- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Alvopetro Energy
Ora Gold Limited
Silver Crown Royalties
Atlantic Lithium
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
![GTI Energy](https://investingnews.com/media-library/gti-energy.png?id=52373651&width=1200&height=800)
Supplementary Prospectus
This is a supplementary prospectus (Supplementary Prospectus) which is intended to be read with the prospectus dated 24 July 2024 (Prospectus) issued by GTI Energy Limited (ACN 124 792 132) (Company).
This Supplementary Prospectus is dated 29 July 2024 and was lodged with the Australian Securities and Investments Commission (ASIC) on that date. Neither ASIC nor ASX take any responsibility as to the contents of this Supplementary Prospectus.
This Supplementary Prospectus should be read together with the Prospectus. Other than as set out below, all details in relation to the Prospectus remain unchanged. Terms and abbreviations defined in the Prospectus have the same meaning in this Supplementary Prospectus. If there is a conflict between the Prospectus and this Supplementary Prospectus, this Supplementary Prospectus will prevail.
The Company has issued electronic versions of this Supplementary Prospectus and the Prospectus. Electronic versions may be accessed at www.gtienergy.au.
This Supplementary Prospectus and the Prospectus are important documents that should be read in their entirety. If you are in any doubt as to the contents of this Supplementary Prospectus or the Prospectus, you should consult your stockbroker, lawyer, accountant or other professional adviser without delay.
Click here for the full ASX Release
GTI Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
GTI Energy
Overview
Wyoming has the largest uranium reserves of all the US states and is the home of in-situ recovery (ISR) uranium mining, with experimental ISR mining during the early 1960s and commercial ISR mining starting in 1974. The state is an energy powerhouse in the US, second only to Texas in energy production and accounting for more than 80 percent of the country’s uranium production. It has a production history that dates back to the late 1940s. With a soaring uranium price that passed $90 by the end of 2023, many analysts believe the price will remain on the higher end for years to come.
GTI Energy (ASX:GTR,OTCQB:GTRIF) is a mineral exploration company focused on developing a portfolio of attractive uranium projects in the United States. The company now boasts approximately 42,000 acres in the prolific Great Divide and Powder River Basins, which are low-cost ISR uranium-producing districts within 100 miles of each other.In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
The company has also commenced work at its Green Mountain ISR uranium project next to Rio Tinto’s (ASX:RIO) uranium deposits. GTI has historical drill data confirming the presence of uranium mineralised roll fronts on the properties.
The company is led by a highly experienced management and exploration team with an extensive track record in the mineral exploration industry. GTI’s operational team has proven development and engineering expertise with a history of success in ISR uranium deposit discovery in Wyoming.
GTI’s acquisition of Branka Minerals in November 2021 gave the company control of the largest non-US or Canadian-owned uranium exploration landholding in the Great Divide Basin, with approximately 19,500 acres. The landholding included underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today. This holding then grew with the purchase of the 13,800-acre Green Mountain project in 2022.
The company further expanded its ISR uranium portfolio in 2023 by acquiring the Lo Herma Project in Wyoming’s prolific Powder River Basin uranium district. The newly staked 13,300 acres of claims are located within 16 kilometers of Cameco’s Smith Ranch-Highland ISR uranium production plant – the largest production site in Wyoming
GTI Energy leverages the strategic positioning of its Wyoming projects, which are located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the now-rehabilitated historic Rio Tinto Kennecott Sweetwater Mill. The Lost Creek plant is claimed by Ur Energy to be the lowest-cost ISR uranium production plant outside of Kazakhstan.
GTI is committed to strong environmental, social and governance (ESG) initiatives to support the clean energy transition. In November 2021, the company adopted an internationally recognized Environmental, Social and Governance Stakeholder Capitalism Metrics framework, with 21 core metrics and disclosures.
In December 2021, GTI Energy announced it would be transitioning to carbon-neutral operations. The company has subsequently received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
GTI Energy is positioned for growth with the pursuit of ISR mining on its Wyoming projects, presenting an opportunity for low operating expenses and capital expenditures with low environmental impact compared to conventional mining. ISR mining supports the company’s goal of low-impact mining and carbon neutrality on its Wyoming projects.
In 2021, the company completed field exploration on its Henry Mountains project in Utah. In the same year, GTI Energy also began a 15,000-meter drill program on its Wyoming projects, concluding the program in early 2022. The drilling confirmed that the targeted ISR-amenable uranium mineralization was present at the Thor project. In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Basin to 7.5 miles.
Company Highlights
- GTI Energy owns multiple promising assets in Wyoming’s prolific and in-situ recovery (ISR) uranium-producing Great Divide and Powder River Basins. Wyoming is the leading US uranium production state and is “uranium-friendly”.
- GTI’s flagship Lo Herma project comprises 13,300 acres of ground in Wyoming within circa 16 kilometers of Cameco’s $16-billion ISR uranium plant (the largest permitted ISR production facility in Wyoming) and 80 kilometers of five permitted ISR uranium production facilities, including UEC’s Christensen Ranch (due to restart in August 2024) and Peninsula Energy’s (ASX:PEN) Lance Project (due to recommence production in late 2024).
- GTI’s Great Divide Basin projects are strategically located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant which has re-commenced production.
- Maiden uranium resource and updated exploration target at the Lo Herma ISR project delivered an inferred mineral resource estimate of 5.71 Mlbs uranium oxide at an average 630 ppm plus an exploration target of an additional 5.87 to 10.26 Mlbs potential at average grade of 500 to 700 ppm.
- Updated total resources across its Wyoming projects of 7.37 Mlbs plus an exploration target of an additional 11.97 to 19.79 Mlbs potential at average grade of 500 – 700 ppm.
- In early 2022, the company completed a further 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
- In late 2023, GTI completed 26 holes at Lo Herma to verify the historical data base & confirm exploration potential along trend & at depth.
- GTI acquired a 1,771 drill hole data set over Lo Herma with a replacement value of AU$15 million.
- GTI received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
- GTI aims to utilize ISR mining at its Wyoming projects, which offers lower environmental impact, lower opex and capex than conventional mining.
- GTI Energy has a highly experienced exploration team including the recent appointment of ISR specialist, Matt Hartmann, with a history of successful uranium discovery in Wyoming.
Key Projects
Wyoming Projects
The Wyoming projects are located in the Powder River & Great Divide Basins in Wyoming and the Henry Mountains (Colorado Plateau) Utah, United States. The Greta Divide Basin projects consist of the Thor, Logray, Loki, Odin, Teebo, Wicket and Green Mountain claims. The approximately 13,000 hectare group of projects is prospective for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming projects are situated 5 to 30 kilometers from Ur-Energy’s Lost Creek ISR plant. The projects are also located near Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Energy’s land holding in the Great Divide Basin was bolstered by the acquisition of the Green Mountain project comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Green Mountain. Historical drill data and geophysics confirms the presence of major uranium mineralisation at the projects.
Initial drilling at Lo Herma commenced in November 2023 and was completed in December with 26 drill holes successfully verifying the historical Lo Herma drill hole database. A drilling permit amendment is currently in progress aiming to optimise follow-up drilling, increase the total number of drill holes, and construct monitoring wells for groundwater data collection. Drilling is expected to resume by July 2024 with an enlarged program, and the mineral resource estimate and exploration targets are expected to be updated in the fourth quarter of 2024.
The company began initial exploration on Thor in 2021, and in 2022, it completed an additional 103 mud rotary exploration drill holes. The drilling of 70 holes was previously reported at the Thor prospect and an additional 33 holes combined have now been completed at the Odin, Teebo and Loki prospects. These 33 holes have discovered an additional combined 4.26 kilometers of ISR amenable uranium mineralised roll front trends increasing the total trend length for GTI’s projects in the Basin to 12.07 kilometers.
In February 2023, GTI Energy secured, by staking, approximately 3,500 hectares of unpatented mineral lode claims known as the Lo Herma project, about 16 kilometers from Cameco’s Smith Ranch-Highland ISR Uranium facility and Energy Fuels Nichols Ranch ISR plant. Lo Herma also lies within 97 kilometers of the companies leading the restart of uranium production in the USA, including Uranium Energy, Ur-Energy, Energy Fuels, Encore Energy and Peninsula Energy.
The company subsequently, secured a material historical data package for the project, which allowed GTI Energy to report a maiden uranium resource and exploration target update at the Lo Herma ISR project, including a cut-off grade of 200 parts per million (ppm) uranium oxide and a minimum grade thickness (GT) of 0.2 per mineralised horizon as 4.12 million tonnes of mineralisation at an average grade of 630 ppm uranium oxide for 5.71 million pounds (Mlbs) of uranium oxide contained metal. The inferred mineral resource estimate is 5.71 Mlbs uranium oxide at an average of 630 ppm.
The company also completed collection of aerial geophysical data at its Lo Herma, Green Mountain and Loki West ISR uranium exploration projects in Wyoming. The survey was conducted using a twin-engine aircraft loaded with a suite of sensors that provide detailed radiometric, magnetic and electromagnetic data, allowing for correlation between the three products.
The airborne geophysical survey at its Green Mountain project consequently updated its drill plan with 16 potential drill holes. The permit application process is underway for the 2024 drill program which aims to test the validity of the historical Kerr McGee drill hole maps, as well as the interpreted mineralised regions as determined from the airborne geophysical survey.
Henry Mountains Uranium Project
GTI’s uranium/vanadium projects in Utah are considered suitable for conventional mining and are located on the east flank of the Henry Mountains, covering 3,860 acres. The permits host historical production, open underground workings and have an exploration permit in place. The projects saw significant work from 2019 to 2021 including two drill programs totaling 52 drill holes and geophysical logging of an additional 76 historical drill holes. GTI subsequently elected to prioritise work at its newly acquired Wyoming ISR projects until such time as activity and investment in the region improves. The company’s projects lie within ~100 miles of Energy Fuels’ (NYSE American: UUUU) (TSX: EFR) White Mesa Mill and within a few miles of Anfield Energy’s (TSX.V: AEC) Shootaring (Ticaboo) mill site. The owners of both of these mills are actively pursuing mill re-starts.
In addition, Western Uranium & Vanadium (CSE:WUC) (OTCQX:WSTRF) has announced the purchase of a mill site in Green River Utah and work to design and permit the facility for processing uranium and vanadium. The plant, which will be located ~80 miles from GTI’s projects, is intended to process feed from Western's recently restarted Sunday Mine Complex over 160 miles away. Western advised of a mine operations restart at Sunday in February 2024. Western stated its new "mineral processing plant" will recover uranium, vanadium and cobalt from ore from Western's mines and that produced by other miners. Western said, on February 13, 2024, it expects the plant to be licensed and constructed for annual production of 1 million pounds U3O8 and 6 million pounds of V2O5, with initial production in 2025.
Based on the renewed interest in exploration, mining, and processing of uranium ore in this region, GTI is currently evaluating potential paths for further exploration, resource development, or other value creating activities with its Utah projects.
Management Team
Nathan Lude - Non-executive Chairman
Nathan Lude has broad experience working in the asset and fund management, mining, and energy industries. Lude is the founding director of Advantage Management, a corporate advisory firm. Lude has previously held directorships with ASX-listed mining companies.
Currently, he is the executive director of ASX-listed Hartshead Resources (ASX:ANA). Lude has grown a large business network across Australia and Asia, establishing strong ties with Australian broking firms, institutions, and Asian investors.
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 15 years most notably with ASX listed companies Atom Energy Ltd & Stonehenge Metals Ltd & Fenix Resources Ltd (FEX).
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia. He also held roles with minerals industry participants in Australia and the US including various positions at Cliffs, Sons of Gwalia the WA Chamber of Minerals & Energy and WMC where he negotiated the mine closure criteria for a gold project near Sacramento, California.
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Matthew Foy - Company Secretary
Matthew Foy is an active member of the WA State Governance Council of the Governance Institute Australia. Foy has more than 14 years of experience in facilitating ASX-listing rule compliance. His core competencies are in the secretarial, operational, and governance disciplines for publicly listed companies. Foy has a working knowledge of the Australian Securities and Investments Commission and Australia Stock Exchange reporting. He has document drafting skills that provide the basis for valuable contributions to the boards on which he serves.
Rigs Secured For Wyoming Uranium Drilling & Utah Fieldwork Completed
GTI Resources Ltd (GTI or Company) is pleased to advise that 2 mud rotary drill rigs have been secured for its planned drilling campaign at the Thor ISR uranium project in Wyoming’s Great Divide basin (Figure 1). As previously advised, GTI is on track to commence drilling during December. This maiden drill program is designed to confirm the grade and tenor of uranium mineralisation that was previously identified by Kerr McGee in the 1970’s & 80’s and to ultimately support definition of an economic uranium resource.
Figure 1. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA
Henry Mountains Utah Uranium & Vanadium Projects
GTI also completed a field reconnaissance exploration program at its Henry Mountains project. The program aimed to enhance GTI’s understanding of uranium & vanadium mineralisation within Section 2 at the southwestern end of the 5.5km mineralised strike including Section 36 between the Jeffery & Rats Nest areas (Figure 2). The data collected will help guide any further exploration drilling at the project area.
Read the full article here.
GTI Activities Report, June Quarter 2024
- Q3 Lo Herma resource drilling funded, now commenced
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm (Table 1)
- Green Mountain drilling permit lodged
- Board appointment - Ex-Head of Cameco Australia, Mr Simon Williamson
- Board appointment - Denver-based ISR uranium specialist, Mr Matt Hartmann
- $2.25 million placement completed, and $2.155 million rights entitlement offered to all shareholders and optionholders
- GTI accepted to membership of the Uranium Producers of America – the peak industry body in the US
LO HERMA ISR PROJECT
During the quarter the Company advised that planning for the 2024 field season in Wyoming has progressed well and permitting is now in place to facilitate drilling at Lo Herma during Q3.
The Lo Herma ISR Uranium Project (Lo Herma) is located in Converse County, Powder River Basin (PRB), Wyoming (WY). The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of five (5) permitted ISR uranium production facilities. Facilities include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities & Energy Fuels Nichols Ranch ISR plant. The PRB has extensive ISR production history with numerous ISR uranium resources, central processing plants (CPP) & satellite deposits (Figure 1).
During the quarter GTI contracted its preferred Wyoming-based exploration drilling contractor, experienced and licensed in the construction of water wells, for its 2024 drill program at Lo Herma. This has allowed GTI to lock in both contract rates and a schedule in what appears to be a busy 2024 drilling season in the uranium sector across Wyoming.
The planned 2024 drilling program at Lo Herma includes 76 drill hole locations of which up to 5 will allow for construction of groundwater monitoring wells. This next phase of exploration will be focused on expanding the resource areas and where possible, upgrading the current mineral resource classification. Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.
Click here for the full ASX Release
Quarterly Activities Report for the Period Ended 30 June 2024
Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to provide an overview of activities for the period ending 30 June 2024 (Quarter or Reporting Period).
Highlights:
- On 9 July 2024 Moab completed the acquisition of 81.85% of the shares of Linx Resources Pty Ltd (Linx). Subsequently, Moab converted its loan to Linx of $521,000 to equity in Linx, bringing Moab’s ownership of Linx at 30 June 2024 to 89.6%. Subsequent to the Quarter end following participation in the rights issue, Moab’s ownership of Linx is 94.00%.
- Linx boasts a diverse portfolio of advanced, large-scale uranium projects in Tanzania including the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources.
- The Manyoni Uranium Project was previously explored, and extensively drilled, by Uranex Ltd from the early 2000’s until 2013.
- Drilling to commence at the Manyoni project in August or September 2024. Objective is to verify historical drill results and obtain additional geologic and bulk density information and carry out comprehensive metallurgical test-work to ascertain the optimum processing pathway for the project.
- At the Octavo uranium project in southern Tanzania work is focussed on the acquisition of high quality airborne radiometric and magnetic survey data which are expected to deliver uranium targets for ground follow-up.
- The Company is still waiting for the issuance of the drilling permit for the REX uranium project in Colorado, US.
- Moab continues to monitor its 11.02% interest in CAA Mining Limited, an exploration and development company focused on lithium and gold exploration in Ghana, Africa.
Moab Managing Director, Mr Malcolm Day, commented: “During the quarter the Company focused on completing the acquisition of an 80% share in the Manyoni and Octavo uranium projects in Tanzania via the acquisition of shares in Linx Resources Pty Ltd. We plan to commence drilling the Manyoni project in August/September 2024. This drill program has been designed to verify historical drill results and to test for extensions to known mineralisation.
I would like to thank shareholders for their support to date and we look forward to providing further exploration updates.”
OPERATIONAL HIGHLIGHTS
Tanzania Uranium Projects (Moab 94.00%)
On 12 March 2024, the Company announced the acquisition of a package of advanced uranium projects in Tanzania (refer ASX Announcement 12 March 2024) (Acquisition). Subsequent to the quarter end on 9 July 2024, the Company announced the completion of the Acquisition.
- The package includes the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources. The Manyoni Uranium Project was previously explored, and extensively drilled, by Uranex Ltd from the early 2000’s until 2013.
- The Octavo uranium project is adjacent to Rosatom’s world class Nyota Uranium Deposit (formerly ASX listed Mantra Resources Ltd; A$1.02bn takeover in 2011).
Project Locations
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 1 and Figure 2 and the location of the Octavo uranium project is shown in Figure 1 and Figure 3.
Click here for the full ASX Release
This article includes content from MOAB 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.
Rights Entitlement Offers Underwritten to $1.6M
GTI Energy Ltd (GTI or Company) advises it has today lodged a supplementary prospectus (Supplementary Prospectus) intended to be read with the prospectus dated 24 July 2024 (Prospectus) for the purposes of:
(a) reducing the issue price of New Shares offered under the Entitlements Issue Offer to $0.004 per New Share; and
(b) increasing the issue price of New Options offered under the Priority Option Offer to $ 0.001.
The changes have been made to comply with Listing Rule 7.11.2 so that the fraction of the issue price of New Shares and New Options complies with the price steps set out under the ASX Operating Rules.
Shareholders will be offered the opportunity to participate in a non-renounceable pro-rata rights entitlement offer of one (1) new share for every five (5) existing Shares, held by those Shareholders registered at the relevant record date, at an issue price of $0.004 per New Share to raise up to $2,039,957.67 (before costs), together with one (1) free attaching new option for every three (3) New Shares subscribed for and issued (Entitlement Issue Offer). Each new option will have an exercise price of $0.01 and entitle the holder to subscribe for one (1) new share before their expiry at 5:00 pm (WST), four (4) years from their date of issue (New Option).
Shareholders will also be invited to apply for additional New Shares under the Shortfall Offer which will be allocated at the Company’s discretion in conjunction with the Lead Manager.
In addition, existing GTRO option holders will be offered one (1) New Option for every four (4) GTRO Options, owned on the relevant record date, at an issue price of $0.001 per New Option to raise up to $115,596.79 (Priority Option Offer), with the issue of New Options under the Priority Option Offer subject to shareholder approval (the Entitlements Issue Offer and Priority Option Offer are together the Entitlement Offers).
Further details with respect to the Entitlement Offers are set out in the prospectus dated 24 July 2024 and subsequent Supplementary Prospectus lodged with ASIC and ASX today (Prospectus). The Prospectus also contains additional offers for options that are free attaching to placement shares (the placement having been announced on 19 June 2024) and options to be issued to CPS Capital Group Pty Ltd (CPS) which has acted as lead manager to the Entitlement Offers and Placement.
CPS has also agreed to partially underwrite the Entitlement Offers to $1,600,000.
Click here for the full ASX Release
Australian Government Denies Lease Renewal for Jabiluka Uranium Project
Australia's federal government has denied Energy Resources of Australia's (ASX:ERA,OTC Pink:EGRAF) application for a 10 year lease renewal for the Jabiluka uranium project, located in the Northern Territory.
The decision was announced in a July 26 press release by Mark Monaghan, the Northern Territory's minister for mining.
“The Federal Government advice, along with the wishes of the Mirarr people, were critical to this process and outcome,” he said, adding that stakeholder views were also considered in the decision.
Energy Resources, a subsidiary of major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), filed for the renewal in March of this year, hoping to extend the 42 year lease for another decade.
However, in May, the Northern Territory's government declared that a "reserved land" area would be established, preventing any applications for mineral title grants over the area at the end of the current lease.
The company's existing lease is due to expire on August 11 of this year.
Australia is a top producer of uranium, but the energy fuel is a contentious issue in the country. Uranium mining is only allowed in some areas, and at this time the country doesn't use nuclear power.
Energy Resources expressed disappointment with the decision and said it will assess its options. The company, along with Rio Tinto, previously said it wouldn't move forward without approval from the Mirarr Indigenous community.
The Australian Conservation Foundation said the federal government's choice is a “huge win” for traditional owners, as it separates the site from the “divisive era of uranium mining in Kakadu.”
“This is a responsible decision that ends the threat that has hovered over this very special place for four decades,” it states. The uranium deposit is beneath Kakadu National Park, a 20,000 square kilometre biodiverse nature reserve.
Opposition to mining at Jabiluka dates back to the late 1990s and early 2000s, when thousands of people travelled to the area to protest. The Mirarr have been active in speaking out against plans for the property this year as well.
Australia's federal government will now be in charge of decisions about the site, in consultation with key stakeholders.
Energy Resources was previously one of the nation’s largest uranium producers, operating Ranger, Australia’s longest continually producing uranium mine. Ranger ceased operations in 2021 after the traditional owners of the land it covers said they didn't support an extension to activity; Energy Resources is now rehabilitating the site.
According to the Financial Times, the cost of restoring the Ranger area now stands at more than AU$2 billion, but Energy Resources will run out of money by the end of the year if it doesn't raise funds.
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.
Transformational Acquisition of Portfolio of Advanced Uranium Assets Located in Tanzania
Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to announce that it has entered into a binding share sale agreement for the acquisition of 81.85% of the shares in Australian proprietary company Linx Resources Pty Ltd (Linx), 80% owner of certain mineral licenses comprising the Manyoni Uranium Project and the Octavo Uranium Project, both located in Tanzania.
HIGHLIGHTS:
- Moab is set to acquire 81.85% ownership of Linx Resources Pty Ltd, which boasts a diverse portfolio of advanced, large-scale uranium projects in Tanzania.
- The Asset portfolio includes the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources.
- The Octavo uranium project is adjacent to Rosatom’s world class Nyota Uranium Deposit (formerly ASX listed Mantra Resources Ltd; A$1.02bn takeover in 2011).
- Moab is committed to expediting exploration and development efforts across the Manyoni and Octavo projects.
- With approximately $3.2 million in cash and equivalents, Moab is well equipped to fund exploration and development initiatives.
The Manyoni and Octavo Uranium Projects
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 2 and the location of the Octavo uranium project is shown in Figure 3.
Figure 1. Location of Manyoni and Octavo Uranium Projects
Figure 2. Location of Manyoni Tenements
Figure 3. Location of Octavo Tenement
Tenement Information
The Manyoni and Octavo tenements are Prospecting Licences that are granted for an initial period of 4 years, renewable for further periods of 3 years and then 2 years.
Click here for the full ASX Release
This article includes content from MOAB 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.
Quarterly Activities Report - For Period Ended 30 June 2024
C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to provide an overview of activities for the period ending 30 June 2024 (the “Quarter”, the “Reporting Period”) to accompany the Appendix 5b.
June 2024 Quarter Activities
- The Company approved the acquisition of the Ulytau Uranium Project in Kazakhstan
- Subsequent to the quarter two additional license applications were lodged for the surrounding areas of Ulytau Uranium Project – combined size of the tenement application is ~252km2
- Exploration drilling approvals for Ulytau Uranium Project progressed during the Quarter
- Tranche 2 Placement completed – C29 raised $1.93m in the current quarter (before costs)
- Extraordinary General Meeting of Shareholders held on the 6 May 2024, with all resolutions carried by vote
- Appointment of Chief Financial Officer and Company Secretary, Ms Ailsa Osborne
- Appointment of Company’s Geological Competent Person, Mr Alan Marlow
Commenting on the Quarter, C29 Metals Managing Director, Shannon Green, stated: “The June Quarter of 2024 was transformational for C29, seeing us approve the acquisition of a new Uranium asset in Kazakhstan – the world’s top Uranium producer.
The Ulytau Uranium Project, situated near Lake Balkhash and close to the well-known Bota-Burum Mine, presents a new opportunity for C29 to to explore in a world leading Uranium production region , as well as the cornerstone for our ambitious growth strategy.There was a fantastic effort by the C29 team to bring the acquisition across the line, and we have already sought to expand our reach in the region with two new applications going in for surrounding areas with a combined size of approximately 252km2 to the northeast and southeast of Ulytau.
We were also pleased to have had the opportunity to consult with the local community in the village of Aksuyek, who have shown their support for the Companys proposed exploration programs. A social support agreement was signed on the 9 July 2024 with the district government providing the framework for the Company to assist the village of Aksuyek with projects aligned to the social development of the community.
At the same time, back home following a General Meeting, we saw a successful capital raise to assist as we start our exploration project at Ulytau, where the resource is open in almost all directions.”
Media, Marketing and Investor Roadshows
During the quarter the Company undertook extensive investor roadshows and marketing campaigns encompassing presentations across the country and internationally including the Singapore Future Facing Commodities Conference held at the end of March 2024 and the Sydney Resource Round-up held in April 2024. The Company is committed to promoting stakeholder engagement, this commitment extended beyond the quarter attending the Noosa Mining Investor conference in July 2024.
Corporate
As at 30 June 2024, the Company held cash on hand of $2.233m.
The Company raised $1.93 million in the current quarter (before costs) via a placement of shares at 7 cents per share.
Click here for the full ASX Release
This article includes content from C29 Metals 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.
Latest News
GTI Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.