Cobalt Junior Slides on Reporting Questions

Katanga Mining Limited (TSE:KAT), a cobalt junior, fell sharply after announcing that it is conducting a review of certain of the Company’s past accounting

Sean Mason | July 31, 2017 | SmallCapPower

Potential issues with past accounting methods weighed heavily on shares of a cobalt junior Monday. Here’s some small stocks making big moves on Monday, July 31, 2017 (as of 4 pm EST):

Katanga Mining Limited (TSX: KAT) shares sank 28% to $0.53 on Monday after the cobalt junior announced that it is conducting a review of certain of the Company’s past accounting, and that some financial statements “will likely require restatement.”

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As well, shares of Fancamp Exploration Ltd. (TSXV: FNC) rose 8% to $0.065, following a 20% gain on Friday, as the junior explorer said its Westmount-based subsidiary, The Magpie Mines Inc., has been awarded $3.9 million in funding to support the commissioning and operation of a one tonne per day demonstration plant to produce high-grade synthetic rutile (TiO2) from low-grade titanium feeds.

NexGen Energy Ltd. (TSX: NXE), meanwhile, reported results of its independent maiden Preliminary Economic Assessment of the basement-hosted Arrow Deposit in Saskatchewan’s Athabasca Basin. Highlights included an after-tax Net Present Value of C$3.49 billion, using an 8% discount rate, as well as pre-production Capex of C$1.19 billion. NexGen Energy stock moved up 4% to $3.15 following the announcement.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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