Kaiser powers through July growing cash, gold bullion assets
Management says production remained strong at Henty last month. The company's coffers were also bolstered by its A1 gold mine in Country Victoria adding gold ounces, while third-party ore purchase agreements further boosted performance.
Kaiser pulled in more than $10.1 million in free cash flow last quarter, after accounting for all expenses, seeing its bank balance balloon to a stellar $24.7 million at the end of June. In July, its cash and bullion stash grew to $30.7 million, before the company dipped into its pocket to pay a final $2.5 million royalty payment for the financial year to Mineral Resources Tasmania.
A $500,000 debt repayment followed during the month, leaving a still-considerable jump in its assets for the period.
Kaiser has significantly boosted revenue since assuming control of the recently purchased Henty mine, raking in an impressive $25.177 million for the June quarter.
The company first sat in the Henty driver's seat on May 15, steering the operation to produce solid results for the balance of the quarter. The company scooped up the profitable underground gold mine from $1.4 billion ASX-listed Catalyst Metals.
Management believes its recent quarterly financial report highlighted the payment of significant one-off costs related to the Henty acquisition, which may not have been fully appreciated by the market.
It says in addition to its cash build during the quarter, the company paid $1.3 million in brokers' fees for handling the capital raise, $500,000 in corporate advisory fees, $200,000 in legal fees, made a $1 million loan repayment to one of its funders, Auramet International, and paid $800,000 in Auramet establishment fees and costs for the purchase of put options.
The put options purchase was a requirement to secure its debt facility and have been fully paid, with the benefit of locking-in a guaranteed minimum price of $4400 per gold ounce.
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