This includes a net gain of $944,163 from the sale of its South Hazell exploration tenements in Canada.
The sale of the South Hazell Project has enabled the company to dedicate its resources to develop the Elko Coking Coal Project in Canada.
Elko is a highly attractive project, with 257 million tonnes of JORC 2012 resource already identified.
The project is one of the last unpegged coal areas in the East Kootenay Basin, which is one of the world’s premier coking coal basins.
Last month, PAK mobilised a drill rig to site and has commenced drilling at Elko. The drill program is expected to be completed next month.
The company’s program of 11 rotary and spot core holes will focus on improving coal quality information as well as identifying general structural trends, features and domains.
Importantly, it will enable the company to collect coal core from the high-value SM7 and SM5/SM6 seams.
PAK aims to release an updated resource estimate in early 2019.
The company is also investigating investment opportunities in renewable energy technologies.
PAK had about $ 4.4 million in cash as at June 30, 2018.