Strike Resources Limited
The West Perth-based Strike Resources Limited (ASX: SRK) explores for mineral (lithium, gold, graphite and iron ore deposits) with key operations in Australia and Peru. The company is a small cap with ~ AUD 6.1 million. On March 13th, 2019, the SRK stock skyrocketed by 64.286% to AUD 0.069.
Perhaps, the surge in the stock price followed the recent announcement by Strike Resources, that it has entered into an agreement to acquire a 90% interest in the 12,000-hectare of highly strategic and prospective Solaroz Lithium Brine concessions within South America’s ‘Lithium Triangle’ in North-West Argentina. To date, the company’s principal project is the wholly-owned Apurimac Magnetite Iron Ore Project spanning ~ 7,500 hectares in the Southern Highlands of Peru.
For the quarter ended December 31st, 2018, the company’s net assets stood at ~$ 4.402 million, including ~$ 1.506 million of gross cash, ~$ 2.148 million of investments and ~ $ 0.868 million in other assets less ~ $ 0.12 million of other provisions. Both operating and investing activities resulted in net cash outflows of $ 540K.
Anova Metals Limited
Anova Metals Limited (ASX: AWV) is based in Subiaco and explores for mineral properties in Australia and the United States. It wholly owns a couple of projects across the two locations. The AWV stock price rose high to AUD 0.016 by 45.455% on March 13th, 2019 with ~ 29.23 million volume of shares traded. Meanwhile, Anova Metals responded to the query by the Australian Securities Exchange (ASX), around the sudden surge in its stock price from a low of AUD 0.009 on March 11th, 2019 to a high of AUD 0.017 on March 13th, 2019, which subsequently led to an increased volume of securities traded. The company believes there is no strong reason behind the trend at its end.
During the quarter ended December 31st, 2018, the company sold its ore sorter and associated equipment for $ 500,000, with $ 200,000 already received and the rest were due to be paid in three instalments by March 2019. Besides, the Canada-based Haywood Securities continued to manage Big Springs Gold Project’s divestment process. At the end of the period, the net cash and cash equivalents stood at $ 540K with cash outflows of $229k from operating activities. However, there were cash inflows of $ 251k and $ 205k from investing and financing activities respectively.
Uniti Wireless Limited
The Adelaide-based Uniti Wireless Limited (ASX: UWL) is a company offering high-speed Internet broadband and licensed telecommunication services to customers across Australia. It debuted on ASX on February 13th, 2019. The UWL stock price soared by 28.571 % to AUD 0.225 on March 13th, 2019, with ~ 732.8k shares traded. The sudden upturn in the stock performance has been observed post the appointment of Mr Vaughan Bowen as an Executive Director of UWL following which he was granted around 2,458,230 options to acquire ordinary shares of three types.
Recently, Uniti Wireless acquired FuzeNet on February 11th, 2019 and subsequently announced its half-year results for the period ended December 31st, 2018. During the half-year, the UWL recorded a net loss after tax of $ 7.2 million including the Fuzenet transaction. The EBITDA stood negative at $ 1.6 million, excluding one off costs, relative to $ 0.8 million negative for the prior corresponding period (pcp). In addition, the operating cash flow also amounted to a negative amount of $ 2.5 million.
FYI Resources Limited
The Victoria Park-based FYI Resources Limited (ASX: FYI) is a metals and mining sector company that explores for mineral properties, primarily high purity alumina (HPA), in Australia and south-east Asia. FYI is another small cap with AUD 10.81 million capitalization. At the end of the trading on March 13th, the FYI stock price also soared by 20% to AUD 0.066, indicating an intra-day gain of AUD 0.011 with 836.9k shares traded. The upswing in the stock price can be attributed to the recent announcement of the production of 99.999% purity Al2O3 during the continued product development and benchmark variability test work for the Company’s flagship HPA Project bankable feasibility study (BFS).
For the half-year ended December 31st, 2018, the Group’s loss was recorded at $ 1.32 million, up on $ 455,246 in the pcp. The net cash and cash equivalents amounted to $ 1.936 million, with extensive cash outflows of $ 1.001 million from operating activities and cash inflows of $ 47,855 from financing activities.
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