African Gold (ASX: A1G) is a newly incorporated mineral exploration company, which was recently listed on the Australian Securities Exchange (ASX). The company was incorporated on 1 February 2018, in the State of Western Australia for the purpose of pursuing various investment opportunities in the resources sector. The company was successfully admitted to the Official List with official quotation commencing on 14 February 2019, after raising $4.5 million at an issue price of $0.20 per share as part of the Initial Public Offer (IPO). After the listing, the company had 55,100,001 shares on issue.
On 14 February 2019, the company completed its share sale agreement with Golden Ivoire SARL and its vendors. And on the same date, the company obtained control over the subsidiary and consolidated its accounts.
The company’s assets consist of rights over two granted exploration permits, the Agboville and the Sikensi Permits, which covers a total area of 792 km2, and two exploration permit application areas, Gomon and Azaguie, which cover 214 km2 and 397 km2 respectively.
Following the recent $4.5 million capital raise (net of costs) and a listing of African Gold Limited, African Gold recently disclosed the beginning of drilling at the group’s high priority Tyche Gold Prospect in Cote d’Ivoire. The company is well funded to commence the exploration on its highly prospective Agboville Gold Project.
The company has commenced 5,000 metre air-core (AC) program, which is aimed at providing a first pass assessment of the robust ~20 km northeast trending gold-in-soil anomaly, of up to 4.1 g/t gold, known as the Tyche Prospect. As per the release, the AC drill program will comprise of heel-to-toe fences to test the better parts of the anomaly along its 20 km of strike length. Reconnaissance geochemical sampling at the project has defined various new high-tenor gold anomalies, taking the total strike length of anomalous gold-in-soil targets to over 30 kilometres. The sampling has also confirmed existing gold anomalies as well as highlighted conceptual structural magnetic targets that are anomalous for gold.
The company’s ongoing strategy includes identifying and acquiring projects that the Board believes will provide fundamental value to the shareholders.
For the year ended 31 December 2018, the company reported a loss after tax of $1,368,575. As at 31 December 2018, the company had net assets of $8,326,939 and cash and cash equivalents of $52,337. The company believes that it has adequate resources to continue as a going concern for the foreseeable future.
The company’s Board is currently comprised of Messrs Steve Parsons (Executive Director), Evan Cranston (Non-Executive Chairman) and Tolga Kumova (Non-Executive Director). Mr. Glen Edwards is the Chief Executive Officer and Exploration Manager of the company.
In the past one-month, the company’s shares decreased by 13.73%. At market close on 4th April 2019, the stock of the company traded at a price of $0.230, up 4.545% during the day’s trade with a market capitalisation of circa $12.12 million.
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