Lionsgold Limited (AIM:LION) Half Year Report


Lionsgold Limited (“Lionsgold”, “LION” or the “Company”), the India-focused gold exploration company with additional exploration assets in Finland and an interest in a physical gold online trading platform, announces its unaudited results for the six months ended 31 December 2017.


Highlights for the period:


·      New equity capital raised during the period totalling £1,171,000 through the exercise of warrants and management options and a part placing;

·      Increased shareholding to 21.15% of leading India gold exploration and mine development company Geomysore Services (India) Private Limited (“Geomysore”);

·      Final results of feasibility study completed at Geomysore’s most advanced project, Jonnagiri, resulting in ‘decision to mine’, and new Mining Lease targets identified, located in the southern part of the Kolar Gold Field;

·      Increased shareholding to 28.3% in Finnish gold joint venture company, Kalevala Gold Oy (“Kalevala);

·      Kalevala added 277.7km2 prospecting licensed area and received approval for 200 tonnes of gold ore for equipment testing;

·      Increased shareholding to 55% majority ownership of TRAC Technology Limited (“TRAC”) prior to design of Goldbloc by TRAC’s CEO and LION’s CEO;

·      Digital gold currency, Goldbloc, announced to market enabling physical gold to be directly owned within a bank account (product targeted for release Q2 2018);

·      E-Money (electronic money) Licence received from the FCA (Financial Conduct Authority) permitting TRAC to act as a payment or e-money institution (FCA reference number 902012);

·      Non-Executive Chairman appointed to the Board on 23 November 2017 adding technical geological and operational knowledge;

·      Former Rio Tinto Chief Executive Energy & Minerals who was head of all Rio projects in India for over eight years, joined Lionsgold as part-time Global Strategy Consultant;

·      Cash at bank at the end of the period £1.16m;

·      Over £1m received post period end from warrants exercised and balance of December 2017 placing;

·      Post period end, Lionsgold acquired 12.5% shareholding of banking and compliance technology platform provider, Railsbank Technology Limited (“Railsbank”) and secured a 3-year exclusive to utilise the platform to enable physical gold and gold derivative products in bank accounts.


Board changes


On  23 November 2017, Luke Cairns stepped down as Executive Director and David Price was appointed as Non-Executive Chairman.


Key financials


The loss after tax for the period was £542,630 (unaudited) compared to £452,979 for the period to 31 December 2016.


As at 31 December 2017, the Group’s cash balances were £1,160,741 (31 December 2016: £493,693).


Cameron Parry, Chief Executive Officer of Lionsgold Limited, commented:


“Lionsgold transformed in its size and capacity during the period ended 31 December 2017.  During the period, it increased its operational input and ownership position across its three divisions: India Gold, Fintech Gold and Finland Gold and achieved through equity capital raisings at market price structured with warrants priced at significant premiums, a robust cash position with access to further capital, to execute its strategic plans in 2018.


“Lionsgold has direct exposure to the Indian market via our mining interest and the global banking industry through the development of Goldbloc – the digital gold currency to be utilised in bank accounts.  It is an exciting chapter Lionsgold is entering and we look forward to reporting on the Company’s many business opportunities and developments throughout the course of the year.”


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