On 9 October 2018 , Altura Mining Limited (ASX: AJM) announced that the maiden cargo of spodumene concentrate from the Altura Lithium Project has departed Port Hedland. . With this news, the stock price of AJM tumbled by 2.0 per cent as on 9 October 2018.
Approximately 5,000 dry metric tonnes of spodumene concentrate was loaded in the vessel “MV Clipper Tenacious” which is shared with two other exporters and it is headed for Altura’s offtake partner Lionergy Limited in China.
The company is now focusing on the ongoing ramp-up of production to the nameplate capacity of 220,000tpa and regular shipments. Arrangements have been made for the next shipment which is expected to occur in late October and the full details of production and shipments will be reported on a quarterly basis.
On 3 September 2018, the company announced the beginning of a geophysical survey utilizing the induced polarization (IP) method at its Cleopatra Prospect, which is located within Altura’s E45/2363 tenement, approximately 3.5 kilometers southeast of the Altura Lithium Project at Pilgangoora in the Pilbara region of Western Australia. The geophysical survey will be carried out by a field crew from Vortex Geophysics, who are going to be monitored and supervised by Altura Exploration Geologists. The IP survey will target mapped quartz veins, following successful mapping and sampling exploration work conducted by Altura over May and June this year. The IP Survey will take two weeks to complete and the results are expected to be available in October. Altura also finished exploratory drilling at the Utara Prospect throughout May and June, which discovered a series of narrow and steeply dipping pegmatites whilst also identifying a potential water aquifer. Utara is located within Altura’s E45/2287 tenement, 6.5km north of the Altura Lithium Project covers an area that overlaps the main pegmatite field known to host the Altura Lithium Project.
Further, the field mapping conducted over May and June this year uncovered a series of subparallel north-south trending epithermal mineralized (including visible gold) quartz veins, which are intersected by a set of cross-cutting fault zones. Several surface alteration zones (related to epithermal mineralization) consisting of a series of polymict hydrothermal breccias were observed. The mapping work has also identified a copper anomaly within the prospect. The 100% owned Altura Lithium Project at Pilgangoora was officially opened on 5 September 2018.
In FY 2018, the company earned a revenue of $1.16 million which was $1.27 million in the previous year. The cost of sales reduced from $1.07 million in FY 2017 to $0.772 million. The company earned an operating profit of $0.39 million which was $0.20 million in the previous year. The net loss of the company increased from $6.16 million in FY 2017 to $12.82 million in FY 2018. The basic and diluted loss per share from continuing and discontinuing operations increased from 0.45 cents in FY 2017 to 0.75 cents in FY 2018. The total current assets of the company increased from $26.08 million in FY 2017 to $41 million in FY 2018. The Net cash outflow from operating activities reduced from $5.55 million in FY 2017 to $5.45 million in FY 2018. The company was having cash and cash equivalent of 28.78 million as on 30 June 2018.
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