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2001
NOBLE MINERALS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/020808/06)
("Noble" or "the company")
Preliminary results for the year ended 28 February 2001
Income statements
Audited Audited
Year ended Year ended
28 February 29 February
2001 2000
R R
Turnover - -
Operating costs (1 389 223) (8 531 281)
Loss for year before taxation (1 389 223) (8 531 281)
Taxation - -
Loss for year after taxation (1 389 223) (8 531 281)
Loss and headline loss
per share (cents) (0,85) (5,27)
Weighted average number of ordinary
shares used in the computation 163 117 236 161 945 685
Balance sheets
Audited Audited
Year ended Year ended
28 February 29 February
2001 2000
CAPITAL EMPLOYED R R
Shareholders' equity 5 179 268 6 568 491
Shareholder loans 3 736 975 3 736 975
8 916 243 10 305 466
employment of capital
Mining assets
- Storm deposit claim license 5 100 000 5 100 000
Current assets 6 250 000 6 250 000
Accounts receivable 6 250 000 6 250 000
Current liabilities (2 433 757) (1 044 534)
Accounts payable (2 213 757) (929 534)
other payables and provisions (220 000) (115 000)
Net current assets 3 816 243 5 205 466
8 916 243 10 305 466
Net asset value per share (cents) 3,17 4,02
Statement of shareholders' equity (Audit)
Number of Number of
authorised ordinary issued
shares ordinary Share Share
400 000 000 at shares capital premium
Balance at 0,01 cents
28 February 1999 per share 140 000 000 14 000 4 999 500
Shares issued:
- to general public at
45 cents per share
on 18 March '99 - 8 900 000 890 4 004 110
- in terms of a
private placing at
45 cents per share
on 18 March '99 - 13 217 236 1 322 5 946 434
- in terms of a
private placing at
200 cents per share
on 1 June '99 - 1 000 000 100 1 999 900
Share issue expenses
relating to above - - - (788 413)
Loss for year - - - -
400 000 000
Balance at at 0,01 cents
29 February 2000 per share 163 117 236 16 312 16 161 531
Loss for year - - - -
400 000 000
Balance at at 0,01 cents
29 February 2001 per share 163 117 236 16 312 16 161 531
Statement of shareholders' equity (Audit), continued
Accumu
lated
losses Total
Balance at
28 February 1999 (1 078 071) 3 935 429
Shares issued:
- to general public at
45 cents per share
on 18 March '99 - 4 005 000
- in terms of a
private placing at
45 cents per share
on 18 March '99 - 5 947 756
- in terms of a
private placing at
200 cents per share
on 1 June '99 - 2 000 000
Share issue expenses
relating to above (788 413)
Loss for year (8 531 281) (8 531 281)
Balance at
29 February 2000 (9 609 352) 6 568 491
Loss for year (1 389 223) (1 389 223)
Balance at
29 February 2001 (10 998 575) 5 179 268
Notes to the financial statements
* The provisional annual financial statements have been prepared using same
accounting policies of the previous year.
* The shareholders' loans are unsecured, interest-free and not subject to
any repayment terms.
* The comparative figures for the year ended 29 February 2000 have been
restated to reflect adjustments resulting from the audit of those numbers.
These comparative figures have been reported on by the Auditors without
qualification.
* Included in operating costs in the year ended 29 February 2000 was a write-
off of exploration and evaluation costs of R7,1 million relating to the
Storm manganese deposit.
* No cash flow statement has been prepared as the Company did not operate a
Bank account for the current year as all the cash flow requirements of the
Company have been funded by the Directors.
Commentary
* The directors are actively pursuing a number of business opportunities,
which, when concluded, will be of benefit to the company's shareholders and
have committed to fund any expenses of the company in the forthcoming year
as they did for the year ended 28 February 2001.
* These opportunities include disposing of the company's interest in the
Storm manganese deposit, where exploration activities were suspended at the
beginning of the year, and pursuing other mining ventures sponsored by
capital injections.
* The directors are pursuing the recovery of R6,25 million due to the
company from its previous Corporate Advisors, Refhold Corporate and Finance
and its former directors, David Romero, Ivan Penny and Michael Gullan
relating to monies collected and not paid over to the company from share
issues undertaken by the company.
* The directors and their legal advisors believe that the claim of R2,73
million against the company for Restraint of Trade payments by two previous
directors, Nolene Ann Gullan and Michael Gullan, is remote and the company
has in turn filed a counter claim against the Gullans in respect of a breach
of fiduciary duties.
25 May 2001 Dr N H Netshidzivhani
Chairman
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