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NQ Minerals hails transformational year

"2018 has been a transformational and exciting year for the company, having realised our short term objective of becoming a producer. With the refurbishment of the processing plant in 2018 and subsequent commercialisation of the mineral assets, Hellyer is generating operational cash flow before financing costs," said Brian Stockbridge, the company's chairman.

Hellyer project in Tasmania
The board believes Hellyer is a world-class project

The move from being a mining exploration company to a producer meant NQ Minerals PLC (LON:NQMI) could justifiably categorise 2018 as a transformational year.

The Hellyer project in Tasmania now offers significant ongoing cash flow as the company works on its two exploration projects, Ukalunda and Square Post in North Queensland, Australia.

READ NQ Minerals releases first bulk shipment from Hellyer gold mine

Revenue for 2018 totalled £3.25mln, compared to zero revenues the year before.

It is still early days for the company, however, and as might be expected for an outfit at this stage of its development, it is currently loss-making.

The loss on ordinary activities before taxation widened to £25.6mln from £17.2mln the year before.

The company ended 2018 with net debt of £39.0mln, which had deepened to £41.7mln at the end of May.

“The current environment poses ongoing challenges with respect to fundraising for junior mining companies; however, I am optimistic about the company's prospects going forward, and look forward to achieving our long term goals,” said NQ’s chairman, Brian Stockbridge.

Quick facts: NQ Minerals PLC

Price: 7.6 GBX

NEX:NQMI
Market: NEX
Market Cap: -
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