29th Jul 2016 08:09
For immediate release
29 July 2016
Nyota Minerals Limited
('Nyota' or 'the Company')
QUARTERLY REPORT
Nyota Minerals Limited (ASX/AIM: NYO) provides its Quarterly Report for the three months ended 30 June 2016.
IVREA NICKEL-COPPER PROJECT, ITALY
70% owned by Nyota
Project Progress
No unnecessary new expenditure was committed to the Ivrea Project during the quarter.
The Company's exploration permits are listed in the tenement section below. The Company had made applications to extend the core permit areas - the "Bec Extension" and the "Galerno Extension". These applications made to modify the licence areas remain pending and no notification to finalise these have been received from the Italian authorities. However the Company's board has resolved not to fund the extension permit payments and it may be that the permit extension applications lapse.
The Bec and Galerno permits remain on foot.
The directors have been in discussions with the board of KEC Investments Pty Limited, the entity which holds the tenements.
NEW BUSINESS OPPORTUNITIES
The directors have looked at several opportunities in a variety of business segments and it will conclude the process of selecting potential transactions in the Q1 FY17 quarter. Any transaction may not be completed until Q2 FY17.
CORPORATE AND FINANCE
Finance
At the end of the quarter the Company had cash of A$0.49m.
During the period the Company did not have any capital raisings and did not issue any stocks or options.
Shareholder Meeting
A shareholder meeting was held on the 25 May 2016 and at the meeting the prior board resigned and was replaced by Messrs Morley-Kirk, Budkin and Wright, with Mr Langoulant remaining as the Company Secretary.
Summary of Tenements (ASX Listing Rule 5.3.3)
As at 30 June 2016, the Group held the following interests in exploration tenements:
Tenement | Status | Location | Ownership as at 30 June 2016 | Ownership Change in Quarter |
BEC Permit Det N.69 del 31/12/2014 | Exploration | Italy | 70% | - |
Galerno Permit Det N.189 del 7/4/2015 | Exploration | Italy | 70% | - |
For further information please visit www.nyotaminerals.com or contact:
Jonathan Morley-Kirk | Nyota Minerals Limited Chairman | 44 7797 859986 |
Michael Cornish Roland Cornish | Beaumont Cornish Limited Nominated Advisor
| +44 (0) 207 628 3396 |
Rupert Williams Jeremy Woodgate
| Smaller Company Capital Corporate Broker
| +44 (0) 20 3651 2912
|
Forward-Looking Statements
This press release contains forward-looking statements in relation to the Company and its subsidiaries (the "Group"), including, but not limited to, the Group's proposed strategy, plans and objectives, future commercial production, sales and financial results, development, construction and production targets and timetables, mining costs and economic viability and profitability. Such statements are generally identifiable by the terminology used, such as "may", "will", "could", "should", "would", "anticipate'', "believe'', "intend", "expect", "plan", "estimate", "budget'', "outlook'' or other similar wording. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialise or that may not be accurate. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Group that could cause the actual performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Furthermore, the forward-looking information contained in the press release is made as of the date of the press release and accordingly, you should not rely on any forward-looking statements and the Group accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
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.
ENDS
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 | 30 June 2016 |
Consolidated statement of cash flows
Cash flows related to operating activities
| Current quarter $A'000 | Year to date (12 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 | (23)
(216) | (480)
(619) |
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 | (239) | (972) | |
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) | (239) | (972) |
1.13 | Total operating and investing cash flows (brought forward) | (239) | (972) |
Cash flows related to financing activities | |||
1.14 | Proceeds from issues of shares, options, etc. | 964 | |
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 | (49) | |
Net financing cash flows | 915 | ||
Net increase (decrease) in cash held | (239) | (57) | |
1.20 | Cash at beginning of quarter/year to date | 298 | 106 |
1.21 | Exchange rate adjustments to item 1.20 | (10) | - |
1.22 | Cash at end of quarter | 49 | 49 |
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 |
58
|
1.24 |
Aggregate amount of loans to the parties included in item 1.10 | |
1.25 |
Explanation necessary for an understanding of the transactions | |
| ||
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
| 25 |
4.2 | Development
| |
4.3 | Production
| |
4.4 | Administration
| 50
|
Total |
75 |
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 | 49 | 275 |
5.2 | Deposits at call | - | 23 |
5.3 | Bank overdraft | ||
5.4 | Other (provide details) | ||
Total: cash at end of quarter (item 1.22) | 49 | 298 | |
696
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
| 1,877,603,672
| 1,877,603,672
| 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 | ||||
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: July 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