Mincor (ASX:MCR) share price nears 52-week high after FY21 results

Shares in the Aussie miner were on fire on Monday.

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The Mincor Resources NL (ASX: MCR) share price has finished higher more than 4% Monday after the group's full-year financial report release.

Mincor share price jumps after FY21 earnings

The Aussie nickel and gold miner released its financial report for the year ended 30 June 2021 (FY21). Some of the key takeaways from this morning's update include:

  • Net loss after tax of $13.4 million, down from $14.3 million in FY20
  • Net assets up 54.3% on the prior corresponding period (pcp) to $89.4 million
  • Total assets increased by 70.1% to $126.4 million due to capitalised mine properties and development expenditure
  • No dividend declared

The Mincor share price finished the trading day up 4.14% at $1.385 following the latest financial and operations update.

What happened in FY21 for Mincor?

Mincor commenced development of its Kambalda Nickel Operations in November 2020. That follows the integrated nickel restart plan based on the March 2020 definitive feasibility study for both its Cassini and Northern Operations.

The Cassini Nickel Mine was officially opened in March 2021 with development metres achieved for Cassini totalling 1,493 metres as at 30 June 2021. Work progressed on completing the service works for installation of a raisebore concrete pad for drilling the main Cassini ventilation shaft.

At its Northern Operatiions, development metres achieved at 30 June 2021 totalled 1,971 metres.

On the exploration side, Mincor reported several significant results for the year. Some notable updates include a 16.5% upgrade to the Cassini Main Ore Reserve to 1.21 megatonnes (Mt) at 3.3% nickel (Ni) for 40,100 tonnes of contained nickel and diamond drill intersection at Cassini North of 2.5 metres at 6.6% nickel.

What's next for Mincor and its share price?

Today's gains in the Mincor share price have helped it climb 25% higher in 2021. That gives the company a $600 million market capitalisation with its shares sitting just shy of a 52-week high.

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