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On 1 February 2019, Redbank Copper Limited (ASX:RCP) has announced its December quarterly activities report. As at 31 December 2018, the Companyâs cash balance was ~AUD 1,000, representing a downside from the cash balance of ~AUD 3,000 from the previous quarter.
Redbank Copper Limited is a mining company. The company mainly focusses on world-class mineral projects. The company has two key projects: Redbank Project and Millers Creek Project. Redbank Copper Limited anticipates starting work at Millers Creek Project.
December Quarter Update: The companyâs reported administration and corporate costs, exploration & evaluation for the December quarter stood at AUD 27,000, AUD 22,000, respectively, whereas the same was reported as AUD 79,000, AUD 108,000, respectively for the year to date. Â
The company reported proceeds from borrowings for the December quarter was A$ 47,000, and till a year to date (6 months) it amounted to AUD 140,000.
For the March quarter, the company is anticipating posting administration and corporate costs, exploration & evaluation amounting to AUD 40,000, A$ 60,000 respectively. So total estimated net cash outflows will be A$ 100,000.
During the December quarter, RCP has announced the granting and additional application for IOCG prospective sites in the Gawler Craton, SA. Millers Creek (EL6247), is 154 km2 in size and located in the Millers Creek area approximately 140 km northwest of Woomera.
The Company has also applied for an additional Licence contiguous with the Millers Creek site.
The company regards the Gawler Craton as a premier search location for IOCG deposits and as a world-class IOCG Belt, reinforced by the recent Oak Dam IOCG discovery announced by BHP.
On 21 January 2019, Redbank Copper Limited has announced the following changes to its corporate structure. The company has appointed Mr. Craig Hall to its Board of Directors, effective 21 January 2019 and the company has also announced the resignation of Mr. Craig Readhead as a director.
Mr. Hall has more than 3 decades of experience in exploration, development and production roles. Mr. Craig has previously worked for Redbank Copper Limited as Exploration Manager. He delivered a 30% increase in resource size, and he was also responsible for several additional discoveries within the project. Recently Mr. Hail held the position of a Non-Executive Director for Eclipse Metals Limited. Eclipse Metals Limited is an Australian exploration firm which mainly focuses on uranium and manganese mineralization.
On 16 January 2019, the company has also announced the appointment of Ms. Carol New as Company Secretary.
FY18 Financial Performance: In FY18, The Companyâs total comprehensive income was $117,433, (over the prior yearâs loss of $ 640,964). The diluted loss per share amounted to 0.10 cents per share in FY18.
On Balance Sheet front, Net Assets was $(1,730,585) in FY18 (over the prior yearâs loss of $1,848,018).
As at 30 June 2018, the Redbank Copper Limited had maintained the cash and cash equivalent of $50,375 (over the prior year which was $2,916).
Stock performance: The shares of Redbank Copper Limited closed the dayâs session at A$0.042 (1 February 2019), down by 6.667%. The company has 116.97 million outstanding shares with the market capitalization of circa $5.26 million. The stock has delivered the positive return of 45.16% over the past six months. During the last one month, RCP delivered the positive return of 66.67%.
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