A significant growth in the value of the resources sector has been driven by the rise in global commodity prices which in turn is increasing its importance to the state economy. Three of the resources sector stocks and what they have to offer are as follows:
SOON MINING LIMITED (ASX: SMG) – To proceed with the next phase of the EPA procedures to obtain the EPA permit the company will now officially enter into a corporate social responsibility agreement with Osubeng Community. Revenues from ordinary activities is down by 81.5% to $1,041 compared to the previous corresponding period. For the financial year ending June 30, 2018 the loss for the group after providing for income tax amounted to $516,908. As at 30 June 2018, the net assets of the group amounted to $2,118,516 which is marginally same as 31 December 2017 net assets of $2,604,255. The cash and cash equivalents at end of period June 30, 2018, was at $767,256 which confirms liquidity for SMG. The stock traded at a market price of $0.200 with a flat daily percentage change as at November 26, 2018. It has undergone a performance change of 66.67% over the past 12 months. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
AUS TIN MINING LTD (ASX: ANW) – For a total length of 192m to test for potential shear zones, three reverse circulation holes are being drilled at Pembroke and a further RC/diamond hole has started at Pembroke targeting deeper magnetic and conductivity targets which may indicate the presence of sulphides. At the proposed Mt Cobalt site, site preparation has been completed. By an active program of work across company’s portfolio, over the past one year the company has done extremely well among the peer group. The company has secured a new $2.5M Convertible Security Funding Agreement with the Australian Special Opportunity Fund L.P during the year which is a fund managed by the Lind Partners. The current market capitalization stands at $39.56 million. The stock traded at a market price of $0.018 with a daily percentage change of negative 10% as at November 26, 2018. It has undergone a performance change of an attractive 100% over the past 12 months.
ARGOSY MINERALS LIMITED (ASX: AGY) – The cash and cash equivalents at the end of the financial period was of $7,336,762 with no debt facility represents a healthy balance sheet. The consolidated loss before income tax expense was lower for 2018 at $1,668,972 as compared to previous year loss of $1,766,072. Resulting to a decrease in basic diluted loss per share of ($0.18) as at June 30, 2018 compared to the ($0.25) loss as at June 30, 2017. The company converted 5,000,000 Performance Rights held by Alexander Molyneux consequent to the end of the period on 3 September 2018 and issued 5,000,000 fully paid ordinary shares at the estimated issue price of $0.026. Market capitalization at current price stands at $193.93 million. The stock traded at a market price of $0.205 with a daily percentage change of negative 2.381% as at November 26, 2018. It has undergone a performance change of a -2.33% over the past 12 months.
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