On 30 November 2018, the chairman of Sihayo Gold Limited (ASX: SIH) highlights the progress made in FY2018. In the FY2018, there was an ongoing feasibility to identify the economics and development of the Sihayo Pungkut Gold Project. Finally, the work got complete and the company released an updated feasibility study to develop the project — the new study which was done based on certain assumptions that there will be an increase in the throughput, size of the facility, mine design and scheduling changes as well as methodologies based on tailing disposals.
From the previous work undertaken by the company, a new approach has been introduced where the information and technical data will be used to increase the knowledge and also understand the main reasons which will help the company to step ahead towards the development of the Sihayo-Pungkut Project.
Further, the acting CEO of the company, Tim Adams, is working with the existing government to get statutory approval and license towards the development of the Sihayo-Pungkut project. The chairman expects a little patience from its investors as the project they possess, is a little complex from a geological, metallurgical, topographical and seismic perspective. He also assures the investors that the time they are giving to the company, will be fruitful shortly as the project once developed will generate profit for the shareholders.
Since the inception, the performance of the company is -42.62%. The performance of the company remains negative in 5 years and ten years. The performance of the company in 5 years was -39.09%. In 10 years, the performance of the company was -8.19%. The performance of the company remains positive since last one year.
As per the revised annual report, for the period ended 30 June 2018, the company incurred a net loss of $2,673,862. The net asset of the company is $12,287,475 which indicates that the company is in a position to clear long-term obligations. However, the current liabilities of the company are $3,663,874 which is much ahead of its total current assets of $373,906 which indicates that the company is not in a position to meet either its short-term obligations nor the working capital. The total shareholder’s equity is $12,287,475.
From the operating activities of the company, the net cash outflow was $2,110,987. Here the major source of cash outflow was due to the payment made to the suppliers and employees.
From the investing activities of the company, the net cash outflow was $1,894,389. Here, the main source of cash outflow was due to payment for additional mining exploration and evaluation expenditure as well as payment made for the addition of plant, property, and equipment. From the financing activities of the company, the net cash inflow was $3,286,829. By the end of FY2018, the net cash available with the company was $116,210.
Today as at November 30, 2018, the stock traded flat at $0.016 on ASX.
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