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Ausgold Reports Drop in Cash Position for June Quarter; Shares Down 4%

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Ausgold (ASX:AUC) reported a cash position of about AU$87.4 million as of the end of June, according to a Monday filing with the Australian bourse.

The company previously reported about AU$97.9 million in cash as of March 31.

During the June quarter, material cash outflows comprised about AU$12.2 million on exploration and evaluation studies, AU$400,000 on staff costs, and AU$378,000 of corporate and administration costs, while material cash inflows included about AU$1.8 million of interest income, per the filing.

Ausgold is targeting a final investment decision for its Katanning gold project in Western Australia by the end of the year. The company said ongoing drilling at the project intersected broad zones of mineralization down-dip, beyond the limits of the existing mineral resource estimate of 2.4 million ounces.

Ausgold shares fell 4% in recent Monday trade.

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