The Share Price Of NVA Zoomed Up By 14.286% After The Outcome Of Drilling Report

  • Jan 11, 2019 AEDT
  • Team Kalkine
The Share Price Of NVA Zoomed Up By 14.286% After The Outcome Of Drilling Report
Nova Minerals (ASX: NVA), a company from the metals and mining industries which is into the business of mineral exploration and investment in marketable securities in the resources sector announced the exploration drill results at the Officer Hill gold project. The Officer Hill gold project is a joint venture project of NVA and Newmont Tanami Pty Ltd (Newmont). The Officer Hill gold project is in towards 34km towards the south-west region of the Callie deposit. Callie deposit forms a part of Newmont’s Tanami Gold mine operation. There was multiple drilling at the site where the best results were from diamond drill hole OHD0003 where drilling of only 4 meters wide led to the discovery of 2.49g/t of gold. Further drilling of 0.5 meters resulted in the discovery of 12.6 g/t of gold. Below this, the second intersection returned 19.69 g/t of gold from further drilling which was 1 meter wide. The official listing date of NVA on ASX is 11 June 1987 where the performance of the company remains consistently negative since last one year. However, its YTD performance was 5%. In 10 years, the performance of the company was -64.10%. For the financial year FY2018, which got ended on 30 June 2018, NVA made a net loss of $1,370,786 as a result of substantial administration expenses and expenses on contractors and consultants. The balance sheet of Nova Minerals during the period looks healthy with a net asset base of $7,428,055 and a debt to equity ratio of 0.04 which indicates that the company is financially sound to manage its long-term debt efficiently. Lower debt to equity of NVA shows that during the period, the company tried to use its resources and its assets in case of any financial requirement instead of approaching any outside sources. NVA holds a total current asset of $3,234,487 and a total current liabilities of $315,828 which indicates that the company can even manage its net working capital as well as it can clear its short-term debts. However, there is a rise in the accumulated losses in FY2018, which indicates the weak operating performance of the company. The total shareholder’s equity is worth $7,428,055. By the closure of the financial year 2018, there was an increase in the net cash and cash equivalent. There was $2,864,367 of cash available with the company by 30 June 2018. Based on the drilling results from the Officer Hill gold project, there is hope amongst the investors of a better performance in the future. Also, during FY2018, the company made investments into exploration which will help in improving the position of the company in the near future. As a result, by the closure of the trading on 11 January 2019, the share price of NVA zoomed up by 14.286%. The closing price of the share was A$0.024 which is 0.003 points above its previous trading day’s closing price with the stock holding a market capitalization of A$16.3 million.


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