Vertex Minerals (ASX:VTX)

​​Placement and Convertible Loan Financing to Further Advance the High-Grade Reward Gold Mine

Vertex Minerals Limited (ASX:VTX, Company) is pleased to announce that firm commitments have been received for a placement and convertible loan financing to raise up to $2.1M at $0.16 per share1 before costs (Capital Raising).


HIGHLIGHTS
  • Firm commitments have been received for a strategic placement to an existing investor to raise $1.10M (before costs) at an issue price of $0.16 per share (Placement).
  • Placement proceeds will be further augmented by loan funding of $0.98M, under a convertible facility agreed with institutional / sophisticated investors (Loan). Subject to shareholder approval Loan funds will be converted to fully paid ordinary shares at an issue price of $0.16 per share.
  • Proceeds are intended to be applied towards the acquisition of an Ore Sorter and the associated conveyance equipment, purchase of an Underground Drill Rig and working capital.


Vertex’s Executive Chairman, Roger Jackson commented:

We are very pleased to have the support of a strategic investor in this placement along with some of our very supportive existing shareholders backing the convertible loan. The funds will be used to acquire a laser Ore Sorter which will be integrated into the Gekko gravity gold plant along with an underground drill rig. The drill will be focussed on the high-grade targets below and along strike of the high-grade gold resource at Reward. We wish to build our gold inventory from within our Reward mine. We are on track with the plant refurbishment and preparations to move the Reward mine into production in January 2025”

Placement Details

The Placement will comprise the issue of up to 6,900,000 new fully paid ordinary shares at an issue price of $0.16 per share. Subject to shareholder approval, the placement participant will also receive three (3) free attaching options for every five (5) shares. The options will be on the same terms as existing VTXOA options, which have an exercise price of 25c per share and an expiry date of 17/07/2026 (VTXOA Options).

The Placement will be conducted in a single tranche using the Company’s capacity under Listing Rule 7.1.


Click here for the full ASX Release


This article includes content from Vertex 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.

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Australia’s next high-grade, green gold producer

Vertex Minerals Limited  Corporate Presentation Mining Forum Americas

Vertex Minerals Limited Corporate Presentation Mining Forum Americas

Perth, Australia (ABN Newswire) - Flagship Project for Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) - Reward Gold Mine, Hill End Corporate Presentation to Mining Forum Americas.

- Commenced Gold processing with new Gekko Gravity Gold Plant

- 100% owned

- No hedge - No Secured debt - fully funded

- Low operating Cost

- High Grade Gold Resource and Reserve 225 ozs at 16.7g/t + more

- Inherited >AUD $50m of underground development

- 1.8M Au oz historically mined

- Reward sits below the Hawkins Hill Mine 435kozs at 309 g/t

- Up to 95% recovery by gravity processes only

- Big Gold System, ~21Miles (34km) with >3,000 old workings

*To view the presentation, please visit:
https://abnnewswire.net/lnk/484ZF4X8



About Vertex Minerals Limited:

Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

News Provided by ABN Newswire via QuoteMedia

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Vertex Minerals Limited  Reward Gold Mine Production Update

Vertex Minerals Limited Reward Gold Mine Production Update

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) is pleased to announce the commencement of development of the first two stope blocks at the Reward Mine. Since commissioning the ventilation fan on Thursday 21 August, a total of 500 tonnes of ore has been blasted and bogged to the Amalgamated portal for processing.

Operational Milestones

- Vertex is today pleased to announce first freshly blasted ore sourced from the first two stoping blocks at the Reward Underground Mine.

- Ore is from development stripping (making ore drives larger for machine access) in preparation for mechanised stoping operations.

- Reward ore will be processed via the Gravity Only gold processing plant located at the entry to the mine.

- The material will start replacing feed from the low-grade surface ore stockpile, with the aim of achieving 100% feed from higher grade underground ore sources over the next few weeks.

- The underground electrical transformer is energised and 1,000 Volt power reticulated underground.

- The Primary Ventilation Fan was commissioned on Thursday 21 August, giving excitement to the Vertex Mining Team. Powered ventilation in the mine means mining can start in earnest.

- 1550 Decline is dewatered, with first ore blasted.

- Vertex aims to have developed multiple mining fronts, with over around 400m of strike, to achieve continuous feed to the plant.

Underground broken stocks include 200 tonnes at 5.4g/t from the 1325 strip, while the remaining 300 tonnes is pending assay grades but from 1438 stope area and 1555 decline strip.

The Company is spreading initial production areas around 400 metres of strike length to provide operational flexibility. Significant effort is underway setting up the 1720 stopes to the northern end of the mine, primarily accessed from the 1555 Decline. The Company is focussed on initially mining high grade ore, primarily from the Mica 1 and Mica 2 Veins. M1 and M2 are parallel veins and around 2m apart.

The Company is employing multiple mining methods to diversify risk and maximise head grade These include airleg gallery and shrink stoping, jumbo cut and fill stoping and narrow vein longhole open stoping.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/0CUE41IB



About Vertex Minerals Limited:

Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

News Provided by ABN Newswire via QuoteMedia

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Vertex Minerals Limited  Underground Production Commences at the Reward Gold Mine Project

Vertex Minerals Limited Underground Production Commences at the Reward Gold Mine Project

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) commences underground production at the Reward Gold Mine, moving to high grade gold production.

Operational Milestones

- First blasting of gold producing ore on the Lady Belmore Reef was undertaken over the weekend.

- The material will start complementing the low-grade gold stockpile feed to the Gravity Processing Plant, until all mining fronts are enabled.

- In forthcoming weeks, VTX remains firmly on track to commence processing of high-grade stope ore from the underground mine.

- The Reward Underground 11kva to 1000v Transformer Substation is installed and powered up. Cabling to the Primary Fan is completed.

- Access Drives to the two Starter Stopes are being cleaned, ready for the Production Rig to commence drilling the High-Grade Stopes.

- Decline 3 developed on the Mica Vein is fully dewatered, ready to be flatback mined for providing further gold feed to the Gravity Plant.

- Vertex aims to have developed at least 4 mining fronts and maintain continuous feed to the plant, which will involve various mining methods.

- Mining the Reward Gold Mine - Resource 225kozs at 16.7g/t

As previously announced, the startup mine schedule includes mining 2,075 tonnes at 17.8 g/t Au from a developed airleg stope block. The planned stope width is the same as the interpretation of the mineralisation. Refer to VTX ASX announcement 4th June 2025

Given the stope will take some time to extract, additionally, the Vertex Geology and Mining Team have brought forward a very high-grade long hole stope to commence mining in August 2025. The high-grade long hole stope isto be mined with a long hole stope method, using the Epiroc Production Rig.

*To view photographs, please visit:
https://abnnewswire.net/lnk/2U10401V



About Vertex Minerals Limited:

Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Underground Production Commences Reward Gold Mine Project

Underground Production Commences Reward Gold Mine Project

Vertex Minerals (VTX:AU) has announced Underground Production Commences Reward Gold Mine Project

Download the PDF here.

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