Aldridge Minerals Inc.

Published : March 29th, 2016

Aldridge Reports Year-End 2015 Financial Results and Provides a Corporate Update

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  

Aldridge Reports Year-End 2015 Financial Results and Provides a Corporate Update

TORONTO--(BUSINESS WIRE)--Aldridge Minerals Inc. (TSX-V: AGM) ('Aldridge' or the 'Company') announced today the filing of its audited consolidated financial statements for the year ending December 31, 2015 (the '2015 Financials'), and the Management's Discussion & Analysis related thereto (the '2015 MD&A'), which are available on SEDAR and at

Han Ilhan, President & CEO, commented, 'Our focus in 2015 was the advancement of the land acquisition within the fully permitted Yenipazar Project fence line. Land acquisitions are always a sensitive task as their effective execution is so closely tied to maintaining a Social Licence to Operate. Accordingly, in 2015 we continued our strategy of offering the landowners a price of 5.1 Turkish lira per square meter. As expected, some of the landowners have not yet sold their land in the hope that they will receive a higher offer price, which is a common community expectation in the mining industry.

'As a result, midway through 2015 Aldridge applied for the State-led Compulsory Land Acquisition Process and received approval from the Ministry of Natural Resources in Turkey, which determined that the development of the Yenipazar Project is in the best interest of the local and national economies. This approval is intended to provide legal certainty to the Company that it will be able to access required land for mine development and is based on well-established laws that have been regularly implemented in Turkey, particularly over the last 15 years during a period of significant infrastructure development in Turkey.'

Mr. Ilhan added, 'In January the State initiated the legal process to complete the Compulsory Land Acquisition Process. During the legal phase of the process, the State is the plaintiff and individual landowners are the defendants. The court will determine the final price for the land taking into account the findings of a court-appointed independent expert panel. Although the State will acquire the land, Aldridge will be required by law to cover the costs of the land acquisition. In parallel with this legal process, we continue to purchase land from landowners willing to sell voluntarily. The court cases of any landowners that decide to sell voluntarily to Aldridge will be dropped by the State.

'Aldridge has completed the acquisition of private land representing approximately 34% of the Project total at a total cost of approximately US$8,395,000. This total does not include an additional 13% of land classified as Treasury land and meadow lands. The mining laws in Turkey provides Aldridge with full access to Treasury lands within our mining concession. In due course we expect the meadow lands to be reclassified as Treasury land.'

In closing, Mr. Ilhan added, 'As we advance towards completion of the Land Acquisition Process, we will continue project financing discussions that have been initiated with multiple financial institutions that have expressed interest in the Yenipazar Project. Aldridge is also analyzing all of the alternatives for a refinancing of the bridge loan facility with Orion Mine Finance prior to its maturity date of August 29, 2016.'

Strategy and Outlook

The Company's most important objectives of 2016 include advancing the land acquisition, refinancing the bridge loan facility, as well as positioning the Company to obtain project financing. The Company's engineering and exploration initiatives will also continue in 2016.

Upon completion of project financing the Company expects a project development period of approximately 24 months involving engineering, construction, commissioning and leading to commercial production. As a result, the Company's focus in 2016 is on advancing the following initiatives already underway:

  • Land Acquisition - The land acquisition process includes two components that are continuing in parallel, namely the Company's voluntary purchase process and the State-led Compulsory Land Acquisition Process. As of March 2016, 114 court cases have been opened by the State to acquire substantially all of the remaining privately held land within the Yenipazar Project fence line. In accordance with land acquisition laws in Turkey, the landowners cannot object to the State-led LAP and must sell based on the final price determined by the court. There is a risk the price to be determined by the court could exceed the Company's offer price, thereby increasing total land costs.
  • Loan Facility Refinancing - The Company ended 2015 with US$8,520,566 in cash and negative working capital of US$10,005,830. As at December 31, 2015 the Company had drawn down US$17,500,000 of its US$35,000,000 loan facility, which matures August 29, 2016 (the 'Loan'). Aldridge is analyzing all of the alternatives for a refinancing of the Loan prior to its maturity date.
  • Engineering - The Company expects to start basic engineering in the second half of 2016, with continuation in 2017. Aldridge will continue to refine its basic engineering schedule and execution to ensure the focus is on critical path items while considering the variability of the timing of land acquisition and project financing. Basic engineering, detailed engineering, equipment procurement, construction and commissioning will be executed in compliance with project financing requirements.
  • Exploration - Given the promising results of the exploration program completed in May 2015, the Company is in the process of finalizing plans to investigate the additional potential within our licence area immediately adjacent to the existing ore body and other areas within the 100 square kilometre Yenipazar licence area, where encouraging ground survey results, geophysical and geochemical anomalies, and outcrops indicate potential for further upside.
  • Project Financing - The Company will actively consider various project financing alternatives, which may include senior and subordinated debt, equity, metal streams, and strategic investments. The timing of progress towards completion of the land acquisition process is anticipated to affect the timing of further project evaluation by prospective financing organizations. Consequently, the Company plans to increase its project financing efforts later in 2016 as the land acquisition process continues. The timing of the project financing will likely be affected by general market conditions.

Selected Financial Information

The following table provides selected consolidated financial information that should be read in conjunction with the 2015 Financials.

United States Dollars

DECEMBER 31, 2015

DECEMBER 31, 2014

DECEMBER 31, 2013

Loss before income tax and
discontinued operations $(5,279,998) $(3,191,177) $(7,174,079)
Net loss (5,279,998) (3,191,177) (6,840,585)
Net loss per share (0.05) (0.04) (0.08)
Cash and cash equivalents 8,520,566 14,331,409 6,597,969
Working capital (10,005,830) 14,103,639 6,468,652
Total assets 30,814,033 25,829,329 10,452,416

Total non-current financial liabilities

126,974 8,445,579 115,740
Working capital equals current assets less current liabilities, and is a non-GAAP measure used by management.

About Aldridge

Aldridge is a development stage mining company focused on its wholly owned Yenipazar polymetallic Massive Sulfide Project (Gold, Silver, Copper, Lead, Zinc) in Turkey, a country that is committed to developing its natural resources. Aldridge completed the Yenipazar Optimization Study and filed the related technical report in May 2014, which updated the original May 2013 Feasibility Study. The Company is currently advancing the Yenipazar Project on key aspects including land acquisition, project financing, and engineering.

Caution Regarding Forward-Looking Information

This news release includes certain forward-looking statements within the meaning of Canadian securities laws, including, but are not limited to the ability to accomplish remaining milestones, completing the Yenipazar land acquisition, refinancing the Company's existing Loan facility, securing project financing, advancing the Yenipazar Project to production, economic performance, future plans and objectives of the Company.

Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Such risks, uncertainties and factors including meeting conditions for advances under the Loan and the other factors discussed under the heading 'Risk Factors' in the Company's Management's Discussion and Analysis for the year ended December 31, 2015 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results.

Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates. Although Aldridge believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless required by law.

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 news release.

Read the rest of the article at
Data and Statistics for these countries : Georgia | Turkey | All
Gold and Silver Prices for these countries : Georgia | Turkey | All

Aldridge Minerals Inc.

ISIN : CA0144301029
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Aldridge Min. is a gold and silver exploration company based in Canada.

Aldridge Min. holds various exploration projects in Turkey.

Its main exploration properties are DERINKOY, YENIPAZAR, PAPUA and MURAT DAG in Turkey.

Aldridge Min. is listed in Canada and in Germany. Its market capitalisation is CA$ 10.2 millions as of today (US$ 7.5 millions, € 6.5 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 3.75, and its lowest recent point on June 22, 2018 at CA$ 0.05.

Aldridge Min. has 107 130 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Financings of Aldridge Minerals Inc.
8/29/2016Aldridge Minerals Provides Financing Update
7/28/2016Aldridge Minerals Provides Financing Update
2/22/2013Aldridge Minerals Closes Previously Announced Non-Brokered F...
2/14/2013Aldridge Minerals Closes Previously Announced Financing
12/12/2012Aldridge Minerals Announces $10.5 Million Underwritten Priva...
4/27/2012Aldridge - Aldridge Announces Closing of the Private Placeme...
3/28/2012Aldridge Minerals announces shareholder approval of the ANT ...
2/8/2012Aldridge - Aldridge Announces $11.2 Million Private Placemen...
9/15/2008announces Proceeds of CAD $3.36 million from Private Placeme...
7/29/2008announces private placement
4/11/2008 Announces Terms Of Brokered Private Placement
2/12/2008announces proceeds of CAD 1.3 million from exercise of warra...
12/4/2007Completes Non-Brokered Private Placement
11/19/2007amends terms of non-brokered private placement
Option Grants of Aldridge Minerals Inc.
11/27/2013Aldridge - Aldridge Grants Options
4/9/2013Aldridge - Aldridge Grants Options
2/29/2012Aldridge Minerals grants options
6/16/2011Grants 400,000 options to two directors
Nominations of Aldridge Minerals Inc.
2/25/2008Appoints Charles M. Raymond to its Board of Directors
Financials of Aldridge Minerals Inc.
10/19/2012Aldridge - Aldridge Reports Third Quarter 2012 Financial Res...
7/20/2012Aldridge Minerals Reports Second Quarter 2012 Financial Resu...
Project news of Aldridge Minerals Inc.
6/17/2013Aldridge - Aldridge Earns 100% Interest In Yenipazar
5/17/2013Aldridge - Aldridge Files NI 43-101 Technical Report for Yen...
2/15/2012(Yenipazar)Aldridge Minerals Discovers Additional Mineralization at Yen...
10/24/2011(Yenipazar)Aldridge Minerals Inc. Finds Significantly Higher Metal Grad...
6/10/2009(Derinkoy)Arranges Joint Venture for Derinkoy Properties
7/7/2008(Yenipazar)announces latest results from Yenipazar (VMS, Turkey) for in...
1/10/2008(Murat Dag)reports first results of nickel laterite drill campaign in W...
12/5/2007(Yenipazar)reports on drilling progress at Yenipazar deposit
11/12/2007(Yenipazar)reports on resource upgrade and enlargement at Yenipazar dep...
10/11/2007(Yenipazar)drills high-grade core at Yenipazar deposit - Intersects 34 ...
Corporate news of Aldridge Minerals Inc.
6/29/2016Aldridge Announces Results of Annual Shareholders Meeting
5/13/2016Aldridge Reports Q1 2016 Financial Results and Provides a Co...
3/29/2016Aldridge Reports Year-End 2015 Financial Results and Provide...
12/15/2015Aldridge Grants Stock Options
9/25/2015Aldridge Announces Resignation of Vice President Project Dev...
7/16/2015Aldridge Receives Investment Incentive Certificates That Inc...
4/13/2015Cormark Securities Inc. Initiates Research Coverage on Aldri...
3/30/2015Aldridge to Attend Upcoming Investor Conferences
3/26/2015Aldridge Grants Stock Options
3/24/2015Aldridge Reports Year-End 2014 Financial Results and Provide...
2/23/2015Aldridge to Attend PDAC 2015 in Toronto, Canada March 1-2, 2...
1/14/2015Aldridge Hires Jaymes Dircks as EPC Director
1/12/2015Aldridge Hires Jaymes Dircks as EPC Director
1/8/2015Aldridge to Attend Cambridge Vancouver Resource Investment C...
12/20/2014Aldridge Grants Stock Options
12/19/2014Aldridge Grants Stock Options
11/17/2014Aldridge Awards Value Engineering & Construction Planning Co...
11/13/2014Aldridge Reports Q3 2014 Financial Results and Provides a Co...
9/26/2014Aldridge Closes US$45 Million Financing with Orion Mine Fina...
9/2/2014IIROC Trading Resumption - AGM
9/2/2014Aldridge Reports Q2 2014 Financial Results and Provides a Co...
11/15/2013Aldridge - Aldridge Files Q3 2013 Financial Statements
8/28/2013Aldridge - Aldridge Completes Yenipazar EIA Report
8/14/2013Aldridge - Aldridge Files Q2 2013 Financial Statements
7/16/2013Aldridge - Aldridge Announces Leadership Change
2/19/2013Aldridge - Aldridge Retains Cutfield Freeman to Aid in Secur...
12/12/2012Aldridge - IIROC Trading Resumption - AGM
11/1/2012Aldridge - Aldridge Retains Independent Trading Group As Mar...
7/6/2012(Papua)Aldridge Minerals to Exit Papua New Guinea
6/13/2012Aldridge - Aldridge Announces an Updated 43-101 Resource Est...
5/2/2012Aldridge - Aldridge Appoints Robbert Borst VP Project Develo...
3/13/2012Aldridge Minerals Receives Positive Recommendation from ISS ...
3/6/2012(Yenipazar)Aldridge Minerals Provides Yenipazar Feasibility Update - Mi...
2/27/2012Aldridge Minerals Announces Execution of Definitive Investme...
2/25/2012Aldridge Minerals Announces Filing of Annual Financials
2/7/2012Jacob Willoughby to Step Down as President and Director of A...
1/31/2012(Papua)Aldridge Minerals Reports Drill Results from its 100 % owned...
10/11/2011Aldridge Minerals Inc. Announces Infill Drill Results and Ex...
7/19/2011Aldridge Minerals Inc. Retains Renmark Financial Communicati...
12/22/2008Acquisition of Valhalla Resources Ltd. and its exploration p...
6/27/2008hires Swiss IR/PR Consulting Group
5/7/2008announces results of the 2008 annual and special meeting
11/7/2007 announces director resignation
6/2/2007Wins License for Laterite With Nickel Potential in Auction B...
3/14/2007Receives Positive Results on First Gravity Preconcentration ...
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.095
12/27 13:52 -
Prev close Open
0.095 0.095
Low High
0.095 0.095
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.095 -%
Volume 1 month var.
89,000 -%
24hGold TrendPower© : 30
Explores for Copper - Gold - Lead - Silver - Zinc
Interactive chart Add to compare
Print Compare Export
Last updated on : 4/20/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :