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With effect from 5 November 2018, the company Hill End Gold Limited (ASX:HEG) is finally changing its name to Pure Alumina (ASX:PUA) in order to reflect its focus on the growing high purity alumina (HPA) sector. The company had taken approval from the shareholders at the AGM in order to change its name to Pure Alumina Limited.
The reason of the name change was the companyâs strategic focus on the compelling Yendon HPA project in Victoria. For this purpose, the company has sent an application to the ASX in order to change the name and to grant an appropriate code for the same. Since the past 18 months, there a rapid progress made in the Yendon HPA Project followed by a number of studies concluding in the release of the Pre-Feasibility Study in the month of June 2018. The strong technical and financial outcomes of the Pre-Feasibility Study led the Board to decide to focus only upon Yendon. Â The company has also launched a new website as www.purealumina.com.au as the companyâs new identity. The website contains all necessary information about the company as well as various projects of the company. Any recent update about the information related to project, the HPA market and its uses. The Managing Director of Pure Alumina Martin McFarlane states that the Company is on the right track in order to become the largest producer of high purity alumina.Â
Mr. McFarlane also states that the companyâs combination of fundamentally strong project along with the technological advances has drawn attention and demand based from the LED lightening and battery industries. This project will create significant value to the shareholders of the company. The company is confident that this combination and the progress we will continue making at Yendon will create significant value for shareholders.â
The company has given a back to back negative performance throughout its journey. The one year, five years and 10 years performance of the company is -51.30%, -68% and -98.39% respectively. For the year ended 30 June 2018, the company made a net loss of $9,317,552. The total asset of the company is $14,940,999 and total liabilities is worth $1,917,251. This indicates that the company has potential to meet its long-term obligations. The total current asset of the company is $11,255,419 and total current liabilities is worth $1,721,543. This indicates that the company is able to meet the requirements of the working capital as well as meet the short-term obligations. The total shareholders equity is worth $13,023,748. The net cash outflow from the operating activities is $1,748,839 where the major cash outflow was due to the payment made to the suppliers and the employees. The net cash outflow from the investing activities was $1,418,813 where the cause of outflow was due the payment made for the exploration bonds, payment of the exploration expenditure, mining property and payment made for the fixed asset acquisitions. The company was able to generate $4,141,000 from the proceeds from the issue shares. The cash and cash equivalent at the end of the year was $1,604,922.
The current market price of the share of the company is A$0.052 with market capitalization of A$8.8 million.
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