- Province Resources (PRL) has reported a cash balance of $22.3 million in its quarterly report
- It spent $866,000 in its operating activities and $98,000 in investing activities
- The company said it spent $167,000 on its HyEnergy green hydrogen project, which was awarded lead agency status by the WA Government during the quarter
- Shares are charging 8.9 per cent higher today at 15.3 cents
Province Resources (PRL) has reported a cash balance of $22.3 million in its quarterly report in a period dominated by activities surrounding its proposed HyEnergy green hydrogen project in Western Australia’s Gascoyne region.
The company started the quarter with $23.3 million in cash and cash equivalents. It spent $866,000 in its operating activities and $98,000 in investing activities.
The company advises there were no substantive mining production and development activities during the quarter. It spent $148,000 on exploration activities.
The company said it spent $167,000 on its HyEnergy project, which was awarded lead agency status by the WA government during the quarter.
Scoping study activities are complete for the project and the company is finalising a summary of the studies to release to the ASX.
Province Resources continued activities associated with the project such as progressing land tenure options, engagement with Traditional Owners and other stakeholders, on-site environmental studies, and undertaking preliminary discussions with potential customers.
The company is working with Global Energy Ventures (GEV) to evaluate the technical and commercial feasibility of integrating a green hydrogen production facility with an onshore compression facility and offshore mooring and loading system, as well as the operation of a fleet of compressed hydrogen ships to transport the product to markets in the Asia Pacific region.
Province’s discussions with potential customers have focused on creating a broad understanding of the scope of the development and possible shipping solutions.
Shares were trading 8.9 per cent higher at 15.3 cents at 1.50pm AEDT.