Small-Cap Bauxite Players – MMI, CAY

Small-Cap Bauxite Players – MMI, CAY

Let’s have a look at two of the small bauxite players in the industry.

Metro Mining Limited

Metro Mining Limited (ASX: MMI) belongs to metals and mining sector and is situated in Brisbane, Australia. The company is the owner of one of the largest independent operations worldwide called Bauxite Hills Mine. The company also has tenement packages of around 1,900 square kilometre in Cape York which holds significant bauxite reserves.

In 1HFY19 results, the company reported total revenue from customers at $93.23 million and net profit for the year at $9.27 million. The basic earnings per share has significantly improved from negative 1.38 cps in FY18 to 0.677 cps in 1HFY19. Total assets increased from $183.83 million in FY18 to $200.86 million in 1HFY19. Total liabilities saw an increase from $64.89 million to $71.37 million in the same period.

In the recent update for the April 2019 quarter, the company reported mining operations re-commenced in early April 2019, and first ocean-going vessel commenced on 13th April 2019. Definitive Feasibility Study (DFS) for stage 2 expanded to an annual production of 6.0M WMT by 2021 is on track for completion during Q2 2019. In the April 2019 quarterly cashflow report, the company used A$8.41 million for the operating activities, A$3.83 million was used in investing activities, and financing activities led to an inflow of A$2.10 million. At the end of the reporting period, the company had a total of A$13.16 million of net cash.

The market capitalisation of the company is A$200.81 million. The 52-week high and low of the stock is A$0.275 and A$0.12 respectively. The stock closed at A$0145, as of 3rd May 2019. The last six months return of the stock is negative 6.45%, and last 1-year return stands at negative 42%.

Canyon Resources Limited

Canyon Resources Limited (ASX: CAY) is from mining  and metal industry, who does exploration work related to bauxite, and based in Perth, West Australia. Currently, the company has three projects: Minim Martap, a World Class project, Tier One Bauxite asset, Birsok project is highly prospective for high grade, low contaminant, DSO bauxite and Burkina Faso project consist of high exploration potential.

In 1HFY19 results, the company reported a net loss after tax of $3.72 million including $2.07 million of share-based payment. The loss per share fell from increased from 0.54 cps in 1HFY18 to 1.06 cps in 1HY19. Total assets increased significantly from $3.56 million in 2HFY18 to $11.55 million in 1HFY19. Total liabilities saw an increase from $263,633 to $563,198 in the same period.

In the recent update for the March 2019 quarter, the company reported Identification of a very high-grade resource of 250 million tonnes within the existing Minim Martap JORC (2012) resource. Rail assessment by the company had also been carried out on the proposed route rail extension to the Kribi Deep Water Port. The cash flow for the quarter stood as; A$1.88 million of outflow from operating activities, A$114,000 of outflow from investing activities and A$1.19 million of inflow from the financing activities.

The market capitalisation of the company is A$89.93 million. The 52-week high and low of the stock is A$0.31 and A$0.08 respectively. The stock closed at A$0.205, as of 3rd May 2019. The last six months return of the stock is 16.22%, and last 1-year return stands at 86.96%.


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