Alexander Mining (LON:AXM) – CORP: FY15 results
Market Cap: £1.1m; Current Price: 0.13p
From yesterday: LBT reduced to £849k
Revenue was down to £8k in FY15 from £507k in FY14 due to a reduction in consulting fees.
LBT reduced to £849k in FY15 down from £910k in FY14, due to a reduction in administrative expenses and research and development expense.
Net debt was £365k in FY15 up marginally from £341k in FY14.
Alexander Mining is assuming that Compass Resources no longer plans to use the AmmLeach technology and has had no update from Ebullio as to the sale of RCR Quantum.
Post period end the Company raised £500k through the issue of 500,000,000 shares giving the Company adequate working capital for the next 12 months.
NORTHLAND CAPITAL PARTNERS VIEW: During down turns to the mining sector, mining companies tend to reduce capex and research and development expense to conserve cash. This has adversely affected Alexander Mining’s ability to commercialise its technology. As the sector begins to recover it should bode well for the Company.
Connemara Mining Company (LON:CON) – CORP: Inishowen
Market Cap: £1.4m; Current Price: 2.5p
From yesterday: Drilling has started
Connemara Mining Company has commenced drilling at the Inishowen Gold Project, located in Ireland.
The drill programme will last three weeks and results are expected in early July.