AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Havilah Resources Limited (ASX:HAV) is into the business of mineral exploration in the region of Australia.
The company has via the latest release on ASX disclosed the that SIMEC Mining, an affiliate of the GFG Alliance, has elected for extension of the duration of exclusivity to complete its due diligence on Havilahâs Maldorky and Grants iron ore projects until 31 March 2019. Under the extension agreement, SIMEC Mining will now be making a payment of $1 million to Havilah.
The critical point of this release was that the SIMEC Mining (an affiliate of the GFG Alliance) has elected to extend exclusivity on Maldorky and Grants iron ore projects & The company will be receiving payment of $1 million for the extension until 31 March 2019.
The aim of doing this diligence study and extension of this arrangement is to evaluate commercialization capability of the companyâs iron ore projects.
This commercialization pact with SIMEC relating to these iron ore projects would be subject to the results of the studies going on at present and finalization of the deal which would incorporate the commercial terms. The $1 million payment for the extension will be reduced from the amount payable by SIMEC Mining.
Stating on the extension of the exclusivity period with SIMEC Mining, The CEO of the company Mr. Walter Richards said that SIMEC Miningâs decision to extend its exclusivity is a positive development for the potential commercialization of the companyâs iron ore projects.
The management is encouraged by the recently completed diamond drill hole into the Grants Basin which intersected 486 meters at 24% iron.
For the FY ended 31 July 2018, the company registered revenue of $4.811 Mn vis-Ã -vis $16.86 Mn which was the case for the 2017 fiscal year. EBITDA for the financial year was $2.306 million (2017: $2.549 million). This included an exploration and evaluation impairment provision of $0.491 million (2017: $0.199 million) and a gain on the divestment of Benagerie Gold Pty Ltd of $5.625 million (2017: Nil).
The Income Statement or the Profit or Loss and Other Comprehensive Income shows a loss after tax for the financial year of $2.990 million (2017: $4.229 million). As at 31 July 2018, the Group had available cash of $1.847 million (2017: $0.888 million).
Now let us have a glance at the companyâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.175 and is trading up by 2.941% during the dayâs trade, with a market capitalization of $37.10 million. The counter opened the day at $0.17, reached the intraday high of $0.175 & touched an Intraday low of $0.170. The stock has yielded a Year Till Date returns of 13.33% and posted returns of -22.73%, -8.11% over the past six months & three months period respectively. It had a 52-week high price of $0.295 and touched 52 weeks low of $0.145, with an average volume of 117,662 approximately.
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.
