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Key issues driving funding

Directly from Johnston in the conference call:

  • Government 5/5/5 options
  • Negotiations with Tongling
  • Design of de-watering system
  • Further Asia partnership opportunities

First item is clear - to the extent PNG buys in further, Nautilus will receive ~$40/80/120M.

Second item is a bit murkier... just what are they negotiating?  Is it further offtake of ore?  Or could it be an equity investment by Tongling in Nautilus?

Third item - first time I've seen this come up.  De-watering system might have some unknowns that could drive additional CAPEX?

Last item is speculative.  Putting on the tinfoil hat I swiped from Monk, could it be China will look to shorten Nautilus' first mover advantage by buying some or all of the company?  Johnston's quote:

“With the vessel build ongoing in China there are clearly significant opportunities for us, and we’re in discussions for further partnership opportunities in Asia.”

Thoughts on the above?


Just that all of these should be brought up during next month's (or beginning of June) conference call.

I liked the idea of banding together and presenting Nautilus with a group of questions prior... if they don't answer or don't answer satisfactorily then a representative (I vote Marko or Batman) will then further query during Q&A.

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