Magnis Resources Ltd.’s Cash flow scenario

Cash flow scenario: Magnis Resources Ltd.’s (ASX: MNS) stock fell about 13.04% in last one month (as at March 02, 2017). The fall seems to be owing to some level of volatility and concerns over cash flow scenario. The group had reported for negative cash flow for development of the order of $3.74 million for the quarter ended December 2016. Further, the operating cash flow for the period was ($5.43 million) while payments for exploration and evaluation were of the order of ($976,000). Investing cash flow was ($5,000) while cash flow from financing activities was $1.69 million. MNS reported for cash in hand of about $2.37 million at the end of the December quarter against $6.1 million as at previous quarter. The group expects cash outflows of $2.84 million for the next quarter and stated that the estimated deficit of $0.48 million is to be funded from both listed and unlisted option conversion to date. MNS also indicated that the working capital will be funded further via option conversions given the expiry date of 31 May 2017 for the ASX listed MNSO.

 

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