General Moly (the “Company” or “General Moly”) (NYSE AMERICAN and TSX: GMO) announced its financial results for the fourth quarter and full year ended December 31, 2017 today. The Company entered 2018 with an unrestricted cash balance of approximately $6.7 million at year-end 2017.
With molybdenum prices increasing 26 percent to $12.95 per pound in 2018 to date as reported by Platts, the Company is well positioned as the only western-exchange listed, pure-play molybdenum (“moly”) mineral development company with one of the world’s largest moly deposits, the Mt. Hope Project in central Nevada.
Bruce D. Hansen, Chief Executive Officer, said:
“We are pleased that the moly price improved during 2017, rising 52 percent at year-end 2017 from 2016, according to Platt’s global moly oxide prices. Moly was the second best performing metal in 2017 amongst BMO Capital Market’s universe of metals and mining commodities and we believe the moly price recovery has future appreciation potential.
Against this rapidly improving molybdenum market, we are making progress with our new water permit applications and Supplemental Environmental Impact Statement and believe receipt of a new Record of Decision and water permits could be obtained early next year.”