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Rimfire Expands Scandium Exposure in Central NSW
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has expanded its scandium exposure in central NSW following the execution of an Option to Purchase Agreement with Javelin Minerals Limited (JAV: ASX) for their Exploration Licence 8666 located approximately 50km north of Fifield (see figure 1). If Rimfire elects to exercise the Option to Purchase, then the exploration licence will become 100% owned by Rimfire and will add to Rimfire’s 100% owned project portfolio.
Highlights
- Rimfire expands its exposure to scandium, with a Buy Option Agreement to purchase 100% of Exploration Licence 8666 from Javelin Minerals Limited (JAV:ASX)
- The licence – located some 50km from (Fifield hamlet) Rimfire’s 100% owned Fifield & Avondale Scandium Projects – has seen historical reconnaissance drilling intersect anomalous scandium in single 3-metre composite aircore drill samples of up to 373 ppm Sc from 34m depth
- Initial mapping and reconnaissance aircore drill program planned by end of CY 2024
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “Expanding our exposure to scandium opportunities within central NSW is a priority for Rimfire as we work towards building a globally significant scandium resource inventory.
Our geological team has identified Javelin’s exploration licence as an early- stage scandium target that compliments our existing scandium projects in the area.
The new licence contains a number of anomalous scandium drill intercepts and untested magnetic anomalies which need to be followed up and we look forward to getting on the ground as soon as possible to determine their significance.”
Historical reconnaissance drilling by Javelin Resources has intersected anomalous scandium along with anomalous cobalt and nickel in several holes with a single 3-metre composite drill sample yielding373 ppm Sc (see JAV ASX Announcements dated 26 July 2023 and 31 July 2023).
Acquisition Terms
Rimfire has executed a Buy Option Agreement with Cobalt Prospecting Pty Ltd, - a wholly owned subsidiary of Javelin Minerals Limited (JAV:ASX), for a cost of $30K (cash). The Buy Option Agreement gives Rimfire an exclusive option to acquire 100% of Exploration Licence 8666 (“Javelin Tenement”), which is located approximately 50kms north of Rimfire’s tenements in central NSW and appear to contain similar host rocks as those found at Rimfire’s Melrose and Murga North scandium deposits at Fifield, NSW (Figure 1).
Rimfire has an exclusive Option Period of 18 months from the date of execution of the Buy Option Agreement to exercise purchase (at Rimfire’s sole discretion) of the Javelin Tenement for $125K (in cash or shares). There is a further milestone payment of $300K (payable in shares) within 4 years of purchase, if Rimfire announces a maiden Indicated Mineral Resource estimate of greater than 5,000t of Scandium Oxide (or equivalent) on the Javelin Tenement. During the Buy Option period Rimfire will be responsible for meeting the pro-rata minimum expenditure requirements on the Javelin Tenement. Any shares issued under this agreement will be subject to 6-month escrow.
At the time of writing, Rimfire and Javelin were completing all necessary ancillary legal documentation, and the transaction will still be subject to standard regulatory conditions such as Ministerial consent for the transfer of the tenements.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
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Rimfire Pacific Mining
Company Overview
Rimfire Pacific Mining (ASX:RIM) has its roots in NSW with a long history of exploration activity within some of the world's most prolific mining jurisdictions in Central Western NSW and the Broken Hill districts. With a highly capable and accomplished technical team, the company is committed to employing best-in-class geoscience to discovery Australia's next critical minerals mines.
With a combination of 100% owned assets and JV projects, Rimfire's Lachlan Orogen Projects are on the doorstep of some of Australia's truly great gold-copper porphyry mines such as Northparkes, Cadia and Cowal within a region dominated by major international mining businesses.
In the iconic Broken Hill region which has been a major production centre for base metals, Rimfire is primarily focused on chasing up historical occurrences of cobalt mineralisation and has projects proximate to ASX listed Cobalt Blue Ltd's Broken Hill Cobalt Project.
As a company committed to the discovery of critical minerals orebodies of scale, Rimfire aims to deliver enduring value to shareholders.
September 2024 Quarterly Report
Impact Minerals Limited (ASX:IPT) is pleased to present its 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.
True North Copper September 2024 Quarterly Report
True North Copper Limited (Administrators Appointed) (True North Copper, TNC or the Company) provides the following quarterly update and Appendix 5B for Q1 FY25.
Voluntary Administration
On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the below entities:
- True North Copper Limited (ACN 119 421 868)
- TNC Mining Pty Ltd (ACN 652 408 378)
- CopperCorp Pty Ltd (ACN 649 946 305)
- North West Copper Pty Ltd (ACN 661 786 956)
- TNC Asset Holding Pty Ltd (ACN 652 599 687) (all Administrators Appointed) (together ‘the Group’).
The decision came after a period of extensive negotiations with the Company's debt provider, largest shareholder and other potential equity providers. The decision is regrettable especially as the ramp up of mining activities at Wallace North, part of the Cloncurry Copper Project, was on schedule with the first oxide ore placed onto the heap leach pads at Cloncurry earlier this month. In addition, recent exploration at Mt Oxide partly funded by a CEI grant from the Queensland Government has identified a number of highly prospective targets for drilling with a high probability of making more discoveries like the Vero deposit.
The Directors wish to thank all of the Company's employees and consultants as they have worked tirelessly to accomplish the above. The local community is also highly supportive of the Company and its operations in the region.
With cash resources running down and no prospects of being able to draw on existing facilities or raise additional equity or debt before the scheduled AGM, the Directors appointed the Administrators. The Administrators are undertaking an urgent assessment of the Group’s operations and will shortly be commencing a dual track recapitalisation and sale process for the Group. In this regard, the Administrators are seeking urgent expressions of interest to acquire the Group as a whole or individual projects/assets.
Accordingly, the below should be read in that context and it should be noted that there may be material changes to the operations of TNC as a result of the Administrators appointment.
SEPTEMBER 2024 QUARTER HIGHLIGHTS
Cloncurry Copper Project
- During the September 2024 quarter, operations at the Cloncurry Copper Project (CCP) in Queensland continued to ramp up in line with the current mine plan.
- In July, TNC announced the commencement of mining activities at the Wallace North deposit, part of CCP.
- At the end of the September Quarter, circa 200,000 bank cubic metres (BCM) of overburden was mined at Wallace North with approximately 10,000 tonnes of oxide ore mined and placed on the ROM.
- Transportation of oxide ore to the Great Australia Mine (GAM) commenced in September with approximately 8,000 tonnes crushed by the end of the quarter. Stacking onto the leach pad and irrigation commenced in early October.
- TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore)1 for 100% of copper concentrate from CCP and for toll milling of up to 1Mt of ore per year. Toll milling was expected to commence in Q3 FY25.
Mt Oxide Project
- The Copper-Silver Mineral Resource Estimate (MRE) for TNC’s Vero deposit has been updated to 15.03Mt at 1.46% Cu & 10.59g/t Ag for a contained 220kt Cu & 5.13Moz Ag (JORC 2012).
- Results from rockchip sampling of gossans at Aquila and Ivena North returned multiple zones of anomalous copper silver geochemistry with very strong pathfinder signatures indicative of potential Vero style Cu-Ag-Co mineralisation.
- A MIMDAS Induced Polarisation, Resistivity and Magnetotellurics survey commenced at Mt Oxide, partially funded by a $300,000 Queensland Government Collaborative Exploration Initiative (CEI) grant.
- The 15.3 line kms over 10 lines survey was focussed on several highly prospective copper bearing leached gossans mapped along strike of Vero including Camp Gossans, Ivena North, Aquila and Mt Gordon.
- MIMDAS at Camp Gossans Vero and Ivena North, Aquila and Mt Gordon prospects resulted in new geophysical anomalies with similar signature to the Vero resource being identified coincident with highly geochemically anomalous leach gossan outcrops.
Corporate
- Former Managing Director and founder of TNC, Marty Costello, departed the Company as of 1 July 2024.
- Craig Gouws, Chief Financial Officer, resigned from the Company.
- On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the Company and its subsidiaries.
Development & Operations
TNC’s two principal assets located in northwest Queensland, a Tier 1 Jurisdiction:
- Cloncurry Copper Project (CCP) - IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure.
- Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to optimisation studies, and exploration in surrounding tenure.
The Cloncurry Operations Hub (COH) is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North. Exploration and resource definition across the surrounding CCP will also deliver growth to the CCP’s Life of Mine.
The COH is located 2km from the township of Cloncurry and provides essential infrastructure, technical systems and support to all of TNC’s project operations. An active oxide heap leach and Solvent Extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Mining preparations continued at Wallace North during the period after commencing during the previous quarter. Wallace North is part of True North Copper’s Cloncurry Copper Project (CCP) and one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au2.
Click here for the Appendix 5B Quarterly Cash Flow Report
Click here for the full ASX Release
This article includes content from True North Copper, 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.
Forte Minerals Grants Incentive Stock Options
Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTCQB: FOMNF) (Frankfurt: 2OA), is pleased to announce that, pursuant to its existing stock option plan, it has granted an aggregate of 1,617,000 stock options ("Options") to certain directors, officers, and consultants of the Company.
The Options are exercisable for a period of five years from the date of grant at a price of $0.25 per share. All Options issued are subject to a four-month and one-day hold period, in compliance with the policies of the CSE.
ABOUT FORTE MINERALS CORP.
Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper ("Cu") and gold ("Au") assets in Peru. Our strategic partnership with GlobeTrotters Resources Peru S.A.C. ("GTR") grants us access to a comprehensive project pipeline, enabling us to target the most promising opportunities. This collaboration focuses on historically discovered, drill-ready targets, driving significant value in Cu and Au resource development.
On behalf of FORTE MINERALS CORP. (signed) "Patrick Elliott" Chief Executive Officer
For further information, please contact:
Glen Watson, Investor Relations 1-844-863-3622 gwatson@forteminerals.com
Forte Minerals Corp. office: 604-983-8847 info@forteminerals.com www.forteminerals.com
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest management's discussion and analysis, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements. Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Termination of Avondale Project Earn-in Agreement
Rimfire Pacific Mining Limited (Rimfire or the Company) (ASX: RIM) provides the following updates in respect of the Avondale Project.
As previously disclosed to ASX, Rimfire terminated the Fifield Earn-in Agreement and stated it was considering its rights in relation to the Avondale Earn-in Agreement in light of the judgement of the of the Victorian Supreme Court in: Resource Capital Ltd v Giovinazzo [2024] VSC 548 (Judgment) (See Rimfire ASX Announcement dated 3 October 2024).
The Avondale Project has been funded by Golden Plains Resources Pty Ltd (GPR) under the earn-in agreement, which has the potential to see GPR earn a joint venture interest of up to 70%.
Despite requests, GPR has failed to provide any information in relation to whether there has been a change of control as to GPR since the Avondale Earn-in Agreement was executed.
Having considered the matter further, Rimfire has now issued a notice of termination to GPR in respect of the Avondale Earn-in Agreement, with the termination stated to take immediate effect.
Given the Avondale Earn-in Agreement was terminated prior to GPR satisfying the earn-in requirements, GPR will have no interest in the Avondale Project going forward. The express terms of the Avondale Earn-in Agreement do not require the Company to repay to GPR any funding provided by it prior to termination in these circumstances.
The Avondale Project contains the Melrose Scandium Prospect where Rimfire has recently reported an Indicated and Inferred Mineral Resource estimate of 3Mt @ 240 ppm Sc (1,120t Sc Oxide) (See Rimfire ASX Announcement dated 9 September 2024)*.
Rimfire expects that GPR will dispute the termination and seek to resolve the dispute through arbitration. Similar to the Fifield Project (See Rimfire ASX Announcement dated 17 October 2024), Rimfire has offered to provide to GPR a revocable undertaking that it will not dispose of, create any encumbrance over or dissipate the Avondale Project or any mined product. The undertaking is an interim measure until it is revoked by Rimfire.
Rimfire has also offered to have the disputes in relation to the termination of the Fifield Earn-in Agreement and the Avondale Earn-in Agreement resolved in the same arbitration.
The undertaking does not preclude Rimfire from carrying on exploration activities to advance the Avondale Project.
The Rimfire Board recognises the risks associated with its decision to terminate the Avondale Project Earn-in Agreement (including the prospect of Mr Giovinazzo successfully appealing the Judgement, the prospect of a dispute with GPR and the costs and distraction associated with that, and the requirement for funding to advance the Avondale Project) but believes the decision is in the best interests of the Company and its shareholders.
The Company will continue to update the market in accordance with its continuous disclosure obligations in the event of material developments in relation to this matter.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
Anglo American Releases Q3 Results, Reporting Lower Copper and Diamond Output
Anglo American (LSE:AAL,OTCQX:AAUKF) shared its third quarter results on Thursday (October 24), reporting declines for copper and diamond output, as well as for other commodities in its portfolio.
The multinational mining corporation’s copper output decreased 13 percent year-on-year due to lower recoveries and necessary maintenance at major sites, while diamond production, which is managed by the firm's De Beers subsidiary, saw a 25 percent drop year-on-year on the back of weak demand, particularly from the Chinese market.
In total, Anglo produced 181,000 metric tons of copper in Q3, with diamond output of 5.6 million carats.
Despite the decrease, Anglo is upholding its annual copper guidance of 730,000 to 790,000 metric tons.
The company said its third quarter diamond production was lower in response to a slowdown in global demand, with reduced consumer spending in luxury sectors worldwide affecting buying.
De Beers is now considering further output adjustments to address overstocking issues affecting the midstream diamond market, which is the section of the supply chain responsible for processing and distribution.
In May, Anglo announced its intention to offload De Beers as part of restructuring efforts. No update was shared in its Q3 results, but Chief Executive Duncan Wanblad said in September that the plan was still in place.
The firm is looking to shift its focus to metals integral to renewable energy technologies, including copper.
The restructuring comes after Anglo fended off a takeover bid from BHP (ASX:BHP,LSE:BHP,NYSE:BHP) earlier this year. It defended its position with plans to prioritize copper and iron ore, while looking to exit several other business areas, including its steelmaking coal assets in Australia and its platinum-group metals operations in South Africa.
Anglo's platinum-group metals output declined in Q3 as well, sinking 10 percent year-on-year to come in at 922,000 ounces. The miner said the decrease is in line with its 2024 guidance and reflects expected production levels.
The company’s steelmaking coal segment faced setbacks following a fire at the Grosvenor mine in Queensland, Australia. The incident led to a 6 percent decrease in production year-on-year, with output expectations for 2024 adjusted to 14 million to 15.5 million metric tons, down from an initial 15 million 17 million metric tons.
Anglo is in the midst of reviewing final bids for the sale of its steelmaking coal unit, with an agreement expected to be executed in the coming months. The demerger of its platinum-group metals division is anticipated in mid-2025.
Iron ore production increased 2 percent year-on-year to reach 15.7 million metric tons, driven by stable operations in South Africa and Brazil. Anglo's nickel output rose 6 percent from the year-ago period.
It also produced 406,000 metric tons of manganese ore, a fall of 60 percent-year-on-year.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Completion of Transformational Mt Isa Copper and Uranium Acquisition
- Completed the acquisition of all the issued capital in Capella Metals Limited (Capella) (Capella Acquisition). Capella holds a 100% legal and beneficial interest in one granted exploration permit, EPM 28620, and three exploration permit applications, being EPM 28791, EPM 28792 and EPM 28793 (together, the Capella Tenements); and
- Exercised the option (Bacchus Option) with Bacchus Resources Pty Ltd (Bacchus) and subsequently completed the acquisition of a 100% legal and beneficial interest in the five granted exploration permits, being EPM 26987, EPM 27570, EPM 27947, EPM 27439 and EPM 28297 (together, the Bacchus Tenements) (Bacchus Acquisition).
Key Highlights:
- NIS has completed the acquisition of a 100% interest in the Mt Isa North Copper and Uranium Project comprising highly prospective exploration permits covering 2,003km2 in the Mt Isa region in Northwest Ǫueensland, Australia.
- The fully underwritten pro rata non-renounceable entitlements offer to raise $2.1 million has completed.
- In accordance with the Capella Acquisition Agreement, NIS has appointed Bruno Seneque and Richard Maddocks to the Board of the Company as Non-Executive Directors with effect from today.
- NIS is now well funded to commence undertaking exploration activities at Mt Isa North Project with 1,500m reverse circulation (RC) drilling campaign at the high-grade Surprise Cu-Au-Ag prospect, planned for Ǫ4-CY24, subject to all approvals being received.
The Capella Tenements and the Bacchus Tenements (collectively, the Mt Isa North Project) are a portfolio of granted exploration permits and exploration permit applications covering 2,003km2 in the Mt Isa region, Northwest Ǫueensland, Australia. The Mt Isa North Project is considered prospective for copper , uranium, and zinc-lead-silver deposits.
The Mount Isa region is one of the world’s premier exploration and mining locations and hosts extensive mining-oriented infrastructure, numerous mines and processing facilities, water and power utilities, rail and national highway transport connections, frequent commercial air services, and a skilled labour force.
Capella’s exploration model at Mount Isa recognises that world-class discoveries may be made in structurally favourable sites in parts of the stratigraphy largely overlooked by previous explorers, as well as in various units of known prospectivity that have only been superficially explored within the Mt Isa North Project.
Further details about the Mt Isa North Project are set out in the Company's ASX announcement dated 28 August 2024.
Entitlement Offer
In addition, as announced on 11 September 2024, the Company has successfully raised $2,135,424 (before costs) under its Entitlement Offer, which was on the basis of 2 New Shares for every three 3 Shares held by eligible shareholders with 1 free-attaching unquoted option (exercisable at $0.03 and expiring on 30 June 2027) (New Option) for every 2 Shares subscribed for and issued.
Capella Acquisition
The Company, Capella and the key shareholders of Capella (Major Capella Shareholders) entered into a share purchase agreement (Capella Acquisition Agreement) pursuant to which the Company agreed to acquire 100% of the issued capital in Capella from the Major Capella Shareholders. Subsequently, the Company entered into separate share purchase agreements with each minority shareholder of Capella (Minor Capella Shareholders). The Major Capella Shareholders and Minor Capella Shareholder (together, the Capella Vendors) are unrelated third parties of the Company.
In connection with the Capella Acquisition, the Company agreed to issue 88,419,220 Shares (Capella Consideration Shares) to the Capella Vendors (or their nominees) on a pro-rata basis and 15,829,526 unquoted options exercisable at $0.03 on or before 30 June 2027 (New Options) (Capella Consideration Options) to certain Capella Vendors (or their nominees). The Company has since issued the Capella Consideration Shares and Capella Consideration Options to the Capella Vendors in their respective proportions.
In addition, the Company agreed to appoint Mr Bruno Seneque and Mr Richard Maddocks, who were existing directors of Capella, to the Board of the Company as Non-Executive Directors. The Company has now appointed Mr Bruno Seneque and Mr Richard Maddocks to the Board of the Company as Non-Executive Directors with effect from today.
Appendix 3X’s for Messrs Seneque and Maddocks are to be released subsequently.
Further details summarising the material terms of the Capella Acquisition Agreement are set out in the Company's ASX Announcement dated 28 August 2024.
Click here for the full ASX Release
This article includes content from NickelSearch 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.
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