On 13 December 2018, Impact Minerals Limited (ASX: IPT) announced its recent exploration update at its Broken Hill project in NSW. During the exploration, the samples from the new rock chip confirm the existence of high-grade gold and copper. The data from the new rock chip and in-house research at IPT confirms the recent discovery of Iron Oxide-Copper-Gold (IOCG) style mineralization performed by Silver City Minerals Ltd (ASX: SCI) (Silver City Minerals has entered a joint venture with IPT for Broken Hill-style mineralization). SCI lies at the south end, 40 km towards the parent magmas which is a source of rich ultramafic rocks containing gold, copper, palladium and palladium metals.
At the Copper Blow prospect of SCI, there was a discovery of an extensive source of IOGC mineralization in the south-west region of Rockwell-Little Broken Hill prospect of IPT. The data from the drilling performed by SCI reports the existence of 6.1% of copper, 4.2g/t of gold, 13 g/t of silver and 200 ppm by drilling 4 meters at its Copper Blow prospect. Another 11.8 meters drilling results led to the discovery of 6.7% copper and 1.9g/t of gold. Here, at this intercept silver and cobalt was not tested. Another 3 meters of drilling reports 4.6% of copper along with specific low-grade high mineralization over several kilometers.
After the listing of IPT on ASX, the company has given a continuous negative performance. The five years performance of the company is -79.43%. The last one-year performance of the company is -47.06%.
For the FY2018 ending 30 June 2018, the company made a net loss of $812,796. The balance sheet of the company appears quite healthy as the company holds a substantial net asset base of $19,522,107. The debt-equity ratio is 0.024. However, there is a slight increase in the accumulated loss of the company which might create a negative impact on the shareholders. The company holds a total current asset of $4,352,932 and total current liabilities of $466,203 which indicates that the company is in a position where it can maintain the requirements of working capital as well as its short-term obligations. The total shareholder’s equity is $19,522,107.
There was a net cash outflow of $876,526 from the operating activities of the company. Under this category, the primary source of cash outflow was in the form of payment made to suppliers and employees.
There was a net cash outflow of $3,505,092 from the investing activities of the company. Here, the company has used its cash in the exploration activities.
There was a net cash inflow of $5,978,414 from the financing activities of the company. Here, the company has generated revenue by issuing shares of the company.
By the end of FY2018, the net cash and cash equivalent with the company was $3,514,002.
By the end of the trading on 13 December 2018, the market price of the share was A$0.011 with the stock holding a market capitalization of A$11.9 million. The closing price of the share which is A$0.011 is near to 52 weeks low price.
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