Nautilus Minerals Announces Release of Annual Results
March 20 2018 - 6:00AM
Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF)
(
Nasdaq Intl Designation) (the "Company" or
"Nautilus") announces the release of its audited consolidated
financial statements for the year ended December 31, 2017, together
with the related Management's Discussion and Analysis.
2017 Significant Events
- Advanced the Solwara 1 Project by conducting submerged trials
of the three Seafloor Production Tools in Papua New Guinea.
- Advanced the Production Support Vessel construction. • Advanced
the design and build of the Derrick and
Substructure.• Completed factory acceptance testing of the
Subsea Slurry Lift Pump, and accepted delivery of the Riser
System.• Accepted delivery of the Launch and Recovery System
in China.
- Received a total of US$10 million from the bridge financing
facility provided by the Company’s two largest shareholders.
- Signed a funding mandate with Deep Sea Mining Finance Ltd, with
respect to the major financing required to complete the development
of the Solwara 1 Project.
- Announced the resignations of Mark Horn as Director and Russell
Debney as Chairman and subsequent appointment of John McCoach as
Director and Tariq Al Barwani as Chairman.
- Finished the year with US$240,636 in cash and cash equivalents
as at December 31, 2017.
Nautilus' CEO, Mike Johnston, commented, "2017
was a challenging year for the Company. Conversely, we executed
exceptionally well with progressing the world's first deep sea
mining system and I give recognition and thanks to the Nautilus
team members, our partner Eda Kopa (Solwara) Limited, the
government of PNG, our key suppliers, and our shareholders who have
continued to support us during this time. I would also like to
thank our major shareholders for their continued belief in our
objective of launching this new seafloor mining industry, with
their ongoing support through bridge loans and other financing
efforts.”
The 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/content/financial-reports.aspx?RID=305
For more information please refer to
www.nautilusminerals.com or contact:
Investor RelationsNautilus 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 Company's funding requirements, expectations to receive
additional bridge loans and enter into a credit facility, and the
continued development of the Solwara 1 Project. We have made
numerous assumptions about such statements, including
assumptions relating to the Company’s funding
requirements, project funding, and completion and
operation of the Company's seafloor
production system. 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 continuing the Company's operations and advancing the
development of the Solwara 1 Project include the risk that the
Company will be unable to obtain at all or on acceptable terms, and
within the timeframes required, the remaining financings necessary
to fund completion of the build, testing and deployment of the
Company's seafloor production system; that the Company will be
unable to rectify or arrange for the rectification of the default
under the shipbuilding contract for the construction of the
Production Support Vehicle (as announced on 11 December 2017); and
that agreements with third party contractors for building slots
within certain timeframes are not secured as required. As
the Company has not completed a
prefeasibility study or feasibility 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).