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Neometals Ltd declares $0.02 unfranked dividend

The declaration of the dividend is consistent with the company’s commitment to share cash considered surplus to prudential requirements with shareholders via a disciplined capital management program.

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Neometals Ltd (ASX:NMT) has declared an unfranked dividend of $0.02 per share, to holders of ordinary shares registered at 5.00pm WST on 17 August 2016.

The declaration of the dividend is consistent with the company’s commitment to share cash considered surplus to prudential requirements with shareholders via a disciplined capital management program.


Lithium production

With lithium concentrate production and cashflows commencing from the Mt Marion Project in the December quarter 2016, Neometals said that the management focus has now shifted to advancing its plan for co-development of a downstream lithium processing operation and commercialisation of the company’s non-lithium asset portfolio.


Mt Marion Resource

Neometals is partnering with Mineral Resources Ltd (ASX:MIN) and Ganfeng Lithium Co., Ltd (SZSE:002460) at the Mt Marion Lithium Project.

Earlier in the month, a reverse circulation drilling program was completed for a further 147 drill holes totalling 21,179 metres.

Results to date have been positive with significant increases in the previously defined shallow, west dipping, spodumene‐bearing pegmatites at Area’s 1, 2, 2 West, 4, and 6.

Diamond drilling is ongoing, and when completed, Snowden have been engaged to update the resource.


Analysis

Neometals financial position is very strong with circa A$74 million in unrestricted cash and net assets of A$89.6 million as at 30 June 2016.

The total amount of the dividend paid to shareholders will be around A$11.3 million.

 

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Quick facts: Neometals Ltd

Price: 0.19 AUD

ASX:NMT
Market: ASX
Market Cap: $103.44 m
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