Pilbara Minerals, Lithium Australia and Galan Lithium remained a key lithium player in Australia. The companies recently updated their quarterly business reports along with the cash flow reports for the quarter ended March 2019. Let us have a glance at the business updates with the price performance of the stocks.
Pilbara Minerals Limited (ASX: PLS)
Pilbara Minerals Limited (ASX: PLS) is a metal and mining player in Australia with operations in producing Lithium-Tantalum.
At the Pilgangoora Lithium-Tantalum Project, the commercial production has been declared (Stage 1, 2Mtpa operation) as the company commenced a Stage 3 partnering process after the positive results from scoping study and the progression of its downstream ‘value adding’ strategy. The scoping study for Stage 3 project expansion delivered positive results, including exceptional project economics, a substantial increase in processing capacity and competitive LOM operating costs.
As per the latest cash flow report, the company reported a net cash outflow from operating activities of ~$9.32 million during the quarter ended March 2019. The net investing cash outflow, however, was reported at ~$6.12 million. There was an inflow of $49.46 million from the financing activities, primarily driven by proceeds from the issue of shares. The cash and cash equivalent stood at $103.88 million during the reported quarter.
At the time of writing (3 April 2019, AEST 02:09 PM), the stock of Pilbara Minerals Limited was trading at $0.710 (up 7.567% during the days’ trade), with a market capitalisation of ~$1.22 billion as of 3rd May 2019. The stock has yielded a negative YTD return of 8.97%. Its 52-week high price stands at $1.125 and a 52-week low price at $0.570, with an average trading volume of ~8.02 million.
Lithium Australia NL (ASX: LIT)
Lithium Australia NL (ASX: LIT) is involved in the lithium and minerals exploration. The company is engaged in process development and project acquisition.
Key highlights of the quarterly activities report revealed the confirmation of the presence of spodumene pegmatite swarms is very low in the deleterious elements at the Medcalf prospect at Lake Johnston, WA, after the exploration programme was undertaken in January 2019. The aerial survey at Youanmi Lithium Project has been completed with the company continuing further exploration. Moreover, LIT commenced a pre-feasibility study for the Sadisdorf lithium project (Germany) to investigate the viability of producing cathode materials for lithium-ion batteries.
As per the latest cash flow report, the company reported a net cash outflow from operating activities of ~$1.13 million during the quarter ended March 2019. The net investing cash outflow, however, was reported at ~$0.703 million. The cash and cash equivalent stood at ~$9.13 million during the reported quarter.
On the price-performance front, the stock of Lithium Australia NL was trading at $0.080, with a market capitalisation of ~$36.84 billion as on 3rd May 2019 (AEST 02:09 PM). The stock has yielded a negative YTD return of 15.96%. Its 52-week high price stands at $0.145 and a 52-week low price at $0.077, with an average trading volume of 431,434.
Galan Lithium Limited (ASX: GLN)
Galan Lithium Limited (ASX: GLN) is engaged in the exploration of lithium. It is formerly known as Dempsey Minerals Ltd and its registered office located at West Perth, WA, Australia. Among the key operational updates, the drilling campaign highlighted the extensive size of the lithium brine discovery at the Candelas Project, Hombre Muerto. On the report date, the company had completed the first four drill-holes of a planned five-hole maiden drilling campaign at Candelas. The results till date confirmed a potentially significant volume of high quality, low impurity lithium bearing brine existing over a large area at Candelas, with the company remaining on target to define a resource in the third quarter of this year.
The company successfully completed a $4 million capital raise in April 2019. 14,545,455 shares were issued under the placement at an issue price of $0.275 per share. As per the latest cash flow report, the company reported net cash outflow from operating activities of ~1.24 million during the quarter ended March 2019. The cash and cash equivalents, however, stood at ~$1.386 million during the reported quarter. Current cash in hand for the company is approximately $4.7 million.
On the price-performance front, the stock of Galan Lithium Limited was trading at $0.245, with a market capitalisation of ~$34.27 million as of 3rd May 2019 (AEST 02:09 PM). The stock has yielded a negative YTD return of 9.26%. Its 52-week high price stands at $0.680 and a 52-week low price at $0.110, with an average trading volume of ~1.01 million.
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