Nautilus Minerals announces financial results for Q3 2017
November 14 2017 - 09:44PM
Nautilus Minerals Inc.
(TSX:NUS) (OTC:NUSMF) (the "Company" or "Nautilus")
announces the release of its unaudited consolidated Financial
Statements for the third quarter ended September 30, 2017, together
with Management's Discussion and Analysis.
Q3 2017 Significant Events
- Received US$2 million through the US$20 million bridge
financing facility provided by the Company’s two largest
shareholders during Q3 2017.
- Announced the resignation of Mark Horn as Director and
appointment of John McCoach as Director.
- Announced a funding mandate with Deep Sea Mining Finance Ltd
(“DSMF”), a company owned by Nautilus’ two major shareholders and
lead by Mark Horn, whereby DSMF has been appointed as the Company's
exclusive financial advisor in respect of the remaining project
financing to complete the development of the Solwara 1
Project.
- Completed the submerged trials for the Collecting Machine
(CM).
- US$4.80 million in cash and cash equivalents as at September
30, 2017.
Mike Johnston, Nautilus' CEO, commented, "Q3
2017 has been a critical period for the Company. We appointed DSMF
as our exclusive financial advisor to assist with the remaining
project financing that is required to get the Solwara 1 Project
into production. We continued to make good progress on the
submerged trials in Papua New Guinea. The CM has now been
completed, and the Auxiliary Cutter is currently undergoing trials.
The Bulk Cutter is scheduled to commence trials towards the end of
Q4, 2017. We remain committed to developing the world's first
commercial high grade seafloor copper-gold mine at the Solwara 1
project site in the first half of 2019, subject to further
financing.”
The unaudited Financial Statements and
Management's Discussion and Analysis will be filed on www.sedar.com
and will also be available on the Company's website
http://www.nautilusminerals.com/IRM/ShowCategory.aspx?CategoryId=305&FilterStyle=B&archive=true&masterpage=311&year=2015&RID=400
For more information please refer to www.nautilusminerals.com or
contact:
Investor Relations Nautilus Minerals Inc. (Toronto) Email:
investor@nautilusminerals.comTel: +1 416 551 1100
The TSX does not accept responsibility for the adequacy
or accuracy of this press release.
Certain of the statements made in this news
release may contain forward-looking information within the meaning
of applicable securities laws, including statements with respect to
the plans to develop the seafloor copper-gold mine at the Solwara 1
project site in the first half of 2019. We have made numerous
assumptions about such statements, including
assumptions relating to the Company having access to adequate
project funding, completion and operation
of the Company's seafloor production
system and securing agreements with third parties to complete the
construction of the remaining seafloor production system within
certain timeframes. Even though our management believes the
assumptions made and the expectations represented by such
statements are reasonable, there can be no assurance that they will
prove to be accurate. Forward-looking information
by its nature involves known
and unknown risks, uncertainties and
other factors which may cause the actual results to be
materially different from any future results expressed or implied
by such forward-looking information. Please
refer to our most recently
filed Annual Information Form in
respect of material assumptions and risks related to
the prospects of extracting minerals from the seafloor and other
risks relating to the Company's
business and plans for development
of the Solwara 1 Project. Risks
related to advancing towards production include the risk that the
Company will be unable to obtain at all or on acceptable terms the
remaining financing necessary to fund completion of the build,
testing and deployment of the Company's seafloor production system
and that agreements with third party contractors for building slots
within certain timeframes are not secured as required.
As the Company has not
completed an economic study in
respect of the Solwara 1
Project, there can be no assurance
that the Company's production plans will, if fully funded and
implemented, successfully demonstrate that seafloor resource
production is commercially viable. Except as required by law,
we do not expect to update forward-looking statements
and information as conditions change
and you are referred to the
full discussion of the Company's
business contained in the Company's
reports filed with the securities
regulatory authorities in Canada.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for
polymetallic seafloor massive sulphide deposits. Nautilus was
granted the first mining lease for such deposits at the prospect
known as Solwara 1, in the territorial waters of Papua New Guinea,
where it is aiming to produce copper, gold and silver. The Company
has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the
western Pacific (granted and under application), as well as in
international waters in the Central Pacific. A Canadian registered
company, Nautilus is listed on the TSX:NUS stock exchange and is
also a member of the Nasdaq International Designation program. Its
corporate office is in Brisbane, Australia. Its major shareholders
include MB Holding Company LLC, an Oman based group with interests
in mining, oil & gas, which holds a 29.3% interest and
Metalloinvest, the largest iron ore producer in Europe and the CIS,
which has a 18.5% holding (each on a non-diluted basis, excluding
loan shares outstanding under the Company’s share loan plan).