Orion Minerals (ASX: ORN) recently made an announcement that it has completed the Prieska Deep Sulphide Project program with the time which was expected the management of the company. After the completion of the project, the management reflected favorable views for the same. The Managing Director and Chief Executive Officer or CEO of the company stated that it is the crucial milestone which has been achieved on the way towards long-term growth prospects. The management also showed confidence in the contractors as well as the geological team which has been working on the project. They were fully concerned about the environmental performance as well as for the safety measures. The main agenda of the program mainly revolved around to in-fill the mineralization in regard to February 2018 mineral resource footprint. However, the primary aim of the process was to achieve an upgrade with respect to the with respect to the resource confidence to feed in the BFS or Bank Feasibility Study.
Moreover, with the help of the drilling process, favorable possible extensions have also come to the notice with respect to the current resource. The management expects that these will be drill tested moving forward.
Let us now have a look at the balance sheet parameters of Orion Minerals. The company has total current assets amounting to $8.2 million in FY 2018 which implies a rise from $4.2 million in FY 2017. This rise was recorded mainly because of an increase in the cash and cash equivalents as well as other receivables. The company also witnessed a rise in the total current liabilities from $1.1 million in FY 2017 to $15.3 million in FY 2018. This rise was mainly due to a rise in all the items covered under current liabilities like provisions, convertible notes, trade, and other payables as well as loans.
In the June 2018 quarter, Orion Minerals saw net cash outflow of A$6.4 million related to the operations and the highest contributor to the outflows were the payments which have been made in relation to the exploration as well as evaluation. During the same period, the company saw net cash inflow $9.5 million with respect to the financing activities and highest contribution was made by the proceeds which the company generated as a result of the issuance of shares. In FY 2018, the company incurred loss amounting to $8.8 million from the continuing operations which reflects a rise on the YoY basis. In FY 2017, the loss was $7.9 million. In FY 2018, the company witnessed net cash outflow of $6.5 million reflecting a marginal increase on the YoY basis.
On October 19, 2018, Orion Minerals ended the session at A$0.031 per share. At present, its market capitalization stood at $58.09 million.
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