TORONTO, March 20, 2018 (GLOBE NEWSWIRE) -- 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:
Nautilus Minerals Inc. (Toronto)
Tel: +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).
Source: Nautilus Minerals Inc.