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- Eight months after re-listing on the ASX, exploration company Western Yilgarn (WYX) closes out the December quarter with a cash balance of $3.38 million
- The company’s total cash spend over the quarter was $185,000, taking its half-yearly operating cash outflows to $506,000
- WYX attributes a GST refund from the Australian Taxation Office spanning several periods for the low expenditure over the quarter
- The company is hopeful for further progress this year in the granting of the exploration licence holding the Darling Range PGE project, which it applied for in 2018
- WYX closed lower by 4.55 per cent on Wednesday afternoon, trading at 10 cents per share
Eight months after re-listing on the ASX, exploration company Western Yilgarn (WYX) closed out the December quarter with a cash balance of $3.38 million.
During the quarter, WYX spent $67,000 on exploration, $49,000 on staff costs, $39,000 on administration and corporate costs, and transferred $40,000 to be held as security against a corporate credit card facility.
This brings the company’s cash outflows for the quarter to $185,000 and half-yearly operating cash outflows to $506,000.
The company said a GST refund from the Australian Tax Office over several prior periods was the reason for the low expenditure over the quarter.
After its readmission on the ASX in May 2022, WYX proposed to spend just under $4.9 million over 24 months. Up to December 31, the company had spent $1.4 million.
The company is still waiting on the outcome of an application for exploration licence ELA 70/5111, which is home to the Darling Range platinum group element (PGE) project.
WYX applied for the licence on January 2018 but has not yet been granted the licence due to “government procedural issues which are currently being resolved”.
The company said the Perth Peel Regional Scheme had been holding back the progress of the application, but this had now been abandoned, signalling “positive developments in the coming year”.
WYX closed lower by 4.55 per cent on Wednesday afternoon, trading at 10 cents per share.
