Published On: March 16th, 2023
Summary and Key Facts
Platina Resources Limited (ASX: PGM), (PGM or Company) is a gold-focused mineral exploration company based in Perth, Western Australia. The Company has released its Interim Financial Report for the half-year period ended on December 31st, 2022. The report states the Company has preserved shareholder value by advancing its projects through exploration, feasibility, permitting, and monetising through joint ventures, sales, or development.
Income Statement of the Company During the Period
The Company operates predominately in mineral exploration zone and has only a reportable geographical segment, Australia. The revenue of Platina Resources during the half-year period that ended on December 31st, 2022, was AUD 0.01 million and incurred net losses of AUD 6.31 million.
Figure 1: Platina Resources Income/Loss Statement for the half-year period ended on December 31st, 2022
Financial Position of the Company During the Half-Year Period
- According to the interim financial report, Platina Resources has nearly AUD 1.6 million of cash and cash equivalents as of December 31st, 2022. In contrast, the Company’s cash and cash equivalents were approximately AUD 1.2 million as of June 30th, 2022
- The Company had total assets of AUD 7.08 million and net assets of AUD 6.5 million as of December 31st, 2022
- The Company was debt free as of the reported date
Figure 2: Financial Position of Platina Resources as of December 31st, 2022
Cash Flows and Change in Equity of Platina Resources during the Half-year Period
- During the reported period of six months, Platinum Resources invested AUD 1.03 million in mining interests, along with several more minor investments
- As of December 31st, 2022, the Company’s ordinary shares were 623.18 million compared to 434.38 million as of June 30th, 2022. Equity jumped 188.79 million during the first half year
Operations During the First Half-Year Period of FY2023
Platina Resources controls a portfolio of precious and speciality metal projects and investments at various stages of development. The Company’s assets are based in Western Australia.
Challa Gold Project
The Challa Gold Project is located approximately 500 km northeast of Perth in Western Australia. The Project underwent a Phase 1 air-core drilling program during this period. The aim was to identify gold anomalies in the bedrock beneath the surface soil cover. The most significant finding from the program was a 4-meter intercept with a 0.2 gram per tonne gold grade at a depth of 32 meters in CHAC0081.
Xanadu Gold Project
The Xanadu Gold Project is located in the Ashburton Basin. The project comprises seven prospecting licences and five exploration licences covering 554 km2. During the reported period, a phase 1 maiden reverse circulation drilling program consisting of 11 holes drilled for 2,214 metres was completed. It covers a wide area of 4 km within a 10 km mineralised and altered corridor. The program contributed to a better understanding of mineralisation controls by providing valuable data on stratigraphic horizons and mineralisation patterns.
The strike of untested ground immediately to the west of the historic Amphitheatre open pit anomaly drilling conducted and demonstrated the presence of gold mineralisation at a depth of up to 900m. To target mineralisation beyond 200 metres depth, diamond drilling will be required in the future.
Mt Narryer Gold Project
The Mt Narryer Gold Project is located in the western Yilgarn Craton covering, 165 square kilometres. The new exploration licence (E 09/2423) was granted at Mt Narryer South, 580km north of Perth, in Western Australia, in December 2022. Soil sampling and geophysics programs will begin in 2023 for the Mt Narryer Project in Western Australia.
Jubilee Gold Project
Jubilee Gold Project is located within the prolific gold-producing Yilgarn Craton, 15 kilometres east of Meekatharra. Platina Resources applied to gain two exploration licenses (E 51/2114 and E 51/2132) at the Jubilee Project during the half-year period. The application for an exploration licence covers 51 Blocks (156 km2).
Brimstone Gold Project
The Brimstone Gold Project is strategically located 40 kilometres northeast of Kalgoorlie, 27 kilometres and 2.5 kilometres from Kanowna Belle and Penny’s gold deposits, respectively. Brimstone is an advanced-stage exploration project enriched with high-grade gold mineralisation.
Historical geological and geophysical data compilation and arrangements for heritage surveys were completed during the reporting period.
Beete Gold Project
The Beete Gold Project is located in a high-grade mining district near Norseman and 10 km south of the Scofia gold deposit. The grant date of this tenement is October 24th, 2022. The soil sampling program at Beete commenced after the reporting period, in the last week of January 2023.
Binti Binti Gold Project
Binti Binti Gold Project is located approximately 50km northeast of Kalgoorlie and 30 km west of Northern Star’s Carosue Dam Gold mine, and comprises two exploration licences. The Project is never explored. During the reporting period, historical geological and geophysical data compilation and arrangements for heritage surveys were completed.
Platina Scandium Project
The Platina Scandium Project (PSP) is located at one of the world’s largest and highest-grade scandium deposits, central New South Wales. The Scandium Project is economically viable to go under construction. A Definitive Feasibility Study was completed in late 2018. As a next step, a feasibility study will be undertaken to assess the capital and operating costs of the production process.
Figure 3: Positive DFS to Create Sustainable Operations With Manageable Cost
Platina Resources Investments
The Company holds investments of AUD 0.7 million at the end of the reporting period. Platina is using these investments to support its exploration program. Platina sold 56 million Alien shares for the proceeds of approximately AUD 0.56 million during half year period. After the reporting period, the Company sold further 21.67 million shares for AUD 0.22 million.
- Blue Moon Mining (TSXV: MOON, 6 million shares, value AUD 0.07 million)
- Nelson Resources (ASX: NES, 11.8 million shares, value AUD 0.09 million)
- Alien Metals (AIM: UFO, 60 million shares, value AUD 0.56 million)
Significant Highlights From the Report
- Acquisition: During the period, the Company completed the acquisition of Sangold Resources Pty Ltd, owner of the Brimstone, Binti Binti and Beete Gold Projects
- Capital Raise: Platina Resources raised AUD 2.23 million through equity placement comprising 89.20 million ordinary shares issued at AUD 0.025 each under the Company’s existing placement capacity
Platina Resources Managing Director Mr Corey Nolan
Platina Resources Managing Director, Mr Corey Nolan, has over 25 years of experience in the mining industry as an accomplished mining executive and experienced public company director, specialising in resource project acquisition, funding, exploration, and development. Before this role, he was Managing Director at Leyshon Resources Limited from 2009 to 2013. He has also been a Non-Executive Director at Elementos Limited since 2013.
Figure 4: Platina Resources Managing Director Mr Corey Nolan
- As of March 15th, 2023, the Platina Resources Share Price was AUD 0.018 per share, and the stock volume (4-week average) was 329,285
- The market capitalisation of the Company as of March 15th, 2023, was approximately AUD 11.2 million
- The Company has 623.18 million shares on issue as of March 15th, 2023
- Platina Resources showed significant progress in its Challa, Xanadu, Mt Narryer, and Platina Scandium projects
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