Black Canyon Limited
Black Canyon Limited (BCA) is focused on manganese exploration and development in WA's Pilbara region. The Company has a portfolio of tenements that are prospective for manganese mineralisation and hosts the large Flanagan Bore Mineral Resource.
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Metals & Mining
What does Black Canyon Limited (BCA) do?
Black Canyon Limited is all about manganese, copper and cobalt. Headquartered in Subiaco, this minerals exploration company is active in Western Australia’s Pilbara region.
The company is currently focused on its flagship Flanagan Bore Project, located approximately 120 kilometres north-east of Newman in the Pilbara region. The project contains both 100%-owned and joint venture tenements (JV with Carawine). Previous drilling at Flanagan Bore has returned thick intervals of supergene manganese mineralisation and identified nine high priority targets.
Black Canyon also has interests in four more projects but did not undertake any fieldwork in these during the final quarter of 2021:
Braeside Project — Part of the Carawine JV and located 250 to 300 kilometres south-east of Port Hedland, the Braeside project has had limited drill testing. Black Canyon has confirmed the presence of manganese mineralisation.
Oakover West Project — Also located 250 to 300 kilometres south-east of Port Hedland, Oakover West is adjacent to the Sunday and Ant Hill manganese development projects owned by Resource Development Group. The project comprises both 100% Black Canyon owned and Carawine JV tenure.
Oakover East Project — Prospective for manganese and copper, the project is located 10 kilometres of Oakover West. Previous exploration has concentrated on extensive outcropping manganese at Fig Tree and copper mineralisation at the Enacheddong prospect. This project also comprises both 100% Black Canyon owned and Carawine JV tenure.
Lofty Range Project — 100% owned by Black Canyon, this project is 30 kilometres north-west of the Butcherbird Manganese Operation and close to infrastructure. Initial field assessments have confirmed outcropping manganese mineralisation.
All together, Black Canyon’s projects comprise over 2,600 square kilometres of prospective tenure in East Pilbara.
Is Black Canyon a profitable company?
No, Black Canyon is not profitable at this time. Since FY2018, Black Canyon has reported zero revenue. It has also reported net losses of A$88, A$2.47k, A$68.44k and A$841.9k for FY2018, FY2019, FY2020 and FY2021, respectively.
The company has already begun issuing more shares to keep operations going. At 30 June 2021, the number of BCA shares available was 39.7m. Half a year later, the available shares had risen to 40.7m. The company’s “consolidated cash at hand was $3.6m as of 31 December 2021 with no debt”.
Black Canyon also placed another 9.7m shares on 29 April 2022 to accelerate operations at Flanagan Bore.
As the company was only listed in May 2021, financial data is limited and only goes back to FY2018.
Is BCA stock a buy?
Some investors are bullish. On 13 April 2022, Black Canyon announced “a significant increase in the Mineral Resource tonnage and contained manganese at its Flanagan Bore Project in the eastern Pilbara region of Western Australia”.
Black Canyon’s new Mineral Resource Estimate (MRE) added 89 million tonnes of total tonnage and nine million tonnes of contained manganese on top of the previous MRE of 15 million tonnes at 11.3% manganese.
On 29 April 2022, Black Canyon successfully raised A$3.2m to accelerate its operations at Flanagan Bore after placing 9.7m shares.
Does BCA stock pay dividends?
No. Black Canyon has no history of paying dividends and has made no announcements to do so in the future.
Who owns BCA stock?
Holding 53.1% of the total float, the general public is the largest owner of BCN stock. Individual insiders also hold a substantial amount at 35.1% of the total float.
Some of the biggest owners of BCA stock include Charles Arve (4.5%), Executive Director Brendan Cummins (3.86%), Non-Executive Director Adrian Hill (3.86%), Robert Greenslade (3.34%), Non-Executive Director Simon Taylor (2.82%), Non-Executive Chairman Graham Ascough (2.7%) Richard Manners Hill (2.54%), Letitia Burbury (2.46%), KJLA Pty Ltd (1.39%) and Sailors Of Samui Pty Ltd (1.15%)
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This does not constitute financial advice. You should do your own research before making an investment decision. Past performance is not a reliable indication of future performance. No representation is made as to the timeliness, reliability, accuracy or completeness of the market data provided.