On 30 January 2019, Element 25 Limited (ASX: E25) has announced its Consolidated Quarterly report. As at 31 December 2018, the Company’s cash balance was ~A$ 2.15 million, representing a decrease from the cash balance of ~A$ 2.3 million from the previous quarter.
Element 25 Limited is under the mining sector. The company mainly engages in the exploration of manganese. The company has four key projects: The Butcherbird manganese deposit, Pinnacles Cobalt/Nickel Project, Holleton Gold Project, Green Dam Gold/Nickel Project.
December Quarter Update: The company’s interest received for the December quarter stood at AUD 17,000, and till a year to date (6 months) it amounted to AUD 26,000. The company’s reported exploration & evaluation, staff costs, administration and corporate costs for the December quarter stood at AUD 1,050,000, AUD 82,000, AUD 164,000 respectively, whereas the same was reported as AUD 1,400,000, AUD 177,000, AUD 330,000 respectively for the year to date.
The company’s proceeds from issues of shares for the December quarter stood at A$ 100,000. The company’s reported proceeds from the disposal of tenements, investments for the December quarter stood at A$ 1,000,000, A$ 23,000 respectively, whereas the same was reported as AUD 1,000,000, AUD 785,000 respectively for the year to date.
For the next quarter, the company is anticipating posting exploration & evaluation, staff costs, administration and corporate costs amounting to A$ 400,000, A$ 85,000, A$ 180,000 respectively. So total estimated net cash outflows will be A$ 665,000.
During the quarter, the company has seen significant progress across multiple work streams. The work continues to progress the Pre-feasibility study in the Butcherbird High Purity Manganese Project. Several key consulting groups are engaged to undertake the various elements of the study. The company has mentioned that Pre-feasibility study is on track and be completed within the forecast time frame. E25 also mentioned that a resource infill drilling Programme of 210 aircore holes had been completed.
The company is in discussions with several independent advisory groups so that they can provide early stage project financing services.
FY18 Financial Performance: In FY18, The Company’s top line were $ 63,300, (over the prior year which was $ 103,111). The Company’s total comprehensive loss was $1,684,032, (over the prior year which was $ 1,002,717). The diluted loss per share amounted to 2.0 cents per share in FY18.
On Balance Sheet front, Net Assets was $9,731,851 in FY18 (over the prior year which was $11,250,823).
As at 30 June 2018, the company had maintained the cash and cash equivalent of $ 2,194,663 (over the prior year which was $ 4,175,060).
Looking at Element 25 Limited’s stock performance and the return it has posted over the last few months, the stock has generated a negative return of 11.11% during the past six months. It is currently trading at $0.160 (as at 1:08 PM AEST, 31 January 2019). The company has approx. 83.96 million shares outstanding with the market cap of circa $13.43 million. The 52-week high and low for E25 are marked at $0.350 and $0.150 respectively.
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