Nexus Minerals Published Quarterly Cashflow and Activity Report

  • Apr 29, 2019 AEST
  • Team Kalkine
Nexus Minerals Published Quarterly Cashflow and Activity Report
Mining exploration and Oil and gas exploration company Nexus Minerals Limited (ASX: NXM), on 26 April 2019, laid down their quarterly cashflow report for the quarter ending 31 March 2019. Following are the highlights of the cash flow report:
  1. The net cash from operating activities came in at a negative A$736k for the quarter and negative A$1,465k YTD.
  2. The net cash used in investing activities stood at A$18k quarterly and A$25k YTD.
  3. The net cash from financing activities stood at A$1,529k, both quarterly and YTD.
  4. The total reconciled valuation of cash and its equivalents at the close of the quarter was A$3,973k quarterly and A$3,178k YTD
  5. Payments of salaries, bonus, directors fee, the fee for geological consulting services and superannuation to directors is valued at A$131k (comprises of directors and entities pay)
  6. Cash outflows for the next quarter is estimated to be at A$759k in total.
Apart from the Quarterly Cashflow Report, Nexus Minerals Limited also published its quarterly activity report for the period ending 31 March 2019. Following are the highlights of the activity report: Major highlights: Completion of $1,625,500 Capital Raising from a $1,254,000 private placement and a $371,500 Share Purchase Plan. Secondly, funds raised will allow accelerated drill testing of the Company’s Wallbrook gold project- including Crusader prospect (35 holes intersected gold mineralisation along a continuous 600m strike length) and Paint prospect (Broad zones of altered intrusive and volcanic rocks intersected with brick-red hematitic alteration) Other similar projects include the Pinnacles Gold Project, Triumph Project and Mt Celia Project. During the June 2019 quarter, the company aims to undertake prospective activities towards all these projects. Corporate highlights: A group of professional and sophisticated investors led to Nexus in completing a $1.254 million private placement capital Raising, with Hartleys Limited as Lead Manager, issuing 22,000,000 shares at 5.7 cents each. Along with this, a Share Purchase Plan (SPP) with applications received from eligible shareholders for ~6.5 million in fully paid ordinary shares at 5.7 cents each raising $371.5k in total has also been duly completed. As at the end of March 2019 quarter, the company held $3.97 million in cash and cash equivalents. R&D Project highlights: Spectral data is set to be used to develop new knowledge in the mineral exploration industry. This activity would be part of both Nexus Wallbrook and Pinnacles Gold Projects to aid in the evaluation of the latest exploration techniques. Optimum samples and data would further help to draw logical and efficient conclusions to discuss after the final analysis. The timeline of this highlight has been projected for a period of 3 years, which commenced in July 2017. With the initial two years mainly consisting of data collection with ongoing analysis and the third year consisting of results-based interpretation and conclusions. The shares of NXM were trading at A$0.055 on ASX (As at Monday 29 April 2019, AEST: 1:53PM) down by 8.333% as compared to its previous close price.

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