12:23:50 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Nautilus Minerals Inc
Symbol NUS
Shares Issued 628,293,396
Close 2016-08-29 C$ 0.145
Market Cap C$ 91,102,542
Recent Sedar Documents

Globe says Nautilus cut to "neutral" from "outperform"

2016-08-30 06:47 ET - In the News

The Globe and Mail reports in its Tuesday, Aug. 30, edition that Credit Suisse analyst Ralph Profiti downgraded Nautilus Minerals to "neutral" from "outperform" based on greater uncertainty surrounding financing and timing of its project milestones. The Globe's David Leeder writes in the Eye On Equities column that the move comes after the Toronto-based company entered into a subscription agreement with a pair of major shareholders for gross proceeds of $20-million. One of the stakeholders is a joint venture partner in its Solwara 1 project. Mr. Profiti lowered his target to 20 cents from 30 cents. Mr. Profiti is currently the lone analyst of the stock. Mr. Profiti says in a note: "We estimate alternative funding may still be required to meet 2018 commitments. With the termination of contracts for the construction of sea floor production equipment that were in early stages and implementation of workforce reduction measures, we have reduced our estimated cash burn rate to $7-9-million/quarter (from $20-35-million/qtr) for 2H16-2017 vs. cash at end-2Q16 of $51-million, leaving NUS with sufficient liquidity in the near-term. Additional funding may be required ahead of commitments in 2018-2020."

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