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Notice of General Meeting
Pursuant to ASX Listing Rule 3.17.1, Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) provides the attached copy of Notice of General Meeting, accompanying notice and access letter and proxy form.
The General Meeting will be held at 32 Harrogate Street, West Leederville, WA, 6007 at 9:00am (WST) on Thursday 6 April 2023.
This announcement has been approved by Melissa Chapman, Company Secretary.
Click here for the full ASX Release
This article includes content from Cyclone Metals Ltd., 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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Cyclone Metals
Overview
Cyclone Metals (ASX:CLE) is a listed exploration and development mining company focused on developing a world-class iron ore project in Canada referred to as project Block 103 or project Iron Bear. The company completed its acquisition of Labrador Iron, which owns 100 percent of the Block 103 magnetite iron ore project in Canada.
Iron Bear is located in the Labrador Trough in Canada, 30 kilometers from the town of Schefferville, and is within 20 kilometers of an open-access heavy haul railway directly connected to the Sept Isles iron ore export port. The Labrador Trough is a well-established and stable iron ore exporting district which harbors numerous iron producers including IOC (Rio Tinto), Champion Iron and Tata Steel, all of which benefit from the same rail and port infrastructure.
Iron Bear is a well-advanced project with over US$35 million of expenditures to date, including mineral resource drilling, metallurgical test work, geological modelling, engineering studies and risk assessments.
A maiden NI 43-101 mineral resource was defined by Watts, Griffis and McOuat in 2013 and a preliminary economic assessment( PEA) study was completed by BBA Inc. These independent studies highlight the exciting value embedded in Block 103, and the potential to produce large volumes of direct reduction pellets for a low cash cost, leveraging the low stripping ratio (0.4:1), and the access to competitive hydro-power. The company released a JORC-compliant mineral resource statement and related mineralogical test work results, showing inferred mineral resources of 7.2 billion tonnes containing 29.2 percent total Fe and 18.9 percent magnetic Fe.
As the company ramps up the development of the Iron Bear Project, Cyclone Metals has entered into a binding term sheet with BVI-registered company Moosh Moosh Limited for the sale of its non-core gold assets which include the Nickol River Gold Project tenements in Western Australia, the Longwood Range Gold Copper PGE Project, Mareburn Gold Project, Macraes South Gold Project, Drybread – Waikerikeri Gold Project, and Muirs Gold Project located on the North and South Islands of New Zealand.
Company Highlights
- Cyclone metals owns 100 percent of the world-class Iron Bear iron ore project in Canada and has approximately AU$8 million of liquid investments in ASX listed resource companies
- The world class Iron Bear iron ore project has a mineral resource of 7.2 billion tonnes containing 29.2 percent total Fe and 18.9 percent magnetic Fe (JORC and NI 43-101- compliant at the inferred status)
- The Iron Bear mineral asset is located in the Labrador Trough, less than 15 kilometers from an open access heavy haul railway directly connected to the Sept Isles iron ore export port.
- Metallurgical test work completed on representative bulk sediment samples delivered a magnetite blast furnace concentrate produced grading 68.7 percent Fe with very low deleterious elements and silica below 3.5 percent. The magnetite recovery ration was over 97 percent achieved with industrial processing equipment.
- A preliminary economic assessment suggests that the cash costs for producing blast furnace pellets could be very low, estimated at US$46.5 /t FOB Sept Isles due to a low stripping ratio (1/4) and access to hydropower.
- Iron ore is the world’s second largest commodity by value and underpins the growth of developing nations including China and India. The benchmark 62 percent Fe price has been on average US$95/t CFR China over the last decade. As of 04/12/23 the price of the 62 percent Fe benchmark was US$130/t and the price for BF pellets was US$182/t.
- The Iron Bear iron ore products will be tailored to minimise the carbon footprint of steel producers – further enhancing the value of the project for investors. Test work is ongoing to define an ultra-low carbon direct reduction pellet and concentrate.
- The management team of Iron Bear has communicated a very structured plan to develop the project and deliver value for stakeholders (investors and local communities). The achievement of each milestone is monitored and has clear accountabilities
Key Project
Project Block 103/Iron Bear
Mineral Resource Estimate at 12.5 percent magnetic Fe cut-off grade
Project Block 103/Iron Bear Highlights:
- World-class 100-percent-owned asset with reported mineral resource 7.2 billion tonnes @ 29.2 percent iron - inferred JORC and NI 43-101 compliant. The maiden mineral resource is based on less than 25 percent of the strike area
- Mining friendly jurisdiction, less than 15 kilometers from an open-access heavy haul railway directly connected to the Sept Isles iron ore export port.
- A class leading blast furnace magnetite concentrate was produced grading 68.7 percent iron with very low deleterious elements and silica below 3.5 percent, and very high recovery >97 percent for magnetite iron
- As of 04/12/23 the price of the 62 percent Fe benchmark was US$130/t and the price for blast furnace pellets was US$182/t CFR.
- A preliminary economic assessment (completed in 2013 by Watts, Griffis and McOuat and BBA) highlights attractive financials: NPV = C$7.4 billion @ 8 percent WACC for 16.6 Mta production of acid pellets based on 62 percent Fe benchmark of US$110/t
- Low pellet cash costs US$46.5/t FOB Sept Isles due to favourable ore properties and access to hydropower.
- Iron Bear mineral resource can support large-scale production of quality pellets or concentrates - from 20 to 100 Mta.
- DRI pellets are critical for steel mills looking to reduce their carbon footprint, are in very short supply and carry large premiums.
Recent site work at Iron Bear
Metallurgical test work for Iron Bear, establishing that the following high quality blast furnace magnetite concentrate can easily be achieved with three stage Wet Low Intensity Magnetic Separation and 97 percent magnetite recovery and bulk sediment sample grading 17 percent magnetite Fe :
Worker inspecting core from Iron Bear project site
Metallurgical test work is ongoing at Iron Bear to define a premium direct reduction magnetite concentrate with iron of 70 percent and silica below 1.5 percent to enable ultra-low carbon steel production.
Tony Sage, executive chairman, stated, Iron Bear is an exceptional project and takes us back to our iron ore roots. We look forward to unlocking the full value of this world-class asset for our shareholders, whilst developing the project responsibly in a manner which maximizes the benefits for the local stakeholders.”
Paul Berend, CEO, stated “Given the massive scale of the Iron Bear deposit, the access to rail and port infrastructure, this is starting to look like the future. We are working hard to define a premium ultra-low silica direct reduction magnetite product which will be very attractive to European steel makers looking to reduce their carbon footprint. We are targeting to introduce this unique premium product to the steel industry as early as first quarter next year.”
Cyclone Metals is underpinned by a highly credentialed management team with a successful track record in creating value for shareholders by developing similar iron ore ventures. The team’s expertise includes geology, mining, metallurgy, environmental management, capital deployment, project management, finance, corporate governance and administration.
Management Team
Antony (Tony) Sage - Executive Chairman
Tony Sage has more than 35 years of experience in corporate advisory services, funds management and capital raising predominantly within the resource sector. Sage is based in Western Australia and has been involved in the management and financing of listed mining and exploration companies for the last 22 years. Sage has operated in Argentina, Brazil, Peru, Romania, Russia, Sierra Leone, Guinea, Côte d’Ivoire, Congo, South Africa, Indonesia, China and Australia. Sage is currently the executive chairman of ASX-listed CuFe (ASX:CUF) and European Lithium (ASX: EUR). Sage is also the sole owner of A-League football club Perth Glory that plays in the National competition in Australia.
Paul Berend – CEO and Executive Director
Paul Berend brings over 20 years of experience in the iron ore and steel industry acquired in blue chip as well as junior mining companies worldwide. His previous corporate roles include GM Business Development for Rio Tinto Iron Ore and GM Corporate Strategy for ArcelorMittal, the world’s largest steel producer. He has also worked for Hatch (director of advisory services for Australasia), McKinsey & Company and Partners In Performance. Berend has a successful track record in identifying and developing early-stage mining projects and is the founder and historic CEO of Trans-Tasman Resources (a titano-magnetite project in New Zealand ASX:MKR). He has worked extensively with private equity and specialised funds to identify and develop early-stage mining projects and turn around undervalued producing mineral assets. Paul has an MBA from HEC (Paris, France), an MSc and DEA (~PhD) in chemical process design and chemistry from ENSIC (Nancy, France), a bachelor’s in applied mathematics and algebra from Harvard University and is a graduate of the Australian Institute of Company Directors.
Timothy Paul Turner - Non-executive Director
Timothy Turner is the senior partner of accounting and advisory Firm, HTG Partners. Turner heads the audit and assurance division and is responsible for the issue of audit opinions for self-managed superannuation funds through to full reporting entities. He also has more than 30 years of experience in business development, structuring and general business consultancy. Timothy has a Bachelor of Business (Accounting), is a registered company, SMSF and organization auditor, is a fellow of CPA Australia and a fellow of the Tax Institute of Australia. With over 15 years of experience on listed company boards and 30 years of experience in the Australian accounting, taxation and business fields, Turner brings a wealth of experience and knowledge in corporate compliance, governance and maneuvering.
Melissa Chapman - Chief Financial Officer and Joint Company Secretary
Melissa Chapman is the co-founder and executive director of Bellatrix Corporate Pty Ltd with over 20 years of experience in the accounting and company secretarial professions. She has significant experience including in Perth and London serving ASX/LSE listed and private companies.
Catherine Grant-Edwards - Joint Company Secretary
Catherine Grant-Edwards has over 20 years of experience in the accounting and company secretarial professions with ASX/LSE-listed and private companies. She has practiced at Ernst & Young and is a co-founder and executive director of Bellatrix Corporate.
Paul Vermeulen - General Manager Technology and Steel Markets
Paul Vermeulen is a metallurgical engineer with over 25 years of experience in iron ore mining, processing and steel production. Vermeulen established Vulcan Technologies in 2007, which provides technical consulting services to iron ore majors, iron ore juniors, engineering firms and steel makers in the field of mineral beneficiation, metallurgical test work, steel plant design, decarbonisation of steel making operations, mineral resource definition and project management. His previous operational roles include blast furnace manager at Iscor South Africa (now Arcelor-Mittal), where he managed one of the largest blast furnaces in the southern hemisphere. Subsequently, Vermeulen worked for five years at Rio Tinto Iron Ore as principal technical marketing, where he played a key role in developing high value iron ore products for steel mills, including the benchmark Rio Tinto ‘Pilbara Blend’. He holds a bachelor’s degree in metallurgical engineering with post-graduate refractory materials specialisation from the University of Pretoria.
Rare Earths, Gallium Nickel & Copper
Future Facing Commodities Conference | Singapore
Why Terrain Minerals?
Smokebush Project
- Rare Earth Element (REE) mineralisation extending over 9 kilometres (1).
- Total Rare Earth Oxide (TREO) grades exceed 1000ppm (2).
- Magnetic Rare Earth Oxide (MREO) averaging 23% of TREO (3).
- Neodymium (Nd) + Praseodymium (Pr) averaging 80% of MREO (4).
- Assay results from ~5000 metres of drilling to be received within the next 4 to 6 weeks (5).
- Mineral Resource drilling program scheduled to commence from June 2024.
Lort River Project
- Potential repetition of Nova nickel “eye” feature present (6).
- Bedrock conductor already detected within Terrain’s “eye” feature (7).
- Detailed airborne electromagnetic (EM) survey commencing in April 2024 (8).
Project Pipeline
- Lithium and Copper/Gold - See Appendix
Click here for the full ASX Release
This article includes content from Terrain Minerals Limited, 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.
Flash Metals Acquisition, Tranche 2 of the Placement and Convertible Note Settlement Completed
MTM Critical Metals (ASX:MTM) (MTM or the Company) is pleased to advise that it has completed the acquisition of Flash Metals Pty Ltd (Flash Metals). The closing of this transaction results in MTM securing exploration licenses in the West Arunta and Mukinbudin regions of Western Australia and the negotiation of the exclusive rights to Flash Joule Heating technology with Rice University.
Highlights:
- The all scrip 100% acquisition of Flash Metals Pty Ltd has been completed with allotment of securities following shareholder approval at a meeting on 14th March 2024.
- Control and management of tenements in the West Arunta and Mukinbudin areas of Western Australia has been secured which will enable Native Title and freehold land access to be progressed to enable in-field exploration planning to progress.
- Progress with Rice University to secure the Flash Joule Heating license agreement continues and has been assumed through the ownership of FJ Processing Pty Ltd, a wholly owned subsidiary of Flash Metals Pty Ltd.
- Tranche 2 of the Placement has been completed raising $3.4 million (before costs) resulting in the issue of approximately 42.6 million shares at $0.08 per share with one free attaching option (MTMO) for every two shares issued.
- Tranche 2 of the Convertible Note converted to equity with the allotment of approximately 10.7 million shares and 5.3 million options.
MTM will assume the rights to the Flash Joule Heating licensing option which has been exercised by Flash Metals (refer ASX announcement dated 13 March 2024) and negotiations are under way to complete a licensing agreement with Rice University.
MTM Managing Director, Mr Lachlan Reynolds said “We are very pleased to have completed the Flash Metals acquisition which provides the Company with significant exploration and development opportunities through the acquisition of the REE focused exploration licenses in Western Australia.
“The new tenements in West Arunta provide us with an opportunity to discover new niobium-rare earth deposits in historically untested ground, right next door to some emerging mineralised carbonatite projects identified by both WA1 Resources and Encounter Resources. With the acquisition of Flash Metals now completed, we can progress the discussions with Native Title parties to enable us to access the tenements for in-field exploration .
“The Flash Joule Heating technology is complimentary to MTM’s exploration activities but also has the potential to be transformational at a bigger scale for the extraction of both precious and industrial metals.. We are very excited to be entering into a commercialisation partnership with Rice University and have closed the Flash Metals transaction at a time when the Flash Joule Heating prototype development has been well advanced by a Houston based engineering company under the stewardship of the Vendors of Flash Metals and KnightHawk Engineering.
The overwhelming support that we have received from existing and new shareholders who have participated in the Placement and the Convertible Note issue has been strong. The proceeds raised place MTM in a strong financial position to progress the mineral exploration and Flash Joule Heating technology development.”
Figure 1: The West Arunta Niobium-REE Project comprises three granted exploration licences in eastern central Western Australia, located within the Gibson Desert about 130km west of the Northern Territory/ Western Australia border in the East Kimberley Mineral Field.
Figure 2: Location of the Mukinbudin Project, approximately 250 km NE of Perth.
Flash Metals Acquisition Consideration
With all conditions precedent having been satisfied, the all scrip consideration to acquire all of the ordinary shares in Flash Metals has been issued as follows:
a) 100 million fully paid ordinary shares in MTM (Shares) (Consideration Shares) issued to the shareholders of Flash Metals (the Vendors) (Note – 73,497,088 Shares are subject to six (6) month voluntary escrow);
b) 50 million quoted options with an exercise price of $0.25 and expiring 26 November 2024 (ASX:MTMO) issued to the Vendors (Quoted Consideration Options) (Note – 36748542 Options are subject to six (6) month voluntary escrow);
c) 37.5 million performance rights (Consideration Performance Rights) issued to Sandton Capital Pty Ltd (or its nominees), of which:
i. 12.5 million will vest and convert to Shares following the receipt of drilling results of >10m at >1,000ppm total rare earth oxide (TREO) and/or >0.5% Nb2O5 on the WA REE Tenements (Milestone 1);
ii. 12.5 million will vest and convert to Shares upon delineation of a JORC compliant inferred resource of >10MT at >1,000ppm TREO and/or >0.5% Nb2O5 on the WA REE Tenements (Milestone 2); and
iii. 12.5 million will vest and convert to Shares upon delineation of a JORC inferred resource of >20MT at >1,000 ppm TREO and/or >0.5% Nb2O5 on WA REE Tenements (Milestone 3); and
d) 15 million unquoted options to acquire Shares with an exercise price of $0.25 and an expiry date of 30 December 2026 (Unquoted Consideration Options) issued to Sandton Capital Pty Ltd (or its nominees), of which:
i. 5 million vest upon achieving Milestone 1;
ii. 5 million vest upon achieving Milestone 2; and
iii. 5 million vest upon achieving Milestone 3.
Nine (9) of the Vendors who have collectively been issued with 73,467,088 Consideration Shares and 36,733,544 Quoted Consideration Options have entered into six month voluntary escrow agreements with the Company.
Flash Metals owns all of the shares in FJ Processing Pty Ltd which holds the Flash Joule Heating technology licensing option and which has funded the initial development of the prototype of the Flash Joule Heating test module.
Click here for the full ASX Release
This article includes content from MTM Critical Metals, 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.
A$6.0M Placement to Drive Resource Growth at the Golden Range Gold Project
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise that it has secured binding commitments for a two-tranche placement to raise A$6.0 million through the issue of approximately 157.9 million shares at an issue price of A$0.038 per share (Placement).
HIGHLIGHTS:
- Strong support received from new and existing shareholders.
- Funds raised to be directed towards materially increasing the Resource at the Golden Corridor, a 25km long gold deposit trend at Warriedar’s infrastructure-rich Golden Range Project in the Murchison region of Western Australia.
- The Golden Corridor contains an existing Mineral Resource Estimate (MRE) of 736koz gold1 across 6 deposits and 18 historic pits, all on permitted Mining Leases (ML’s).
- Further assays from 2024 extensional RC drilling at the Ricciardo deposit, in the middle of the Golden Corridor, are expected to be received mid-April. These results, in combination with the outstanding results already received at Ricciardo (including 32m @ 3.6 g/t Au from 148m2) will be integrated into the deposit model and drill plan for 2024.
- The next phase of drilling within the Golden Corridor is scheduled to commence in May at the Ricciardo deposit, targeting extensions to high grade shoots below and along strike from existing shallow open pits.
Warriedar’s Managing Director and CEO, Amanda Buckingham, commented:
“I would like to thank all shareholders and new investors that participated in the placement bookbuild. The funds raised allow us to continue drilling at the Golden Corridor, the area within our tenure that we believe has the best opportunity for immediate and substantial Resource growth.
We should receive assay results from the remaining 9 holes of the Ricciardo program in a couple of weeks. These results, along with those already released, will be used to fine tune the upcoming drill program scheduled to commence in May. We will continue to chase the high-grade shoots at Ricciardo.
The 2024 drilling will be very focussed, targeting quality gold ounces, below and along strike from existing shallow open pits along the Golden Corridor. A simple, yet proven strategy.”
Use of funds
The funds raised will be used to continue drilling along the Golden Corridor, a 25km long trend of highly prospective ground with an existing MRE of 736koz gold1 across 6 deposits, including 18 historic pits, all on permitted ML’s; within the Golden Range Project.
Assays results from the remaining 9 holes drilled at the Ricciardo deposit (in the middle of the Golden Corridor) are expected mid-April.
These results, in combination with the outstanding results already received from Ricciardo this year (including 32m @ 3.6 g/t Au from 148m2), will assist with finalising the plan for the next drill program (2024 Drill Program 2) scheduled to commence in approximately 6 weeks’ time.
Drilling will be focussed on the Ricciardo deposit in Q2 2024, targeting extensions to high-grade shoots, below shallow open pits.
Warriedar plans to drill an additional 12,000m across the Golden Corridor during CY2024, including a diamond drilling program to extend RC holes that end in mineralisation. Each drill program will build on knowledge from the last, with the goal of materially increasing the Resource by defining quality high-grade gold ounces.
Figure 1: The location of the Golden Range Project, the Golden Corridor (within the Project) and the Ricciardo deposit; with respect to the surrounding mines and mills in the southern Murchison Province of WA.
Figure 2: Ricciardo long section outlining relative location of current mined pits to defined mineralised zones
Placement details
An equity raising of A$6.0 million (before costs) via a two-tranche Placement. Approximately 157.9 million New Shares will be issued under the Placement.
The Placement will occur in two tranches as follows:
- An unconditional placement of 119.1 million fully paid ordinary shares, to raise approximately A$4.5 million, will be issued using the Company’s available Listing Rules 7.1 and 7.1A capacity (Tranche 1); and
- A conditional placement of 38.8 million fully paid ordinary shares, to raise approximately A$1.5 million, will be issued subject to Warriedar shareholder approval to be sought at an upcoming General Meeting expected to be held in late-April 2024 (General Meeting) (Tranche 2).
A$0.4 million of New Shares issued under Tranche 1 will be settled on a deferred basis on 14 April 2024 (Tranche 1 Deferred Settlement).
Warriedar’s directors have also applied to participate in the Placement for A$60,000 as part of Tranche 2 which will be subject to Warriedar shareholder approval the General Meeting (Director Participation).
New shares issued will rank equally with existing shares on issue.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, 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.
Burley’s Pilbara Iron Ore Assets Advancing
Burley Minerals Limited (ASX: BUR, “Burley” or “the Company”) advises that a heritage protection agreement has been signed with Yindjibarndi Aboriginal Corporation over the Broad Flat Well exploration license area. Heritage surveys are planned for late-April/early-May 2024.
HIGHLIGHTS
- Broad Flat Well
- Heritage Agreement signed with Yindjibarndi Aboriginal Corporation. Heritage survey planned for the second quarter of 2024.
- Additional Channel Iron Deposit (CID) areas identified within the Broad Flat Well tenement.
- Cane Bore
- The Cane Bore Conservation Management Plan was submitted and is now under review by the Department of Biodiversity, Conservation and Attractions.
- Flora and fauna surveys were completed in 2023.
- More than 30km of potential remnant Channel Iron Deposits (CID) identified.
Burley Minerals Managing Director and CEO, Stewart McCallion commented:
“The signing of the Heritage Protection Agreement with the Yindjibarndi Aboriginal Corporation is an important step towards exploring the Broad Flat Well tenement. Burley has applied for drilling permits at Broad Flat Well, and now we will be working with the Yindjibarndi on implementing heritage surveys.
“The review of the Cane Bore Conservation Management Plan by the DBCA is also a significant milestone and we are confident with veracity and completeness of the document. Once the Conversation Management Plan is approved, we anticipate a clear path through to the grant of the exploration license by DEMIRS. We will submit our plans for drilling thereafter. In the meantime, we intend to complete additional data collection and any site work possible. There are extensive, mesa- forms throughout the Cane Bore exploration area as seen in the historic sampling. These Channel Iron Deposits are high-lying, and readily accessible; we intend to commence RC drilling when statutory approvals are received.
“The development of the Conservation Management Plan, and execution of agreements with aboriginal corporations underscores Burley’s commitment to mitigating environmental impacts of our work and ensuring protection of aboriginal heritage.”
BROAD FLAT WELL – 100% INTEREST
Locations and Setting
The Broad Flat Well exploration license, E47/4580, is located approximately 115 km from Karratha and is accessible by the sealed Roebourne - Wittenoom Road, as illustrated in Figure 1. Broad Flat Well is also only 260kms from Port Headland.
Figure 1: Broad Flat Well Location Plan showing only 115km by sealed highway from Dampier.
Rock Chip Sampling and Geology
A mapping and rock chip sampling programme was completed in 20231. Thirty-six (36) rock chip samples were collected from the tops of mesa-form hills which are interpreted as remnant mid- Miocene Channel Iron Deposits (CID) related to the Fortescue River palaeo-drainage system. An earlier sampling programme was completed by API Management between 2006 and 2008.
Click here for the full ASX Release
This article includes content from Burley Minerals Ltd., 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.
Canary Capital Finds Auric Mining a ‘Compelling Investments Case’
Auric Mining (ASX: AWJ) is a “compelling investment case” poised for significant growth driven by the potential of its two flagship projects, Jeffreys Find and Munda Gold, Sydney, Australia-based investment management and corporate advisory firm Canary Capital wrote in a new equity research report.
“AWJ is our preferred ASX-listed company to participate in the current favourable macro environment for gold,” said the report prepared by Paul Hart and Arun Sengupta, both directors at Canary Capital.
The report noted the remarkable progress made by AWJ - transitioning from tenement acquisition and ASX listing to mining and cash flow generation in just under three years - earning $4.77 million in cash from Stage One of the Jeffreys Find gold mining project. More than 9,741 ounces of gold have been mined and sold from Jeffreys Find to date.
A picture of the Jeffreys Find ore body showing gold mineralisation location evidenced by darker zones
AWJ has also completed a scoping study for the Munda gold project, showing exceptional economics and a path to cash flow generation of approximately $77 million.
“Despite the significant cash flow potential of the company’s projects, the current market capitalisation is just $20.3m. We view this as presenting investors with an opportunity to invest in AWJ at a fraction of the real intrinsic value of the company,” the report said.
Highlights of the report:
- AWJ has made remarkable progress in a span of just under three years since its ASX listing and the acquisitions of assets.
- Cash generated from Stage One production at Jeffreys Find, which totals $4.8 million, will fully fund AWJ in 2024 as it develops Stage Two production, which is expected to generate between $6 million and $8 million for the company.
- Munda’s exceptional economics, with a projected positive cash flow of $76.9 million over a 13-quarter mine life based on a conservative gold price assumption of A$2,600/ounce.
- Munda will commence operations with a three-month starter pit and a low capital investment of $1.3 million and a working capital investment of approximately $6.0 million.
- Munda is projected to generate around $8.7 million in surplus cash for AWJ, depending on the results from the current drill program.
Read the full analyst report here.
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31 December 2023 Full Year Financial Results. Auric Generated $4.22 Million Net Operating Cash
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to provide its financial statements for the year ending 31 December 2023.
- Financial year posts a maiden profit of $1,313,644.
- Adjusted maiden profit after one off write-down is $2,845,638.
- Net cash from operating activities is $4,223,898.
2023 Full Year Financial Report
Managing Director, Mark English, said “We’ve topped off an outstanding 2023 with a maiden adjusted profit of $2.8 million. The net cash from operating activities resulted in a surplus of $4.22 million, a terrific result.
“We benefited from a rising gold price as we undertook Stage One mining at Jeffreys Find. The mining performed better than expected with production of 9,741 ounces of gold selling at an average of $3,006 per ounce. Six months of mining generated almost $10 million in surplus cash for Auric and its JV partner, BML Ventures Pty Ltd of Kalgoorlie. Mining at Jeffreys Find has commenced for the 2024 year. The first processing is scheduled at the Greenfields Mill in mid-late April 2024.
“The past 12 months has seen us become self-funding for 2024. We are a dynamic small gold company with a pipeline of mining activities, that will generate cash for the Company and our shareholders,” said Mr English.
Click here for the full ASX Release
This article includes content from Auric Mining, 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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