TIDMDALR
TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- Dalradian Resources Inc.
(TSX:DNA) (AIM:DALR) ("Dalradian" or the "Company") announces results
for the three months ended March 31, 2018, including closing cash and
cash equivalents of $126.9 million(1) .
Patrick F.N. Anderson, Dalradian's President and CEO, commented:
"Now that our resource drilling is complete, we expect to issue an
updated resource shortly that will feed into an updated feasibility
study in Q3. Exploration in 2018 will continue to test extensions of
Curraghinalt as well as several regional targets.
Since February, our planning application has been progressing through
review and consultation by the authorities. We have increased our
outreach to a broad range of stakeholders to build understanding about
our proposed mine and the many opportunities it brings to Northern
Ireland. I am proud to report that we have had 1,000 visitors to our
public site tours and 1,400 employment inquiries."
(1) All amounts are in Canadian dollars unless otherwise noted
Operational highlights as of May 1, 2018
-- Commencement of public and statutory consultation processes for the
permitting application to build a mine at the Curraghinalt deposit (the
"Planning Application").
-- Continued community relations activities, including welcoming our
1,000th local visitor on a tunnel tour and site visit.
-- Receipt of approximately 1,400 submissions of interest in careers at the
proposed mine, with approximately one-third of applicants coming from the
local area.
-- Completion of a technical work program in preparation for updates to the
2016 NI 43-101 Mineral Resource Estimate ("Mineral Resource"), including
completion of 6,324 metres of infill drilling in 22 holes to close off
the infill drilling program totalling 29,026 metres in 76 holes. This
drilling has extended the strike length of the system and has identified
a number of new veins.
-- Completion of 5,275 metres of drilling in 12 holes in peripheral areas of
Curraghinalt to test continuity of the deposit.
-- Continued progression of the technical work program for an update of the
feasibility study ("FS"), including advancement of the geotechnical model
and further work on ore-sorting technology.
-- The Company has an active program in place to meet the requirements of
the General Data Protection Regulation ("GDPR") that becomes effective in
Northern Ireland on May 25, 2018. GDPR will supersede the UK Data
Protection Act 1998 and expands the rights of individuals to control how
their personal information is collected and processed. GDPR places a
range of new obligations on the Company to be more accountable for data
protection.
Corporate and financial highlights of Q1 2018
-- Cash and cash equivalents were $126.9 million at March 31, 2018 compared
with $138.0 million at December 31, 2017.
-- Net loss of $1.4 million ($0.00 per share) for the three months ended
March 31, 2018 compared with a net loss of $1.3 million ($0.01 per share)
for the comparable period of 2017.
-- Expenditures on mineral property under development for the three months
ended March 31, 2018 were $6.1 million compared with $2.5 million, net of
expected receipt from processing of mineralized material, during the
comparable period in 2017. During Q1 2018, permitting and drilling were
the largest spending categories as work focused on supporting the
Planning Application and infill and step-out drilling.
-- As of May 1, 2018, Dalradian had 355,493,448 common shares issued and
outstanding and 367,579,114 common shares outstanding on a fully diluted
shares basis.
Outlook
Taking Curraghinalt to production is the Company's primary goal and will
be advanced in 2018 through further drilling, engineering and geological
studies, and environmental and permitting activities. The Company
expects to release a mineral resource update during Q2 2018, followed by
an updated FS during Q3 2018. In addition, Dalradian will also continue
to explore its large land package to delineate targets for drilling.
Permitting activities will include preparation and submission of
applications for ancillary permits and consents and expanded stakeholder
relations activities to support the Planning Application.
The overall budget for 2018 is approximately $49 million for operational
activities in Northern Ireland and Canada, including general and
administrative costs. The two major items that represent approximately
50% of the operational budget are exploration and permitting, with
planned expenditures roughly similar for the two areas. Mine planning
and engineering work to produce an updated FS is the third-largest
component at approximately 10% of the overall budget. During Q1 2018,
operational spending totalled approximately $9 million.
Working capital at March 31, 2018 was $124 million compared to $132
million at December 31, 2017. This financial strength supports 2018
plans to continue exploration and other work to increase the value of
the Northern Ireland Properties, while simultaneously moving
Curraghinalt through the permitting process.
Written submissions to the Company's consultation events held in
November 2016 demonstrated majority support for the project. However, as
with most regionally significant planning applications, there are a
number of people who are currently opposed to the project. The planning
system in Northern Ireland allows and encourages all interested parties
to make their views known and to submit the specific reasons for their
support or opposition. The Company respects the planning process in
Northern Ireland and is confident the project will succeed because it is
a responsible development that will bring sustainable economic and
social benefits to the local area and Northern Ireland as a whole for
years to come.
It is common, with respect to regionally significant planning
applications in Northern Ireland, to have multiple legal challenges,
including judicial reviews. A judicial review ("JR") is a type of court
proceeding in which a judge reviews the lawfulness of a decision or
action made by a public body; they are a challenge to the way in which a
decision has been made, rather than the conclusion reached. Two JRs have
been brought against government departments in Northern Ireland relating
to decisions taken by these departments (on planning and environmental
grounds) and Dalradian is a notice party. The first JR concerns the
decision by the Department for Infrastructure to accept the Company's
Planning Application and has a hearing date in mid-June. The second JR
concerns the decision by the Department of Agriculture, Environment and
Rural Affairs to grant a revised water discharge consent for the
Company's exploration site. In June, the date for the hearing of the
second JR will be set and it is expected to take place in the second
half of the year. Both departments are robustly defending the
proceedings and the decisions made. Dalradian, as a notice party, will
also be submitting evidence in defence of the decision-making process.
The timing and process for review of the Planning Application is not
affected by the JR process and the application has continued to move
through review and consultation steps. The Company will provide updates
on any material developments regarding the JRs.
Supporting Documents
The Q1 2018 year-end Financial Statements (not including notes) can be
found below. The full Q1 2018 Management Discussion and Analysis and
Financial Statements are available on www.dalradian.com and on
www.sedar.com.
Condensed Consolidated Statement of Financial Position
(Expressed in Thousands of Canadian dollars)
(Unaudited)
As at As at
Mar. 31, 2018 Dec. 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 126,929 $ 137,963
Amounts receivable 1,508 651
Prepaid expenses and other assets 661 685
129,098 139,299
Non-Current assets:
Restoration deposit 1,130 1,058
Property, plant and equipment 173,033 166,347
Exploration and evaluation assets 5,209 4,601
179,372 172,006
$ 308,470 $ 311,305
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 5,086 $ 7,141
Provision for reclamation 176 356
5,262 7,497
Non-Current liabilities:
Provision for reclamation 942 695
Shareholders' equity:
Share capital 359,753 359,737
Warrants - 48
Contributed surplus 15,744 15,146
Accumulated deficit (73,231) (71,818)
302,266 303,113
$ 308,470 $ 311,305
Condensed Consolidated Statement of Loss and Comprehensive Loss
(Expressed in Thousands of Canadian dollars, except per share amounts)
(Unaudited)
Three months Three months
ended ended
Mar. 31, 2018 Mar. 31, 2017
Operating expenses:
Salaries and related benefits $ 854 $ 484
Professional fees and consulting 128 229
Share-based payments 493 245
Investor relations and travel 340 242
Office, regulatory and general 283 193
Interest and bank charges 3 4
Depreciation 1 1
Foreign exchange gain (234) (54)
$ 1,868 $ 1,344
Interest income 455 63
Loss and comprehensive loss for the
period $ (1,413) $ (1,281)
Loss per share - basic and diluted $ - $ (0.01)
Condensed Consolidated Statement of Shareholders' Equity
(Expressed in Thousands of Canadian dollars)
(Unaudited)
Three months ended Three months ended
Mar. 31, 2018 Mar. 31, 2017
Share capital:
Balance, beginning of period $ 359,737 $ 195,975
Warrants exercised - 9,932
Share-based payments
exercised 16 74
Balance, end of period $ 359,753 $ 205,981
Warrants:
Balance, beginning of period $ 48 $ 10,746
Warrants exercised - (2,077)
Warrants expired (48) (48)
Balance, end of period $ - $ 8,621
Contributed surplus:
Balance, beginning of period $ 15,146 $ 12,315
Increase from share-based
payments 566 298
Warrants expired 48 48
Share-based payments
exercised (16) (74)
Balance, end of period $ 15,744 $ 12,587
Accumulated deficit:
Balance, beginning of period $ (71,818) $ (64,114)
Loss and comprehensive loss
for the period (1,413) (1,281)
Balance, end of period $ (73,231) $ (65,395)
Total shareholders' equity $ 302,266 $ 161,794
Condensed Consolidated Statement of Cash Flows
(Expressed in Thousands of Canadian dollars)
(Unaudited)
Three months ended Three months ended
Mar. 31, 2018 Mar. 31, 2017
Cash flows from (used in)
operating activities:
Loss and comprehensive loss
for the period $ (1,413) $ (1,281)
Items not affecting cash:
Unrealized foreign exchange
gain on cash (393) (64)
Interest income (455) (63)
Depreciation 1 1
Share-based payments 493 245
Unrealized foreign exchange
gain on restoration
deposit - (9)
Change in non-cash operating
working capital:
Amounts receivable (843) 126
Prepaid expenses and other
assets (17) (7)
Accounts payable and accrued
liabilities (698) (623)
Cash disbursements related
to reclamation (6) -
Cash flows used in operating
activities $ (3,331) $ (1,675)
Cash flows from financing
activities:
Exercise of warrants $ - $ 7,855
Cash flows from financing
activities $ - $ 7,855
Cash flows from (used) in
investing activities:
Expenditures on exploration
and evaluation assets $ (168) $ (78)
Additions to property, plant
and equipment (8,369) (5,501)
Interest received 441 63
Cash flows used in investing
activities $ (8,096) $ (5,516)
Net change in cash and cash
equivalents (11,427) 664
Cash and cash equivalents,
beginning of period 137,963 35,719
Effect of exchange rate
fluctuations on cash held 393 64
Cash and cash equivalents,
end of period $ 126,929 $ 36,447
About Dalradian
Dalradian is a mineral exploration and development company that is
focused on advancing its high-grade Curraghinalt Gold Project located in
Northern Ireland, United Kingdom. The Curraghinalt Project is in
permitting, with exploration ongoing to build on the positive
feasibility study released in January 2017.
For more information:
Marla Gale
Vice President Communications
+1 416 583 5600
investor@dalradian.com
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Richard Tonthat
+44 (0)20 7383 5100
Numis Securities Limited (Broker)
John Prior / James Black / Paul Gillam
+44 (0)20 7260 1000
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking information" which may
include, but is not limited to, statements with respect to future
financial or operating performance of the Company and its subsidiaries
and its mineral project, the future price of metals, test work and
confirming results from work performed to date, the estimation of
mineral resources and mineral reserves, the realization of mineral
resource and mineral reserve estimates, the timing and amount of
estimated future production, costs of production, capital, operating and
exploration expenditures, costs and timing of the development of new
deposits, costs and timing of future exploration, requirements for
additional capital, government regulation of mining operations,
environmental risks, reclamation expenses, title disputes or claims,
limitations of insurance coverage, the timing and possible outcome of
pending regulatory matters and the realization of the expected
production, economics and mine life of the Curraghinalt gold deposit.
Often, but not always, forward-looking statements can be identified by
the use of words and phrases such as "plans," "expects," "is expected,"
"budget," "scheduled," "estimates," "forecasts," "intends," "anticipates,
" or "believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results "may,
" "could," "would," "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and are based on
various assumptions, such as continued political stability in Northern
Ireland, that permits required for Dalradian's operations will be
obtained in a timely basis in order to permit Dalradian to proceed on
schedule with its planned exploration and mine development, construction
and production programs, that skilled personnel and contractors will be
available as Dalradian's operations commence and continue to grow
towards production and mining operations, that the price of gold will be
at levels that render the Dalradian's mineral project economic, that the
Company will be able to continue raising the necessary capital to
finance its operations and realize on mineral resource and mineral
reserve estimates and current mine plans, that the assumptions contained
in the Company's Technical Report dated January 25, 2017 are accurate
and complete and that a permitting application for mine construction
will be approved .
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Dalradian to be materially different from
any future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others,
general business, economic, competitive, political and social
uncertainties; the actual results of current and future exploration
activities; the actual results of reclamation activities; conclusions of
economic evaluations; meeting various expected cost estimates; changes
in project parameters and/or economic assessments as plans continue to
be refined; future prices of metals; possible variations of mineral
grade or recovery rates; the risk that actual costs may exceed estimated
costs; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining
industry; political instability; delays in obtaining governmental
approvals or financing or in the completion of development or
construction activities, as well as those factors discussed in the
section entitled "Risk Factors" in the Company's Annual Information Form
for the year ended December 31, 2017 dated March 15, 2018.
Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements contained
herein are made as of the date of this press release and the Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results, except
as may be required by applicable securities laws. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Dalradian Resources Inc. via Globenewswire
http://www.dalradian.com/
(END) Dow Jones Newswires
May 03, 2018 02:01 ET (06:01 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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