Stocks of the Hour: Cobre, Silver Lake Resources, BetMakers Technology Group

Company News

by Paul Sanger

Junior miner Cobre Limited (ASX:CBE) today announced the first intersection of significant copper mineralisation from its ongoing drill programme on it’s KML’s NCP licenses. Based on visual estimates, confirmed with pXRF readings, drill hole NCP07 has intersected a broad zone of copper mineralisation starting from 214m and continuing for approximately 59m downhole to 273m. Mineralisation includes vein and fracture fill chrysocolla as well as fine-grained copper sulphides, which increase in abundance between 250 and 260m downhole. Commenting on the initial drilling results, Cobre Executive Chairman and Managing Director, Martin Holland, said: “This new copper discovery represents a transformational moment for Cobre Shareholders. Cobre has never been in a better position from a project ownership, technical and operation perspective and now we have a promising copper intersection, on one of the most prospective Copper belts in the world. Shares in CBE are currently trading up 90 per cent to 9 cents.

Silver Lake Resources (ASX:SLR) has set fresh sales guidance of 260,000 ounces of gold production for the 2023 financial year after withdrawing its previous quarterly guidance in April amid higher costs and labour issue uncertainty.The mining company said it generated quarterly production of 65,844 ounces of gold and 235 tonnes of copper in the three months through June. For the financial year, output of the precious metal reached 251,887 and 991 tonnes of copper. “Silver Lake’s operations have resiliently managed the challenges presented by the prevailing operating climate during the quarter and throughout FY22, which were impacted by the ongoing and evolving response to COVID-19, and labour and supply chain constraints,” it added. Shares in SLR are currently trading up 3.2 per cent to $1.37.

BetMakers Technology Group Ltd (ASX:BET) today announced a strong quarterly cash flow statement and quarterly activities report for Q4 FY22. The $26.2m in reported cash receipts from customers in Q4 FY22 highlights the continued strong performance of the existing business with FY22 cash receipts from customers of $93.4m. Net cash from operating activities for the quarter was $0.4m, which includes approximately $2.5m in payments not directly related to the normal on-going costs for the period. Shares in bet are currently trading up over 1 per cent higher at 49 cents.

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