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Below mentioned mining stocks have witnessed a substantial increase in their share price today (24 January 2019). Letâs take a closer look at these stocks:
Alderan Resources Limited (ASX:AL8)
A mineral exploration company, Alderan Resources Limited (ASX:AL8) is exploring the highly prospective Frisco project which is located in Utah, for copper, zinc, gold and associated minerals.
In November 2018, the company announced the results of the Drilling undertaken at Accrington, part of the Companyâs Frisco Project. As per the release, the high-grade intervals of copper were intersected at Accrington which displays the potential of Accrington to host a large deposit amenable to modern low-cost bulk mining methods. The results of the drilling have confirmed thick copper-zinc-silver bearing skarn across more than 500m strike. In October 2018, Alderan Resources raised $3 million through a placement, which will be used in the ongoing drilling program at Accrington.
For the year ended 30 June 2018, the company reported a loss of $6.706 million with a basic loss per share of 6.15 cents. As at 30 June 2018, the company had total current assets of $1.85 million. As at 30 September 2018, the company had net cash used in operating activities of $1,935k, net cash used in investing activities of $14k and net cash from financing activities of $479k. As at 30 September 2018, the company had cash and cash equivalent of $195k. Today, the companyâs shares have increased by 36.364 percent on ASX.
In the past six months, the share price of the company decreased by 81.03 percent as on 23 January 2019. Meanwhile, in the past five days, the share price of the company decreased by 21.43 percent. AL8âs shares traded at $0.150 with a market capitalization of circa $14.26 million as on 24 January 2019.
Alice Queen Limitedâs (ASX:AQX)
Copper and Gold explorer, Alice Queen Limitedâs (ASX:AQX) shares were reinstated to official quotation today, following the release by AQX of an announcement regarding a capital raising. In the announcement, the company announced that it has raised approximately $1.7 million before costs by issuing 113,920,334 fully paid ordinary shares at $0.015 (1.5 cents) per share. The shares were issued as part of the shortfall of the Companyâs pro-rata entitlement offer (Rights Issue) made under a prospectus lodged with ASIC and released to ASX on 24 September 2018. After getting reinstated to official quotation today, the companyâs shares went up by 50 percent in the intraday trade.
Earlier on 21 December 2018, the companyâs shares were voluntarily suspended from quotation at the request of Alice Queen pending the release of the announcement relating to the Companyâs funding position and proposed capital raising initiatives. In November 2018, the company announced that there is a significant upside potential at the Companyâs Mendooran Project in NSW. For the full year ended 30 June 2018, the company reported revenue from continuing operation of $85,200. In FY 2018, the company incurred a loss of $2.344 million with basic and diluted loss of 0.79 cents per share. AQXâs shares traded at $0.018 with a daily volume of ~7,291,164 as on 24 January 2019.
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