Galan Lithium Limited
Galan Lithium Limited (ASX: GLN), based out of West Perth, acquires, explores and evaluates mineral projects, with a bent towards lithium, tin, tantalum deposits, and oil. The company has a market cap of AUD 46.1 million to date. On March 13th, 2019, the GLN stock price dived 28.049% to AUD 0.295, by AUD 0.115 with 5.13 million shares traded.
The company recently released its response to a price query lodged by the Australian Securities Exchange (ASX), about the reason behind the rise in GLN’s share price from a low of AUD 0.51 on Friday, March 1ST, 2019 to an intra-day high of $ 0.67 on Monday, March 4th, 2019. Subsequently, on March 11th, Galan Lithium announced a drilling update stating that downhole geophysical profiling into its maiden drillhole (C?01?19) at the Candelas Lithium Brine Project indicated an exceptional intercept of 192-metre @ 802 mg/l Li. The second drillhole (C?02?19) has commenced and currently at ~465-metre depth.
For the quarter ended December 31st, 2018, the net cash and cash equivalents amounted to AUD 2.18 million with AUD-733K net cash outflows from operating activities and AUD 1.99 million of cash inflows from financing activities.
Altura Mining Limited
Altura Mining Limited (ASX: AJM) is a Perth-based metals and mining sector company which explores and develops mineral properties in Indonesia and Australia. As of date, Altura has a market cap of AUD 256.15 million with ~1.9 billion outstanding shares. On March 13th, the AJM stock price last closed at AUD 0.145, up AUD 0.010, rising by 7.047% with ~10.77 million shares traded.
The company recently releases its half-year financial report for six months to December 31st, 2018, posting the operating loss after income tax at $ 10.98 million as compared to $ 4.33 million in the prior corresponding period (pcp). During the period, it signed a binding offtake agreement (BOA) with GFL International Co., Limited and another agreement with the existing BOA partner Shaanxi J&R Optimum Energy Co., Ltd. The net cash stood at $ 9.04 million as of December 31st, 2018.
Also, on March 12th, Altura Mining increased its capital raising to $ 10.0 million from $ 5.0 million upon receiving a strong demand from existing shareholders for the Company’s Security Purchase Plan (SPP) declared on February 7th, 2019.
Argosy Minerals Limited
Argosy Minerals Limited (ASX: AGY), a Perth-based metals and mining sector company, explores and develops projects for lithium, graphite, base metals, and other minerals in Argentina, Australia, and Namibia. It has a market cap of AUD 96.97 million. On March 13th, the AGY stock price closed at AUD0.105, with no intra-day change and ~ 702.5k shares traded.
On March 8th, the company announced a renounceable rights issue, partially underwritten by CPS Securities Pty Ltd, to raise to $ 6.2 million. The offer was for the eligible shareholders (with a registered address in Australia, New Zealand, or Taiwan), of approximately 61.566 million fully-paid ordinary shares on the basis of 1 new share for every 15 existing shares held as of March 13th, 2019, until 7:00pm (AEDT). The issue price was $ 0.10 per new share, along with one additional option of an exercise price of $ 0.20 and an expiry date of March 31st, 2022). The proceeds would be utilised to progress works on Rincon Project, general working capital, as well as payments for recent tenements acquisitions.
Subsequently, on March 12th, the company informed that the rights issued under the offer mentioned above had commenced trading under the ASX ticker AGYRA and will continue until March 21st, 2019.
AVZ Minerals Limited
The Mount Hawthorn, Australia-based AVZ Minerals Limited (ASX: AVZ) explores for minerals in central Africa. To date, the company’s market cap stands at AUD 89.04 million. On March 13th, the AVZ stock price last closed the trading session at AUD 0.039, with no intra-day change and ~ 9.7 million volume of shares traded.
Recently, on March 13th, the company revealed impressive results derived from the last two diamond drill holes at Carrier de l’Este after its Mineral Resource drilling at the Manolo Lithium and Tin project located in the Democratic Republic of Congo. Prior to that, AVZ Minerals completed the placement to raise around $ 9.8 million before costs at 3.8 cents per share, coordinated by its new strategic investor Lithium Plus with existing strategic investor Huayou Cobalt Group. This followed the close of the oversubscribed Share Purchase Plan that raised $ 5.198 million at 3.8 cents per share as well. The company closed the quarter ended December 31st, 2018, with net cash and cash equivalents of AUD 910K.
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