ASX Top Losers: A-Cap Energy Ltd (ASX:ACB) iQ3Corp Ltd (ASX:IQ3) And Consolidated Tin Mines Limited (ASX:CSD)

Sector Reports > Latest News > ASX > ASX Top Losers: A-Cap Energy Ltd (ASX:ACB) iQ3Corp Ltd (ASX:IQ3) And Consolidated Tin Mines Limited (ASX:CSD)

A-Cap Energy Diversified mining Approach

A-Cap Energy Ltd (ASX:ACB) stock came under immense pressure, consequently dropping 32% after the company provided a quarterly update for the three months ended September 30, 2019. The stock fell even as the mining and exploration reiterated a diversified mineral strategy that has the potential to generate long-term value.

 A-Cap Energy is in the process of diversifying its mineral portfolio as it moves to focus on nickel-cobalt laterite projects. Increased focus on these projects seeks to take advantage of the growing demand for nickel and cobalt battery material in the electric vehicle industry.

 Wilconi Ni-Co Project in Western Australia is at the heart of the company’s long-term prospects. The project has significant past drilling that should allow A-Cap Energy to generate significant value going forward. In addition, cobalt and nickel deposits lie largely in granted mining tenements at the project further affirming the project’s prospects.

In addition to the Wilconi Project, the company has already received the go-ahead to commence the Letlhakane Uranium project in Botswana. The company intends to advance the project as base load power, generation energy resource.

IQ3Corp Ltd (ASX:IQ3) Quarterly Update

IQ3Corp stock fell by 25% days after providing a quarterly update for the three months ended September 30, 2019. For the three months, the company’s operating cash inflows came in at $153,000. The company ended the quarter with a bank balance of $374,000 compared to $25,000 as of the end the previous quarter.

Receipts from customers in the quarter surged to $1,821k compared to $975k in the previous quarter. Total cash inflow stood at $119k compared to a total cash outflow of $30k.

 The company intends to host an annual general meeting on November 25, 2019. Items of business include receiving financial report and independents auditor report for the fiscal year ended 30 June 2019. Shareholders will also have to vote on the adoption of the remuneration report.

Consolidated Tin Mines Mining Operations

 Consolidated Tin Mines Limited (ASX:CSD) stock fell 15% as investors continue to react to the company’s quarterly update. During the quarter, the company completed the mining of the Dry River South upper levels resulting in the extraction of over 23,000 tonnes of ore. The company also completed the refurbishment and development of the DRS decline.

 The mining and exploration company also continued the development of the new Mount Garnet Deeps throughout the quarter. Consequently, the company should continue to mine increasing quantities of ore at the mine.

 During the quarter, the company also sought shareholder approval for the conversion of $43 million outstanding balance belonging to Cyan Stone Pty loans via the issuance of ordinary shares at $0.605 a share. Consolidated Tin Mines also entered into an agreement with Ming Human Trading Limited for the conversion of the outstanding loan balance $2.7 million on the issuance of 4.5 million ordinary shares priced at $0.605 a share.

Consolidated Tin Mines ended the quarter with cash reserves amounting to $2 million.