Coppermoly Received Approval For Exploration License For Kori River

  • Apr 01, 2019 AEDT
  • Team Kalkine
Coppermoly Received Approval For Exploration License For Kori River

Coppermoly Limited (ASX: COY) is into exploration and development of copper, gold, molybdenum deposits. The company has projects, which are in line with its corporate strategy of exploring versatile metals close to the existing infrastructure. It has an inventory of over 2 billion pounds of contained copper in two deposits.

Coppermoly Ltd announced today, on 1 April 2019, that it has received notification from the Mineral Resources Authority of Papua New Guinea that the application of the company for the exploration licence EL2578 Kori River has been approved. EL2578 consists of 116 sub-blocks, which covers an area of approximately 315 square-km, which encloses the company’s existing Simuku exploration licence. EL2578 includes areas near the boundary of the Simuku exploration licence that show encouraging signs for potential conductive and resistive anomalous zones.

EL2578 is valid for an initial term of two years. During the period, the company may apply for a further extension. The minimum expenditure under the exploration is PGK50,000 per annum for the initial two-year term.

The company also announced to have signed a contract with Austhai Geophysical Consultants to conduct an IP survey of the Simuku exploration licence. The IP survey will follow up the highest ranked VTEM anomalies to delineate greater detail to allow for identification of drill targets. The IP survey will be conducted in the June quarter.

On the financial front, the company reported a loss after tax for the half-year ended 31 December 2018 of $378,760 as compared to a loss of $236,969 in the prior corresponding period. The significant items impacting the loss after tax were employee benefits expense, including wages and director fees, of $196,546 and corporate and compliance fees of $71,155, which includes audit fees, listing fees of ASX, legal fees and share registry costs. The total assets of the company stood at $17.94 million approximately as compared to ~$14.66 million in the prior half period ending June 30, 2018.

The current exploration and evaluation work in Papua New Guinea was funded by the group during the half-year. Moreover, during the period, the significant changes in the company occurred were: on 13 November 2018, Jade Triumph International Limited agreed to extend the maturity date for the convertible notes by further 24 months to 19 December 2020. The other terms of the convertible notes remained unchanged; and the company raised $2.4 million according to a non-renounceable pro-rata entitlement offer of one new fully paid ordinary share for every three shares held at $0.007 per share. A total of 345,381,843 fully paid ordinary shares were issued on 2 January 2019.

On the price-performance front, the stock of Coppermoly Limited traded at $0.006, with a market capitalisation of $10.34 million (At market close on 1st April 2019). The stock has generated a negative YTD return of 14.29% and negative returns of 15.22% and 14.29% over the past six months and three months period, respectively. Its 52-week high price stands at $0.012, with an average trading volume of 260,876.


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