BBX Minerals’ Shares Surged Over 30% On ASX Post Announcement Of IPHAN & IPAAM Permitting Approvals

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BBX Minerals’ Shares Surged Over 30% On ASX Post Announcement Of IPHAN & IPAAM Permitting Approvals

 BBX Minerals’ Shares Surged Over 30% On ASX Post Announcement Of IPHAN & IPAAM Permitting Approvals

BBX Minerals Limited (ASX: BBX) is an ASX listed mineral mining and exploration company with the major focus in Brazil (mainly in the southern Amazon), a region the company believes is vastly under-explored with a high potential for the discovery of world-class gold and copper deposits. Its key assets include Três Estados, Juma East, and Ema Gold Projects in the Apuí region of the Amazonas State. It has 58.1 square km of exploration tenements within the Colider Group, a prospective geological environment for Copper-Gold and epithermal gold porphyry deposits. This region is under-explored and has the potential to provide the company with a pipeline of high-growth, greenfields gold discoveries.

On 29 March 2019, BBX Minerals Limited announced that it has received permitting approvals from both IPHAN (National Heritage Agency) and IPAAM (State Environmental Authority) for the company’s archaeological study and environmental license applications. The company has submitted these approvals to the ANM (formerly DNPM) to enable the granting of trial mining licenses for its Ema and Três Estados tenements.

In the previous announcement, BBX advised on October 1, 2018, that it had engaged Inuma Arqueologia to undertake the archaeological study required for IPHAN (National Heritage Agency) sign off, and on 26 November 2018, the company advised that the study had commenced on both the Ema and Três Estados tenements. On November 26, 2018, the company also informed that at the request of IPAAM, it had engaged Trevisan Florestal to review and ensure compliance with the forestry reserve requirements on its Três Estados tenement.

During the half year period, BBX received commitments to raise a minimum of $1,000,000 via a placement to existing sophisticated and institutional investors at 15 cents per share. The group also advised that it would issue options based on 1 option for every 2 new shares at an exercise price of 20 cents, with a maturity date of 20 December 2020. Following the placement exercise, the company issued 6,918,333 new shares and 3,459,167 unlisted options under the company´s existing 15% capacity. It raised the final amount of $1,037,750 from the placement.

BBX reported other revenue from continuous operations at $178,296 in H1 FY19 from $2,546 in H1 FY18. Administration costs for the company stood at $344,664 in H1 FY19 as compared to $395,965 in H1F Y18. Its loss from continuing operations after income tax expense stood at $327,835, whereas its total comprehensive loss for the year attributable to shareholders stood at $222,931 in H1 FY19 as compared to the loss of $1,523,750 in H1 FY18. BBX’s net cash flow at the end of H1 FY19 stood at $608,596.

At the time of writing (on March 29, 2019, AEST: 2:45 PM) the stock price of BBX Minerals was trading at $0.300, up 30.435%, with a market capitalisation of ~$92.98 million. Today, it reached day’s high at $0.34 and day’s low at $0.245 with a daily volume of approximately 376,162. Its 52 weeks high was at $0.34 and 52 weeks low at $0.115 with an average volume of 156,460. Its absolute return for five years, one year and six months are 1433.33%, 43.75%, and 15%, respectively.


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