Q3 2022 Quarterly Report: Rafaella Resources Agrees To Acquire The Horden Lake Battery Metals Deposit In Quebec

Rafaella Resources Limited (ASX:RFR) (‘Rafaella’ or the ‘Company’) is pleased to provide its Appendix 5B cash flow statement for the quarter ended 30 September 2022, along with the following operational summary.

INVESTMENT HIGHLIGHTS

Horden Lake Acquisition, Canada

• Terms agreed to acquire major Ni-Cu-PGM project in Quebec.
• Deposit contains NI43-101 (2009) compliant resource* of 16.55Mt comprising 8.76Mt of Indicated @ 0.88% Cu, 0.21% Ni, and 7.79Mt of Inferred at 0.87% Cu, 0.25%Ni.
• Drill holes subsequent to 2009 indicate excellent potential for precious metal credits and resource expansion.
• Located close to infrastructure and power.
• Cash consideration of C$4m with 10% already paid.

Belleterre-Angliers Project, Canada

• 137 anomalies with 20 high priority EM targets located at depths greater than 300m in recently consolidated project, in line with the Company’s geological targeting of deeper VMS feeder systems.

San Finx tin and tungsten project

• Proposal received from the water utility to approve the water discharge permit, subject to certain conditions. Approval of the water discharge permit will be a key milestone in the project’s development.
• Maiden JORC compliant mineral resource estimate released showing Inferred Resources** of 1.2Mt with a combined grade of 0.80% (0.30% WO3 + 0.50% Sn) with total contained metal being 3,581t WO3 and 5,786t Sn.

Santa Comba tungsten and tin project

• Appointment of engineering consultancy, Mining Sense Global S.L., to complete scoping study examining synergies in processing Santa Comba ore with that of San Finx.

Corporate

• Rafaella’s cash position as at 30 September 2022 was $2.017m.
• In July a private placement of $2.1m was successfully completed at $0.023/share.
• In September, a private placement facility of $1m at $0.035/share in support of the Horden Lake acquisition was fully drawn.
• The maiden baseline ESG report was published on the Company’s website.

Rafaella’s Managing Director Steven Turner said: “This quarter has seen a remarkable change in the Company’s portfolio as we pivot towards a battery metals focus in Canada with the transformative acquisition of Horden Lake. At the same time, we have seen some positive developments in Spain, with a proposal to award the water discharge permit at San Finx, followed soon thereafter by the project’s maiden JORC mineral resource estimate showing enormous potential. As the Company transitions towards a battery metals company, having taken the Spanish projects to an advanced stage, we are now seeking partners to take these through to production.”

Rafaella has spent the quarter completing the rebalancing of its portfolio by agreeing the acquisition of the transformational Horden Lake battery metals deposit in Quebec, Canada.

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