The Kirkland Lake Gold CDI (ASX: KLA) share price is charging higher today, up more than 5%.

The company is listed on the Canadian, US and Australian exchanges, with producing gold mines in Canada and Australia.

Below we take a look at the ASX gold share’s latest quarterly and half year results, for the financial year ending 30 June.

What results did Kirkland report?

Kirkland Lake Gold’s share price is leaping after the company reported that production increased at all 3 of its cornerstone assets in the second quarter of 2021 (Q2 2021), compared to both Q2 2020 and Q1 2021.

Kirkland produced 379,195 ounces of gold in the reported quarter. That’s up 25% from the prior quarter and also an increase of 15% on gold production figures from Q2 2020.

Year-to-date gold production increased 3% from the 2020 half year figures, to reach 682,042 ounces of gold.

The Kirkland Lake Gold share price is also likely getting a lift after the company reported record net earnings and earnings per share (EPS) for the quarter.

Net earnings came in at US$224.2 million, or 91 cents per share. That’s up 67% year-on-year and up 51% from the prior quarter.

In the meantime, costs came in below the company’s guidance for the quarter.

Kirkland reported operating cash costs of US$431 per ounce of gold sold compared to guidance of US$450 per ounce to US$475 per ounce.

All in sustaining costs (AISC) were US$780 per ounce, also below guidance of US$790 per ounce to US$810 per ounce.

During the half year, the company paid US$100.3 million in dividends to shareholders, and it used $58.3 million to repurchase shares.

The company is continuing apace with its exploration programs.

Commenting on the half year results, Tony Makuch, Kirkland Lake Gold’s CEO said:

We had an excellent quarter in Q2 2021 highlighted by record earnings, record quarterly production, strong revenue growth and significant increases in both operating and free cash flow…

Our financial strength continued to improve during Q2 2021, with cash increasing to $858.4 million, and we remain committed to returning capital to shareholders, renewing our normal course issuer bid and introducing an automatic share purchase plan.

What’s ahead for Kirkland Lake Gold?

Looking ahead, Kirkland is targeting the higher end of its full financial year production guidance of 1.3 million to 1.4 million ounces of gold. It said it will maintain its unit cost and capital expenditure guidance.

Readers looking for a deeper dive into Kirkland’s complete Management’s Discussion and Analysis (MD&A) can find that here.

Kirkland Lake Gold share price snapshot

Over the past 12 months, Kirkland Lake Gold’s share price is down 20%. Over that same time, the S&P/ASX 200 Index (ASX: XJO) is up 22%.

Year-to-date, the Kirkland Lake Gold share price is in the green, up 3% at the time of writing.

The post Why the Kirkland Lake Gold (ASX:KLA) share price is charging 5% higher appeared first on The Motley Fool Australia.

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• Own Zip (ASX:Z1P) shares? Here’s what to look for during reporting season
• What’s going on with the Pilbara Minerals (ASX:PLS) share price today?
• Why is the Vulcan Energy (ASX:VUL) share price halted?
• Incannex (ASX:IHL) share price flat after earnings report

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small daily decline. The benchmark index is currently down 0.1% to 7,409 points.

Here’s what is happening on the ASX 200 today:

NAB to return $2.5 billion to shareholders

The National Australia Bank Ltd (ASX: NAB) share price is edging higher today after announcing plans to return $2.5 billion to shareholders via an on-market share buy-back. The bank advised that this is part of its plan to progressively manage its Common Equity Tier 1 (CET1) ratio towards its target range of 10.75% to 11.25%. It also hinted that further buy-backs could come in the future depending on market conditions and its capital outlook.

Origin sinks on impairment charge and guidance update

The Origin Energy Ltd (ASX: ORG) share price is crashing lower today after revealing a $2.2 billion impairment charge. This comprises $1,578 million of post-tax charges relating to Energy Markets goodwill and generation assets, and a tax expense of $669 million relating to a deferred tax liability. Management also warned that its Energy Markets earnings would drop materially in FY 2022.

Mineral Resources shares hit record high

The Mineral Resources Limited (ASX: MIN) share price climbed to a record high this morning following the release of a strong fourth quarter update. The mining and mining services company reported a record 5.2 million wet metric tonnes (wmt) of iron ore shipments for the June quarter. This is a quarter-on-quarter increase of 27%. This led to FY 2021 shipments increasing 23% year on year to a record 17.3 million wmt.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Janus Henderson Group CDI (ASX: JHG) share price with a 6.5% gain. This follows the release of a strong second quarter update and the announcement of a US$200 million share buyback. The worst performer on the ASX 200 has been the Origin share price with a 9% decline following its disappointing update.

The post ASX 200 midday update: NAB’s $2.5bn buyback, Origin shares sink appeared first on The Motley Fool Australia.

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• What’s going on with the Pilbara Minerals (ASX:PLS) share price today?
• Mineral Resources (ASX:MIN) share price hits another record high after quarterly update
• Janus Henderson (ASX:JHG) share price jumps 9% to multi-year high
• Origin (ASX:ORG) share price crashes 8% on $2.2bn charge and FY 2022 guidance
• NAB (ASX:NAB) share price on watch after announcing $2.5bn buy-back

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Zip Co Ltd (ASX: Z1P) shares are among the most popular and heavily traded shares on the Australian share market.

In light of this, there will no doubt be a lot of interest in its full year results next month.

Ahead of the release, I thought I would take a look at what the market is expecting.

What is the market expecting from Zip in FY 2021?

Given that Zip recently released its fourth quarter update, there won’t be too many surprises when the company hands in its report card.

For example, that update reveals that Zip grew its active customer by 87% to 7.3 million and its merchant by 84% to 51,300.

Impressively, more than half of its active customers are now in the United States. At the end of the period, the company had 4.4 million customers in the United States, 2.8 million in the ANZ region, and approximately 70,000 in the UK.

Investors may want to look out for an update on customer growth so far in the first quarter of FY 2022.

Another big loss is expected

Zip is of course operating at a loss as it focuses on investing heavily in its global growth plans.

As a result, another sizeable loss is expected by the market. Analysts at Citi, for example, are forecasting a loss of $152 million in FY 2021. Anything significantly better than this could give Zip shares a boost.

Are Zip shares in the buy zone?

Despite forecasting a $152 million loss, Citi still believes Zip shares are in the buy zone.

Its analysts recently put a buy rating and $8.90 price target on the company’s shares. This compares to the latest Zip share price of $6.79, implying potential upside of 31% over the next 12 months.

Citi sees risks to margins but notes that it still has a very long runway for growth.

The broker commented: “While the slowdown in US customer adds in 4Q could reflect increasing competition, we expect customer adds to pick-up in 1H22e driven by onboarding of enterprise merchants (e.g. Mercari, Shein). Our investment thesis remains unchanged – while we continue to see downside risk to Zip’s growth and margin outlook from a medium-term perspective given its US and UK operations lack scale, we remain Buy rated as we expect Quadpay’s Shop Anywhere offering to drive growth in the near-term, with Citi 10% above FY22e consensus revenue forecasts.”

Zip shares are up 21% in 2021. Shareholders will no doubt be hoping this run continues next month.

The post Own Zip (ASX:Z1P) shares? Here’s what to look for during reporting season appeared first on The Motley Fool Australia.

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• CBA and Zip were among the most traded ASX shares last week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) has once again opened higher this Friday, initially rising 0.27% to 7,435 points.

It then declined during mid-morning trade to 7,408 points at the time of writing, down 0.13% on yesterday’s close.

One ASX 200 share isn’t opening at all today. That would be the Pilbara Minerals Ltd (ASX: PLS) share price.

Pilbara shares are currently sitting at $1.77 a share. And that’s where they’ll be staying, at least for the moment.

That’s because, on 27 July, Pilbara requested a trading halt for its shares and has been off the market ever since.

Why the trading halt?

Well, in a rather embarrassing episode for Pilbara, the company was forced to request a trading halt earlier in the week due to an administrative error. Specifically, a failure to put out a cleansing notice to the ASX within 5 days of a share issuance.

Initially, Pilbara stated that its shares would return to trading by yesterday. That didn’t occur.

Pilbara has subsequently announced that its shares will only resume trading after the outcome of its court application is released this afternoon.

Pilbara is applying to the Supreme Court of Western Australia for an extension of time to lodge the cleansing notice and to backdate it to the original date of the share issuance.

However, some other developments have also come to light.

Lithium selling like hot cakes

Firstly, Pilbara released its fourth-quarter update to investors on Wednesday. And it painted a pretty picture.

Pilbara reported record production and sales of lithium spodumene concentrate. It also predicted that lithium prices would continue to rise thanks to demand from China and tight supplies.

However, we got even more news from Pilbara yesterday. This relates to the company’s “inaugural spodumene auction”. This was held through its Battery Material Exchange (BMX) yesterday afternoon.

This auction was for a cargo of 10,000 dry metric tonnes (dmt) of spodumene concentrate. Reportedly, 17 bidders showing “strong interest” participated in this auction.

Pilbara ended up accepting the highest bid of US$1,250/dmt for the cargo. If all goes well with the successful bidder’s sales contract, the cargo is expected to be shipped “in the latter part of August”.

Pilbara concluded by stating that “results to date in the online auction process are very supportive of Pilbara Minerals’ objective to access a broad range of buyers via the new BMX sales channel”.

About the Pilbara Minerals share price

The Pilbara Minerals share price has been one of the ASX 200’s best performers in 2021 so far. The company is up an impressive 103.45% year to date and an even better 420% (no joke) over the past 12 months.

At Pilbara’s current share price, the company has a market capitalisation of $5.13 billion.

The post What’s going on with the Pilbara Minerals (ASX:PLS) share price today? appeared first on The Motley Fool Australia.

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• These are the latest 3 ASX shares to be downgraded by brokers

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Vulcan Energy Resources Ltd (ASX: VUL) share price won’t be going anywhere on Friday after the company requested a trading halt.

What’s the trading halt for?

Vulcan requested the trading halt on the basis of a pending announcement regarding a binding offtake term sheet.

The Vulcan share price is expected to remain in a trading halt until Tuesday, 3 August.

A second offtake agreement on the horizon

Vulcan is nearing the end of its exploration phase, according to the company’s recent Zero Carbon Lithium project presentation.

Vulcan will be busy delivering a number of pre-construction prerequisites including a definitive feasibility study, securing offtake agreements and financing over the next few months.

It was just last week that Vulcan announced a binding lithium hydroxide offtake agreement with LG Energy Solution.

The agreement will run for a five-year term with the option to extend for another five years.

Commercial delivery is expected to begin in 2025, where LG will purchase 5,000 metric tonnes in the first year, increasing to 10,000 metric tonnes the second year and beyond.

According to Vulcan’s project timeline, construction for phase 1 of its zero-carbon lithium project should begin by the end of 2022 with a maiden lithium hydroxide production by mid-2024.

Phase 1 is expected to produce approximately 15 kilotonnes (kt) of lithium hydroxide.

Phase 2, which will begin construction around mid-2023 and reach production status in 2025 will lift the company’s production output to 40 kt.

Vulcan share price snapshot

The Vulcan share price rallied 9.74% to $9.80 in its last trading session on Thursday.

The company’s shares have ballooned in valuation, surging 253% year-to-date.

The post Why is the Vulcan Energy (ASX:VUL) share price halted? appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun owns shares of Vulcan Energy Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Incannex Healthcare Ltd (ASX: IHL) share price has remained flat in this morning’s trade, without any excitement either way.

Incannex shares haven’t budged despite the healthcare company providing an update on its progress for the quarter ending 30 June 2021.

At the time of writing, the Incannex share price is 25 cents, in line with the market open.

Let’s take a closer look at what the company released.

Quick refresher on Incannex Healthcare

Incannex is a clinical-stage medicinal cannabis company. It has four significant clinical programs for its products underway in pursuit of regulatory approval in the US.

These programs cover conditions such as sleep apnoea (OSA), traumatic brain injury (TBI) and temporomandibular joint disorder (TMJD).

At the time of writing, Incannex has a market capitalisation of $267 million.

Quarterly results

Incannex achieved several progress points across the most recent quarter, as detailed in the report.

Firstly, it realised a total of $133k in cash inflow “associated with the sale of unregistered cannabinoid oils”.

This was offset by a net cash outflow of $2.175 million that was designated for research and development (R&D) expenditures.

Additionally, the company completed its clinical trial protocol for “psilocybin-assisted psychotherapy” in the treatment of generalised anxiety disorder.

Incannex advised that recruitment of therapists for this program would be finalised and their training commence in the upcoming quarters.

Moreover, the company engaged with the University of Western Australia “as an additional site” to its phase 2b clinical trial investigating its products in OSA.

Earlier in July, the company had filed an international patent application for these formulations in the United States, European Union, Japan and Australia.

In addition, Incannex also expanded its clinical program to examine the effects of its products in inflammatory conditions such as bronchitis, rheumatoid arthritis and inflammatory bowel disease.

Furthermore, the company is investigating the delivery of its oils via gel capsules in a clinical trial, engaging Procaps S.A, a “GMP compliant manufacturer”, to produce its capsules.

Incannex said Procaps had the capacity to “quickly ramp up production to commercial quantities” should the clinical trial be successful.

Finally, Incannex has also entered into a collaboration with Vectura Ltd to develop the “formulation” of one of its compounds, to be “used in clinical trials” against TBI.

Incannex share price snapshot

The Incannex share price has posted a year to date return of 61%, extending the previous 12 month’s return of 267%.

These returns have outpaced the S&P/ASX 200 Index (ASX: XJO)’s return of ~23% over the past year.

Additionally, the Incannex share price has climbed ~6 over the past 1 month.

The post Incannex (ASX:IHL) share price flat after earnings report appeared first on The Motley Fool Australia.

More reading

• Incannex (ASX:IHL) share price up on patent application announcement
• Here’s why Incannex (ASX:IHL) shares are in a trading halt

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Dreadnought Resources Ltd (ASX: DRE) share price skyrocketed 11% this morning after the mining company released its latest drill results.

However, it has since retreated and at the time of writing, shares are swapping hands for 46 cents, a gain of 2.22% on yesterday’s closing price.

Below we look at the ASX resource explorer’s latest drill results.

What drill results did Dreadnought report?

The Dreadnought Resources share price is climbing today. It comes after the company reported promising results from the reverse circulation (RC) drill campaign at its Tarraji-Yampi project in Western Australia.

It has completed drilling at 18 RC holes for a total of 3,511 metres. According to the release, the program has intersected significant mineralisation “and/or alteration” across a number of targets.

Dreadnought noted the maiden hole drilled at the Orion site intersected “thick chalcopyrite-rich massive and semi-massive sulphides”. That included 13 metres of massive to semi-massive sulphides containing approximately 5-20% copper sulphide.

The company said it had also suspended diamond drilling at its Texas site (at the same project in WA) after a drill rig broke down at 55 metres depth. It expects drilling to restart at Texas in early August, with initial results due by the middle of August.

Commenting on the results, Dreadnought’s managing director Dean Tuck said:

Intersecting massive copper bearing sulphide in the first hole drilled at Orion is a watershed moment for the Tarraji-Yampi project. Furthermore, significant mineralisation and/or alteration was intersected at Grant’s Find, Fuso, Paul’s Find and Chianti with a number of targets still to be tested and new targets emerging.

We have rushed assays and expedited downhole and surface geophysical surveys to assist with prioritising follow up drilling.

The company has suspended the drilling program, according to plan. It said drilling will start back up in September, with Orion and Grant’s Find its priorities.

Dreadnought Resources share price snapshot

Dreadnought Resources’ share price has been shooting the lights out. Over the past 12 months shares are up 360%. By comparison the All Ordinaries Index (ASX: XAO) has gained 24% over that same time.

Year-to-date the Dreadnought Resources share price continues to outperform, up 130% so far in 2021.

The post Why the Dreadnought Resources (ASX:DRE) share price soared 11% today appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Whispir Ltd (ASX: WSP) share price is plummeting today after the company announced COVID-19 has impacted its performance over the 2021 financial year.

The software-as-a-service company released a business update today, stating that a resurgence of COVID-19 in Asia has stalled its activities in the region.

Right now, the Whispir share price is $2.48, 12.06% less than its previous closing price.

Let’s take a closer look at today’s news from Whispir.

COVID-19 causing delays

The Whispir share price is in the red after it released a business update this morning.

Despite the company announcing strong (unaudited) sales and growth for the 2021 financial year, the market has reacted poorly to the pandemic which has delayed its new customer activations in Asia.

According to Whispir’s release, the delay in activations has affected its revenue for the 2021 financial year.

Whispir now expects to deliver revenue of around $47.7 million, 22% more than it brought in last financial year.

However, Whispir previously expected to report between $49 million and $51 million of revenue over the financial year just been.

Despite the trouble facing Whispir’s Asian operations, the company’s annual recurring revenue (ARR) has met its previous guidance.

It expects it has received $53.6 million of ARR over the 2021 financial year, 28.5% more than the prior period. Previously, Whispir said it expected to report ARR of $53 million to $55.3 million.

Additionally, Whispir expects to report $6.1 million worth of earnings before interest, tax, depreciation, and amortisation (EBITDA).

Commentary from management

Whispir’s CEO Jeromy Wells commented on the news driving the Whispir share price lower, saying:

Our growing business in Asia is strategically important to medium and long-term revenue growth. A resurgence of COVID-19 in the region has been the main catalyst for today’s update on FY21 revenue and earnings performance. We are confident the impact of COVID-19 is temporary, and that the revenue from our strong sales, particularly in Asia in H2FY21, will materialise in the first half of FY22.

Whispir share price snapshot

Today’s fall has added to the woes facing the Whispir share price on the ASX.

Right now, Whispir’s shares are trading for 33% less than they were at the start of 2021. They have also fallen 47% since this time last year.

The company has a market capitalisation of around $329 million, with approximately 116 million shares outstanding.

The post Here’s why the Whispir (ASX:WSP) share price is falling 12% appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Whispir Ltd. The Motley Fool Australia has recommended Whispir Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Western Areas Ltd (ASX: WSA) share price is on course to end the week on a positive note.

In morning trade, the nickel producer’s shares are up 4% to $2.63.

Why is the Western Areas share price pushing higher?

The catalyst for the strength in the Western Areas share price on Friday has been the release of an update on its 10-year production targets and its expectations for FY 2022.

In respect to the former, Western Areas has firm plans in place to grow its production over the next decade despite the Forrestania operation coming to the end of its life during FY 2025.

According to the release, management expects its Cosmos operation to begin picking up the slack in FY 2023 when Forrestania production starts its decline. And while this is expected to lead to a bumpy few years of production increases and decreases, consistent growth is expected from FY 2027 through to FY 2031.

Western Areas’ Managing Director, Dan Lougher, commented: “The base case consolidated production target clearly demonstrates the steady, long-term nickel exposure that Western Areas offers.”

Mr Lougher also spoke positively in relation to demand for nickel. He explained: “The outlook for nickel demand remains strong with stainless steel and battery metals expected to continue to be in high demand in the medium and long term. Western Areas is one of the few companies that has a clear line of sight toward sustained nickel production into the 2030s.”

The managing director also revealed that he sees scope for its production targets to increase in the future.

“There remains real potential for further growth in the schedule with projects currently well advanced in studies and planning, such as the New Morning project, that we expect will add additional nickel tonnage to the 10-year base case,” he added.

What about FY 2022?

In the meantime, management expects nickel tonnes in concentrate production of 16,000 to 17,000 tonnes in FY 2022. This compares to FY 2021’s production of 16,180 tonnes.

Management explained: “FY22 production guidance remains materially consistent with the prior year and reflects a blended production of flotation concentrate and MREP high grade nickel sulphide precipitate. Spotted Quoll provides approximately 60% of the ore feed at Forrestania, with Flying Fox and lower grade stockpile material providing the balance.”

FY 2022’s production is expected to be achieved with a unit cash cost of production of A$4.25 per pound to A$4.65 per pound. This is in line with the cash costs of A$4.56 per pound that was reported during the first half of FY 2021.

Management explained: “The unit cash cost of production will continue to vary quarter on quarter. Cost increases for rise and fall adjustments have been included to reflect expected cost trends in the resource industry. The mining cost forecasts include mining and processing of Flying Fox ore trending toward reserve grade and treatment of selected low grade stockpile material, where mill capacity allows, noting lower grade material naturally results in a higher unit cost. The mill is expected to process approximately 580kt in FY22.”

The post Here’s why the Western Areas (ASX:WSA) share price is storming higher appeared first on The Motley Fool Australia.

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• Why the Western Areas (ASX:WSA) share price is racing 6% higher today
• Why Bigtincan, EOS, Evolution, & Western Areas shares are charging higher
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• Why the Western Areas (ASX:WSA) share price is racing higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Poseidon Nickel Ltd (ASX: POS) share price won’t be going anywhere today.  

Shares in the exploration company entered a trading halt before yesterday’s session.

In addition, Poseidon also released its quarterly update earlier today.

Let’s take a look at why the Poseidon share price is in a halt and how the company performed last quarter.

Poseidon share price halted on capital raise

Shares in Poseidon entered a trading halt before the commencement of yesterday’s session.

At the request of the company, securities in Poseidon were placed in a halt for up to 2 business days.

Poseidon requested the trading halt pending an announcement by the company regarding a capital raising.

Poseidon did not provide further information on how much the company was looking to raise or where funds will be directed.

However, an article in the AFR’s Street Talk column has provided some light on the capital raise. According to the article, Poseidon is looking to raise $20 million in a placement at 11 cents a share.

Poseidon releases quarterly report

Following its request for a trading halt yesterday, Poseidon also released its quarterly report earlier today.

For the June quarter of 2021, the company reported positive progress in its various projects. Poseidon highlighted operations from its Golden Swan Drilling project, Back Swan scoping study and Windarra Tailings project.

The company also provide a snapshot of its corporate finance performance for the quarter.

As at 30 June 2021, Poseidon noted a cash and current investment holding of $7.9 million.

The company’s net cash outflow from operating and investing activities totalled $7.5 million for the quarter. In addition, Poseidon cited $6.6 million in cash expenditures for exploration and evaluation.

Approximately $3.4 million was spent on the Golden Swan drill drive, $1.9 million on exploration activities and $0.1 million on the Windarra tailings project.

Poseidon noted that there were no production or development activities for the June quarter.

Snapshot of the Poseidon share price

Poseidon is a nickel sulphide exploration and development company with three flagship projects in the Goldfields region of Western Australia.

The Poseidon share price has performed strongly in 2021, surging more than 99% since the start of the year.

Shares in the exploration company have gained significant momentum in the past month in particular.

The Poseidon share price last traded at 13.5 cents, giving the company a market capitalisation of approximately $379.1 million.

The post Why is the Poseidon (ASX:POS) share price halted? appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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