Nyota Minerals Limited Quarterly Report (8964B)

TIDMNYO

RNS Number : 8964B

Nyota Minerals Limited

07 April 2017

For immediate release 7 April 2017

Nyota Minerals Limited

('Nyota' or 'the Company')

Quarterly Report

QUARTERLY REPORT

Nyota Minerals Limited (ASX/AIM: NYO) provides its Quarterly Report for the three months ended 31 March 2017.

BIGDISH LIMITED

On 16 March 2017 the Company announced to the market that it had discontinued discussions with Bigdish Ventures Limited ("Bigdish") regarding the acquisition of Bigdish.

KEC EXPLORATION PTY LIMITED

On 5 April 2017 the Company completed its sale of its interests in KEC Exploration Pty Limited (and therefore its interest in the Ivrea Project).

Project Progress

No expenditure was committed to the Ivrea Project during the quarter ended 31 March 2017.

The Company's exploration permits, held by KEC Exploration Pty Limited (subject to the KEC Sale Agreement), are listed in the tenement section below.

CORPORATE AND FINANCE

Finance

At the end of the quarter the Company had cash of AUD$57,845.

During the period the Company did not have any capital raisings and did not issue any stocks or options.

Company Secretary

On 6 April 2017 the Company announced the resignation of Michael Langoulant as the Company Secretary for the Company and the appointment of Andrew Wright as the Company Secretary.

Registered Office

During the quarter the Company also changed the registered office of the Company to Level 18, Grosvenor Place, 225 George Street, Sydney.

Summary of Tenements (ASX Listing Rule 5.3.3)

As at 31 March 2017, the Group held the following interests in exploration tenements (subject to the KEC Sale Agreement):

 
 Tenement         Status        Location   Ownership    Ownership 
                                            as at 30     Change 
                                            June 2016    in Quarter 
---------------  ------------  ---------  -----------  ------------ 
 BEC Permit       Exploration   Italy      70%          - 
  Det N.69 del 
  31/12/2014 
---------------  ------------  ---------  -----------  ------------ 
 Galerno Permit   Exploration   Italy      70%          - 
  Det N.189 del 
  7/4/2015 
---------------  ------------  ---------  -----------  ------------ 
 

The tenements were disposed of subsequent to the end of the current quarter.

For further information please visit www.nyotaminerals.com or contact:

Jonathan Morley-Kirk Nyota Minerals Limited + 44 7797 859986

[e-mail]

   Michael Cornish                                   Beaumont Cornish Limited [phone] 
   Roland Cornish                                    Nominated Advisor 

Jeremy Woodgate Smaller Company Capital [phone]

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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse.

Mining exploration entity and oil and gas 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, 01/05/13, 01/09/16

 
 Name of entity 
------------------------------------------- 
 Nyota Minerals Limited 
------------------------------------------- 
 ABN                Quarter ended ("current 
                     quarter") 
---------------    ------------------------ 
 98 060 938 552     31 March 2017 
---------------    ------------------------ 
 
 
 Consolidated statement                   Current quarter   Year to date 
  of cash flows                                $A'000        (9 months) 
                                                                $A'000 
---------------------------------------  ----------------  ------------- 
 1.     Cash flows from operating 
         activities 
 1.1    Receipts from customers 
 1.2    Payments for 
        (a) exploration & evaluation                    -           (19) 
        (b) development 
        (c) production 
        (d) staff costs 
        (e) administration 
         and corporate costs                        (136)          (382) 
 1.3    Dividends received 
         (see note 3) 
 1.4    Interest received 
 1.5    Interest and other 
         costs of finance paid 
 1.6    Income taxes paid 
 1.7    Research and development 
         refunds 
        Other (provide details 
 1.8     if material)                                   7             22 
                                         ----------------  ------------- 
        Net cash from / (used 
 1.9     in) operating activities                   (129)          (379) 
-----  --------------------------------  ----------------  ------------- 
 
 2.       Cash flows from investing 
           activities 
 2.1      Payments to acquire: 
          (a) property, plant 
           and equipment 
          (b) tenements (see 
           item 10) 
          (c) investments 
          (d) other non-current 
           assets 
 2.2      Proceeds from the disposal 
           of: 
          (a) property, plant 
           and equipment 
          (b) tenements (see 
           item 10) 
          (c) investments                               -             47 
          (d) other non-current 
           assets 
 2.3      Cash flows from loans 
           to other entities 
 2.4      Dividends received 
           (see note 3) 
 2.5      Other (provide details 
           if material) 
                                         ----------------  ------------- 
          Net cash from / (used 
 2.6       in) investing activities                     -             47 
-------  ------------------------------  ----------------  ------------- 
 
 3.       Cash flows from financing 
           activities 
 3.1      Proceeds from issues 
           of shares 
 3.2      Proceeds from issue 
           of convertible notes 
 3.3      Proceeds from exercise 
           of share options 
 3.4      Transaction costs related 
           to issues of shares, 
           convertible notes or 
           options 
 3.5      Proceeds from borrowings                      -            341 
 3.6      Repayment of borrowings 
 3.7      Transaction costs related 
           to loans and borrowings 
 3.8      Dividends paid 
 3.9      Other (provide details 
           if material) 
                                         ----------------  ------------- 
          Net cash from / (used 
 3.10      in) financing activities                     -            341 
-------  ------------------------------  ----------------  ------------- 
 
 4.       Net increase / (decrease) 
           in cash and cash equivalents 
           for the period 
          Cash and cash equivalents 
 4.1       at beginning of period                     187             49 
          Net cash from / (used 
           in) operating activities 
 4.2       (item 1.9 above)                         (129)          (379) 
          Net cash from / (used 
           in) investing activities 
 4.3       (item 2.6 above)                             -             47 
          Net cash from / (used 
           in) financing activities 
 4.4       (item 3.10 above)                            -            341 
 4.5      Effect of movement 
           in exchange rates on 
           cash held 
                                         ----------------  ------------- 
          Cash and cash equivalents 
 4.6       at end of period                            58             58 
-------  ------------------------------  ----------------  ------------- 
 
 
 
 5.    Reconciliation of cash           Current quarter   Previous 
        and cash equivalents                 $A'000        quarter 
        at the end of the quarter                          $A'000 
        (as shown in the consolidated 
        statement of cash flows) 
        to the related items 
        in the accounts 
----  -------------------------------  ----------------  --------- 
 5.1   Bank balances                                 58        187 
 5.2   Call deposits 
 5.3   Bank overdrafts 
 5.4   Other (provide details) 
                                       ----------------  --------- 
       Cash and cash equivalents 

        at end of quarter (should 
 5.5    equal item 4.6 above)                        58        187 
----  -------------------------------  ----------------  --------- 
 
 
 6.    Payments to directors of the entity     Current quarter 
        and their associates                        $A'000 
                                              ---------------- 
       Aggregate amount of payments to 
        these parties included in item 
 6.1    1.2                                                 21 
                                              ---------------- 
 6.2   Aggregate amount of cash flow 
        from loans to these parties included 
        in item 2.3 
                                              ---------------- 
 6.3   Include below any explanation necessary 
        to understand the transactions included 
        in items 6.1 and 6.2 
----  -------------------------------------------------------- 
 
 
 
 7.    Payments to related entities of         Current quarter 
        the entity and their associates             $A'000 
                                              ---------------- 
 7.1   Aggregate amount of payments to 
        these parties included in item 
        1.2 
                                              ---------------- 
 7.2   Aggregate amount of cash flow 
        from loans to these parties included 
        in item 2.3 
                                              ---------------- 
 7.3   Include below any explanation necessary 
        to understand the transactions included 
        in items 7.1 and 7.2 
----  -------------------------------------------------------- 
 
 
 
 8.    Financing facilities          Total facility   Amount drawn 
        available                       amount at      at quarter 
        Add notes as necessary         quarter end         end 
        for an understanding             $A'000          $A'000 
        of the position 
                                    ---------------  ------------- 
 8.1   Loan facilities 
                                    ---------------  ------------- 
 8.2   Credit standby arrangements 
                                    ---------------  ------------- 
 8.3   Other (please specify) 
                                    ---------------  ------------- 
 8.4   Include below a description of each facility 
        above, including the lender, interest rate 
        and whether it is secured or unsecured. 
        If any additional facilities have been entered 
        into or are proposed to be entered into 
        after quarter end, include details of those 
        facilities as well. 
----  ------------------------------------------------------------ 
 The Company is currently in discussions with 
  financiers for equity and debt funding. 
------------------------------------------------------------------ 
 
 
 9.    Estimated cash outflows         $A'000 
        for next quarter 
----  ------------------------------  ------- 
 9.1   Exploration and evaluation 
 9.2   Development 
 9.3   Production 
 9.4   Staff costs 
       Administration and corporate 
 9.5    costs                             150 
 9.6   Other (provide details if 
        material) 
                                      ------- 
 9.7   Total estimated cash outflows      150 
----  ------------------------------  ------- 
 
 
 10.    Changes in              Tenement        Nature of interest   Interest        Interest 
         tenements               reference                            at beginning    at end 
         (items 2.1(b)           and location                         of quarter      of quarter 
         and 2.2(b) 
         above) 
-----  ----------------------  --------------  -------------------  --------------  ------------ 
 10.1   Interests 
         in mining 
         tenements 
         and petroleum 
         tenements 
         lapsed, relinquished 
         or reduced 
-----  ----------------------  --------------  -------------------  --------------  ------------ 
 10.2   Interests 
         in mining 
         tenements 
         and petroleum 
         tenements 
         acquired 
         or increased 
-----  ----------------------  --------------  -------------------  --------------  ------------ 
 

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

   2        This statement gives a true and fair view of the matters disclosed. 

Sign here: ............................................................ Date: .............................................

(Director/Company secretary)

   Print name:       ANDREW D.L. WRIGHT 

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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 07, 2017 02:27 ET (06:27 GMT)