Stocks Closely Watched This Year - SYR, GXY

  • Apr 26, 2019 AEST
  • Team Kalkine
Stocks Closely Watched This Year - SYR, GXY

S&P/ASX 200 Index closed at 6385.6, up 0.1% by 3.5 points. The following two mining stocks are closely discussed as they caught investors since the onset of 2019-

Syrah Resources Limited

Syrah Resources Limited (ASX: SYR), headquartered in Melbourne, explores, evaluates and develops mineral properties in Mozambique, Africa. Syrah’s current market valuation is ~AUD 413.16 million, with ~ 344.3 million outstanding shares. With the end of the market trading on April 26th, 2019, the SYR stock closed at a price of AUD 1.195, down 0.417% by AUD 0.005. SYR’s one month return yield stands at 15.94%. Recently, UBS Group AG and its related bodies increased their voting power in the company to 8.50% (from 7.48%). Also, Harbour Asset Management Limited purchased around 18.84 million shares thereby earning 5.472% interest in the company.

Today, the company informed that the Cyclone Kenneth that stroke Mozambique did not have severe consequences for its Balama Graphite Project. As of March 31st, 2019 (Q1 2019), Syrah Resources recorded a Graphite production and sales volume of 48kt at a weighted average price of USD 469 per tonne. The company closed the quarter with cash of USD 62 million and the Q1 2019 Activities Report is scheduled to be released on April 29th, 2019.

Besides, the year 2018 marked a milestone for Syrah as it transitioned the Balama Graphite Project from construction to operations. The company reported interest income of $ 1.2 million from cash reserves placed on term deposits during the year. The loss after income tax amounted to around $29.0 million (2017: $ 12.3 million). Moreover, the total expenses for the year increased to $ 32.0 million (2017: $ 14.8 million), on account of $ 10.2 million of employee benefits, $ 2.0 million of legal and other consulting costs, admin and corporate cost of $ 0.5 million and net foreign exchange loss of $1.2 million. The total assets as of December 31st, 2018, stood at $ 473.8 million (2017: $ 418.5 million).

Galaxy Resources Limited

Galaxy Resources Limited (ASX: GXY), headquartered in Perth, Australia, is a metals and mining sector company engaged primarily in the production of lithium concentrate, as well as exploration of other minerals in Australia, Canada, and Argentina. The company has a current market valuation of around AUD 631.66 million with ~ 407.52 million outstanding shares. On April 26th, 2019, the GXY stock settled the day’s trading session at a last sell-off price of AUD 1.550, with ~ 6.89 million shares traded.

The company recently released its activities update concerning the quarter ended March 31st, 2019. For its Sal de Vida project in Argentina, the principal funds stood at USD 280 million, less USD 8.4 million in withholding taxes for sale of the northern tenement package to POSCO. Besides, the civil earthworks were 94% completed for the ongoing development of a test pond spanning 15 hectares. Meanwhile, the company progressed with the process flow sheet optimization test work.

Galaxy Resources also appointment Mr Simon Hay as its new CEO, effective July 1st, 2019.

At the Mt Cattlin spodumene project in Western Australia, Galaxy Resources reported production of around 41,874 dry metric tonnes of spodumene concentrate, including 17,021 dmt in March alone, at an average cash cost of USD 453 per dmt produced.

Besides, the Canadian Environmental Assessment Agency confirmed that Environmental and Social Impact Assessment submitted for the James Bay spodumene project in Quebec, was in accord with with EIS guidelines. The project has now levelled up to evaluation. Lastly, the Phase 2 test work program for the upstream operation being undertaken by Nagrom continued as planned during the period.

Galaxy Resources closed the quarter with cash and liquid assets of USD 285.3 million and zero debt.


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