AnnuAl RepoRt
& Accounts 2014
Contents
Chairman’s Review
Review of Activities
Report of the Directors
Independent Auditors’ Report
Statement of Accounting Policies
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Company Statement of Financial Position
Consolidated Statement of Cashflows
Company Statement of Cashflows
Consolidated Statement of Changes in Equity
Company Statement of Changes in Equity
Notes to the Financial Statements
Notice of Annual General Meeting
Form of Proxy
Directors and Other Information
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57
Chairman’s review
Chairman’s Review
This year I have the welcome task of summarising activities which culminated towards the end of the year in the granting of the
mining concession for Barruecopardo and led in the first part of 2015 to the finalisation of a comprehensive funding package for
the development of the Project. These two major milestones have been achieved on the latter part of our journey from an exploration
company to becoming a mining company, as we now move to develop our Barruecopardo Tungsten Project.
Barruecopardo
We cleared the first step in our environmental permitting in late December 2013 with the issue of the IRNA document by the
Regional Environment Department on the impacts of the project on the Nature Network 2000 area of which the site forms a part,
and this led then to the issuance of the Environmental Impact Declaration (“EID”) for the Project in January 2014. The EID was in
effect the environmental permit for the Project and led onto the next major milestone, the granting of the mining concession to
Ormonde’s subsidiary, Saloro SL, in November of 2014.
The granting of the mining concession facilitated Ormonde advancing its funding options with a number of parties into the due
diligence and final negotiation stages over late 2014 and the early months of 2015. In considering these funding options, I should
perhaps give some context by noting the status of the capital markets in which we had to raise funds. In the first instance the
commodity markets were depressed for the past eighteen months, particularly in the case of metals. Tungsten had displayed
considerable resilience in defying the general commodity market downward trend, but eventually it succumbed and drifted down
below $300 per mtu early in 2015. While this had a lesser influence on debt providers, who tend to take a longer term view, it
had a more marked effect on the equity markets. The mining sector was in any event depressed and further falls in metal prices
were unhelpful. Our financial advisors in Dublin and London indicated that a large equity raise (to support a debt package) would
be very challenging and, if supported, would probably need to be heavily discounted. The attendant execution risk and potentially
severe dilution to existing shareholders arising from any such equity raise was a matter of concern to the Board.
In looking at the debt options for Barruecopardo, it has been clear for some time that the conventional project debt markets
from resource banks were effectively closed, with the absence of a terminal market for tungsten exacerbating the challenges of
conventional debt project financing. However, Ormonde’s investigations had, in any event, led to the conclusion that bond financing
would, if achievable, be preferable (due primarily to the associated greater flexibility on drawdown and repayments) and we
engaged Swedbank Norway, a recognized bond broker, to source interested investors. Taking into account the feedback from
discussions with debt providers and the general condition of the resource market, Ormonde sought to combine an acceptable
level of debt with sufficient equity to ensure a robust funding package, thus reducing the risk of late stage dilution issues arising.
In dealing with these matters, Ormonde and its advisers negotiated with various funds and private equity companies during the
second half of 2014 and, in February of 2015, after a due diligence exercise and agreement on a term sheet, granted exclusivity
for a seven week period to Oaktree Capital Management, a very large US global investment fund, active in Europe, with circa
US$100 billion under management.
This led to agreement on terms and conditions, drafting of long-form debt and equity agreements and late in April these activities
culminated in the signing of binding documentation, subject to Ormonde shareholder approval, which was forthcoming in May
2015 at our EGM. In opting to bring Oaktree into the Project with a 70% interest in a joint venture, your Board took the view
that the Oaktree deal was the best financed, lowest risk funding package, with the least dilution (and prospect of further future
dilution) to existing shareholders, available to it, comprising a large $44.2 million equity component relative to the $55.5 million
debt component. This, coupled with the minority protection clauses and the flexibility on debt repayments and distributions,
addressed many of our concerns. With Ormonde as manager of the joint venture, shareholders’ interests may also be safeguarded
and, with Oaktree and Ormonde both anxious to expand their tungsten business, we believe there is potential to add value for
shareholders over and above that presently apparent in Barruecopardo.
While these funding matters were being addressed, your Company continued to advance the Project, albeit at a pace appropriate
to the pre-capital funding position of the Company at that time. In February 2014, Ormonde awarded the engineering design
contract for the Barruecopardo plant and infrastructure to Fairport Engineering Limited, an experienced UK engineering firm.
During 2014, Ormonde advanced various aspects of the Project, including negotiations and design of power supply-lines, design
of the by-pass road and negotiation and design of the water supply-line. The basic engineering stage was completed by Fairport
and process flow-sheets were finalised. Documentation and discussions with equipment suppliers and sub-contractors were also
advanced, which led on to the subsequent preparation of preliminary shortlists. Ormonde was also active in expediting the
documentation for the various municipal permits and permissions required to facilitate the construction phase.
2
Chairman’s review
In March 2014, prior to Ormonde’s funding agreement with Oaktree, Ormonde signed a tungsten concentrate offtake agreement
with Noble Resources International Pte., a wholly-owned subsidiary of Noble Group Limited, a global market-leading commodities
supply-chain manager of energy products, metals, minerals & ores and agricultural products. This agreement was structured to
provide for purchase of 100% of the tungsten concentrate produced from the Barruecopardo open pit mine during its initial five
years of operation. Ormonde is currently in discussions with Noble in relation to modifications to this offtake agreement. While
there is nothing to suggest an agreement cannot be reached, Ormonde and Noble have the option to terminate the existing
agreement should such modifications not be mutually acceptable. The Oaktree funding package for Barruecopardo is not in any
way conditional on any offtake arrangements.
Land acquisition arrangements continued during 2014, utilising lease with option to purchase agreements. All land blocks were
identified some time ago and the vast majority of land owners have now signed up to these agreements. The issues with the
remainder are almost all identified, the bulk of these being lack of documentation. The latter issues can all be dealt with through
the expropriation procedures and with the mining concession in place and funding agreed, the expropriation procedures are now
in train.
In conclusion, I would comment that your Company has made very significant progress over the past year and we are now well
positioned to develop a tungsten mine at Barruecopardo. Despite recent weakness in the tungsten price, we believe the prognosis
for tungsten prices going forward is good, with favourable situations forecast to arise on both the demand and supply side in the
next couple of years. It is anticipated by industry commentators that existing supply will tighten in a number of countries and
new sources of primary supply will be very slow to be developed. Demand should follow the economic cycle, strengthening as
economic conditions improve worldwide. Consensus forecasting from metal analysts is for an upturn in tungsten prices in the next
couple of years, as Barruecopardo comes on stream.
Other Projects
Work on our gold properties at Peralonso and Cabeza de Caballo Prospects in the Salamanca Province, in joint venture with Aurum
Mining plc, was limited during 2014. With Barruecopardo now fully funded and entering the development stage, we will have
the opportunity to re-evaluate these gold properties with Aurum and decide how best to progress them.
At La Zarza, our efforts were concentrated on the identification of an arrangement that would see a potential divestment of the
Company’s interest in the project. To date nothing has been finalised, but we expect to refocus on these assets during the latter
half of 2015.
Corporate and Financials
This year I must once again refer to an unsolicited approach made by another tungsten company, Almonty Industries. The previous
approach ended with the Irish Takeover Panel issuing a deadline by which Almonty was required to either announce a firm intention
to make an offer or (as it did) confirm that it did not intend to make an offer. Almonty therefore became subject to a 12 month
period in which it was prohibited from making an offer without the consent of the Irish Takeover Panel. This period expired in
January 2015. In March 2015, Almonty initiated a second approach and campaigned to have shareholders reject the Oaktree funding
package, but withdrew in May following the overwhelming shareholder vote in favour of the Oaktree deal.
The Company has reported a loss for the year of €1.63 million, compared with a loss of €1.81 million for 2013. The Company
raised £2.0 million through a placing in April 2014 to progress engineering works, permitting and funding activities relating to
Barruecopardo and for general working capital purposes.
In conclusion, I would like to thank shareholders for their support during the last year; I believe it has been worthwhile with the
substantial progress made on Barruecopardo during 2014. I look forward to the development stage of our Barruecopardo Project
in the period ahead.
michael J. Donoghue
Chairman
16 June 2015
3
review OF aCtivities
Review of Activities
Barruecopardo
2014 was a year of significant advancements for the Barruecopardo Tungsten Project. Two of the most significant
developments were the receipt of the environmental permit in January 2014 and the award of the mining concession later in
the year in November. The receipt of the mining concession enabled the Company to finalise arrangements for project financing,
and in April of 2015, the Company announced that it had signed binding agreements in relation to a package totalling
USD 99.7 million (circa €90.4 million) with funds managed by Oaktree Capital Management, L.P. (“Oaktree”). The project
financing was subsequently approved by shareholders at an EGM of the Company held on 19 May 2015.
Permitting
The Project’s Environmental Impact Declaration (“EID”), received from the Regional Environmental Department in Castilla
y Leon in January 2014 was an essential precursor to any award of a mining concession. The favourable findings contained
in the EID effectively ratified the meticulous preparation of the Project by the on-site team over several years ahead of
application for this all important approval.
The mining concession was granted in November 2014 to Saloro SL, the Company’s subsidiary which is developing the
Project, by the Director General for Energy and Mines in the Castilla y Leon Region, following a process which also included
a legal review relating to the cancellation of the historic mining concessions. The new concession covers an area of around
six square kilometres, including the Barruecopardo Deposit and any potential strike extensions, and is granted for an initial
period of 30 years and may be renewed for two further periods of 30 years each.
Regional, Provincial and local government officials, local mayor, Saloro & Ormonde staff at Barruecopardo
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review OF aCtivities
engineering Design works
Early in the year, UK-based Fairport Engineering Limited (“FEL”) was awarded the Engineering Design Contract for the
Barruecopardo process plant and associated infrastructure, whereby FEL would carry out the basic design work to enable
the placement of the key equipment orders prior to finalisation of the detailed engineering required for Project construction.
The Stage-1 basic design works, including finalisation of the process flow sheet were completed in September 2014. This
work also included some scope revisions to the process plant flow sheet from the 2012 definitive feasibility study (“DFS”)
following crushing testwork carried out on a 20-tonne bulk sample, as had been recommended in the DFS. This has enabled
priority equipment discussions with vendors to commence to facilitate the placement of the longer lead equipment orders
upon project financing being available.
As a result of minor scope changes arising from the basic engineering works, and other project modifications resulting from
the final environmental permitting conditions, the capital cost for the project, including a 10% contingency, is currently
estimated at €53.5 million. Within this total, the cost of the process plant is €32.5M. Updated operating costs reflecting
minor modifications resulting from the basic engineering work and the environmental permit conditions and an updated
quotation from one of the potential mining contractors, provided for a revised operating cost of €103.5 per mtu (€99 in the
DFS), equating to US$114 at an exchange rate of euro/dollar of 1.10.
Stage-2 detailed engineering, previously agreed with FEL, commenced in June 2015, which will enable the placement of
priority equipment orders. The Stage-3 construction management contract is currently under negotiation.
Barruecopardo Capex
Plant Engineering & Construction
Project Services (Land, powerline, fencing, etc..)
Water Management Scheme
Mining Preparation
Environment (Compensating measures)
Owners costs (Gen & Admin, Comms, PM Team)
Total Capex
eUr m
32.5
4.5
9.9
4.3
0.4
1.9
53.5
Capital cost estimates following basic engineering stage works and environmental
permitting conditions
Barruecopardo Opex
UsD/mtu
eUr/mtu
eUr/t
Mining (Ore)
Mining (Waste)*
Processing
G&A
Total Opex
19.1
70.4
18.7
5.6
17.4
64.0
17.0
5.1
113.9
103.5
4.08
15.03
3.99
1.21
24.3
Operating cost estimates. Assumes EUR/USD exchange rate of ~1.10
* Strip ratio ore to waste of 6.3:1
%
17%
62%
16%
5%
100%
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review OF aCtivities
On-site activities
Work on the ground at Barruecopardo during the year was directed towards progressing the relevant activities that would
expedite development upon receipt of the mining concession and completion of the financing process. The granting of the
mining concession enabled Saloro to proceed with the application for local and municipal permits, including Council permits
and land use permissions required prior to commencement of construction activities onsite. Preparatory works included:
Infrastructure Works
• Negotiations completed for power connection
• Power-line construction designs commenced
• Negotiations for water supply finalised
• Construction design for water-line finalised
• Construction design for by-pass road finalised
Construction Permits
• Modification to Council by-laws for building erection approved
• Application for Council building permit submitted
• Municipal licence for the construction of the water-line submitted
Equipment and Sub-contractors
• Preparation of the equipment enquiry documents advanced
• Finalising negotiations for construction management contract
• Shortlist of construction sub-contractors drawn-up
• Project statutory manager and environmental officers appointed
Land rental with option to purchase agreements continued to be signed with the owners of many of the land plots that
lie within the area of the Project. Finalisation of preparations for the expropriation process for certain land plots, where ownership
cannot be verified or agreement on a rental with option to purchase contract cannot be reached, were able to proceed
following the receipt of the mining concession and the expropriation request relating to relevant land blocks required prior
to work commencing on the Project was submitted in April 2015.
View looking over the area where the processing plant and water management facility will be located
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review OF aCtivities
health, safety and environment
In August 2014, Environmental and Health and Safety accreditations (ISO 140001 and OHSAS 18001) were awarded to Saloro,
representing the culmination of considerable efforts and emphasis on the importance of these areas to Saloro. Several of
the environmental compensating measures included in the environmental permit were initiated during the year and were
ongoing at year end.
Public and Community relations
During the year, close liaison by Saloro with the local community through meetings with Barruecopardo Council
representatives and town representatives continued with the aim of keeping the local community fully informed of
progress at the Project. The alliance and cooperation with the local community has been and continues to be a key aspect
of Saloro’s efforts to ensure a timely development once activities on site commence.
Public presentation at Barruecopardo (Saloro staff and Barruecopardo Mayor)
Offtake
In March 2014, the Company entered into an Offtake Agreement with a subsidiary of the Noble Group ("Noble"), whereby
Noble agreed to purchase 100% of the tungsten concentrate produced from the Barruecopardo open pit mine during its
initial five years of operation. Ormonde is currently in discussions with Noble in relation to modifications to the Offtake
Agreement. While there is nothing to suggest an agreement cannot be reached, Ormonde and Noble have the option to
terminate the existing agreement should such modifications not be mutually acceptable.
Project Financing
In April 2015, the Group entered into binding agreements, conditional, inter alia, on shareholder approval, in relation
to a project financing package with funds managed by Oaktree, whereby Oaktree would provide a comprehensive USD
99.7 million financing package, through a subsidiary company OCM Tungsten Holdings BV, to enable the development of
Barruecopardo. The financing package is split between project equity of USD 44.2 million (circa €40.1 million) and project
debt of USD 55.5 million (circa €50.3 million) for a 70% interest in the Project for OCM Tungsten Holdings (to be held
through a new company, Barruecopardo JV BV) with Ormonde holding 30% through its subsidiary Ormonde Mining BV.
7
review OF aCtivities
On 19 May 2015, the Oaktree project financing was approved by shareholders at an Extraordinary General Meeting of the
Company.
The debt facility being provided in the funding package has flexible repayment terms which allow for cash to be retained
within the business, or to be applied towards the fast-track development of a potential underground mining Stage 2 expansion,
or for the option of dividends to be distributed to Oaktree and Ormonde.
Minority protection for Ormonde’s interest in the joint venture company is provided for by a number of important decisions
requiring the consent of both Oaktree and Ormonde, and mitigation against further dilution for Ormonde shareholders is
addressed through:
• the comprehensive funding package including a significant cost overrun provision;
• a debt facility with an ability to retain cash to develop the business; and
• an annual management fee of €1.0 million covering Ormonde’s current working capital requirements.
An important component of the funding package is a budget to allow the early evaluation of a Stage 2 underground expansion,
with the objective of establishing longevity beyond the nine year open pit operation, as defined in the feasibility study.
There is significant potential for extension of the mine life at Barruecopardo, principally through an underground operation
developed on tungsten mineralisation located below that to be exploited by open pit mining. The mineral resources are
open at depth (and along strike), with drilling to-date having investigated only the top 150-250 metres of the deposit. The
Oaktree financing package provides for a budget to advance an extensive drilling program during the Project’s development
stage and complete relevant technical studies, with the goal of allowing for the fast-tracking of a potential underground
mining Stage 2 expansion at Barruecopardo. In addition, several “satellite” tungsten bodies and deposits (exploited
historically) are located in proximity to Barruecopardo on licence areas held by Saloro, the closest being Valdegallegos,
which is located within the area covered by the mining concession, with potential for these to provide additional feed
sources for an operating plant at Barruecopardo, should exploitable tungsten resources be defined.
It is also of note that the plant at Barruecopardo has been designed with spare production capacity. Should additional
reserves be identified through further drilling, the plant could increase its production rate by up to 40% by working weekend
shifts to take account of the availability of such additional feedstock.
Development schedule
A detailed schedule for the development of Barruecopardo was prepared and updated during the year to reflect ongoing
progress with permitting, land acquisition arrangements and information provided from engineering design works. The
implementation and construction timeline has now commenced, with commissioning from Barruecopardo targeted by end
2016.
Initial steps in the implementation of the Project revolve around placement of orders for priority equipment and advancing
final (construction) design works for process plant and infrastructure and for the water management system. Whilst these
activities are being completed and the equipment is being awaited, the land expropriation process will be advanced in
parallel. Subsequent to the expediting of these items, construction activities will commence on site.
8
review OF aCtivities
tungsten
Tungsten has a number of outstanding and unique properties including its hardness, high tensile strength, high melting
temperature and its wear resistance. These unique properties ensure that there is limited ability to substitute other metals
for tungsten in its critical applications and wide ranging uses in general industrial activities. These applications include the
use of tungsten in:
• Cemented carbides (hard-metals) used in drilling and cutting tools and wear resistant parts (~55%)
• Alloy steels and alloys used primarily in tools (~21%)
• Fabricated tungsten products such as lighting filaments, electrical and electronic contacts (~18%)
• Chemical applications and products (~6%)
Tungsten contained in concentrates produced from mining operations is most commonly processed into ammonium
paratungstate (APT) as the intermediate material suitable for the manufacture of the various tungsten end-uses. APT
pricing is that most commonly used for tungsten concentrates, being quoted as US$ per metric tonne unit (mtu) where
one mtu = 10 kilograms.
China is the dominant player in the tungsten market and a major influence on the industry, producing around 85% of
the world’s mine production and supplying a large proportion of the rest-of-world demand. Chinese domestic consumption
increased by 202% over a 10 year period to 2012 (7.5% pa). Production costs in China have significantly increased in
recent years as a result of decreasing mined head-grades, labour cost inflation and the adoption of environmental and
safety measures. In addition, China implemented measures to preserve depleting tungsten resources via the introduction
of mining and export quotas, and restrictions on the issue of new mining licences. In 2014, the WTO ruled against the use
of export quotas and taxes by China. However, despite China ending its export quota policy, the Chinese government has
now implemented a strict export licensing system as a tool to limit export of tungsten, and has also introduced a new
tungsten resource tax (6.5%). These measures are consistent with the continued consolidation and integration within the
Chinese industry and ensure that the Chinese policy of ensuring supply to their growing domestic demand is maintained.
The strategic nature of tungsten can be gauged by recent institutional responses, such as the EU, declaring tungsten as a
“critical raw material” and the British Geological Survey ranking tungsten top of its commidity “Risk List”. Industry analysts
expect that the World demand for tungsten will grow at approximately 3-5% over the next 4-5 years, driven by increasing
global consumption and in particular demand from China and emerging economies. There is only a limited amount of new
supply globally to meet this demand and this situation will be aggravated in the next few years by the likely closure of a
number of mature, higher cost, mines and the difficulty in financing new start-ups.
Having traded in a range of US$200-280 between 2005 and 2010, tungsten prices increased sharply to a high of around
US$470 in June of 2011. At the end of 2014, APT traded around US$305 with an average price of ~US$355 in 2014. Tungsten
market research groups Roskill and Argus Media have forecast tungsten prices to be above US$350 per mtu from 2016 to
2018 as additional supply falls below growth demand and mine operating costs in China continue to rise, whilst noting
that factors including changes to the Chinese export quota and tariff systems could have some influence on tungsten pricing.
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review OF aCtivities
Gold exploration
Activity on the Aurum–Ormonde Joint Venture on Ormonde’s properties in the Salamanca and Zamora Provinces was
constrained during 2014, with Ormonde funding these costs and Aurum Exploration diluting its interest. At the end of 2014,
Ormonde’s interest in the Joint Venture was 42% in the Zamora permits and 47% in the Salamanca permits. Upon resumption of
field activities, focus would be on the Peralonso and Cabeza permit areas in Salamanca, where drilling to-date has returned
encouraging gold-bearing intervals at shallow depths.
The drilling to date at Peralonso (11 holes; 1,267 metres) has identified near-surface, gold-bearing structures comprising
steeply-dipping, narrow, high-grade breccias, within broader lower grade mineralised intervals, hosted in granites, with
better intervals including 10.1m grading 3.39g/t gold from 46.9m depth and 2.0m grading 10.18 g/t gold from 49.0m
depth.
Drilling and trenching at Cabeza de Caballo (4 holes; 442 metres) has identified wide zones of steeply-dipping quartz with
sulphide veining, hosted predominantly in granites. The mineralisation is associated with three sets of quartz-sulphide
veins, with the most extensive quartz-sulphide veining seen in thicker granite intervals, although the intensity of veining in
drilling is less than that observed in trenching at surface. Of note is that the style of veining and associated multi-element
geochemistry is consistent with an “Intrusion-related” gold mineralising system. The best interval in the limited drilling
carried out to-date is 24.0m grading 0.35 g/t gold from surface.
La Zarza
No work activities were carried out at La Zarza during the year. The Company is seeking to obtain value from a divestment
of its interest in the project.
10
Report of the Directors
& Financial Statements
2014
Report of the Directors
Independent Auditors’ Report
Statement of Accounting Policies
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Company Statement of Financial Position
Consolidated Statement of Cashflows
Company Statement of Cashflows
Consolidated Statement of Changes in Equity
Company Statement of Changes in Equity
Notes to the Financial Statements
14
20
22
27
28
29
30
31
32
33
34
rePOrt OF the DireCtOrs
FOR THE yEAR ENDED 31 DECEMBER 2014
Report of the Directors
The Directors present their Annual Report and Audited Financial Statements for the year ended 31 December 2014 of
Ormonde Mining Plc ("the Company") and its subsidiaries (collectively "the Group").
Principal activity
The principal activity of the Company and its subsidiaries comprises acquisition, exploration, and development of mineral
resource projects in Spain.
review of Business and Future Developments
A detailed review of activities for the year and future prospects of the Group is contained in the Chairman's Review and
Review of Activities.
Principal risks and Uncertainties
The Group's activities are carried out in Spain and Ireland. Accordingly the principal risks and uncertainties are considered
to be the following:
exploration risk
Exploration and development activities may be delayed or adversely affected by factors outside the Group's control, in
particular; climatic conditions, performance of joint venture partners or suppliers, availability, delays or failures in installing
and commissioning plant and equipment; unknown geological conditions; remoteness of location; actions of host govern-
ments or other regulatory authorities (relating to, inter alia, the grant, maintenance or renewal of any required authorisa-
tions, environmental regulations or changes in law).
Commodity Price risk
The demand for, and price of, gold, copper, tungsten, base metals and other minerals is dependent on global and local
supply and demand, actions of governments or cartels and general global economic and political developments.
Political risk
As a consequence of activities in different parts of the world, the Group may be subject to political, economic and other
uncertainties, including but not limited to terrorism, war or unrest, changes in national laws and energy policies and ex-
posure to different legal systems.
Financial risk
Financial risks is explained in greater detail in Note 21.
share Price
The share price movement in the year ranged from a low of €0.036 to a high of €0.076 (2013 : €0.051 to €0.087). The
share price at the year end was €0.039 (2013 : €0.054).
results and Dividends
The results for the year ended 31 December 2014 are set out in the Consolidated Statement of Comprehensive Income on
page 27 of this Annual Report.
As all exploration and development costs to date have been deferred, no transfers to distributable reserves or dividends
are recommended.
Future Developments
A review of future developments of the business is included within the Chairman's Review and Review of Activities.
Directors
The names of the current Directors are set out on the inside back cover.
14
rePOrt OF the DireCtOrs
FOR THE yEAR ENDED 31 DECEMBER 2014
In accordance with the Articles of Association, John Carroll retires from the Board and being eligible offers himself for
re-election.
Details of executive Directors
Dr. I. Kerr Anderson is a geologist by profession and has worked in the mining and exploration industry in Europe for over
20 years. He has worked extensively in Spain on gold and base-metal projects. He was exploration manager with Navan
Mining plc prior to joining Ormonde as Managing Director in May 2001.
Mr. Michael J. Donoghue is a mining engineer by profession and has wide experience in the evaluation, funding, development
and operation of mines in Europe, Africa, South-East Asia, Australia and the Americas. His executive management experience
includes an eight-year period as General Manager - Operations for Delta Gold NL, Australia. Michael was appointed Chairman
of Ormonde in April 2004. He is on the Audit Committee and the Remuneration Committee.
Mr. Stephen J. Nicol is a mining engineer with some 25 years experience in the mining industry, initially in operations
and subsequently in mine evaluation and development projects. He has held production supervisory roles in various
underground and open pit mines in Australia and Europe, culminating in a two year period as Managing Director of an
Italian based gold mining and exploration operation. Prior to joining Ormonde, he had been operating as an independent
consultant working on gold and base metal mine evaluation projects in Romania, Greece, Italy, Guinea, Kazakhstan, Canada
and the Congo. Stephen was appointed to the Board in April 2008.
Details of non executive Directors
Mr. John A. Carroll is a chartered secretary by profession, and has over 30 years experience including seven years as a
manager with KPMG in the Investment Company Department. He has widespread business contacts in Ireland and
significant experience in the resource sector.
Directors and secretary and their interests
The interests (all of which are beneficial) of the Directors who held office at 1 January 2014 and 31 December 2014 and
16 June 2015 and their families in the share capital of the Company were:
Directors
Kerr Anderson
John Carroll
Michael Donoghue
Stephen Nicol
Directors
Kerr Anderson
Kerr Anderson
Kerr Anderson
Kerr Anderson
John Carroll
John Carroll
John Carroll
John Carroll
Michael Donoghue
Michael Donoghue
16/06/15
31/12/14
01/01/14
Ordinary Shares
Ordinary Shares
Ordinary Shares
1,061,352
2,184,251
3,595,233
192,105
1,061,352
2,184,251
3,595,233
192,105
1,061,352
2,184,251
3,595,233
192,105
16/06/15
31/12/14
01/01/14
Shares Options
Shares Options
Shares Options
750,000 *
750,000 #
0 ^
750,000 *
750,000 #
0 ^
750,000 *
750,000 #
700,000 ^
1,000,000 \
1,000,000 \
1,000,000 \
750,000 *
750,000 #
0 ^
750,000 \
750,000 #
0 ^
750,000 *
750,000 #
0 ^
750,000 \
750,000 #
0 ^
750,000 *
750,000 #
700,000 ^
750,000 \
750,000 #
700,000 ^
15
rePOrt OF the DireCtOrs
FOR THE yEAR ENDED 31 DECEMBER 2014
Directors
Michael Donoghue
Michael Donoghue
Stephen Nicol
Stephen Nicol
16/06/15
31/12/14
01/01/14
Shares Options
Shares Options
Shares Options
300,000 ~
1,000,000 \
1,000,000 "
2,000,000 \
300,000 ~
1,000,000 \
1,000,000 "
2,000,000 \
300,000 ~
1,000,000 \
1,000,000 "
2,000,000 \
No change in the above share options has occurred between 31 December 2014 and the date of approval of these financial
statements.
* - Share options are exercisable at a price of €0.041 at any time up to 11 May 2016.
# - Share options are exercisable at a price of €0.034 at any time up to 13 August 2018.
^ - Share options are exercisable at a price of €0.13 at any time up to 22 October 2014. Options lapsed, none exercised.
~ - Share options are exercisable at a price of €0.21 at any time up to 26 October 2016.
" - Share options are exercisable at a price of €0.109 at any time up to 14 April 2018.
\ - Share options are exercisable at a price of €0.068 at any time up to 3 October 2020.
All the above shareholdings are beneficially held. No Director, Secretary or any member of their immediate families had an
interest in any subsidiary.
See Note 18 for details of the share option scheme. In addition, the rules of the Company's share option schemes are available for
inspection at the registered office of the Company.
transactions involving Directors
There have been no contracts or arrangements of significance during the year in which Directors of the Company were interested
other than as disclosed in Note 19 to the financial statements.
significant shareholders
The Company has been informed that in addition to the interests of the Directors, at 31 December 2014 and the date of this report,
the following shareholders own 3% or more of the issued share capital of the Company:
M&G Investment Managers
Rathbone Brothers PLC
Thomas Anderson
Goodbody Stockbrokers Nominees Limited ()
Percentage of issued share capital
16/06/15
31/12/14
8.89%
5.45%
6.47%
5.25%
(2)
5.98%
5.45%
-
(1)
-
(1) No notification had been received by the Company in respect of these shareholdings as of 31 December, 2014.
(2) Information received pursuant to Section 1062 of the Companies Act 2014.
The Company has not been notified of any other holding of 3% or more of the share capital of the Company.
subsidiary Undertakings
Details of the Company's subsidiaries are set out in Note 11 to the financial statements.
Political Donations
There were no political donations during the year (31 December 2013: Nil) as defined by the Electoral Act 1997.
16
rePOrt OF the DireCtOrs
FOR THE yEAR ENDED 31 DECEMBER 2014
Directors' responsibility statement
The Directors are responsible for preparing the Annual Report and the Group and Company financial statements, in accordance
with applicable law and regulations.
Company law requires the Directors to prepare Group and parent Company financial statements for each financial year. As required
by AIM and ESM rules and as permitted by company law, the Directors have prepared the Group financial statements in accordance
with International Financial Reporting Standards (IFRSs) as adopted by the EU (EU IFRS) and have elected to prepare the Company
financial statements in accordance with EU IFRS, as applied in accordance with the provisions of the Companies Act 2014 and the
Companies Acts, 1963 to 2013 (as applicable) ("the Companies Acts").
The Group and Company financial statements are required by law and EU IFRS to present fairly the financial position and
performance of the Group; the Companies Acts provide, in relation to such financial statements, that references in the relevant part
of the Acts to financial statements giving a true and fair view are references to their achieving a fair presentation.
In preparing each of the Group and Company financial statements, the Directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company
will continue in business.
The Directors confirm that they have complied with the above requirements in preparing the financial statements. Under
applicable law and the requirements of the ESM Rules issued by the Irish Stock Exchange, the Directors are also responsible for
preparing a Directors' Report and reports relating to Directors' remuneration and corporate governance that comply with that law
and those rules.
The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that its financial statements comply with the Companies Acts. They are also
responsible for taking such steps as are reasonably open to them to safeguard the assets of the Group and Company and to
prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the
Company's website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Going Concern
As further disclosed in Note 1 the Directors have reviewed budgets, projected cash flows and other relevant information, and on
the basis of this review, are confident that the Company and the Group should be in a position to have adequate financial resources
to continue in operational existence for the foreseeable future.
The future of the Company and the Group is also dependent on the successful future outcome of its exploration and mine
development interests and of the availability of further funding to bring these interests to production.
The Directors consider that in preparing the financial statements they have taken into account all information that could reasonably
be expected to be available. Consequently, they consider that it is appropriate to prepare the financial statements on the going
concern basis.
17
rePOrt OF the DireCtOrs
FOR THE yEAR ENDED 31 DECEMBER 2014
Corporate Governance
The Directors are committed to maintaining the highest standards of corporate governance commensurate with the size,
stage of development and financial status of the Group.
The Board is responsible for the supervision and control of the Company and is accountable to the shareholders. The
Board has reserved decision-making on a variety of matters, including determining strategy for the Group, reviewing and
monitoring executive management performance and monitoring risks and controls.
The Board currently has four Directors, comprising three executive Directors and one non-executive Director. The Board
met formally on twelve occasions during the year ended 31 December 2014. An agenda and supporting documentation
was circulated in advance of each meeting. All the Directors bring independent judgement to bear on issues affecting the
Group and all have full and timely access to information necessary to enable them to discharge their duties. Non-executive
Directors are not appointed for specific terms, with one third of Non-executive directors up for re-election each year and
each new Director is subject to election at the next Annual General Meeting following the date of appointment.
The following committees deal with the specific aspects of the Group affairs:
audit Committee
This Committee comprises one non-executive Director and one executive Director. The external auditors have the opportunity
to meet with members of the Audit Committee without executive management present at least once a year. The duties
of the Committee include the review of the accounting principles, policies and practices adopted in preparing the financial
statements, external compliance matters and the review of the Group's financial results.
nominations Committee
Given the current size of the Group a Nominations Committee is not considered necessary. The Board reserves to itself the
process by which a new Director is appointed.
remuneration Committee
This Committee comprises one non-executive Director and one executive Director. This Committee determines the contract
terms, remuneration and other benefits of the executive Directors, Chairman and non-executive Directors. Further details
of the Group's policies on remuneration, service contracts and compensation payments are given in the Remuneration
Committee Report below.
Communications
The Group maintains regular contact with shareholders through publications such as the annual and interim report and via
press releases and the Group's website, www.ormondemining.com. The Directors are responsive to shareholder telephone
and e-mail enquiries throughout the year. The Board regards the Annual General Meeting as a particularly important
opportunity for shareholders, Directors and management to meet and exchange views.
internal Control
The Board is responsible for maintaining the Group's system of internal control to safeguard shareholders investments and
Group assets.
The Directors have overall responsibility for the Group's system of internal control and have delegated responsibility for the
implementation of this system to Executive Management. This system includes financial controls that enable the Board to
meet its responsibilities for the integrity and accuracy of the Group's accounting records.
18
rePOrt OF the DireCtOrs
FOR THE yEAR ENDED 31 DECEMBER 2014
The Group's system of internal financial control provides reasonable, though not absolute assurance that assets are safeguarded,
transactions authorised and recorded properly and that material errors or irregularities are either prevented or detected
within a timely period. Having made appropriate enquiries, the Directors consider that the system of internal financial,
operational and compliance controls and risk management operated effectively during the period covered by the financial
statements and up to the date on which the financial statements were signed.
The internal control system includes the following key features, which have been designed to provide internal financial
control appropriate to the Group's businesses:
- budgets are prepared for approval by the Board;
- expenditure and income are compared to previously approved budgets;
- a detailed investment approval process which requires Board approval of all major capital projects and regular review
of the physical performance and expenditure on these projects;
- all commitments for expenditure and payments are compared to previously approved budgets and are subject to
approval by personnel designated by the Board of Directors;
- cash flow forecasting is performed on an ongoing basis to ensure efficient use of cash resources;
- the Directors, through the Audit Committee, review the effectiveness of the Group's system of internal financial control.
remuneration Committee report
The Group's policy on senior executive remuneration is designed to attract and retain individuals of the highest calibre who
can bring their experience and independent views to the policy, strategic decisions and governance of the Group. In setting
remuneration levels, the Remuneration Committee takes into consideration the remuneration practices of other companies
of similar size and scope. A key philosophy is that staff must be properly rewarded and motivated to perform in the best
interests of the shareholders.
Total remuneration to Directors during the year ended 31 December 2014 was €331,868 (2013 : €381,082). In addition,
in 2014, €0 (2013 : €59,579) was recognised in the Consolidated Statement of Comprehensive Income in respect of share
options granted to Directors and Staff.
Books and accounting records
The Directors are responsible for ensuring proper books and accounting records, as outlined in Section 274(6) and Sections
281 to 286 (inclusive) of the Companies Act 2014, are kept by the Company. The Directors, through use of appropriate
procedures and systems and the employment of competent persons, have ensured that measures are in place to secure
compliance with these requirements. These books and accounting records are maintained at 9 Abbey House, Main Street,
Clonee, Co Meath, Ireland.
auditor
LHM Casey McGrath, resigned as Auditors and the Directors appointed LHM Casey McGrath Limited to fill the vacancy. LHM
Casey McGrath Limited have indicated their willingness to continue in office in accordance with the provisions of Section
383 of the Companies Act 2014.
On behalf of the Board
_______________
John Carroll
Director
________________
michael Donoghue
Director
16 June 2015
19
inDePenDent aUDitOrs' rePOrt
TO THE MEMBERS OF ORMONDE MINING PLC
Independent Auditors’ Report
We have audited the financial statements of Ormonde Mining Plc for the year ended 31 December 2014 which comprise
the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement
of Financial Position, Consolidated Statement of Cash Flows, Company Statement of Cash Flows, Consolidated Statement
of Changes in Equity, Company Statement of Changes in Equity and related notes. The financial reporting framework that
has been applied in their preparation is Irish Law and International Financial Reporting Standards (IFRSs) as adopted by
the European Union and, as regards the parent company financial statements, as applied in accordance with provisions of
the Companies Act 2014.
This report is made solely to the Company's members as a body in accordance with the requirements of Section 391 of the
Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters
that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company or the Company's members as a body for
our audit work, for this report, or for the opinions we have formed.
respective responsibilities of Directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on page 17 the Directors are responsible for
the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion
on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Financial Reporting Council's - Ethical Standards for Auditors.
scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statement sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies are appropriate to the Company's circumstances and have
been consistently applied and adequately disclosed: the reasonableness of significant accounting estimates made by the
directors; and the overall presentation of the financial statements and to identify any information that is apparently
materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing
the audit. In addition, we read all the financial and non-financial information in the Chairman's Report, Review of Activities
and Directors Report to identify material inconsistencies with the audited financial statements. If we become aware of any
apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion
In our opinion
- The Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union,
of the state of the Group's affairs as at 31 December 2014 and of its loss and cash flows for the year then ended; and
- the parent Company Statement of Financial Position has been properly prepared in accordance with IFRS's as adopted
by the European Union.
- the financial statements have been properly prepared in accordance with the Companies Act 2014 and all regulations
to be construed as one with those acts.
20
inDePenDent aUDitOrs' rePOrt
TO THE MEMBERS OF ORMONDE MINING PLC
emphasis of matter – realisation of assets
In forming our opinion on the financial statements, which is not modified, we considered the adequacy of disclosures
made in Notes 9, 11 and 13 to the financial statements concerning the valuation of intangible assets, and investments in
Group undertakings. The realisation of intangible assets of €18,535,000 (2013: €17,127,000), amounts due from Group
undertakings of €11,319,000 (2013: £9,421,000) and investments in Group undertakings of €8,577,000 (2013: €8,570,000)
included in the Company Statement of Financial Position are dependent on the successful development and operation of
the Group’s projects in Spain.
matters on which we are required to report by the Companies act 2014
- We have obtained all the information and explanations which we considered necessary for the purpose of our audit.
- In our opinion proper books of account have been kept by the parent company.
- The parent Company Statement of Financial Position is in agreement with the books of account.
- In our opinion the information given in the Directors Report is consistent with the financial statements.
matters on which we are required to report by exception
We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to if, in our
opinion, the disclosures of directors remuneration and transactions specified by law are not made.
_______________
Fergal mcGrath
For and on behalf of
Lhm Casey mcGrath
Chartered Certified Accountants
Statutory Audit Firm
6 Northbrook Road, Dublin 6, Ireland.
26 June 2015
21
statement OF aCCOUntinG POLiCies
FOR THE yEAR ENDED 31 DECEMBER 2014
Statement of Accounting Policies
Ormonde Mining Plc ("the Company") is a company incorporated in Ireland. The Group financial statements consolidate
those of the Company and its subsidiaries (together referred to as the "Group").
The Group and Company financial statements were authorised for issue by the Directors on 16 June 2015. The accounting
policies set out below have been applied consistently to all periods presented in these consolidated financial statements.
statement of Compliance
As permitted by the European Union and in accordance with AIM and ESM Rules, the Group financial statements have been
prepared in accordance with International Financial Reporting Standards (IFRSs) and their interpretations issued by the
International Accounting Standards Board (IASB) as adopted by the EU (IFRS). The individual financial statements of the
Company ("Company financial statements") have been prepared in accordance with the IFRSs as adopted by the EU and as
applied in accordance with the Companies Acts which permits a company, that publishes its company and group financial
statements together, to take advantage of the exemption in Section 304 of the Companies Act 2014, from presenting to
its members its Company Statement of Comprehensive Income and related notes that form part of the approved Company
Financial Statements.
The IFRSs adopted by the EU as applied by the Company and the Group in the preparation of these financial statements are
those that were effective on or before 31 December 2014.
Forthcoming requirements
The following standards, amendments and interpretations which became effective in the year are of relevance to the
Group:
- IFRS 10 Consolidated Financial Statements - effective for periods beginning on or after 1 January 2014
- IFRS 12 Disclosure of Interest in Other Entities - effective for periods beginning on or after 1 January 2014
- IAS 36 Impairment of Assets - effective for periods beginning on or after 1 January 2014
Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted
early by the Group:
- IFRS 2 Share Based Payments - effective for periods beginning on or after 1 July 2014
- IFRS 3 Business Combinations - effective for periods beginning on or after 1 July 2014
- IFRS 8 Operating Segments - effective for periods beginning on or after 1 July 2014
- IFRS 13 Fair Value Measurement - effective for periods beginning on or after 1 July 2014
- IFRS 9 Financial Instruments - effective for periods beginning on or after 1 January 2015
- IFRS 14 Regulatory Deferral Accounts - effective for periods beginning on or after 1 January 2016
- IAS 16 Property, Plant and Equipment - effective for periods beginning on or after 1 July 2014
- IAS 24 Related Party Disclosures - effective for periods beginning on or after 1 July 2014
- IAS 38 Intangible Assets - effective for periods beginning on or after 1 July 2014
- IAS 1 Presentation of Financial Statements- effective for periods beginning on or after 1 January 2016
- IAS 19 Employee Benefits - effective for periods beginning on or after 1 July 2014
- IAS 34 Interim Financial Reporting - effective for periods beginning on or after 1 January 2016
These new standards and interpretations are not expected to have a material impact on the Group financial statements.
22
statement OF aCCOUntinG POLiCies
FOR THE yEAR ENDED 31 DECEMBER 2014
Basis of Preparation
The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS's)
as adopted by the E.U. The Group and Company financial statements are prepared on the historical cost basis, except for
available-for-sale assets, which are carried at fair value. The accounting policies have been applied consistently by Group
entities.
Functional and Presentation Currency
These consolidated financial statements are presented in Euro (€), which is the Company's functional currency.
Use of Estimates and Judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. The estimates and associated assumptions are based on historical experience and various other factors that
are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from other sources.
In particular, there are significant areas of estimation, uncertainty and critical judgements in applying accounting policies
that have the most significant effect on the amounts recognised in the financial statements in the following areas:
- Note 8 - Income Tax Expense - Deferred Tax
- Note 9 - Intangible Assets
- Note 18 - Share-Based Payments
revenue recognition - Finance revenue
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective
interest rate method.
Consolidation
The consolidated financial statements comprise the financial statements of Ormonde Mining Plc and its subsidiaries for the
year ended 31 December 2014.
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern
the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential
voting rights that are currently exercisable or convertible are taken into account. Subsidiaries are fully consolidated from
the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by the Group.
Intragroup balances and any unrealised gains or losses or income or expenses arising from intragroup transactions are
eliminated in preparing the Group financial statements, except to the extent that they provide evidence of impairment.
23
statement OF aCCOUntinG POLiCies
FOR THE yEAR ENDED 31 DECEMBER 2014
exploration and evaluation assets
In accordance with International Financial Reporting Standard 6 - Exploration for and Evaluation of Mineral Resources, the
Group uses the cost method of recognition. Exploration costs include licence costs, survey, geophysical and geological
analysis and evaluation costs, costs of drilling and project-related overheads.
Exploration expenditure in respect of properties and licences not in production is capitalised and is carried forward in the
Statement of Financial Position under intangible assets in respect of each area of interest where:-
(i) the operations are ongoing in the area of interest and exploration or evaluation activities have not reached a stage
which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves; or
(ii) such costs are expected to be recouped through successful development and exploration of the area of interest or
alternatively by its realisation.
When the Directors decide that no further expenditure on an area of interest is worthwhile, the related expenditure is written
off or down to an amount which it is considered representative of the residual value of the Group's interest therein.
impairment
The carrying amounts of the Group's non-financial assets, other than deferred tax assets are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists then the asset's
recoverable amount is estimated. For intangible assets that have indefinite lives or that are not yet available for use,
recoverable amount is estimated at each reporting date.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount. A cash-generating unit is the smallest identifiable asset group that is expected to generate cash flows that largely
are independent from other assets and groups. Impairment losses are recognised in the Statement of Comprehensive
Income. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount
of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of
units) on a pro rata basis.
The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs
to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risk specific to the asset.
Property, Plant and equipment
Property, Plant and Equipment are stated at cost or valuation, less accumulated depreciation. Subsequent costs are included
in an asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group. Depreciation is provided at rates calculated to write off
the cost less residual value of each asset over its expected useful life, as follows:
Computer Equipment - 33% Straight line
Fixtures and fittings - 33% Straight line
Motor vehicles - 20% Straight line
The residual value and useful lives of the property, plant and equipment are reviewed annually and adjusted if appropriate
at each Statement of Financial Position date.
On disposal of property, plant and equipment the cost and the related accumulated depreciation and impairments are
removed from the financial statements and the net amount, less any proceeds, is taken to the Statement of Comprehensive
Income.
24
statement OF aCCOUntinG POLiCies
FOR THE yEAR ENDED 31 DECEMBER 2014
income tax expense
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the income statement except
to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred
tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of
assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit,
and differences relating to investments in subsidiaries to the extent that they probably will not reverse in the foreseeable
future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they
reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
that it is no longer probable that the related tax benefit will be realised.
Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to
pay the related dividend is recognised.
Foreign Currencies
Monetary assets and liabilities denominated in a foreign currency are translated into Euro at the exchange rate ruling at the
Statement of Financial Position date. Revenues, costs and non monetary assets are translated at the exchange rates ruling
at the dates of the transactions. All exchange differences are dealt with through the Statement of Comprehensive Income.
On consolidation, the assets and liabilities of overseas subsidiary companies are translated into Euro at the rates of
exchange prevailing at the Statement of Financial Position date. Exchange differences arising from the restatement of the
opening Statement of Financial Positions of these subsidiary Companies are dealt with through reserves. The operating
results of overseas subsidiary companies are translated into Euro at the average rates applicable during the year.
Group Companies
The consolidated financial statements are presented in Euro, which is the Group's presentation currency. The Euro is also the
Group's functional currency for all the Group entities. Transactions in foreign currencies are translated into the presentation
currency as follows:
- monetary assets and liabilities for each Statement of Financial Position presented are presented at the closing rate at
the date of that Statement of Financial Position. Non-monetary items are measured at the exchange rate in effect at
the historical transaction date and are not translated at each Statement of Financial Position date.
- income and expenses for each income statement are translated at average exchange rates (unless this average is
not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transaction): and
- all resulting exchange differences are recognised as a separate component of equity. On consolidation, exchange
differences arising from the translation of monetary items receivable from foreign subsidiaries for which settlement is
neither planned nor likely to occur in the foreseeable future are taken to shareholders equity. When a foreign operation
is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale.
25
statement OF aCCOUntinG POLiCies
FOR THE yEAR ENDED 31 DECEMBER 2014
share Based Payments
The Group has applied the requirements of IFRS 2 'Share Based Payments'. The Group issues share options as an incentive
to certain key management and staff (including Directors). The fair value of share options granted to Directors and employees
under the Company's share option scheme is recognised as an expense with a corresponding credit to the share based
payment reserve. The fair value is measured at grant date and spread over the period during which the awards vest. The
fair value is measured using the Black-Scholes-Merton formula.
The options issued by the Group are subject to both market-based and non-market based vesting conditions. Market conditions
are included in the calculation of fair value at the date of the grant. Non-market vesting conditions are not taken into
account when estimating the fair value of awards as at grant date; such conditions are taken into account through adjusting
the equity instruments that are expected to vest.
The proceeds received net of any directly attributable transaction costs will be credited to share capital (nominal value)
and share premium when options are converted into ordinary shares.
issue expenses and share Premium account
Issue expenses are written off against the premium arising on the issue of share capital.
earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary
shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential
ordinary shares, which comprise convertible notes and share options granted to employees.
Operating Leases
Operating lease payments are recognised as an expense in the Statement of Comprehensive Income on a straight line basis
over the lease term.
Government Grants
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grants will be received. Government grants received in respect of non-current assets have
been deducted from the cost of the asset to arrive at the carrying value of the asset.
Financial instruments
Cash and Cash Equivalents
Cash and Cash Equivalents in the Statement of Financial Position comprise cash at bank and in hand and short term deposits
with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form part of the
Group's cash management are included as a component of Cash and Cash Equivalents for the purpose of the Statement of
Cashflows.
Trade and Other Receivables / Payables
Trade and other receivables and payables are stated at cost less impairment, which approximates fair value given the short
dated nature of these assets and liabilities.
share Capital
Incremental costs directly attributable to the issue of ordinary shares and share options are recognised directly in equity.
26
COnsOLiDateD statement OF COmPrehensive inCOme
FOR THE yEAR ENDED 31 DECEMBER 2014
Continuing Operations
Administrative expenses
Finance income
Amount written off intangible assets
Loss for the year before tax
Income tax expense
Total Comprehensive Income for the year
Loss attributable to:
Owners of the Company
Total Comprehensive Income attributable to:
Owners of the Company
Earnings per share from continuing operations
Basic loss per share (in cent)
Diluted loss per share (in cent)
Notes
4
5
8
7
7
2014
€ 000's
(1,625)
4
-
(1,621)
(5)
(1,626)
(1,626)
(1,626)
(1,626)
(1,626)
(0.36)
(0.36)
2013
€ 000's
(1,397)
7
(418)
(1,808)
(1)
(1,809)
(1,809)
(1,809)
(1,809)
(1,809)
(0.45)
(0.44)
All activities derive from continuing operations. All losses and total comprehensive loss for the year are attributable to the
owners of the Company.
The Company had no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes on pages 34 - 52 form an integral part of these financial statements.
On behalf of the Board
_______________
John Carroll
Director
________________
michael Donoghue
Director
16 June 2015
27
COnsOLiDateD statement OF FinanCiaL POsitiOn
AS AT 31 DECEMBER 2014
ASSETS
non-Current assets
Intangible assets
Property, plant and equipment
Total Non-Current Assets
Current assets
Trade and other receivables
Cash and cash equivalents
Total Current Assets
Total Assets
EqUITy AND LIABILITIES
Capital and reserves
Issued capital
Share premium account
Share based payment reserve
Capital conversion reserve fund
Capital redemption reserve fund
Foreign currency translation reserve
Retained loss
Equity Attributable to Owners of the Company
Total Equity
Current Liabilities
Trade and other payables
Total Current Liabilities
Total Liabilities
Notes
9
10
13
12
15
15
16
16
16
16
17
14
2014
€ 000's
18,535
1
18,536
222
511
733
19,269
13,485
29,932
837
29
7
1
(25,234)
19,057
19,057
212
212
212
2013
€ 000's
17,127
1
17,128
394
1,050
1,444
18,572
12,197
28,837
837
29
7
1
(23,608)
18,300
18,300
272
272
272
Total Equity and Liabilities
19,269
18,572
The accompanying notes on pages 34 - 52 form an integral part of these financial statements.
On behalf of the Board
_______________
________________
michael Donoghue
Director
John Carroll
Director
16 June 2015
28
COmPany statement OF FinanCiaL POsitiOn
AS AT 31 DECEMBER 2014
ASSETS
non-Current assets
Property, plant and equipment
Investment in subsidiaries
Total Non-Current Assets
Current assets
Trade and other receivables
Cash and cash equivalents
Total Current Assets
Total Assets
EqUITy AND LIABILITIES
Capital and reserves
Issued capital
Share premium account
Share based payment reserve
Capital conversion reserve fund
Capital redemption reserve fund
Retained loss
Equity Attributable to Owners of the Company
Total Equity
Current Liabilities
Trade and other payables
Total Current Liabilities
Total Liabilities
Notes
10
11
13
12
15
15
16
16
16
17
14
2014
€ 000's
1
8,577
8,578
11,338
396
11,734
20,312
13,485
29,932
837
29
7
(24,070)
20,220
20,220
92
92
92
2013
€ 000's
1
8,577
8,578
9,453
919
10,372
18,950
12,197
28,837
837
29
7
(23,087)
18,820
18,820
130
130
130
Total Equity and Liabilities
20,312
18,950
The accompanying notes on pages 34 - 52 form an integral part of these financial statements.
On behalf of the Board
_______________
________________
John Carroll
Director
16 June 2015
michael Donoghue
Director
29
COnsOLiDateD statement OF CashFLOws
FOR THE yEAR ENDED 31 DECEMBER 2014
Cashflows from operating activities
Loss for the year before taxation
Adjustments for:
Depreciation
Write down of exploration and evaluation assets
Share based payment
Investment revenue recognised in profit or loss
movement in working capital
Decrease in debtors
(Decrease) in creditors
Income taxes paid
Net cash used in operating activities
Cashflows from financing activities
Proceeds of issue of share capital
Cashflows from investing activities
Expenditure on intangible assets
Movement of property, plant and equipment
Interest received
Taxation
Notes
2014
€ € 000's
2013
€ 000's
(1,621)
(1,808)
2
-
-
(4)
(1,623)
172
(59)
(5)
(1,515)
2
418
60
(7)
(1,335)
165
(136)
-
(1,306)
2,383
1,206
(1,408)
(1,138)
(2)
4
-
-
7
(1)
Net cash used in investing activities
(1,407)
(1,132)
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
12
12
(539)
1,050
511
(1,232)
2,282
1,050
The accompanying notes on pages 34 - 52 form an integral part of these financial statements.
On behalf of the Board
_______________
________________
michael Donoghue
Director
John Carroll
Director
16 June 2015
30
COmPany statement OF CashFLOws
FOR THE yEAR ENDED 31 DECEMBER 2014
Notes
Cashflows from operating activities
Loss for the year before taxation
Adjustments for:
Depreciation
Investment revenue recognised in profit or loss
Share based payment
movement in working capital
(Increase) in debtors
(Decrease) in creditors
Net cash used in operating activities
Cashflows from financing activities
Proceeds from issue of share capital
Cashflows from investing activities
Purchases of property, plant & equipment
Investment in subsidiary undertakings
Interest received
Taxation
Net cash used in investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
12
12
The accompanying notes on pages 34 - 52 form an integral part of these financial statements.
On behalf of the Board
_______________
________________
John Carroll
Director
16 June 2015
michael Donoghue
Director
2014
€ 000's
(983)
-
(14)
-
(997)
(1,884)
(38)
(2,919)
2013
€ 000's
(1,413)
1
(14)
60
(1,366)
(748)
(17)
(2,131)
2,384
1,206
(1)
-
14
(1)
12
(523)
919
396
-
-
14
(1)
13
(912)
1,831
919
31
COnsOLiDateD statement OF ChanGes in eqUity
FOR THE yEAR ENDED 31 DECEMBER 2014
Balance at 1 January 2013
Loss for the year
Recognition of share based
payments
Share
capital
€ 000's
11,636
Share
premium
€ 000's
28,192
-
-
-
-
Proceeds of share issue
561
645
Balance at 31 December 2013
12,197
28,837
Balance at 1 January 2014
12,197
28,837
Loss for the year
Recognition of share based
payments
-
-
-
-
Proceeds of share issue
1,288
1,095
Share
based
payment
reserve
Other
reserves
Retained
losses
€ 000's
€ 000's
€ 000's
777
-
60
-
837
837
-
-
-
37
(21,799)
-
-
-
(1,809)
-
-
37
(23,608)
37
(23,608)
-
-
-
(1,626)
-
-
Total
€ 000's
18,843
(1,809)
60
1,206
18,300
18,300
(1,626)
-
2,383
Balance at 31 December 2014
13,485
29,932
837
37
(25,234)
19,057
The accompanying notes on pages 34 - 52 form an integral part of these financial statements.
On behalf of the Board
_______________
________________
John Carroll
Director
16 June 2015
michael Donoghue
Director
32
COmPany statement OF ChanGes in eqUity
FOR THE yEAR ENDED 31 DECEMBER 2014
Balance at 1 January 2013
Loss for the year
Recognition of share based
payments
Share
capital
€ 000's
11,636
Share
premium
€ 000's
28,192
-
-
-
-
Proceeds of share issue
561
645
Balance at 31 December 2013
12,197
28,837
Balance at 1 January 2014
12,197
28,837
Loss for the year
Recognition of share based
payments
-
-
-
-
Proceeds of share issue
1,288
1,095
Share
based
payment
reserve
Other
reserves
Retained
loss
€ 000's
€ 000's
€ 000's
777
-
60
-
837
837
-
-
-
36
(21,674)
-
-
-
(1,413)
-
-
36
(23,087)
36
(23,087)
-
-
-
(983)
-
-
Total
€ 000's
18,967
(1,413)
60
1,206
18,820
18,820
(983)
-
2,383
Balance at 31 December 2014
13,485
29,932
837
36
(24,070)
20,220
The accompanying notes on pages 34 - 52 form an integral part of these financial statements.
On behalf of the Board
_______________
________________
John Carroll
Director
16 June 2015
michael Donoghue
Director
33
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
1. Going Concern
The Directors have reviewed budgets, projected cash flows and other relevant information, and on the basis of this review,
are confident that the Company and the Group will have adequate financial resources to continue in operational existence
for the foreseeable future. Additionally, significant investment by a third party subsequent to year end has provided further
cash resources in order to ensure the development of mining operations at Barruecopardo. For additional information of
the investment by a third party subsequent to year end refer to Events after the Reporting Date disclosed in Note 20 to the
annual financial statements.
The future of the Company and the Group is dependent on the successful development of its mining and exploration
interests and of the availability of funding to bring these interests to production. The Directors consider that in preparing
the financial statements they have taken into account all information that could reasonably be expected to be available.
Consequently, they consider that it is appropriate to prepare the financial statements on the going concern basis.
2. Segment Information
SEGMENT REVENUES AND RESULTS
The following is an analysis of the Group's revenue and results from continuing operations by reportable segment.
Segment revenue
Segment loss
2014
€ 000's
-
-
2013
€ 000's
-
-
Exploration - Spain
Total for continuing operations
Finance Income
Permanent diminution in value of intangibles
Loss before tax (continuing operations)
SEGMENT ASSETS AND LIABILITIES
segment assets
Exploration - Spain
Consolidated assets
segment liabilities
Exploration - Spain
Consolidated liabilities
34
2014
€ 000's
(1,625)
(1,625)
4
-
(1,621)
2014
€ 000's
19,269
19,269
2013
€ 000's
(1,397)
(1,397)
7
(418)
(1,808)
2013
€ 000's
18,572
18,572
212
212
272
272
COmPany statement OF ChanGes in eqUity
FOR THE yEAR ENDED 31 DECEMBER 2014
OTHER SEGMENT INFORMATION
Exploration - Spain
Depreciation and
amortisation
Additions to
non-current assets
2014
€ 000's
2
2013
€ 000's
2
2014
€ 000's
1,408
2013
€ 000's
1,139
revenue from major products and services
The only revenue that the Group received during the period related to bank interest, which has been allocated to Spain.
Geographical information
The Group operates in two principal geographical areas - Ireland (Country of residence of Ormonde Mining Plc) and
Spain (Country of residence of Ormonde Espana S.L., Saloro S.L., Ormonde Mineria Iberica S.L.U.(currently non operational),
Valomet S.L.U.(currently non operational), Ormonde Geologia S.L.U., and Orillum S.L.U.). There is another subsidiary Ormonde
Mining B.V. which is incorporated in The Netherlands and is a holding company.
The Group does not have revenue from external customers. Information about its non-current assets by geographical
location are detailed below:
Spain
3. Statutory Information
The loss for the financial year is stated after charging:
Depreciation of tangible assets
Loss on foreign currencies
Auditors' remuneration
Auditors' remuneration from non-audit work
and after crediting:
Profit/(loss) on foreign currencies
Non-current assets
2014
€ 000's
18,536
18,536
2013
€ 000's
17,128
17,128
2014
€ 000's
2013
€ 000's
2
-
22
1
28
2
5
22
22
-
35
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
4. Finance Income
Interest Income
5. Amounts written off Intangible Assets
Amounts written off intangible assets - permanent diminution in value
6. Employees
number of employees
The average monthly numbers of employees (including the Directors) during the year were:
Directors
Administration / Technical
employment costs (including Directors)
Wages and salaries
Social welfare costs
Directors fees
Share based payment
2014
€ 000's
4
4
2014
€ 000's
-
-
2013
€ 000's
7
7
2013
€ 000's
418
418
2014
Number
2013
Number
4
12
16
2014
€ 000's
651
69
42
-
762
4
16
20
2013
€ 000's
816
124
49
60
1,049
During the year wages and salaries of €236,000 (2013 : €473,000) were capitalised as intangible assets.
6.1 DIRECTORS' EMOLUMENTS
Remuneration and other emoluments
Employers PRSI
Directors fees
Share based payment
36
2014
€ 000's
2013
€ 000's
270
20
42
-
332
329
23
49
60
461
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
7. Loss per Share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Loss for the year attributable to equity holders of the parent
2014
€ 000's
(1,626)
2013
€ 000's
(1,809)
Weighted average number of ordinary shares for the purposes of basic earning per share
455,692,724
404,950,441
Basic (loss) per ordinary share (in cent)
(0.36)
(0.45)
Diluted earnings per share
The earnings used in the calculation of the diluted earnings per share are the same as those for the basic earnings per
share as outlined above.
The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted
average number of ordinary shares used in the calculation of basic earnings per share as follows:
Weighted average number of shares used in the calculation of basic
earnings per share
Shares deemed to be issued for no consideration in respect of:
Employee options
Weighted average number of ordinary shares used in the calculation of diluted earnings
per share
Diluted (loss) per ordinary share (in cent)
2014
2013
455,692,724
404,950,441
1,415,645
1,755,101
457,108,369
406,705,542
(0.36)
(0.44)
The following potential ordinary shares are not dilutive and are therefore excluded from the weighted average number of
ordinary shares for the purposes of diluted earnings per share:
Employee options
2014
2013
8,200,000
12,200,000
37
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
8. Income Tax Expense
Current tax
Current tax expense in respect of the current year
Adjustments recognised in the current year in relation to the current tax of prior years
Total tax charge
2014
€ 000's
2013
€ 000's
5
-
5
2
(1)
1
The difference between the total current tax shown above and the amount calculated by applying the standard rate of Irish
corporation tax of 12.5% to the loss before tax is as follows:
Loss from continuing operations
Income tax expense calculated at 12.5% (31 December 2013 : 12.5%)
Effects of:
Adjustment in respect of prior period
Tax relief granted at source on medical insurance premiums payable to Revenue
Expenses not allowable
Unused tax losses not recognised as deferred tax assets
Income tax expense recognised in the profit or loss
2014
€ 000's
(1,626)
(203)
2013
€ 000's
(1,809)
(226)
-
2
-
202
1
(1)
2
43
181
1
The tax rate used for the year end reconciliations above is the corporate rate of 12.5% payable by entities in Ireland on
taxable profits under tax law in that jurisdiction.
At 31 December 2014, the Company had unused tax losses of €8,158,000 (2013 : €6,533,000) available for offset against
future profits which equates to a deferred tax asset of €1,019,000 (2013 : €817,000). No deferred tax asset has been
recognised due to the unpredictability of the future profit streams. Losses may be carried forward indefinitely.
38
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
9. Intangible Assets
intangible assets - Group
Cost
Cost
At 1 January 2013
Additions
Disposals
Impairment
At 31 December 2013
Additions
Disposals
Impairment
At 31 December 2014
31/12/14
31/12/13
01/01/13
€ 000's
18,535
18,535
€ 000's
17,127
17,127
€ 000's
16,406
16,406
Exploration &
evaluation
assets
€ 000's
16,407
1,138
-
(418)
17,127
1,408
-
-
18,535
Expenditure on exploration and evaluation activities is deferred on areas of interest until a reasonable assessment can be
determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the
period. The Directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly
stated at 31 December 2014.
The Directors have recorded no impairments during the year. (2013 : €418,000 in relation to the La Zarza project).
The recoverability of the intangible assets is dependent on the future realisation or disposal of the tungsten, copper, gold
and other mineral resources.
39
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
10. Property, Plant and Equipment
Property, Plant and equipment - Group
Cost or Valuation
Accumulated depreciation and impairment
Fixtures & fittings
Computer equipment
Cost or valuation
At 1 January 2013
Additions
At 31 December 2013
Additions
Disposals
At 31 December 2014
accumulated Depreciation and impairment
At 1 January 2013
Depreciation expense
At 31 December 2013
Disposals
Depreciation Expense
At 31 December 2014
40
31/12/14
31/12/13
01/01/13
€ 000's
€ 000's
€ 000's
64
(63)
1
-
1
1
90
(89)
1
1
-
1
90
(87)
3
2
1
3
Fixtures &
fittings
Computer
equipment
Motor
vehicles
€ 000's
€ 000's
€ € 000's
Total
€ 000's
26
-
26
-
(2)
24
24
1
25
(2)
1
24
46
-
46
2
(26)
22
45
1
46
(26)
1
21
18
-
18
-
-
18
18
-
18
-
-
18
90
-
90
2
(28)
64
87
2
89
(28)
2
63
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
Property, Plant and equipment - Company
Cost or Valuation
Accumulated depreciation and impairment
Fixtures & fittings
Computer equipment
Cost or valuation
At 1 January 2013
Additions
At 31 December 2013
Additions
At 31 December 2014
accumulated Depreciation and impairment
At 1 January 2013
Depreciation expense
At 31 December 2013
Depreciation expense
At 31 December 2014
31/12/14
31/12/13
01/01/13
€ 000's
€ 000's
€ 000's
40
(39)
1
-
1
1
39
(38)
1
-
1
1
39
(38)
1
-
1
1
Fixtures &
fittings
Computer
equipment
€ 000's
€ 000's
Total
€ 000's
20
-
20
-
20
20
-
20
-
20
19
-
19
1
20
17
1
18
1
19
39
-
39
1
40
37
1
38
1
39
41
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
11. Financial Assets - Company
Cost
At 1 January 2013
Additions
At 31 December 2013
Additions
At 31 December 2014
accumulated amortisation and impairment
At 1 January 2013
Impairment losses recognised in profit and loss
At 31 December 2013
Movement
At 31 December 2014
net Book values
At 31 December 2014
At 31 December 2013
Subsidiary
undertakings
shares
€ 000's
14,949
-
14,949
-
14,949
(6,372)
-
(6,372)
-
(6,372)
8,577
8,577
At 31 December 2014 the Company had the following subsidiary undertakings:
Subsidiary
Activity
Incorporated in
Proportion of ownership
interest and voting power held
Saloro S.L.
Mine Development
Ormonde Espana S.L.
Mineral Exploration
Ormonde Geologia S.L.U.
Mineral Exploration
Orillum S.L.U.
Mineral Exploration
Ormonde Minerica Iberica S.L.U.
Mineral Exploration
Valomet S.L.U.
Mineral Exploration
Spain
Spain
Spain
Spain
Spain
Spain
Ormonde Mining B.V.
Holding Company
The Netherlands
2014
100%
100%
100%
100%
100%
100%
100%
2013
100%
100%
100%
100%
100%
100%
100%
The value of the investments is dependent on the discovery and successful development of evaluation and exploration
assets, as set out in Note 9. Should the development of the evaluation and exploration assets prove unsuccessful, the
carrying value in the Statement of Financial Position will be written off. In the opinion of the Directors' the carrying value
of the investments at 31 December 2014 is appropriate. No impairment was recognised in 2014 or 2013 in respect of the
above investments.
42
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
On 18 November 2014, the Mining Concession for Barruecopardro was granted to Saloro S.L. by the Director General for
Energy and Mines in the Castilla y Leon region.
In 2012 a number of permits previously held by Saloro S.L. were transferred to other group companies, Orillum S.L.U. &
Ormonde Geologia S.L.U. Final legal transfer is still ongoing on some of these permits.
As at 31 December 2014, Saloro S.L. has 100% rights to two Investigation Permits in the Salamanca Province of western
Spain as set out below, which include the Saldeana permit containing the Barruecopardo Tungsten Deposit. They also hold
a mining concession to Barruecopardo.
As at 31 December 2014, Ormonde Geologia S.L.U. has 100% rights to five Investigation Permits in the Salamanca Province
of western Spain as set out below, which cover several historic tungsten workings and tungsten/gold prospects.
The two permits held by Saloro S.L. and four of the permits held by Ormonde Geologia S.L.U. and two of the permits held
by Orillum S.L.U. are subject to staged payments to Spanish company SIEMCALSA in relation to the acquisition of their 10%
holding in the joint venture governing these permits, of which the remaining €1.8M is payable out of the first 3 years of
production from a mine at Barruecopardo.
As at 31 December 2014, four permits in the Salamanca and Zamora Provinces are held by Orillum S.L.U. (as set out below),
which are the subject of a joint venture with Aurum Mining Plc. At 31 December 2014 Ormonde Mining PLC has a beneficial
47% interest in the two permits in Salamanca and a 42% interest in the two permits in Zamora.
Mining Concession
Barruecopardo
Investigation Permit
Saldeana *
Milano *
Cortegana *
Almonaster *
Aracena *
Brincones
Villasbuenas *
Peralonso *#
Cabeza de Caballo *#
Antogagasta #
Cueva Negra #
Province
Salamanca
Province
Salamanca
Salamanca
Salamanca
Salamanca
Salamanca
Salamanca
Salamanca
Salamanca
Salamanca
Zamora
Zamora
Company
Saloro S.L.
Company
Saloro S.L.
Saloro S.L.
Ormonde Geologia S.L.U.
Ormonde Geologia S.L.U.
Ormonde Geologia S.L.U.
Ormonde Geologia S.L.U.
Ormonde Geologia S.L.U.
Orillum S.L.U.
Orillum S.L.U.
Orillum S.L.U.
Orillum S.L.U.
* = subject to agreement (4 April 2011) with SIEMCALSA
# = subject to agreement (11 March 2011) with Aurum Mining PLC
Ormonde Espana S.L. has rights to 100% ownership of the suspended Mining Concessions held by Nueva Tharsis SA, covering
the old La Zarza Mine, subject to staged payments to Nueva Tharsis SA, of which the remaining €1.3M is payable in stages,
on arrangement of capital funding, full permitting and shipment of first concentrates (announced 12 July 2007). Under
certain conditions Ormonde Espana S.L.'s rights to the mining concessions could be reduced to 70% and monies paid by
Ormonde to Nueva Tharsis refunded. These concessions are renewable annually, at the discretion of the Mines Department
in the Huelva Province.
43
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
12. Cash and Cash Equivalents
Cash at bank
Group
2014
€ 000's
511
511
Group
2013
€ 000's
1,050
1,050
Company
Company
2014
€ 000's
396
396
2013
€ 000's
919
919
13. Trade and Other Receivables
Amounts falling due within one year:
Amounts owed by Group undertakings
Other debtors
Prepayments and accrued income
Group
2014
€ 000's
-
205
17
222
Group
2013
€ 000's
Company
Company
2014
€ 000's
2013
€ 000's
-
376
18
394
11,319
9,421
2
17
14
18
11,338
9,453
All receivables are current and there have been no impairment losses during the year (2013: Nil)
14. Trade and Other Payables
Net obligations under finance leases and hire
purchase contracts
Trade creditors
Corporation tax
Other taxes and social welfare costs
Other creditors
Accruals and deferred income
Group
2014
€ 000's
Group
2013
€ 000's
Company
Company
2014
€ 000's
2013
€ 000's
14
23
-
26
-
149
212
18
19
2
23
-
210
272
-
20
-
13
-
59
92
-
19
-
23
-
88
130
Some trade creditors had reserved title to goods supplied to the Company. Since the extent to which such creditors are
effectively secured depends on a number of factors and conditions, some of which are not readily determinable, it is not
possible to indicate how much of the above amount is secured under reservation of title.
44
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
14. Trade and Other Payables (contd.)
Other taxes and social welfare costs:
P.A.y.E./P.R.S.I.
Group
2014
€ 000's
26
26
Group
2013
€ 000's
23
23
Company
Company
2014
€ 000's
13
13
2013
€ 000's
23
23
The Group's exposure to currency and liquidity risks related to trade and other payables is set out in Note 21.
15. Share Capital - Group and Company
31/12/14
31/12/13
01/01/13
€ 000's
€ 000's
€ 000's
authorised equity
650,000,000 Ordinary shares of 2.5 cent each
100,000,000 Deferred shares of 3.809214 cent each
issued capital
Share capital
Share premium
issued capital comprises:
472,507,482 ordinary shares of 2.5 cent each
(31/12/13 : 420,936,824 and 01/01/13 : 398,494,402)
43,917,841 fully paid Deferred shares
(31/12/13 : 43,917,841 and 01/01/13 : 43,917,841)
16,250
3,809
20,059
13,485
29,932
43,417
13,750
3,809
17,559
12,197
28,837
41,034
11,812
10,524
1,673
13,485
1,673
12,197
11,250
3,809
15,059
11,636
28,192
39,828
9,963
1,673
11,636
45
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
15. Share Capital - Group and Company (contd.)
Fully paid ordinary shares
Balance at 1 January 2013
Issue of shares for cash
Share issue costs
Balance at 31 December 2013
Issue of shares for cash
Share issue costs
Balance at 31 December 2014
Number
of shares
000's
398,494
22,443
-
420,937
51,571
-
Share
capital
€ 000's
9,963
561
-
10,524
1,288
-
472,508
11,812
Fully paid ordinary shares, which have a par value of €0.025, carry one vote and carry a right to dividends.
Deferred shares
Balance at 1 January 2013
Issue of shares for cash
Balance at 31 December 2013
Issue of shares for cash
Balance at 31 December 2014
Number
of shares
000's
3,809
-
3,809
-
3,809
Share
capital
€ 000's
1,673
-
1,673
-
1,673
Share
premium
€ 000's
28,192
711
(66)
28,837
1,189
(94)
29,932
Share
premium
€ 000's
-
-
-
-
-
The holders of the Deferred Shares shall not have the right to receive notice of any general meeting of the Company, or
the right to attend, speak or vote at any general meeting. The holders of the deferred shares shall not be entitled to any
dividend or other distribution. The Deferred Shares shall, on a return of assets in a winding up, entitle the holder only to
the repayment of the amounts paid up on such shares after repayment of the capital paid on the Ordinary Shares plus the
payment of €12,697 per Ordinary share. The Company may, at its option at any time purchase all or any of the Deferred
Shares in issue, at a price not exceeding €0.0127 for all the Deferred Shares so purchased.
Capital management
The Board's policy is to maintain a strong capital base so as to maintain investor and market confidence and to sustain
future developments of the business. There were no changes in the Group's approach to capital management during the
year. The Group deems its shareholders' funds to be its capital.
It is Group Policy to incentivise the Directors through the award of share options. At the year end, the Directors hold 1.41%
of ordinary shares, or 3.40% assuming that all outstanding share options vest and are exercised. The upper limit on the
number of share options that can be granted, including options granted under the existing scheme (see Note 18), is 10%
of issued share capital.
Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.
46
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
16. Other Reserves - Group and Company
Balance at 1 January 2013
Recognition of share based payments
Balance at 31 December 2013
Balance at 1 January 2014
Recognition of share based payments
Balance at 31 December 2014
17. Retained Losses
Deficit at beginning of year
Loss for the year
Deficit at end of year
Share
based
payment
reserve
Capital
conversion
reserve
Capital
redemption
reserve
Foreign
currency
translation
reserve
€ 000's
€ 000's
€ 000's
€ 000's
777
60
837
837
-
837
29
-
29
29
-
29
7
-
7
7
-
7
1
-
1
1
-
1
Company
Company
Group
2014
€ 000's
(23,608)
(1,626)
Group
2013
€ 000's
(21,799)
(1,809)
2014
€ 000's
(23,087)
(983)
(25,234)
(23,608)
(24,070)
2013
€ 000's
(21,674)
(1,413)
(23,087)
In accordance with the provisions of the Companies Acts, the Company has not presented the Company Statement of
Comprehensive Income. A loss for the period of €983,000 (2013 - loss of €1,413,000) has been dealt with in the Statement
of Comprehensive Income of the Group.
47
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
18. Share-based Payments
employee share option plan
The Group has an ownership-based compensation scheme for executives and senior employees of the Group. In accordance
with the provisions of the plan, as approved by shareholders at a previous general meeting, executives and senior
employees may be granted options to purchase ordinary shares.
Each share option converts into one ordinary share of Ormonde Mining Plc on exercise. No amounts are paid or payable
by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be
exercised at any time from the date of vesting to the date of their expiry.
The following reconciles the outstanding share options granted under the employee share option plan at the beginning
and end of the financial year:
Balance at beginning of the financial year
Expired during the financial year
Extended during the year
Granted during the year
Forfeited during the financial year
Exercised during the financial year
Balance at end of the financial year
Exercisable at end of the financial year
31 December 2014
31 December 2013
Number
of options
000's
16,300
(4,050)
-
-
-
-
Weighted
average
exercise price
Number
of options
Weighted
average
exercise price
€ € 0.089
€ € 0.013
-
-
-
-
000's
16,300
(2,600)
€ € 0.089
€ € 0.034
2,600
€ € 0.034
-
-
-
-
-
-
12,250
12,250
€ € 0.076
€ € 0.076
16,300
16,300
€ € 0.089
€ € 0.089
48
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
exercised during the year
During the year no options were exercised or forfeited.
Balance at end of the financial year
the share options outstanding at the end of the financial year had the following exercise prices:
Option series 1
Option series 2
Option series 3
Option series 4
Option series 5
Option Series 6
Number of options
outstanding
Exercise price
000's
1,500
2,550
-
1,200
1,000
6,000
€ € 0.041
€ € 0.034
-
€ € 0.210
€ € 0.109
€ € 0.068
the options outstanding at 31 December 2014 had a remaining average contractual life of 4.1 years.
49
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
19. Related Party Transactions
Details of subsidiary undertakings are shown in Note 11. In accordance with International Accounting Standard 4 Related
Party Disclosures, transactions between group entities that have been eliminated on consolidation are not disclosed.
Kerr Anderson is a director of Ormonde Mining Plc and Aurum Exploration Limited. At 31 December 2013 Ormonde Mining
Group owed an amount of €846 to Aurum Exploration Limited. During the year Aurum Exploration Limited provided services
in the amount of €14,760. At 31 December 2014 Ormonde Mining Group owed an amount of €620 to Aurum Exploration
Limited.
Stephen Nicol is a director of Simprenta S.L. At 31 December 2013, Ormonde Mining Plc owed €19,075 to Simprenta S.L.
During the year Simprenta S.L provided services and expenses to the value of €128,037 to the Ormonde Mining Group. At
31 December 2014 Simprenta S.L was owed €7,740 by the Ormonde Mining Group.
20. Events after the Reporting Date
On 28 April, 2015, the Ormonde Group entered into binding agreements, conditional, inter alia, on Shareholder approval,
in relation to a Project Financing package with funds managed by Oaktree Capital Management ("Oaktree"), whereby
Oaktree would provide a comprehensive US$ 99.7 million financing package, through a subsidiary company OCM Tungsten
Holdings, to enable the development of Barruecopardo. The financing package is split between project equity of US$ 44.2
million (circa. €40.1 million) and project debt of US$ 55.5 million (circa. €50.3 million) for a 70% interest in the Project for
OCM Tungsten Holdings (to be held through a new company Barruecopardo J.V. B.V.) with Ormonde holding 30% through
its subsidiary Ormonde Mining BV.
On 19 May 2015, at an Extraordinary General Meeting, the Ormonde Mining Plc shareholders approved the ordinary
resolution to accept the Oaktree Project Financing proposal, with the transaction now binding on all parties.
50
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
21. Financial Instruments and Financial Risk Management
The Group and Company’s principal financial instruments comprise cash and cash equivalents. The main purpose of these
financial instruments is to provide finance for the Group and Company’s operations. The Group has various other financial
assets and liabilities such as receivables and trade payables, which arise directly from its operations.
It is, and has been throughout 2014 and 2013, the Group and Company’s policy that no trading in derivatives be undertaken.
The main risks arising from the Group and Company’s financial instruments are foreign currency risk, credit risk, liquidity
risk, interest rate risk and capital risk. Management reviews and agrees policies for managing each of these risks which
are summarised below.
Foreign currency risk
The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations
arise. Exchange rate exposures are managed within approved policy parameters utilising forward exchange contracts
where appropriate. The exposure to exchange rate fluctuations is limited as the Company's subsidiaries operate mainly
within the Euro Zone.
At the years ended 31 December 2014 and 31 December 2013, the Group had no outstanding forward exchange contracts.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. As the Group does not, as yet, have any sales to third parties, this risk is limited.
The Group and Company’s financial assets comprise receivables and cash and cash equivalents. The credit risk on cash and
cash equivalents is limited because the counterparties are banks with high credit-ratings assigned by international credit
rating agencies. The Group and Company’s exposure to credit risk arise from default of its counterparty, with a maximum
exposure equal to the carrying amount of cash and cash equivalents in its Consolidated Statement of Financial Position.
The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having
similar characteristics. The Group defines counterparties as having similar characteristics if they are connected entities.
Liquidity risk management
Liquidity risk is the risk that the Group will not have sufficient funds to meet liabilities. Ultimate responsibility for liquidity
risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework
for the management of the Group and Company’s short-, medium- and long-term funding and liquidity management
requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast
and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash forecasts are regularly
produced to identify the liquidity requirements of the Group. To date, the Group has relied on shareholder funding to
finance its operations. The Group had no borrowing facilities at 31 December 2014.
51
nOtes tO the FinanCiaL statements
FOR THE yEAR ENDED 31 DECEMBER 2014
21. Financial Instruments and Financial Risk Management (contd.)
The Group and Company’s financial liabilities as at 31 December 2014 and 31 December 2013 were all payable on demand.
The expected maturity of the Group and Company’s financial assets (excluding prepayments) as at 31 December 2014 and
31 December 2013 was less than one month.
The Group expects to meet its other obligations from operating cash flows with an appropriate mix of funds and equity
instruments. The Group further mitigates liquidity risk by maintaining an insurance programme to minimise exposure to
insurable losses.
The Group had no derivative financial instruments as at 31 December 2014 and 31 December 2013.
interest rate risk
The Group and Company’s exposure to the risk of changes in market interest rates relates primarily to the Group and
Company’s holdings of cash and short term deposits.
It is the Group and Company’s policy as part of its disciplined management of the budgetary process to place surplus funds
on short term deposit in order to maximise interest earned.
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group manages its
capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust its capital
structure, the Group may adjust or issue new shares or raise debt. No changes were made in the objectives, policies or
processes during the years ended 31 December 2014 and 31 December 2013 . The capital structure of the Group consists
of equity attributable to equity holders of the parent, comprising issued capital, reserves and retained losses, as disclosed
in the Consolidated Statement of Changes in Equity.
Fair values
The carrying amount of the Group and Company’s financial assets and financial liabilities is a reasonable approximation of
the fair value.
hedging
At the year ended 31 December 2014 and 31 December 2013, the Group had no outstanding contracts designated as
hedges.
22. Approval of Financial Statements
The financial statements were approved by the Board on 16 June 2015.
52
nOtiCe OF annUaL GeneraL meetinG
Notice of Annual General Meeting
NOTICE IS HEREBy GIVEN that the Annual General Meeting of Ormonde Mining plc (the “Company”) will be held at the Crowne
Plaza Hotel, The Blanchardstown Centre, Blanchardstown, Dublin 15 on 31 July 2015 at 11.00am for the purpose of considering
and, if thought fit, passing the following resolutions of which Resolutions numbered 1 to 4 inclusive will be proposed as Ordinary
Resolutions and Resolution number 5 will be proposed as a Special Resolution.
Ordinary Business
1)
2)
To receive and consider the accounts for the year ended 31 December 2014, together with the reports of the Directors and
Auditors thereon (Resolution 1).
To re-elect John Carroll as a Director who is recommended by the Board for re-election as a Director and who retires in
accordance with the Articles of Association (Resolution 2).
3)
To authorise the Directors to fix the remuneration of the auditors for the year ending 31 December 2014 (Resolution 3).
Special Business
4) As an ordinary resolution (Resolution 4):
That the Directors be and are hereby generally and unconditionally authorised pursuant to Section 1021 of the Companies
Act 2014 (the “2014 Act”) to exercise all powers of the Company to allot relevant securities (as defined by Section 1021 of
the 2014 Act) up to an amount equal to the authorised but as yet unissued share capital of the Company from time to time.
The authority hereby conferred shall expire at the close of business on the earlier of the date of the next annual general
meeting of the Company held after the date of the passing of this Resolution 4 and the 30 October 2016 unless previously
renewed, varied or revoked by the Company in general meeting, provided however that the Company may make an offer
or agreement before the expiry of this authority which would or might require relevant securities to be allotted after this
authority has expired and the Directors may allot relevant securities in pursuance of any such offer or agreement as if the
authority conferred hereby had not expired. The authority hereby conferred shall be in substitution for any such existing authority.
5) As a special resolution (Resolution 5):
That, subject to the passing of Resolution 4 in the notice convening this meeting, the Directors be and are hereby empowered
pursuant to Section 1023 of the 2014 Act to allot equity securities (as defined by Section 1023 of the 2014 Act) for cash
pursuant to the authority conferred by Resolution 4 above as if Subsection (1) of Section 1022 of the 2014 Act did not apply
to any such allotment provided that this power shall be limited to the allotment of equity securities:
(a) in connection with the grant of any options or warrants by the Company or the exercise thereof; and
(b) (in addition to the authority conferred by paragraph (a) of this Resolution 5), up to an aggregate nominal value of ten
per cent of the issued share capital of the Company at the date of passing of this Resolution,
which power shall expire at the close of business on the earlier of the date of the next annual general meeting of the Company
held after the date of the passing of this Resolution 5 and the 30 October 2016, save that the Company may before such
expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the
Directors may allot equity securities in pursuance of such an offer or agreement as if the power conferred hereby had not
expired.
26 June 2015
By ORDER OF THE BOARD
JOHN CARROLL
Secretary
Registered Office:
6 Northbrook Road
Dublin 6
Ireland
53
nOtiCe OF annUaL GeneraL meetinG
Notes
1. Any member entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend, speak and vote on
his/her behalf. A proxy need not be a member of the Company.
2.
The instrument of proxy, to be valid, must be received by the Company’s Registrars, Computershare Investor Services
(Ireland) Limited, Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18, Ireland not less than 48 hours before the
time appointed for the holding of the Meeting.
3.
In the case of a corporation this instrument may be either under the common seal or under the hand of an officer or attorney
authorised in that behalf.
4.
In the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to
the exclusion of the votes of the other registered holders and for this purpose seniority shall be determined by the order in
which the name stands in the Register of Members in respect of the joint holding.
5.
If a proxy is executed under a Power of Attorney such Power of Attorney must be deposited at the Registrar’s office along
with the instrument of proxy.
6.
Completing and returning a Form of Proxy shall not preclude a member from attending and voting at the meeting should
he / she so wish.
54
FOrm OF PrOxy
FORM OF PROXY
FOR USE AT THE ANNUAL GENERAL MEETING TO BE HELD AT 11.00AM ON 31 JULY 2015 AT THE CROWNE PLAZA HOTEL,
THE BLANCHARDSTOWN CENTRE, BLANCHARDSTOWN, DUBLIN 15 AND AT ANY ADJOURMENT THEREOF
ORMONDE MINING PUBLIC LIMITED COMPANY
For*
against*
I/We…………........................................................................................
To receive and consider the accounts for the year ended 31
December 2014, together with the reports of the Directors
and Auditors thereon
of………………...................................................................................…
being (a) member(s) of the above Company HEREBy APPOINT:
To re-elect John Carroll as a Director who is recommended
by the Board for re-election as a Director
________________of________________or failing him
1
2
3
To authorise the Directors to fix the remuneration of
the auditors
4
To authorise the Directors to allot relevant securities
5
To authorise the Directors to allot equity securities for cash
and to disapply Section 1022 (1) of the Companies Act
2014
________________of________________or failing him,
the Chairman of the meeting to be my / our proxy to vote for
me / us and on my / our behalf at the annual General meeting
of the Company convened for the 31st July 2015 at 11.00am,
at the Crowne Plaza hotel, the Blanchardstown Centre,
Blanchardstown, Dublin 15 and at any adjournment thereof.
i / we direct the proxy to vote for / against* the resolutions
to be proposed thereat by indicating with an “x” in the boxes
below as to how my / our vote for each resolution is to be cast.
*Please indicate with an ‘x’ in the boxes below how you wish
your votes to be cast, i.e. for or against the resolution. if you do
not do so, the proxy will vote or abstain as he/she thinks fit.
DATED THIS …........................................................................… day of .........................................................………………..……. 2015
SIGNATURE ……………………………………….......................................................................……………………………………………………
NAME IN FULL
(BLOCK LETTERS) …………………………………….......................................................................…………………………………………………...
Notes
1. Any member entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend, speak and vote on his/her behalf. A proxy
need not be a member of the company.
2. the instrument of proxy, to be valid, must be received by the company’s Registrars, computershare Investor services (Ireland) limited, Heron House,
corrig Road, sandyford Industrial estate, Dublin 18, Ireland not less than 48 hours before the time appointed for the holding of the Meeting.
3.
4.
In the case of a corporation this instrument may be either under the common seal or under the hand of an officer or attorney authorised in that behalf.
In the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes
of the other registered holders and for this purpose seniority shall be determined by the order in which the name stands in the Register of Members
in respect of the joint holding.
5.
If a proxy is executed under a power of Attorney such power of Attorney must be deposited at the Registrar’s office along with the instrument of proxy.
6. completing and returning a Form of proxy shall not preclude a member from attending and voting at the meeting should he / she so wish.
55
FOLD 2
The Company Registrar,
Ormonde Mining plc,
Computershare Investor Services (Ireland) Ltd.,
Heron House, Corrig Road,
Sandyford Industrial Estate,
Dublin 18,
Ireland.
1
D
L
O
F
FOLD 3
DireCtOrs anD Other inFOrmatiOn
Directors
Kerr Anderson
John Carroll
Michael Donoghue (Executive Chairman)
Stephen Nicol
(Managing Director)
(Non-Executive Director)
(Chief Operating Officer)
Registered Office
6 Northbrook Road
Dublin 6
Ireland
Secretary
John Carroll
Group Auditors
LHM Casey McGrath Limited
Chartered Certified Accountants
Statutory Audit Firm
6 Northbrook Road
Dublin 6, Ireland
Business Address
9 Abbey House
Main Street
Clonee
Co Meath
Ireland
Bankers
allied irish Bank Plc
Market Square
Navan
Co. Meath
Ireland
La Caixa
Centro de Empresas de Salamanca
C. Rector Lucena, 11 B
37002 Salamanca
Spain
Solicitors
mason hayes & Curran solicitors
South Bank House
Barrow Street
Dublin 4, Ireland
Dutilh abogados
Paseo de la Castellana, 28
28046 Madrid
Spain
Dominic Dowling solicitors
37 Castle Street
Dalkey
Co. Dublin, Ireland
NOMAD, ESM Adviser, Joint Broker
& Financial Adviser
Davy
Davy House
49 Dawson Street
Dublin 2
Ireland
UK Joint Broker
SP Angel Corporate Finance LLP
Prince Frederick House
35-39 Maddox Street
London W1S 2PP
UK
Registrars
Computershare Investor Services (Ireland) Ltd
Heron House
Corrig Road
Sandyford Industrial Estate
Dublin 18
Ireland
Financial PR
Murray Consultants
Latin Hall
Golden Lane
Dublin 8
Ireland
Capital M Consultants
1 Royal Exchange Avenue
London EC3V 3LT
UK
Registered Number
96863 Republic of Ireland
Date of Incorporation
13 September 1983
Website
www.ormondemining.com
57
ORMONDE MINING PLC
9 Abbey House, Main Street, Clonee, Co. Meath, Ireland.
Phone: +353 (0)1 8253570, Fax: +353 (0)1 8015906
Email: info@ormondemining.com, www.ormondemining.com