TSXV: CAA
VANCOUVER, Oct. 10,
2014 /CNW/ - Callinan Royalties Corporation
('Callinan', the 'Company') (TSXV: CAA) announces its financial
results for the fourth fiscal quarter and for the fiscal year ended
June 30, 2014. The audited financial
statements and Management Discussion and Analysis are available on
Callinan's website (www.callinan.com) and on SEDAR
(www.sedar.com).
The Company's Net income for the year ended
June 30, 2014 is $6,091,942 compared to $8,851,153 for fiscal 2013. Income per
share for basic and fully diluted is $0.12 compared to $0.18 for basic and fully diluted in fiscal 2013.
All amounts are in Canadian dollars.
A summary of the financial information is
included in the following table:
|
3 months
June 30,
2014
|
3 months
June 30,
2013
|
12 months
June 30,
2014
|
12 months
June 30,
2013
|
Income
|
$3.34
million
|
$3.51
million
|
$11.93
million
|
$16.80
million
|
Net Income
|
$1.90
million
|
$1.62
million
|
$6.09
million
|
$8.85
million
|
Net Income
/
Share Fully
Diluted
|
$0.04
|
$0.03
|
$0.12
|
$0.18
|
Cash Flow from
Operation
|
$0.97
million
|
$0.96
million
|
$10.34
million
|
$9.19
million
|
The following are key highlights for the fiscal year:
- The annual royalty income for the year ended June 30, 2014 was $10.7
million compared to $15.7
million last year.
- $3.98 million was paid out in
dividends to shareholders.
- Cash on hand at June 30, 2014 was
$24,057,672 (compared to $24,883,295 at June 30,
2013).
- Callinan completed a staged royalty investment with Excelsior
Mining and exercised the first royalty option. In total, Callinan
has acquired a 1% Gross Revenue Royalty ("GRR") on the Gunnison
Copper Project in Arizona and
holds options for the right to increase its royalty to a 3% GRR in
return for additional payments following completion of additional
key project milestones.
- Callinan announced the creation of two separate exploration
alliances. As part of these alliances, Callinan has agreed to fund
exploration programs totalling $150,000 on the Alvito project in Portugal with Avrupa Minerals and the same
amount on the Golden Shears project in Nevada with Renaissance Gold in exchange for a
1.5% net smelter returns royalty on each project.
The 2013-2014 Annual Information Form has been prepared and is
available for viewing on SEDAR and the Callinan website.
Roland Butler, CEO
commented "Through this prolonged downturn across the minerals
sector, Callinan remains a profitable, dividend-paying royalty
company with no debt and a healthy treasury. We continue to
seek and evaluate compelling investment royalty opportunities and
have initiated our own project generation activities to create
additional value and new royalty interests at a time when
competition is minimal. The Company is in strong financial
condition and well positioned to advance in the current
market."
On Behalf of the Board of Directors,
Roland
Butler
Roland Butler,
CEO
About Callinan Royalties
Callinan Royalties is a Canadian company that
creates and acquires mineral royalties. The company uses its
royalty income to provide alternative financing options to mineral
exploration and development companies with attractive
projects. Callinan's strategy is to create shareholder value
over the long term by generating a portfolio of profitable mineral
royalties.
The Corporation currently has two producing
royalties. Callinan holds a 6⅔% net profits interest royalty and a
production royalty CAD $0.25 per ton
of ore milled on lands that include the 777 mine and 777 North mine
owned by Hudbay Minerals Inc. located in Flin Flon, Manitoba, Canada. Callinan also
holds the 777 Deeps (War Baby) property and an associated royalty
option on the property, which is located adjacent to the 777
mine.
Callinan is a dividend paying Tier 1 company
listed on the TSX Venture Exchange under the symbol CAA. The
Corporation has a strong financial position with no debt,
approximately $24 million in cash and
approximately 49.2 million shares outstanding.
Cautionary Statement on Forward-Looking
Information
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Certain of the information presented in this
News Release may constitute "forward-looking statements" or
"forward-looking information" within the meaning of Canadian
securities legislation (together referred to as "forward-looking
statements"). The forward-looking statements are subject to risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by such
forward-looking statements, including any delays in the receipt of
consents or approvals. Although Callinan Royalties 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 not to be as anticipated, estimated or
intended. There can be no assurance that such 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 contained in this News Release and in any document
referred to in this News Release. Forward-looking statements are
made based on management's beliefs, estimates and opinions on the
date the statements are made and Callinan Royalties undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable law.
SOURCE Callinan Royalties Corporation