- Macarthur Minerals (MIO) improves its net working capital position in its unaudited June quarterly report
- The company finishes the period with $4.55 million in net working capital, an improvement from the previous corresponding period where it recorded $4.39 million
- The improvement is mostly attributed to its $7.5 million placement, which resulted in the company receiving $5.98 million from financing activities
- However, Macarthur used $1.5 million in its operating activities, after recording a net loss for the period of $2.6 million
- Shares end the day in the grey to close at 20 cents
Macarthur Minerals (MIO) has improved its net working capital position in its unaudited June quarterly report.
The company finished the period with $4.55 million in net working capital, an improvement from the previous corresponding period where it recorded $4.39 million.
The improvement is mostly attributed to its $7.5 million placement, which resulted in the company receiving $5.98 million from financing activities.
However, Macarthur used $1.5 million in its operating activities, after recording a net loss for the period of $2.6 million.
It spent more on exploration and evaluation, with $678,973 recorded and it invested $726,900 which was mostly directed towards deferred exploration spending.
These funds helped Macarthur advance its Ularring hematite project in WA as it aims to achieve early revenue from the operations.
This included executing a strategic partnership and collaboration agreement with Lavo Hydrogen Technology and a cooperation agreement with Jin Sung International.
MIO is continuing to evaluate options for the project to deliver an early production opportunity, subject to a return of a supportive iron ore pricing environment.
In addition, the company progressed its Lake Giles iron project after completing a feasibility study during the quarter, which confirmed the commercial viability of the project.
The company finished the period with $5.38 million in cash and cash equivalents.
Shares have ended the day in the grey to close at 20 cents.