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Falcon Metals Reports Drop in Cash Balance at End of June Quarter

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Falcon Metals (ASX:FAL) reported a cash balance of AU$15.4 million as of the end of June after spending AU$4.1 million on operating activities during the quarter, according to a Tuesday filing with the Australian bourse.

The company previously reported a cash balance of AU$19.3 million at the close of the March quarter.

Falcon Metals said drilling is continuing at its Blue Moon gold project, but assay turnaround times in Victoria remain under pressure, and the next assay results for the project are expected in one to two weeks.

Meanwhile, a reverse circulation drilling program at the company's Errabiddy gold project in Western Australia is expected to start in the second half of this year.

Falcon Metals shares fell past 2% in recent Tuesday trade.

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