On 18 January 2019, E2 Metals Limited (ASX: E2M) has provided its Quarterly Activities Report for December 2018. E2 Metals Limited is under the metal sector. The company’s main objective is to explore gold and silver projects in Huaraki goldfield. The company has two key projects: The Neavesville project, and The MT hope project.
In its report, the company has stated that on 20 December 2018, they had executed a binding agreement for acquiring an 80% interest in a highly prospective land package. The land package is in the Santa Cruz and Rio Negro provinces of Argentina. Circum Pacific Pty Ltd is the private Australian explorer who holds the total portfolio of 127,000 hectares, and it’s also a prospective for multi-million-ounce epithermal gold deposits. E2 Metals Limited will conduct a shareholder meeting on 5th February 2019 so that they can approve the acquisition.
Circum Pacific has already submitted an Environmental Impact Assessment to the Santa Cruz authorities for undertaking an approx. 2500m drill program so that they can test outcropping gold and silver mineralized veins at the Sierra Morena project with drilling on this project planned for Q2 2019.
The company has planned a program of works for Veta Blanca prospect. Veta Blanca prospect is a high priority for the company, and it’s in a Conserrat Project. The company will commence a program of works immediately on the closing of the transaction.
In the Quarterly Activity Report, the company has also given the updates on Mount Hope Project and Neavesville Project. During the December quarter, Peel Mining Ltd had announced high-grade polymetallic zinc and lead discovery at the Southern Nights prospect. This discovery supports the potential for small but significant high-grade ore shoots at the Company’s Mount Hope project. On 20th December 2018, the company had terminated its Share Sale Agreement with Eurasian Minerals Inc and Eurasian Holdings Inc. The company is also withdrawn from the Pakirarahi No. 1B JV (Joint Venture) Agreement so that they can renounce their interest in the Neavesville project. The company had also submitted an application of the surrender for the Neavesville Project Permit 51767 to the relevant authorities.
The company appointed Mr. Todd Williams as a new Managing Director, and Mr. Michael Sapountzis as a Joint Company Secretary. Mr. Michael will resume his office from today as a joint company secretary with the currently appointed Company Secretary, Ms. Melanie Leydin. Before Mr. Michael, the position of Joint Company Secretary was held by Mr. Justin Mouchacca.
FY18 Financial Performance: The Company’s total comprehensive loss for the year stood at $626,617 in FY18, (over the prior year which was -$852,854). The diluted loss per share for the year stood at 1 cent per share. In FY18, the company has not declared any dividend for its shareholders. On Balance Sheet front, Net Assets for the year stood at $5,484,894 in FY18, (over the prior year which was $5,995,367). As at 30 June 2018, the company had cash and cash equivalent of $2,703,480 (over the prior year which was $4,608,339).
Stock performance: The shares of E2 Metals Limited closed the day’s session flat at A$0.080 (18 January 2019). The market capitalization of the company stands at circa $4.86 Million with 60.71 million outstanding shares. In the time span of the previous six months, the stock delivered the returns of 14.29%, and during the last one month, E2M delivered the positive return of 19.40%.
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