The Share Price Of WCN Zooms Up By 7.692% After The Outcome Of The Geochemical Survey

0
154
Kingston Resources

On 7 December 2018, White Cliff Minerals Limited (ASX: WCN) announced regarding the extensive soil geochemistry survey at its Aucu Gold Project in the Kyrgyz Republic. The survey got completed with the outcome of copper porphyry core within a diameter of 1 km. Around this system, the total region of mineralized system is over 8 km in diameter which consists of Aucu gold resource of 484,000 ounces.

Gold mineralization was identified which covers 2.4 km towards the west of the porphyry system. There were further sampling and mapping done towards the East and north region of the porphyry system which led to the identification of new gold and copper zone. 

The company has maintained a consistent negative performance since its inception which is -99.07%. The performance of the company since last year is -91.04%.

For the financial year ending 30 June 2018, the company incurred a net loss of $5,280,240. The company holds a total asset of $2,138,010 and a total liabilities of the company is $1,371,014 which implies that the company is in a position where it can manage its long-term obligations. The company holds a total current asset of $580,692 and a total current liability of $1,371,014 which is a proof that the company is neither it is in a position to manage its working capital nor it can meet its short-term obligations.  Also, there is a year on year increase in the accumulated loss which highlights the poor condition of the balance sheet.

The net cash outflow from the operating activities of the company was $1,355,855. Here, the main source of cash outflow was due to the payment made to the suppliers and employees, paid interest.

The net outflow from the investing activities of the company was $3,416,714. Here, the main source of cash outflow was in the form of payment made for exploration and evaluation.

The net cash inflow from the financing activities of the company was $4,712,496. Here, the main source of cash inflow was through the income generated by the issue of share. The other source of cash inflow was income generated through the borrowings. Simultaneously, there was cash outflow in the form of repayment of borrowings and the capital raising cost.

By the end of FY2018, the net cash available with the company was $447,043. By the end of the trading on 7 December 2018, the market price of the share increased by 7.692% with the stock holding a market capitalization of A$3 million. The market price of the share was A$0.014 (AEST:4 pm, 7 December 2018)


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.