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Axiom Mining Limited (ASX: AVQ) is into mining and exploration, and engaged in the exploration for mineral projects in Australia and the Solomon Islands. The company majorly explores for nickel, gold, silver, and copper.
The securities of the company will be placed in a trading halt at its request, pending it releasing an announcement. The securities will remain in a trading halt until the earlier of the starting of normal trading on Friday, 26 April 2019 or when the announcement is released to the market.
The Board of the company requested a trading halt pending the release of an announcement by the Company. As per the ASX Listing Rule 17.1, the company provided the following information that the trading halt is requested pending the release of announcements to the market in relation to a material capital raising and operational update. The trading halt is requested, as otherwise trading in Axiomâs securities may occur in an uninformed market.
Axiom expects the recommencement of trading in Axiom Mining Limited securities on Friday 26 April 2019, following the release of an announcement to trigger the lifting of the trading halt.
Further, as per the recent company announcements, the code which was established to facilitate deferred settlement trading as part of the companyâs non-renounceable pro rata entitlement offer announced on 21 February 2019 (ASX:AVQNB) was suspended effective 01 April 2019.
Operational Update:
On the operational front, The Solomon Islands Government approved the mining Lease over San Jorge tenement in September 2018, for a period of 25 years. In San Jorge, the construction and development increased along with expansion and upgrading haulage roads, extensive upgrade of camp facilities and the construction of main stock yard for storage of nickel ore.
Encouraging drilling results from the infill/grade control drill program was received by the company, which confirmed the potential of San Jorge and it provided opportunity to the company to market two saleable products including saprolite and a high grade of iron limonite.
The early stage field exploration was completed in the West Guadalcanal Project, and the commencement of its Phase II exploration program started. The company got the necessary environmental, development and mining permits/lease, post its engagement with the Solomon Islands Government. Landowners, shareholders and development partners played a vital role in helping the company securing a Mining Lease over the Isabel Nickel Project at San Jorge.
On the financial front, the consolidated loss from ordinary activities of the company post-tax for the year ended stood at AU$7,009,000 as compared to AU$4,838,000 in 2017.
The cash and cash equivalents of the company on 30 September 2018 stood at AU$200,000 for the year. The company obtained additional share capital by raising $1,000,000 from a share placement and $5,730,000 from convertible notes and other borrowings.
Additional recent updates on the company could be read here.
On the price-performance front, the stock of Axiom Mining Limited last traded at $0.048. The stock has generated a negative YTD return of 28.36% and negative returns of 51.52%, 26.15% and 31.43% over the past six months, three months and one-month period respectively. Its 52-week high price stands at $0.235, with an average trading volume of 777,448.
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