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As per recent ASX announcement on 21st December 2018, Echo Resources Limited (ASX:EAR) has announced the latest results from air core drilling at the Mt Joel gold district within the Yandal Gold Project.
The company wants to add more, near-surface ounces to further increase a planned restart of the Bronzewing processing facility in 2019, as a part of their strategy. This is the primary reason for the drilling at Mt Joel.
The CEO of the company, Victor Rajasooriar, said that The Mt Joel gold district is delivering consistent and, excellent results. It gives Echo the opportunity to add more, quality oxide ounces to the companyâs resource base.
The CEO mentioned the companyâs dedication and seriousness in strengthening the already robust initial four-year, in order to enhance production in 2019. A large amount of work done on the site is an indicator of the growth of the company.
Furthermore, the company is gathering a huge amount of geological data which will help them at the time of extensive exploration of the mines. The Yandal Gold Belt is a world-class mining and exploration area. Earlier, exploration related work in Mt Joel has only been conducted in the top 100m.
As per the recent financial release by the company, total revenue stood at $0.124 million in FY 2018 as compared to the restated number of $0.571 million in FY 2017. The net loss for the year stood at $13.156 in FY 2018 million as compared to $37.755 million in FY 2017. The balance sheet for the year-end recorded an increase in total assets by more than 1.5 times approximately with the number standing at $12.531 million in FY 2018 as compared to $4.725 million in FY 2017. The company had an outflow of cash from operations in FY 2018 with an amount of $12.034 million as compared to $5.832 in FY 2017, whereas the cash flow from investing activities stood at $0.217 million in FY 2018 as compared to $0.249 million in FY 2017. The total current assets of the company stood at $8.20 million in FY 2018 as compared to $1.69 million in FY 2017, a significant increase Y-O-Y. This is however driven by the cash and cash equivalents which stood at $7.57 million in FY 2018 as compared to $1.05 million in FY 2017, an increase by almost more than six times approximately.
Let us now quickly analyze the performance of Echoâs stock and the returns it has produced over the past few months. The stock is currently trading at $0.125 (as at 2:53 pm, 24th December 2018) with an approximate decline of 4%. The stock opened at $0.130.
The stock has demonstrated dismal performance this year providing a negative YTD return of 50.55% and a -36.58% return based on past six months. The stock has a 52-week high price of $0.408 and a 52-week low of $0.098, with a market capitalization of 68.25 million.
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