Your directors are pleased to report the final results for Agricola Resources PLC ("Agricola") for the year to 31 December 2006. These results have not yet been audited.
Since our last statement in 2006 the spot price of uranium has continued its 'escalating up trend' to $120 per lb today as against $50 this time last year confirming the massive shift to nuclear power.
One by one governments have embraced nuclear power with the realisation that the concept of 'energy independence' is here to stay. This is encouraged by depleting oil and gas reserves together with the negative effects that coal burning power plants unleash on our atmosphere
Judging by the worldwide stock market performances of uranium producers the markets are undoubtedly listening but there are a vast number of investors and some sections of central government policy makers who have yet to listen and we therefore believe we are still early in this powerful uranium bull market.
Agricola is now primarily engaged in uranium exploration in Scandinavia. Agricola is aware of many uranium occurrences in Scandinavia and has applied for prospecting licences covering some of them. Several of the licences have been granted. Agricola is aware of other occurrences and will try to acquire them in the near future.
To conduct major exploration and development of any finds Agricola needs to be in a strong financial position. On 3 May 2007 Agricola placed 46,780,000 ordinary shares of GBP0.01 each in the capital of the Company to Energy Ventures Limited (EVE) in return for GBP467,800. This equals 29.9% of the Company's enlarged share capital. This highly respected Australian group has backed Agricola with funds for its exploration in Scandinavia and it will also give Agricola access to EVE's technical staff.
On 3 May 2007 Agricola announced that four new exploration licences have been registered with the Swedish state mining authority, Bergsstaten and three exploration licence applications have been registered with the Finnish state mining authority, Ministry of Trade & Industry (MTI).
In Sweden each of the prospects were discovered by large exploration programs for uranium by the Swedish Geological Survey in the 1970 - 80s. For the selection of the prospects in Sweden Agricola has had full access to available drill cores and data files stored at the Swedish Geological Survey ("SGU") office at Mala, northern Sweden.
The four licence areas in Sweden are called Manakjaure 1, and Geddaur 1, 2, and 3. The Geddaur claims join each other and together they form a large survey area of a total of 131.5sq km. They are located within the municipality of Arjeplog, about 20 - 40 km to the east and south east of the municipality centre, in the Norrbotten county, northern Sweden. The Manakjaure area covers 5.5 sq km and is located further to the northeast of the Geddaur claims within the municipality of Jokkmokk in the Norrbotten county.
The Swedish registered applications, Manakjaure 1 and Geddaur 1, were granted by the Swedish Mines Inspectorate on April 24, 2007. It is anticipated that the other outstanding Swedish licence applications will be granted in due course.
The three licence areas in Finland are called Kuusjaervi 1, 2 and 3. They are of about 1 sq km size each in accordance with the Finnish Mining Act. They are located around the Paukkajavaara uranium mine area in the Eno county of Eastern Karelia, Finland.
Each of the licence areas covers strong soil radon anomalies obtained by Agricola in detailed soil surveys in the region during 2006. (Agricola news release, January 18, 2007). The granting process for the Finnish exploration licences is in progress.
Because of information on the possible forthcoming extensions of National Park borders causing restrictions of mineral exploration in the Energy Ridge area in the Salla county in northern Finland, Agricola has decided not to proceed with any exploration licence applications in this region.
I would like to thank our shareholders and fellow directors for their support in 2006. Agricola directors will work hard to increase the shareholder value in 2007.
Dr. Robert Young
Chairman
23 May 2007
Profit & Loss account - Year ended 31st December 2006
|
|
2006
GBP
|
2005
GBP
|
| Turnover |
--
|
--
|
| Cost of sales |
185,476
|
51,708
|
| GROSS LOSS |
185,476
|
51,708
|
| . |
|
|
| Administrative Expenses |
88,277
|
87,681
|
|
|
|
| OPERATING LOSS (2) |
273,753
|
139,389
|
| . |
|
|
| Investment Income |
2,622
|
2,025
|
|
|
|
| Loss on ordinary activities before taxation |
271,131
|
137,364
|
| Taxation |
--
|
--
|
| LOSS FOR THE FINANCIAL YEAR |
271,131
|
137,364
|
|
|
|
| Loss per share (4) |
0.25p
|
0.15p
|
|
|
|
| Diluted loss per share (4) |
0.25p
|
0.15p
|
The results reflect the continuing operations of the company.
Balance Sheet at 31st December 2005
|
|
2006
GBP
|
GBP
|
2005
GBP
|
GBP
|
| FIXED ASSETS |
|
|
|
|
| Intangible Assets |
|
1,536
|
|
155,869
|
| Tangible Assets |
|
195
|
|
698
|
|
|
1,731
|
|
156,567
|
| CURRENT ASSETS |
|
|
|
|
| Debtors |
---
|
|
21,023
|
|
| Investments |
53,377
|
|
53,377
|
|
| Cash at Bank |
89,172
|
|
160,375
|
|
| . |
142,549
|
|
234,775
|
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
| Creditors: amounts falling due within one year |
16,006
|
|
41,437
|
|
| NET CURRENT ASSETS |
|
126,543
|
|
193,338
|
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
128,274
|
|
349,905
|
|
|
|
|
|
| CAPITAL AND RESERVES |
|
|
|
|
| Called up share capital |
|
1,096,755
|
|
1,080,255
|
| Share Premium Account |
|
271,998
|
|
238,998
|
| Profit & Loss Account |
|
(1,240,479)
|
|
(969,348)
|
| EQUITY SHAREHOLDERS' FUNDS |
|
128,274
|
|
349,905
|
|
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