Kolar Gold Limited - Half Yearly Report

30 March 2015

 

Kolar Gold Ltd

 

Half year results for six months ended 31 December 2014

 

Kolar Gold Limited ("Kolar Gold" or the "Company"), the Indian focussed gold exploration and mine development company, announces its unaudited results for the six months ended 31 December 2014.

 

The Company recorded a loss after tax for the period of £568,074, (2013: loss after tax of £1,378,434) including a gain on the accretion of investment in an associate of £86,618 (2013: loss on dilution of £909,622). The Company had £2.4m in cash and term deposits as at 31 December 2014 (2013: £4.0m).

 

The Company has, at the date of this report, the following interests:

 

·     a shareholding in Geomysore Mining Services (India) Private Limited ("GMSI") of 25.9% ;  following the finalisation (expected quarter 3 2015) of the drilling program by Thriveni Earth Movers Private Limited ('Thriveni'), Thriveni will be awarded up to 100,192 shares  in GMSI, reducing our shareholding to 23.77%; 

·     the Company has the right, but not the obligation, until 25th November 2015, to subscribe for up to an additional 88,681 shares, at INR 1444.50 each (a total investment of circa £1.3m). If all subscriptions are made this would increase the Company's stake in GMSI from 23.77% to 30.2%; 

·     Right of First Refusal, in association with the Cooperative Societies of Bharat Gold Mines Limited ("BGML") ex-employees, to acquire the BGML mining assets through a tender process to be held by the owner, the Government of India; and 

·     cash balances of £1.97m.


 

GMSI

 

In November 2014, the Company announced that it had entered into a Shareholders Agreement and a Share Subscription Agreement with GMSI and its other major shareholders to fund GMSI operations through to July this year, including an exploration drilling campaign totalling 15,800 metres of resource drilling at Jonnagiri, where GMSI had secured one of the few gold mining leases ever to be granted in India in the last few decades.

 

Pursuant to the above agreements the Company has invested £302,000 giving it an equity holding of 25.9% and in total the major shareholders have invested £915,000.

 

There are two further tranches of investments planned in April and May 2015, under which the Company may invest a further £207,000.

 

The invested funds and future investments are being applied to the funding of GMSI's operations in general, and particularly the drilling programme at Jonnagiri. Since January 2015, two core drilling rigs have been operational at Jonnagiri to upgrade and extend the 710koz JORC resource. A third rig began operating earlier this month to further accelerate this drilling programme. Results from the assay laboratory are expected over the next few months. The Board expects that this drilling programme will increase and upgrade the defined gold resource inventory and, subject to feasibility studies, hopes that Jonnagiri will become a commercially viable operating gold mine.

 

GMSI and Deccan Gold Mines ("DGM"), the only gold exploration company listed on the Bombay Stock Exchange, continue to review the proposal to amalgamate the two companies, their respective projects and resources, by way of a scheme of arrangement and for the combined group to be listed on the Bombay Stock Exchange (BSE). The expected timing and likelihood of this is later in this calendar year, following the current DGM fund raising via a rights issue. There are also alternative strategies available to GMSI for listing on the BSE.

 

As at 31 December 2014 the Company valued its investment in GMSI at £2.83million (30 June 2014: £2.50 million).

 

 

BGML Tender

 

Kolar Gold continues to pursue jointly with the BGML mine employee united unions the proposed acquisition and revival of the historic BGML gold mine in the Kolar Gold Fields in Karnataka. The parties have a Right of First Refusal when the tender proceeds. In 2013 a Supreme Court ordered the Government of India to proceed with BGML sale tender and revival. With the election pending in May 2014 this did not happen.  The new government is showing support for development projects such as this, which will attract foreign direct investment into India and develop a gold mining industry that is in its infancy. However, making progress requires support from the new government executive and we are working to achieve this in Delhi and at the state levels. However, competition from numerous projects and industries seeking government attention is high.

 

Cash Balances

 

The Company's overheads for the period were £593,000 (2013: £605,000), and the Company continues to utilise its working capital to invest in GMSI.

 

As at 31 December 2014, the Company's cash balances were £2.4m and at the date of this report were £1.97m.

 

The Company is continuously monitoring the rate of cash usage to ensure a balance between investment and achieving major milestones and having sufficient working capital to remain a going concern. The Company is also investigating ways of raising further capital to support our stated gold objectives in India.

 

Allowing for the Company's budgeted run rate there are sufficient funds to continue operations until the third quarter in the 2016 calendar year and to make the investments in GMSI in March and May 2015 identified above. However these cash flow projections would not enable the exercising of the GMSI option, which is at the discretion of the Company. It will therefore be necessary to raise additional funds in order to exercise this option.

 

 

Harvinder Hungin, Chairman of Kolar Gold Limited, commented:

 

"The agreement reached amongst the major shareholders of GMSI at the end of 2014 was a key milestone. Extensive exploration drilling is underway at Jonnagiri and we are eagerly awaiting the results over the next few months. Jonnagiri has the potential to be a producing gold mine and if this can be achieved it would be a major step forward for GMSI and Kolar Gold. In the meantime we are continuing to explore with GMSI ways of achieving an Indian listing of its shares including a possible amalgamation with Deccan Gold. Finally, whilst we remain excited about BGML there is again work to be done to rebuild momentum behind the tender process following the election of the new government. We are hopeful that discussions and lobbying will lead to the tender process proceeding this year.

 

The Company's cash resources are finite and we have a clear strategy to implement our mandate to be an Indian gold exploration and mining company. This has never been an easy task and continues to be challenging but we are making progress towards what remains a large international gold opportunity, the level of which in due course will determine what level of further cash resources we may need to raise to support our activities."  

 

 

Nick Spencer, Chief Executive Officer of Kolar Gold Limited, commented:

 

"Our three objectives remain:  

 

Firstly to support and assist the resource drilling at the GMSI Jonnagiri gold mining lease. There are now 3 drill rigs operating in order to upgrade and extend the current gold resource with the aim to develop India's first private gold mine operation.

 

Secondly we are increasing our efforts to engage with the new Government of India to explain the urgent need for India to develop domestic gold mines and therefore to issue the BGML mine sale tender and revival.

 

Lastly, discussions are continuing between GMSI and DGM to amalgamate the two companies, their respective projects and resources, by way of a scheme of arrangement, and for the combined group to be listed on the Bombay Stock Exchange. GMSI is also considering alternative strategies for listing on the BSE.

 

Achieving any of these objectives will enable a significant gold mining asset to be developed in India."

 

 

For further information please contact: 

 

Kolar Gold Limited

 

Nick Spencer / Chris Clowes

+614 1487 4491 / +614 1719 7288

N+1 Singer  (Nomad and Joint Broker)

James Maxwell / Jen Boorer

+44 20 3205 7500

Ocean Equities Limited (Joint Broker)

Will Slack

+44 20 7786 4370

Tavistock

 

Ed Portman / Nuala Gallagher

+44 20 7920 3150

 

About Kolar Gold Limited:   

 

Kolar Gold is a partner and investor in an Indian gold exploration and mine development company and is also pursuing a number of gold projects in India.  The company is traded on the AIM market (Ticker: KGLD) and has an experienced international board and management and strong local partners.

 

Kolar Gold is an investor in GMSI, an Indian gold exploration and development company with a significant portfolio of gold permits and rights across India. GMSI has rights to 32 known gold mineralised project areas including 22 granted Reconnaissance Permits, 2 Prospecting Licences and 1 mining lease area covering a total of 12,568 square kilometres in the states of Andhra Pradesh, Karnataka. Madra Pradesh and Tamil Nadu. The main gold asset is the gold mining lease at Jonnagiri which was granted in October 2013 and has a 710,000 ounce JORC gold resource defined to date.

 

Kolar Gold is also jointly pursuing, with the BGML mine employee unions, the acquisition and revival of the historic BGML gold mine in the Kolar Goldfields in Karnataka. The BGML gold mine has produced 25 million ounces of gold at 15.9 grams per tonne over 120 years until its closure in 2001. The Kolar Goldfields is one of the most prospective underdeveloped Archaean Greenstone Belts in the world and is regarded by Mr Andrew J Vigar of Mining Associates Limited, the Competent Person, as comparable to the Archaean Greenstone Belts of South Africa, Canada and Western Australia which have similar geology, structure and style of mineralisation.

 

Review of operations  

 

GMSI partnership 

In November 2014 the Company entered into a Shareholders Agreement and a Share Subscription Agreement with GMSI and its other major shareholders.

 

This agreement sets out the terms under which the major shareholders in GMSI, including Kolar Gold may subscribe to additional shares in GMSI. These terms include:

 

·     GMSI Shareholders can subscribe to a total of 109,535 shares at INR 1444.50 each, total value of INR 158.2m (£1.63m).

·     The Company has the option to take up a portion of the subscriptions not taken up by the other shareholders, of which £56,000 has been taken up as at the date of this report. The Company has the option to take up another £47,000 in the final two tranches.

·     The Company expects to acquire up to 36,110 shares, including subscriptions taken up as at the date of this announcement, increasing our equity in GMSI to 26.26%.

·     The share subscriptions will be in four tranches between November 2014 and May 2015.

·     GMSI has now executed a drilling contract for up to 15,800m to increase and upgrade the gold resource at the Jonnagiri mining lease area over the next 6 months, at a total drill cost of up to INR 144.7 million (£1.49 million), to also be funded by the subscription by Thriveni for up to 100,192 shares in GMSI at INR 1444.50 per share.

·     The Company has the right, but not the obligation, until November 2015 to subscribe for up to an additional 88,681 shares, also at INR 1444.50 each (a total investment of up to £1.32m). This enables the Company to increase its stake in GMSI to 30.2% within the next 12 months.

 

These subscriptions will provide GMSI with access to working capital for the first three quarters of 2015 and enable it to take the next steps in determining the viability of the Jonnagiri deposit as a producing mine. The financing structure allows GMSI's shareholders to support and review the drilling on an ongoing basis.

 

 

BGML acquisition

 

In July 2013 the Supreme Court of India instructed the Government of India ('GoI') to proceed with the tender sale and mine revival of the historic Bharat Gold Mines Limited ('BGML') gold mines at Kolar Gold Fields, in line with the Board's expectations.

 

Then in 2014 the pro-business, Modi led, BJP government was elected with a mandate to increase the development of India through investment and clearer, simpler processes. This fits well with the long awaited BGML mine revival tender which the Board believes is drafted and ready to issue. KG will focus its efforts in Delhi, including submitting and presenting BGML revival plans to the Prime Minister's Office and the Mines Ministry with support from our partners. The Board hopes the tender will be issued this calendar year and the Company, with its local partners, is planning to be in a position to prepare a right of first refusal matching bid and associated funding that meets the requirements of the tender process.

 

 

Key financials

 

The Company had £2.4m in cash deposits at period end.

 

The loss after tax for the period was £568,074, compared to £1,378,434 for the six months to 31 December 2013 and £5,621,538 for the year to June 2014.

 

 

Going concern  

These condensed consolidated interim financial statements have been prepared on the basis of accounting principles applicable to Kolar Gold being a "going concern" which assumes the Group will continue in operation for at least 12 months from the date of these interim financial statements and will be able to realise its assets and discharge its liabilities in the normal course of operations.

 

Allowing for the Company's budgeted run rate there are sufficient funds to continue operations until the third quarter in the 2016 calendar year and to make the investments in GMSI in March and May 2015 identified above. However these cash flow projections would not enable the exercising of the GMSI option, which is at the discretion of the Company.

 

Kolar Gold will have to raise additional funds in the event that:

 

·     the Company's tender offer for the BGML assets is successful, or

·     the Company substantially increases its Indian investments, whether by exercising the GMSI option or further investment in their drilling activities or for supporting a BSE listing process.

 

 

_____________________

 

The Board

 

 

Condensed consolidatedstatement of comprehensive income (unaudited)

for the six months ended 31 December 2014

 

Note

Six months ended

31 December

2014

(unaudited)
£

Six months ended

31 December

2013
(unaudited)

£

Year ended

30 June 2014

(audited)

 

 

£

 

 

 

 

 

Options issued to directors

 

-

(21,723)

(21,723)

Administrative expenses

 

(592,883)

(605,413)

(1,281,450)

Advisory and due diligence - GMSI and other prospective gold assets

 

-

(19,260)

(52,963)

Accretion/(Dilution) of investment in associate

7

86,618

(909,622)

(1,326,888)

Impairment of investment in associate

 

-

-

(2,865,325)

Foreign exchange gains

 

1,549

8,752

-

Loss from operating activities

 

(504,716)

(1,547,266)

(5,548,349)

 

 

 

 

 

Finance income

6

10,682

230,798

54,250

Finance costs

 

(63)

(497)

(501)

Net finance costs

 

10,619

230,301

53,749

 

 

 

 

 

Share of loss of associate

7

(73,977)

(61,469)

(126,938)

 

Loss before tax

 

(568,074)

(1,378,434)

(5,621,538)

 

Income tax expense

 

-

-

-

 

Loss for the period

 

(568,074)

(1,378,434)

(5,621,538)

 

Other comprehensive income

Foreign exchange translation gains/(losses)

 

6,176

(35,417)

(9,942)

 

Total comprehensive income for the period

 

(561,898)

(1,413,851)

(5,631,480)

 

 

 

 

 

Basic and diluted loss per share (p)

 

0.53

1.33

5.29

 

The condensed notes are an integral part of the condensed consolidated interim financial statements.

 

Condensed consolidated statement of financial position (unaudited)

as at 31 December 2014

 

 

Note

31 December

2014

£

(unaudited)

31 December 2013

£

(unaudited)

30 June

2014

£

(audited)

Non-current assets

 

 

 

 

Plant and equipment

 

11,152

18,807

13,403

Investment in associate

7

2,830,412

5,851,077

2,503,017

Other financial asset

 

-

200,000

-

Total non-current assets

 

2,841,564

6,069,884

2,516,420

 

 

 

 

 

Current assets

 

 

 

 

Prepayments and other current assets

 

19,377

33,209

24,707

Trade and other receivables

 

12,037

5,597

9,235

Term deposits

 

928,765

2,350,207

2,060,236

Cash and cash equivalents

 

1,482,746

1,633,685

1,370,181

Total current assets

 

2,442,925

4,022,698

3,464,359

 

 

 

 

 

Total assets

 

5,284,489

10,092,582

5,980,779

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

230,454

256,744

336,040

Employee benefits

 

113,199

116,416

142,325

Total current liabilities

 

343,653

373,160

478,365

 

 

 

 

 

Non-current liabilities

 

 

 

 

Employee benefits

 

3,864

2,923

3,544

Total non-current liabilities

 

3,864

2,923

3,544

 

 

 

 

 

Total liabilities

 

347,517

376,083

481,909

Net assets

 

4,936,972

9,716,499

5,498,870

 

 

 

 

 

Equity

 

 

 

 

Share capital

8

7,440,546

7,440,546

7,440,546

Share premium reserve

 

15,690,724

15,690,724

15,690,724

Reserves

 

3,842,867

3,811,216

3,836,691

Accumulated losses

 

(22,037,165)

(17,225,987)

(21,469,091)

 

Total equity

 

4,936,972

9,716,499

5,498,870

These financial statements were approved by the Board of Directors 2015 and were signed on its behalf by:

 

____

Stephen Coe

Director

      

 

The condensed notes are an integral part of the condensed consolidated interim financial statements.

 

 

Condensed consolidated statement of changes in equity (unaudited)

for the six months ended 31 December 2014

 

Share capital

 

Share premium reserve

Options

reserves

Foreign currency translation reserve

Accumulated losses

Total equity

(Unaudited)

£

£

£

£

£

£

Balance at 1 July 2014

7,440,546

15,690,724

3,838,027

(1,336)

(21,469,091)

5,498,870

Total comprehensive income for the period

 

 

 

 

 

 

Loss for the period

-

-

-

-

(568,074)

(568,074)

Other comprehensive income - foreign exchange translation variances

-

-

-

6,176

-

6,176

Total comprehensive income for the period:

-

-

-

6,176

(568,074)

(561,898)

Contributions by and distributions to owners:

 

 

 

 

 

 

Issue of ordinary shares

-

-

-

-

-

-

Equity-settled transactions for the period

-

-

-

-

-

-

Total contributions by and distributions to owners:

-

-

-

-

-

-

Balance at 31 December 2014

7,440,546

15,690,724

3,838,027

4,840

(22,037,165)

4,936,972

 

 

 

 

 

 

 

 

(Audited)

 

 

 

 

 

 

Balance at 1 July 2013

7,440,546

15,690,724

3,816,304

8,606

(15,847,553)

11,108,627

Total comprehensive loss for the year

 

 

 

 

 

 

Loss for the year

-

-

-

-

(5,621,538)

(5,621,538)

Other comprehensive income - foreign exchange translation variances

-

-

-

(9,942)

-

(9,942)

Total comprehensive loss for the period:

-

-

-

(9,942)

(5,621,538)

(5,631,480)

Contributions by and distributions to owners:

 

 

 

 

 

 

Equity-settled transactions for the period

-

-

21,723

-

-

21,723

Total contributions by and distributions to owners:

-

-

21,723

-

-

21,723

Balance at 30 June 2014

7,440,546

15,690,724

3,838,027

(1,336)

(21,469,091)

5,498,870

 

 

 

 

 

 

 

 

The condensed notes are an integral part of the condensed consolidated interim financial statements.

 

Condensed consolidated Statement of Cash Flows (unaudited)

for the six months ended 31 December 2014

 

Six months ended

31 December

2014

(unaudited)

Six months ended

31 December

2013
(unaudited)

Year ended

30 June 2014

(audited)

 

 

 

£

£

£

 

Cash flows from operating activities

 

 

 

 

Loss for the period

(568,074)

(1,378,434)

(5,621,538)

 

Adjustments for:

 

 

 

 

Depreciation

2,251

2,181

8,299

 

Share of loss of associate

73,977

61,469

126,938

 

(Accretion)/Dilution of investment in associate

(86,618)

909,622

1,326,888

 

Impairment of investment in associate

-

-

2,865,325

 

Net finance costs/(income)

(10,619)

(230,301)

(53,749)

 

Unrealised foreign exchange (gains)/losses

8,234

(49,584)

21,718

 

Equity-settled share-based payment transactions

-

21,723

21,723

 

Operating loss before changes in working capital and provisions

(580,849)

(663,324)

(1,304,396)

 

Change in trade and other receivables

(2,802)

8,220

4,582

 

Change in other current assets

5,330

(5,703)

2,799

 

Change in trade and other payables

(105,586)

(64,706)

14,590

 

Change in employee benefits

(28,806)

(20,027)

6,503

 

Cash used in operating activities

(712,713)

(745,540)

(1,275,922)

 

Interest and finance costs paid

(63)

(497)

(501)

 

Net cash used in operating activities

(712,776)

(746,037)

(1,276,423)

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Interest received

10,682

46,525

61,479

 

Funds (placed on)/taken off term deposit

1,131,471

2,321,527

2,611,498

 

Payments for investment in associate

(314,754)

(700,000)

(700,000)

 

Payments for plant and equipment

-

(1,314)

(2,028)

 

Net cash used in investing activities

827,399

1,666,738

1,970,949

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Proceeds from issues of equity securities

-

-

-

 

 

Net cash from financing activities

-

-

-

 

 

Net increase/(decrease) in cash and cash equivalents

114,623

920,701

694,526

 

 

Foreign exchange gain/(loss) on closing cash balances

(2,058)

14,167

(23,162)

 

 

 

Cash and cash equivalents at 1 July

1,370,181

698,817

698,817

 

 

 

Cash and cash equivalents at 31 December

1,482,746

1,633,685

1,370,181

 

      

 

The condensed notes are an integral part of the condensed consolidated interim financial statements.

 

 

 

Kolar Gold Limited

Notes to the condensed consolidated interim financial statements

for the six months ended 31 December 2014

1

Reporting entity

 

Kolar Gold Limited (the 'Company') is a company incorporated and registered in Guernsey and its shares are traded on AIM in London. The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 December 2014 comprises the Company and its subsidiaries (together referred to as the "Group"). The Group primarily is involved in the exploration and development of mining assets in the Kolar Belt with GMSI, its Indian partner, and the potential acquisition of the mining assets of BGML from the GoI.

The consolidated annual financial report of the Group as at and for the year ended 30 June 2014 is available upon request from the Company's registered office at Frances House, Sir William Place, St. Peter Port, Guernsey GY1 4HQ.

2

Statement of compliance

 

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 June 2014.

These condensed interim consolidated financial statements were approved by the Board of Directors on 16 March 2015.

3

Significant accounting policies

 

The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2014.

4

Going concern

 

These condensed consolidated interim financial statements have been prepared on the basis of accounting principles applicable to Kolar Gold being a "going concern" which assumes the Group will continue in operation for at least 12 months from the date of these interim financial statements and will be able to realise its assets and discharge its liabilities in the normal course of operations.

 

Allowing for the Company's budgeted run rate there are sufficient funds to continue operations until quarter 3 2016 and to make the investments in GMSI in March and May 2015 identified above. However these cash flow projections would not enable the exercising of the GMSI option, which is at the discretion of the Company.

 

Kolar Gold will have to raise additional funds in the event that:

 

·     the Company's tender offer for the BGML assets is successful, or

·     the Company substantially increases its Indian investments, whether by exercising the GMSI option or further investment in their drilling activities or for supporting a BSE listing process.

 

 

 

 

   

 

5

Estimates

 

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2014.

6

Net finance income

 

 

Six months ended

31 December

2014

(unaudited)
£

Six months ended

31 December 2013
(unaudited)

£

)Year ended

30 June 2014

(audited

 

£

 

Interest income

10,682

30,798

54,250

 

Net gain on financial instruments designated as fair value

-

200,000

-

 

 

10,682

230,798

54,250

7

Investment in associates

 

As at 30 June 2014 the Company held a 24.15% equity interest in GMSI, with a carrying value of £2,503,017. The Company invested an additional £314,754 in GMSI during the reporting period and held a 25.5% interest in GMSI at the half year balance sheet date.Investments by the Company and the other major GMSI shareholders during the period resulted in a partial reversal of the dilution of the Company's investment from prior periods. This accretion totalled £86,618 and was offset by loss of £73,977, being the Company's share of GMSI's losses for the period.

 

As a result of the Agreement entered into in November 2014 GMSI raised sufficient monies to fund operations and implement a 15,000 metre drilling programme. On the basis of GMSI's budgets and projections it has funding for this programme which should be completed by the end of quarter 3, 2015. GMSI will then need to raise further funds if it wishes to extend this drilling programme, prepare mining feasibility studies and manage ongoing operations. If GMSI failed to raise such funds then the value of our investment in GMSI could be adversely affected.

 

The Board has reviewed the impact of the above factors on the carrying value of this investment and resolved that there has been no impairment to this investment during the period.

 

GMSI will continue to be accounted for as an associate because, while the Group has significant influence over GMSI, it does not have control, and it will be accounted for on an equity accounting basis. 

 

The carrying value of the investment in an associate is determined as follows:

 

 

Investment in an associate

£

 

 

 

Carrying value as at 30 June 2014

2,503,017

 

 

 

Additional investments during the period

314,754

 

 

 

Accretion of investment

86,618

 

 

 

Share of loss of associate

(73,977)

 

 

 

Carrying value as at 31 December 2014

2,830,412

 

 

         

 

 

8

Share capital

 

 

 

 

Ordinary shares

(Nominal value 7p per share)

 

 

 

 

 

Six months ended

31 December 2014

(unaudited)
'000

Year ended 30 June 2014

(audited)
'000

 

 

Opening balance

 

 

106,294

106,294

 

 

Issued during the year

 

 

-

-

 

 

Closing balance

 

 

106,294

106,294

 

 

 

No shares were issued during the period.

All shares issued by the Company are 'ordinary' shares and rank equally in all respects, including for dividends, shareholder attendance and voter rights at meetings, on a return of capital and in a winding-up.

Dividends

No dividends were declared nor paid during the six months ended 31 December 2014 (2013: nil).

 

 

9

Share-based payments

 

 

a) Options

 

 

The Company has issued options to directors to compensate them for services rendered and incentivise them to add value to the Group's longer term share value.

No options were issued and no options expired during the reporting period.

The following unexpired options existed as at 31 December 2014.

 

 

 

Name

Date of Grant

Ordinary Shares under option

Expiry Date

Exercise Price £

 

 

 

Harvinder Hungin

10.6.11

450,000

10.06.16

0.40

 

 

 

Stephen Coe

10.6.11

350,000

10.06.16

0.40

 

 

 

Stephen Oke

10.6.11

350,000

10.06.16

0.40

 

 

 

Harvinder Hungin

31.12.12

150,000

31.12.17

0.0838

 

 

 

Stephen Coe

31.12.12

125,000

31.12.17

0.0838

 

 

 

Stephen Oke

31.12.12

125,000

31.12.17

0.0838

 

 

 

Harvinder Hungin

27.11.13

150,000

27.11.18

0.0638

 

 

 

Stephen Coe

27.11.13

125,000

27.11.18

0.0638

 

 

 

Stephen Oke

27.11.13

125,000

27.11.18

0.0638

 

 

 

 

 

1,950,000

 

 

 

 

b) Warrants

 

 

No warrants were issued during the period.

 

There were no unexercised warrants existed as at 31 December 2014 (2013: nil).

 

 

             

 

10

Operating segments

 

The Group currently has one operating segment, being the exploration for gold in India.

11

Subsequent events

 

 

Since the balance sheet date the Company has acquired 10,331 shares in GMSI, at a cost of £160,000. Other shareholders in GMSI have acquired 18,838 shares in GMSI, at a cost of £291,000. The Company held a 25.9% equity interest in GMSI as at the date of this report.

 

There have been no other significant events subsequent to the balance sheet date to report that would alter the financial statements as at 31 December 2014 or require disclosure.

 

2011 2012 2013 2014 2015 2016 2017 News Archive
DATE HEADLINE
2011-12-09 07:00:16 Kolar Gold Limited - Issue of Shares to Director
2011-12-08 17:24:46 Kolar Gold Limited - Result of AGM
2011-12-06 07:00:23 Kolar Gold Limited - South Kolar Gold Project - Drilling Update
2011-11-14 07:00:30 Kolar Gold Limited - Final Results
2011-11-07 08:59:27 Kolar Gold Limited - Kolar confirms three IP anomalies in South Kolar
2011-08-15 07:00:08 Kolar Gold Limited - South Kolar licence area - drilling update
2011-06-27 10:15:00 Kolar Gold Limited - Holding(s) in Company
2011-06-21 10:45:01 Kolar Gold Limited - Holding(s) in Company
2012-12-31 11:44:43 Kolar Gold Limited - Issue of Shares, etc
2012-12-31 10:51:13 Kolar Gold Limited - Result of AGM
2012-12-10 16:50:09 Kolar Gold Limited - Final Results
2012-12-07 15:03:38 Kolar Gold Limited - Composition of Board
2012-11-09 12:05:01 Kolar Gold Limited - Adviser Change of Name
2012-06-13 07:01:00 Kolar Gold Limited - Maiden Resource Statement - Mallappakonda
2012-04-02 07:00:13 Kolar Gold Limited - Positive drill results at Mallappakonda Deposit
2012-03-30 10:10:59 Kolar Gold Limited - Half Yearly Report
2012-02-29 07:00:34 Kolar Gold Limited - Change of Adviser
2013-12-20 10:29:50 Kolar Gold Limited - Result of AGM
2013-12-10 07:00:07 Kolar Gold Limited - Statement re Deccan Gold Announcement
2013-11-28 16:40:55 Kolar Gold Limited - Notice of AGM
2013-11-27 17:14:56 Kolar Gold Limited - Issue of Options
2013-11-20 07:00:03 Kolar Gold Limited - Final Results
2013-10-28 07:00:15 Kolar Gold Limited - Jonnagiri Mining Lease Granted
2013-08-19 07:00:06 Kolar Gold Limited - HoA with GMSI and Board Changes
2013-07-17 07:00:07 Kolar Gold Limited - BGML Mines Tender Update
2013-07-11 07:01:22 Kolar Gold Limited - BGML Mine Update
2013-07-03 07:44:25 Kolar Gold Limited - Holding(s) in Company
2013-06-06 15:09:26 Kolar Gold Limited - Holding(s) in Company
2013-04-03 07:00:05 Kolar Gold Limited - Exercise of Warrants and Issue of Shares
2013-03-25 07:13:28 Kolar Gold Limited - Half Yearly Report
2013-01-28 07:00:06 Kolar Gold Limited - Trading Update
2013-01-04 10:10:02 Kolar Gold Limited - Admission of Ordinary Shares
2014-12-22 16:02:58 Kolar Gold Limited - Result of AGM
2014-11-28 07:00:23 Kolar Gold Limited - Notice of AGM
2014-11-27 07:53:24 Kolar Gold Limited - Final Results
2014-11-27 07:00:11 Kolar Gold Limited - GMSI Investment and Jonnagiri Update
2014-07-24 10:11:06 Kolar Gold Limited - Director/PDMR Shareholding
2014-07-15 07:00:16 Kolar Gold Limited - Company Update
2014-03-31 11:39:42 Kolar Gold Limited - Half Yearly Report
2014-03-13 09:35:44 Kolar Gold Limited - Holding(s) in Company
2014-02-11 09:26:51 Kolar Gold Limited - Holding(s) in Company
2015-12-31 12:02:55 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) Kolar Gold
2015-12-31 10:40:22 Kolar Gold Limited - Result of AGM
2015-12-22 18:34:11 John George Rodway - Form 8.3 - Kolar Gold Limited
2015-12-22 11:54:12 Kolar Gold Limited - FORM 8 PUBLIC OPENING POSITION DISCLOSURE
2015-12-18 10:26:37 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2015-12-17 10:46:09 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI)- Kolar Gold
2015-12-15 09:01:54 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2015-12-14 11:35:13 Kolar Gold Limited - Notice of AGM
2015-12-10 11:48:13 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2015-12-09 10:24:28 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2015-12-08 07:00:07 Kolar Gold Limited - Final Results, Board Changes & Offer Period
2015-11-16 07:00:04 Kolar Gold Limited - Replacement: Change of Registered Office
2015-11-11 07:00:10 Kolar Gold Limited - Change of Registered Office
2015-09-16 09:55:20 Kolar Gold Limited - Holding(s) in Company
2015-09-15 17:55:38 Kolar Gold Limited - Statement re. Press Comment
2015-03-30 11:34:09 Kolar Gold Limited - Half Yearly Report
2015-02-03 14:44:37 Kolar Gold Limited - Holding(s) in Company
2016-12-28 11:50:30 Result of AGM
2016-12-09 07:00:08 Kolar Gold Limited - Final Results
2016-11-23 07:00:08 Kolar Gold Limited - Appointment of New Director
2016-11-01 07:00:06 Kolar Gold Limited - Gold Trading Platform JV and Strategic Investment
2016-10-21 07:00:07 Kolar Gold Limited - Indian Resource Size Increase
2016-10-13 07:00:08 Kolar Gold Limited - Finland Gold Joint Venture MOU Signed
2016-09-30 17:10:02 Kolar Gold Limited - Directorate Change
2016-09-19 14:52:48 Kolar Gold Limited - Holding(s) in Company
2016-09-15 14:01:17 Kolar Gold Limited - Operational Review and Strategic Update
2016-08-22 07:25:32 Kolar Gold Limited - Holding(s) in Company
2016-08-03 11:26:37 Kolar Gold Limited - Holding(s) in Company
2016-08-02 09:36:38 Kolar Gold Limited - Holding(s) in Company
2016-08-01 11:13:47 Kolar Gold Limited - Holding(s) in Company
2016-07-29 15:10:42 Kolar Gold Limited - Holding(s) in Company
2016-07-29 08:23:30 Kolar Gold Limited - Change of Website Address
2016-07-27 14:04:50 Kolar Gold Limited - Result of General Meeting and Director's Dealing
2016-07-12 09:59:30 Kolar Gold Limited - Change of Adviser
2016-07-12 07:00:07 Kolar Gold Limited - Change of Adviser
2016-07-12 07:00:07 Kolar Gold Limited - Placing, Board Changes and General Meeting
2016-07-07 13:40:29 Kolar Gold Limited - Funding Approved at GMSI EGM
2016-07-06 07:00:07 Kolar Gold Limited - Update on GMSI - Drilling and Study
2016-06-10 16:36:19 Kolar Gold Limited - Director Notification
2016-06-10 16:35:03 Kolar Gold Limited - Director Notification
2016-06-07 17:07:27 Kolar Gold Limited - Stmnt re Share Price Movement
2016-04-19 09:55:52 Kolar Gold Limited - Change of Adviser
2016-04-01 08:56:57 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-31 11:08:18 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) -Kolar Gold Ltd
2016-03-30 13:45:07 Kolar Gold Limited - Half Yearly Report & Strategic Review Update
2016-03-30 11:50:41 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-29 09:12:49 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-24 10:23:11 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-23 17:30:02 Damille Investments II Limited - Form 8.3 Disclosure Kolar Gold
2016-03-23 11:24:47 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Plc
2016-03-22 10:36:53 Neil Greetham - Form 8.3 - Kolar Gold Limited
2016-03-22 10:31:58 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Plc
2016-03-21 11:43:00 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Plc
2016-03-18 12:23:44 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-18 10:22:09 Grant Stevens - Form 8.3 - Kolar Gold Limited
2016-03-17 10:39:12 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-16 11:14:47 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-15 11:49:18 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-14 18:00:00 Paul Johnson - Form 8.3 - Kolar Gold
2016-03-14 11:24:37 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-11 08:51:10 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-10 11:26:44 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-09 10:51:15 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-08 11:44:06 Kolar Gold Limited - Statement Re: Share Price Movement
2016-03-08 09:30:27 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-07 15:03:48 Andrew Neal - Form 8.3 - KOLAR GOLD
2016-03-07 12:07:06 Grant Stevens - Form 8.3 - Kolar Gold
2016-03-07 11:03:41 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-04 11:18:03 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-29 10:35:18 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-29 07:00:09 Grant Stevens - Form 8.3 - Kolar Gold Limited
2016-02-26 09:59:12 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-26 08:08:14 Peter Allaway - Form 8.3 - Kolar Gold
2016-02-12 14:54:35 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold amend
2016-02-12 10:05:13 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-09 11:04:28 Kolar Gold Limited - Form 8.3 - Kolar Gold
2016-02-09 10:40:15 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-08 11:58:00 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-04 14:08:01 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-03 11:57:00 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-02 11:08:17 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-01 11:12:55 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-29 11:51:10 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-28 14:28:00 Paul Johnson - Form 8.3 - Kolar Gold plc - Amendment
2016-01-27 15:22:57 Kolar Gold Limited - Replacement - Form 8.3 - Kolar Gold
2016-01-27 12:45:24 Kolar Gold Limited - Form 8.3 - Kolar Gold
2016-01-27 10:01:23 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-20 16:58:48 Kolar Gold Limited - Form 8.3 - Kolar Gold
2016-01-20 16:36:00 Paul Johnson - Form 8.3 - Kolar Gold plc
2016-01-20 09:37:56 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-19 12:02:02 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-18 11:10:49 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-14 10:18:45 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-13 09:13:34 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-01-11 14:53:17 David Budd - Form 8.3 - Kolar Gold
2016-01-07 16:32:24 Kolar Gold Limited - Form 8.3 - Kolar Gold
2017-12-14 09:05:21 Lionsgold Limited - Second Price Monitoring Extn
2017-12-14 09:00:18 Lionsgold Limited - Price Monitoring Extension
2017-12-13 16:41:06 Lionsgold Limited - Second Price Monitoring Extn
2017-12-13 16:35:39 Lionsgold Limited - Price Monitoring Extension
2017-12-13 14:00:14 Lionsgold Limited - Price Monitoring Extension
2017-12-11 11:49:04 Lionsgold Limited - Final Results
2017-12-08 12:27:48 Lionsgold Limited - Holding(s) in Company
2017-12-08 11:35:35 Lionsgold Limited - Issue of Equity
2017-12-04 16:40:44 Lionsgold Limited - Second Price Monitoring Extn
2017-12-04 16:35:41 Lionsgold Limited - Price Monitoring Extension
2017-12-01 16:41:00 Lionsgold Limited - Second Price Monitoring Extn
2017-12-01 16:35:33 Lionsgold Limited - Price Monitoring Extension
2017-12-01 16:35:09 Lionsgold Limited - Additional Financing and Statement re. Share Price
2017-11-30 07:00:06 Lionsgold Limited - Financing
2017-11-23 15:43:07 Lionsgold Limited - Board Changes
2017-11-16 12:11:51 Lionsgold Limited - Feasibility Study Results and Next Mine Target
2017-11-08 07:00:04 Lionsgold Limited - Appointment of Global Strategy Consultant
2017-11-07 07:00:04 Lionsgold Limited - E-Money Licence Received
2017-10-24 11:25:22 Lionsgold Limited - Pilot Plant Testing Approval Received
2017-10-18 14:30:01 Lionsgold Limited - Fintech Gold Update - Goldbloc
2017-10-05 11:05:46 Lionsgold Limited - Finland Gold Joint Venture Update
2017-09-06 12:00:01 Lionsgold Limited - Holding(s) in Company
2017-08-30 07:00:04 Lionsgold Limited - Holding(s) in Company
2017-08-15 07:00:04 Lionsgold Limited - Feasibility Study Preliminary Results
2017-07-27 10:06:26 Lionsgold Limited - Increase in Indian Gold Company Shareholding
2017-07-12 10:15:01 Lionsgold Limited - Increase of ownership of Fintech Gold Company
2017-07-04 12:15:57 Lionsgold Limited - Mining & Exploration Projects Update
2017-06-22 12:51:05 Lionsgold Limited - Holding(s) in Company
2017-06-08 07:00:04 Lionsgold Limited - Strategic Placing; Director/PDMR Shareholding
2017-05-31 15:38:50 Lionsgold Limited - Indian Gold Portfolio Valuation and Project Update
2017-05-16 07:00:08 Lionsgold Limited - Gold ownership platform goes live
2017-05-03 11:53:24 Lionsgold Limited - Fintech Gold Increased Position
2017-03-30 07:00:07 Lionsgold Limited - Interim Financial Statements
2017-03-14 07:00:13 Lionsgold Limited - India Gold Resource Upgrade and Broker Appointment
2017-02-28 09:33:52 Lionsgold Limited - Broker Change and Finland Gold Update
2017-02-23 16:20:01 Kolar Gold Limited - Result of General Meeting and Change of Name
2017-02-02 07:00:10 Kolar Gold Limited - Proposed Change of Name
2017-01-18 08:45:02 Kolar Gold Limited - Operational update & issue of Director options
2017-01-17 11:25:04 Kolar Gold Limited - Holding(s) in Company
2017-01-05 07:00:07 Kolar Gold Limited - Finland Gold Update