Euro Manganese Nose Dives On Release Of Financial Statements

  • Dec 12, 2018 AEDT
  • Team Kalkine
Euro Manganese Nose Dives On Release Of Financial Statements

On December 12, 2018, Euro Manganese Inc. (ASX: EMN) posted the consolidated financial statements covering the year which ended on September 30, 2018. As per the statements published, Euro Manganese happens to be an exploration company which is operating at early stage. Considering the present scenario, the company is not possessing the properties which relate to having the well-established reserves, nor does it have any sort of operating revenues. Additionally, the company is not able to self-fund the activities into which it is currently operating. The reports which have been released by company also stated that the company does not guarantee that acquisition as well as evaluation of the activities which have been decided would end up being successful with regards to Chvaletice project.

At the end of September 2018, Euro Manganese happens to possess equity amounting to $10,496,633 while the company’s working capital stood at $9,118,974. As per the statements, capital resources which the company possesses along with proceeds which the company has managed to garner as a result of its $2,500,000 initial public offer or IPO done in Canada might support the working capital requirements of the company which would be required in terms of financing the corporate as well as project development expenses.

The company also stated that there would be requirement for the additional amount of financing with regards to development as well as exploration activities for Chvaletice Project. The capability of Euro Manganese to raise the additional financing which might arise in the future would be largely dependent over performance as well as the conditions of the market. In the year ended September 30, 2018, the company had incurred $6,534,075 loss which implies a rise on the YoY basis as in the same period of the previous year the company saw losses of $3,413,356.

Euro Manganese has incurred $4,589,662 towards the project evaluation expenses in the year ended September 30, 2018 while in the same period of the prior year the project evaluation expenses amounted to $2,398,542.

Talking about the performance of Euro Manganese on December 12, 2018, the stock was trading in red at the time of writing. The stock of EMN was trading at A$0.19 per share which implies that the stock has fallen A$0.035 per share or 15.6%. The market capitalisation of Euro Manganese is $22.24 million. In the past one month, the stock delivered the return of 9.76%.


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