On 31 December 2018, ASX published the corporate update of Quantum Graphite Limited (ASX: QGL) which highlights the renewal of the exploration license 6224 (EL6224). The company got a notification about the renewal of the exploration license on 24 December 2018. After the announcement, the update was sent for immediate market release on 28 December 2018. The region within the license remains unchanged which covers an area of 76 km2. The license got renewed till 12 October 2020. The area under license begins from the 1 km towards the north of the Graphite Road, Uley within the Lincoln Conservation Park till the south-western tip of Sleaford Bay.
In the earlier announcement of the company, there was an ongoing necessary metallurgical test work for the DFS at the Uley 2 drill holes whose resampling completed. The commencement of the test work got delayed from after the final results of the Uley 2 Extensional Drilling and the completion of the review of this campaign to extend the sampling across Uley 2 and the Uley 2 Extension.
As per the recent update, the company has collected additional samples this month, and its metallurgical test work is expected to commence in January 2019.
The official listing date of Quantum Graphite Limited was 06 January 2014. The overall performance of the company since its listing was -98.75%. The last one-year performance of the company is -37.50%. However, in the previous month, the performance of the company is 25%.
For the financial year ending 30 June 2018, the company made a net loss of $7,390,538. The balance sheet highlights that the difference between the total asset of $17,353,915 which the company owns is very near to its total liabilities of $16,668,509 which indicates that the company might face challenges while meeting the long-term debts. FY2018 encounters an increase in the accumulated losses which might create a negative impact on the investors and the shareholders.
By the end of the financial year 2018, there is a net increase in the cash and cash equivalent by $19,019. The net cash and cash equivalent by the end of the financial year 2018 were $32,896.
As on 02 January 2018, the share traded flat on ASX. The closing price of the share was A$0.002 which is near to 52 weeks low price with the stock holding a market capitalization of ~A$457.74k.