Uranium Resources Plc / Market: AIM / Epic: URA / Sector: Exploration
Uranium Resources plc, the AIM listed uranium exploration company operating in Tanzania, announces its results for the six month period ended 31 December 2015.
The six months ended 31 December 2015 was a frustrating period for the Company primarily due to the lackluster uranium market, hence there has been a lack of progress at both a project level and a corporate level.
The Company's principal focus is the Mtonya Project ("Mtonya") in the United Republic of Tanzania. Mtonya is the first uranium deposit in Africa that is thought to be amenable to in-situ recovery ("ISR") and the Company's discovery signalled the opening of an emerging ISR basin. With its maiden uranium resource of 2013, Mtonya remains open along strike and at depth and the Company's board is confident that Mtonya has the potential to become a world-class uranium deposit.
During the reporting period, the main Mtonya licence reached the end of its term and the Company applied for an extension. Whilst management currently expect that the extension will be granted it cannot be guaranteed. Some delays with the granting of the extension may have been caused by the re-organisation in the government following the Tanzanian General Election in the autumn of 2015. The Company hopes that the ongoing changes in government herald further improvements in the Tanzanian natural resources regulatory framework that shall position the country well in the overdue resurgence of the mining sector.
I am reporting a pre-tax loss for the six months ended 31 December 2015 of US$ 266,000 (6 months ended 31 December 2014 US$307,000; Year ended 30 June 2015: US$ 393,000). The Company's board continues to evaluate additional financing options.
Uranium Resources has developed a credible exploration model which led to the discovery of the Mtonya uranium deposit that is thought to be amenable to ISR.
Estes Limited remains supportive of the Mtonya project and the Company, which was once again expressed in their signing a loan extension as announced by the Company on 17 March 2016
The Company has and will continue to investigate opportunities for engaging a strategic investor to advance Mtonya as well as other growth opportunities.
Competent Persons declaration
The information in this statement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information reviewed by Alex Gostevskikh, Managing Director of Uranium Resources plc, who is a Member of the Mining and Metallurgical Society of America. Mr. Gostevskikh has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Gostevskikh consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Alex Gostevskikh Uranium Resources plc Tel: +1 778 938 7631
Matthew Johnson / David Hignell
Northland Capital Partners Ltd Tel: +44 203 861 6625
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 DECEMBER 2015Administrative expenses (120) (190) (292)
Share options expense - - (47)
Total administrative expenses and groupoperating loss (120) (190) (339)
Interest payable and foreign exchange losses (146) (117) (54)
Exchange differences on translating foreign
operations 72 79 52
Total comprehensive loss attributable to the equity holders of the parent (194) (228) (341)Basic and diluted 4 (0.04) (0.04) (0.05)
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2015Exploration & evaluation assets 5 17,684 17,586 17,651
17,684 17,586 17,651
Other receivables 1 10 10
Cash and cash equivalents 33 31 21
34 41 31
Total Assets 17,718 17,627 17,682Borrowings - - (111)
Borrowings 6 (1,627) (1,301) (1,305)
Trade and other payables (299) (356) (280)
(1,926) (1,657) (1,585)
Share capital 1,225 1,206 1,225
Share premium 21,776 21,713 21,776
Foreign exchange reserve (254) (299) (326) Retained losses (6,955) (6,650) (6,689)
Total Equity 15,792 15,970 15,986Uranium Resources plc issued this content on 29 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 March 2016 14:45:16 UTC
Original Document: http://www.uraniumresources.co.uk/downloads/20160323_URA_Interim_Report.pdf