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MTM Secures $1 Million
MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has executed binding convertible note agreements (Convertible Note Agreement) with a syndicate of sophisticated and institutional investors, for an investment in the Company of $1.0m (before costs).
The Convertible Note Agreement remains subject to and conditional upon shareholder approval for the issue of a portion of the Securities that will be issued as part of the conversion of the Notes. A general meeting of shareholders will be called and the notice of meeting will contain further details in relation to the Securities that are the subject of conversion of the Notes. The Convertible Note Agreements may convert into a maximum of 14,374,975 Shares without shareholder approval under Listing Rule 7.1.
All of the Notes will convert to equity in MTM at a price which will be 20% below the share price that is set for the Company’s next capital raise. Further terms of the Convertible Note Agreement are set out in the Appendix 1.
MTM Managing Director, Mr Lachlan Reynolds said:
“We are very pleased to have secured this investment which will support the Company’s ongoing rare earth element and niobium exploration efforts in the immediate future. The terms of this Convertible Note are attractive to the Company and indicate the investor confidence in MTM’s projects.”
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.
MTM Critical Metals Limited (ASX:MTM) is an Australian mineral exploration and development company focusing on rare earth elements (REE) and niobium projects to meet the growing demand for these critical minerals.
Initially incorporated to consolidate several gold exploration projects in the Goldfields region in Western Australia, the company’s recent discovery of REE at the East Laverton project has prompted a pivot to the critical metals from gold.The company has taken a further strategic investment into the REE sector, exercising its option to acquire the Pomme REE-Niobium Project located in Quebec, Canada.
The Pomme project is an advanced carbonatite-hosted rare earth and niobium project with historical drilling that has confirmed the presence of significant REE and niobium mineralisation. Furthermore, the project is in close proximity to the Montviel REE-niobium deposit which is the largest undeveloped carbonatite-hosted REE deposit in North America, with a total resource of 266 million tonnes at a grade of 1.46 percent total rare earth elements and 0.14 percent niobium. This highly prospective asset in a mining-friendly jurisdiction allows MTM Critical Metals to further enhance its portfolio of critical mineral assets.
REEs and niobium are on both the Australian and Canadian governments’ critical minerals list for their value for the aerospace industry, electric vehicles, renewable energy and as a valuable export. Known for its mining-friendly regulations, Canada is the world’s second-largest niobium producer.While often overlooked, niobium is a high-value critical mineral with prices exceeding US$40,000 per metric tonne and a market size that is expected to grow from US$2.38 million in 2022 to US$2.98 million by 2028, at a compounded annual growth rate of 3.78 percent.
Other assets in MTM Critical Metals’ portfolio also focus on critical minerals to support the energy transition.
A team with experience in the energy sector, geology, international finance, and throughout the mining industry leads MTM Critical Metals towards its goal of fully exploring its portfolio.
- MTM Critical Metals Limited is an Australian mineral exploration and development company focusing on critical mineral assets in Canada and Western Australia.
- Rare earth elements (REEs) and niobium are on the Australian and Canadian governments’ critical minerals list for their value for the aerospace industry, electric vehicles, renewable energy and as a valuable export.
- The company has exercised its exclusive and binding option agreement to acquire the Pomme project, an advanced carbonatite-hosted rare earth and niobium asset in Quebec.
- The company recently completed its maiden diamond drilling program at the Pomme REE-Niobium Project with 13 holes drilled for a total of 5,718 metres. REE mineralisation was visually identified in all drill holes, indicating a very large mineralised system.
- The flagship Pomme project is near the Montviel Deposit, one of the largest undeveloped carbonatite-hosted REE and niobium deposits in North America.
- The company’s Western Australian assets focus on critical minerals to support decarbonization goals.
- The East Laverton asset is prospective for clay-hosted REE mineralisation and the company has also recently identified a nickel laterite deposit.
- The company’s underexplored Ravensthorpe project is prospective for critical minerals including REE, nickel, lithium and graphite.
- An experienced management team leads the company towards meeting the growing demand for critical minerals.
Pomme REE-Niobium Project
MTM Critical Metals' highly prospective Pomme Project comprises 43 mineral claims and covers 2,400 hectares in Quebec. The asset has proven mineralisation which was identified in historical exploratory drilling.
- Historical Drilling Reveals Known Mineralisation: Completed historical drilling campaigns have confirmed the presence of REEs and niobium, including:
- 7.5 metres at 1.28 percent total rare earth elements, 499 parts per million (ppm) niobium oxide and 1.43 percent phosphorus pentoxide from 319.5 metres
- 16.5 metres at 1.44 percent total rare earth elements, 92 ppm niobium oxide and 0.46 percent phosphorus pentoxide from 403.5 metres
- 7.5 metres at 1.77 percent total rare earth elements, 183 ppm niobium oxide and 0.59 percent phosphorus pentoxide from 483 metres
- Close Proximity to Known Deposit: The project is located only 7 kilometres from the Montviel REE-niobium deposit, the largest undeveloped carbonatite-hosted deposit in North America. Montviel has a total resource of 266 million tonnes at a grade of 1.46 percent total rare earth elements and 0.14 percent niobium.
- Access to Robust Infrastructure: The asset is near established mining operations and communities, providing access to a local skilled workforce. Additionally, the project is accessible by road and is in close proximity to the hydroelectricity grid.
- 2023 Diamond Drill Program: The diamond drilling program has been successfully completed, with 13 holes drilled for a total of 5,718 metres. The company reported intersecting visual indications of higher-grade rare earth elements and niobium mineralisation.
Drill status map of the Pomme project, showing current and historical drill hole locations overlain on airborne magnetic survey image (TMI 1VD).
East Laverton REE ProjectThe Western Australian East Laverton asset covers 3,000 square kilometres of highly prospective exploration licenses. The company has completed early stage exploration programs and aircore drilling that indicates widespread REE mineralisation in clay-hosted deposits. The company is extending the geochemical soil sampling program at the Pt Kidman prospect, part of the East Laverton project. The program aims to identify additional surface REE anomalies over the MTM tenement area.
Location map of the East Laverton Project showing district-scale REE geochemical anomalies, the location of MTM drill holes and the areas where further soil sampling has been completed.
- Prospective Clay-hosted Deposits: Has the potential for a widely developed REE mineralisation system composed of clay-hosted deposits. These types of deposits contain concentrated shallow clay zones and are quickly shaping up in Western Australia.
- Nearby Mining Communities: The project is 350 kilometres northeast of Kalgoorlie-Boulder and approximately 100 kilometres east of Laverton. These nearby communities and other projects in the area have created a strong local transportation infrastructure.
- Laterite Nickel Discovery: Assay results from a completed air core drilling program confirmed nickel laterite mineralisation at the Seahorse prospect, part of the East Laverton Project with the highest grade of 2.2 percent nickel over a 1 meter interval and numerous samples >1 percent nickel.
Mt Monger Gold Project
The Mt Monger asset is within the Goldfields Region of Western Australia and covers 100 square kilometres. The project is 70 kilometres southeast of Kalgoorlie-Boulder and 45 kilometres east-northeast of Kambalda.
- Highly Prospective for Gold Mineralisation: The company’s Mt Monger project was initially acquired and explored with a focus on gold; with numerous known prospect areas and gold anomalies.
- Close Proximity to Prolific Projects: The asset is adjacent to the Silver Lake Resources Ltd (ASX:SLR) Daisy Milano gold operation and their current operating 1.2Mtpa Randalls gold processing facility and nearby Gold Fields Limited’s (JSE:GFI) St. Ives gold camp.
Ravensthorpe Critical Minerals Project
Ravensthorpe Project tenement status map showing proximity to current mining and project developments.
The Ravensthorpe asset covers 1,500 square kilometres of underexplored claims in Western Australia. The project is approximately 400 kilometres from Kalgoorlie. The asset has blue-sky potential for REE, lithium, nickel and other critical minerals.
- Near Active Producing and Exploration Projects: The Ravensthorpe project is nearby active critical minerals and gold projects, which include:
- Mt. Cattlin lithium mine (Allkem)
- Ravensthorpe Nickel-Cobalt mine (First Quantum Minerals)
- Graphite development at Munglinup (Mineral Commodities) and Springdale (International Graphite)
John Hannaford - Non-executive Chairman
John Hannaford is an experienced corporate executive with extensive experience in the ASX resources sector as corporate advisor, executive, chairman, company promoter and investor. A qualified chartered accountant and fellow of the Securities Institute of Australia, he is a founder and director of Rockford Partners, a boutique financial services company located in Perth, Western Australia.
David Izzard - Non-executive Director
David Izzard is a highly experienced executive and non-executive director with extensive skills in all aspects of financial and commercial management at a senior executive level in both listed and unlisted companies. He has a strong knowledge and experience of mining operations, instrumental in the formulation of a number of junior exploration companies, joint ventures and distribution agreements, and steering companies through successful capital raising, IPOs and trade sales. Izzard is a qualified accountant and has an MBA and a Master of Mineral Economics. Current directorships include Forrestania Resources and Voltiac Strategic Resources.
Lachlan Reynolds - Managing Director
Lachlan Reynolds has a strong geological background with more than 30 years of involvement in mineral exploration, project development and mining. Reynolds has worked with major mining groups including WMC in gold, nickel, copper and uranium projects covering a number of different regions worldwide. Over the last 15 years, Reynolds has served as an executive and senior manager for a number of ASX-listed companies, including as MD.
Anthony Hadley - Non-executive Director
Anthony Hadley is a metallurgist, a rare earth element (REE) technical expert and a senior manager with more than 30 years of experience in the mining industry in operations, technical development of complex metallurgical flowsheets, project design and management, engineering and process plant commissioning. Hadley has worked extensively in the REE sector in Australia and Canada.
Simon Adams - CFO and Company Secretary
Simon Adams is an experienced CFO with a background in a range of industries including the upstream energy sector, aquaculture (pearl production and distribution), hybrid power systems (design and manufacture) and mining (gold exploration and mining). Skilled in business analysis, negotiation, team building and risk management. Strong finance, accounting and administrative skills. Adams gained a wide range of experience as a senior member of the executive team in organisations that have had operations globally including the USA, Indonesia and Australia.
Antony Zebisch - Exploration Manager
Anthony Zebisch has been a qualified geologist for 25 years. He has had a broad and varied range of experience both in Australia and around the world managing exploration programs. He has worked across a variety of commodities, including nickel, iron, gold, REEs, lithium, copper, and manganese. Zebisch holds an unrestricted quarry managers certificate and a range of other qualifications, including a B.Sc., graduate diploma (mining), an MBA, and is a member of the Australasian Institute of Mining and Metallurgy.