- Australasian Gold (A8G) entered the December quarter well-funded with more than $7 million in cash reserves
- The materials stock finished September 30 with $4.55 million in the bank, before completing a $2.5 million fundraise in early October
- It spent $217,000 on operating expenses during the period, meaning it has enough cash to keep running for at least another 8.7 quarters
- A8G spent the September quarter focused on its gold and lithium assets, including completing maiden drilling at the May gold project in Queensland
- Company shares have ended the day trading 1.47 per cent lower at 67 cents
Australasian Gold (A8G) has entered the December quarter well-funded with more than $7 million in cash reserves.
The materials stock finished September 30 with $4.55 million in the bank, before completing a $2.5 million fundraise in early October.
The lithium and gold explorer spent $217,000 on operating expenses during the three month period, meaning it has enough cash to keep running for at least another 8.7 quarters.
A8G spent the September quarter focused on advancing its gold and lithium assets, including completing a maiden drill program at the May gold project in Queensland.
Best results from the program include six metres at 1.99 grams per tonne (g/t) gold from 35 metres and one metre at 9.39g/t gold from 68 metres.
The company also received approval to begin exploration work at the Fairview gold project in Western Australia’s Pilbara region.
In terms of its lithium projects, Australasian Gold lodged an exploration license application with the Northern Territory Government for an area near Core Lithium’s (CXO) Anningie lithium project.
Since the quarter ended, A8G partnered with CSIRO to undertake a joint research project focused on its lithium exploration in the NT.
Company shares ended the day down 1.47 per cent at 67 cents each.