Nuuk, 2013-04-04 20:39 CEST (GLOBE NEWSWIRE) --
The Supervisory Board of NunaMinerals A/S has today considered and approved the Annual Report for the year 2012.
During 2012 the Company has invested 21 mDKK in exploration mainly focusing on gold in the Nanortalik Gold Province in South Greenland and copper-gold on Inglefield. Above that minor fieldwork has been carried out on the Storø license (gold) and the Qeqertaasaq license (REE)
The exploration for gold in the Nanortalik Gold Province has proven the expectations of a significant gold belt in South Greenland
Earnings before interest, taxes, depreciation and amortisation (EBITDA) was a loss of 6.2 mDKK compared to a 4.9 loss in 2011. The result is in accordance with the Company’s guidelines.
The result before tax for the period was a loss of 15.5 mDKK compared to a loss in 2011 of 33.3 mDKK. The improvement in the result is primarily due to lower write-downs of the company’s projects. As part of the Company’s strategy of focusing on the most promising projects in the portfolio, NunaMinerals has in 2012 written down intangible assets by a total of 7.6 mDKK compared to 27.1 mDKK in 2011. The write-downs have no influence on the cash situation and are in accordance with the company’s accounting policies.
Capital Positions at the end of 2012 amounted to 3.9. In February 2013, the company completed directed issue of shares with gross proceeds of 18.5 mDKK which gives a provisional working capital for 2013 of 21.4 mDKK after listing costs.
The Company plans for additional funding in a dual-listing on an international stock exchange focusing on the mineral sector in the coming year, maybe combined with a direct listing to existing shareholders. It is the company’s aim to complete the dual listing and capital increase in 2013.
The Field Programme for 2013 is expected to be:
- Core drilling and surface work at the Vagar gold project to further support the resource potential for gold.
- Re-analysis of historic drill cores and prospecting on the Qeqertaasaq license to further support the potential for REE and niobium.
The company expects an EBITDA loss in the region of 5-10 mDKK in 2013. Entering new partnerships can affect expectations.
No events have occurred since the balance sheet date that would materially influence the valuation of the Annual Report
NunaMinerals
Ole Christiansen, President and CEO
mobile +299 55 18 57
| 5 Years Key Figures and Key Ratios | |||||
| Amount in DKK 1,000 | 2012 | 2011 | 2010 | 2009 | 2008 |
| tDKK | tDKK | tDKK | tDKK | tDKK | |
| Five year Key Figures | |||||
| EBITDA | -6.176 | -4.924 | -8.221 | -7.378 | -3.150 |
| Amortisation, depreciation & imp. losses | -8.907 | -28.483 | -29.117 | -10.986 | -1.386 |
| Profit before financials | -15.083 | -33.408 | -37.338 | -18.364 | -4.536 |
| Profit before tax | -15.541 | -33.382 | -37.241 | -16.588 | -2.627 |
| Profit for the period | -15.541 | -33.382 | -37.241 | -16.588 | -2.627 |
| Equity | 120.520 | 136.552 | 151.252 | 162.582 | 178.277 |
| Total assets/liabilities | 138.067 | 140.976 | 156.251 | 166.684 | 183.663 |
| Number of shares at 100 DK nom. | 1.291.619 | 1.291.619 | 1.174.306 | 1.067.616 | 1.067.616 |
| Cash and cash equivalents | 3.850 | 18.422 | 34.551 | 45.313 | 69.142 |
| Five year Key Ratios | |||||
| Earnings per share (DKK) | -12,05 | -3,92 | -29,69 | -15,56 | -2,79 |
| Return on equity (%) | -13 | -24 | -25 | -2 | 14 |
| Debt/equity ratio (%) | 87 | 97 | 97 | 98 | 97 |
| Net asset value per share | 93,31 | 106 | 128,80 | 152,29 | 166,99 |
| Dividend per share | 0 | 0 | 0 | 0 | 0 |
| Acquisition of property, plant & equipment | 56 | 248 | 379 | 829 | 1.795 |
| Acquisition of intangible assets | 20.778 | 29.635 | 37.056 | 28.867 | 31.131 |
| Number of man-years | 10 | 9,9 | 13,7 | 18,7 | 16,3 |
| Number of employees | 18 | 17 | 39 | 44 | 38 |
