Key points
- Nautilus Minerals had $47.5 million in cash and cash equivalents as at March 31, 2016, including $28 million from the rights offering closing received April 8, 2016.
- Factory acceptance testing was completed by Soil Machine Dynamics on the sea floor production tools, which arrived safely at Duqm Port in Oman.
- The company completed assembly of the subsea slurry and lift pump and commenced factory acceptance testing on it.
- CEO Mike Johnston said the company is targeting the start of sea floor operations at the Solwara 1 project in the first quarter of 2018.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the first quarter ended March 31, 2016, together with its management discussion and analysis.
2016 significant events to date
Factory acceptance testing (FAT) completed by Soil Machine Dynamics on
the sea floor production tools (SPTs);
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 (SSLP) and
commenced FAT;
Advanced construction of the production support vessel (PSV);
Completed rights offering;
$47.5-million (U.S.) in cash and cash equivalents as at March 31, 2016 ($28-million from the closing of the rights offering received on April 8,
2016).
- Factory acceptance testing (FAT) completed by Soil Machine Dynamics on
the sea floor production tools (SPTs);
- 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 (SSLP) and
commenced FAT;
- Advanced construction of the production support vessel (PSV);
- Completed rights offering;
- $47.5-million (U.S.) in cash and cash equivalents as at March 31, 2016 ($28-million from the closing of the rights offering received on April 8,
2016).
Mike Johnston, Nautilus’s chief executive officer, commented: “It is very pleasing to see the progress that has been made on our sea floor production equipment this past quarter; in particular, taking delivery of the three SPTs and sending them safely to Oman, where it is intended that they undergo wet testing later this year, while also commencing FAT on the SSLP. In the coming months, we will remain focused on the build of the PSV and the delivery of the equipment to be integrated in it. The momentum continues to build as we work towards commencing sea floor operations at the Solwara 1 project site in the first quarter of 2018.”
The financial statements and management discussion and analysis will be filed on SEDAR and will also be available on the company’s website.
