Net loss for the three months ending December 31, 2014 was US$2.5 million compared to a net loss of US$1.6 million ($0.02 per share) for the prior year period. Net loss for the full year ending December 31, 2014 was US$11.0 million, compared to a loss of$16.3 million for the prior year period.
Excluding restricted cash, the company's cash balance at December 31, 2014 was approximately US$13 million compared to US$22 million at December 31, 2013 and US$8 million at September 30, 2014. General Moly received approximately US$10 million in cash proceeds during the fourth quarter from a private placement financing that closed in December 2014 and other cash receipts. During the fourth quarter, cash use of US$5 million was the result of US$2 million spent on the Mt. Hope molybdenum project development costs and US$3 million in general and administrative expenses.
Confidence remains
‘We remain confident in the progress being made toward full Mt. Hope Project financing,’ said Bruce D. Hansen, CEO. ‘Negotiations on investment agreement terms, sponsorship requirements, and indicative loan terms associated with a US$700 to US$750 million debt and equity package, are continuing to advance, with strong interest from a private Chinese industrial company and a large Chinese bank in advancing the fully permitted, construction-ready project. The company is also continuing to explore other potential strategic options.’
Engineering is approximately 65% complete at the Mt. Hope Project and General Moly has now ordered or purchased most of the long-lead milling equipment, haul trucks, mine production drills and has a letter of intent for the purchase of two electric shovels.
