Myanmar Metals Releases Details Of Media Interview With Chairman And CEO John Lamb

MYL

Myanmar Metals Limited (ASX: MYL) offers mining services. The Company is involved in the production, extraction, and distribution of zinc, copper, nickel, silver, lead, and other minerals. Today the company has provided an opportunity to its shareholders to listen to an interview with Chairman and CEO John Lamb on Boardroom Media.

The company had reported Net loss attributable to equity holders of the Company for the year ended 30 June 2018 of $11,691,251 (2017 restated: $4,597,935). Basic Loss per share was recorded at 1.97 cents (2017 restated: 1.55 cents). The net loss for the stated year was driven by the by the levels of exploration activity which was done on the Bawdwin project, which had resulted in net exploration expenses of $3,789,386 (2017 restated exploration expense: $73,715). The company had also recorded the share-based payment expenses totalling $3,127,123 (2017: $333,468) and a loss from the change in fair value of derivative financial instruments of $2,698,832 (2017: $nil). Also, the company hadn’t paid any dividends for the year, and the directors too haven’t declared any dividend for the stated year ended. 

One of the key audit matters that were highlighted by the Auditors of the company “Grant Thornton Audit Pty Ltd” for the financial year was the with regards to the AASB 6 which provides the standards for the Exploration for and Evaluation of Mineral Resources. As per the standard, the company is required to evaluate at each financial year ending, if there are any triggers/ circumstances for impairment of assets which may suggest that the carrying value is in excess of the recoverable value. The process undertaken by management to assess whether there are any impairment triggers in each area of interest involves an element of management judgement. In response to this Key Audit Matter (KAM), the auditors have conducted a detailed review of management’s assessment of trigger events prepared in accordance with AASB 6, which included, tracing the project to a third party signed agreement to ensure whether the right to tenement existed; performing an enquiry of management regarding their intentions to carry out exploration and evaluation activity in the relevant exploration area, including review of management’s cash-flow forecast models and budgeted expenditure; understanding whether any data exists to suggest that the carrying value of these exploration and evaluation assets are unlikely to be recovered through development or sale; and lastly reviewing the appropriateness of the related disclosures within the financial statements.

Now let us quickly have a look at the company’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.070 and is trading down by 5.405% during the day’s trade, with a market capitalization of ~$93.33 Million. The counter opened the day at $0.072, which was also the day’s high & touched a day’s low of $0.069. The stock has provided a YTD return of 23.33% & also posted returns of -5.13%, 45.10% & 27.59% over the past six months, three- & one-months period respectively. It had a 52-week high price of $0.088 and touched 52 weeks low of $0.045, with an average volume of 2,296,773 approximately.


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