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Metals X Limited (ASX: MLX), a company from the metals and mining industries which is into the business of mining, producing and exploring tin, copper, nickel and other base metals announced the quarterly activities report for the period ended 31 December 2018. Post which the share price of MLX decreased by 10%.
The quarterly results which ended on 31 December 2018, the corporate update covers the appointment of Mr. Damien Marantelli as Managing Director of the company. The company has a total amount worth $82.1 million which is used in the form of investment and in its working capital which includes $33.1 million as its closing cash balance during the period.Â
In its copper division, there was an increase in the copper production as compared to the previous quarter. By the end of the December quarter on 31 December 2018, total copper production was 5,177 tonnes. As a result, there was also an increase in the EBITDA in this quarter. EBITDA during the period was $6.2 million. There was an extended underground mining development per month where an increased grade of copper was discovered. During this period, drilling at region 6 and 9 gave excellent results, and they indicated the exact position of the ore body.
In region 6, at hole NUG0427, drilling of 7.65 meters wide resulted in 3.94% of copper.
In region 9, at hole NUG0486, a downhole width drilling of 10.20 meters resulted in 3.41% of copper.
In region 9, at hole NUG0442, a downhole width drilling of 5.20 meters resulted in 11.26% of copper.
In its tin division, there was also an increase in the production as compared to previous quarter production results which increased its EBITA and simultaneously increased the cash flow of $5.2 million. The company installed the ore sorter which is under operating. As a result, MLX was able to derive the ore with an increased grade percentage. The drilling at Area 5 and Leatherwood Trend targets gave an outstanding performance.
In Area 5, at U6196, drilling of 21.0 meters in width resulted in 5.47% of tin.
In Area 5, at U6198, drilling of 19.5 meters in width resulted in 5.42% of tin.
In Leatherwood Trend, at U6470, drilling of 3.2 meters in width resulted in 8.73% of tin.
In its nickel division, the company continued its re-engagement with potential partners for developing its Nickel-Cobalt Project at Wingellina.
MLX is now 100% owner of the Nifty Copper Operations (Nifty) which lies in the East Pilbara region of Western Australia.
In spite of the excellent quarterly result still, there is a fall in the share price of the company by 10%. It might be possible that the fall in the share price might be because the industrial performance is also negative. S&P/ASX 300 Metals and Mining (Industry) reports a downfall of 0.56%. The other reason might due to the uncertainty in the market which resulted in the sudden downfall in the share price.
By the end of the trading on 23 January 2019, the closing price of the share was A$0.405 which is 0.045 points below its previous trading dayâs closing price with the stock holding a market capitalization of A$310.08 million.
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