Last C$0.21 CAD
Change Today +0.02 / 10.81%
Volume 39.4K
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As of 3:41 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

formation metals inc (FCO) Snapshot

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09/10/14 - C$0.27
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formation metals inc (FCO) Details

Formation Metals Inc. operates as a mineral exploration and mine development company in Canada, the United States, and Mexico. The company’s principal project is the 100% owned Idaho Cobalt Project (ICP), which comprises the ICP mine site located in Lemhi County, Idaho, near the town of Salmon. It also explores for silver, gold, copper, lead, zinc, uranium, platinum group metals, and rare earth elements. The company was formerly known as Formation Capital Corporation and changed its name to Formation Metals Inc. in October 2009. Formation Metals Inc. was founded in 1988 and is headquartered in Vancouver, Canada.

Founded in 1988

formation metals inc (FCO) Top Compensated Officers

Chief Executive Officer and President
Total Annual Compensation: C$248.7K
Chief Financial Officer and Corporate Secreta...
Total Annual Compensation: C$113.1K
Total Annual Compensation: C$384.2K
Total Annual Compensation: C$332.3K
Compensation as of Fiscal Year 2014.

formation metals inc (FCO) Key Developments

Formation Metals Inc Reports Unaudited Consolidated Earnings Results for the First Quarter Ended May 31, 2014

Formation Metals Inc. reported unaudited consolidated earnings results for the first quarter ended May 31, 2014. For the quarter, the company reported income from operating activities of CAD 716,131 compared to loss from operating activities of CAD 1,317,707 reported in the same period last year. Revenue for the quarter was CAD 192,117 against CAD 346,769 reported last year. Net gain for the quarter was CAD 2,527,124 or CAD 0.03 per basic and diluted share against net loss of CAD 3,317,885 or CAD 0.04 per basic and diluted share reported last year. Income before income taxes was CAD 841,744 against loss before income taxes of CAD 4,984,310 reported last year. Net cash used in operating activities from continuing operations of CAD 591,493 against CAD 1,821,004 reported last year. Net cash provided by operating activities was CAD 767,139 against net cash used in operating activities of CAD 1,908,390 reported last year. Purchase of property, plant and equipment, net of deposits was CAD 12,596 against CAD 301,259 reported last year. Mineral property expenditure was CAD 263,701 against CAD 429,161 reported last year.

Dundee Drops Lawsuit Against Formation Metals

Formation Metals Inc. announced that it has been advised that Dundee Corporation's legal counsel has sent for filing a Consent Dismissal Order of the Petition proceedings with the Supreme Court of British Columbia signed by counsel for all parties of record to that matter to dismiss the proceedings against Formation and all other respondents, including all Formation directors at the time of the initial filing of the Petition in June 2013, in response to the company's announcement of the proposed sale of certain assets as discussed in the Company's news release dated June 6, 2013. All parties of record to the proceeding have agreed to the dismissal of the Petition without costs to any party and the dismissal order has been sent for filing with the Supreme Court of British Columbia.

Formation Metals Inc Auditor Raises 'Going Concern' Doubt

Formation Metals Inc filed its Annual on May 26, 2014 for the period ending Feb 28, 2014. In this report its auditor, Smythe Ratcliffe, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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