29th Jan 2016 08:00
29 January 2015
Nyota Minerals Limited
('Nyota' or 'the Company')
QUARTERLY REPORT
Nyota Minerals Limited (ASX/AIM: NYO) provides its Quarterly Report for the three months ended 31 December 2015.
HIGHLIGHTS
· Historical exploration data confirms the prospectivity of the 5km long Alpe di Laghetto target at the Ivrea Project
o The anomaly encompasses three old nickel mine workings
o A drill programme will be designed to test the anomaly and the mineralisation around the workings
· A capital raise of £187,500 (approximately A$387,400) was completed in January 2016
· The Board continues to review options for the next stage of the development of the Company's business
IVREA NICKEL-COPPER PROJECT, ITALY
70% owned by Nyota
Project Progress
As reported in the last quarterly report, no unnecessary new expenditure was committed to during the December quarter as the applications made to modify existing license areas based on the results of the airborne geophysical survey, including the three main anomalies, remain pending.
The highest priority target is the Alpe di Laghetto target, which comprises of a 5km long conductivity anomaly encompassing the old nickel mine workings at Alpe di Laghetto, La Balma and Campello Monti and is parallel with a positive magnetic anomaly that appears to define the host rock for mineralisation at the old workings.
An archive search and data compilation undertaken during the quarter contributed further underground plans for a number of the old mines located within the licence areas, but none for the three in the priority target. However reports on fieldwork conducted in the 1980's around the Alpe di Laghetto and La Balma workings were collected. Although no drilling was undertaken, a modest ground geophysical survey and extensive geochemical sampling confirm the anomalous trend identified by Nyota's work and provide more information on the prospectivity.
An initial drill programme will be designed to test the geophysical anomaly and the nickel mineralisation that was previously exploited at La Balma and Alpe di Laghetto. This will commence following the modelling of Nyota's VTEM airborne geophysical data has taken place; which has taken considerably long than anticipated and is still pending at the time of this report.
Little fieldwork is possible during the current quarter due mainly to the winter weather.
CORPORATE AND FINANCE
Finance
At the end of the quarter Nyota had cash of A$0.20m.
After the period end Nyota completed a placing of 375,000,000 new ordinary shares at a placing price of 0.050 pence (A$0.001) to raise £187,500 ($387,400) before expenses. The announcement of 21 January 2016 provides full details.
Corporate
The financing of junior exploration companies remains extremely challenging and whilst the Directors continue to evaluate projects and opportunities in the mineral resource sector that become available to them, the Board is also considering acquisition opportunities in complementary or new sectors that could potentially offer superior shareholder value.
Disposal of Brantham and Towchester
During the quarter Nyota completed the sale of 100% of both Brantham Investments Limited and Towchester Investment Company Ltd.; the companies that hold the Brantham and Towchester licences (respectively) in Ethiopia.
These companies were deconsolidated from the Group accounts at 30 June 2015 at which time the Company booked an accounting profit on deconsolidation of A$23,608. The Company received no cash from the completion of the sale. With licence renewals still pending at the period end, the Directors considered the ongoing holding costs to be a liability that could not be justified.
Summary of Tenements (ASX Listing Rule 5.3.3)
As at 31 December 2015, the Group held the following interests in exploration tenements:
Tenement | Status | Location | Ownership as at 31 December 2015 | Ownership Change in Quarter |
Bec Permit Det. N. 69 del 31/12/2014 | Exploration | Italy | 70% | - |
Galerno Permit Det. N. 189 del 07/04/2015 | Exploration | Italy | 70% | - |
EL-1722-1789 (Towchester, Northern Blocks) | Exploration | Ethiopia | 0% | (100%) |
EL-1879-1969 (Brantham, Northern Blocks) | Exploration | Ethiopia | 0% | (100%) |
NOTES:
Italy
Two additional exploration permits applications are being processed: Gula and Fej. On 20 May KEC was notified that no additional environmental impact assessment is required for these. Subsequent to the airborne survey, KEC has requested alterations and extensions to the existing Galerno and Bec permits what would replace the need for the Gula and Fej permits.
For further information please visit www.nyotaminerals.com or contact:
Richard Chase | Nyota Minerals Limited Chief Executive Officer | +61 (0) 8 9324 2955 |
Michael Cornish Roland Cornish | Beaumont Cornish Limited Nominated Advisor and Joint Broker | +44 (0) 207 628 3396 |
Jeremy Woodgate Rupert Williams | Smaller Companies Capital Joint Broker | +44 (0) 203 6512912 |
Susie Geliher/ Elisabeth Cowell | Financial PR St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Neither the contents of the Company's website nor the contents of any websites accessible from hyperlinks in the Company's website (or any other website) is incorporated into or forms part of, this announcement.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10
Name of entity |
NYOTA MINERALS LIMITED |
ABN |
| Quarter ended ("current quarter") |
98 060 938 552 |
| 31 December 2015 |
Consolidated statement of cash flows
Cash flows related to operating activities
| Current quarter $A'000 | Year to date (6 months) $A'000 | |
1.1 | Receipts from product sales and related debtors
|
|
|
1.2 | Payments for (a) exploration & evaluation (b) development (c) production (d) administration | (166)
(137) | (339)
(267) |
1.3 | Dividends received |
|
|
1.4 | Interest and other items of a similar nature received |
| 1 |
1.5 | Interest and other costs of finance paid |
|
|
1.6 | Income taxes paid |
|
|
1.7 | Other - R&D tax refund |
| 126 |
|
Net Operating Cash Flows | (303) | (479) |
|
Cash flows related to investing activities |
|
|
1.8 | Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets |
|
|
1.9 | Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets |
|
|
1.10 | Loans to other entities |
|
|
1.11 | Loans repaid by other entities |
|
|
1.12 | Other (provide details if material) |
|
|
|
Net investing cash flows |
|
|
1.13 | Total operating and investing cash flows (carried forward) | (303) | (479) |
1.13 | Total operating and investing cash flows (brought forward) | (303) | (479) |
|
Cash flows related to financing activities |
|
|
1.14 | Proceeds from issues of shares, options, etc. |
| 593 |
1.15 | Proceeds from sale of forfeited shares |
|
|
1.16 | Proceeds from borrowings |
|
|
1.17 | Repayment of borrowings |
|
|
1.18 | Dividends paid |
|
|
1.19 | Other - capital raising costs |
| (30) |
| Net financing cash flows |
| 563 |
|
Net increase (decrease) in cash held | (303) | 84 |
1.20 | Cash at beginning of quarter/year to date | 497 | 106 |
1.21 | Exchange rate adjustments to item 1.20 | 8 | 12 |
1.22 | Cash at end of quarter | 202 | 202 |
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
| Current quarter $A'000 | |
1.23 |
Aggregate amount of payments to the parties included in item 1.2 |
100 |
1.24 |
Aggregate amount of loans to the parties included in item 1.10 |
|
1.25 |
Explanation necessary for an understanding of the transactions | |
| Current quarter amount includes some previously deferred director salary | |
Non-cash financing and investing activities
2.1 | Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows |
|
|
2.2 | Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest |
|
|
Financing facilities available
Add notes as necessary for an understanding of the position.
|
| Amount available $A'000 | Amount used $A'000 |
3.1 | Loan facilities
| Nil | Nil |
3.2 | Credit standby arrangements
| Nil | Nil |
Estimated cash outflows for next quarter
|
| $A'000 |
4.1 | Exploration and evaluation
| 50 |
4.2 | Development
|
|
4.3 | Production
|
|
4.4 | Administration
| 50
|
|
Total |
100 |
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. | Current quarter $A'000 | Previous quarter $A'000 | |
5.1 | Cash on hand and at bank | 197 | 492 |
5.2 | Deposits at call | 5 | 5 |
5.3 | Bank overdraft |
|
|
5.4 | Other (provide details) |
|
|
| Total: cash at end of quarter (item 1.22) | 202 | 497 |
Changes in interests in mining tenements
|
| Tenement reference | Nature of interest (note (2)) | Interest at beginning of quarter | Interest at end of quarter |
6.1 | Interests in mining tenements relinquished, reduced or lapsed
|
|
|
|
|
6.2 | Interests in mining tenements acquired or increased
|
|
|
|
|
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
| Total number | Number quoted | Issue price per security (see note 3) (cents) | Amount paid up per security (see note 3) (cents) | |
7.1 | Preference +securities (description) |
|
|
|
|
7.2 | Changes during quarter (a) Increases through issues (b) Decreases |
|
|
|
|
7.3 | +Ordinary securities
| 1,502,603,672
| 1,502,603,672
| N/a | N/a |
7.4 | Changes during quarter (a) Increases through issues (b) Decreases |
|
|
|
|
7.5 | +Convertible debt securities (description) |
|
|
|
|
7.6 | Changes during quarter
|
|
|
|
|
7.7 | Options (description and conversion factor) |
27,272,727 |
- - | Exercise price GBP0.002 | Expiry date 1/3/2017 |
7.8 | Issued during quarter |
|
|
|
|
7.9 | Exercised during quarter |
|
|
|
|
7.10 | Expired/cancelled during quarter | 1,000,000
| - | $0.35
| 31/12/15 |
7.11 | Debentures (totals only) |
|
|
|
|
7.12 | Unsecured notes (totals only)
|
|
|
|
|
Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.
Sign here: Date: 29 January 2016
Company Secretary
Print name: Michael Langoulant
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
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Related Shares:
Nyota Minerals