AURUM MINING PLC

("Aurum" or "the Company")

Interim Results for the six months ended 30 September 2015

Aurum Mining plc (AIM: AUR), the Spanish focused gold and tungsten explorer, is pleased to report its interim results for the six months ended 30 September 2015.

Aurum Mining Plc

Review of Activities

Aurum Mining plc (AIM: AUR) is pleased to announce its interim results for the six months ended 30 September 2015.

The Company's 2014 Annual Report, which was published on 30 June 2015, outlined that the Board was in the process of changing the direction of the Company due to the very challenging market conditions that continue to impact the Natural Resource sector. The Report went onto say that the Board would be pursuing a twin strategy of identifying a transformational deal for the Company while looking to deliver value from the Company's existing highly prospective gold and tungsten portfolio.

The Board continues to be optimistic about the Company's  exploration assets in North-West Spain and is in the process of designing a future work programme for the gold projects with the Company's joint venture partner, Ormonde Mining plc ("Ormonde") (AIM: ORM).

Given that the mining sector for small companies is likely to be difficult for some time to come, the Board will continue to actively look at other opportunities to maximise Aurum's potential as a listed company and thus provide the Company's loyal shareholders with a chance to improve their returns. Mindful of the Company's size in what has become a very tough sector, the Board has continued to keep operational costs to a bare minimum during the period.

The Board is aware of the fact that the past few years have witnessed a lacklustre performance for Shareholders, but is hopeful that the Company will be able to provide positive updates on both tiers of the strategy by the time of the Company's 2015 Annual Results.

Key financials

For the six months to 30 September 2015, the Group reported a loss of £89,000 compared to a loss of £172,000 for the same period in 2014.

On 15 April 2015 the Company announced that it had completed a subscription of 25,758,356 New Ordinary Shares to new and existing Shareholders at a price of 1 pence per share to raise approximately £257,500 before expenses.  The funds raised are being used to fund working capital requirements to enable the business to pursue its revised strategy.

During this period of transition, cash management and cost control have remained key priorities for the Company. Administrative costs have been materially reduced over the last twelve months.

Corporate

The Board would like to thank its Shareholders and advisers for their input during this transitional period.

To facilitate the transformation process and to reduce costs, the Company announced various Directorate changes during the period.  David Williams, the Company's major Shareholder, was appointed to the Board as Chairman, and Chris Eadie and Mark Jones stepped down from the Board. Sean Finlay stepped down as Chairman on David's appointment but remains on the Board as a Non-Executive Director along with Haresh Kanabar who also remains on the Board as a Non-Executive Director. Chris Eadie continues to assist the Company as a consultant on a part-time basis.

In order to preserve cash and keep operating costs to a minimum, David Williams has agreed to take no salary until a transformational deal is completed.

Qualified Person

Sean Finlay, Professional Geologist, Chartered Engineer, Non-Executive Director of Aurum Mining Plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed and approved the technical information contained in this report.

On behalf of the Board

David Williams                                               

Chairman                                             

19 November 2015

aurum mining plc

STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

for the six months ended 30 september 2015

aurum mining plc

statement of financial position

as at 30 september 2015

aurum mining plc

 statement of Changes in equity

aurum mining plc

statement of cash flows

for the six months ended 30 september 2015

Aurum Mining Plc

Notes to the Interim Financial Statements

For the half year ended 30 September 2015

1. Basis of preparation

The unaudited interim financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs). The company has not elected to comply with IAS 34 "Interim Financial Reporting" as permitted. The principal accounting policies used in preparing the interim financial statements are unchanged from those disclosed in the Company's Annual Report for the year ended 31 March 2015 and are expected to be consistent with those policies that will be in effect at the year end except the Company has adopted a number of revised standards and interpretations. However, none of these has had a material affect on the Company's reporting. In addition the IASB has issued a number of IFRS and IFRIC amendments and interpretations since the last annual report.

The financial statements for the six months ended 30 September 2015 and 30 September 2014 are un-reviewed and unaudited. The comparative financial information does not constitute statutory financial statements as defined by Section 434 of the Companies Act 2006. The comparative financial information for the year ended 31 March 2015 is not the Company's full statutory accounts for that period. A copy of those statutory financial statements has been delivered to the registrar of companies. The auditors' report on those accounts was unqualified, but did draw attention by way of emphasis, in respect of the company's ability to continue as a going concern, but did not contain a statement under section 498 (2) - (3) of the Companies Act 2006.

The company's financial statements are presented in Great Britain Pounds Sterling, and all values are rounded to the nearest thousand Pounds (£'000) except when otherwise indicated.

Going concern

Following a review of the Company's operations, its current financial position and cash flow forecasts, the Directors have formed a view that the Company will have sufficient cash resources available to it to continue in operational existence and meet its financial commitments as they arise in the next twelve months. The Directors have formed this view based on the amount of available cash within the Company, the Company's historical track record of raising funds from the AIM market, and the assets and investments the Company holds which could be made available for potential sale, should the need arise.

Based on the above the Directors have concluded that the Company can continue as a going concern for a period of at least twelve months from the date of signing the interim financial statements. Accordingly, the Directors continue to adopt the going concern basis for the preparation of these interim financial statements.   

The forecasts prepared by the directors reflect the requirements for the Company to raise further funds over the next twelve months or to dispose of at least one of the assets or investments of the Company. Given that at the date of approval of these financial statements there are no legally binding agreements in place relating to either fundraising or to the sale of any of the company's assets or investments, there can be no certainty relating to these potential causes of action, despite the Company's track record of raising funds or completing asset transactions. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern, which would principally relate to the impairment of intangible assets and investments.

2. Loss per share

Basic loss per share is calculated by dividing the loss attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

For diluted loss per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. 

As at 30 September 2015 there were 4,450,000 (30 September 2014: 4,450,000, 31 March 2015: 4,450,000) potentially dilutive ordinary shares.

The effect of all potential ordinary shares arising from the exercise of options is anti-dilutive and therefore diluted loss per share has not been calculated.

3. Intangible assets

4. Investments

5. Share capital