The English text is an unofficial translation of the Swedish original, and in the event of any discrepancies between the Swedish text and the English translation the Swedish text shall take precedence.
Second quarter of 2016
- Net sales were nil (SEK 0.0 million) during the second quarter of 2016, as the Laiva mine continued to operate on a care and maintenance basis only.
- An operating loss of SEK -8.5 million (SEK -28.4 million) was reported for the period.
- Result after tax for the period amounted to SEK -8.4 million (SEK -31.3 million), corresponding to SEK -0.01 (SEK -0.58) per share.
- Cash and cash equivalents were SEK 6.7 million at the end of the period (SEK 14.8 million, 31 Marsh 2016).
- Equity was SEK 504.4 million (SEK 512.0 million, 31 March 2016) at the end of the period.
- Nordic Mines AB (publ) ("Nordic Mines" or the "Company") does not have sufficient funds to cover its needs for the month of September 2016. For further information, see Cash flow and financial position in this report.
- On May 17, 2016, the Company reported an updated Mineral Resource Estimate for the Laiva gold project ("Laiva", the "Laiva project" or the "Project") based upon a new laser sorting process.
- On May 25, 2016, the Company reported a new Scoping Level Preliminary Economic Assessment for Laiva (the "Assessment").
- On May 31, 2016, the Company reported Changes in ownership within Nordic Mines' majority owner Lau Su Holding AB ("Lau Su").
January - June 2016
- Net income was SEK 0.0 million (SEK 0.0 million) due to the production stop at the Laiva mine.
- The Company recorded an operating loss of SEK -21.8 million (SEK -54.7 million).
- Profit/loss after tax for the period amounted to SEK -21.9 million (SEK -60.5 million), corresponding to SEK -0.04 (SEK -1.12) per share.
- Comprehensive income for the period amounted to SEK -20.4 million (SEK -63.0 million), corresponding to SEK -0.04 (SEK -1.17) per share.
Significant events after period end
- On July 14, 2016, the company announced that they have contracted Lars Vilhelmson as new CFO and Joakim Kindahl as IR-consultant.
- On July 28, 2016 the Nasdaq Stockholm's Disciplinary Committee imposes a fine of 7 times the annual listing fee (approximately SEK 1.4 million) on Nordic Mines. The decision is partly based upon the Swedish Securities Council previous appraisal that the approach by which Lau Su Holding AB was allowed to subscribe for new shares in the Company's Rights Issue 2015 was not in accordance with good practice on the stock market.
- On August 4, 2016, Nasdaq Stockholm decided, after dialogue with the Company, to temporarily give the Nordic Mines share observation status due to liquidity was not sufficient for the next three months.
- On August 18, 2016, Nordic Mines announced that they have received the first drip feed by way of a shareholder loan of USD 500 000 to finance the Company's operating need for the next month. For further information, see Cash flow and financial position in this report.
For additional information, please contact:
D. Saradhi Rajan, CEO: +44 743 271 1564
For more information about Nordic Mines, please visit; www.nordicmines.com (http://www.nordicmines.com)
The information above has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08.00 a.m. (CET) on August 18, 2016.
Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. Also refer to www.nordicmines.com (http://www.nordicmines.com)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nordic Mines AB via Globenewswire
