It really hasn't been a great day for most ASX shares this Thursday. At the time of writing, the All Ordinaries Index (ASX: XAO) has lost a meaty 0.86% of its value and is back below 7,000 points. But let's talk about a few ASX mining shares that are doing even worse than the All Ords. And it's all thanks to new quarterly reports.
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Three ASX mining shares having a really bad day
Argosy Minerals Limited (ASX: AGY)
First up is lithium hopeful Argosy Minerals. Argosy shares started the day at 18 cents each. But at present, this ASX mining share has cratered by a nasty 7.03% down to 17 cents a share. This follows the company's latest quarterly activities report covering the three months to 30 September 2023.
Argosy told investors that it had burned through $456,000 in net cash over the quarter, bringing its total 2023 to date (up to 30 September) cash burn to $855,000. The company had approximately $17.8 million in cash reserves at that date.
Argosy told the markets that "All chemical process technology reviews, validation and verification works have been successfully completed, confirming the Company's capability to produce battery quality lithium carbonate product".
Even so, investors might be put out by this:
Production output has been constrained due to downtime associated with equipment modifications and the performance testing conducted on the primary solid's filtration circuit, which are being prioritised to expedite achieving continuous production operations.
We covered investors' growing apathy over this ASX mining stock back in June, so it appears that this report has done nothing to assuage those concerns.
Sandfire Resources Ltd (ASX: SFR)
Sandfire shares are another ASX mining company under the pump today, although not nearly by quite as much as Argosy. At present, the Sandfire share price has retreated by 0.59% and is down to $5.90 a share.
Again, we have a September quarterly presentation to discuss here.
Sandfire reported copper production of 30.8kt for the quarter, with 22.2kt coming from its flagship MATSA project.
Overall, the ASX 300 mining share also disclosed quarterly revenues of $201 million, as well as underlying operational earnings before interest, tax, depreciation and amortisation (EBITDA) of $81 million.
Group EBITDA came in at $66 million, with the company possessing $113 million in cash. That's against a net debt of $454 million.
It seems investors are, at best, ambivalent about these latest figures from Sandfire today, judging by what's happening with the company's share price.
Chrysos Corporation Ltd (ASX: C79)
Finally, let's check out ASX 300 mining services share Chrysos. Chrysos shares have lost a substantial 2.8% of their value so far this session, and are trading for $6.30 each at the time of writing. Remember, this company is now up more than 110% year to date in 2023.
Once more, we have a quarterly investor update to discuss here. For the three months ending 30 September, Chrysos brought in $8.9 million in total unaudited revenue. That represents a 73% year-on-year growth rate and 4% quarter-on-quarter.
Chrysos declared a $33 million cash position after receiving a net-positive $1.1 million cash inflow over the quarter. The ASX 300 mining share also revealed that two new units of its PhotonAssay product have been deployed over the quarter so far, with another one redeployed.
But again, it seems investors were expecting a bit more from Chrysos, going off of what the shares are doing.
