Key points
- Nautilus conducted submerged trials of its three seafloor production tools in Papua New Guinea during 2017.
- The company received a total of $10 million (U.S.) from a bridge financing facility provided by its two largest shareholders.
- Nautilus signed a financing mandate with Deep Sea Mining Finance Ltd. for the major financing needed to complete development of Solwara 1.
- The company finished 2017 with $240,636 (U.S.) in cash and cash equivalents as at Dec. 31, 2017.
Nautilus Minerals Inc. has released its audited consolidated financial statements for the year ended Dec. 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 $10-million (U.S.) from the bridge financing facility provided by the company’s two largest shareholders;
Signed a financing 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 $240,636 (U.S.) in cash and cash equivalents as at Dec. 31, 2017.
- 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;
- 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 $10-million (U.S.) from the bridge financing facility provided by the company’s two largest shareholders;
- Signed a financing 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 $240,636 (U.S.) in cash and cash equivalents as at Dec. 31, 2017.
Nautilus’s chief executive officer, Mike Johnston, commented, “Two thousand seventeen 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) Ltd., 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 SEDAR and will also be available on the company’s website.
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.
