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Cleansing Notice Under Section 708A Of The Corporations Act 2001 (CTH)
December 08, 2022
The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) advises that following approval of resolution 5 at the Annual General Meeting (AGM) of shareholders held on 29 November 2022, it has issued a total of 10,000,000 listed EMTO options. Details of the issue are set out in the Company’s notice of AGM.
The Company gives this Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act) for the issue of 10,000,000 listed EMTO options.
The listed Options were issued without disclosure to investors under Part 6D.2 of the Corporations Act. As at the date of this Notice, the Company has complied with:
- the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and
- section 674 of the Corporations Act. As at the date of this Notice, there is no excluded information for the purposes of section 708A(7) and 708A(8) of the Corporations Act.
As at the date of this Notice, there is no excluded information for the purposes of section 708A(7) and 708A(8) of the Corporations Act.
This announcement has been authorised by the Board of eMetals Limited.
Click here for the full ASX Release
This article includes content from eMetals 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.
EMT:AU
12 February
Dolphin Tungsten Mine Gets Tasmanian Government Support as Group 6 Restructures
Eric Abetz, Tasmania's minister for business, industry and resources, said on Monday (February 10) that the state's government is providing support for Group 6 Metals’ (ASX:G6M) Dolphin tungsten mine.
Under a debt-to-equity agreement, the government will convert its existing AU$10 million loan into an equity stake in Group 6, a move it says will secure King Island jobs and support the mine’s long-term future.
"This is intended to be a short to medium-term investment to help stabilise the mine through challenging global conditions," said Abetz, adding that the deal is part of a larger turnaround plan for Group 6.
He noted that Dolphin is responsible for an average of 95 direct jobs and supports many local businesses.
Dolphin is a brownfield asset that was initially in operation from 1917 to 1992.
Group 6 commenced commercial production at the mine in 2023. According to the company's website, the mine’s JORC-compliant mineral reserve stands at 4.43 million metric tons grading 0.92 percent tungsten trioxide (WO3).
During the latest quarter, Dolphin produced 11,405 metric ton units of saleable tungsten at an average grade of 56 percent WO3. The company sold 9,332 metric ton units of WO3 in tungsten concentrate for the period.
The support for Dolphin falls under the Tasmanian government’s 2030 Strong Plan for Tasmania’s Future, which allows the state to co-invest in strategic project that it believes to be beneficial.
“The Tasmanian Government remains committed to working closely with the company to support the mine’s ongoing operations and ensure its long-term viability," Abetz noted in Monday's release.
Its debt-to-equity conversion plan remains subject to regulatory and shareholder approvals.
In December 2024, Group 6 announced a recapitilisation plan to address "unsustainable leverage" and "significantly" reduce its total debt. The plan was agreed upon with senior and subordinate lenders and larger unsecured creditors, with AU$67.2 million of Group 6's debt and accrued interest costs being converted into ordinary shares.
The plan gave Group 6 a further AU$23.75 million in funding from the existing senior lenders, and also introduced board and management changes, with Kevin Pallas being appointed executive chair.
"The current debt levels and finance servicing costs within the business have become unsustainable. The new board is now eager to proceed with this transformation plan, affording the Company both near-term liquidity and a sustainable go-forward capital structure," Pallas said in December's press release.
Australian tungsten companies and projects could play a pivotal role in global markets moving forward.
Earlier this month, threats to tungsten supply were in focus following China's announcement of stricter export restrictions on the metal, along with tellurium, bismuth, molybdenum and indium.
Tungsten-focused companies outside the Asian nation have caught attention in light of the news, with Almonty Industries (TSX:AII,ASX:AII,OTCQX:ALMTF) CEO Lewis Black saying the situation "is going to get worse."
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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17 October 2024
EQ Resources Gets Government Funding for Wolfram Camp Tungsten Mine
EQ Resources (ASX:EQR) said Tuesday (October 15) that it has received AU$250,000 from the Queensland government’s Mining Equipment, Technology and Services (METS) Collaborative Project Fund.
The money will be used for advanced X-ray transmission (XRT) ore-sorting trials at the Wolfram Camp tungsten mine.
The METS Collaborative Project Fund is a AU$2.67 million project that aims to support companies, researchers and agencies in developing projects that address environmental and safety challenges in the resource sector.
“This funding is key to advancing our strategy at Wolfram Camp, as part of our Queensland Tungsten Cluster, enabling us to deploy cutting-edge technologies and expertise to unlock the site's potential,” said EQ CEO Kevin MacNeill.
The company also underlined that it is proud to contribute to Queensland’s vision of re-commercialising former mines, and to the overall development of the critical minerals sector in the state.
The advanced XRT ore-sorting trials will assess the viability of redeveloping the historic Wolfram Camp tungsten mine.
The work will be completed by a consortium led by EQ. Collaborator Tomra Sorting will provide industrial XRT sorters for the project. The University of Queensland is also collaborating through its Sustainable Minerals Institute, which will lead geometallurgical characterisation of the stockpiles and focus on tungsten and molybdenum deposits.
EQ secured an exploration permit for Wolfram Camp mine on June 18. The project is located 100 kilometres southwest of the company’s operating Mount Carbine tungsten mine, where EQ recently hit a new monthly production record.
“(This proximity) represents a unique opportunity to revitalise a historic mining region and form part of a potential Tungsten Cluster EQR has been advocating with the government,” EQ said in its press release.
As the company works to evaluate Wolfram Camp's potential, it is looking to spend the next three years on work such as a comprehensive regional review and exploration programs, including new mapping, soil and geophysical surveys, high-resolution magnetic imaging and drill testing over 10,000 metres.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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04 October 2024
EQ Resources Reports New Monthly Tungsten Production Record
EQ Resources (ASX:EQR) hit a monthly tungsten production record of 20,721 metric ton units (mtu), the company said on Wednesday (October 2). The amount is a 15 percent increase from its previous monthly record.
In its first fiscal quarter of 2025, the company reported a 31 percent rise in output from the previous period.
EQ said in a press release that the increases were due to improving ore grades at its Mount Carbine mine in Queensland, as well as the successful implementation of recovery-enhancing upgrades at the Barruecopardo mine in Spain.
“Production continues to ramp up at Mt Carbine since we re-entered the Andy White open pit in June of last year, while our teams at Barruecopardo have been implementing and installing a capital-lite continuous improvement program since EQR assumed ownership of the mine in January,” explained company CEO Kevin MacNeill.
In September, Mount Carbine hit a daily production record of 641 mtu, up from its previous daily record of 571 mtu. Barruecopardo recorded a 21 mtu increase in its daily output record, climbing from 497 mtu to 518 mtu per day.
EQ notes that its higher mining rates came in tandem with further restrictions on critical minerals exports from China, along with the US government’s additional 25 percent tariff on the import of Chinese tungsten products.
MacNeill said China controls more than 80 percent of global tungsten output, adding that the western world has only brought four tungsten mines into operation in the past 15 years. Two of these mines are operated by EQ, which the company perceives as “a unique value proposition that gains interest from policymakers.”
The company is looking at cooperation and funding opportunities domestically and via US and EU agencies.
In July, EQ completed the acquisition of its partner CRONIMET’s 50 percent interest in the Mount Carbine retreatment joint venture. The company is now responsible for all obligations under the offtake agreement, as well as all assets and liabilities of the joint venture. CRONIMET has assumed a marketing role for the company’s Saloro concentrate.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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03 October 2024
Significant Tungsten and Critical Minerals Assays, Cleveland Project
Elementos Limited (ASX: ELT) has bolstered the development prospects of its Cleveland Tin Project, in the mineral rich province of north-west Tasmania after outstanding drill assays from the “Foleys Zone” confirmed large continuous zones of tungsten, co-mineralised with a suite of highly desired critical minerals.
Highlights:
- Drill assays confirm large tungsten mineralisation over 465.9m (above a cut-off grade of 0.1%) including a single continuous zone of 319.5m @ 0.18% WO3 from 772.4m (downhole)
- Multiple higher-grade zones of tungsten (~0.24-1.6% WO3) identified throughout the broader tungsten mineralisation within the Foleys Zone.
- Significant co-mineralisation of Critical Minerals intersected within the tungsten mineralisation, including high-value minerals; rubidium, molybdenum, fluorspar/fluorite and bismuth. Rubidium, as Rubidium Carbonate, currently trades in the range of ~US$1,100/kg# (~US$1.1M/t).
Managing Director Joe David said the results increase the Cleveland Project’s development prospectivity considerably.
“In addition to the previously established 7.5Mt of tin and copper Mineral Resources3 and the 4.0Mt of tungsten Mineral Resources1,2, the project now has an additional suite of Critical and Strategic Minerals*^ to evaluate including molybdenum, fluorite/fluorspar (further assays pending), bismuth and rubidium. These minerals are targeted by the Australian and US Governments (and their allies) due to their contribution to high-tech industries and current reliance on concentrated offshore supply chains,“ Mr David said.
“These Foley Zone intersections are potentially game-changing for the project as we continue to build a robust suite of Critical Mineral mineralisation, ahead of developing the technical studies to define the economic case for the company’s planned re-start of the old Cleveland Tin Mine.
“The confirmation of just under half-a-kilometre of tungsten, of substantial grade and intensity appear globally significant. This is despite the fact the hole drifted slightly at depth and missed the ultimate porphyry dyke target (historically intersected) leaving potential further upside for the mineralisation, grades and the project.”
“Whilst the intersection of minerals other than tungsten was considered prospective, due to several research papers and historic mine records, the thickness of continuity of some of these Critical Mineral intercepts has been a positive surprise. Particularly noteworthy is intersecting over 200m of previously un-identified rubidium mineralisation (>0.1% Rb), a rare and unique mineral which trades around US$1.1 million/tonne,” he said.
“Rubidium is indispensable for quantum computing, GPS technology, fibre optics, electronics, pyrotechnics, the medical industry and is also used to make specialty glass.”
“We believe on-top of the previously defined Mineral Resources1,2,3, the confirmation of just under 500m of additional Tungsten mineralisation, co-mineralised with these Critical and Strategic Minerals definitely puts the Cleveland Project back-on-the-map.”
Assay Results
As previously reported, drill hole C2124/C2124A was drilled to a depth of 1,122m. The drill hole tested for extensions to the tungsten Mineral Resource1,2 within the highly prospective “Foleys Zone” which lies beneath the Cleveland tin-copper Mineral Resource3.
The current assay data being reported is in addition to previously reported assay data from this drill hole (18 June 20245, 10th July 20246 & 4th Sept 20248).
In conjunction with follow-up workstreams (ie. fluorite assays), the company will continue to refine its development plan and focus for the Cleveland Project.
Note, only initial fluorspar/fluorite assays are reported. A further 291 samples (representing 394.2m) are being sent to the ALS laboratory in Vancouver laboratory for specialised ore-grade halogen assays after it was previously identified that many samples were above recordable levels for the Brisbane laboratory.
The tungsten analytical results for these sample depths were reported earlier8.
Click here for the full ASX Release
This article includes content from Elementos 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.
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14 August 2024
Formation of Joint Venture Molyhil Project, Northern Territory
The Directors of Thor Energy Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that, further to the announcement on 24 November 2022 in relation to the Farm-in Funding Agreement and the announcement on 24 April 2024 in relation to the Completion of Stage 1 Earn-In Commitment, a joint venture Agreement (“JV”) with ASX-listed Investigator Resources Limited (“IVR”), operating as Fram under the Heads of Agreement (“HoA”), has been formalised for the Molyhil and Bonya (EL29701 only) Projects, in the Northern Territory.
Highlights:
- JV formed with IVR completing by spending $1,000,000 on the tenements (Stage 1 commitment) and the transfer of 25% interest in the Molyhil tenements and the sale of Thor’s 40% interest in Bonya tenement EL29701 (Table 1 and 2).
- The initial interest for the parties is 25% Fram and 75% Molyhil.
- IVR will now issue Thor A$250,000 worth of IVR shares upon the formalisation of Fram’s 25% JV interest.
- Fram can opt to continue to earn up to 80% interest by spending up to, a further $7,000,000 on the Tenements via a three-stage process.
- The JV at Molyhil will allow Thor to focus on its priority USA Uranium assets and Alford East Copper-REE Project while retaining a meaningful interest in the Molyhil Project.
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
“The Directors are delighted that the Stage 1 Commitment has been completed and that Fram is progressing with developments on this exciting tungsten/molybdenum deposit. The increase in the mineral resource endowment is underpinning feasibility work at Molyhil.
“The commitment shown by Fram in diligently working through all aspects of this deposit is to be applauded.
“The Molyhil divestment and Bonya sale (EL29701) will support the Company’s focus on its priority US uranium assets, where we see the most significant and nearest-term value potential for Thor’s shareholders.”
Key Transaction Details
Formation of the Joint Venture
Under the execution of the Stage 1 obligations, a JV Agreement was executed between Fram and Molyhil on 13 August 2024 (“JV Commencement Date”). The initial JV interests of the parties are 25% Fram and 75% Molyhil in Molyhil, with the 40% sale of Bonya EL29701 (Table 1 and 2).
Stage 1 Joint Venture Consideration
On the formalisation of Fram’s 25% JV interest, IVR will issue Thor A$250,000 worth of IVR shares at a deemed price equal to the higher of the Volume Weighted Average Price for the 15-day trading period immediately preceding the 25% earn-in date, or A$0.05 per share.
Stage 2 Earn-In
Fram shall, within 28 days of the JV Commencement Date, give Molyhil written notice of its intention to earn a further 26% interest in the Molyhil Tenements (“Stage 2 Earn-In Notice”), bringing its total interest to 51%.
If Fram issues a Stage 2 Earn-In Notice, Fram must spend A$2,000,000 (which amount is in addition to the Stage 1 Commitment) on exploration on or before the third anniversary of the JV Commencement Date (“Stage 2 Commitment”) to earn the additional 26%.
Upon Fram meeting the Stage 2 Commitment, Fram will be entitled to a 51% interest in the Tenements.
Stage 3 Earn-In
Fram shall, within 28 days of the Stage 2 Completion Notice, give Molyhil written notice of its intention to earn a further 29% interest in the Tenements (“Stage 3 Earn-In Notice”), bringing its total interest to 80%.
If Fram issues a Stage 3 Earn-In Notice, Fram must spend A$5,000,000 (an amount additional to the Stage 1 and Stage 2 Commitments) on exploration on or before the sixth anniversary of the JV Commencement Date (“Stage 3 Commitment”) to earn the additional 26%.
Upon Fram meeting the Stage 3 Commitment, Fram will be entitled to an 80% interest in the Tenements.
Project Background
The Molyhil tungsten-molybdenum deposit is located 220km north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block, in the Northern Territory (Figure 1).
As announced on (ASX/AIM: 31 May 2024), Thor reported a revised Mineral Resource Estimate comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.65 million tonnes at 0.26% WO3 (Tungsten trioxide), 0.09% Mo (Molybdenum), and 0.04% Cu (Copper) using a 0.05% WO3 cut-off.
The Bonya tungsten and copper tenement (EL29701) is located approximately 30km to the northeast of Molyhil (Figure 1). Thor, in JV with Arafura, held a 40% equity interest in the tenements.
Click here for the full ASX Release
This article includes content from Thor Energy PLC, 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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14 May 2024
Top 10 Tungsten-producing Countries
Tungsten has many applications. It's used in electrical wires, as well as in welding, heavy metal alloys, turbine blades and as a lead substitute in bullets. The metal can also be found in heating and electrical contacts.
According to the US Geological Survey, global tungsten production came in at 81,000 metric tons (MT) in 2024, up slightly from 2023's 79,500 MT. The vast majority of tungsten mining and processing occurs in China. Looking forward to 2025, increased production is seen coming from mines in South Korea and Australia.
Tungsten’s importance in a wide range of industrial categories, from smartphones to car batteries, means demand is likely to rise. At the same time, supply chain disruptions and increased production costs are weighing on global supply.
Tungsten prices have traded upward in recent years, and the industry's supply and demand dynamics are expected to push the metal higher in 2025 and beyond. Total revenue for the tungsten market is expected to grow at a compound annual growth rate of 8 percent through 2024 to 2032 to reach nearly US$9.49 billion in value.
With that in mind, it’s worth being aware of which countries produce the most tungsten. Here’s an overview of tungsten production by country in 2024, as per data from the US Geological Survey.
1. China
Tungsten production: 67,000 metric tons
Tungsten reserves: 2.4 million metric tons
In 2024, China produced 67,000 metric tons of tungsten, up by 1,000 MT from 2023. The country is the world’s largest producer of the metal by a wide margin, accounting for more than 80 percent of total annual tungsten output worldwide.
That said, China’s tungsten production has been falling in recent years — the Asian nation has limited the quantity of tungsten-mining and export licenses it awards, and has imposed quotas on tungsten concentrate production. The country has also recently increased environmental inspections.
In response to US President Donald Trump's imposition of 10 percent tariffs on imports from China, the Government of China immediately announced strict export controls on tungsten and four other key metals used in several important industries, including defense. China has been the main source of tungsten imported into the US since 2017. In 2024, China accounted for 27 percent of US tungsten imports. Tighter tungsten supply out of China may lead to higher prices for the metal despite growing production from ex-China sources.
2. Vietnam
Tungsten production: 3,400 metric tons
Tungsten reserves: 140,000 metric tons
Vietnam’s tungsten production in 2024 came to 3,400 metric tons, down by 100 MT from the previous year. Privately owned Masan Resources runs the Vietnam-based Nui Phao mine, which it says is the largest tungsten-producing mine outside China. It is also one of the lowest-cost producers of tungsten in the world.
In 2024, Vietnam accounted for 8 percent of US tungsten imports.
3. Russia
Tungsten production: 2,000 metric tons
Tungsten Reserves: 400,000 metric tons
Russia produced 2,000 metric tons of tungsten in 2024, on par with the last few years. The war between Russia and Ukraine has hampered Russia's ability to trade and make deliveries of tungsten to the world market as it continues to face sanctions. The Tyrnyauz tungsten-molybdenum mine is the largest tungsten deposit in the country and one of the largest globally.
Russia is a significant supplier of the metal to Europe, but restrictions have increased the continent’s dependency on Chinese imports. At the same time, the war is fueling tungsten demand given the metal's use in ammunitions.
4. North Korea
Tungsten production: 1,700 metric tons
Tungsten reserves: 29,000 metric tons
In 2024, North Korea produced 1,700 metric tons of tungsten production, up by 100 MT over the previous year. The Mannyŏn mine in South Hamgyong province is the country's largest tungsten mine.
Tungsten ore is North Korea's top export, worth nearly US$31 million in 2022, with the majority being consumed by China. Tungsten's top spot in North Korea's export market may be due to the fact that it's one of the few metals not listed under UN sanctions on the country's trade.
5. Bolivia
Tungsten production: 1,600 metric tons
Tungsten reserves: Not available
Bolivia's tungsten production in 2024 was 1,600 metric tons, a gain of 100 MT over the previous year. The South American has increased its tungsten production since 2014 as a result of moves to promote its tungsten industry. Bolivia accounted for 8 percent of US tungsten imports in 2024.
The Bolivian mining industry is heavily influenced by Comibol, a state-owned mining umbrella company.
6. Rwanda
Tungsten production: 1,200 MT
Tungsten reserves: Not available
Rwanda produced 1,200 metric tons of tungsten in 2024, on par with 2023's output. Tungsten is one of the most common conflict minerals in the world, meaning that at least some of it is produced in war zones and is sold to perpetuate fighting.
While Rwanda has promoted itself as a source of conflict-free minerals, concerns remain about its tungsten output. Nevertheless, it is an important exporter of tungsten, accounting for 31 percent of global tungsten trade in 2022.
One of the largest tungsten producers in Rwanda is privately-owned Trilogy Metals, which owns the Nyakabingo tungsten ore mine. Trilogy's largest shareholder is UK-based private industrial company Techmet which is working to secure a viable technology metal supply chain.
7. Australia
Tungsten production: 1,000 metric tons
Tungsten reserves: 570,000 metric tons*
In 2024, Australia produced 1,000 metric tons of tungsten. This represents a more than 130 percent jump in output from 2023 levels, taking it from the ninth spot on the previous year's list to rank seventh in global tungsten production for 2024.
Companies with Australia-based tungsten projects include Tungsten Mining (ASX:TGN), whose properties include Mount Mulgine, Big Hill and Kilba in Western Australia, as well as Watershed in Northeast Queensland and Hatches Creek in the Northern Territory. There's also EQR Resources with its Mount Carbine asset in North Queensland, and Group 6 Metals (ASX:G6M), which brought the historic Dolphin tungsten mine back into production in 2023.
Tungsten projects under development in Australia include the Molyhil tungsten-molybdenum-copper project located in the Northern Territory. Molyhil is a 75/25 joint venture between Thor Energy (LON:THR) and Investigator Resources (ASX:IVR). According to Mining Database Online (MDO), Investigator is working toward completing a scoping study on Molyhil, based on an updated May 2024 mineral resource estimate, in the first half of 2025.
* Joint Ore Reserves Committee-compliant or equivalent reserves were 220,000 metric tons.
8. Austria
Tungsten production: 800 metric tons
Tungsten reserves: 10,000 metric tons
Austria's tungsten production in 2024 was 800 metric tons, down 50 MT from the previous year. Much of that production can be attributed to Wolfram’s Mittersill mine, which is located in Salzburg and hosts Europe's largest tungsten deposit.
9. Spain
Tungsten production: 700 metric tons
Tungsten reserves: 66,000 metric tons
Spain produced 700 metric tons of tungsten in 2024, up 50 MT over the previous year.
There are a number of companies engaged in the exploration, development and mining of tungsten assets in Spain. Examples include Almonty Industries (TSX:AII,OTCQX:ALMTF) and Australia's EQ Resources (ASX:EQR), which acquired tungsten producer Saloro in 2023. Through its ownership of Saloro, EQ Resources now controls the Barruecopardo Mining and Processing operation. MDO reports that a program is underway to upgrade the plant and improve recoveries with completion expected by the end of 2025.
10. Portugal
Tungsten production: 500 metric tons
Tungsten reserves: 3,400 metric tons
In 2024, Portugal produced 500 metric tons in 2024, up by 50 MT from that produced in the previous year.
The European country has the lowest-known tungsten reserves figure out of all the nations on this list, totaling just 3,400 MT. The Panasqueira mine is Portugal’s largest tungsten-producing operation. "The Panasqueira Mine has some of the highest tungsten recovery rates in the industry, consistently averaging 80 [percent]," states MDO.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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