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Altura Mining Limited (ASX:AJM) announced Stage 1 operations update for the flagship Altura Lithium Project of the company located at Pilgangoora, Western Australia. As per the company, a significant improvement has been noticed in the performance of the processing plant, as a result of which the project achieved multiple daily production level above the nameplate capacity of 220,000 tonnes per annum of 6% grade lithium oxide.
The company is confident that it is now on a clear pathway to declare commercial production up to 700 tonnes per day of spodumene concentrate attained, up by approximately 9.375% as compared to the nameplate target of 640 tonnes per day. The company targeted 80% in the overall recovery and has now achieved more than 70% due to the significant increase in the processing plant availability with extended operative periods.
As per the company, the production quality remained steady with an average of 6% lithium oxide grade coupled with low mica and iron levels. The company recently dispatched approximately 8000-tonne cargo to offtake partners in China and a further cargo is also planned for early March.
The company recently announced that it had appointed Mr Phil Robinson, who has more than 20 years of experience in mining and processing with Greenfields mining development as its Chief Operating Officer.
Altura presented a Securities Purchase Plan (SPP), in which the company offered an issue price of $0.13 to each eligible shareholder to raise up to $15,000 of New Shares. The SPP came after the company decided to undertake an A$28 million financing Package.
The company will hold a General meeting of shareholders on 22nd March 2019 in Parmella Hilton Hotel at 14 Mill Street, Perth, WA 6000. The Agenda of the meeting is to pass various resolutions. However, the agenda in a nutshell of the company is to seek approval of the issue of up to 38,461,538 shares and 19,230,769 Options to be issued under the securities purchase plan.
Liquidity Profile:
As per the quarter ended 31st December 2018, the company reported cash flow from operating activities of A$15,412k and a net cash outflow of A$207K in the exploration and evaluation activities and marked various other cash outflows. The company reported a net cash inflow from operating of A$13,187K for the quarter ended 31 December 2018.
Altura also reported a cash inflow of A$16,222k from the investing activities and after adjusting with various cash outflow, it reported the net cash outflow from investing activities of A$14,640k for the quarter ended 31 December 2018.
The company reported a net increase in cash and cash equivalent for the period ended 31 December 2018 at A$9,039K.
Price Movement:
The shares of the company are moving in an uptrend after it marked a day's low of A$0.120, which was made on 21st February 2019. After marking the low of A$0.120, the share price started moving in an uptrend and marked a day's high of A$0.155 on 27 February 2019. The shares of the company closed at A$0.145, up by 11.538% on 27 February 2019.
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