Pioneer Resources Limited (ASX: PIO) on 28 November 2018, discloses an update to its shareholders regarding its 100% owned Sinclair Mine which is 40km towards the north of Norseman situated in Western Australia.
As per the update, an extraction of caesium mineral pollucite was in progress which resulted in 420,000 BCM of excavation of that mine. 420,000 BCM (BCM refers to cubic bank meters and is used to measure the volume of original rock moved from the original position) is equivalent to 90% of a planned material. This mine was considered to be overburden with a high quality of potassium feldspar (“KFA”) along with other alkali metal substance elevated rubidium (“KFX”) and the waste material. In the northern region of the mine, KFA of good quality was found in the northern pit wall which maintains its consistency as per the mine plan and the geological model.
Now, as per the recent blast which was done at the mine, resulted in a small blast hole that contain the lithium minerals lepidolite and petalite which indicates that mining is about to reach its pegmatite core zone which is the main objective of this project.
Since the inception of the company, the performance is -62.80%. The five years performance of the company was 23.08% which is positive. Other than that, the one year and ten years performance remain negative. In 10 years, the performance of the company was -61.25% and in 1 year, the performance of the company was -42.86%.
For the financial year ended, the net loss of the company was $3,527,689. However, the balance sheet of the company remains strong. The company holds a net asset of $14,507,275 while the current asset of the company is $3,380,892 and the current liabilities of the company $1,205,979 which indicates that the company is in a position to meet short-term obligations and the working capital. The total shareholder’s equity is $14,507,275.
From the operating activities of the company, the net cash outflow was $1,545,589. The major source of cash outflow was due to the payment made to the suppliers and the employees inclusive of all goods and services taxes. From the investing activities of the company, the net cash outflow was $3,496,873. Under this category, the major source of cash outflow payment made for exploration and evaluation as well as plant and property. From the financing activities of the company, the net cash inflow was $5,573,299. Under this category, the major source of cash outflow was due to the payment which was made in the form of transaction cost regarding the issue of shares.
Since morning, the market price of the share is A$0.015 (AEST: 2:35 pm, 28 November 2018) which is also the 52 weeks low price with the market capitalization of A$24.07 million. Its opening price is also A$0.015 and highest price recorded for the day is also A$0.015.
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