Kingston Resources Announces To Increase Its Stakes In Misima Gold Project

Kingston Resources Announces To Increase Its Stakes In Misima Gold Project

Kingston Resources Limited (ASX: KSN) is a mineral exploration company. The Company owns a portfolio of significant gold and copper projects in the Gawler Craton of South Australia.

The company, today on 5th April 2019, has updated regarding the status of its interest in the Misima Gold Project. Following the August 2018 completion of its earn-in to 70% of the project, Kingston has funded 100% of the exploration activity at Misima. Under the terms of the JV agreement, this will see Kingston’s interest in the project increase further.

Based on its current estimate of expenditure to 31 March 2019, Kingston estimates its interest in the Misima Gold Project will now lift to approximately 75%.

Kingston Managing Director, Mr Andrew Corbett said that the management is elated to be continuing to increase its interest in the project as the company advances its exploration at Misima. He further emphasised that the company wishes to thank their JV partner, Pan Pacific Copper, for their ongoing support of Kingston and interest in the project. The management looks forward to working with them as the project advances towards potential development.

For the half year ended 31 December 2018, The net loss after income tax for the half year was $1,518,977 vis-à-vis net loss $1,200,929 for the PCP. At 31 December 2018, the consolidated entity had net assets of $14,177,879 (30 June 2018: $15,039,092) and $3,266,635 in cash (30 June 2018: $4,379,973). As per the notes to the financial statements annexed with the financial report, the management of the company has stated that the consolidated entity has incurred operating losses of $1,518,977 and negative operating cash flows of $826,505 for the half year ended 31 December 2018. As of 31 December 2018, the consolidated entity held cash of $3,266,635.

The nature of an exploration company is to be loss-making, as such the Company considers it likely that it may need to raise equity from time to time as successfully demonstrated in February 2018. However, the Company’s 31 December 2018 cash balance of $3,266,635 leaves it with sufficient funding to continue to meet operational expenditure requirements, including minimum exploration commitments across its tenement portfolio.

After considering the current cash reserves of the Company, the Directors are confident that the Company has adequate resources to continue in its primary business activity for the foreseeable future. As a consequence, the financial statements have been prepared on the basis of going concern assumption which considers continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business and at their book values.

On the stock-performance front, the stock has posted the YTD return of 25%. The company also has posted returns of -9.09% over the past six months. While writing, i.e., on the 5th April 2019 AEST 02:07 PM, the stock of the company is trading at a price of A $0.020, performing flat during the day’s trade with a market capitalisation of ~A$ 24.46 Mn. It had a 52-week high price of $ 0.026 and a 52 weeks low price of $ 0.015, with an average volume of, 1,009,478 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.

Checkout our Free Dividend Stocks Report

Specially made for income-hungry investors, Invest in growing Franked Dividends an opportunity that should not be missed.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report