Queensland Government Approves $3.1M Grant For Townsville Battery Plant Study

Magnis Resources (ASX:MNS) (“Magnis” or the “Company”) is pleased to announce that iM Townsville (“iM3 Townsville”), the recently established subsidiary of Imperium3 Pty Ltd, has formally received government approvals for the $3.1 million grant supporting the feasibility study into the establishment of a 15 GWh Lithium-ion Battery (LIB) manufacturing plant in Townsville, Queensland.

Magnis Resources (ASX:MNS) (“Magnis” or the “Company”) is pleased to announce that iM Townsville (“iM3 Townsville”), the recently established subsidiary of Imperium3 Pty Ltd, has formally received government approvals for the $3.1 million grant supporting the feasibility study into the establishment of a 15 GWh Lithium-ion Battery (LIB) manufacturing plant in Townsville, Queensland.

The Jobs and Regional Growth Fund Assistance Agreement for the Feasibility Study into the Townsville Battery Manufacturing Facility was formally signed by iM3 Townsville directors and the State of Queensland, acting through the Department of State Development, Manufacturing, Infrastructure and Planning. Further details are provided in the attached media release by the Queensland Government. As well, the Brisbane and Townsville project offices were officially opened with government dignitaries and included representatives from iM3’s team, Probuild, Townsville City Council and Ausenco. Initial formal project meetings were also conducted to map out the feasibility study process and schedule future work programs.

Magnis Resources Chairman Frank Poullas said: “Together with our iM3 partners, Magnis is very encouraged that developing a high quality lithium-ion battery manufacturing plant at the Woodstock advanced technology precinct in Townsville is now becoming a distinct possibility. “Magnis has an active program of developing these battery plants. Re-assembly work at the New York facility at Huron Campus is on schedule and this development in Queensland is a major step forward for Australian battery plant operations.”

Feasibility Study Update
The feasibility study for the 15 GWh LIB manufacturing plant in Townsville commenced following the agreement to fast track development in June this year. Initial work has focused on selection of equipment vendor partners and the development of the manufacturing design concept. In parallel, Townsville City Council has been compiling site information and discussions with major infrastructure providers and funders have commenced. From this work, iM3 Townsville has composed a Project Description Report that backgrounds key project details, including: site specifications, battery product specifications and the manufacturing process concept. Feasibility Study lead construction partner Probuild has established project offices in Brisbane and Townsville from where the Feasibility Study will be delivered. Planning meetings with the main study participants are currently being held at these offices to map out the feasibility study process, establish project systems and schedule future work programs.

Next steps are meetings with selected equipment vendors to refine the design concept and to set out engineering package deliverables and schedules. Probuild will continue to compile site details in readiness for development of layouts and engineering work packages that will follow. Preliminary talks on infrastructure provision and project funding will continue in parallel.

About iM3 Townsville

iM3 Townsville is a recently established subsidiary company of consortium company Imperium3 Pty Ltd. Imperium3 Pty Ltd is an Australian unlisted company, comprised of three equal shareholders, ASX listed Magnis Resources Limited, US based Charge CCCV (C4V) and Australian unlisted company Boston Energy and Innovation (BEI).

$3.1 Million Assistance Agreement

The Assistance Agreement is confidential between iM3 Townsville and the Queensland Government. It should be noted the Assistance Agreement has several obligations on iM3 Townsville that must be delivered, to meet the key terms of the Assistance Agreement.

The Assistance Agreement defines three distinct payment milestones associated with the staged delivery of components of the feasibility study and supporting information. The Assistance Agreement expenditure end date has been set as 30th Sept 2019, with iM3 Townsville aiming to have the Feasibility work fully completed in the first half of 2019.

Travis Peluso
Investor Relations Director
Magnis Resources Limited
Ph: +61 411 404 814
www.magnis.com.au

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Source: drive.google.com

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