M8 Sustainable Ltd (ASX:M8S) Releases Quarterly Activities Report
Operational Achievements
M8 Sustainable Limited (ASX:M8S) has reported significant developments in its Quarterly Activities Report for the quarter ended 30 September 2024. The installation of a metals shredding facility at Maddington is underway, with commissioning works already initiated. Operations are anticipated to commence in early 2025, pending necessary approval from the Department of Water and Environmental Regulation for a license amendment.
During this period, the Maddington site has begun accepting skip bin waste, sorting the recyclable materials while directing the rest to landfill. The Company expects that the landfill fraction will be sent to the Gingin facility upon its opening in 2025.
Financial Performance
For the reporting quarter, M8S recorded an operating cash outflow of $288,000. Total receipts from customers amounted to $189,000, with significant operating costs of $234,000 and staff expenses of $47,000 incurred during the period. Notably, financing activities yielded a net inflow of $305,000, primarily from proceeds associated with M8 Holdings and Patina Metals.
The net cash available at the end of the quarter was $4,000, reflecting the strategic financial management of the Company. M8S continues to assess opportunities for raising additional working capital as it prepares for reinstatement to trading on the ASX in February 2025.
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