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Neometals declares dividend for shareholders

Shareholders on the register as at June 1 will be entitled to the dividend.

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This is the third dividend payment made in the past three years

Neometals Ltd (ASX:NMT) has declared a 1 cent per share unfranked dividend for its shareholders.

The company is able to continue paying a dividend due to its 13.8% ownership in the Mt Marion lithium operations near Kalgoorlie, Western Australia.

Mt Marion has been in production since April 2017 and sales of lithium concentrate are generating consistent cash flow for the company.

Consistent future cash flows expected

Neometals’ managing director Chris Reed said: “Neometals’ strategy of holding a globally significant mineral portfolio, de‐risking through project partnering and increasing margins via expanding output and quality of production is working well for us.

“Mt Marion is one of the world’s largest lithium producing assets and it gives us invaluable exposure to the entire lithium supply chain with a concentrate source that has been validated by converters and battery end users.

“We look forward to applying the same principles as we continue the development our lithium hydroxide, battery recycling and titanium initiatives.”

READ: Neometals viewed as substantially undervalued as it moves to near-term profitability

Earlier this month, Neometals collected a 53-tonne bulk sample from its Barramble Titanium Vanadium Project in Western Australia to ship to China

The sample was from the high-grade part of the deposit which has potential to be the main feed source for a potential direct shipping ore (DSO) operation.

Prospective buyers from China will next perform metallurgical test work on the bulk sample when it arrives in China.

Additional test work will also commence at an Australian laboratory to confirm Chinese results.

Quick facts: Neometals Ltd

Price: 0.35 AUD

ASX:NMT
Market: ASX
Market Cap: $190.87 m
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Neometals secures lithium offtake and potential feedstock from Mt Marion...

Neometals Ltd (ASX:NMT) managing director Chris Reed updates Proactive Investors on the lithium developer’s recent divestment of its Mt Marion Lithium Project for $103.8 million.   As part of the sale agreement, Neometals has secured a binding life-of-mine annual offtake option...

on 27/3/19

2 min read