Annual Report 2013

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| Source: NunaMinerals A/S
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Nuuk, 2014-03-31 17:08 CEST (GLOBE NEWSWIRE) --  

The Board of Directors of NunaMInerals A/S has today considered and approved the Annual Report for the year 2013 

  • During 2013 the Company has invested 15 mDKK in exploration mainly focusing on gold in the Nanortalik Gold Province in South Greenland  Besides that minor fieldwork has been carried out on the Qeqertaasaq license (REE)
  • The exploration for gold in the Nanortalik Gold Province has resulted in the best gold discoveries in the history of the Company on Amphibolite Ridge. The gold discoveries have afterwards been verified in an independent Technical Report prepared according to international Canadian standards (NI 43.101).
  • Exploration on the Qeqertaasaq REE-niobium project has resulted in a Joint Exploration Agreement with the state-owned Korean mining company KORES.
  • Earnings before interest, taxes, depreciation and amortisation (EBITDA) was a loss of 5 mDKK compared to a 6.2 mDKK loss in 2012. The result is in accordance with the Company’s previous guidance.
  • The result before tax for the period was a loss of 60.7 mDKK, which is in accordance with guidance in the Q3 2013 Interim Report. In 2012 the result was a loss of 15.5 mDKK. The loss is considerably higher than in 2012 due to higher write-downs the intangible assets in total 50,154 tDKK due to relinquishing licenses in the portfolio. In 2012 the write down was 1,366 tDKK. In addition to this, write-downs on some of the company’s intangible assets to align them with the independent valuation, is 3,472 tDKK against 7,613 tDKK in 2012. These write-downs do not affect the cash flow and follow the accounting policies of the company.
  • Capital Positions at the end of 2013 amounted to 1 mDKK and NunaMinerals is negotiating with investors and other parties regarding capital injection and funding to strengthen the company’s capital for future development of projects. The negotiations are ongoing and as a consequence there is still significant uncertainty about the result, however the Company remains optimistic regarding a positive outcome. The capital resources are very limited and additional funding is necessary for the Company to continue as going concern.
  • In January 2014 the Company obtained a subordinated loan of 3.5 mDKK from Greenland Holding A/S, which has made a commitment to subscribe for an amount equal to the loan including accrued interest in a capital raise. Besides that the Company has obtained a credit facility of 2 mDKK from the Bank.

The Field Programme for 2014 subject to funding is expected to be:

–      Core drilling and surface work at the Vagar gold project to further support the resource potential for gold.

–      Resource drilling at the Qeqertaasaq REE-niobium project funded by KORES

Based on the discoveries and exploration results obtained on the Company’s gold project on the Vagar license during the last two years, the Company has high expectations to the further development of the project. Thorough word is done to obtain the necessary capital to bring the project to the resource phase. The company expects an EBITDA loss in the region of 5-10 mDKK in 2014. Entering new partnerships on the Company’s partner projects can affect expectations.

No events have occurred since the balance sheet date that would materially influence the valuation of the Annual Report

 

5 Years Key Figures and Key Ratios          
           
Amount in DKK 1,000 2013 2012 2011 2010 2009
  tDKK tDKK tDKK tDKK tDKK
Key Figures          
EBITDA             -4.956             -6.176             -4.924          -8.221             -7.378
Amortisation, depreciation and impairment losses           -54.752             -8.907           -28.483        -29.117           -10.986
Profit before financials           -59.708           -15.083           -33.408        -37.338           -18.364
Profit before tax           -60.680           -15.540           -33.382        -37.241           -16.588
Profit for the period           -60.680           -15.540           -33.382        -37.241           -16.588
Equity            76.975          120.520          136.552        151.252          162.582
Total assets/liabilities            94.687          138.068          140.976        156.251          166.684
Number of shares.     27.590.940       1.291.619       1.291.619     1.174.306       1.067.616
Cash and cash equivalents                     5              3.850            18.422          34.551            45.313
           
           
Key Ratios          
Earnings per share (DKK)               -2,28 -0,61 -1,35          -1,66 -0,78
Return on equity (%)                  -79                  -13                  -24               -25 -2
Debt/equity ratio (%)                   81                   87                   97                 97 98
Net asset value per share                2,79              4,67 5,29 6,44 7,61
Dividend per share 0 0 0 0 0
Acquisition of property, plant & equipment 0 56                 248               379                 829
Acquisition of intangible assets            14.619            20.778            29.635          37.056            28.867
Number of man-years                     8                   10                  9,9 13,7 18,7
Number of employees                   14                   18                   17 39 44

 

NunaMinerals A/S

 

Ole Christiansen, President and CEO

Mobile +299 55 18 57