Interim Results

 Centurion Resources plc / EPIC: CEN / Market: AIM / Sector: General Financial

15 October 2013

Centurion Resources plc ('Centurion' or the 'Company')

Interim Results

Centurion Resources plc, the AIM listed multi-commodity exploration and development company with projects in Austria, announces its interim results for the six months ended 31 August 2013.

Overview

· Prospective 33 sq km Mitterberg Copper Project, Austria, has strong potential to host high copper grades

· Exploration target of 11.0Mt-11.7Mt, with a grade range of 1.0%-1.15% copper

· Active acquisition strategy - currently evaluating high quality opportunities across Europe in the base metals sector

· Strong cash position to advance projects and build a portfolio of strategic assets

Chairman's Statement

I am pleased to report on the progress Centurion continues to make as a natural resource focussed exploration and development company. Our 33 sq km Mitterberg Copper Project ('Mitterberg' or 'the Project'), located in the historic Mitterberg district of Salzburg, Austria, remains highly prospective, and with an exploration target of 11.0Mt-11.7Mt, with a grade range of 1.0%-1.15% copper, we remain confident that the Project has strong potential to host high copper grades.

In order to better define the Project's potential, and following initial desktop work performed by the Company's Austrian consultant geologists, the Board decided to engage a geological services company to undertake a review of the wider Mitterberg area in order to assess whether additional land areas should be acquired prior to any full scale exploration campaign. The work to date indicates that there may be additional opportunities both to the East of the existing license area as well as a possible southern continuation of the prospective geology. We look forward to updating shareholders on these developments in due course.

In addition to potentially expanding the Company's land holding at Mitterberg, Centurion will continue to assess future acquisition opportunities in order to build a portfolio of value accretive assets. Importantly, Centurion will only consider assets which meet its stringent investment criteria, complement the Company's current portfolio and provide value accretive opportunities. In line with this, the Board is particularly encouraged by the high-quality investment opportunities available across Europe, and whilst no discussions have yet been concluded, the Board is confident that the Company is well placed to expand its geographical reach in the European resources space and gain exposure to exciting new markets.

To support the Company's growth strategy, Centurion raised £200,000 by way of a placing in July 2013 (see announcement 2 July 2013. Centurion is committed to ensuring that the funds are used to the best value for the Company and its shareholders. In line with this, and the Company's potential expansion into new geographical regions, Centurion announced in September 2013 that Non-Executive Chairman Peter Landau and Non-Executive Director Robert Hyndes stepped down from the Board in order to pursue their other business interests (see announcement dated 4 September 2013). The Company would like to thank both Peter and Rob for their contribution during the past 10 months, and wish them well in their future endeavours.

Financials

For the six months ended 31 August 2013, we are reporting a pre-tax loss of £176,300 (six months ended 31 August 2012: £128,807). The Company's net cash balances as at 31 August 2013 were £657,992 (six months ended 31 August 2012: £64,687). The Group's cash position currently stands at £600,491.

Outlook

Centurion has established a solid foundation, from which I firmly believe we can build value. With a prospective project, an experienced Board and management team, which has an in-depth knowledge of the European mining space and a proven track record in identifying and developing resource projects, and a strong cash position to help fund project development and potential acquisition opportunities, I believe we are well set to advance the Company for the benefit of all shareholders. I look forward to updating shareholders on these developments in due course.

Finally, I would like to take this opportunity to thank my fellow director, management and advisors for their dedication and help, as well as our shareholders for their continuing support.

Alastair Clayton

Director

14 October 2013

For further information, please visit www.centurionresources.com or contact:

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED BALANCE SHEET

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. General Information

The principal activity of Centurion Resources plc ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange ('AIM'). The Company is incorporated and domiciled in the UK.

The address of its registered office is 47 Charles Street, London, W1J 5EL.

2. Basis of Preparation

The condensed interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 28 February 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

Statutory financial statements for the period ended 28 February 2013 were approved by the Board of Directors on 9 August 2012 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.

The 2013 interim financial report of the Company has not been audited but has been reviewed by the Company's auditor, PKF Littlejohn LLP, whose independent review report is included in this Interim Report.

Going concern

 The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 31 August 2013.

Risks and uncertainties

 The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2013 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.centurionresources.com. The key financial risks are liquidity risk, credit risk, interest rate risk and fair value estimation.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 3 of the Company's 2013 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period except for the following:

3. Accounting Policies

Except as described below, the same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 28 February 2013, except for the impact of the adoption of the Standards and interpretations described below.

The preparation of condensed interim financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's Accounting Policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the condensed interim financial statements, are disclosed in Note 4 of the Group's 2013 Annual Report and Financial Statements.

3.1 Changes in accounting policy and disclosures

New and amended standards, and interpretations mandatory for the first time for the financial year beginning 1 March 2013 but not currently relevant to the Group.

IAS 1 (Amended), "Presentation of Items of Other Comprehensive Income" became effective during the period. Items in the consolidated statement of comprehensive income that may be reclassified to profit or loss in subsequent periods are now presented separately from items that will not be reclassified to profit or loss in subsequent periods.

IFRS 13, "Fair value measurement" became effective during the period. The standard requires specific disclosures on fair values, some of which replace existing disclosure requirements in IFRS 7, "Financial instruments: Disclosures". The fair values of cash and cash equivalents, trade and other receivables and trade and other payables approximate to their book values due to the short maturity periods of these financial instruments. Available for sale financial investments consist of equity investments whose fair value is determined by reference to unobservable data (level 3 in the fair value measurement hierarchy). There were no losses recognised in other comprehensive income for available-for-sale financial assets during the six months ended 31 August 2013 (six months ended 31 August 2012: £nil).

3.2 Intangible assets

(a) Exploration and evaluation assets

The Group recognises expenditure as exploration and evaluation assets when it determines that those assets will be successful in finding specific mineral resources. Expenditure included in the initial measurement of exploration and evaluation assets and which are classified as intangible assets relate to the acquisition of rights to explore, topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching, sampling and activities to evaluate the technical feasibility and commercial viability of extracting a mineral resource. Capitalisation of pre-production expenditure ceases when the mining property is capable of commercial production.

Exploration and evaluation assets arising on business combinations are included at their acquisition-date fair value in accordance with IFRS 3 'Business combinations'. Other exploration and evaluation assets and all subsequent expenditure on assets acquired as part of a business combination are recorded and held at cost.

Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas.

Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the income statement.

4. Dividends

No dividend has been declared or paid by the Company during the six months ended 31 August 2013 (six months ended 31 August 2012: nil).

5. Intangible Assets

Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise acquired and internally generated assets.

6. Available-for-Sale Financial Assets

On 2 July 2013 the Company terminated its investment in North Mining Doo, which holds mineral exploration permits in Montenegro, for strategic reasons. As per the terms of the investment agreement the cash consideration of £375,000 plus an additional £37,500 in interest was repaid to the Company.

7. Loss per Share

The calculation of loss per share is based on a retained loss of £176,300 for the six months ended 31 August 2013 (six months ended 31 August 2012: £128,807) and the weighted average number of shares in issue in the period ended 31 August 2013 of 236,607,132 (six months ended 31 August 2012: 52,611,749).

No diluted earnings per share is presented for the six months ended 31 August 2013 or six months ended 31 August 2012 as the effect on the exercise of share options would be to decrease the loss per share.

8. Issued Capital

On 2 July 2013 the Company raised £200,000 via the issue and allotment of 20,000,000 new ordinary shares of 0.2 pence each fully paid at a price of 1 pence per share.

9. Events after the balance sheet date

On 4 September 2013 Non-Executive Chairman Peter Landau and Non-Executive Director Robert Hyndes stepped down from the Board of Directors.

10. Approval of interim financial statements

The Condensed interim financial statements were approved by the Board of Directors on 14 October 2013.

Independent Review Report to Centurion Resources Plc

Introduction

We have been engaged by Centurion Resources Plcto review the condensed set of Financial Statements in the half-yearly financial report for the six months ended 31 August 2013 which comprise the condensed consolidated statement of comprehensive income, condensed consolidated balance sheet, consolidated statement of changes in equity, condensed consolidated cash flow statement and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of Financial Statements.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.

The annual Financial Statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of Financial Statements included in this half-yearly financial report has been prepared in accordance with the requirements of the AIM Rules for Companies.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of Financial Statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial Statements in the half-yearly financial report for the six months ended 31 August 2013 is not prepared, in all material respects, in accordance with the AIM Rules for Companies.

PKF Littlejohn LLP

Chartered Accountants and Registered Auditors

1 Westferry Circus

Canary Wharf

London

E14 4HD

14 October 2013

**ENDS**