A mineral exploration company, Raiden Resources Limited (ASX: RDN) on 18 April 2019, provided an update on exploration activities at its Donje Nevlje Project in southern Serbia.
At Donje Nevlje Project, which is 100% owned by Raiden Resources Limited, the maiden drill program has started. Initially, the company will test its Donje Nevlje Upper Target (DNU) and Donje Nevlje Lower (DNL) targets that were defined during the Induced Polarization (“IP”) survey carried out in March 2019 along with the historic work which has indicated the prospectivity within these target areas.
The diamond drilling program will consist of approximately 1500 metres program initially across the two recognized high priority targets at Donje Nevlje. Further potential targets are under review at the Borovo prospect.
The announcement also highlighted that at present, the company is fully funded for the remaining part of the 2019 exploration budget based on the systematic evaluation of its highly prospective project portfolio in the prolific Tethyan Belt.
In order to expedite the drilling program, the second drill rig will be mobilized in the following days.
On 9 April 2019, the company provided an exploration update on Donje Nevlje where it highlighted that the Induced Polarization survey over the main target zone at the Donje Nevlje as well as the Borovo prospects has been completed. The data modelling through the survey data defined the various targets on Donje Nevlje project. The Borovo target definition was underway.
On 25 March 2019, the company announced the changes to the Board of Directors where Mr Nicholas Young and Mr Chris Hansen stepped down as Non-executive Directors. The announcement also highlighted that Mr Young and Mr Hansen would be the Corporate Advisors and will support the company as the Joint Corporate Advisors of the company.
For the 1H FY2019 which ended on 31 December 2018, the loss incurred during the period was noted as $388,286. The balance sheet of the company showed a decline in its net asset base influenced by the fall in the total assets of the company. The total shareholders’ equity for the period was $3,669,488.
Raiden Resources used net cash of $374,414 in its operating activities. Here, the primary source of cash outflow was through the payments that were made to the suppliers. There was a significant cash outflow of $758,407 through the investing activities of the company. The primary source of cash outflow was in the form of payments for exploration and evaluation.
Overall, the net cash and cash equivalent declined by $1,132,821. By the end of the 1H FY2019 on 31 December 2018, Raiden Resources had net cash and cash equivalent worth $2,595,047.
In the previous six months, the shares of Raiden Resources Limited generated a negative return of 16.67 per cent. However, the stock gave a decent YTD return of 25%.
By the end of the trading session on 18 April 2019, the closing price of the shares was A$0.011, up by 10% as compared to its previous day’s closing price. Raiden Resources Limited holds a market capitalisation of A$4.1 million and approximately 410.43 million outstanding shares. Today, around 6,349,054 shares of Raiden Resources were trading on ASX.
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