- Parkway Minerals (PWN) has released its quarterly activities report, showing it has $2 million cash in hand at the end of June
- The company spent $181,000 on operating activities over the last three months
- Parkway implemented cost-cutting measures amid COVID-19 uncertainty, but also identified new opportunities which have arisen from the pandemic
- Meanwhile, the company says its Karinga Lakes Potash project is tracking well, with a pre-feasibility study (PFS) to be completed in September
- The project falls under Parkway’s new agreement with Worley to help commercialise its aMES technology, which treats brine
- Shares in the company are trading for 0.8 cents each
Parkway Minerals (PWN) has released its quarterly activities report, showing it has $2 million cash in hand.
Grant funds and future research and development tax incentives haven’t been included in the $2 million figure.
An additional $1.5 million is also available in marketable securities, including over 34 million shares in Davenport Resources (DAV).
COVID-19 effect
Parkway revealed in today’s report it spent $181,00 on operating activities this quarter, and also felt the effects of the COVID-19 pandemic.
The company had to initiate cost-cutting measures, including a reduction in corporate overheads and a salary sacrifice share plan. The plan sees the board and CFO receive 30 per cent of their pay in shares.
The coronavirus also stalled farm-out negotiations for the company’s New Mexico Lithium project.
However, Parkway said COVID-19 has also opened up a range of “potentially attractive corporate opportunities,” though no details about what this entails were released.
Project updates
Along with the financial update, Parkway also provided an update to shareholders on the progress of its Karinga Lakes Potash project.
A pre-feasibility study (PFS) at the brine lake system in the Northern Territory is expected to be completed in September 2020.
Parkway’s aMES technology will be used at the site. The technology allows valuable minerals, reagents and fresh-water to be recovered from brine.
The company teamed up with Worley in May this year, for support in commercialising its aMES technology.
Alongside advancing aMES, Parkway also bought iBC technology in May. The technology purifies typical coal seam gas (CSG) sector brines.
The company is now discussing entering the CSG market, by holding discussions with a number of businesses who may be interested in using the technology.