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Released 11:00 12-Mar-2014

Number 1190C

Stratex International plc / Index: AIM / Epic: STI / Sector: Mining

 

Stratex International plc

(‘Stratex’ or ‘the Company’)

Final Results

 

Stratex International plc, the AIM-quoted gold exploration and development company focused on Turkey, East Africa and West Africa, is pleased to announce its results for the year ended 31 December 2013.

The results below are extracted from the Company’s audited accounts which are available in full at the Company’s web site www.stratexinternational.com. Copies of the Company's Annual Report and Notice of AGM will be sent to shareholders in early April.

 

Operational highlights:

         Exciting results from drilling at the Dalafin project, Senegal. The latest drilling programme has returned long gold-rich intersections from the Faré South zone, including 57.6m @ 2.20g/t Au.

        Sale of Inlice project in Turkey for US$10million, of which Stratex’s share was US$4.5 million, giving a profit on disposal of £2.1m.

        Turkish JV partner Bahar Mining (“Bahar”) has taken up the option to acquire 51% of the Altıntepe project and has made good progress in advancing the project. We believe the issue of a Forestry Permit is imminent and initial production is expected late 2014.

        Investment of Cdn$1.75m in a Toronto stock exchange listed company as part of a three-party consortium for the further development of a very promising gold prospect in Tanzania.

        Following further drilling at Muratdere, Turkey our JV partner Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. exercised the option to increase their interest to 61% on completion of 3,000m drilling and payment of US$500k.

        Awarded the Mines & Money (London) Small Cap Deal of the Year, in recognition of the completion of the sale of our interest the Őksűt project to Centerra for US$20m plus a downstream royalty of US$20m.

 

Financial Overview:

        Loss for the year before tax of £3,628,385, which compares to a profit in 2012 0f £9,564,449. The profit in 2012 was bolstered by the gain from the sale of Őksűt for US$20million.

        During the year the Group recorded a gain of £2.3million from the sale of the Inlice project in Turkey and a gain of £660,676 from the investment in Tembo Gold Corp, which arises because the Group’s share of the net assets of Tembo are greater than the acquisition price.

        Cash balances at the end of the year totalled £10,574,966.

 

Chairman’s Statement

The tangible achievements of 2012, which were measured in hard currency, were a difficult act to follow. Having rehearsed our business model, of making money from exploration, for several years we had delivered results. The challenge was to demonstrate that this kind of success can be repeated.

We refined our strategy into two strands; first, to continue our search for exploration success from near greenfield opportunities, but with the financial strength to move them further up the value curve before choosing the best moment to monetise them; and second, to seek investment or acquisition opportunities where we could compress the likely timescale to success.

This involved evaluating companies and projects with more advanced exploration projects, which we might support technically and financially, in order to reach the point of monetisation in only one or two field seasons. I am pleased to say that we have made solid progress on both fronts.

After closing the sale of our interest in the Ӧksüt project to Centerra, we entered into a strategic alliance with them to look for new gold opportunities in central Turkey. Centerra is funding the generative stage and any selected project up to US$1.5 million, at which point Stratex may contribute its 49% share of future costs. We may defer our contribution for up to six months, which allows us to see the results of the work before we fund it; a considerable benefit. We have continued working in a broadly similar alliance with Antofagasta but focusing on the search for copper and copper-gold prospects.

In the Rift Valley of Ethiopia, Stratex undertook two drill programmes. In the north, we embarked on a follow up programme at the 95%-owned Blackrock project. This continued to demonstrate the potential for gold in a rift-related, bi-modal volcanic environment. We have extensive evidence of gold deposition at surface and at depth with numerous narrow high grade and wide low-grade intersections. As yet we have not encountered the potentially economic, bonanza grades and widths seen in analogous provinces such as the Deseado Massif in Patagonia.

The story is similar in the Afar joint venture at Megenta, where deeper drilling continued to return gold intersections but without hitting “the big one”. Given the more exciting prospects in our portfolio, we no longer see Megenta as a priority and we, along with our joint venture partners, have decided to relinquish the licences. We are now planning to drill the Pandora vein at the Oklila project in Djibouti when the programme has been agreed with the authorities. The surface sampling from Pandora makes it the most attractive target in our rift region portfolio, with high grades, good widths and significant strike lengths.

We have been excited by results from the Dalafin project in Senegal. A 33,000 m RAB drilling programme over several significant soil anomalies returned encouraging results, which we are currently following up with reverse circulation and diamond drilling. Results from the first target, Faré South, returned good grades and widths including 59.6 m averaging 2.2 g/t Au. Although we are still at an early stage in the follow-up drill programme we do feel we may have found something of significance.

Dalafin was acquired through the purchase of Silvrex Limited, a private UK company, which also had several properties in Mauritania. These were reviewed during the year and dropped in order to focus on Senegal. Elsewhere in West Africa, we signed a joint-venture agreement with another private UK company, BG Minerals to explore their North Suehn project in northern Liberia. However, after completion of additional trenching on the Blackiestown target and follow-up soil sampling over areas of interest identified by stream sediment sampling, no compelling targets have emerged to justify further expenditure. More recently we have entered into an agreement with a privately-owned Australian company, Aforo Resources Limited, for the exploration and possible purchase of their gold project Sinoe in Liberia.

Stratex was founded on Turkish assets and that is where our most advanced projects are located. After a strategic shift by our partner NTF, we completed the sale of the small Inlice gold project, our share being US$4.5 million. At Muratdere, a copper-gold porphyry prospect, our Turkish partner Lodos is funding a feasibility study, which should be completed by the third quarter. Lodos paid a further US$0.5 million to increase their interest from 51% to 61%, and will be entitled to a 70% interest on completion of the study. Stratex may contribute to the cost of some work outside the scope of the study but we will await completion before considering any other future action.

The Altıntepe project, 51% owned by our partner Bahar Mining, is the likely game changer. Bahar is required to fund the project to production and will recover its investment from 80% of the cash flow. After pay-out, Stratex’s share will rise to 45%. Altıntepe has an oxide gold resource of almost 500,000 oz in three main zones and we expect annual gold production in the 30-40,000 oz range from a relatively low cost, open pit, heap leach operation focusing on the first of the three zones. Bahar is currently refining its mine plan and cost estimates, and we expect to be able to update the market once the final permit, Forestry, is granted. All Forest Permits in Turkey have been delayed, whether for mines, roads, or hotels, but we are growing increasingly confident that ours will be announced by the end of the first quarter. With an estimated construction period of six months at a favourable time of year, we look forward to reporting the start of production before year end.

In line with the second strand of our strategy, we have conducted an intensive search for investments. Negotiations have reached an advanced level with a number of companies but have not been consummated largely because of management attitudes. In spite of the very difficult market and shrinking cash balances, we are finding it difficult to agree on the value of historic exploration work, which frequently appears unfocussed.

Nevertheless the search continues. We have closed one strategic investment, in Tembo Gold, a TSX-V listed company with a property adjacent to the multimillion ounce Bulyanhulu project in Tanzania. As part of a strategic investment consortium, in conjunction with the New Africa Mining Fund II out of Johannesburg, and a German investment group, Stratex has invested C$1.75 million for a 14% interest in Tembo. Our CEO, Bob Foster provided considerable technical input during the due diligence period and Stratex was paid a C$0.5 million consulting fee, reducing its net cost to C$1.2 million. After obtaining Tembo shareholder consent, the consortium now has control of the board and a majority shareholding in the company with the opportunity to increase this position to around 65%. Tembo is now well-funded and has commenced drilling with the ultimate aim of developing a resource out of the wealth of historic drilling data.

We have great enthusiasm for 2014. We believe we have excellent management and, as a result of our recent successes, we start the year with some US$16 million in cash. There will be results from Dalafin and Tembo and, in due course we hope, Pandora. We should see the start of recurring cash flow from Altıntepe once production commences, and the result of the Muratdere feasibility.

Dalafin will see the focus of our effort and expenditure, subject to continuing success, but this leaves capacity to continue the quest for investment in companies with discoveries or resources who will welcome our support. We also expect some restructuring of our activities in East Africa as a result of rebalancing within our joint-venture partner, Thani-Ashanti. AngloGold Ashanti have taken a strategic view to cut back some elements of their world-wide exploration programme, including withdrawal from their alliance with Thani. Preliminary discussions with Thani indicate potential for exciting developments in the region.

We have strengthened our advisers with the appointment of Yellow Jersey, an energetic, young PR company, and SP Angel as joint brokers. I would like to thank them, our other advisers and our shareholders for the support during the year. We are delighted to welcome new investors, including Exploration Capital Partners, a Sprott company, who have a substantial holding.

None of this is possible without the diligence and enthusiasm of my fellow directors, our staff in the UK and our teams on the ground in our three operating regions; Turkey, East Africa and West Africa. We were delighted to be given the Small Cap Company Deal of the Year award at Mines and Money in December but will be working hard to add recognition from the wider market to that of our peers in the industry.

 

Christopher Hall

Non-Executive Chairman

12th March 2014

 

Financial Statements

Statement of consolidated comprehensive income

Year ended 31December 2013

Year ended 31 December 2012

£

 

£

Continuing operations

 

Revenue

 

 

-

-  

Administration expenses

 

(3,164,230)

(2,884,194)

Project impairment

 

(2,679,540)

            (114,292)

Other (losses)/income

 

(761,437)

            (42,878)

Operating loss

 

 

(6,605,207)

 (3,041,364)

Finance income

 

 

138,679

60,126

Share of profits/(losses) of associate companies

 

570,748

            (192,133)

(Loss)/profit on sale of subsidiary company

 

(249,804)

12,870,166

Profit on sale of associate company

 

 

2,314,903

-

(Loss)/profit before income tax

 

 

(3,830,681)

 9,696,795

Income tax (expense)/credit

 

202,296

            (132,346)

(Loss)/profit for the year

 

 

(3,628,385)

9,564,449

Other comprehensive income for the year

 

 

 

 

Share of comprehensive income of investments accounted for using the equity method

 

 

(5,329)

-

Exchange differences on translating foreign operations

 

 

(240,124)

                193,761

Other comprehensive income for the year eof tax

 

 

(245,453)

                193,761

Total comprehensive income for the year

 

 

(3,873,838)

9,758,210

Profit/(Loss) for the year attributable to:

 

 

 

 

Equity shareholders of the Parent Company

 

 

(3,628,385)

             9,579,393

Non-controlling interests

 

 

-

(14,944)  

Profit/(Loss) for the year

 

 

(3,628,385)

             9,564,449

Total comprehensive (Loss)/profit for the year attributable to:

 

 

Equity shareholders of the Parent Company

 

 

(3,873,838)

             9,773,154

Non-controlling interests

 

 

-

(14,944)  

Total comprehensive income for the year

 

 

(3,873,838)

9,758,210

 

 

Earnings per share from continuing operations attributable to the equity holders of the Company (expressed in pence per share).

 

 

 

 

 

 

  - basic

 

(0.78)

2.19             

  - diluted

 

(0.78)

2.15

 

 

Statement of consolidated financial position

 

As at 31December 2013

As at 31December 2012

£

£

ASSETS

 

Non-Current Assets

 

 

 

Furniture, fittings and equipment

178,416

217,285

Intangible assets and goodwill

 

8,942,778

7,983,362

Investment accounted for using the equity method

2,545,207

1,091,471

Available for sale financial assets

 

137,391

-

Trade and other receivables

132,094

242,785

Deferred tax asset

202,041

220,803

 

 

12,137,927

9,755,706

Current Assets

 

 

 

Trade and other receivables

1,412,701

13,531,305

Cash and cash equivalents

10,574,966

4,718,448

 

 

11,987,667

18,249,753

Held-for-sale assets

 

244,744

508,061

 

 

12,232,411

18,757,814

Total Assets

 

24,370,338

28,513,520

EQUITY

 

 

 

Equity attributable to owners of the Company

 

 

 

Ordinary shares

 

4,673,113

4,673,113

Share premium

 

20,426,431

20,426,431

Other reserves

(631,301)

(414,374)

Retained earnings

 

(2,070,378)

1,550,048

Total equity attributable to owners of the Company

 

22,397,865

26,235,218

LIABILITIES

 

 

 

Non-Current Liabilities

 

 

 

Employee termination benefits

 

28,107

28,322

Deferred consideration

-

370,842

Deferred tax liabilities

89,343

90,766

 

 

117,450

       489,930

Current Liabilities

 

 

Deferred consideration

 

1,140,064

-

Trade and other payables

714,959

1,615,356

Current income tax liabilities

 

-

173,016

 

 

1,855,023

1,788,372

Total Equity and Liabilities

 

24,370,338

28,513,520


Statement of consolidated changes in equity

 

 

Attributable to owners of the Company

Non-Controlling Interest

 

Share Capital

Share Premium

Other Reserves

Retained earnings

Total

Total Equity

£

£

£

£

£

£

£

Balance at 31 December 2011

 

  3,508,972

13,233,163

        (551,100)

        (8,050,236)

           8,140,799

         133,532

           8,274,331

Issue of shares

   1,158,611

7,615,551

                      -  

                         -  

           8,774,162

                     -  

           8,774,162

Cost of share issue

              (436,253)  

-

                      -  

                        (436,253)  

          -

                  (436,253)  

Share-based payments

 

                -  

-  

            82,656

                         -  

                 82,656

                     -  

                82,656

Share options exercised and cancelled

 

     5,530

13,970

           (20,891)

               20,891

                 19,500

                     -  

                19,500

Total contributions by and distributions to owners of the Company

 

   1,164,141

7,193,268

            61,765

               20,891

           8,440,065

                     -  

           8,440,065

 

                       -  

                               -  

Decrease in ownership interest

 

            -  

-  

        (118,800)

                         -  

             (118,800)

 (118,588)

(237,388)        

Total decrease in ownership

 

                -  

-  

        (118,800)

                         -  

             (118,800)

(118,588)

            (237,388)

Total transactions with owners of the Company

 

1,164,141

7,193,268

           (57,035)

               20,891

           8,321,265

(118,588)

8,202,677  

Comprehensive income for the year:

 

 

 

 

 

 

 

 

         

- profit for the year

 

       -  

-  

9,579,393                      

9,579,393         

     (14,944)

               9,564,449

 - other comprehensive income

 

          -  

193,761  

         -

     193,761 

      -

                     193,761

Total comprehensive income for the year

 

         -  

-  

          193,761

9,579,393       

           9,773,154

(14,944)

9,758,210      

Balance at 31 December 2012

  4,673,113

20,426,431  

       (414,374)        

     1,550,048

26,235,218

        -

  26,235,218

Share-based payments

-

-

36,485

-

36,485

-

36,485

Share options exercised and cancelled

 

-

-

(7,959)

7,959

-

-

-

Total contributions by and distributions to owners of the Company

 

-

-

28,526

7,959

36,485

-

36,485

Total transactions with owners recognised directly in equity

 

-

-

28,526

7,959

36,485

-

36,485

Comprehensive income for the

 

 

 

 

 

 

 

-  loss for the year

 

-

-

-

(3,628,385)

(3,628,385)

-

(3,628,385)

- other comprehensive income

 

-

-

(245,453)

-

(245,453)

-

(245,453)

Total comprehensive income for the year

 

-

-

(245,453)

(3,628,385)

(3,873,838)

-

(3,873,838)

Balance at 31 December 2013

 

4,673,113

20,426,431

(631,301)

(2,070,378)

22,397,865

-

22,397,865

 

Statement of consolidated cash flows

 

 

Year ended

31 December 2012

Year ended

31 December 2013

£

£

Cash flow from operating activities:

 

Net cash used in operating activities

 

(3,708,970)

(2,700,125)

Cash flow from investing activities:

 

 

 

 

Purchase of furniture, fittings and equipment

 

(82,736)

      (130,385)

Purchase of available for sale financial assets

 

(137,391)

      (203,363)

Purchase of intangible assets

 

(5,525,493)

     (5,245,992)

Investment in associate company

 

 

(1,055,875)

-

Proceeds from sale of subsidiary company

 

 

-

      1,055,209

Proceeds from sale of associate companies

 

 

15,475,156

-

Proceeds from sale of financial assets

 

-

        241,110

Interest received

 

 

138,679

          60,126

Net cash used in investing activities

 

 

8,812,340

   (4,223,295)

Cash flow from financing activities:

 

 

 

 

Proceeds from issue of share capital

 

-

       8,050,300

Share capital issue costs

 

 

-

        (436,253)

Funds received from project partners

 

752,148

      1,227,576

Cash from non-controlling interests in subsidiary

 

-

       (224,320)

Net cash generated from financing activities

 

 

752,148

      8,617,303

Net increase in cash and cash equivalents

 

 

5,856,518

      1,693,883

Cash and cash equivalents at beginning of the period

 

 

4,718,448

       3,024,565

Cash and cash equivalents at end of the period

 

10,574,966

       4,718,448

 

Non-cash transaction:

During the year Bahar Madencilik Sanayi ve Ticaret Ltd Şti exercised its right to acquire 55% of Altintepe Sanayi ve Ticaret AŞ having fulfilled its commitments under the Heads of Agreement dated 1 December 2011. No cash was involved in the transaction.

 

Notes to the financial statements

1.        Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), IFRIC interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention as modified by the measurement of certain investments at fair value and have been prepared on a going concern basis.

The financial information set out in this announcement does not constitute the Group's statutory accounts for the year ended 31 December 2013 or the year ended 31 December 2012 under the meaning of Section 434 the Companies Act 2006. The statutory accounts for the year ended 31 December 2012 have been filed with the Registrar of Companies. The auditor’s report on those accounts was unqualified and did not contain a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006.

It is the prime responsibility of the Board to ensure the Company and the Group remains a going concern. At 31 December 2013 the Group had cash and cash equivalents of £10,574,966 and no borrowings. The major area of spend in 2014 is in Senegal where large drilling programmes will be undertaken at the Dalafin project. The Company and Group have minimal contractual expenditure commitments and the Board considers the present funds sufficient to maintain the working capital of the Company and Group for a period of at least 12 months from the date of signing the annual report and financial statements. For these reasons the Directors continue to adopt the going concern basis in the preparation of the financial statements.

 

2.        Accounting Policies

Except as described below the accounting policies applied in preparing these financial statements are consistent with those that have been adopted in the Group’s 2012 audited financial statements.

 

a)        New and amended standards adopted by the Group

A number of new standards and amendments to standards and interpretations are effective for the annual period beginning after 1 January 2013 and have been applied in preparing these financial statements.

Amendment to IAS 1, ‘Financial statement presentation’ regarding other comprehensive income became effective during the period. Items in the consolidated statement of comprehensive income that may be reclassified to profit or loss in subsequent periods are now presented separately from items that will not be reclassified to profit or loss in subsequent periods.

IFRS 13, ‘Fair value measurement’ became effective during the period and provides a single source of fair value measurement and disclosure requirements. The standard requires specific disclosures on fair values, some of which replace existing disclosure requirements in IFRS 7, ‘Financial instruments: Disclosures’. The fair value of cash and cash equivalents, trade and other receivables and trade and other payables approximate to their book values due to the short maturity periods of these financial instruments.

b)        New and amended standards, and interpretations mandatory for the first time for the financial year beginning 1 January 2013, but not currently relevant to the Group

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2013, and have not been applied in preparing these financial statements. None of these is expected to have a significant effect on the financial statements of the Company or Group.

IAS 19, ‘Employee benefits’ eliminate the option to defer the recognition of gains and losses, known as the “corridor method”; streamline the presentation of changes in assets and liabilities arising from defined benefit plans, including requiring re-measurements to be presented in other comprehensive income; and enhance the disclosure requirements for defined benefit plans, providing better information about the characteristics of defined benefit plans and the risks that entities are exposed to through participation in those plans. IFRS 7, ‘Financial Instruments: Disclosures’ was amended for asset and liability offsetting. This amendment requires disclosure of information that will enable users of financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position.

Amendment to IFRS 1, ‘First-time Adoption of International Financial Reporting Standards’ on government loans, addresses how first-time adopters would account for a government loan with a below-market rate of interest when transitioning to IFRS. It also adds an exception to the retrospective application of IFRS, which provides the same relief to first time adopters granted to existing preparers of IFRS Financial Statements when the requirement was incorporated into IAS 20 ‘Accounting for Government Grants and Disclosure of Government Assistance’ in 2008.

IFRIC 20, ‘Stripping Costs in the Production Phase of a Surface Mine’, clarifies when production stripping should lead to the recognition of an asset and how that asset should be measured, both initially and in subsequent periods.

‘Annual Improvements 2009 – 2011 Cycle’ sets out amendments to various IFRSs as follows:

         An amendment to IFRS 1, ‘First-time Adoption’ clarifies whether an entity may apply IFRS 1:

§  if the entity meets the criteria for applying IFRS 1 and has applied IFRS 1 in a previous reporting period; or

§  if the entity meets the criteria for applying IFRS 1 and has applied IFRSs in a previous reporting period when IFRS 1 did not exist.

         The amendment to IFRS 1 also addresses the transitional provisions for borrowing costs relating to qualifying assets for which the commencement date for capitalization was before the date of transition to IFRSs.

          An amendment to IAS 1, ‘Presentation of Financial Statements’ clarifies the requirements for providing comparative information when an entity provides Financial Statements beyond the minimum comparative information requirements.

         An amendment to IAS 16, ‘Property, Plant and Equipment’ addresses a perceived inconsistency in the classification requirements for servicing equipment.

          An amendment to IAS 32, ‘Financial Instruments: Presentation’ addresses perceived inconsistencies between IAS 12, ‘Income Taxes’ and IAS 32 with regard to recognizing the consequences of income tax relating to distributions to holders of an equity instrument and to transaction costs of an equity transaction.

         An amendment to IAS 34, ‘Interim Financial Reporting’ clarifies the requirements on segment information for total assets and liabilities for each reportable segment.

 

 

For further information please visit www.stratexinternational.com, email [email protected], or contact:

 

Stratex International Plc

Tel: +44 (0)20 7830 9650

Bob Foster / Christopher Hall / Claire Bay

Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

Philip Secrett / Melanie Frean / Jen Clarke

Northland Capital Partners Limited

Tel: +44 (0)20 7382 1100

Gavin Burnell / Luke Cairns / Alice Lane /John Howes

SP Angel Corporate Finance LLP

Tel: +44 (0)20 3463 2260

Ewan Leggat / Tercel Moore

Yellow Jersey PR Limited

Tel: +44 (0)7747 788 221

Philip Ranger / Anna Legge/ Dominic Barretto

           

Notes to editors:

AIM-quoted (2006) Stratex International is focussed on the exploration and development of gold and high-value base-metal deposits in Turkey and East and West Africa.

It has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver and has a strong cash position following the US$20M sale of its interest in the Öksüt gold project in Turkey, and its c.US$20M future production royalties, along with the sales of Inlice and 51 per cent of its Muratdere project. Stratex has a well-developed strategy to use its strong cash balance to move it towards a sustainable cash flow position from operations.

Its focus has been to form joint-venture partnerships with local private companies and major international mining companies, such as Antofagasta and Centerra in Turkey, and Thani Ashanti in East Africa while the corporate objectives are to progress majority-owned projects towards economic evaluation and development and to take advantage of quality opportunities in the smaller exploration company sector.

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