The Share Price of SBR Tumbled by 16.667% after the December 2018 Quarter Activities Report        

Metals

On 1 February 2019, Sabre Resources Limited (ASX: SBR) has announced its December quarterly activities report. As at 31 December 2018, the Company’s cash balance was ~AUD 857,000, representing an upside from the cash balance of ~AUD 401,000 from the previous quarter.

December Quarter Update: The company’s interest received for the December quarter stood at AUD 1,000, and till a year to date (6 months) it amounted to AUD 8,000. The company reported other – GST refund for the December quarter was AUD 61,000.

The company’s reported staff costs, administration and corporate costs, exploration & evaluation for the December quarter stood at AUD 19,000, AUD 43,000, AUD 1,000 respectively, whereas the same was reported as AUD 47,000, AUD 364,000, AUD 110,000 respectively for the year to date. 

The company reported proceeds from issues of shares for the December quarter was A$ 500,000, and till a year to date (6 months), it amounted to AUD 527,000. The company’s proceeds from borrowings for the December quarter stood at AUD 20,000.

The company’s reported transaction costs related to issues of shares, convertible notes or options for the December quarter stood at A$ 43,000. The company’s repayments of borrowings for the December quarter stood at AUD 20,000, and till a year to date (6 months) it amounted to AUD 320,000.

For the March quarter, the company is anticipating posting exploration & evaluation, administration and corporate costs, staff costs amounting to AUD 100,000, A$150,000, A$50,000 respectively. So total estimated net cash outflows will be A$300,000.

Activities update during the December quarter

Sherlock Bay Project: In January 2018, the company completed the acquisition of the Sherlock Bay Project. Now the company holds a 70% stake in the project. SBR has conducted several studies to investigate development options. Vintage94 Pty Ltd (Mineralogical consultancy group) was engaged to review previous metallurgical and mineral processing studies, and they recommended the alternative processing flowsheet options determine the effect on CAPEX and OPEX costs.

Due to lower cost processing, Vinatge94 has suggested the company to produce nickel sulphide as their final product.

WA Vanadium Projects: In August 2018, SBR completed the acquisition of Kinetic Metals Pty Ltd. Now the company holds 100% stake in the Kinetic Metals Pty Ltd. After the acquisition, SBR holds 100% stake in three projects which was previously owned by the Kinetic Metals Pty Ltd. These three project holds potential for vanadium mineralization. The company has conducted a detailed review of the geological setting and previous exploration data for the three projects, and as an output, the prospectively of E47/3985 and E57/1092 has been downgraded. The company has received objections from Native Title parties that hold claims over the areas containing E47/3985 and E57/1092. Therefore, the applications for E47/3985 and E57/1092 have been withdrawn allowing exploration to be focused on the more prospective E08/5219 project.

Looking at Sabre Resources Limited’s stock performance and the return it has posted over the last few months, SBR has generated a negative return of 62.50% during the past six months. The shares of SBR closed the day’s session at A$0.005 (as at 1 February 2019). The company has circa 406.97 million shares outstanding with the market capitalization of circa $2.44 million. The 52-week high and low for SBR are marked at $0.031 and $0.005 respectively.


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