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Sub Nigel - Interim abridged unaudited financial results for the 6
months ended
31 December 2004
Sub Nigel Gold Mining Company Limited
(Reg. No. 1984/006179/06)
Share code: SBN
ISIN: ZAE000006391
INTERIM ABRIDGED UNAUDITED FINANCIAL RESULTS FOR THE 6 MONTHS
ENDED 31 DECEMBER 2004
INCOME STATEMENT
Group
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Revenue 221 - -
Expenditure (1,630) (447) (2,833)
Operating loss (1,409) (447) (2,833)
Investment income 18 10 57
Finance costs (7) - (226)
Loss before
Taxation (1,398) (437) (3,002)
Taxation - - -
Loss after taxation (1,398) (437) (3,002)
Loss per share and
headline loss per
share (cents) (1.97) (0.75) (4.50)
Weighted average
loss per share
(cents) (2.08) (0.80) (5.06)
Number of shares
in issue 71,126,486 58,131,000 66,705,058
Weighted average
number of shares
in issue 67,259,706 54,381,000 59,324,031
BALANCE SHEET
Group
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
ASSETS
NON-CURRENT ASSETS 30,688 32,157 30,694
Mining assets 30,674 32,147 30,678
Property, plant
and equipment 14 10 16
CURRENT ASSETS 2,816 54 1,395
Trade and other
Receivables 108 754 346
Cash and cash
Equivalents 2,708 - 1,049
33,504 32,911 32,089
EQUITY AND LIABILITIES
CAPITAL AND
RESERVES 32,827 30,749 31,129
Stated Capital 33,524 26,636 30,428
Accumulated
Profit/(Loss) (697) 4,113 701
NON CURRENT LIABILITY
Long term liability 181 1,547 181
CURRENT LIABILITIES 497 615 779
Provision 150 - 150
Trade and other
Payables 347 199 529
Bank overdraft - 416 100
33,504 32,911 32,089
CASH FLOW STATEMENTS
Group
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
CASH (UTILISED
BY)/GENERATED
FROM OPERATING
ACTIVITIES (1,338) (772) (2,445)
Cash utilised by
Operations (1,404) (447) (2,827)
Investment income 18 10 57
Utilised to increase/
(decrease) working
capital 55 (335) 551
Net cash
(utilised by)/
generated from
operating
activities (1,331) (772) (2,219)
Finance costs (7) - 226)
CASH (EXPENDED
ON)/RETAINED
FROM INVESTMENT
ACTIVITIES 1 (2,906) 322
Additions to
property, plant
and equipment (2) (2,906) (11)
Proceeds from sale
of property, plant
and equipment 4 - -
Additions to mining
assets - - 333
CASH FLOW FROM
FINANCE
ACTIVITIES 3,096 3,210 3,020
Proceeds from issue
of share capital 3,096 2,993 4,350
Increase/(decrease)
in long term
liabilities - 217 (1,330)
MOVEMENT OF CASH AND
CASH EQUIVALENTS 1,759 (468) 897
CASH AND CASH
EQUVALENTS AT
BEGINNING OF YEAR 949 52 52
CASH AND CASH
EQUIVALENTS AT
THE END OF THE
PERIOD 2,708 (416) 949
STATEMENT OF CHANGES IN EQUITY
Stated Accumulated Total
Capital Profit
R`000 R`000 R`000
Group
Balance at 1 July 2003 23,453 3,703 27,156
Share issues 6,975 - 6,975
Net loss for the period - (3,002) (3,002)
Balance at 30 June 2004 30,428 701 31,129
Share issues 3,096 - 3,096
Net loss for the period - (1,398) (1,398)
Balance at 31 December
2004 33,524 (697) 32,827
Company
Balance at 1 July 2003 23,643 3,694 27,337
Share issues 6,975 0 6,975
Net loss for the period - (3,002) (3,002)
Balance at 30 June 2004 30,618 692 31,310
Share issues 3,096 - 3,096
Net loss for the period - (1,398) (1,398)
Balance at 31 December
2004 33,713 (706) 29,912
COMMENTS
Accounting policies.
The results for the period have been prepared in accordance with
South African Statements of Generally Accepted Accounting
Practice. The accounting policies used are consistent with those
in the previous financial period. The financial results are
unaudited and have not been reviewed by our auditors.
Report.
1. Spaarwater Project
A scoping study was completed on the Spaarwater property which
indicated its viability. Underground excursions were conducted at
Spaarwater in order to verify some of the assumptions in this
scoping study.
2. Ventersburg Project
The company has applied for the conversion of its old order rights
over the Ventersburg property to new order rights. The outcome of
this application is still awaited from the Department of Minerals
and Energy.
3. Black Economic Empowerment
The company raised a further R2,500,000 through a general issue of
shares for cash to Kabusha Mining and Finance (Pty) Ltd
(`Kabusha`). Kabusha, a Black Economic Empowerment company, has an
option to subscribe for a further 11,700,000 shares at 70 cents a
share.
4. Resignation
LG Holmes resigned as non-executive chairman in November 2004.
5. Mrs. CK Loydall resigned as Company Secretary with effect from
1 March 2005 and Ms F van Wyk was appointed in her stead.
For and on behalf of the Board
S T Ward (Chief Executive Officer)
Cape Town, 16 March 2005
Registered office
No. 1 shaft
Nigel
1490
Transfer secretaries
Computershare Investor ServicesLimited
70 Marshall Street
Johannesburg
2001
Directors: S T Ward (Chief Executive Officer) A C Reynolds
(Executive) P St G Glyn * H G Veldsman (Executive) (* Non-
Executive)
F van Wyk (Company Secretary)
Date: 17/03/2005 05:00:48 PM
Produced by the JSE SENS Department
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