On 2 January 2019, St George Mining Limited (ASX: SGQ) announced the retirement of the director Mr. Tim Hronsky which was followed by the appointment of a new non-executive director Mr. John Dawson.
Mr. Tim Hronsky was a founding shareholder and also the director of the company whose contribution was highly appreciated by the Executive Chairman of SGQ, Mr. John Prineas. He acknowledges Tim for his strong technical expertise and his corporate background.
Under the leadership of Mr. Tim Hronsky, St George Mining Limited has developed itself as a highly respected explorer. There were also successful discoveries of high-grade nickel-copper sulphide at Mt Alexander during his tenure which did the project most exciting nickel sulphide development project in Western Australia.
The company wishes Tim good luck for his future endeavors. His retirement was followed by the appointment of Mr. Dawson who holds over more than 30 years’ experience in the finance and mining sectors. He was playing a very senior position with the global investment banks such as Goldman Sachs and Dresdner Kleinwort Wasserstein.
At Goldman Sachs, he was working as the managing director of Fixed Income, Currency, and Commodities in Australia. He was the Global Head of Commodities as well as the Country Head at Dresdner Kleinwort Wasserstein in Australia.
John Prineas welcomes the new non-executive director Mr. John Dawson of the company, and he believes that his extensive experience in mining projects and in-depth knowledge of global commodities market will help in further discovery at the Mt Alexander Project and will also look forward towards other development options.
The official listing date of SGQ is 16 November 2018 where the overall performance of the company was -38.26%. Its five years performance is 47.37%. However, the last one-year performance of the company is -45.10%.
For the FY2018 which ended on 30 June 2018, the company made a net loss of $4,384,677. The balance sheet of SGQ appears healthy as it maintains a net asset base of $4,762,898 and a debt to equity ratio of 0.3. SGQ holds a total current asset of $6,177,254 and a total current liabilities of $1,429,501 which indicates that it will be able to support the working capital requirement and will also be able to clear its short-term debts. Further, the fiscal year 2018, reports an increase in the accumulated losses which might create a negative impact on the investors and the shareholders of the company. The total shareholder’s equity is worth $4,762,898.
By the end of the FY2018, SGQ holds net cash and cash equivalent worth $5,948,692.
The share traded flat on ASX where the closing price of the share was A$0.135 with the stock holding a market capitalization of $41.74 million.