A Quick Look At - ASX: N27

  • Apr 28, 2019 AEST
  • Team Kalkine
A Quick Look At - ASX: N27

Northern Cobalt Limited (ASX: N27), headquartered in Wayville, Australia, is a metals and mining industry player engaged in the acquisition, exploration, and development of cobalt mineral projects located across Australia. Currently, the company is developing the Wollogorang Cobalt project located in the north-east corner of the Northern Territory.

Northern Cobalt has a market valuation of ~ AUD 3.66 million with ~ 53.81 million outstanding shares. On April 26th, 2019, the N27 stock settled the day’s trading session, at the last sell-off price of AUD 0.059, diving 13.235 % by AUD 0.009.

Recently, the company’s director Michael Schwarz purchased around 29,715 fully paid ordinary shares of the company in the market at a consideration of $ 2,175.05.

On April 26th, 2019, the company released the Quarterly Activities Report for the three months ended March 31st, 2019. The company repositioned itself during the period through a couple of initiatives including the pegging of the Snettisham Project, which is in the 7 Moz Juneau Gold Belt of SE Alaska, with associated mining services available in the area, and is accessible all year round. During the quarter, Northern Cobalt finished the 3D modelling of a detailed helicopter-borne magnetic survey (aeromagnetic survey) over the Alaskan-style mafic-ultramafic intrusive complex, which has significant concentrations of vanadium and titaniferous bearing magnetite deposits. Around three diamond drill holes are planned to test the 3D model for vanadium, iron, gold and obtain metallurgy samples for beneficiation test work scheduled to begin in Q2 2019.

The company identified the potential for large scale mineralisation, at this project after review of the historical data while acknowledging its unique position, regarding fundamental infrastructure requirements such as cheap electricity, transport options and proximity to the mining town of Juneau. The Crystal, Friday and Minehaha Gold Mines, within the project area, forms part of the Juneau Gold Belt of SE Alaska, which has produced over 7 Moz of gold so far.

Besides, the company progressed on the exploration at the Wollogorang Project to focus on the promising copper hits. The identification and appraisal of new projects continued during the quarter with several new opportunities identified.

On March 15th, 2019, Northern Cobalt announced the execution of a controlled placement agreement (CPA) with Acuity Capital, that would provide up to $ 2 million of standby equity capital until December 31st, 2020. As per the terms of the CPA, N27 would retain full control of all aspects of the placement process including having the sole discretion as to whether or not to utilise the CPA, the quantum of issued shares, the minimum issue price of shares and the timing of each placement tranche.

The capital provided will be utilised for exploration activities or as general working capital. As a collateral for the CPA, N27 also agreed to place around 2,500,000 fully paid ordinary shares at a nil consideration to Acuity Capital.

For the half-year ended December 31st, 2018, Northern Cobalt posted a loss of $ 901,328 with net assets amounting to around $ 7.42 million including closing net cash and cash equivalents of ~ $ 1.13 million.


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