Orinoco Gold’s Securities Suspended From The Official Quotation On ASX

  • Apr 02, 2019 AEDT
  • Team Kalkine
Orinoco Gold’s Securities Suspended From The Official Quotation On ASX

On 2 April 2019, Orinoco Gold Limited (ASX: OGX) announced that its securities had been suspended from quotation under Listing Rule 17.3.  ASX has determined that OGX’s financial condition is not adequate to warrant the continued quotation of its securities, and therefore it is in breach of Listing Rule 12.2. The suspension will continue until OGX is able to demonstrate compliance with Listing Rule 12.2.

OGX is a company engaged with gold exploration in the Brazilian region. The company is currently focused on Cascavel gold mine and Faina Goldfields project in Central Brazil. The company has recognized many quality gold resources and targets for further exploration work in the area surrounding Cascavel. The targets aimed for exploration include Española, Eliseo, Sertao, to name a few.

In its Annual report, for the period ending on 31 December 2018, the company recorded a total revenue standing at $24,375 from $45,029 in the previous corresponding period (pcp). The company declared loss of $43.25 million in FY18 as compared to loss of $13.08 million in FY17.

From the balance sheet perspective, the total assets of the company on 31 December 2018 was noted at $4.35 million and total liabilities stood at $20.89 million.

The Net cash used in operating activities stood at $7.54 million from $7.53 million in pcp. The company recorded $1.34 million investing cash outflow and $5.74 million financing cash inflow during FY18. The cash and cash equivalents at the end of the period of the company, on 31 December 2018 stood at $0.11 million from $3.48 million in the pcp.

During the period, the OGX focussed on exploration work, and near-term priorities at Rio do Ouro, Nena, and Santa Rita and such, where the sites were reviewed, and drilling work was undertaken as well. During the year, Antenna Xupe’s phase one of its diamond drilling campaign was concluded. As per the company’s ASX update on 25 July 2018, diamond drilling program at Rio do Ouro had also begun. By the end of 2018, OGX had advanced the task of licensing the region attained from Troy Resources- the Sertão project, which was renamed as Rio do Ouro.

Recently, the company provided an interim update on continued testing and internal reviews of the tailings’ stockpiles at its Cascavel mine, Brazil. As per the company’s earlier announcements made on 5 February 2019 and 31 October 2018, there were indications of prospective economic gold grades in tailings at the OGX’s Cascavel mining operation.

The company’s new management had engaged an independent metallurgist, Mr Rob Riggir to oversee the work. Apart from the work that was undertaken by Mr Riggir on the processing plant in Q4 2018, he also supervised the selection of samples and performed some sample tests on an 80t sample of tailings. In Mr Riggir’s report, the tests resulted in an average grade of 0.3g/t gold from the ten 1 kg grab samples. These were selected from a reprocessed stockpile of 40t and check assays were performed in an independent laboratory in Perth for QA/QC procedure for verification against results from the on-site laboratory.

Recently, the company had notified the market about the conclusion of Brazil Site visit by its executive director.

The stock of the company last traded on 1 April 2019, at the price of A$0.003. The company has a market capitalization of around A$4.27 million with 1.42 billion shares outstanding. In the last six months, the stock has given a negative return of 88.89%. However, in the last five days, the stock has given a return of 20%.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK