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Metals X Limited (ASX:MLX)
Metals X Limited is one of the Australiaâs leading mining companies involved in the exploration and development of copper, tin and nickel resources. The companyâs significant assets include JV Renison Tin Project in Tasmania, Nifty Copper Operations in WA and Wingellina Nickel-Cobalt Project. Today, the top ten Australian copper producing company has announced a significant update on its 2018 resource definition drilling programs in the Region 6 and Region 9 targets at its Nifty Copper Operations, located in the East Pilbara region of Western Australia.
The 2018 Exploration activities within Region 6 and Region 9 have continued to outline noteworthy copper mineralization. Results for additional 12 Region 6 drill holes and 22 Region 9 drill holes have been received posting substantial copper drill intercepts. The company has plans for 2H19 for additional mineral exploration operations across both the regions, eastern extensions to the Central Zone. The enduring accomplishment of the resource definition drilling programs at Nifty across Regions 5, 6, 7 and 9 continue to grow the already substantial resource base. Metals X reported Net Loss After Tax of $26.297 million in FY18 as compared to Net Profit of $134.01 million in FY17. The total annual consolidated operating revenue stood at $209.90 million as compared to $237.79 million in the previous year.
Post the drilling update, the shares of the company settled the dayâs trading session at 44.5 cents, up by 1.14% as compared to the previous close of 44 cents. With a performance change of 26.57% since its inception, MLX stock has offered a positive return of 12.82% over last one month and a YTD return of 4.75% till date to its shareholders. The 52-week high and 52-week low stands at A$1.225 and 36.5 cents respectively.
Ausdrill Limited (ASX:ASL)
Ausdrill Limited is a leading player in Australiaâs metal and mining sector. The company is engaged in diversified activities including underground contract mining, exploration, mineral analysis, grade control, and diamond drilling activities. Today, the company has announced obtaining a series of projects totalling $171 million, via its recently acquired hard-rock underground miner, Barminco.
It has been awarded a $113 million, three-year underground mining services contract at the Rosemont Gold Project from Regis Resources Limited (ASX:RRL), expecting the commencement of work in Q12019. It has also bagged a 14-month contract from Western Areas to perform decline rehabilitation and development works at the nickel minerâs new Odysseus mine, with mobilization work already in progress. Besides, the company has won a 12-month contract from Consolidated Minerals for the provision of exploration drilling services at the Woodie Woodie manganese mine located in the Pilbara region of Western Australia, with five RC drill rigs and one DD rig to begin in February 2019. Lastly, it has obtained a 12-month contract from Bellevue Gold for the provision of exploration drilling services (recently commenced) at the Bellevue gold project in the Eastern Goldfields of Western Australia.
On grabbing significant contracts, the ASL stock zoomed by 4.615 % at A$1.360, closing the dayâs session as the third-best performer on S&P/ASX 200. Although the price of the scrip is trading on the downside at 23.30% from the last three months, the shares are soaring high this year offering a YTD return of 15.04% to the shareholders.
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