Artemis Resources Shares tumble after Announcing Strategic Processing Alliance with Pacton

  • Oct 18, 2018 AEDT
  • Team Kalkine
Artemis Resources Shares tumble after Announcing Strategic Processing Alliance with Pacton

Artemis Resources Limited (ASX: ARV) is involved in the exploration and development of prospective base, battery and precious metals assets in the Pilbara region of Western Australia. On 18 October 2018, Artemis Resources Limited (ASX: ARV) announced that the company has signed a Memorandum of Understanding (MOU) with Pacton Gold Inc. for a strategic processing alliance. Following this news, the share price of the company initially decreased by 5.882 percent as on 18 October 2018 and then depicted a 2.9% downturn as at 2:30 PM AEST.

Pacton is a Canadian company which is currently focused on exploring and developing of conglomerate and shear hosted gold properties in the Pilbara region of Western Australia. Under the MOU, both the companies will determine how they can together advance, or leverage off, Artemis’ 100% owned Radio Hill operations. Pacton will be utilizing the Radio Hill processing plant on a non-exclusive basis to achieve the desired objective behind the MOU.

The Radio Hill treatment plant has become a key asset for the Company as the company has witnessed significant exploration success in the past years on many of West Pilbara projects. The tenement package now covers nearly 2,400 km and Radio Hill will be instrumental in moving Artemis from an exploration company to a production focused company. 

The refurbishment and expansion programme of the Radio Hill sulphide processing plant has made considerable progress during the year. Moreover, the company has also received approvals to install and initiate a new tertiary crusher and gold circuit with the refurbished crushing and grinding units. The plant now has an approved Stage 1 throughput capacity of 500,000 tpa of gold ore.

Currently, Pacton is undertaking a project review across its entire portfolio to recognize opportunities for near term bulk sampling and production from both conglomerate and shear hosted mineralization from their multiple mining leases.

In FY 2018, the net profit of the company was $12.07 million which was a loss of $2.18 million in FY 2017. The profits were driven by the receipt and subsequent sale of 4 million Novo shares. The basic and diluted earnings per share was 2.022 cents in FY 2018. The current assets of the company increased from $1.05 million in FY 2017 to $29.325 million in FY 2018. The net cash used in operating activities increased from $0.99 million in FY 2017 to $3.43 million in FY 2018. Recently, the company made an announcement regarding a significant improvement in Joint Ore Reserves Committee (JORC) 2012 resource estimate for the company’s fully owned Whundo Copper Mine.

During the year, the company also witnessed excellent drilling results from Whundo Copper/Zinc Mine and at the Radio Hill Nickel/Copper/Cobalt Mine. The Board of the company also made some leadership changes with the appointment of Mr. H.H Sheikh Maktoum Hasher al Maktoum as a non-executive director and appointment of Mr. Wayne Bramwell as the new CEO of the company.

In the past three months the share price of the company increased by 3.03 percent from $0.165 to $0.170 as on 17 October 2018, and traded at a PE level of 7.660x. ARV’s shares traded at $0.165 with a market capitalization of $107.9 million as on 18 October 2018 (AEST 2:30 PM).

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