Artemis Resources Limited - Quarterly Cash Flow Report - June 2024
ARTEMIS RESOURCES LIMITED (ARV) Share Update July 2024 Tuesday 30th
Artemis Resources Limited Reports Quarterly Cash Flow for June 2024
Artemis Resources Limited (ASX: ARV) has released its quarterly cash flow report for the period ending 30 June 2024, detailing its financial activities and current cash position.
Instant Summary:
- Net cash used in operating activities: $358,000
- Net cash used in investing activities: $950,000
- Net cash from financing activities: $1,100,000
- Cash and cash equivalents at the end of the period: $556,000
- Additional $1.6 million raised in July 2024
Operating Activities
During the June 2024 quarter, Artemis Resources Limited reported net cash used in operating activities amounting to $358,000. The primary expenses were administration and corporate costs totaling $360,000. The company also received $2,000 in interest income.
Investing Activities
Net cash used in investing activities for the quarter was $950,000, primarily directed towards exploration and evaluation activities. No proceeds were reported from the disposal of entities, tenements, property, plant, equipment, or investments.
Financing Activities
Artemis Resources Limited generated $1,100,000 from financing activities. This included proceeds from the issue of equity securities amounting to $1,187,000, offset by transaction costs related to equity issues of $87,000. No borrowings or convertible debt securities were issued or repaid during the quarter.
Cash Position
At the beginning of the quarter, the company had cash and cash equivalents of $764,000. After accounting for operating, investing, and financing activities, the cash and cash equivalents at the end of the period stood at $556,000. Additionally, the company raised a further $1.6 million in July 2024 and has approximately $1.00 million in liquid investments as of 30 June 2024.
Future Funding and Operations
Despite a net cash outflow from operating and investing activities, the company has adequate funding for its operations. The company has in excess of two quarters of funding available, considering its liquid investments. The company expects to continue its exploration plan in line with its budget, supported by the recent capital raising.
The quarterly cash flow report indicates that Artemis Resources Limited is managing its cash flow effectively, despite significant expenditures on exploration and evaluation. The additional $1.6 million raised in July 2024 strengthens the company's financial position and provides sufficient funding for future quarters. Investors may view the company's proactive approach to securing additional funds as a positive sign of its commitment to ongoing exploration activities.
Investor Reaction:
Analysts are likely to react positively to the company's ability to raise additional funds and maintain a stable cash position. The focus on exploration and evaluation activities suggests potential for future growth, which could attract investor interest. However, the net cash outflows may raise concerns about the company's ability to generate positive cash flow in the near term.
Conclusion:
Investors should monitor Artemis Resources Limited's progress in its exploration activities and its ability to manage cash flow effectively. The company's recent capital raising efforts provide a buffer for future operations, but it will be crucial to see how these funds are utilized to drive growth. Staying informed on the company's developments will help investors make well-informed decisions.