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28 Apr 2016 08:04
28 April 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 31 March 2016.
IVREA NICKEL-COPPER PROJECT, ITALY
70% owned by Nyota
Project Progress
No unnecessary new expenditure was committed to during the quarter.
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 Company has been advised that the requisite public consultation meetings will be held early in the next quarter.
A report on Nyota's VTEM airborne geophysical data has been received from Southern Geoscience Consultants. This confirms the priority target to be a 5km long conductivity anomaly encompassing the old nickel mine workings at Alpe di Laghetto, La Balma and Campello Monti and a parallel positive magnetic anomaly that appears to define the host rock for mineralisation at these old workings (the 'Alpe di Laghetto target').
The next phase of work for the Alpe di Laghetto target would comprise computer modelling of VTEM survey data and possible additional ground geophysics in order to refine it prior to designing an initial drill programme and applying for the requisite permits. This work has been postponed for the time being.
NEW BUSINESS OPPORTUNITIESThe Directors considered a number of opportunities in the mineral exploration and other sectors during the period. However shareholder activism has had an adverse impact on the Board's ability to progress discussions on new potential investment opportunities as illustrated by the termination in early March of detailed discussions with a third party in relation to a potential new FinTech opportunity.
Unless and until the composition of the Board has been resolved and shareholder support restored, the Company's ability to progress new business opportunities has been destabilised and that has resulted in the decision to call a Shareholder Meeting; as described below.
CORPORATE AND FINANCE
Finance
At the end of the quarter Nyota had cash of A$0.30m.
During the period 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 - Shareholder Meeting
On 22 April 2016 the Company called a General Meeting of shareholders to be held on Wednesday 25 May 2016 at 10.30am (WST) in order enable all shareholders to consider appointing new Directors to the Board of the Company. One or all of the existing directors will resign if one or more new directors are appointed.
Shareholders should read the Notice of Meeting (available on the Company's website) and to follow the directions given in the Explanatory Memorandum, Section 2: Action to be taken by Shareholders.
Changes to Board and Leadership
On 11 March 2016 the Board agreed to the resignation of Mr Richard Chase as Chief Executive Officer. Mr Chase continues as a Non-Executive Director of the Company and a Director of certain of its subsidiaries, and continues to have primary responsibility for AIM Rule ongoing compliance and liaison with the Company's Nominated Advisor as the UK-based director of the Company.
Also terminated on 11 March 2016 was Dr Evan Kirby's technical consultancy services contract. Dr Kirby remains as a Non-executive Director of the Company and a Director of certain of its subsidiaries.
Mr Mike Langoulant (an existing Executive Director and Company Secretary) has assumed all Executive functions.
Summary of Tenements (ASX Listing Rule 5.3.3)
As at 31 March 2016, 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% | - |
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:
Michael Langoulant | Nyota Minerals Limited Executive Director | +61 (0) 8 9324 2955 info@nyotaminerals.com |
Michael Cornish Roland Cornish | Beaumont Cornish Limited Nominated Advisor and Broker | +44 (0) 207 628 3396 |
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 March 2016 |
Consolidated statement of cash flows
Cash flows related to operating activities
| Current quarter $A'000 | Year to date (9 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 | (118)
(136) | (457)
(403) |
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 | (254) | (733) | |
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) | (254) | (733) |
1.13 | Total operating and investing cash flows (brought forward) | (254) | (733) |
Cash flows related to financing activities | |||
1.14 | Proceeds from issues of shares, options, etc. | 371 | 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 | (19) | (49) |
Net financing cash flows | 352 | 915 | |
Net increase (decrease) in cash held | 98 | 182 | |
1.20 | Cash at beginning of quarter/year to date | 202 | 106 |
1.21 | Exchange rate adjustments to item 1.20 | (2) | 10 |
1.22 | Cash at end of quarter | 298 | 298 |
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 |
105 |
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 a contract termination payment and previously deferred director fees | |
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 | 275 | 197 |
5.2 | Deposits at call | 23 | 5 |
5.3 | Bank overdraft | ||
5.4 | Other (provide details) | ||
Total: cash at end of quarter (item 1.22) | 298 | 202 | |
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 |
375,000,000 |
375,000,000 |
GBP0.0005 |
GBP0.0005 |
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: April 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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