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Neometals enters June quarter with $41.8 million cash

During March the company commenced a US and UK roadshow.
stacks of coins
The company is also advancing a titanium-vanadium direct shipping ore project

Neometals Ltd (ASX:NMT) has increased its cash and cash equivalents balance by $2 million from the prior quarter to $41.8 million.

During the quarter, the company received $4.1 million the operating company for the Mt Marion Lithium Project.

This equates to repayment of 50% of the original amount loaned as working capital with the remaining 50% expected to be received prior to 30 June 2018.

Neometals holds 13.8% in Mt Marion

Neometals has a 13.8% equity interest in the Mt Marion Lithium Project in Western Australia.

It is a world class operation producing 450,000 tonnes per annum in concentrates with a large resource of 77.8 million tonnes grading 1.37% lithium oxide.

READ: Neometals to acquire Mt Edwards Lithium Project

In mid-March 2018, Neometals outlined that it would be acquiring the Mt Edwards Lithium Project near Kalgoorlie in Western Australia for a cash consideration of $2.5 million and additional contingent payments.

The brownfields lithium exploration project is 40 kilometres from the Mount Marion mine.

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Neometals Ltd Timeline

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