------------- --------------------------------
Total recognised income and
expenses for the period - - (1,216,468) (1,216,468)
Shares issued - - - -
Total contribution by and
distributions to owners - - - -
At 31 March 2021 575,740 1,779,414 12,308,010 14,663,164
============= ============= ================= ================================
Loss for the period - - (3,528,482) (3,528,482)
------------- ------------- ----------------- --------------------------------
Total recognised income and
expenses for the period - - (3,528,482) (3,528,482)
Shares issued 4,080 68,759 - 72,839
Total contribution by and
distributions to owners 4,080 68,759 - 72,839
At 30 September 2021 579,820 1,848,173 9,995,996 12,423,989
============= ============= ================= ================================
Loss for the period - - (1,763,395) (1,763,395)
Total recognised income and
expenses for the period - - (1,763,395) (1,763,395)
Shares issued 1,324 20,523 - 21,847
Total contributions by and
distributions to owners 1,324 20,523 - 21,847
At 31 March 2022 581,144 1,868,696 8,232,601 10,682,441
============= ============= ================= ================================
Interim report notes
1. Interim report
The information relating to the six-month periods to 31 March
2022 and 31 March 2021 is unaudited.
The information relating to the year ended 30 September 2021 is
extracted from the audited accounts of the Company which have been
filed at Companies House and on which the auditors issued an
unqualified audit report.
2. Basis of preparation
This report has been prepared in accordance with applicable
United Kingdom accounting standards, including Financial Reporting
Standard 102 - 'The Financial Reporting Standard applicable in the
United Kingdom and Republic of Ireland' ('FRS102'), and with the
Companies Act 2006. Although the information included herein does
not constitute statutory accounts within the meaning of section 435
of the Companies Act 2006, the accounting policies that have been
applied are consistent with those adopted for the statutory
accounts for the year ended 30 September 2021.
The Company will report again for the full year to 30 September
2022.
The Company's investments at 31 March 2022 are stated at the
current market value based on market quoted prices at the close of
business on 31 March 2022. The Chairman's statement includes a
valuation based on market quoted prices at the close of business on
31 March 2022.
3. Earnings per share
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2022 March 2021 2021
Unaudited Unaudited Audited
GBP GBP GBP
Loss for the year: (1,763,395) (1,216,468) (3,528,482)
--------------- --------------- ---------------
Weighted average number of
Ordinary shares of GBP0.01
in issue 58,080,245 57,573,986 57,755,713
--------------- --------------- ---------------
Earnings per share - basic (3.04 pence) (2.11 pence) (6.11 pence)
and diluted
=============== =============== ===============
Investment portfolio
Starvest now holds trade investments in the companies listed
below; of these the following companies comprised 99% of the
portfolio value as at 31 March 2022:
Exploration for oil in England,
* Alba Mineral Resources plc lead-zinc in Ireland, uranium in
Mauritania and graphite in Greenland
www.albamineralresources.com
Gold-silver production and exploration
* Ariana Resources plc in Turkey, and precious metal exploration
in Eastern Europe
www.arianaresources.com
Gold exploration in West Africa
* Cora Gold Limited www.coragold.com
Gold exploration and development
* Greatland Gold plc in Australia
www.greatlandgold.com
Gold and copper exploration and
* Kefi Minerals plc development in Ethiopia and Saudi
Arabia
www.kefi-minerals.com
Coal development in Pakistan and
* iOracle Power plc gold exploration in Australia
www.oraclepower.co.uk
Other direct and indirect mineral exploration companies:
Oil and gas exploration in Bulgaria
* Block Energy plc (formerly Goldcrest Resources plc) www.blockenergy.co.uk
Exploration for industrial minerals
* Sunrise Resources plc in United States, Finland, Australia
and Ireland
www.sunriseresourcesplc.com
Other investee companies are listed in the Company's 2021 annual
report available on request or from the Company web site -
www.starvest.co.uk
Copies of this interim report are available free of charge by
application in writing to the Company Secretary at the Company's
registered office, Salisbury House, London Wall, London EC2M 5PS,
by email to info@starvest.co.uk or from the Company's website -
www.starvest.co.uk
Enquiries to:
Starvest PLC
Callum Baxter or Gemma Cryan 02077 696 876 or
info@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson, Harrison Clarke or Ciara Donnelly 02073 835
100
SI Capital Ltd (Broker)
Nick Emerson or Alan Gunn 01483 413 500
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END
IR GPUCUAUPPGWR
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