Pilbara Minerals Ord Shs T.PLS

Primary Symbol: PILBF

Metals & Mining Industrial Metals & Minerals

Pilbara Minerals Limited is an Australia-based lithium company. The Company is primarily engaged in the exploration, development, and mining of minerals in Australia. Its 100% owned Pilgangoora hard-rock lithium operation is located approximately 120 kilometers (kms) from Port Hedland in Western Australia’s resource-rich Pilbara region. The operation consists of two processing plants: the Pilgan Plant, located on the northern side of the Pilgangoora area and produces spodumene and tantalite concentrates, and the Ngungaju Plant is located to the south produces spodumene concentrate. It owns 70% of the Mt Francisco project, which is located 50 km south-west of the Pilgangoora Project and hosts the large occurrence of outcropping pegmatites located nearby to Port Hedland. It is also pursuing a proposed downstream joint venture (JV) for the development of an approximately 43,000 tons per annum (tpa) lithium carbonate equivalent (LCE) lithium chemical conversion facility in South Korea.

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Pilbara Minerals Ord Shs

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Post by TELEMARKERon Mar 01, 2016 8:36pm

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Post# 24611226

news

Polaris Materials earns $936,000 (U.S.) in 2015

2016-03-01 20:09 ET - News Release

Mr. Nicholas Van Dyk reports

POLARIS ANNOUNCES RECORD ANNUAL FINANCIAL RESULTS AND UPDATE ON LONG BEACH

Polaris Materials Corp. has released the financial results for its fourth quarter and full year ended Dec. 31, 2015. In addition, the company is pleased to announce the commencement of commercial operations at the Long Beach Terminal. All currencies are US dollars unless otherwise noted.

FINANCIAL HIGHLIGHTS

Net income in 2015 of $0.9 million , compared to a net loss of $7.0 million in 2014
Gross profit for 2015 of $4.9 million , compared to $1.2 million in 2014, is a new annual record as gross profit increased 307% from the prior year
Gross profit per ton for 2015 of $1.65 represents a new annual record, improving by $1.30/ton versus the $0.35/ton recorded in 2014
Fourth quarter gross profit of $1.6 million ($1.93/ton) was an increase of 144% compared with $0.7 million ($0.88/ton) in the prior year quarter
The Company recorded its third full year positive adjusted EBITDA during 2015 of $5.5 million ($1.88/ton) compared with $0.5 million ($0.16/ton) in 2014
Cash from operating activities for 2015 of $0.7 million ($0.23 per ton), was a $4.4 million increase compared with cash used for operations for 2014 of $3.8 million ($1.10 used per ton); positively impacted by price increases and operating efficiencies

ADDITIONAL UPDATES

Commencement of Commercial Operations at our Long Beach Terminal
We began commercial sales from our terminal in the Port of Long Beach on February 1, 2016 with regular sales to a customer in Los Angeles
We have secured a sales agreement with an established ready-mix producer in L.A. to provide materials for several major construction projects, with deliveries expected through the balance of 2016
We continue to work closely with ready-mix producers in LA to specify bids for projects which will benefit from Polaris' high quality aggregates