Dalradian Announces Q1 2015 Results
Tweet
Share
E-mailGet Alerts DNA Hot Sheet
Join SI Premium – FREE
TORONTO, ONTARIO -- (Marketwired) -- 05/06/15 -- Dalradian Resources Inc. (TSX: DNA)(AIM: DALR) ("Dalradian" or the "Company") announced results for the three months ended March 31, 2015, including cash and cash equivalents of $44.7 million at March 31, 2015. During Q1 2015 and the subsequent period, the Company made continued progress with the fully-funded $30 million work program at its Curraghinalt gold project in Northern Ireland in support of a pre-feasibility study (the "PFS") and an environmental impact assessment (the "EIA"). All amounts are in Canadian dollars unless otherwise noted.
Corporate and operational highlights of Q1 2015 and subsequent period
-- Gross proceeds of $20.6 million through a private placement financing
and warrant exercises
-- Eric Tremblay appointed as COO
-- Surface works for the underground exploration program (the "Underground
Program") nearing completion
-- Five additional blasts were completed in the existing underground
workings in preparation for new development, the Alimak lift was
commissioned and three underground drill bays (of 11 planned drill bays)
were completed
-- Commencement of the 20,000 metre infill drilling program
-- Advancement of desk-top studies for the PFS and EIA
Financial highlights of Q1 2015 compared with Q1 2014
-- Cash and cash equivalents were $44.7 million at March 31, 2015 compared
with $17.2 million at March 31, 2014.
-- Net loss of $1.4 million ($0.01 per share) compared to $1.2 million
($0.01 per share).
-- Spending on asset evaluation, which includes development planning,
permitting and other activities associated with the Underground Program,
was $4.6 million compared with $0.9 million due to commencement of the
Underground Program in Q3 2014.
-- Exploration expenditures of $0.9 million compared with $0.3 million.
-- As of May 4, 2015 Dalradian had 163,147,170 Common Shares issued and
outstanding.
Outlook
Completion of the PFS and EIA will support a planning (permitting) application for construction of an operating mine at Curraghinalt, submission of which is planned for Q1 2016. Anticipated activities for the remainder of 2015 include:
-- Completion of the infill drill program in Q3 -- Updated mineral resource estimate in Q3 -- Completion of the planned portion of the Underground Program in Q3 -- Results of the PFS in Q4 -- Advancement of the EIA
Increased spending compared to Q1-Q3 of 2014 is expected to continue through the balance of 2015, as Dalradian completes the Underground Program and the PFS. Exploration expenditures are expected to increase over the 2014 levels as the Company aims to grow the Curraghinalt deposit along strike. Exploration and evaluation expenditures in Northern Ireland for the next three months ending June 30, 2015 are expected to average approximately $3.7 million per month.
Supporting Documents
The Q1 2015 Financial Statements (not including notes) can be found at the end of this news release. The full Q1 2015 Management Discussion and Analysis and Financial Statements are available on www.dalradian.com and also on www.sedar.com.
About Dalradian
Dalradian Resources Inc. is a Canadian incorporated gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company has a 2015 work program with a fully-funded budget of approximately $30 million and the goal of completing a pre-feasibility study in support of a planning application for construction of an operating mine at Curraghinalt. Components of the program include underground exploration, which incorporates approximately 1,100 metres of development and 20,000 metres of underground drilling, a pre-feasibility study and an environmental impact assessment.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources, completion of the pre-feasibility study, environmental impact assessment and underground program and the realization of the expected economics of Curraghinalt. 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 the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned development and exploration programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of gold will be at levels that render the Company'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 estimates, and that the assumptions contained in the Company's preliminary economic assessment are accurate and complete.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company 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 exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; 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.
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 news 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.
Dalradian Resources Inc.
(An exploration stage company)
Condensed Consolidated Balance Sheets
(Expressed in Canadian dollars)
(Unaudited)
As at As at
Mar. 31, Dec. 31,
2015 2014
----------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 44,661,606 $ 29,776,872
Amounts receivable 328,991 246,390
Prepaid expenses and advance payments 2,427,167 2,963,947
----------------------------
47,417,764 32,987,209
Restoration deposit 1,168,900 1,120,870
Equipment 429,299 408,069
Exploration and evaluation assets 54,681,594 49,085,740
----------------------------
$ 103,697,557 $ 83,601,888
----------------------------
----------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 3,677,162 $ 2,950,848
----------------------------
Non-Current liabilities:
Provision for decommissioning and restoration 677,271 380,937
----------------------------
Shareholders' equity:
Share capital 130,621,349 110,693,043
Warrants 7,441,863 7,288,894
Contributed surplus 11,514,941 11,118,485
Accumulated deficit (50,235,029) (48,830,319)
----------------------------
99,343,124 80,270,103
----------------------------
$ 103,697,557 $ 83,601,888
----------------------------
----------------------------
Dalradian Resources Inc.
(An exploration stage company)
Condensed Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars)
(Unaudited)
Three Three
months ended months ended
Mar. 31, 2015 Mar. 31, 2014
--------------------------------
Operating expenses:
Salaries and related benefits $ 949,492 $ 646,955
Professional fees and consulting 110,925 57,749
Share-based payments 332,935 148,209
Investor relations and general travel 220,329 144,290
Office, regulatory and general 199,698 173,651
Amortization 38,941 48,968
Foreign exchange gain (384,661) (1,556)
Interest and bank charges 1,138 3,037
--------------------------------
1,468,797 1,221,303
Interest income and other 64,087 26,445
--------------------------------
Loss and comprehensive loss for the period $ (1,404,710) $ (1,194,858)
--------------------------------
--------------------------------
Loss per share - basic and diluted $ (0.01) $ (0.01)
--------------------------------
--------------------------------
Condensed Consolidated Statements of Shareholders' Equity
(Expressed in Canadian dollars)
(Unaudited)
Three Three
months ended months ended
Mar. 31, 2015 Mar. 31, 2014
--------------------------------
Share capital:
Balance, beginning of period $ 110,693,043 $ 79,585,917
Common shares issued 8,838,934 10,726,227
Warrant exercised 11,089,372 -
--------------------------------
Balance, end of period $ 130,621,349 $ 90,312,144
--------------------------------
--------------------------------
Warrants:
Balance, beginning of period $ 7,288,894 $ 139,310
Warrants issued 1,984,250 1,891,858
Warrants exercised (1,778,196) -
Warrants expired (53,085) -
--------------------------------
Balance, end of period $ 7,441,863 $ 2,031,168
--------------------------------
--------------------------------
Contributed surplus:
Balance, beginning of period $ 11,118,485 $ 10,103,852
Increase from share-based payments 343,371 150,474
Warrants expired 53,085 -
--------------------------------
Balance, end of period $ 11,514,941 $ 10,254,326
--------------------------------
--------------------------------
Accumulated deficit:
Balance, beginning of period $ (48,830,319) $ (41,985,434)
Loss and comprehensive loss for the period (1,404,710) (1,194,858)
--------------------------------
Balance, end of period $ (50,235,029) $ (43,180,292)
--------------------------------
--------------------------------
Total shareholders' equity $ 99,343,124 $ 59,417,346
--------------------------------
--------------------------------
Condensed Consolidated Statements of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)
Three Three
months ended months ended
Mar. 31, 2015 Mar. 31, 2014
--------------------------------
Cash flows from (used in) operating
activities:
Loss and comprehensive loss for the period $ (1,404,710) $ (1,194,858)
Unrealized foreign exchange (gain) loss (339,795) 21,494
Interest income and other (64,087) (26,445)
Items not affecting cash:
Amortization 38,941 48,968
Share-based payments 332,935 148,209
Change in non-cash operating working
capital:
Amounts receivable (76,836) (47,623)
Prepaid expenses and advance payments (147,014) 15,600
Restoration deposit (48,030) -
Accounts payable and accrued liabilities (771,392) (71,246)
--------------------------------
Cash flows used in operating activities $ (2,479,988) $ (1,105,901)
--------------------------------
Cash flows from financing activities:
Net proceeds from common shares and
warrants issued..................... $ 10,823,184 $ 12,672,971
Exercise of warrants 9,311,176 -
--------------------------------
Cash flows from financing activities $ 20,134,360 $ 12,672,971
--------------------------------
Cash flows from (used) in investing
activities:
Expenditures on exploration and evaluation
assets $ (3,047,335) $ (1,154,136)
Additions to equipment (120,421) (21,412)
Interest received 58,323 17,859
--------------------------------
Cash flows used in investing activities $ (3,109,433) $ (1,157,689)
--------------------------------
Net change in cash and cash equivalents 14,544,939 10,409,381
Cash and cash equivalents, beginning of
period 29,776,872 6,855,035
Effect of exchange rate fluctuations on cash
held 339,795 (21,494)
--------------------------------
Cash and cash equivalents, end of period $ 44,661,606 $ 17,242,922
--------------------------------
--------------------------------
Contacts: Dalradian Resources Inc. Marla Gale Vice President, Communications +1 416 583 5622 [email protected] Canaccord Genuity Limited (Nominated Adviser and Broker) Henry Fitzgerald-O'Connor / Chris Fincken +44 20 7523 8000 Finsbury (UK financial communications) Charles O'Brien / Richard Webster-Smith +44 20 7251 3801 Charles.O'[email protected] [email protected]
Source: Dalradian Resources Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Memecoin Trading With AI And Smart Contracts: MemeToro Challenges DOGE And SHIB With AI Utility
- Sabrina Kuykendall University Bound Grant Announces 2027 Applications for Female Undergraduate Leaders in Texas and Across the USA
- EMRTAI Selects New Technology Developers for Critical Minerals Recovery Assessments
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
Canaccord GenuitySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
