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Core Exploration Limited (ASX:CXO), a company from the metals and the mining industries which is into the business of exploring lithium, copper and uranium announced the award of preferred contractor status for three key components of Finniss Lithium Project.
The company selected Primero Group as its preferred EPC (Engineering Procurement and Construction) contractor, and at present, they have started working on the Front-End Engineering & Design (FEED). The Primero Group at present is working to improve the accuracy of the EPC estimate for delivering 1 million tonnes per annum through the processing plant and the infrastructure of the project.
For delivering mining services, the company selected Lucas Total Contract Solutions. For the transport solution, Qube was the preferred contractor. Â
Core Exploration Limited will discuss with these three contractors to finalize the terms and condition of the contract in a most cost-effective way, and they also deliver on time.
The official listing of CXO on ASX is 11 February 2011 where the overall performance of the company was -68.44%. In 5 years, CXOâs performance was 40%. In last one year, the performance of CXO was -24.32%.
As per the annual report of Core Exploration Limited for FY2018 for the period ended 30 June 2018, the company incurred a loss of $2,094,330. The balance sheet of the company appears healthy with a robust net asset base of $26,197,379 and a debt to equity ratio of 0.031 indicating a sound financial position of the company to meet the long-term obligations. A lower debt to equity ratio during the period states that the company used its resources in case of any financial requirement. CXO has a total current asset of $8,589,379 and a total current liabilities of $836,980 which states that the company is in a position where it can efficiently manage its working capital requirement and can also clear its short-term debt. However, a year-on-year increase in the accumulated losses indicates weak operating efficiency of the company which could also create a negative impact on the shareholders and the investors of the company. The company has a total shareholderâs equity worth $26,197,379.
By the end of the financial year, there was a decrease in the net cash and cash equivalent as compared to previous corresponding period as a result of increased cash flow through the investing activities and operating activities. The net cash and cash equivalent by the end of the period were $8,003,629.
Based on the update, it appears that the investors expect that the stock will give better performance shortly.
With the market open 24 January 2019, the opening price of the CXO share was A$0.058. It went as high as A$0.059. The lowest price recorded for the day was A$0.057. The closing price of the share by the end of the trading on 24 January 2019 was A$0.057 which is 0.001 points above the previous trading dayâs closing price with the stock holding a market capitalization of A$38.86 million.
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