Battery Minerals Limited (ASX: BAT) operates as a mining development and minerals exploration company. The Company focuses on exploring and developing graphite, zinc, lead, and copper deposits. Battery Minerals develops its projects in Mozambique.
The company, today on 12 March 2019, has come up with a release on the Paydirt’s Battery Minerals Conference March 2019. As per the same, company’s product range, in terms flake size distribution and carbon content, is an “everyman product” that meets the precise requirements of the high growth electric vehicle (EV) battery and energy storage sectors & has specifications attractive to customers in the traditional established sectors of the natural graphite market. It is noteworthy that every conventional combustion-engine vehicle consists of between 80 to 100 parts containing graphite.
As per the Montepuez Graphite Project - Phase 1, the Capex needed to complete has been estimated to be US$39.5 M. The Projected Payback has been estimated to be less than two years. The EBITDA per annum shall be more than US$30 Mpa, and the mine life shall be more than 50 years.
The Group’s operating loss for the period of 1 January 2018 to 30 June 2018 was $3,652,901. During the June 2018 Quarter, Battery Minerals completed a $20.7 million equity fundraising comprising $20 million by way of Share Placement to institutional, sophisticated and professional investors and $670,000 via a Share Purchase Plan to existing shareholders.
As per the review report issued by the company Auditors, the Group incurred a net loss of $3,652,901 during the six months ended 30 June 2018. The Group’s net cash used in operating and investing activities was $19,262,114 for the six months ended 30 June 2018. The Group’s ability to continue as a going concern and to continue with the development of its 100% owned the Montepuez Graphite Project (the Project) depends on being able to obtain additional funding through equity, debt, joint ventures, production off-take arrangements, or other means or a combination of alternatives.
However, the Directors have a reasonable expectation that funding will be obtained to complete the development of the Project or if required have the ability to curtail both the Project and corporate expenditure further. The Directors feel that the Group will have adequate resources to continue to operate for at least next 12 months and for the reasons outlined above they had stuck on adopting the going concern basis in preparing the financial report.
On the price-performance front, the stock has posted the YTD return of 12.50%. The company also has posted returns of 22.73% & 17.39% over the past three & one-month period, respectively. At the time of writing (12 March 2019, AEST 04:00 PM), the stock of the company is trading at a price of $0.026, down 3.704% during the day’s trade with a market capitalisation of ~$ 30.07 Mn. The stock opened the day at $ 0.027, which was also the day’s high and touched the day’s low of $ 0.026, with an average daily volume of ~ 996,761. It had a 52-week high price of $ 0.087 and a 52 weeks low price of $ 0.020, with an average volume of, 985,379 approximately.
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