Shares in Avz Minerals Ltd (ASX: AVZ) have gone absolutely gangbusters over 2017 from 1.4 cents apiece to 9.1 cents today to deliver some lucky shareholders spectacular returns.
WA-based AVZ is intent on mining the 188 sq kilometre Manono Project in the Democratic Republic of Congo and recently raised $13 million from Chinese investors to help the drilling and testing program in exchange for an 11% stake in the company.
At a share price of 9 cents the company has a market value around $137 million which is based on the cash-generating potential of its lithium rich Manono deposit. However, according to an investor presentation it does not expect "commercial operations" to begin until 2019/2020.
For the quarter ending June 30 2017 it posted zero revenues and a cash operating outflow of $1.548 million, although after the recent capital raising it has a decent amount of cash on hand to fund its upcoming mineral exploration commitments.
