The Share Price Of FDX Increased By 5% After The Exploration Results

  • Nov 30, 2018 AEDT
  • Team Kalkine
The Share Price Of FDX Increased By 5% After The Exploration Results

On 30 November 2018, Frontier Diamonds Ltd (ASX: FDX) highlights the result obtained from the bulk sample programme at its Bellsbank Kimberlite Pipe Exploration project. This project is situated 10 km away from Sedibeng Diamonds Mines situated in the Northern Cape Province in South Africa. This project is 74% owned by the company.

As per the update, a first sample material of around 3,348 tonnes was processed using the on-site processing facility. The result was very striking as the processing returned diamonds of 98.45 carats. During the exploration of the project Bellsbank Kimberlite Pipe, the diamonds were recovered from upper levels of the calcretised kimberlite facies. Out of the total sample, the biggest diamond recovered was of 9.20 carats. As a very limited volume of sample was processed, it was very difficult for the company to identify the definitive diamond grades.

The current status of the kimberlite pipe is that the current mining done, was within a range of 27 meters of the hardpan calcrete zone. This region is the upper 30 meters of the kimberlite pipe. The results from the upper calcretised kimberlite were so striking that one may predict that the lower regions might contain diamonds.

Further, it was highlighted that once the company completes its bulk scheduled sampling along with the resource and reserve calculation to identify the future of the mine development plan, it will then move ahead with the economic evaluation of the Bellsbank Kimberlite Project.

The 6 months performance of the company is -57.45%.

For the year ended 30 June 2018, the company incurred a net loss of $13,406,248. The company holds a net asset of $978,658. This indicates that the company will be able to meet its long-term obligations. The company holds a total current asset of $1,303,374 and the total current liabilities of $4,389,889. This indicates that the company is not in a position to meet its current obligations as well as net working capital. The main reason for increase in current liabilities is due to trade and other payables made by the company and there are other financial liabilities as well.

From the operating activities of the company, the net cash outflow was $747,664. The main source of cash outflow was due to the payment made to the suppliers and the employees and the interest. From the investing activities of the company, the net cash outflow was $3,104,444. The main source of cash outflow was due to payment made for plant & equipment and payment made for exploration & evaluation assets. From the financing activities of the company, the net cash inflow was $4,154,636. There is an increase in the net cash and cash equivalent this year. By the end of FY2018, the net cash available with the company was $456,705.

By the end of trading on 30 November 2018, the market price of the share increased by 5%. The market price of the share by the end of trading was A$0.042 where the stock reported a market capitalization of A$9.37 million.


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) 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