TSXV: CAA
VANCOUVER, Nov. 25, 2014 /CNW/ - Callinan Royalties
Corporation ('Callinan', the 'Company') (TSXV: CAA) announces its
financial results for the first fiscal quarter ended September 30, 2014. The unaudited financial
statements and Management Discussion and Analysis are available on
Callinan's website (www.callinan.com) and on SEDAR
(www.sedar.com).
Net income for the 3 month period ended September 30, 2014, net of income tax expense is
$1,290,642 compared to $1,706,791 for the same period last year. Income
per share for both basic and fully diluted is $0.03, as it was for the same period last
year.
A summary of the financial information is included in the
following table:
|
3 months
September 30,
2014
|
3 months
September 30,
2013
|
Income
|
$3.06
million
|
$3.04
million
|
Net Income
|
$1.29
million
|
$1.70
million
|
Net Income
/
Share Fully
Diluted
|
$0.03
|
$0.03
|
Cash Flow from
Operation
|
$4.32
million
|
$6.74
million
|
The following are key highlights for the quarter:
- $984,051 was paid out in
dividends to shareholders.
- Cash on hand at September 30,
2014 was $24,292,762 (compared
to $27,155,571 at September 30, 2013).
- Callinan exercised the right to purchase an additional 0.5%
Gross Revenue Royalty ('GRR') for C$3,000,000 on the Gunnison Copper project owned
by Excelsior Mining Corp. ('Excelsior'). The project is located in
Cochise County, Arizona, USA.
Quarterly Royalty Payments
Callinan received interim quarterly royalty payments totaling
$2,129,377 from HudBay Minerals Inc.
for the quarter ended September 30,
2014. The royalty payments include a payment of $2,028,170 from the 6⅔% Net Profits Interest
Royalty and $101,207 from the
production royalty of $0.25 per ton
of ore milled. This compares with interim quarterly royalty
payments totaling $2,182,061 for the
same quarter last year.
The Net Profits Interest payment represents 75% of an estimate
by HudBay Minerals Inc. The remaining 25% is paid annually, in
mid-July, 130 business days after the financial year end of HudBay
Minerals Inc.as per the Net Profits Interest and Royalty Agreement
dated January 1, 1988.
On Behalf of the Board of Directors,
Glenn Brown
Glenn Brown, Interim CEO
About Callinan Royalties
Callinan Royalties Corporation is one of the oldest public
listings in Canada and one of the
first contributors to the development of the Flin Flon, Manitoba copper-zinc
district. Callinan holds a 6⅔% net profits interest royalty
and a production royalty of $0.25 per
short ton of ore milled on lands that include the producing 777
mine and 777 North mine operated by Hudbay Minerals Inc.
The Company invests its royalty income to provide alternative
financing options to mineral exploration and development companies
with attractive projects and excellent management.
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, recurring annual cash flow from
the 777 royalties and approximately 49.2 million shares
outstanding.
For more information, please visit www.callinan.com or
contact:
Glenn Brown, Interim CEO
or Tamara Edwards, CFO
Callinan Royalties Corporation
+1 604 424 8639
shareholder@callinan.com
Corporate Office:
770 - 475 West Georgia Street
Vancouver, BC
Canada, V6B 4M9
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