Belvedere Resources Ltd.

Published : May 01st, 2014

Belvedere Reports Annual and Fourth Quarter Financial and Operating Results for 2013

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Belvedere Reports Annual and Fourth Quarter Financial and Operating Results for 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2014) - Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") reports Annual and Fourth Quarter financial and operating results for the year ending December 31, 2013.

Key 2013 Operational Points

  • Hitura Nickel Mine produced 934 t of nickel from 263,320t of ore
  • Hitura Nickel Mine placed on care and maintenance on June 5th due to low nickel prices
  • In July regular pumping was stopped at the nickel mine allowing the deeper levels to flood
  • Positive PEA completed on Kopsa gold copper deposit to provide feed for the Hitura mill

Key 2013 Financial Points

  • Revenues of EUR10.32 million (CDN$ 15.69 million)
  • Operating Loss of EUR0.39 million (CDN$ 0.59 million)*
  • Net loss of EUR10.09 million (CDN$ 15.34 million)**

* Operating Income is calculated as sales less operating costs and excludes depletion, depreciation and amortization.

** Primarily due to an impairment charge against the Hitura mineral property

SELECTED FINANCIAL INFORMATION

The following selected annual financial information in the table that follows has been derived from the consolidated financial statements of the Company for the periods indicated and should be read in conjunction with such statements and notes thereto. Those financial statements have been prepared in accordance with International Financial Reporting Standards.

The Company incurred a net loss for the year ended December 31, 2013 of EUR10,086,709 or EUR0.07 per share, which compares with net income for the year ended December 31, 2012 of EUR1,297,886 or EUR0.01 per share and net income of EUR2,585,914 or EUR0.02 per share reported for fiscal 2011. The principal causes of these quarterly and annual variations are explained after the 'Financial Highlights' table following.

Selected Annual Year Year Year
Financial Information ended ended ended
All amounts in EUR000's, except 31-Dec 31-Dec 31-Dec
shares and per share figures 2013 2012 2011
Revenue 10,325 27,862 24,675
Operating Expenses 11,350 24,974 21,991
G&A Expenses * 899 1,152 1,233
Other (income) and expenses (73) 272 833
Mineral property impairment 9,058 34 41
Gain (loss) on fair valuation derivative liability - (234) (1,797)
Income tax expense (recovery) (823) 366 (212)
Net income (loss) (10,087) 1,298 2,586
Earnings (loss) per share (basic and diluted) (0.07) 0.01 0.02
Cash Flow from (used) operating activities (971) 3,833 3,875
Cash Flow from (used) investing activities (831) (2,279) (4,131)
Cash Flow from (used) financing activities - (804) 1,455
Net increase (decrease) in cash (1,971) 702 1,122
Cash at end of period 239 2,210 1,508
Total Assets 10,356 24,078 24,774
Total Liabilities 9,261 12,895 14,923
Shareholders' equity 1,096 11,183 9,851
Working Capital ** (485) (1,899) (1,151)
Weighted average number of shares outstanding*** 151,812,291 151,812,291 148,656,234
Dividends per Share - - -
*: Including stock based compensation
**: Current assets less current liabilities
***: Following the share consolidation on 26th March, 2014 the weighted average number of shares outstanding was 24,275,442

During the fourth quarter:

The Company generated a net loss of EUR4,630,273, EUR0.03 per share in the fourth quarter primarily due to an impairment charge against the Hitura mineral property. This compares with a net loss of EUR4,295,872 or EUR0.03 per share for the previous quarter and a net loss of EUR1,120,855 or EURnil per share reported for the fourth quarter of fiscal 2012 and net income of EUR641,242 or EUR0.01 per share for the fourth quarter of 2011.

Compared to the prior year:

  • In fiscal 2013, the Company produced 934 tonnes of nickel and EUR10,324,919 in revenues. In fiscal 2012, the Company produced 2,282 tonnes of nickel and EUR27,862,112 in revenues.
  • Cash decreased to EUR239,193 (2012: EUR2,210,369) as a result of the cessation of mining operations and investment and exploration and development expenses of EUR830,822.
  • General and administrative expenses decreased to EUR899,173 (2012: EUR1,151,747) substantially as a consequence of cost cutting measures implemented following the cessation of mining operations. Increases in legal and travel costs were offset by lower public relations, consulting and stock compensation expenses.
  • Other income was EUR72,973 (2012: expense EUR38,311) due mainly to foreign exchange.
  • Accounts receivable EUR692 (2012: EUR985,200), inventories EUR156,480 (2012: EUR1,356,363) and prepaid expenses EUR43,535 (2012: EUR113,356), decreased significantly as a consequence of the cessation of Hitura nickel production.
  • Long lived assets decreased significantly to EUR9,658,035 (2012: EUR18,782,217) as a consequence of the EUR9,023,630 impairment charge taken against the Hitura Nickel Mine and the transfer of underground mining equipment to assets held for sale. The decrease was partially offset by the transfer of slow moving inventory of spares and consumables from current to long-term assets.
  • Current and long term liabilities decreased to EUR9,260,514 (2012: EUR12,895,289). The decrease in liabilities is a consequence of the cessation of Hitura mining operations and the elimination of the deferred income tax liability resulting from the write down of the Hitura mine.

OUTLOOK

During the suspension period referred to in the section above, the company continues to monitor nickel markets, but prices would need to show a sustained increase before any restart of nickel operations could be considered. Any restart of operations would require substantial capital investment to put in place new underground development and would require at least 12 months lead time before production could recommence.

In the meantime, following the positive results of the PEA, work continues on permitting and completing the Final Feasibility study for the Kopsa gold copper project. The Company will require additional financing through debt or equity issuances, or other available means in order to initiate and complete the Feasibility Study on the Kopsa gold property and for general working capital purposes.

Forward Looking Statement: Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to possible re-commencement of production at Hitura, and the timelines and results of expected studies for the Kopsa gold project) are forward-looking statements that involve various degrees of risk. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements.

About Belvedere: Belvedere Resources Limited is a mining company incorporated in British Columbia with a primary focus on nickel, gold, cobalt and copper in Finland. The Company produced 2,200t of nickel in concentrate in 2012 from its Hitura nickel mine in Central Finland which was put into care and maintenance in June 2013. The Company has a number of advanced gold projects in close proximity to the Hitura mine. The Company is focused on completing the feasibility study for its Kopsa gold copper project.

BELVEDERE RESOURCES LTD.

David Pym, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this release.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Finland | All
Gold and Silver Prices for these countries : Finland | All

Belvedere Resources Ltd.

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CODE : BEL.V
ISIN : CA0809031077
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Belvedere Res. is a nickel and copper exploration company based in Canada.

Belvedere Res. develops nickel, copper and cobalt in Finland, and holds various exploration projects in Finland.

Its main assets in development are HAUTALAMPI and HITURA in Finland and its main exploration properties are LUIKONLAHTI MILL, HIRSIKANGAS, HAARAKUMPU, KIIMALA, VALKEISENRANTA, SAHAKOSKI, OSIKONMÄKI, SARKINIEMI, RANTASALMI and MÄNTYMÄKI in Finland.

Belvedere Res. is listed in Canada. Its market capitalisation is CA$ 60.6 millions as of today (US$ 46.7 millions, € 39.7 millions).

Its stock quote reached its highest recent level on June 13, 1997 at CA$ 9.99, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Belvedere Res. has 73 904 013 shares outstanding.

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Financings of Belvedere Resources Ltd.
12/24/2013=3A Proposed Private Placement and Share Consolidation
2/15/2011Belvedere Issues 19,094,286 Shares Under Convertible Loan
2/1/2011Belvedere Completes 3,000,000 Private Placement
1/12/2011Private Placement to raise up to CAD $2.5 million
Financials of Belvedere Resources Ltd.
8/30/2013Reports Financial and Operating Results for Second Quarter o...
5/30/2013Reports Financial and Operating Results for First Quarter of...
7/9/2011Reports Financial and Operating Results for Q1 2011 -Correct...
Project news of Belvedere Resources Ltd.
8/14/2013(Hitura)Hitura Tailings Expansion Selected as Test Bed for EU Life T...
7/20/2013(Hitura)Provides Status Update on Hitura Nickel Mine and Kopsa Gold ...
5/23/2013(Hitura)to Suspend Nickel Mining Operations at Hitura Nickel Mine
1/28/2013(Hitura): Hitura Mine Operational Update
1/9/2013Belvedere Commences Follow-Up Drilling on Their Antikanper
4/24/2012High Grade Gold Discovery at Osikonmaki Prospect Confirmed a...
2/29/2012Osikonmaki Yields Intersection of 9.6 Metres Averaging 10.0 ...
1/18/2012Reports Further High Grade Gold Drill Results at Kopsa
12/5/2011Ltd: Gold Results From Drilling at Kopsa
10/11/2011Belvedere Significantly Increases Gold Resources on Their Os...
6/30/2011(Rantasalmi)Drilling Continues to Grow Belvedere's Osikonmaki Gold Prosp...
5/18/2011Osikonm=E4ki Prospect delivers further high-grade gold inter...
3/30/2011(Osikonmäki)drills high-grade gold at their Osikonm=E4ki Prospect in Fin...
3/24/2011(Rantasalmi)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
3/24/2011(Kiimala)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
2/23/2011(Hitura)Commences Open-Pit Expansion Studies at the Hitura Nickel Mi...
2/1/2011(Osikonmäki)commences drilling on their Rantasalmi Gold Property
7/29/2010(Hitura)Restarts production ahead of schedule
6/17/2010(Hitura)On track for the restart
6/2/2010(Kiimala)Indicated Resource Estimate for the K1(Ängesneva) occurrence
5/7/2010Intersects 92 metres averaging 3.2 g/t gold at Kopsa
4/8/2010(Hitura)Plans to Restart the Mine and the Signing of an Offtake Agre...
3/23/2010(Hitura)Evaluates Potential For The Restart & Commences Drilling on ...
2/15/2010(Hitura)Belvedere Re-Acquires Hitura Nickel Mine from Administrators
12/2/2009(Hirsikangas)Maiden Resource Estimate For Hirsikangas
10/7/2009(Kiimala)commences drilling on their Kiimala Gold Property
Corporate news of Belvedere Resources Ltd.
12/23/2015Belvedere Mining Oy Initiates Voluntary Bankruptcy Proceedin...
3/4/2015Belvedere-Corporate Update
1/27/2015Belvedere Closes Private Placement
12/26/2014Belvedere Resources Ltd.: Correction to December 24, 2014 Ne...
12/24/2014Belvedere Resources Limited: First Tranche of Private Placem...
11/28/2014Belvedere Reports Third Quarter 2014 Financial and Operating...
11/27/2014Belvedere Resources Ltd.: Private Placement
11/20/2014Belvedere Resources Ltd.: Private Placement
10/15/2014Belvedere Resources Ltd: Private Placement and Loan
8/29/2014Belvedere Reports Second Quarter 2014 Financial and Operatin...
7/29/2014Belvedere Closes Non-Brokered Private Placement (Revised)
7/4/2014Belvedere Resources Limited: Proposed Private Placement
5/30/2014Belvedere Reports First Quarter 2014 Financial and Operating...
5/14/2014Belvedere Starts Further Tests on Open-Pit Nickel Ore for Pr...
5/1/2014Belvedere Reports Annual and Fourth Quarter Financial and Op...
4/30/2014CORRECTION FROM SOURCE: Belvedere Closes Non-Brokered Privat...
4/30/2014Belvedere Closes Non-Brokered Private Placement
4/16/2014Belvedere Resources Ltd.: Proposed Non-Brokered Private Plac...
11/29/2013Financial and Operating Results Q3 2013
10/2/2013News Release
10/2/2013Announces Positive PEA on Their Kopsa Gold Copper Project
8/24/2013Announces Agreement With Jinchuan to Defer Preference Shares...
5/1/2013Reports Financial and Operating Results for 2012
3/19/2013Belvedere Confirms Gold Mineralisation Along 2.5 KM Strike a...
3/19/2013Confirms Gold Mineralisation Along 2.5 KM Strike at Antikanp...
2/8/2013: Disclosure Clarification
1/18/2013Booth 1043 Vancouver Resource Investment Conference
1/9/2013Commences Follow-Up Drilling on Their Antikanperä Gold Disco...
10/29/2012Belvedere Announces Mineral Resource Estimate for Kopsa Gold...
10/29/2012Announces Mineral Resource Estimate for Kopsa Gold-Copper Pr...
10/17/2012Belvedere Resources: Osikonm=C3=A4ki East Hanging Wall gold ...
10/17/2012Osikonmaki East Hanging Wall Gold Zone Extended to 200m Down...
9/19/2012: Significant New Gold Discovery on Antikanperä Property
8/30/2012Reports Financial and Operating Results for Second Quarter o...
8/13/2012Belvedere Resources Ltd. Recent Drilling Confirms Potential ...
6/15/2012Belvedere Welcomes New Director
5/31/2012Reports Financial and Operating Results for First Quarter of...
4/30/2012Financial and Operating Results for 2011
4/19/2012Belvedere converts Open Pit Resources to Reserves at Hitura ...
3/1/2012Belvedere Substantially Increases Resources at Hitura Nickel...
1/9/2012(Hitura)Renews Offtake Agreement for Hitura Mine Concentrate
11/29/2011Reports Financial and Operating Results for Q3 2011
8/29/2011Reports Financial and Operating Results for Q2 2011
8/16/2011Engages Investor Relations Firm
7/21/2011REBgold and Belvedere move forward with Finnish JV
7/6/2011Reports Financial and Operating Results for Q1 2011
6/16/2011Kopsa Project Generates +90% Gold and Copper Recoveries Into...
5/3/2011Reports Financial and Operating Results for 2010
4/20/2011Announces Amendment to Agreement With Jinchuan
3/25/2011REBgold Signs LOI with Belvedere on the Kiimala and Rantasal...
8/19/2010Closes Convertible Loan Facility
11/17/2009Announces Material Change
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