Ausmex Mining Released Its 1HFY19 Performance And Operational Updates

  • Mar 18, 2019 AEDT
  • Team Kalkine
Ausmex Mining Released Its 1HFY19 Performance And Operational Updates

Ausmex Mining Group Limited (ASX: AMG) is an Australian based exploration and mining company. On 15th March 2019, the company announced its 1HFY19 results with updates on the current operations.

Operational review of Cloncurry exploration

The company continued with significant drilling and exploration field work in the second half of 2018. The exploration was primarily aimed at increasing the company’s understanding of the Golden Mile exploration permits which adjoins the Mt Freda Mining Licence area. This project is a JV collaboration between Washington H. Soul Pattinson and Co. and Exco Resources. Drilling on this site has been focused on establishing a potentially large, and shallow mineral resources estimates in the series of historical mines that are located on the western edge of a large Tier 1 IOCG target. This area also has a deeper IOCG magmatic source which is capable of hosting significant high-grade epithermal gold.

Once the recent floods permit is acquired, management would look forward to continuing the drilling as high-grade assays for gold, copper and Cobalt have already been returned to date.

Burra South Australia

The company holds 15% exploration licence in South Australia in the Burra region. According to a report which was made in partnership with University of Adelaide’s (UoA’s) Institute of Mineral & Energy Resources (IMER), all future discoveries around Burra will involve deposits that are under “cover”. During the half year, the initial 10km grid MT Geophysical survey was completed. The program undertaken with the assistance of Adelaide university was successful in delineating deposit scale structures.

Financial Performance

The company reported a net loss of $2.34 million in 1HFY19 compared to the previously reported net loss of $3.93 million in 1HFY18. The reduction in loss was mainly affected by a decrease in share-based payment expenses which reduced from $351,653 in 1HFY18 to $218,010 in 1HFY19 and exploration expenses also reduced by more than 29% from 2.82 million to $1.99 million in the same period.

On the balance sheet front, the cash and cash equivalents decreased from $2.08 million as at 30th June 2018 to $1.43 million as at 31 December 2018. This reduction in cash was one significant factor in the reduction of the current assets to $1.72 million from $2.17 million in the same period. However, the long-term total assets marginally grew from $3.09 million as at 30 June 2018 to $3.49 million as at 31 December 2018. Exploration and evaluation assets grew from $2.76 million to $2.78 million in the same period. Apart from that, we have seen a decline in all non-current assets in the 1HFY19. Total assets stood at $5.19 million compared to the previously reported number of $5.26 million.

Liabilities have been more than doubled in the last six months. Major participation came from an increase in converting notes, Derivative liability and Trade and other payables. All of them contributed to an increase of more than 125% from $934,885 as at 30 June 2018 to $2.1 million as at 31 December 2018.

On 4th March 2019, the company declared its commencement of next phase at Burra.

The stock plunged more than 16% and closed at A$0.13 as of 15th March 2019, compared to the previous closing of A$0.155. Today, 18 March, the stock is trading flat at A$0.13 (As at 2:50 PM AEST). In the last month, the stock has surged by more than 113%.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK