Lapp Plats plc / Index: AIM & IEX / Sector: Mining

31 December 2006 Annual Report and Consolidated Financial Statements

22 September 2006  Interim Report for Six Months ended 30 June 2006

31 December 2005 Results for the period ended 31 December 2005

19 May 2005    Preliminary Results for the period ended 31 December 2004

LAPP PLATS plc ("the Company")

QUARTERLY STATEMENT

Lapp Plats plc, the OFEX-listed Platinum Group Elements ("PGE") and Nickel ("Ni") exploration company, announces its results for the period from 15 December 2003 (date of incorporation) to 30 September 2004.

Highlights

Listed on OFEX having raised £400,000 through a placing with private investors

Exploration team recruited and led by PGE specialist Dr. Tim Fletcher

Concession claims in central and northern Sweden submitted and approval received from the Swedish Government to work these claims

Four claims (total 15,861 ha) staked in central and northern Sweden - Kullar, Cabra 1 & 2, and Prantijarvi

Possible layered mafic intrusion type PGE + Gold ("Au"), Ni and Copper ("Cu") targets discovered at the Prantijarvi and Cabra claims

Early signs have been encouraging with target anomalies providing strong reasons to increase exploration activities.

Further targets and strategic developments identified

 

As previously reported significant progress has been made since we listed on OFEX in February 2004. The Company, which was promoted by Minmet plc ("MinMet"), raised £400,000 in new equity following a successful placement of shares with private investors. The funds raised are being applied to finance the Company’s exploration programme in Sweden and Finland. MinMet has retained a 58.4% shareholding in the Company and we are working with the close support of MinMet personnel from our operational base at Björkdal in northern Sweden.

Exploration

In March 2004, Lapp Plats plc recruited a dedicated exploration team under Dr. Tim Fletcher and commenced preparatory work for the 2004 exploration field season.

Extensive targeting and research studies have been completed utilizing the unique MinMet owned Geochemical Database ("Database") and consultation by our exploration team with the Swedish Geological Survey at Mala. In April 2004, following this work we staked claims on four new concessions in central and northern Sweden, on which the Mining Inspectorate of Sweden (Bergsstaten) granted permission to work in June 2004.

The four target concessions (Kullar, Cabra 1 & 2, and Prantijarvi) were prioritized using geochemical, geophysical and lithological criteria, and are located within Proterozoic age sequences containing mafic-ultramafic, metasediments and granitoid units. Many of the geochemical (Ni, Cu, Chromium ("Cr"), PGE) anomalies (including till geochemistry, mineralized boulders and bedrock occurrences) were identified using the Database. Host target lithologies include mafic and ultramafic bodies, some of which are layered and found adjacent to both Proterozoic and Archean age country rocks.

The Kullar (8,000 Ha) and the Cabra 1 & 2 (2,589 & 1,648 Ha) claims are located in central and northern Sweden respectively. Ni, Cu & PGE geochemical anomalies are found in both drift and bed rock samples over the claim areas, with up to 0.27% Ni in mineralized boulders and 0.43 ppm PGE (Pt + Pd) in outcrop in the Cabra 2 claim.

The Prantijarvi claim (3,624 Ha) is located in northeast Sweden near the frontier with Finland. The Prantijarvi gabbroic intrusion is defined by a strong (11 x 3 km) aeromagnetic anomaly and boulders of meta-gabbro and sulphide bearing ultramafic rock types hosted within Proterozoic and possibly Archean metasediments. Prantijarvi is adjacent to the Kukkola layered gabbroic intrusion, which is part of the (2.4 Ga) Kukkola-Tornio-Portimo intrusive complex that runs through into Finland (the Kukkola layered intrusion itself contains narrow (< 0.2m) Cr and mineralized layers with up to 1.82g/t PGE + Au).

Q3 Update

The Company carried out exploration on these claims with two field teams during the summer field season. A total of 630 rock chip and 90 till samples have been taken and assay results are expected shortly. The geochemical target anomalies are generally associated with either sulphide bearing meta-pyroxenites, gabbros, dolerites, black shales or graphitic paragneisses. Early signs have been encouraging with the anomalies providing strong reasons to increase exploration activities.

Fieldwork in the third quarter 2004 focused primarily on the Prantijarvi and Cabra 1 & 2 claims.

Work on the Prantijarvi gabbroic intrusion centred on mapping and sampling boulders and outcrops of sulphide bearing peridotites, metapyroxenites and meta-gabbros/dolerites. A total of 96 rock samples and 86 till samples were taken. A number of anomalous PGE+Au zones have been found in rock chip samples (up to 239 ppb in metapyroxenite) and soil samples (up to 37 ppb).

The Cabra I & II claims occur over layered gabbroic intrusions in northwest Sweden. Exploration work followed up on geochemical Ni-Cu drift and boulder anomalies (up to 0.27% Ni and 0.2% Cu in mineralized boulders) and on layered ultramafic units with reported outcrop values of up to 0.43 ppm PGE (Platinum ("Pt") + Palladium ("Pd")) in outcrop. 174 rock chip samples were collected over the Cabra claims during this first phase of sampling. Anomalous levels of PGE+Au, Ni, Cu (up to 806 ppb 2PGE+Au, 0.48% Cu and 0.18% Ni) were found in a variety of altered and/or sulphide bearing mafic and ultramafic rock types.

Preliminary assessment of the geology and PGE+Au, Ni, Cu anomalies in the Prantijarvi and Cabra claims indicates a layered mafic intrusion type PGE+Au-Ni-Cu target, similar to the Gold Fields’ Arctic Platinum project in Finland. The Arctic Platinum Project, owned by Goldfields Limited has an indicated resource of 168.3 million tons at a grade of 2.33 g/t 2PGE+Au, 0.09%Ni and 0.2% Cu, while the Keivitsa deposit has an indicated resource of 150 Mt at 0.23g/t Pt, 0.15g/t Pd, 0.09g/t Au, 0.18% Ni, 0.27% Cu and 1.23% S.

Lapp Plats is focused on detailed follow-up including petrographic studies of anomalous rock types and logging and sampling of drill core drilled in the later 1970s and 80s by LKAB and SGU in earlier Ni and olivine exploration campaigns. Lapp Plats also intends to utilize existing geophysical and geochemical data to further define targets and plan field programmes to complete exploration of the Cabra claim areas in the upcoming field season.

Ongoing evaluation of the geochemical database and ground truthing in a number of other areas, particularly central and northern Sweden has also identified new target types and areas for exploration.

The Company has also been engaged with other operators in both Sweden and Finland.

Financial Results

During the period from 15 December 2003 to 30 September 2004 the Company incurred a net loss of £28,650, and in the 3 months ended 30 September 2004 a net loss of £11,628. These results reflect corporate expenses (listing, professional and directors fees) incurred and charged to the profit and loss account in the respective periods. Goodwill and exploration expenditure on projects amounting to £214,754 have been capitalised as Intangible Assets in the Balance Sheet at 30 September 2004. Also expenditure on Tangible Fixed Assets (field equipment) amounting to £14,687 has been capitalised in the Balance Sheet.

Bank and cash balances at 30 September 2004 amounted to £230,300.

Outlook

We are encouraged by the results of the early stage exploration activities on our claims. The nature of the PGE+Au, Ni, Cu mineralisation and host lithologies will be determined by petrographic studies which we are undertaking. Design of follow up programmes and the siting of potential drill targets will follow compilation and review of all existing geological, geochemical and geophysical data.

In addition to our ongoing exploration work we are discussing possible involvement with potential industry partners on one or more advanced projects in order to accelerate our development.

We are excited by the exploration targets identified and claimed and are encouraged by the work completed in the short time since the launch of our Company. Our top class team is well qualified and motivated to bring these projects forward and to develop their full potential.

We consider that the Company has sufficient resources to continue planned activities for the next six months period.

M H Nolan

Director

23 December 2004

The directors of Lapp Plats Plc accept responsibility for the content of this announcement.

For further information:

www.lapp-plats.com

ACCOUNTANT'S REVIEW REPORT

INTRODUCTION

We have been instructed by the company to review the financial information for the period from 15 December 2003 (date of incorporation) to 30 September 2004, which comprises a consolidated profit and loss account and consolidated balance sheet. We have read the other information contained in the quarterly report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.

DIRECTORS' RESPONSIBILITIES

The quarterly report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the quarterly report in accordance with the OFEX Code of Best Practice, which states that the financial results must contain the information required by law. In this regard, accounting policies and presentation applied to the quarterly figures should be consistent with those applied in preparing the preceding annual accounts if applicable except where any changes, and the reasons for them, are disclosed.

REVIEW WORK PERFORMED

We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of control and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information.

REVIEW CONCLUSION

On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the period from 15 December 2003 (date of incorporation) to 30 September 2004.

Deloitte & Touche

Chartered Accountants and Registered Auditors

Dublin

23 December 2004

Lapp Plats plc / Index: OFEX / Sector: Mining

27 September 2004

LAPP PLATS plc ("the Company")

INTERIM STATEMENT

Lapp Plats plc, the OFEX-listed Platinum Group Elements ("PGE") and nickel ("Ni") exploration company, announces its results for the period from 15 December 2003 (date of incorporation) to 30th June 2004.

Overview

• Listed on OFEX having raised £400,000 through a placing with private investors

• Exploration team recruited led by PGE specialist Dr. Tim Fletcher

• Approval given by the Swedish Government to work on claims submitted in central and northern Sweden and further targets identified

• Well positioned to maximise potential opportunities

It gives us great pleasure to report our maiden set of interim results. Significant progress has been made since we listed on OFEX in February 2004, following a successful private placement of £400,000 with private investors. Importantly, we have succeeded in our initial objectives, having brought together a highly capable and experienced exploration team who are already building an exciting portfolio of PGE and Ni exploration assets.

Close links are being maintained with Minmet plc ("MinMet") which has retained a 58% shareholding in the Company. Our operational base is up and running at the Björkdal mine in northern Sweden where we have access to facilities provided by Björkdalsgruvan AB, a gold mining subsidiary of MinMet.

In March 2004 we recruited Dr. Tim Fletcher, as Exploration Manager, a highly experienced economic geologist with 18 years in the exploration and mining business specifically in platinum ("Pt"), Ni, copper ("Cu") and gold ("Au"). He has successfully recruited dedicated exploration personnel who have the ability to locate projects that we feel will add value to the Company going forward.

Following extensive generative exploration work, we have applied for several mineral concessions in northern and central Sweden. The areas claimed were identified utilising both MinMet’s proprietary geochemical database ("Database"), to which Lapp Plats has exclusive access for PGE and Ni targets, and following consultation by our exploration team with the Swedish Geological Survey at Malå. The Mining Inspectorate of Sweden (Bergsstaten) has granted permission to work on all claims submitted by Lapp Plats.

In April 2004 we staked claims on four targets, Kullar – 8,000ha; Cabra 1 – 2,589ha; Cabra 2 – 1,648ha; and Prantijarvi – 3,624ha (together the ‘Projects’) which were prioritized using geochemical, geophysical and lithological criteria. The Projects are located within Proterozoic age sequences containing mafic-ultramafic, metasediment volcanic and granitoid units which are well known for hosting Iron ("Fe"), Au and volcanic massive sulphide ("VMS") style deposits. Many of the geochemical (Ni, Cu, cromium ("Cr") and PGE) anomalies (including till geochemistry, mineralized boulders and bedrock occurrences) were identified using the Database. Host target lithologies include metasediments and mafic and ultramafic bodies, some of which are layered and found adjacent to both Proterozoic and Archean country rocks.

We now have two field teams carrying out exploration work on the Projects. In particular work is focused on Prantijarvi and Cabra 1 & 2 where our early stage exploration has concentrated on mapping and sampling boulders and sulphide bearing outcrops. A total of 580 rock chip and 92 til samples have been taken and assay results are expected shortly.

In addition, ongoing evaluation of the Database and ground truthing in a number of areas in central and northern Sweden, have identified new targets for exploration. We have also been engaged with other operators in both Sweden and Finland with a view to identifying suitable opportunities where we can add value through joint venture or other association by using our specialist exploration capability.

During the period the Company incurred a Net Loss £17,022. This reflects corporate costs (listing, professional and directors fees) incurred and charged to the profit and loss account in the period under review. Goodwill and exploration expenditure on projects amounting to £163,811 have been capitalised as Intangible Assets in the Balance Sheet at 30 June 2004. Also expenditure on Tangible Fixed Assets, (field equipment) amounting to £14,793 has been capitalised in the Balance Sheet.

Bank and cash balances at 30 June 2004 amounted to £326,625.

Outlook

The Company plans to bring the current exploration targets to drill stage by year end and we will also continue our discussions with industry partners to try and source one or more advanced projects to accelerate our development.

We are confident that we have a top class team in place to successfully develop the many opportunities available to us in Scandinavia.

On behalf of the board,

M H Nolan

Director

27 September 2004

The directors of Lapp Plats plc accept responsibility for the content of this announcement.

For further information:

Lapp Plats plc - www.lapp-plats.com

Michael Nolan, Director Tel: + 353 1 661 3309

ACCOUNTANT’S REVIEW REPORT

INTRODUCTION

We have been instructed by the company to review the financial information for the period from 15 December 2003 to 30 June 2004 which comprises a consolidated profit and loss account and consolidated balance sheet. We have read the other information contained in the Interim Statement and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.

DIRECTORS’ RESPONSIBILITIES

The Interim Statement, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Interim Statement in accordance with the OFEX code of best practice, which states that the financial results must contain the information required by law. In this regard, accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts if applicable except where any changes, and the reasons for them, are disclosed.

REVIEW WORK PERFORMED

We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of control and verification of assets liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information.

REVIEW CONCLUSION

On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the period from 15 December 2003 to 30 June 2004.

Deloitte & Touche

Chartered Accountants and Registered Auditors

Dublin

27 September 2004

LAPP PLATS plc (the "Company")

CHAIRMAN’S STATEMENT

Quarter ended 31 March 2004