Silver Mines Limited (ASX: SVL) is Australia’s one of the fastest growing silver mining and development companies. The company owns various silver projects such as Bowdens, Barabolar project, Conrad and Webbs high-grade silver projects located in New South Wales. The company has an objective of providing superior returns to its shareholders through the acquisition, exploration, and development of quality silver projects.
In response to the queries by ASX to the company dated December 28, 2018, on the price fluctuations of the shares as of December 24, 2018, and significant volumes traded, the company recently stated that it is not aware of any other explanation for the recent trading in securities except the below-mentioned points:
- The silver price has increased by almost US$1.07per ounce an increase of 7.46% in the past thirty days.
- The company has a 100% stake in Bowdens Silver Project. It is in the New South Wales region of Australia. It is one of the largest undeveloped silver projects in Australia and globally. With gold/silver ratio near to its ten-year highs, the company is likely to have a positive material change in the value of its assets in Bowdens Silver project. Historically following a high gold/silver price ratio, the silver price environment becomes positive.
- The company has announced the details of a planned drilling program at the Barabolar Project. As further declared by the company on November 26, 2018, the drilling program consists a series of highly prospective targets. The company expects the bulk of assay results to be out in March quarter 2019.
The company also confirmed the board had authorized its compliance with the Listing rules and these above responses by the company.
The company in its latest release of the annual report in October 2018, has demonstrated its performance for the year ended June 2018. The revenue of the company stood at $109,759 in FY 2018 as compared to $55,643 in FY 2017. The company’s net loss after tax stood at $2.06 million in FY 2018 as compared to $2.27 million in FY 2017. The total assets stood at $58.190 million in FY 2018 as compared to $54.36 million I FY 2017. The net cash outflow from operations was $1.84 million in FY 2018 as compared to $2.72 million in FY 2017. However, the net cash outflow from investing activities stood at $7.7. Million in FY 2018 with respect to $14.71 million in FY 2017.
Let us quickly review the performance of the Silver Mine’s stock and the returns it has produced over the past few months. On December 31, 2018, Silver Mines Limited ended the session in green as the stock closed at A$0.056 per share which implies that it had witnessed the rise of A$0.005 per share or 9.804%. The market capitalization of the company stood at $35.90 million. It has yielded a negative YTD return of 41.01% and produced a return of 34.62% based on the past six months. The stock has a 52-week high price of $0.091 and a 52-week low price of $0.024.
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