TORONTO, ONTARIO--(Marketwired - Mar 18, 2016) - Nautilus Minerals Inc. (NUS.TO)(NUSMF)(OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces the release of its audited consolidated financial statements for the year ended December 31, 2015, together with the related Management's Discussion and Analysis and the Company's Annual Information Form.
2015 Significant Events
- Advanced the Solwara 1 Project (Seafloor Production Tools ("SPTs") assembled and commenced Factory Acceptance Testing ("FAT"))
- Advanced Production Support Vessel construction (all major long lead time orders placed, design underway, steel cutting commenced and block fabrication started)
- Conducted targeted exploration programs in the Solomon Islands and Clarion Clipperton Zone ("CCZ")
- Released Earth Economics' independent Environmental and Social Benchmarking Analysis (Report concluded: Seafloor mining can significantly reduce the social and environmental impacts of copper mining)
- Signed a new offtake agreement for Solwara 1 with Tongling Nonferrous Metals Group Co. Ltd ("Tongling"), with improved payment terms and lower operating costs
- The State Nominee elected not to exercise its option to take up an additional 15% equity
- US$56.5 million in cash and cash equivalents as at December 31, 2015
- Awarded contract for equipment storage and wet testing of the SPTs
- SPTs arrived safely at Duqm Port in Oman
- Completed assembly of the Subsea Slurry and Lift Pump and commenced FAT
- Announced rights offering to raise C$103M
Nautilus' CEO, Mike Johnston, said "2015 was a milestone year for Nautilus. By year end, work on the seafloor production equipment had significantly progressed, while we had also recommenced targeted exploration on our tenements in the Solomon Islands and the CCZ, as we build a pipeline of resources. There is a real sense of momentum building as we work towards commencing seafloor operations at the Solwara 1 project site in Q1 2018."
The Financial Statements, Management's Discussion and Analysis and Annual Information Form 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.
Neither the TSX nor the OTCQX accepts 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 plan to commence seafloor operations in Q1 2018. We have made numerous assumptions about such statements, including assumptions relating to the funding, 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. The Company is assuming that the seafloor production system, including the SPTs, will operate according to the Nautilus specifications and that the seafloor operations will commence on schedule. Risks related to such arrangements include delay to the planned testing operations of the seafloor production equipment, including the SPTs, and a consequent delay to the commencement of seafloor operations. 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. 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 (NUS.TO) stock exchange and trades on the (NUSMF), 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 28.14% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.89% holding and global mining group Anglo American, which holds a 5.99% interest (each on a non-diluted basis, excluding loan shares outstanding under the Company's share loan plan).