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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that the non- renounceable rights issue (Entitlement Offer) announced on 21 June 2024 has raised $1.58 million (before costs).
- Non-renounceable rights issue raises $1.58 million
- Miramar receives JMEI Credit allocation of up to $450,000
- Preparing for maiden drilling programme at Bangemall Ni-Cu-Co-PGE Projects
The Company will issue 197,389,780 Shares and 316,520,426 Options exercisable at $0.018 each expiring three (3) years from the issue date following the completion of the Entitlement Offer (Options). Subject to satisfying the Listing Rule requirements, the Options will be quoted under the ASX code M2ROA.
Separate to the Entitlement Offer, the Company will issue 119,130,646 Options applied for under new options offer pursuant to the Prospectus (New Options Offer).
Funds raised from the Entitlement Offer will primarily be used for upcoming exploration programmes at the Company’s 100%-owned Bangemall Ni-Cu-Co-PGE projects in the Gascoyne regions of WA, the 80%- owned Gidji JV Project near Kalgoorlie, and for other exploration and corporate activities.
Miramar’s Executive Chairman, Mr Allan Kelly, thanked existing and new shareholders who participated in the Entitlement Offer, supporting the Company’s exploration plans across its various projects.
The results of the Entitlement Offer and New Options Offer are set out below:
The Shares and Options are expected to be issued on Thursday, 26 July 2024, in accordance with the updated timetable.
Further details of the Entitlement Offer and New Options Offer can be found in the prospectus dated 21 June 2024.
JMEI Credits Granted
Miramar is pleased to announce that it has been advised by the Australian Taxation Office (ATO) that its JMEI application for the 2024/2025 financial year has been accepted and the Company has received an allocation of up to $450,000.
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This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
M2R:AU
September 2024 Quarterly Report
HIGHLIGHTS
1. Lake Hope High Purity Alumina (HPA) Project, WA (IPT earning 80%)
- The Mine at Lake Hope:
- A negotiation protocol for Land Access and Cultural Heritage agreements with the Ngadju peoples reviewed and signed.
- Applications for a Mining Lease and associated Miscellaneous licence lodged.
- Infill drilling to define a maiden Measured Resource and Proven Reserve completed with resource calculations and economic studies in progress.
- Mining studies underway to provide mining schedules, proposed equipment, site logistics and costs of mining and transport of ore to Kwinana.
- Further flora fauna and heritage surveys are being planned for the mine haul road.
- The Process Plant:
- Kwinana selected as the location for process plant to produce a benchmark 10,000 tonnes per annum of HPA due to access to providers of the required input chemical reagents, buyers of the fertiliser and acid by-products and access to suitable land. Combined, these provide substantial strategic advantages for the project with savings on capex and opex.
- The Low-Temperature Leach process selected as the most straightforward processing method to produce HPA at scale.
- CPC Engineering selected to provide a design and engineering study for the full-scale plant that is underway.
- Product development, offtake and marketing
- Further test work on HPA and fertiliser by-products continues.
- Experimental work has produced a hydrated alumina product that may have major applications in the catalyst and flame retardant industries.
- Early-stage discussions are underway for potential synergies with existing alumina businesses in Europe and the USA.
- A marketing and product development team is being assembled.
2. Arkun-Beau, WA (IPT 100%)
- No major no activity occurred this quarter, though efforts remain on track to resume exploration after the cropping season ends in the wheatbelt in December.
- 413 soil samples were re-assayed to refine drill targets at Beau and Caligula prospects
- Land access agreements and statutory approvals are being finalised ahead of planned drill programme in Q1 2025
- Previous geochemical and MME survey data at Caligula support the project potential, with $180,000
- co funding awarded under the WA Government’ EIS scheme for drilling.
3. Corporate/Finance
- A FY23 Research and Development Rebate of $395,000 was received during the Quarter.
PROJECT REPORTS
1. LAKE HOPE HIGH PURITY ALUMINA PROJECT, WA (IPT earning 80%)
Figure 1. Location of the Lake Hope Project and proposed haul route to Kwinana.
During the Quarter Impact Minerals announced that it had lodged a Mining Lease Application (MLA63/684) and associated Miscellaneous Licence (L63/99) for the Lake Hope High Purity Alumina (HPA) Project located 500 km east of Perth in Western Australia, (Figures 1 and 2). This is a crucial step in advancing the project towards production as it defines the work required to obtain the statutory approvals needed for the grant of the Mining Lease.
The approvals process, together with the logistics and estimated costs of mining and transporting the Lake Hope mud to the process plant, form one of the four key parts of a Pre-Feasibility Study (PFS) on Lake Hope, which is in progress (Figure 3 and ASX Release July 10th, 2024). Impact can take an 80% interest in Playa One Pty Limited, which owns the Lake Hope Project and associated intellectual property, by completing the PFS (ASX Releases March 21st 2023 and July 10th 2024).
The PFS followed on from a positive Scoping Study, which showed that for a benchmark production of 10,000 tonnes per annum of HPA, the Project has an estimated post-tax Net Present Value (NPV8) of about A$1.3 billion and would potentially be one of the lowest-cost producers of HPA globally (ASX Release November 9th 2023).
Click here for the Quarterly Cashflow Report
Click here for the full ASX Release
This article includes content from Impact Minerals, 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.
Dore Copper Mining: Copper-Gold Exploration in the Chibougamau area of Québec, Canada
Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF,FRA:DCM) is positioning itself as a near-term producer in the prolific Chibougamau region of Québec, Canada. The company is actively advancing its assets toward production, taking advantage of its brownfields high-grade copper and gold projects, existing infrastructure, and supportive jurisdiction. The company aims to establish itself as Quebec’s next copper producer, with a hub-and-spoke mining strategy centered around its Copper Rand mill.
Doré Copper Mining operates in the Chibougamau mining camp, an area known for its historical copper and gold production, within the world-renowned Abitibi Greenstone Belt. The company’s flagship asset, Corner Bay, is complemented by several other projects, including Devlin, Joe Mann, Cedar Bay, and Copper Rand. These properties form the foundation of Doré Copper Mining’s near-term and future production plans.
Doré Copper Mining’s assets are located within a well-known copper and gold mining region, with a long history of production. The company’s current strategy revolves around a hub-and-spoke model, with the Copper Rand mill serving as the processing hub, fed by multiple satellite deposits. The key projects in the PEA include Corner Bay, Devlin, and Joe Mann. Other past producing mines, like Cedar Bay and Copper Rand, have further exploration potential.
Company Highlights
- Doré Copper Mining’s hub-and-spoke mining model—using the Copper Rand mill as the central processing facility for its satellite deposits—would support an initial production target of more than 50 million pounds of copper equivalent annually, with a mine life exceeding 10 years.
- A Preliminary Economic Assessment (PEA) was released in 2022 outlining a relatively modest initial capital expenditure of C$180.6 million, highlighting the economic potential of the project with an after-tax net present value (NPV) of C$193 million and an internal rate of return (IRR) of 22.1 percent.
- A feasibility study is underway, which is expected to provide more detailed engineering data and further de-risk the operations
- Corner Bay, the flagship asset, is among the highest-grade copper deposits in North America, with an indicated resource of 2.6 million tonnes at a grade of 2.66 percent copper and an inferred resource of 5.8 million tonnes at a grade of 3.44 percent copper.
- The 100 percent owned Copper Rand mill will be refurbished for future production and will be the only operating mill in the Chibougamau region. The mill will have extra capacity and provides the ability to process its own ore while potentially offering toll milling services to other nearby mining projects.
- Doré Copper Mining is led by an experienced and highly skilled management team.
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