The Directors note that the share price of Strategic Minerals plc (“SML”) on the London Stock Exchange has more than doubled over the past 8 days. SML is NAE’s Joint Venture partner in the Redmoor Tin-Tungsten project in Cornwall, UK and the SML share price increase may therefore have had an impact on trading in NAE.
Furthermore, tin prices have increased by 34% this year (current tin spot price is currently around US$20,000/t) which has improved the value of NAE’s Redmoor Tin-Tungsten project considerably. This may have also had an impact on trading in NAE.
The Directors also note that coking coal prices have risen dramatically this year (the Hard Coking Coal Benchmark spot price today of US$217/t FOB Australia is up 189% since 1 January 2016). NAE’s Lochinvar Coking Coal Project in Scotland is well positioned to take advantage of increased coking coal prices with an Indicated Resource and a Scoping Study completed in 2014. This may have also had an impact on trading in NAE.
NAE Price at posting:
1.6¢ Sentiment: None Disclosure: Held
