ALMADEX MINERALS COM NPV (OTCMKTS:AXDDF)
ALMADEX MINERALS COM NPV (OTCMKTS:AXDDF), based in Vancouver, Canada, is an mineral exploration company. Almadex currently manages numerous exploration projects, several Net Smelter Return (NSR) royalties on projects managed by other companies, company-owned drilling and geophysical equipment, and a sustainable capital position. This represents a portfolio 35-years in the making by Almadex’s predecessor company, Almaden Minerals Ltd.
ALMADEX MINERALS COM NPV (OTCMKTS:AXDDF) is currently focused on exploration at its El Cobre gold/copper project in Veracruz, Mexico, in which it holds a 100% interest, subject to a sliding-scale NSR equivalent to 0.5% in the event that production from the property exceeds 10,001 tons per day of ore. This NSR can be reduced to 0.25% at this production rate with a $3 million payment.
ALMADEX MINERALS COM NPV(OTCMKTS:AXDDF) owns and has explored several properties in the Southern British Columbia gold belt. The Merit Project covers an area of epithermal gold-silver veining and is about 1,700 hectares in size. The property is 30 km west from the city of Merritt, B.C.. The Nicoamen River project covers roughly 2,600 hectares prospective for epithermal gold silver mineralization. Previous work includes surface sampling, mapping and geophysics. Future plans include further drilling of defined targets. The company’s Ponderosa property is owned by Almadex (acquired in late 2005) and covers 6950 hectares. The property is located 25 km southwest of Merritt. In the USA, Almadex owns the Willow Project in Douglas and Lyon Counties Nevada and totals roughly 10,252 hectares. The project covers an area of intense hydrothermal alteration interpreted to represent a porphyry “lithocap”, the hydrothermal alteration overlying a large porphyry system with significant copper, gold and molybdenum potential. ALMADEX MINERALS COM NPV(OTCMKTS:AXDDF) receives royalties from six projects in Mexico, seven projects in Canada, and two projects in the USA.
ALMADEX MINERALS COM NPV (OTCMKTS:AXDDF) held, as of September 30, 2017, no debt and over CAD $5.5 million in cash. Total assets were listed at CAD $14.1 million and total liabilities were listed at CAD $250,110. Net income for Q3 2016 was CAD $1.95 million. Importantly, Almadex shareholders benefit from “Other comprehensive income”. For this period, that figure was CAD $1.72 million which when totaled with net income, gives shareholders total net income of CAD $3.67 million. The company has issued 47.8 million shares, options representing 4.3 million shares at an average strike price of $0.32, and warrants representing 1.3 million shares at an average exercise price of $1.98.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.