Galaxy Resources Limited
Galaxy Resources Limited (ASX: GXY), based in Perth, is a mineral exploration company with a key interest in the production of lithium concentrate in Canada, Australia, and Argentina. The company has a current market valuation of around AUD 666.3 million, with ~ 407.52 million outstanding shares. On April 23rd, the GXY stock price closed the market trading at AUD 1.570, down 3.97% by AUD 0.065 with ~ 10.51 million shares traded.
Recently, Galaxy Resources released its Quarterly activities report for the three months ended March 31st, 2019. The highlights include- production of 41,874 dry metric tonnes of spodumene concentrate at an average cash cost of USD 453 per dmt at the Mt Cattlin Operations; test work continued and principal funds of USD 280 million received for the Sal de Vida Project, less USD 8.4 million in withholding taxes with 94% completion of civil earthworks for the construction of a 15-hectare test pond as of March 31st, 2019. Besides, for the James Bay project, the Phase 2 test work program is being undertaken by Nagrom and is around 80% complete. Galaxy Resources closed the quarter with cash and cash equivalents of USD 285.3 million with zero debt.
Lithium Consolidated Limited
Lithium Consolidated Limited (ASX: LI3), based in Brisbane, Australia, operates as metals and mining sector company that primarily explores for lithium brine and hard-rock lithium deposits. It holds interests in projects across the United States, Australia and Africa. On April 23rd, the LI3 stock price settled the market trading at AUD 0.090, down 5.26% with ~ 227,733 shares traded. Besides, LYC’s has generated a positive YTD return of 18.75% so far.
Recently, the company announced that lithium and lithium indicator minerals have successfully been identified at the Nels Luck and Bepe projects in the Mutare Greenstone Belt, Zimbabwe. Around 55 grab and rock-chip samples were assayed. Subsequently, an exploration programme is planned to be executed at Nels Luck and surrounding area. Also, in March 2019, Lithium Consolidated obtained two new exploration licenses for lithium deposits located within the Alto Ligonha Pegmatite Province of Mozambique.
The company’s net assets as of December 31st, 2019, amounted to AUD 1.53 million including net cash and cash equivalents of ~ AUD 1.05 million.
Walkabout Resources Ltd
Walkabout Resources Limited (ASX: WKT), based in West Perth, explores and develops resource and energy assets (coal, copper, graphite, gold, lithium deposits, base metals) in Tanzania, Namibia, and Northern Ireland. The company’s current market cap stands at AUD 83.67 million with ~ 304.25 million outstanding shares. On April 23rd, 2019, the WKT stock price settled the trading session at AUD 0.245, diving 10.91% by AUD 0.030 with ~ 2.69 million shares traded.
In April 2019, the company signed three crucial agreements. The first ever binding offtake term sheet was signed with China-based Inner Mongolia Qianxin Graphite Co., Ltd and the second with graphite products manufacturer Qingdao Risingdawn Graphite Technology Co., Ltd, also based in China. Subsequently, on April 11th, 2019, Walkabout signed a binding Global Sales, Purchase and Marketing Agreement between its 100% subsidiary Lindi Jumbo Limited and international commodities trading house Wogen Pacific Limited. The company had cash and cash equivalents of $ 6.20 million as of December 31st, 2019.
Laneway Resources Ltd
Laneway Resources Limited (ASX: LNY), based out of Brisbane, is engaged in the exploration, evaluation and development of gold and coal tenements in Australia and New Zealand. With around 3.68 billion outstanding shares, the LNY stock price closed the market trading at AUD 0.015, up 7.14% with ~ 49.47 million shares traded. Besides, LNY’s YTD return also stands high and positive at 250%.
Recently on April 23rd, 2019, the company reported the first gold pour from mining of high-grade ore at Laneway Resources’ 100% owned Agate Creek Gold Project within ten weeks of the grant of the Mining Lease. The mining and transport are expected to continue for approximately another 10-12 weeks. Laneway Resources’ cash and cash equivalents stood at ~ $ 520,710 as of December 31st, 2018.
The company is looking forward to generating positive cash flow in the remaining year 2019 from the mining activities to begin at the Agate Creek high grade project which is expected to be supported by recent price hikes in AUD denominated gold.
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