AVZ Minerals Limited (ASX: AVZ) is into an exploration of minerals. The company is working on the Manono Project for its further development. Manono is one of the largest lithium-rich LCT pegmatite deposit. The project is currently located in central Africa (Republic of Congo). The objective of the company is to utilize its significant expertise on financial and project development advancing the Manono Project increasing its value. The company has a sixty percent interest in the Manono project. The Manono Project is surrounded by the Manono extension project, in which the company holds a stake of 100 percent. The Manono pegmatite stretches up-to a strike length of at least 13km and is more than 240m thick in few areas. Following this news, the share price of the company increased by 1.515% on December 21, 2018. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
ASX announced the drilling details of AVZ at the Roche Dure Pegmatite. The company came up with its strong results from the mineral resource drilling at the Lithium Project in Manono with the results from an extended six diamond drill holes at Roche Dure.
As per the Managing Director of AVZ Minerals, Mr. Nigel Ferguson, the completion of drilling at Roche Dure for the calendar year is ended. The new assay results of 6 diamond drill holes from Roche Dure are expected to increase the various categories of the JORC estimate when the results from these holes are included in the further estimation of JORC.
As further mentioned by the director, another potentially significant resource at Manono is also on its way to materialize. The holes at Roche Dure has further shown strong lithium mineralization and great results from the south-west end. The company will use these updated results with the remaining drilling results in Roche Dure during late 2018 to further estimate the results of JORC.
As per the anual report, it has a significant increase in the revenue from its continuing operations and stood at $1.69 Mn in FY18 as compared to $0.20 Mn in FY 2017. The net loss post-tax for the company stood at $5.616 million in FY 2018 as compared to $1.683 million in FY 2017. The total assets of the company stood at $67.07 million as compared to $35.78 million in FY 2017. The company had a cash outflow from operations of $1.95 million in FY 2018 as compared to $0.922 million in FY 2017. The net cash flow from investing, however, stood at ($15.33) million in FY 2018 as compared to ($6.337) million in FY 2017.
Let us now quickly look at the stock performance and the return of AVZ, that it has generated over the past few months. The stock is currently trading at $0.067 with a market capitalization of circa $124.64 million. The stock has posted a 52-week high and low of $0.370 and $0.056, respectively, with its current market prices nearing to its 52-week low. The stock had produced a YTD return of -71.91%, and a negative return of 28.26% over the past six months.
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