Cougar Metals NL (ASX: CGM
), a gold and nickel exploration company from the metals and mining sector, announced its operational update on 28 March 2019, which are as mentioned below:
DNI Metals Arbitration Settlement (Canada):
Based on the settlement agreement inked among DNI Metals Inc (DNI) and Cougar Metals NL on 24 September last year, CGM was supposed to receive a total of C$2.5 million over a 2- year period. The first instalment was mentioned as C$250,000 that was to be paid on 24 March 2019. However, DNI Metals Inc failed to pay the amount. Hence, the company has issued a Notice of Default to DNI. According to the Settlement agreement, DNI has thirty days to rectify the default by making a payment of C$250,000 to Cougar. In case, DNI is not able to rectify the default within 30 days, then the entire settlement amount worth C$2,500,000 shall fall due and payable.
KPM Arbitration (Canada):
On 15 January 2019, from the arbitration hearing that was between Cougar Metals NL and Kenora Prospectors and Miner’s (KPM), the final award was issued entirely in favor of Cougar. It included cost and interest of C$2.52 million.
KPM is an unlisted public company with 28 mining patents. It also has surface rights, covering approximately 650 Ha covering a gold producing region in the Shoal Lake district of Northwestern Ontario, Canada.
On 15 March 2019, the Supreme Court of Ontario recognized the award as a judgement. Now, the company has started the process to enforce the judgement against KPM.
Ceara Lithium Project (Ceara, Brazil):
The initial surface soil geochemistry program at the Ceara Lithium Project covering the 28,666 Ha of land has been completed, and the final sample is submitted for analysis.
Pyke Hill Nickel/Cobalt project (Leonora, Western Australia)
At the Pyke Hill Project, the company has obtained an approval to conduct further drilling program. However, the drilling program has been postponed, and is pending for funds.
Plateado Cobalt Project (Chile):
The Plateado Cobalt Project in Chile consists of cobalt deposit, that had produced high-grade cobalt. However, recently there had been a decline in cobalt prices. As a result, the company has decided to discontinue, the farm in agreement over the Plateado Cobalt project.
For the half-yearly period which ended on 31 December 2018, the company reported a loss for the year standing at $1,350,614. The company reported a net-liabilities of $7,663,009 in its balance sheet driven by an increase in the total liabilities. There was a deficit in the total shareholders’ equity. By the end of the period, the company had cash and cash equivalents of $266,630.
On 18 January 2019, the company notified the market that the drone survey confirmed the new targets at Plateado Cobalt Project
The shares of Cougar Metals NL last traded on 22 March 2019, standing at a price of A$0.001, without any further changes. The company has a market capitalization of A$1.07 million and approximately 1.07 billion outstanding shares.
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