On 19 October 2018, AVZ Minerals Limited (ASX: AVZ) was reinstated to official quotation and announced that the company has received further high-grade results from its Mineral Resource drilling at the Manono Lithium Project which is located in the Democratic Republic of Congo. Moreover, it has also received results from a further eight diamond drill holes which were not included in the Maiden Joint Ore Reserves Committee (JORC) Mineral Resource estimate which was reported in early August 2018. Following this news, the company also announced the reinstatement to official quotation and the share price of the company increased by 5.55 percent as on 19 October 2018.
Company announced that it has initiated the work on the now 5Mtpa & 10Mtpa scoping studies for the Manono Lithium Project. Earlier, instead of 5Mtpa, it was a 4Mtpa study, but the company has now increased the scale of the study as company decided to study the use of 5Mtpa modules given the expected economies of scale from this strategy and the size and potential of the world-class resource available to at Manono.
In the month of September, Executive level meetings were held in the USA, Canada, China & Hong Kong as part of the Company’s ongoing strategy to secure financing for the development of the Manono lithium project. The company has also started drilling large diameter drill holes to collect metallurgical samples for the planned test work associated with the imminent commencement of the Feasibility Study. It is expected that a total of 5 holes will produce sufficient material to allow more in-depth metallurgical test work studies to be undertaken during the last quarter of 2018. The pegmatite intervals in the new infill holes show substantial thicknesses of higher-grade material ranging in depth from just under the weathered zones to deeper in the deposit. The company also announced that the Roche Dure mineralization continues to increase, and the company is looking forward to releasing an updated Mineral Resource Estimate for Manono before the end of the FY 2018.
Recently, the company disclosed in its investors presentation that there is a scope of further improvement in the project economics, especially in the areas of transport, processing and power costs by utilizing a refurbished hydro plant at Piana Mwanga that has not been included in any financial modelling.
In FY 2018, the revenue from the continuing operations of the company increased $20,432 in FY 2017 to $169,121. The total comprehensive loss of the year increased from $2.46 million in FY 2017 to $3.24 million in FY 2018. Basic and diluted loss per shares increased from 0.21 cents to 0.34 cent in FY 2017 in FY 2018. The total current assets of the company increased from $1.27 million to $16.42 million in FY 2018. The net cash outflow from the operating activities is 1.96 million in FY 2018.
In the last three months, the share price of the company decreased by 10 percent as on 18 October 2018. AVZ’s shares traded at $0.095 as on 19 October 2018 (AEST 12:30 PM).
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