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#SVML Sovereign Metals LTD – September 2024 Quarterly Report
30th October 2024 / Leave a comment
SEPTEMBER 2024 QUARTERLY REPORT
Sovereign Metals Limited (ASX:SVM, AIM:SVML, OTCQX:SVMLF) (Sovereign or the Company) is pleased to provide its quarterly report for the period ended 30 September 2024.
HIGHLIGHTS DURING AND SUBSEQUENT TO THE QUARTER
Rio Tinto Invests Additional A$19m Increasing Shareholding to 19.9%
· In July 2024, Rio Tinto invested a further A$18.5 million via the exercise of options to increase its shareholding in Sovereign to 19.76%
· In September 2024, Rio Tinto made an additional investment of A$0.7 million to increase its shareholding to 19.9% pursuant to Rio Tinto’s first right of refusal on equity issues up to a maximum of 19.9%
Sovereign Presents at Minerals Security Partnership Event During UN General Assembly
· In September 2024, Sovereign presented at the inaugural 2024 MSP Finance Meeting during the UN General Assembly in New York following an invitation from the U.S. Department of State and SAFE Center for Critical Minerals
· Panel discussion titled “Mining Titans and New Horizons” took place between Rio Tinto CEO, Mr Jakob Stausholm, and Sovereign Chair, Mr Ben Stoikovich
Spiral Plant Successfully Installed for Graphite Offtake Discussions
· Industrial scale spiral concentrator plant successfully installed and commissioned at Sovereign’s expanded laboratory and testing facility in Lilongwe, Malawi
· Graphite pre-concentrate from spiral plant will facilitate ongoing testwork and offtake discussions with lithium-ion battery makers and traditional graphite markets
Hydraulic Mining Trial Commenced Following Successful Dry Mining Trial
· In July 2024, dry mining trial confirms Kasiya can be efficiently mined using standard mobile excavators and trucks, demonstrating operational alternatives
· In August 2024, hydraulic mining trial commenced at Kasiya Pilot Site test pit as part of ongoing PFS Optimisation Study
Outstanding Battery Anode Material Produced from Kasiya Graphite
· Very high quality Coated Spherical Purified Graphite (CSPG) anode material produced from Kasiya graphite concentrate with performance characteristics comparable to highest quality natural graphite battery material produced by dominant Chinese anode manufacturers
· Outstanding results are attributed to unique geological setting of highly weathered Kasiya orebody compared to fresh rock hosted graphite deposits including very low levels of sulphur and other impurities
Infill Drilling Program to Upgrade Kasiya Resource
· During the quarter, Sovereign undertook an infill drilling program designed to upgrade Kasiya’s Mineral Resource Estimate (MRE) and facilitate conversion of Ore Reserves from Probable to Proven category for upcoming study phase
· Program focused on southern Kasiya, which is the area intended to supply ore feed for first eight years of production; all planned drilling was completed subsequent to the quarter
Corporate Update
· Following increased U.S. investor and strategic interest in Kasiya, Sovereign commenced trading on OTCQX Market in the quarter providing access to broader eligible U.S. investor base
· Following the additional A$19 million invested by Rio Tinto, Sovereign remains in a strong financial position with cash at bank of approximately A$41 million and no debt
Classification 2.2: This announcement includes Inside Information
Enquires |
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Frank Eagar, Managing Director & CEO South Africa / Malawi +27 21 065 1890 |
Sapan Ghai, CCO London +44 207 478 3900 |
Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
Varun Talwar |
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Ashton Clanfield |
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Berenberg |
+44 20 3207 7800 |
Matthew Armitt |
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Jennifer Lee |
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Buchanan |
+ 44 20 7466 5000 |
Rio Tinto Invests Additional A$19 million Increasing Shareholding to 19.9%
In July 2024, Rio Tinto Mining and Exploration Limited (Rio Tinto) exercised all its share options for proceeds of A$18.5 million (before costs) to increase its shareholding in Sovereign to 19.76%.
In September 2024 and following the exercise of its options, Rio Tinto made an additional investment of A$0.7 million in Sovereign increasing its shareholding in Sovereign to 19.9%. Pursuant to the Investment Agreement between Rio Tinto and Sovereign, Rio Tinto has a first right of refusal on equity issues up to 19.9%
The Company will use the proceeds from Rio Tinto’s additional strategic investments to continue advancing Sovereign’s Tier 1 Kasiya Rutile-Graphite Project (Kasiya or the Project) in Malawi. This includes progressing the current PFS Optimisation Study for Kasiya which is focused on the development of a world-class mine capable of supplying critical minerals to the titanium pigment, titanium metal and lithium-ion battery industries. Under the Investment Agreement between Sovereign and Rio Tinto, Rio Tinto continues to provide assistance and advice on technical and marketing aspects of Kasiya.
Sovereign Presents at Minerals Security Partnership Event During UN General Assembly
In September 2024, Sovereign was invited to and participated in a panel discussion at the inaugural 2024 MINVEST / Minerals Security Partnership (MSP) Finance Meeting (Meeting) in New York, U.S., during the United Nations General Assembly (UNGA).
The panel titled “Mining Titans and New Horizons” was moderated by Dr Zainab Usman, Senior Fellow and Director, Carnegie Endowment for International Peace and participants were Mr Jakob Stausholm, CEO, Rio Tinto, and Mr Ben Stoikovich, Chair, Sovereign.
The discussion highlighted factors that attract major mining companies and investment, exploring how initiatives like the MSP can support investment flow into resource-rich countries, while spurring economic development.
Speaking at the Meeting on its importance, U.S. Deputy Secretary of State, The Hon. Kurt Campbell, commented: “If we are going to be successful ultimately not only in the clean energy revolution but generally in technology, it will be because of this pursuit.”
Figure 1 (Left to Right): Dr Zainab Usman, Senior Fellow and Director, Carnegie Endowment for International Peace, Rio Tinto CEO Jakob Stausholm, Sovereign Chair Mr Ben Stoikovich at the MSP Finance Meeting in New York
Sovereign attended the Meeting following an invitation to present, alongside Rio Tinto CEO Mr Jakob Stausholm, by the Minerals Investment Network for Vital Energy Security and Transition (MINVEST), a public-private partnership between the U.S. Department of State and SAFE Center for Critical Minerals. The Meeting took place during UNGA in New York, presenting an opportunity for convergence of several MSP government officials, as well as representatives from their development finance institutions, and export credit agencies.
About the MSP
In June 2022, the U.S. Government and key partner countries announced the establishment of the MSP – a collaboration of 14 countries and the EU to catalyse public and private investment in responsible critical minerals supply chains globally.
About MINVEST
MINVEST is a public-private partnership between the U.S. Department of State and The Center for Critical Minerals Strategy (SAFE) to promote public-private dialogue and spur investment in strategic mining, processing, and recycling opportunities that adhere to high environmental, social, and governance standards.
Spiral Plant Successfully Installed for Graphite Offtake Discussions
During the quarter, the Company successfully installed and commissioned an industrial-scale spiral concentrator plant at the Company’s laboratory and testing facility in Lilongwe, Malawi. The plant enables Sovereign to process material from the test pit mined as part of the ongoing Pilot Mining and Land Rehabilitation (Pilot Phase) at Kasiya.
Figure 2: Spiral Plant installed at Sovereign’s Lilongwe facility
The spiral plant will prepare a graphite gravity concentrate from the Pilot Phase test pit’s run of mine at a bulk scale. The concentrate will then be sent to specialised laboratories where flotation, purification, spheronisation and coating testwork for the battery anode segment in line with Sovereign’s strategy to commercialise Kasiya’s graphite by-product. Graphite concentrate will also be provided to traditional industrial graphite users, including refractories and foundries, expandable graphite, graphite foil, brake lining pads, and lubrication.
Hydraulic Mining Trial Commenced Following Successful Dry Mining Trial
In July 2024, Sovereign announced that as part of the Pilot Phase, the dry mining trial concluded with a test pit successfully excavated at the Pilot site. The test pit covered the planned area of 120 metres by 110 metres and was excavated to a depth of 20 metres through the weathered ore at Kasiya. The dry mining trial confirmed that Kasiya ore can be efficiently mined using conventional dry-mining techniques and a simple mobile excavator fleet. The dry mining fleet consisted of four excavators, 20 trucks and a support fleet including two bulldozers and a motor grader. Approximately 170,000 bench cubic metres of material was dry mined during the trial. Steady-state operations envisage 24 million tonnes of material being mined annually.
The saprolite-hosted mineralisation at Kasiya is largely homogenous and has relatively consistent physical properties throughout the 1.8 billion tonnes MRE that is reported in accordance with JORC (2012). Data collected from the pilot phase confirmed that no drilling, blasting, crushing, grinding or milling will be required prior to stockpiling material for processing into rutile and graphite products; an indication of potentially lower mining costs and a lower carbon footprint comparable to hard rock deposits.
Figure 3: Kasiya Pilot Phase Test Pit mined to 20 metres depth
Figure 4: Kasiya mining and front-end processing vs. hard rock peers
Subsequently, in August 2024, the Company commenced a hydraulic mining trial at the test pit. The temporary water storage pond, constructed and sealed with natural clay from excavated material, was filled with six million litres of groundwater, predominantly from eight water boreholes on site.
This water was used during the hydraulic mining trial and continuously recycled from the constructed holding cells, where sand and fine fractions are stored respectively prior to the planned deposition and rehabilitation testwork.
Figure 5: Hydraulic mined material (slurry) flowing freely to the collection point in the bottom of the sump
Outstanding Battery Anode Material Produced from Kasiya Graphite
In September 2024, Sovereign announced an update on the downstream testwork conducted at leading independent consultancy ProGraphite GmbH (ProGraphite) in Germany.
The test work program demonstrated that CSPG produced from Kasiya natural flake graphite has performance characteristics comparable to the leading Chinese natural graphite anode materials manufacturers such as BTR New Material Group (BTR). Electrochemical testing of the CSPG samples at a leading German institute achieved first cycle efficiencies (FCE) of 94.2% to 95.8%, with results above 95% a key specification for highest quality natural graphite anode materials under the Chinese standard.
Following spheronisation and purification testwork which produced spherical graphite with very high purities of 99.99%, the purified spherical graphite (PSG) samples were pitch coated and carbonised to produce CSPG.
The coating process produced CSPG with very low BET (low specific surface area) specific surface area of 2.0m2/g and lower and high tap densities of 1.11-1.18g/cm3 (Table 1). A low specific surface area is required for anode materials to minimise the loss of lithium in forming a secondary protective coating on the anode material known as the Solid Electrolyte Interphase (SEI). The pitch coating process also assists in increasing the density of the anode material as measured by the tap density – a higher density assists in storing more electrical energy in the lithium-ion battery.
Table 1: CSPG Results |
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CSPG Sample |
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Sample |
Units |
1 |
2 |
3 |
D10 |
µm |
11.05 |
11.08 |
14.86 |
D50 |
µm |
17.46 |
17.27 |
23.71 |
D90 |
µm |
26.75 |
27.5 |
36.72 |
Tap Density |
g/cm3 |
1.11 |
1.12 |
1.18 |
BET (low specific surface area) |
m2/g |
1.6 |
2.0 |
1.4 |
Electrochemical testing of the CSPG samples at a leading German institute achieved FCE of 94.2% to 95.8%, with results above 95% a key specification for highest quality natural graphite anode materials under the Chinese standard. A very high FCE minimises lithium losses in the initial formation cycles of a lithium-ion battery, supporting battery life. Kasiya CSPG also met the criteria for an initial discharge capacity of more than 360mAh/g (ampere-hours per gram) for highest quality anode materials, with initial capacities of 362-366mAh/g. These results will be used to fast-track discussions with potential offtakers.
Table 2: Electrochemical Results – China CSPG Standard |
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CSPG Sample |
China Standard GB/T-24533-2019
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1 |
2 |
3 |
Grade I |
Grade II |
Grade III |
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First Cycle Efficiency |
% |
95.8 |
94.2 |
95.8 |
≥95 |
≥93 |
≥91 |
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Initial Capacity |
mAh/g |
362 |
364 |
366 |
≥360 |
≥360 |
≥345 |
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Furthermore, the testwork demonstrated that CSPG produced from Kasiya natural flake graphite has initial performance characteristics comparable to the leading Chinese natural graphite anode materials manufacturers such as BTR. BTR has a 20-year track record in the production of lithium-ion battery anode materials, is a dominant player in the market and has recently concluded anode material offtake agreements with global automotive companies including Ford. BTR’s highest specification CSPG materials, that have low swelling, long cycle life, good processability and outstanding electrochemical performance include their GSN17 and LSG17 products (with D50 of 17.0+/- 1.5μm).
Table 3: Electrochemical Results – BTR CSPG products |
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CSPG Sample |
BTR3
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1 |
2 |
GSN 17 |
LSG 17 |
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First Cycle Efficiency |
% |
95.8 |
94.2 |
≥95 |
≥94 |
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Initial Capacity |
mAh/g |
362 |
364 |
≥360 |
≥355 |
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D50 |
μm |
17.5 |
17.3 |
17.0+/- 1.5 |
17.0+/- 1.5 |
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Infill Drilling Program to Upgrade Kasiya Resource
An infill drilling program to infill the southern part of Kasiya commenced during the quarter and was completed in October 2024. The drilling was focused on the designated pits proposed to provide ore feed in the first eight years of the Project’s production schedule. Ore Reserves in these areas are expected to convert from the Probable to Proven category with an upgrade of the current MRE from Indicated to the Measured category under the JORC (2012) Code. Offsite laboratories in South Africa and Australia will assay all samples for rutile and graphite. The drilling program’s results and subsequent Resource upgrade are expected in early 2025. Kasiya is already the world’s largest rutile deposit and second-largest flake graphite deposit, with over 66% of the current MRE in the Indicated category.
An offset 200×200 metre program was designed, resulting in an average drill spacing of 142 metres. The offset spacing had the advantage of allowing analysis of geology and grade continuity in both orthogonal and diagonal directions.
The drilling program consisted of:
1. 281 aircore holes drilled over 5,607m, with an average depth of 20 metres
2. 309 hand auger holes drilled over 1,280m, with an average depth of 4 metres
3. 30 push tube and diamond core holes drilled over 663m, providing samples for verification twinning and geotechnical sampling with an average depth of 22 metres
The current MRE identifies broad and continuous high-grade rutile and graphite zones, extending over a vast area of more than 201 km². Rutile mineralisation is concentrated in laterally extensive, near-surface, flat “blanket” deposits in areas where the weathering profile remains intact and largely uneroded. Graphite is largely depleted near the surface, with grades generally improving at depths greater than 4 metres, down to the base of the saprolite zone, which averages around 22 metres.
Corporate Update
During the quarter, Sovereign’s shares commenced trading on the OTCQX® Best Market (OTCQX) under the ticker symbol SVMLF. The OTCQX is the highest market tier of OTC Markets on which over 12,000 U.S. and global securities trade. Sovereign previously traded on the OTC Pink Market and has been upgraded to the OTCQX as it meets high financial standards, follows best-practice corporate governance and has demonstrated compliance with applicable securities laws. Trading on OTCQX began on 5 July 2024 and will enhance the visibility and accessibility of Sovereign to U.S. investors.
Next Steps
Sovereign is currently conducting a PFS Optimisation Study, including the Pilot Phase, prior to advancing to the DFS. The Company aims to become the world’s largest, lowest cost and lowest-emissions producer of two critical minerals – titanium (rutile) and graphite. The Company plans to update the market on the progress of the following in coming months.
· Ongoing progression of the Pilot Phase, including:
o Completion of hydraulic mining trials;
o preparation of additional bulk samples for product qualification; and
o backfilling of test pits and soil rehabilitation.
· Further graphite testwork results as the Company continues to advance the qualification of its graphite product for the lithium-ion battery and traditional graphite sectors;
· Progress on the optimisation work streams alongside Rio Tinto via the project Technical Committee;
· MRE upgrade in early 2025; and
· Additional community and social development programs.
Competent Person Statement
The information in this announcement that relates to the Exploration Results is extracted from announcements dated 8 May 2024, 15 May 2024 and 4 September 2024, which are available to view at www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.
The information in this announcement that relates to the Mineral Resource Estimate is extracted from Sovereign’s 2024 Annual Report and is based on, and fairly represents information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the 2024 Annual Report continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in 2024 Annual Report have not been materially changed from the disclosure in the 2024 Annual Report.
The information in this announcement that relates to Ore Reserves is extracted from Sovereign’s 2024 Annual Report. Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the 2024 Annual Report continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in 2024 Annual Report have not been materially changed from the disclosure in the 2024 Annual Report.
Ore Reserve for the Kasiya Deposit |
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Classification |
Tonnes |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
RutEq. Grade* |
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Proved |
– |
– |
– |
– |
– |
– |
|
Probable |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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Total |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are from the Kasiya PFS ** Any minor summation inconsistencies are due to rounding
Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade |
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Classification |
Resource |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
Indicated |
1,200 |
1.0% |
12.2 |
1.5% |
18.0 |
Inferred |
609 |
0.9% |
5.7 |
1.1% |
6.5 |
Total |
1,809 |
1.0% |
17.9 |
1.4% |
24.4 |
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
APPENDIX 1: SUMMARY OF MINING TENEMENTS
As at 30 September 2024, the Company had an interest in the following tenements:
Licence |
Holding Entity |
Interest |
Type |
Licence Renewal Date |
Expiry Term Date1 |
Licence Area (km2) |
Status |
EL0609 |
MML |
100% |
Exploration |
25/09/2026 |
25/09/2028 |
219.5 |
Granted |
EL0582 |
SSL |
100% |
Exploration |
15/09/2025 |
15/09/2027 |
141.3 |
Granted |
EL0492 |
SSL |
100% |
Exploration |
29/01/2025 |
29/01/2025 |
454.9 |
Granted |
EL0528 |
SSL |
100% |
Exploration |
27/11/2025 |
27/11/2025 |
16.2 |
Granted |
EL0545 |
SSL |
100% |
Exploration |
12/05/2026 |
12/05/2026 |
24.2 |
Granted |
EL0561 |
SSL |
100% |
Exploration |
15/09/2025 |
15/09/2027 |
61.9 |
Granted |
EL0657 |
SSL |
100% |
Exploration |
3/10/2025 |
3/10/2029 |
2.3 |
Granted |
EL0710 |
SSL |
100% |
Exploration |
1/02/2027 |
1/02/2031 |
38.4 |
Granted |
Notes:
SSL: Sovereign Services Limited, MML: McCourt Mining Limited
1 An exploration licence (EL) covering a preliminary period in accordance with the Malawi Mines and Minerals Act (No 8. Of 2019) (2019 Mines Act) is granted for a period not exceeding three (3) years. Thereafter two successive periods of renewal may be granted, but each must not exceed two (2) years. This means that an EL has a potential life span of seven (7) years. ELs that have come to the end of their term can be converted by the EL holder into a retention licence (RL) for a term of up to 5 years subject to meeting certain criteria. On 28 June 2024, the Mines and Minerals Act (2023) (New Act) was gazetted and came into force. As previously disclosed, The New Act introduces amendments to improve transparency and governance of the mining industry in Malawi. Sovereign notes the following updates in the New Act which may affect the Company going forward: (i) ELs will now be granted for an initial period of 5 years with the ability to extend by 3 years on two occasions (total 11 years); (ii) the Malawian Government maintains a right to free equity ownership for large-scale mining licences but the New Act has removed the automatic free government equity ownership with the right to be a negotiation matter; and (iii) A new Mining and Regulatory Authority will be responsible for implementing the objectives of the New Act.
APPENDIX 2: RELATED PARTY PAYMENTS
During the quarter ended 30 September 2024, the Company made payments of A$310,000 to related parties and their associates. These payments relate to existing remuneration arrangements (executive salaries, director fees, superannuation and bonuses (A$212,000)) and provision of serviced office facilities, company secretarial services and administration services (A$98,000).
APPENDIX 3: MINING EXPLORATION EXPENDITURES
During the quarter, the Company made the following payments in relation to mining exploration activities:
Activity |
A$’000 |
Optimisation, Pilot Phase, Reserve/Resource Estimation |
4,245 |
Drilling related |
602 |
Assaying and Metallurgical Test-work |
310 |
ESG related |
905 |
Malawi Operations – Site Office, Personnel, Field Supplies, Equipment, Vehicles and Travel |
1,684 |
Total as reported in Appendix 5B |
7,746 |
There were no mining or production activities and expenses incurred during the quarter ended 30 September 2024.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity |
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Sovereign Metals Limited |
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ABN |
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Quarter ended (“current quarter”) |
71 120 833 427 |
30 September 2024 |
Consolidated statement of cash flows |
Current quarter |
Year to date |
|
1. |
Cash flows from operating activities |
– |
– |
1.1 |
Receipts from customers |
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1.2 |
Payments for |
(7,746) |
(7,746) |
(a) exploration & evaluation |
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(b) development |
– |
– |
|
(c) production |
– |
– |
|
(d) staff costs |
(276) |
(276) |
|
(e) administration and corporate costs |
(644) |
(644) |
|
1.3 |
Dividends received (see note 3) |
– |
– |
1.4 |
Interest received |
381 |
381 |
1.5 |
Interest and other costs of finance paid |
– |
– |
1.6 |
Income taxes paid |
– |
– |
1.7 |
Government grants and tax incentives |
– |
– |
1.8 |
Other – Business Development |
(489) |
(489) |
1.9 |
Net cash from / (used in) operating activities |
(8,774) |
(8,774) |
2. |
Cash flows from investing activities |
– |
– |
2.1 |
Payments to acquire or for: |
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(a) entities |
|||
(b) tenements |
– |
– |
|
(c) property, plant and equipment |
(736) |
(736) |
|
(d) exploration & evaluation |
– |
– |
|
(e) investments |
– |
– |
|
(f) other non-current assets |
– |
– |
|
2.2 |
Proceeds from the disposal of: |
– |
– |
(a) entities |
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(b) tenements |
– |
– |
|
(c) property, plant and equipment |
– |
– |
|
(d) investments |
– |
– |
|
(e) other non-current assets |
– |
– |
|
2.3 |
Cash flows from loans to other entities |
– |
– |
2.4 |
Dividends received (see note 3) |
– |
– |
2.5 |
Other (provide details if material) |
– |
– |
2.6 |
Net cash from / (used in) investing activities |
(736) |
(736) |
3. |
Cash flows from financing activities |
19,174 |
19,174 |
3.1 |
Proceeds from issues of equity securities (excluding convertible debt securities) |
||
3.2 |
Proceeds from issue of convertible debt securities |
– |
– |
3.3 |
Proceeds from exercise of options |
– |
– |
3.4 |
Transaction costs related to issues of equity securities or convertible debt securities |
(37) |
(37) |
3.5 |
Proceeds from borrowings |
– |
– |
3.6 |
Repayment of borrowings |
– |
– |
3.7 |
Transaction costs related to loans and borrowings |
– |
– |
3.8 |
Dividends paid |
– |
– |
3.9 |
Other (provide details if material) |
– |
– |
3.10 |
Net cash from / (used in) financing activities |
19,137 |
19,137 |
4. |
Net increase / (decrease) in cash and cash equivalents for the period |
||
4.1 |
Cash and cash equivalents at beginning of period |
31,562 |
31,562 |
4.2 |
Net cash from / (used in) operating activities (item 1.9 above) |
(8,774) |
(8,774) |
4.3 |
Net cash from / (used in) investing activities (item 2.6 above) |
(736) |
(736) |
4.4 |
Net cash from / (used in) financing activities (item 3.10 above) |
19,137 |
19,137 |
4.5 |
Effect of movement in exchange rates on cash held |
4 |
4 |
4.6 |
Cash and cash equivalents at end of period |
41,193 |
41,193 |
5. |
Reconciliation of cash and cash equivalents
|
Current quarter |
Previous quarter |
5.1 |
Bank balances |
4,153 |
253 |
5.2 |
Call deposits |
37,040 |
31,309 |
5.3 |
Bank overdrafts |
– |
– |
5.4 |
Other (provide details) |
– |
– |
5.5 |
Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
41,193 |
31,562 |
6. |
Payments to related parties of the entity and their associates |
Current quarter |
6.1 |
Aggregate amount of payments to related parties and their associates included in item 1 |
(310) |
6.2 |
Aggregate amount of payments to related parties and their associates included in item 2 |
– |
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
7. |
Financing facilities
|
Total facility amount at quarter end |
Amount drawn at quarter end |
7.1 |
Loan facilities |
– |
– |
7.2 |
Credit standby arrangements |
– |
– |
7.3 |
Other (please specify) |
– |
– |
7.4 |
Total financing facilities |
– |
– |
|
|||
7.5 |
Unused financing facilities available at quarter end |
– |
|
7.6 |
Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. |
||
8. |
Estimated cash available for future operating activities |
$A’000 |
8.1 |
Net cash from / (used in) operating activities (item 1.9) |
(8,774) |
8.2 |
(Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) |
– |
8.3 |
Total relevant outgoings (item 8.1 + item 8.2) |
(8,774) |
8.4 |
Cash and cash equivalents at quarter end (item 4.6) |
41,193 |
8.5 |
Unused finance facilities available at quarter end (item 7.5) |
– |
8.6 |
Total available funding (item 8.4 + item 8.5) |
41,193 |
8.7 |
Estimated quarters of funding available (item 8.6 divided by item 8.3) |
5 |
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. |
||
8.8 |
If item 8.7 is less than 2 quarters, please provide answers to the following questions: |
|
8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? |
||
Answer: Not applicable |
||
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? |
||
Answer: Not applicable |
||
8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? |
||
Answer: Not applicable |
||
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. |
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 October 2024
Authorised by: Company Secretary
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
#GRX GreenX Metals LTD – 2024 Annual Report
27th September 2024 / Leave a comment
GreenX Metals Limited (GreenX or the Company) advises that its 2024 Annual Report, has been published at https://greenxmetals.com/investors/announcements/, will be uploaded to the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and is attached as a PDF to this news release.
The Company also advises that an Appendix 4G (Key to Disclosures: Corporate Governance Council Principles and Recommendations) and 2024 Corporate Governance Statement have been released today and are also available on the Company’s website at https://greenxmetals.com/about/corporate-governance/ and are attached as a PDF to this news release.
Further, that the Company’s Annual General Meeting (AGM) will be held on Friday, 22 November 2024.
An item of business at the AGM will be the re-election of Directors. In accordance with clause 6.2(f) of the Company’s Constitution, the closing date for receipt of nominations from persons wishing to be considered for election as a Director is Friday, 4 October 2024. Any nominations must be received at the Company’s registered office no later than 5.00 pm (Perth time) on Friday, 4 October 2024.
Further information about the AGM, including the Notice of AGM, will be provided to shareholders in October 2024.
LEI: 213800EHCGNYSCN9T108
Classification: 1.1 Annual financial and audit reports
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322
#SVML Sovereign Metals LTD – Result of Meeting
12th September 2024 / Leave a comment
A General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML, OTCQX:SVMLF) was held today, 12 September 2024, at 10.00am (AWST).
The resolutions voted on were in accordance with the Notice of Meeting previously advised to the Australian Securities Exchange (ASX) and shareholders. All resolutions were decided on and carried by way of poll.
In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out below.
Classification 3.1 Additional regulated information required to be disclosed under the laws of a Member State
ENQUIRIES
Dylan Browne Company Secretary info@sovereignmetals.com |
Nominated Adviser on AIM and Joint Broker |
|
SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
Ewan Leggat Charlie Bouverat |
|
|
|
Joint Brokers |
|
Stifel |
+44 20 7710 7600 |
Varun Talwar |
|
Ashton Clanfield |
|
|
|
Berenberg |
+44 20 3207 7800 |
Matthew Armitt |
|
Jennifer Lee |
|
|
|
Buchanan |
+ 44 20 7466 5000 |
Resolution |
Number of Proxy Votes |
Number and Percentage of Votes cast on the Poll |
Voting Method and Result |
|||||
For |
Against |
Abstain |
Proxy’s Discretion |
For |
Against |
Abstain |
||
1. Issue of Advisory Shares |
33,758,103 |
49,000 |
– |
2,233,818 |
49,649,439 |
49,000 |
– |
Carried on vote by poll |
2. Issue of Performance Rights to a Director – Mr Benjamin Stoikovich |
8,211,814 |
1,771,219 |
23,824,070 |
2,233,818 |
10,545,632 |
1,771,219 |
37,381,588 |
Carried on vote by poll |
3. Issue of Performance Rights to a Director – Mr Frank Eagar |
8,744,733 |
1,771,219 |
23,291,151 |
2,233,818 |
11,078,551 |
1,771,219 |
36,848,669 |
Carried on vote by poll |
First Class Metals #FCM – Holding(s) in Company
3rd July 2024 / Leave a comment
Andrew Paul Greenhalgh now holds 2,493,815 shares (3.04%) of the Company
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
||||||
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: |
First Class Metals PLC |
|||||
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
||||||
Non-UK issuer |
||||||
2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
||||||
An acquisition or disposal of voting rights |
X |
|||||
An acquisition or disposal of financial instruments |
||||||
An event changing the breakdown of voting rights |
||||||
Other (please specify) iii: |
||||||
3. Details of person subject to the notification obligation iv
|
||||||
Name |
Andrew Paul Greenhalgh |
|||||
City and country of registered office (if applicable) |
N/A |
|||||
4. Full name of shareholder(s) (if different from 3.) v |
||||||
Name |
||||||
City and country of registered office (if applicable) |
||||||
5. Date on which the threshold was crossed or reached vi: |
18/06/2024 |
|||||
6. Date on which issuer notified (DD/MM/YYYY): |
02/07/2024 |
|||||
7. Total positions of person(s) subject to the notification obligation |
||||||
% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer (8.A + 8.B) vii |
|||
Resulting situation on the date on which threshold was crossed or reached |
3.04 |
N/A |
3.04 |
2,493,815 |
||
Position of previous notification (if applicable) |
||||||
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
|||||||||
A: Voting rights attached to shares |
|||||||||
Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
|||||||
Direct (DTR5.1) |
Indirect (DTR5.2.1) |
Direct (DTR5.1) |
Indirect (DTR5.2.1) |
||||||
GB00BPJGTF16 |
2,493,815 |
3.04% |
|||||||
SUBTOTAL 8. A |
3.04% |
||||||||
|
|||||||||
B 1: Financial Instruments according to DTR5.3.1R (1) (a) |
|||||||||
Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
|||||
SUBTOTAL 8. B 1 |
|||||||||
|
|||||||||
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) |
|||||||||
Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash Settlement xii |
Number of voting rights |
% of voting rights |
||||
|
SUBTOTAL 8.B.2 |
||||||||
|
|||||||||
9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
||||
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
x |
|||
Full chain of controlled undertakings through which the voting rights and/or the |
||||
Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
|
|
||||
10. In case of proxy voting, please identify: |
||||
Name of the proxy holder |
N/A |
|||
The number and % of voting rights held |
N/A |
|||
The date until which the voting rights will be held |
N/A |
|||
11. Additional information xvi |
||||
Place of completion |
Carlisle, United Kingdom |
Date of completion |
02/07/2024 |
#FCM First Class Metals PLC – 2023 Year-end Shareholder Letter
29th December 2023 / Leave a comment
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that a Shareholder Letter has been uploaded to the Company’s website at www.firstclassmetalsplc.com. The letter, a review of the major developments for the Company during 2023 and the outlook for 2024.
Dear Shareholders,
On this the last working day of the year I would like to take the opportunity to reflect on what an excellent year it has been in First Class Metal’s development: we rapidly advanced and completed on our commitment to bring four properties to a ‘Drill Ready Status’ and undertake a drill programme on one property in 2023. A number of key milestones were met during 2023, which are summarised below. I have our highly experienced and dedicated team in Canada and the UK to thank for this significant progress and I am delighted to see their efforts come to fruition, in a positive way, with the results achieved. With further results from a number of programmes still awaited , we are determined to take this momentum through into next year.
2023 Key Milestones
First Nations Agreements and Permitting
At FCM we are committed to working in harmony with the First Nations who have claims to traditional lands in which out properties sit. This open and co-operative attitude has manifested itself in the granting of five Exploration Permits in what has been a relatively short time. Furthermore, Exploration Agreements or MoU’s are in place with four First Nations groups which effectively cover the six Exploration Permits which FCM holds.
Obtaining new Exploration Permits across five properties and securing exploration agreements with support from First Nation partners is a major milestone for our company in 2023.
The successful acquisition of these permits and agreements demonstrates our commitment to responsible exploration practices and building strong relationships with local communities. With these achievements, our portfolio now contains six properties with valid exploration permits, positioning us for further growth and success. We remain dedicated to advancing our exploration activities in a sustainable and mutually beneficial manner.
Exploration Zigzag, Esa, North Hemlo, Sunbeam
In order to efficiently use investor funds for what is the most expensive outlay in exploration : drilling, we have focussed on understanding the geology (geochemistry and structure) of the four primary properties with I believe admirable success. To this end further drilling on the other three properties is more likely to achieve success.
Figure 1- Spodumene rich core from the recent drilling campaign on the Zigzag lithium property.
Figure 2-Summer 2023, First Class Metals CEO Marc Sale at the ‘Dead Otter Trend’ on the North Hemlo Property
James Knowles- Executive Chairmans End of Year Quote
“2023 was a pivotal and transformative year for FCM. We set ambitious operational goals, including advancing four properties to drill ready status and successfully drilling on one. I would like to express my gratitude to Marc and his exceptional ‘in-country team’ for their dedication and achievements in completing this task. On the corporate side despite challenging market conditions, we secured funding twice, a testament to the quality of our properties. I am excited to see this progress continue into 2024 as we have much to look forward to.”
Outlook for 2024
The outlook for First Class in 2024 is expected to mirror the high activity level experienced in 2023. With six permitted properties, including Zigzag, North Hemlo, Esa, and Sunbeam, four of which are now ‘Drill Ready’ or have undergone an initial drill program in the case of Zigzag, we are well-positioned for the year ahead.
Our focus for 2024 will entail a two-pronged approach. Firstly, we aim to enhance our geological understanding and the mineralisation of these properties to further increase their value. Simultaneously, we will explore opportunities to secure third-party investment through ‘earn-ins,’ joint ventures, or potentially even corporate transactions.
As we approach the end of 2023, we are pleased to share that we have received expressions of interest from various sources across our portfolio. These range from junior exploration companies with comparable standing to significant players in the industry. This interest validates the potential and attractiveness of our properties and bodes well for the opportunities that may arise in the coming year.
In addition to the ‘core four’ portfolio, we are strategically preparing a pipeline of projects from within our existing portfolio of assets, to further advance our exploration efforts. Two promising properties within this pipeline are the McKellar polymetallic property near Marathon and the Enable Gold project near Schreiber. Both of these properties have obtained the necessary permits, enabling us to move forward with focused exploration plans. With the planned programmes in 2024, we aim to progress these projects to a ‘Drill Ready’ status. This will keep the momentum building and ensure properties of merit can move up the priority list when required, whilst always remaining cognisant of divestment opportunities.
We are actively seeking potential new mineral properties in Ontario, whether through staking or acquisition, alongside our existing portfolio. Our focus is on identifying properties that have the potential to move ‘up the value curve’ and contribute to our growth strategy. Through thorough research, engagement with industry networks, and strategic partnerships, we aim to acquire promising mineral properties. By continuously evaluating and augmenting our portfolio, we can ensure the ongoing success of our ‘project incubator’ model.
This year has seen First Class take several early ‘green field’ properties up through the value curve and we strongly believe that 2024 will continue on this trend as we enter into a transformative period for the Company. I would like to take this opportunity to thank all our shareholders, stakeholders, contractors, and Emerald Geological Services with a personal thanks to their Principle, Bruce A McLaughlin for the continued support of First Class Metals during this exciting period for us and wish you all a happy New Year.
#SVML Sovereign Metals – Company Presentation
27th November 2023 / Leave a comment
Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) is pleased to advise that an updated Company presentation is available to download from the Company’s website at:https://www.investi.com.au/api/announcements/svm/22095baf-388.pdf.
ENQUIRIES
Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
Nominated Adviser on AIM and Joint Broker |
|
SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
Ewan Leggat Charlie Bouverat Harry Davies-Ball |
|
|
|
Joint Brokers |
|
Berenberg |
+44 20 3207 7800 |
Matthew Armitt |
|
Jennifer Lee |
|
|
|
Tavistock PR |
+44 20 7920 3150 |
#SVML Sovereign Metals LTD – Initial Director’s Interest Notice
20th October 2023 / Leave a comment
Initial Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
Name of entity Sovereign Metals Limited |
ABN 71 120 833 427 |
We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director |
Francis (Frank) Eagar |
Date of appointment |
20 October 2023 |
Part 1 – Director’s relevant interests in securities of which the director is the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
Number & class of securities
500,000 ordinary fully paid shares
1,000,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025
500,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” expiring on or before 31 March 2026
700,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026
|
Part 2 – Director’s relevant interests in securities of which the director is not the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Name of holder & nature of interestNote: Provide details of the circumstances giving rise to the relevant interest.
Not applicable |
Number & class of Securities
|
Part 3 – Director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
Detail of contract |
|
Nature of interest
|
|
Name of registered holder (if issued securities)
|
|
No. and class of securities to which interest relates
|
|
Initial notification/Amendment |
Initial |
LEI |
213800NSPXSASTENFQ34 |
Place of transaction |
Australian Securities Exchange (ASX) |
ECR Minerals playing the big game – Andrew Scott talks to Andrew Haythorpe and Adam Jones
1st June 2023 / Leave a comment
In a new June 2023 ‘on the ground’ interview, Andrew Scott talks to Andrew Haythorpe and Adam Jones about the exploration programme. Adam covers his schedule, boots on the ground at Hurricane (5-7 days) meeting the previous owner, and he will then be at Lolworth for the rest of June taking rock chips and sampling where the tantalum & niobium and rare earths were discovered last year. Andrew Haythorpe talks about the bigger picture for Lolworth in the back yard of Charters Towers, Pajingo etc, looks at the 1980s results, how the area is so unexplored and why the results, size and scale of the area offers so much potential. Both believe that very little would be needed to put the Lolworth discoveries on the scale of Charters Towers, given the 10km ridgeline, the specific area of interest 3.5 x 4km (12-20sq km), but there is also an overlap in the SE of the tenement with the same geology, which is totally untested, which could be 3x the size of the current ridgeline. Adam and Andrew then discuss the planning for Hurricane, putting in access tracks to the breccia veins with bulldozers and an initial RC drilling plan. Andrew explains how the current private landowners have been unable to exploit the asset, and how ECR are the first company with significant resources to get on the ground there.
Moving to Creswick, Adam touches on the underwhelming initial results, but points to the fact there is a 10k trend that remains to be tested, and the reasons why ECR has to work smarter. Adam looks at the geology of nearby Ballarat compared to Creswick – similar structure, narrow vein, anticlines etc, with some 30 veins already identified along the 10k strike. In summary, Andrew highlights the work Adam and the team have done with soil geochemistry and sampling and how they are ‘ranking’ the prospects to get the biggest bang for the ECR buck. In summary, the ECR team are are here to find good grades. Lolworth has some ‘smoking’ mineralisation and Andrew believes at Hurricane will deliver at 20-40-60m below surface, in other words a classicAustralian open cut mining start up which gives ECR a chance to play the big game.
ECR Minerals #ECR – CEO Andrew Haythorpe discusses exploration progress at Queensland & Victoria
22nd May 2023 / Leave a comment
ECR CEO Andrew Haythorpe discusses the latest exploration progress at Victoria and the transition to Queensland. Andrew discusses the potential he sees at Lolworth, with 30 different gold occurrences plus niobium and tantalum already at such an early phase. He then looks at the Hurricane project, and how the gold in veins at surface are consistently 1-5m thick (one was 60m thick), which leads to a consistent 1-5 g/t at surface, and the most recent project acquisition, the Blue Mountain project where there is a lot of alluvial gold. Andrew then covers how low cost work programmes including geophysics and geochemistry, RC drilling keep the costs down and will identify the biggest and best anomalies. On funding, there are plans for further asset sales, and he confirms ECR are fully funded for all QLD and Victoria exploration this year. In summary, Andrew believes the chances of pinning down a major find in Queensland is much better. ECR has the right people and right geology, plus there could be some major players keen on partnering in Queensland.
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