MetalsGrove June quarter recap: Trading below cash, catalyst rich September
MetalsGrove plans to undertake airborne magnetic and radiometric surveys at all five of its projects
Source: iStock
Mentioned
KEY POINTS
- An airborne magnetic and radiometric survey is scheduled for all five MetalsGrove projects
- Aggressive drilling is scheduled for the Bruce Project in October, prospective for gold, copper and rare earths
- MetalsGrove has more cash on hand than its market cap
Multi-asset battery metals explorer MetalsGrove (ASX: MGA) recaps its first quarter since its successful $6m IPO in June.
MetalsGrove has a strategic portfolio of exploration and near-term development assets, with a total of five projects across the Northern Territory and Western Australia.
Projects at a glance
Project | Prospective for | Upcoming catalyst |
|---|---|---|
Upper Coondina | Lithium, tin and tantalum | Airborne magnetic and radiometric (AMR) survey in September. Surface geochemical and sampling program to run concurrently |
Woodie Woodie | Manganese | AMR survey in September. Detailed surface mapping to follow |
Edwards Creek | Copper, lead, zinc and gold | AMR survey in September. Ongoing consultations for exploration permits |
Bruce | Gold, copper and rare earths | AMR survey in September. Aggressive drilling to follow, likely in October |
Box Hole | Zinc, lead and rare earths | AMR survey in September |
Table: Market Index | Source: MetalsGrove
Trading below cash
MetalsGrove is currently trading below cash - meaning its market cap is lower than the company's cash holdings.
At June quarter end, MetalsGrove had $6.69m in cash. At its current share price of 14m cents, the company has a market cap of $5.0m.
MetalsGrove share price chart
DISCLAIMER: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. MetalsGrove was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.
