2 Cobalt Shares on a Slip - COB, N27

  • Sep 18, 2018 AEST
  • Team Kalkine
2 Cobalt Shares on a Slip - COB, N27

 Cobalt Blue Holdings Limited

Cobalt Blue Holdings Ltd.’s (ASX:COB) stock dropped 20% following the CEO Joe Kaderavek’s letter to the shareholders. In his letter, Kaderavek briefed about the next phase of the Thackaringa Cobalt Project. He added that the gap analysis review of the Prefeasibility test has been received.

For those uninitiated, this year in July Kaderavek stated that they have engaged Wood Plc, a global engineering firm, to do the gap analysis review of PFS. Wood Plc has covered almost all the aspects in their review with the key area being Geology, Engineering, Infrastructure, Capex, Project Execution and so on. The CEO stated that the Wood review has been very useful for the BFS team as it offers the unbiased recommendation and some ‘out of the box’ ideas. Shares most probably dipped as the company might extend its development and test work phase before the BFS. The letter read that Wood Plc identified the areas wherein new pre-BFS work and studies must be undertaken. Kaderavek however assured that despite the inclusion of new recommendations by Wood Plc, Cobalt Blue is committed to its timeline that allows the final investment decision by mid-2020. In its latest quarterly activity and cash flow report, the company stated that Cobalt prices surged throughout the first quarter at $44/lb in mid-April before receding to $34/lb by 30 June. The company also stated that the completion of Stage 2 would require a minimum spent of A$2.5 Mn under the Thackaringa Joint Venture Agreement. 

The stock has generated negative year to date return of 43.40% and gapped down in today’s trade. The price has been in the downward trajectory for some time now, today breaking its crucial support of $0.366 and closing at $0.360 as on 18 September 2018.

Northern Cobalt Limited

Northern Cobalt Limited’s (ASX: N27) stock slipped 4% and is hovering around its 52-week low of $0.110. Recently, the company presented its mining report and details on the projects and plans. Back in August, the company announced the discovery of copper mineralization associated with the Gregjo Fault situated approximately 4 Km south of the Stanton Cobalt Deposit. The company stated that while the initial analysis has been taken on site by portable XRF, samples have been sent to Perth for lab-based geochemical analysis for which the results would be delivered within a month as per the expectation.

Last month, N27 also announced that drilling of 21 priority cobalt targets has now started at the Wollogorang Cobalt Project. The company added that the drilling targets have been achieved through the systematic, shallow drilling program of the 973 air-core drill holes. Total 75 magnetic features were tested, out of which 21 have substantial cobalt anomalism. In their quarterly activities report dated 30 June 2018, the company reported about the 15,000m drilling program started in early June. Around 17% of the holes are rich in anomalous cobalt in excess of 100 ppm Co.

Northern Cobalt Limited posted a Total Comprehensive loss for the full year 2018 at $1,122,572 compared to $296,046 in FY17. Net cash used in operating activities was $660,243 in FY18 compared to $25,405 in FY17. As at 30 June, the group had cash and cash equivalent of $3,991,841. Meanwhile, the stock has generated negative year to date return of 72.53% and closed at $0.120 as on 18 September 2018. 

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