Victory Mines Ltd

Victory Mines Ltd (ASX: VIC) is a metal and mining company that has been stated to acquire four highly-prospective cobalt projects in NSW and WA. Primarily, it has bagged a binding agreement to acquire 100% of the issued capital of Cobalt Prospecting (CPPL). It posted its annual report for the financial year ended on June 30, 2018 on September 26, 2018.
Recent Corporate Events:

• The company acquired gold base metals project near Laverton in in Western Australia under tenement sale agreement with Empire Resources Ltd on March 06, 2017. Company entered into a binding agreement to have 100% acquisition of the issued capital of Cobalt prospecting Pty Ltd. Royalty on return on all metals produced from within the tenement is under consideration.
• On August 16, 2017, the company was granted the permission by Bolivian state mining company to commence the feasibility study on a number of its existing tailing sites.
• The company incorporated a 99% subsidiary, Andean tin Mining. S.R.L in Bolivia. The sole purpose of the subsidiary was to handle the requirements from Bolivian Government and to hold the new concession approvals as approved by Bolivian Government. Company voluntarily de registered its wholly own subsidiary, South American Tin Pty Ltd on December 20, 2017.
• On 16 March 2018, the Company completed the acquisition of Cobalt Prospecting Pty Ltd.

Financial Highlights:
Company reported a decrease in revenues of $28,334 in 2018 from $32,615 in 2017. Total assets reduced to $13,084,135 in 2018 from $1,817,494 in 2017. Free cash reduced to $818,553 in 2018 from $1,702,585 in 2017. For the year ended on June 30, 2018, the consolidated entity incurred a loss of $3,002,429 and net cash flow from operating activities recorded at $2,515,856 and working capital surplus of $536,813 was posted by the company.

Stock Performance:
VIC is under suspension since September 2018 and traded in consolidated to sideways zone as seen in the month of September. The price levels were near the lower end of the Bollinger bands. Major indicators like RSI and MACD were in negative territory signaling weak trend strength.

It has been extending the voluntary suspension since September while this move was taken in view of project acquisition and capital raising. Meanwhile, the group has been trying to resolve the queries related with issue of securities as raised by ASX. Particularly, the company has been indicated to be having done a few deals over phone calls while there is no proper documentation; and this seemed to have irked the ASX.
In addition to a hazy trading scenario, the whole thing circles around identification of mineralisation in a potential region that has many other cobalt explorers. The scenario and trading situation indicate for a watch stance while many investors have been eyeing for suspension of directors of the company.
The stock last traded at 0.5 cents.
 

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