GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ending 30 June 2022 (the “Quarter”), primarily focused on construction of its 60%-owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.


HIGHLIGHTS:

  • Abra Project 73% complete at end of the June Quarter (15% of Abra construction works were completed during the June Quarter). Project focus remains on underground access to the Abra orebody and completion of the processing plant and power station.
  • Underground development achieved 565m advance during the Quarter remaining on schedule with the decline reaching 1,357mRL. The decline is 44m above the orebody and 193m below the surface.
  • Overall processing plant construction has reached 79% complete. Plant engineering and drafting work is 99% complete and site construction work is 72% complete.
  • Key overseas supplied equipment being the remaining mill equipment, secondary and tertiary cone crushers, and LNG tanks have arrived on site.
  • US$20M additional debt drawdown was completed under the Taurus Debt Facilities, leaving US$25M remaining undrawn.
  • Cash balance at Quarter-end A$48.2M.
  • After Quarter-end, binding commitments received for an oversubscribed placement to raise A$17M.


ABRA BASE METALS MINE (60%-OWNED)

Abra comprises a granted Mining Lease, M52/0776 and surrounding Exploration Licence E52/1455, together with several co-located General Purpose and Miscellaneous Leases. The Project is 100% owned by Abra Mining Pty Limited (“AMPL” the Abra Project joint-venture entity), which in turn is 60% owned by Galena, with the remainder owned by Toho Zinc Co., Ltd. (“Toho”) of Japan.

Abra is fully permitted and under construction. First production of its high-value, high-grade lead- silver concentrate is currently scheduled for the first quarter of 2023 calendar-year.

During the Quarter Abra Project construction works continued, reaching the 73% completion mark at the end of the Quarter.

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This article includes content from GALENA MINING LTD (ASX:G1A)., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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