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Parkway Minerals NL (ASX: PWN) explores for phosphate and potash minerals with a focus on developing fertiliser feedstock projects. The company has a major land holding over the world-renowned glauconite deposits, with exploration licenses and applications covering an area of over 1,050-km2 in the greensand deposits of the Dandaragan Trough, that has a strategic location in Western Australiaâs (WA) Perth Basin.
Besides, it also holds 31% interest (around 44 million shares) in Davenport Resources, which owns a potash exploration project in the highly prospective South Harz region of Thuringia, in Central Germany. The region has been producing potash over the past 100 years.
Recently, Parkway Minerals updated the market on the new JORC Inferred Resource for the Küllstedt licence as per the information received from the Davenport Resources. Of late, the total JORC compliant inferred resource within South Harz is now 4.9 billion metric tonnes at 10.6 % K2O, including 1.2 billion tonnes of sylvinite @ 13.1 % K2O and 3.3 billion tonnes of carnallitite at 9.4 % K2O, totalling over 500 million tonnes of K2O.
On March 15th, 2019, the company released its half-year financial report for the period ended December 31st, 2018. According to the review of operations, Parkway Minerals plans to begin a sampling programme during the June quarter of 2019, over the large land holding covering Lake Seabrook, close to Southern Cross in WA. The explorations licenses for the same were granted in the prior quarter ended December 31st, 2018.
Besides, as part of the larger Dandaragan Trough exploration area, Parkway is developing the Dinner Hill deposit (current target), for which the Scoping Studies have been completed. The project covers approximately 60 km2 in the north-west of the Trough. Meanwhile, the company is seeking a Joint Venture partner to accelerate the completion of the feasibility study and thereafter develop the project in two stages to attain a rapid route to cash flow.
Currently, Parkway holds around 7.3 million shares of Lithium Australia, which develops new technology in the lithium supply chain, with interests in process technology and battery manufacture. Also, Parkway also wholly owns the proprietary K-Max technology that is highly effective in producing sulphate of potash, the preferred potash fertiliser, from glauconite as well as on other deposits.
As per the financial results for the half-year ended December 31st, 2018, the total income was posted $ 144,820 with the net assets at ~ $ 3.63 million including cash and cash equivalents of $ 407,517. While operating activities including interest received, government grants, stamp duty received and payments to suppliers and employees, all generated net cash outflows of $ 784,510, the financing activities led to net cash inflows of $ 47,009 due to proceeds received from the issue of shares.
Parkway Mineralsâ current market valuation stands around $ 3.04 million with ~ 608.33 million outstanding shares to date. On January 15TH, 2019, the Feitelson Group increased its shareholding in the company from 5.12% to 6.477%.
The PWN stock last traded at $ 0.005 (4 April 2019). Besides, its past one-monthâs return stands positive at 11.11%.
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