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Objective: To deliver attractive returns to investors through a global natural resources and mine development focused portfolio. Polo Resources Limited (“Polo Resources” or “the Company”) selects, acquires and manages substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects.
Listing: Polo Resources is traded on the AIM market of the London Stock Exchange and the Toronto Stock Exchange (TSX), under the trading symbol POL.
Net Asset Valuation, as at 31 December 2012
% Change inPeriod(1)
Net Asset Value
Diluted Net Asset Value
Ordinary Share Price
Short-term Investments, Cash and Receivables
Total listed & unlisted
(1) As at 30 September 2012 Net Asset Value (“NAV”) per share was 3.83 pence and the share price was 2.95 pence.
Nimini Holdings Limited
Gold project developer in Sierra Leone with Indicated Resources of 521,000 oz gold at the Komahun Gold Project.
Signet Petroleum Limited
African oil & gas explorer with substantial concessions across Africa, particularly Tanzania and Namibia.
Regalis Petroleum Limited
A private oil and gas company focussed on acquiring and exploring high impact exploration assets in Africa. The company has an offshore project in Namibia and other opportunities in an advanced stage in sub-Saharan Africa
Ironstone Resources Limited
Canadian resource development company, owner of the Clear Hills Iron Ore/Vanadium Project
GCM Resources plc
Developers of the Phulbari Coal Project, Bangladesh
Equus Petroleum plc
Kazakhstan energy and petroleum company
OVERVIEW: Polo Resources’ NAV decreased slightly during Q4 2012. The NAV closed at 3.62 pence per share on 31 December 2012 compared to 3.83 pence per share on 30 September 2012. The decrease in NAV during the quarter is primarily attributable to two factors; an increase in issued share capital resulting from the Signet transaction and secondly, a reduction in the share price of GCM Resources plc.
Neil Herbert, Executive Co-Chairman and Managing Director commented:
“During the quarter we continued to invest in both gold and oil and gas projects. Polo funded a significant drill programme at the Komahun gold deposit in Sierra Leone and increased its interest in African oil and gas explorer Signet Petroleum.