Apex Minerals is set to go to market for more funds, with its Wiluna operation expected to become cash-flow positive next month as it ramps up production to between 12,000 and 13,000 ounces of gold in the September quarter.
Apex shares went into a voluntary trading halt this morning, with the Perth-based gold miner saying it planned to undertake a capital raising to strengthen its balance sheet and repay its debts.
The company said full details would be released later this week.
Apex also released an update on operations at Wiluna, saying its output would increase from the 9,139 ounces produced in the June quarter and become cash-flow positive in October.
The company said output for the December quarter would come in at between 17,000 ounces and 19,000 ounces with cash costs between $1,200/oz and $1,300/oz.
“Apex continues to focus on re-establishing Wiluna as an efficient, profitable and sustainable operation and is pleased to report and increasing production profile with operations expected to be cash flow positive from October onwards,” the company said in a statement.
Apex shares last traded at 10 cents.
