The Share Price of N27 Tumbled By 4% After The Geophysics Result Update.

Gold Mines

On 22 January 2019, Northern Cobalt Limited (ASX: N27), a mineral exploration company from the metals and mining industries announced that it was successful in identifying a significant IP chargeability anomaly beneath the earlier identified copper mineralization at its Gregjo Prospect located in the Northern Territory, Australia. There were five drilling along the fault which comes across copper mineralization of over 1% within a distance of 300 meters.

At hole 18RAB013, from its earlier 1-meter drilling, another drilling of 7 meters led to the discovery of 1.23% copper. There was another drilling of 1 meter from the same hole which led to the discovery of 4.24% of copper. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

At hole 18RAB009, from its earlier 5 meters drilling, another drilling of 15 meters led to the discovery of 0.53% copper. There was another drilling of 4 meters from the same hole which led to the discovery of 1.08% of copper.

At hole 18RAB020, from its earlier 1-meter drilling, another drilling of 20 meters led to the discovery of 0.72% copper. There was another drilling of 1 meter from the same hole which led to the discovery of 1.4% of copper. Another drilling of 3 meters resulted in 1.67% of copper.

At hole 18RAB031, from its earlier 16 meters drilling, another drilling of 11 meters led to the discovery of 0.65% copper. There was another drilling of 1 meter from the same hole which led to the discovery of 1.97% of copper.

At hole 18RAB051, from its earlier 13 meters drilling, another drilling of 3 meters led to the discovery of 1.57% copper. There was another drilling of 1 meter from the same hole which led to the discovery of 0.78% of copper.

The official listing of N27 on ASX is 22 September 2017, where the performance of the company was negative till last one year. The YTD performance of N27 is 1.35%.

As per the annual report of Northern Cobalt Limited for FY2018 which ended on 30 June 2018, there was a net loss of $1,122,572. The balance sheet of N27 appears healthy with a net asset base of $8,260,338 and a debt to equity ratio of 0.07 which says that the company is financially stable to meet its long-term obligations. A low debt-equity ratio of the company during the period highlights that the company tried using its resources during the period for any financial requirement instead of approaching external financial support in the form of debt. Based on the position of the current asset and the current liabilities, it can be said that the company can efficiently manage its working capitals and also clear its short-term debts. FY2018 results reports an increase in the accumulated losses, as a result, increased expenditure in exploration and evaluation. By the end of FY2018 on 30 June 2018, N27 has net cash and cash equivalent of $3,991,941.

At present, the market price of the share is A$0.072 (AEST: 3:56 pm, 22 January 2019) with the stock holding a market capitalization of A$3.85 million.


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