According to the report, Nautilus had US$84.6 million (K235m) in cash and cash equivalents.
Some of the other highlights in the report included:
Advanced the Solwara 1 Project;
advanced the construction of the Production Support Vessel (PSV);
recommenced modest exploration programmes;
released Earth Economics’ independent Environmental and Social Benchmarking Analysis;
granted the State Nominee an extension of its option exercise date and;
Announced a change to the board of directors
Johnston said the company had progressed this past quarter in advancing the building of the seafloor production equipment to be used at Solwara 1, in particular ongoing commissioning of seafloor production tools and welding of the riser pipes. “The PSV build is progressing to plan, with all key long lead equipment orders placed by the end of the quarter, and design work and preliminary class approval on schedule.
“Another exciting highlight for the quarter was the release of the independent study by Earth Economics, which concluded that the Solwara 1 Project has the potential to significantly reduce social and environmental impacts commonly associated with large surface terrestrial copper mines.
The Company remains dedicated to developing an environmentally and socially responsible approach for seafloor mining, commencing with production from Solwara 1 planned in Q1 2018.”