On December 19, 2018, Meteoric Resources (ASX: MEI) came forward and made an announcement about the results regarding the final processed as well as modelling efforts. These results have been generated from 340 line-kilometre airborne electromagnetic survey. According to the press release published by Meteoric Resources, this survey was wrapped up at Mulligan East and Iron Mask Cobalt. These projects are owned by the Meteoric Resources. According to the top management of the company, Meteoric Resources happens to possess a strong portfolio with respect to projects which are focussed towards cobalt.
The management of the company has also stated that they have secured an environmental approval with respect to Joyce Project. This approval has been granted to Meteoric Resources from the Ministry of Northern Development and Mines or MNDM. As per the company’s management, they would be moving ahead with regards to drilling process once the company manages to arrange a rig. According to the press release which was issued by the company, airborne VTEM (Variable time domain electro-magnetic) has managed to recognize eighteen cobalt target areas with respect to the Mulligan East and Iron Mask. With the help of the 3D modelling which have been carried out in Mulligan East and Iron Mask has managed to illuminate the targets related to prospective cobalt/polymetallic mineralisation.
Recently, Meteoric Resources has also made an announcement about the sale related to Midrim as well as LaForce projects. This announcement was also made with the help of the press release which stated that they have signed the conditional tenement sale agreement. The press release which was issued also stated that, with help of this sale, the company would be possessing the strong position with regards to the Cobalt portfolio exploration as well as numerous prospects related to the investment. The sale of the Midrim, as well as LaForce projects, have been made to TopTung Limited (ASX: TTW). The press release also stated that TopTung Limited happens to possess numerous Nickel-Copper projects in Canada on which TTW is carrying out exploration.
Meteoric Resources had also issued the cash flow report which was prepared on a quarterly basis covering the September 2018 quarter. The company’s net cash which got used in the operating activities amounted to A$0.650 million in the September 2018 quarter. As per the quarterly cashflow report, the company had made payments of A$0.444 million towards the exploration as well as evaluation. During the same period, the company had incurred A$0.175 million towards the administration as well as corporate costs.
The last traded price of Meteoric Resources was A$0.012 per share. The market capitalization of Meteoric Resources stood at $6.83 million. The company’s share price is trading towards the lower level. Let us now have a look at the Meteoric’s returns over the past few months. In the time span of previous six and three months, the stock has delivered the return of -57.14% and -52.0%, respectively. However, Meteoric Resources has delivered the return of -20% in the time span of previous one month.