On 16 January 2019, Jameson Resources Limited (ASX: JAL), a company from metals and the mining industries which is into the business of exploring coal in Canada announced its initial lab results which confirmed the coking properties at Crown mountain deposits. The company had its initial drilling program for 2018 at Crown Mountain where it was able to extract enough sample for analysis. The analysis of the sample was performed by Birtley Coal & Minerals Laboratory (“Birtley”) in Calgary.
In the North and East pit areas, there were a total of 7 large diameter core (LDC) holes drilled on four pads. In the South pit area, there were a total of 9 large diameter core (LDC) holes drilled on six pads. The data from the North and East pit areas was based on the initial washability (float/sink). The washability process is an initial process to select washing gravities to produce a representative high-quality product blend. Post the completion of the calculation of the samples, the detailed testing will be performed on coal, and a large run-of-mine blend will get shipped to Denver to a pilot washing plant. The purpose of sending to pilot washing plant is that the process will remove any organic liquids used in the smaller scale float/sink testing and then it can then be transported to CanMetENERGY (“CanMet”) facility in Ottawa to test the coke strength.
The company confirmed that they are still in the early phase of lab testing of samples from the South pit and it expected that the results of the lab testing would come in a few weeks. The official listing of JAL on ASX is 18 December 2007 where the performance of the company was 52.09% since its inception. In last one year, JAL’s performance was 3.03%.
As per the Annual Report of JAL for FY2018, the company made a profit of $84,051. The balance sheet of JAL appears healthy with a net asset base of $15,603,495 and a debt-equity ratio of 0.015. It indicates that the company is financially sound to meet its long-term obligations. Its lower debt-equity ratio suggests that the company used its resources for any financial requirement during the period instead of taking external financial support in the form of debt.
JAL has a total current asset of $2,130,778, and a total current liabilities of $245,509 which means that the company has sufficient funds to support its working capital needs and is also capable of clearing its short-term debt. FY2018 shows a decrease in the accumulated losses which indicates an improvement in the operating efficiency. The total shareholder’s equity is worth $15,603,495. By the closure of FY2018, there was a decrease in the net cash and cash equivalent as a result of increased payments for exploration and evaluation. JAL has net cash and cash equivalent of $1,721,504 by 30 June 2018. By the end of trading on 16 January 2019, the shares traded flat on ASX. The closing price of the share was A$0.170 with the stock holding a market capitalization of A$44.84 million and a PE ratio of 566.670x.
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