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Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to provide an update on the Company’s funding strategy for the Stage One development of its Waroona Renewable Energy Project (Waroona Project).
HIGHLIGHTS
- Frontier has commenced Phase Two of the debt financing process, shortlisting preferred banks ahead of additional due diligence to enable submission of binding, credit approved terms
- The Company anticipates credit approved terms to be provided during the next 8 to 12 weeks, assuming successful completion of due diligence
- Phase One of the Debt Financing Process generated strong interest from Australian and international banks, confirming:
- Interest in providing senior debt financing which aligns with the Definitive Feasibility Study (DFS) assumptions1
- Acceptance of the selected original equipment manufacturers
- Key due diligence requirements and the proposed third-party service providers to undertake the work to meet those requirements
- Ability of potential financiers to meet the proposed timetable
- The DFS set out the maximum debt carrying capacity and included assumptions regarding amortisation periods and interest rates
- Targeted maximum debt carrying capacity in the DFS was between 65% to 70%, which equates to a debt facility of $200 million to $225 million
- The strategic equity investor process is ongoing, with NDAs in place with a number of Australian and international groups
CEO Adam Kiley commented: “Key to the initial phase of the debt financing process was confirmation of our major funding assumptions, which assumed gearing levels of between 65% to 70%, equating to between $200 million and $225 million, equipment selection, due diligence requirements and the funding timetable.
Confirmation of these key assumptions in such a short time frame is testament to the key attributes of the Waroona Project being well understood by financiers, predominately due to its simplicity and its executability as well the strong returns it delivers.
We have now moved into the second phase of the debt financing process and will be working closely with shortlisted banks towards credit approved terms and complete due diligence requirements in a timely manner.”
Shortlisting banks for debt financing
Following the release of the DFS for Stage One of the Waroona Project in late February, the Company commenced the Debt Financing Process to assist in meeting the funding required for development at the Waroona Project. Image 1 below provides an outline of the key outcomes and indicative timing for each phase of the process.
Image 1: Waroona Project – Debt Financing Process and indicative timing
As highlighted above, Phase One of the Debt Financing Process involved the Company’s debt advisor, Leeuwin Capital Partners, seeking expressions of interest from financial institutions to participate in the Debt Process.
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This article includes content from Frontier Energy, 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.
FHE:AU
Troy Minerals Reports Drilling Results from the Lake Owen Project, Wyoming
Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that complete results from Hole LO24-01 show strong critical metal mineralization over continuous 240.73 meters (from 10.67 meters to 251.40 meters) from its maiden drilling program on its 100% owned Lake Owen Project (the "Project"), located 50 km southwest of Laramie, Wyoming, USA (see Figures 1,2).
The Project is a Proterozoic layered mafic intrusion complex historically explored for Platinum Group Elements (PGE). Similar to the Stillwater Complex in the USA and the Merensky Reef of South Africa, the Lake Owen Complex shows strong potential for vanadium, titanium, PGE, and associated metals.
In late 2024, the Company drilled two diamond holes totaling 607.77 meters near the southwestern claims' boundary (see Figure 3), marking Troy Minerals' first drill holes on the Project. These holes targeted titanium (TiO2) and vanadium (V2O5) mineralization linked with magnetite in gabbro, as well as reef-style PGE mineralization (see Company News Release dated February 28, 2025).
A first pass of selective sampling of the drill holes had been carried out and demonstrated presence of anomalous titanium and vanadium mineralization. Elevated values of vanadium are correlative with the titanium. Sampling was selected to assess various lithological units and all zones with magnetite content up to 15-20% and/or visible sulfide mineralization. Magnetite content in the gabbro in hole LO24-01 is consistently about 5-10%. In LO24-01, the initially limited sampling suggested a large zone of titanium and vanadium-enrichment and higher relative values correlate well with the green gabbro. Associated with these anomalous zones have been elevated concentrations of scandium.
Based on these initial results, additional infill sampling through all prospective lithologies was carried out by Company personnel in January, 2025. Results exhibit robust critical metal mineralization over 240.73 meters in hole LO24-01, including:
- 1.53% TiO2
- 0.10% V2O3
- 16.0% Fe (total Iron, mainly in Fe Oxides)
- 69.7 ppm (or g/t) Sc2O3
- 26.2 ppm (or g/t) Ga2O3
Concurrent with Company infill sampling, geologists from the USGS and Wyoming State Geological Survey (WSGS) collected samples for Whole Rock, Major Oxides, and thin section analyses. Results of the USGS and WSGS work are pending.
Figure 1 - Location Map, Lake Owen Project, Wyoming, USA
Figure 2 - Claim Map, Lake Owen Project"Our recent geological and geophysical findings, coupled with promising initial drilling results, are significantly enhancing our confidence in the Lake Owen Project. Each new insight reinforces our belief that this project deserves a robust exploration budget in the near future." Said Yannis Tsitos, President of Troy. "Beyond the historically recognized high grades of iron, titanium, and vanadium, the recent discovery of scandium and gallium-critical metals essential for applications in metal alloys, military and civil aviation, semiconductors, electric vehicles, and solar panels-underscores the project's immense potential for both our Company and the State of Wyoming in USA. We are committed to maximizing shareholder value through strategic development plans for Lake Owen, alongside our silica and rare earth element (REE) initiatives."
Figure 3 - Drill Hole LocationsTable 1: Drill hole specifications
Hole ID | Location (UTM Zone 13 North, NAD83) | Total Depth (m) | Orientation (°) | |||
Easting | Northing | Elevation (m) | Azimuth | Dip | ||
LO24-01 | 402871 | 4553588 | 2731 | 281.33 | 210 | -45 |
LO24-02 | 403004 | 4553382 | 2732 | 326.44 | 210 | -45 |
Drill hole LO24-01 was designed to test the extent of the Lower Mag Gabbro down to the basement contact. Drilling revealed a series of interlayered magnetic gabbro and a distinctive coarse-grained green gabbro. The green coloration is imparted by pyroxenes altering to chlorite. These layers are generally constrained to widths of less than 4 metres.
Table 2: Drill hole LO24-01 intersections
Hole ID | Interval (m) 1 | Results 2 | ||||||
From | To | Length | TiO2 (%) | V2O5 (%) | FeO (%) | Sc2O3 (ppm) | Ga2O3 (ppm) | |
LO24-01 | 10.67 | 251.40 | 240.73 | 1.53 | 0.10 | 15.95 | 69.7 | 26.2 |
incl | 29.93 | 55.78 | 25.85 | 1.98 | 0.12 | 19.00 | 82.7 | 28.8 |
and | 96.93 | 103.02 | 6.09 | 1.87 | 0.12 | 19.07 | 80.1 | 27.5 |
and | 115.61 | 131.98 | 16.37 | 1.74 | 0.11 | 18.44 | 82.4 | 24.5 |
and | 188.06 | 234.09 | 46.03 | 1.63 | 0.10 | 16.26 | 69.9 | 26.6 |
1: All intersections lengths are drill indicated thicknesses; insufficient work has been completed to reliably determine true thicknesses.
2: Elemental geochemical analyses were converted to oxides using following conversion factors
Titanium - 1.6681, Vanadium - 1.7852, Iron - 1.2865, Scandium - 1.5338, Gallium - 1.3442
Figure 4 - DDH Cross Section, LO24-01Drill hole LO24-02 intersected gabbroic units that are weakly magnetic and contain no anomalous values of titanium, vanadium, or scandium. This drill hole was collared deeper in the sequence than hole LO24-01; further down dip and stratigraphically lower in the Lower Mag Unit.
Drill core was detail logged and sampled by Company staff. Core was split by saw with samples sent to ALS Global's laboratory in Reno, NV for preparation and analysis. Samples were analyzed for multi-elements (ME-MS61). The Company's quality control monitoring consisted of inserting certified reference and blank material in the sample stream. No quality control issues were identified.
Only a very small portion of the Lake Owen Complex and therefore our Claims has been drill-tested to date. As currently mapped, the prospective Lower Mag Gabbro unit continues along strike to the west. The Company has yet to drill test the stratigraphically higher Upper Mag Gabbro. Surface mapping and sampling in 2023 identified two massive magnetite rock samples that returned 8.812% TiO2 and 0.548% V2O5, and 15.505% TiO2 and 0.586% V2O5 respectively (Figure 5). These represent priority drill targets for 2025. An historical drill hole was completed here not by Troy, but there was no assessment of titanium, vanadium, or scandium.
Figure 5 - Surface Rock Sampling - Titanium Values (part of the Project)Troy Minerals is planning its summer fieldwork for the Lake Owen Project. After analyzing airborne geophysical data, as reported in the May 21, 2025 news release, Troy will collect soil samples and conduct geological mapping and sampling. The aim is to refine drill targets for the 2026 season, including a relevant drilling pads application.
Qualified Person
The information contained in this news release has been reviewed and approved by Ted Vander Wart, P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | CEO & Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.