Interim Results

28 March 2013

LP Hill Plc

("LP Hill" or the "Company")

Interim Results for the six months ended 31 December 2012

LP Hill (AIM: LPH), the AIM listed uranium, thorium, base and precious metals and gemstones exploration and development company operating in Madagascar, announces its unaudited interim results for the six months ended 31 December 2012. 

Highlights:

·; Continued identification and ongoing evaluation of a number of attractive projects for potential acquisition to expand the Company's asset portfolio.

·; Unsecured loan notes 2012 converted in full by an existing significant shareholder into equity on 1 November 2012 at a significant premium to the Company's then prevailing market share price. Accrued interest on the notes also satisfied in equity at the same price.

Gerry Nealon, Executive Chairman of LP Hill, commented:

"During the period, the Board has continued to diligently investigate and evaluate further potential opportunities to expand the Company's asset portfolio. This has included the evaluation of more advanced projects that are revenue generating or that have a clear path towards revenue generation.

We remain confident of ultimately achieving an appropriate acquisition and associated fundraising despite the ongoing challenging and uncertain global macroeconomic environment."

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Chairman's Statement

I have pleasure in presenting the group's unaudited interim results for the six month period ended 31 December 2012.

During the period, the Board has continued to diligently investigate and evaluate further potential opportunities to expand the Company's asset portfolio in line with our stated strategy. This has included the evaluation of more advanced projects that are either revenue generating or have a clear short-term path towards revenue generation.

We are still awaiting the requisite environmental clearances and approvals from the relevant Madagascan government authorities in respect of our Phase 2 exploration programme for our Marodambo Project in Madagascar and, in the meantime, the project remains on a care and maintenance footing.

Reflecting the limited essential expenditure incurred to maintain the Marodambo Project, general group running costs and the ongoing costs associated with conducting the necessary due diligence on potential new attractive project opportunities, the group incurred a loss before and after taxation for the six month period ended 31 December 2012 of approximately £48,000 (31 December 2011: loss of £74,000).

On 1 November 2012, certain unsecured loan notes 2012 were converted in full into equity by a significant existing shareholder at a price of 5p per ordinary share, representing a significant premium to the Company's then prevailing market share price. Accrued interest on the notes was also satisfied in equity at the same price.

The Company anticipates raising additional equity and/or debt finance in due course in order to ensure that the group maintains an appropriate capital structure and is able to fund its ongoing working capital requirements.

I would again like to take this opportunity to thank all of our shareholders, advisers and other stakeholders for their continuing support and patience as we endeavor to identify and secure a suitable opportunity to deliver long-term shareholder value.

Gerard A. Nealon

Executive Chairman

27 March 2013

Consolidated Statement of Comprehensive Income

For the six months ended 31 December 2012

Consolidated Statement of Financial Position as at 31 December 2012

Consolidated Statement of Changes in Equity

For the six months ended 31 December 2012

Consolidated Statement of Cash Flow

For the six months ended 31 December 2012

Notes to the Interim Financial Information

For the six months ended 31 December 2012

1. General information

LP Hill Plc is currently a mineral exploration and development company. The Company is a public limited company incorporated in England and Wales with company number 05980987. It is listed on AIM, a market operated by the London Stock Exchange Plc.

2. Basis of preparation

The interim financial information, which incorporates the financial information of the Company and its subsidiary undertakings (the "Group"), has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU"). The interim financial information for the six month period ended 31 December 2012 complies with IAS 34 'Interim Financial Reporting' and was approved by the Board on 27 March 2013.

The unaudited interim financial information contained in this announcement for the period ended 31 December 2012 does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year ended 30 June 2012 are extracted from the statutory financial statements for that financial year which have been delivered to the Registrar of Companies and which contained an unqualified audit report and did not contain any statements under Sections 498 to 502 of the Companies Act 2006.

3. Significant accounting policies

The accounting policies applied are consistent with those applied in the annual financial statements for the year ended 30 June 2012, as described in those financial statements.

There are no IFRSs or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the Group.

There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group.

4.  Segmental analysis

The Group's primary reporting format is business segments and its secondary format is geographical segments. The Group currently only operates in a single business and geographical segment. Accordingly, no segmental information by business segment or geographical segment is required.

5. Losses per share

Losses per ordinary share have been calculated using the weighted average number of shares in issue during the relevant financial period. The weighted average number of equity shares in issue was, basic and diluted, 27,992,780 as at 31 December 2011 and 30 June 2012, and 28,692,245 as at 31 December 2012. The loss for the financial period was £48,000 (31 December 2011: loss of £74,000; 30 June 2012: loss of £214,000).

6. Reconciliation of operating (loss) to net cash outflow from operating activities

7. Called up share capital

The issued ordinary share capital as at 30 June 2012 and 31 December 2011 was 27,992,780 ordinary shares of £0.001 each, and as at 31 December 2012 the issued ordinary share capital was 30,137,806 ordinary shares of £0.001 each. During the period, the Company allotted 2,145,026 new ordinary shares to an existing significant shareholder, in respect of the conversion in full of its 2012 unsecured loan notes and the satisfaction of accrued interest thereon.

8. Post balance sheet events

There are no post balance sheet events to report.

9. Availability of Interim Financial Statements

A copy of these unaudited interim results will be available from the Company's registered office at 30 Portland Place, London W1B 1LZ during normal business hours on any weekday. The interim financial information will also be made available on the Company's website at: www.lphill.com.au.