viewNeometals Ltd

Neometals declares partially franked dividend, cash levels remain high

Eligible investors who are on the shareholder register by next Wednesday will receive the dividend.

folder labeled dividends
The company has $116 million in cash to deploy on its strategic initiatives

Neometals Ltd (ASX:NMT) has declared a dividend of 2 cents per share, of which 1 cent, or half the dividend, will be franked.

This will result in the company paying out around $11 million, which will leave it with a cash balance of $116 million.

In order to receive the dividend shareholders must hold shares in Neometals on the record date of 8 May 2019 being next Wednesday.

READ: Neometals boosts cash balance to $131 million, multiple valuation catalysts ahead

The main reason for Neometals’ healthy cash balance is the divestment of its interest in the Mt Marion Ltihium Project for $103.8 million.

As part of the sale agreement, Neometals has secured a binding life-of-mine annual offtake option for 57,000 tonnes a year of 6% spodumene concentrate from the mine.

The option provides Neometals with potential feedstock for downstream processing into higher-margin lithium chemicals.

Proactive caught up with the company’s managing director Chris Reed in late March 2019 for an update.

Quick facts: Neometals Ltd

Price: 0.195 AUD

Market: ASX
Market Cap: $106.34 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