- Renergen (RLT) has released its latest quarterly report, showing it ended February well-funded with ZAR$131 million in the bank (about A$11.5 million)
- The helium and LNG producer spent ZAR$6.56 million (around A$579,000) on operating activities over the period
- The South African company has enough funds to keep going for an additional 14.5 quarters, giving it time to focus on its new Cyro-Vacc project
- Cyro-Vacc is Renergen’s newest asset that essentially works to store vaccines — such as the COVID-19 jab — at the correct low temperature they require
- Since the end of the quarter, RLT advises it submitted a working prototype of Cyro-Vacc for clinical validation with results expected shortly
- The helium producer also spent much of the period focused on drilling via its LNG subsidiary Tetra4 and also found success in March with its Virginia Gas Project
- Shares in Renergen are trading at $2.64 per share, up 4.76 per cent
Renergen (RLT) has released its latest quarterly report, showing it ended February well-funded and reported strong results throughout March.
The helium and LNG producer ended the quarter on February 28 well with a strong ZAR$131 million in the bank (about A$11.5 million).
RLT spent ZAR$6.56 million (around A$579,000) on operating activities over that period. To date, it’s spent over ZAR$28 million (roughly A$2.47 million) in the last 12 months.
At that quarterly rate of spend, the South African company has enough funds to keep it going for an additional 14.5 quarters.
RLT ended February with a negative investment balance sheet of ZAR$30.3 million (about A$2.67 million), bringing its total investment spend for the year to ZAR$158.9 million (approximately A$14.02 million).
In terms of financing, the company also ended February with a negative balance sheet of ZAR$23.7 million (roughly A$2.09 million).
Looking at Renergen’s activities over the February quarter, it appears the company’s focus was primarily on its new Cyro-Vacc project.
Cyro-Vacc is RLT newest asset and essentially works to store and transport vaccines — such as the COVID-19 jab — at the correct temperature they require.
The idea for the vaccine storage only materialised in December, and four months on the company said it has submitted a working prototype of Cyro-Vacc for clinical validation.
Renergen is expecting the results from the week-long testing process in the coming days.
Along with its work on Cyro-Vacc, the helium producer also spent much of the period focussed on drilling via its LNG subsidiary Tetra4.
Renergen has also had success at its Virginia Gas Project in South Africa, reporting high helium grades at two boreholes earlier this week.
Following today’s positive quarterly update, shares in Renergen are trading at $2.64 per share, up 4.76 per cent at 11:07 am AEDT.