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- Suvo Strategic Minerals (SUV) has finished off its first full quarter of production at its Pittong operations, raking in $723,000 in earnings
- The kaolin producer and silica sand explorer took control of Australia’s only hydrous kaolin mining and processing operation in January this year
- SUV produced a total of 5920 tonnes of refined kaolin products over the March quarter and sold 6458 tonnes worth of product
- Suvo also spent the quarter focused on its White Cloud projects, increasing the kaolin resource by 84 per cent to 72.5 million tonnes (Mt) of bright white kaolinised granite
- The company ended March with $5.8 million worth of cash in the bank, after burning through $977,000 on operating activities
- Shares in SUV are trading up 2.44 per cent at 21 cents per share
Suvo Strategic Minerals (SUV) has finished off its first full quarter of production at its Pittong operations, raking in 723,000 in earnings.
The kaolin producer and silica sand explorer took control of Australia’s only hydrous kaolin mining and processing operation on January 1.
Pittong produced a total of 5920 tonnes of refined kaolin products over the March period and sold 6458 tonnes worth of product.
The operations also generated earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $723,000.
The company has labelled the results “exceptional” and said it showed demand for kaolin products is returning to pre-COVID-19 levels.
Meanwhile, Suvo also spent much of the March quarter focused on its White Cloud Kaolin Project in WA, increasing the kaolin resource by 84 per cent.
The asset has a mineral resource estimate of 72.5 million tonnes (Mt) of bright white kaolinised granite, an indicated mineral resource sitting at 26.9Mt and an inferred mineral resource of 45.6Mt.
In terms of financials, the company ended March with $5.8 million worth of cash in the bank, after burning through $977,000 on operating activities.
Suvo also invested $520,000 on exploration and evaluation work, meaning it has enough money on hand to keep running for another 3.88 quarters.
Company shares have ended Thursday’s trading session up 2.44 per cent at 21 cents per share.
