DeSoto Resources, Near Cash-Backed, Poised to Reveal Strategic Acquisition

DeSoto Resources Ltd (ASX: DES) held $6.1 million in cash at the end of March 2024, and has around 89 million shares on issue.

With a last traded price of $0.076, this delivers a market capitalisation of $6.8 million.

The enterprise value is therefore well under one million dollars.

DeSoto is now preparing to reveal details of a strategic acquisition, with the ASX granting a trading halt until the commencement of trade on Wednesday 29th May 2024.

Proven gold-finders

DeSoto is utilising the skills of a team that built the Guinea-focused gold company Predictive Discovery Ltd (ASX: PDI) from an explorer to multi-hundred million capped company.

Paul Roberts is executive chairman, and was responsible for the discovery of the world-class Bankan Gold Project in Guinea, the Henty gold deposit and major extensions to the St Dizier tin deposit, among others.

Roberts founded PDI, and was the chief executive officer for 14 years until 2021.

Chris Swallow is managing director, and was the corporate development officer for PDI and Minbos Resources Ltd (ASX: MNB).

Current portfolio

DeSoto is currently exploring at the Fenton Gold Project in the Northern Territory.

The company has also been reviewing global manganese opportunities.

 

 

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