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- Shree Minerals (SHH) has released a quarterly report showing it ended the December period with $1.58 million in the bank
- That’s enough cash to keep the company going for another 6.56 quarters, after it spent $241,000 on outgoings over the three months to December 31
- SHH spent much of the December quarter focussed on its projects in the Lachlan Fold Belt in NSW, with an exploration licence granted and an application received
- The company also made progress in WA, with a licence granted for Ulysses South Project and studies undertaken at the Dundas Project
- Finally, Shree made “substantial” inroads in re-permitting the Nelson Bay River Project in Tasmania so iron ore shipping can resume
- Shares in Shree Minerals ended the week trading up 4.55 per cent at 2.3 cents each
Shree Minerals (SHH) has released its quarterly financial and activities report, showing it ended the December period with $1.58 million in the bank.
That’s enough cash to keep the mineral exploration company going for another 6.56 quarters, as it spent $241,000 on outgoings over the three month period.
Of the outgoings, $161,000 was spent on operating activities like production and development, while $80,000 was spent on investing activities such as exploration and evaluation.
SHH spent much of the December quarter focused on its projects across Australia, including in the Lachlan Fold Belt of NSW.
The company had an exploration licence granted at its Turondale Project in the Lachlan Fold and an exploration licence application received for the Rock Lodge Project — also located in the belt.
Additionally, Shree advised that it made progress with its WA projects over the three months to December 31.
An exploration licence was granted for the Ulysses South Project, which is located near Kalgoorlie and SHH’s Golden Chimney Project.
Studies and discussions with various stakeholders were also held on the Dundas Project, as the company anticipates two exploration licences will be granted for the asset shortly.
Finally, Shree advised it made “substantial” inroads in re-permitting the Nelson Bay River Project in Tasmania so iron ore shipping can resume from the site.
Following Friday’s quarterly report, shares in Shree Minerals ended the week up 4.55 per cent at 2.3 cents each.
