Join our daily newsletter At The Bell to receive exclusive market insights
- Jadar Resources (JDR) releases its September quarterly report, revealing a busy period spent acquiring new projects
- Within the last quarter as well, the company spun out its Serbian assets to Balkan Mining and Minerals Limited
- The subsidiary company will inherit Jadar’s Serbian lithium and borate assets of which Jadar will retain roughly 22 per cent of its equity
- In terms of cash flow, the company ended the quarter having spent a total of $628,000 on administration and staffing
- An additional $165,000 was spent on explorations and evaluations, leaving it with $2.95 million at the end of the quarter
- Shares in Jadar Resources were down 2.56 per cent to 3.80 cents at 12.29 pm AEDT
Jadar Resources (JDR) has released its September quarterly report, revealing a busy period spent acquiring new projects.
The company has begun the Shaw River lithium, tin and tantalum acquisition in East Pilbara and completed the final payment for the Khartoum tin-silver project.
Jadar plans on beginning exploration at its New Standards Copper Project in Arizona.
Within the last quarter as well, the company spun out its Serbian assets to Balkan Mining and Minerals Limited.
After announcing the spin out in February this year, the company created the European subsidiary within the last quarter.
The subsidiary company will inherit Jadar’s Serbian lithium and borate assets of which Jadar will retain roughly 22 per cent of its equity.
According to a statement from the company, “the proposed transaction will allow Jadar to focus on its growing precious metals portfolio in Latin America and its lithium assets in Austria.”
The company spent an estimated $397,000 on funding for Balkan Mining’s IPO during the quarter.
In terms of cash flow, the company ended the quarter having spent a total of $628,000 on administration and staffing.
An additional $165,000 was spent on explorations and evaluations, leaving it with $2.95 million at the end of the quarter.
Based on this quarters funding totals, the company can sustain itself for an additional 3.73 quarters.
Shares in Jadar Resources were down 2.56 per cent at 3.8 cents at 12.29 pm AEDT.
