- MinRex Resources (MRR) finishes the June quarter well-funded to execute its upcoming drill program
- The company ended the period with cash and cash equivalents of $14.2 million, estimated to last 18 quarters
- Its balance sheet was bolstered by a $9.85 million placement, while cash outflows came in at $744,000
- Looking ahead, MinRex plans to begin a 25,000-metre reverse circulation drill program at its east Pilbara lithium projects by the end of this month
- Shares are trading 2.78 per cent higher today at 3.7 cents each at 12:21 pm AEST
MinRex Resources (MRR) finished the June quarter well-funded to execute its upcoming drill program.
The company ended the period with cash and cash equivalents of $14.2 million, estimated to last 18 quarters.
Its balance sheet was bolstered by a $9.85 million placement, with a further $3.15 million being chased up from cornerstone investors who failed to follow through on their legally binding commitments.
The company recorded $744,000 in cash outflows, of which $405,000 was spent on exploration and evaluation.
Meanwhile, $175,000 was spent on investing activities, which was mostly directed towards property, plant, and equipment.
During the period, the company focussed its attention on Native Title Heritage surveys at its three Marble Bar lithium projects.
In addition, it advanced geological mapping and rock chip sampling programs over Tambourah North, Shaw River, and Haystack Well lithium projects.
Looking ahead, MinRex has received relevant approvals for a 25,000-metre reverse circulation drill program at its east Pilbara lithium projects.
Drilling is expected to commence by the end of this month.
Shares were trading 2.78 per cent higher today at 3.7 cents each at 12:21 pm AEST.