Why the Clean TeQ (ASX: CLQ) share price is up today

The Clean TeQ share price was higher today after the company released its report for the September quarter.

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The Clean TeQ Holdings Ltd (ASX: CLQ) share price today climbed 3.33% to 31 cents before dropping back to 30.05 cents at the time of writing. This came after the company released its report for the quarter to 30 September 2020.  

What was in the report?

Highlights during the September quarter included discussions with potential funding partners to develop Clean TeQ’s Sunrise asset, which the company described as “one of the world’s lowest cost sources of sustainable nickel and cobalt”.

Clean TeQ also discussed its collaboration with Relativity Space Inc. to provide scandium oxide from the Sunrise project. The scandium will be used to develop scandium-aluminium alloys for the 3D printing of launchers for commercial orbital launch services. 

During the quarter, the company also announced that a high grade platinum resource had been identified within the Sunrise project named the Phoenix platinum zone.

Clean TeQ said Sunrise hosted 103.1 million tonnes at 0.33 grams per tonne of platinum for 1,076,170 total ounces of platinum with 90% of this resource in the measured and indicated categories. Within the Phoenix platinum zone, significant historic downhole intersections included 4m at 7.4 grams per tonne platinum, 0.13% nickel and 0.01% copper in addition to 1 metre at 6.5 grams per tonne platinum, 0.15% nickel and 0.01% copper and 1 metre at 4.2 grams per tonne platinum, 0.15% nickel and 0.01% copper. A 6 drill hole diamond core drilling program is planned for the current half of the 2020 calendar year.

Clean TeQ is continuing with its plan to separate its water division from the remainder of the business, including the Sunrise Project and its other mineral exploration activities. It is also considering delisting from the Toronto Stock Exchange, with a cost benefit analysis being undertaken. 

CleanTeQ had cash of $34.02 million at 30 September 2020, down from $40.08 million at the end of the previous quarter. The company’s biggest cost during the quarter was exploration, costing $3.18 million.

About the Clean TeQ share price

Clean TeQ is a minerals development company that also holds patented technology which can be used for water purification and resource extraction. It has been listed on the ASX since 2007.

Earlier this month, Clean TeQ advised it was consolidating its securities, with security holders receiving 1 share for every 10 held.

The Clean TeQ share price is up 210% from its 52-week low of 10 cents. It has risen 40.91% since the beginning of the year. The CleanTeQ share price is up 14.81% since this time last year.

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