Proactive Investors - Run By Investors For Investors

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.

View full NMT profile View Profile

Neometals Ltd Timeline

Related Articles

A gold nugget
April 01 2019
The Albury Heath project near Meekatharra now contains 35,479 ounces of gold.
May 09 2019
Gold explorer's next move is to carry out geophysical surveys at its main prospect
KIPT trees on Kangaroo Island off South Australia
April 10 2019
MD John Sargeant will lay out the strategy for investors at Proactive’s CEO Sessions in Melbourne today.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use