Vertex Minerals Limited  Placement and Convertible Loan to Further Advance Reward

Vertex Minerals Limited Placement and Convertible Loan to Further Advance Reward

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) 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 a existing VTXOA options, which have an exercise price of 25c per share and an expiry date of 17/07/2026 (VTXOA Options).

Loan Details

Loan funds are expected to be $976,000 and the Company intends to seek approval for conversion of the Loan at the Company's 2024 AGM, to be held on 29 November 2024. Upon approval by shareholders, loan funds will be automatically converted into fully paid ordinary shares at a conversion price of $0.16 per share, with two (2) free attaching VTXOA Options for every five (5) shares issued on conversion. If not converted, Loan funds will accrue interest at 10% per annum and fall due for repayment on maturity 12 months after receipt.

Shareholder Meetings

The Company expects shortly to despatch a notice of meeting for a General Meeting to be held on or around 8 November 2024 to seek ratification of recent share issues as well as approval for the second tranche of shares under the Company's placement announced on 21 August 2024 and associated issues of options.

Separately, the Company expects to hold its 2024 Annual General Meeting on 29 November 2024, at which it is intended that business will include the seeking of shareholder approval to approve the conversion of the Loan as well as associated option issues.

CPS Capital Group (CPS) acted as lead manager to the Capital Raising.

- CPS and/or its Nominees will receive a management fee of 2% of the total gross proceeds of the Placement and Loan financing for managing the Capital Raising.

- CPS will receive a placing fee of 4%, plus GST. By negotiation CPS may be liable to pay a placing fee to parties, of up to 4%, plus GST for funds raised in the Capital Raising.

- Subject to Shareholder Approval, CPS and/or its Nominees will receive 1,500,000 VTXOA Options to be issued at $0.00001 per option.

- CPS will receive a one-off completion fee of $20,000 plus GST upon completion of the Placement.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/784UZHT1



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) 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



Contact:
RogerJackson
Executive Chairman
roger@vertexminerals.com.au

Tully Richards
Technical Director
tully@vertexminerals.com.au

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Convertible Loan Funding Completed

Convertible Loan Funding Completed

Vertex Minerals (VTX:AU) has announced Convertible Loan Funding Completed

Download the PDF here.

Vertex Power-up Gravity Gold Plant at Reward

Vertex Power-up Gravity Gold Plant at Reward

Vertex Minerals (VTX:AU) has announced Vertex Power-up Gravity Gold Plant at Reward

Download the PDF here.

Vertex Minerals Limited  Reward Gold Mine and Company Update

Vertex Minerals Limited Reward Gold Mine and Company Update

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce a further update on the Reward Gold mine start up.

HIGHLIGHTS

- All major components are now installed and fitted at the Reward Gold Mine Gravity Plant.

- Electrical fit out is well underway.

- Piping and water reticulation is ongoing.

- Tails lines are being laid to the dry sand stack location.

- Plant power up is planned for mid-December.

- General Manager and other key personnel have commenced employment.

- Ore Sorter structure is under construction and will be installed in January

- The plant will be commissioned on stockpiles located at the plant prior to the Ore Sorter installation.

- Road infrastructure upgraded.

- Portal entry and ore handling area refurbished and expanded.

- Vertex on track for January commissioning of the plant.

Mobilisation of the Gravity Plant from Ballart to site commenced earlier this month (as announced 13 November 2024), with all major components now onsite, installed and fitted at the Gravity Plant. Fitout of ancillary services (including electrical and water) is well underway, with completion and initial powering-up scheduled for mid-December 2024.

All Civil Works for this stage, including the upgrading and refurbishment of Road Infrastructure, portal entry and the ore handling area are also complete.

Ore Sorter and Forward Plan

Compelling results from Ore Sorting testwork (including a 337% increase in grade and 79% mass reduction) as announced on 25th July 2024, resulted in a decision to incorporate pre-concentration into the flow sheet and design for the Hill End project (as announced 11 September 2024). Construction of the Ore Sorter structure has commenced, with installation expected in January 2025. Installation of the Ore Sorter is not expected to delay plant commissioning, with initial processing of existing stockpiles located at the plant location to commence prior to installation and commissioning of the Ore Sorter.

Corporate and Financial

On 7 November 2024, Shareholders voted to approve the second tranche of the Company's 2-tranche share placement announced in mid-August 2024. All funds for the second tranche have been received and allotment is expected shortly.

The Company's Annual General Meeting (AGM) is scheduled for 29 November 2024 and resolutions include approval for the conversion of loan funds received under the capital-raising announced in October 2024. Various option issue approvals were granted in the 7 November Meeting and are being sought at the AGM and a prospectus for the issue of those options is being prepared.

On 27 May 2024 the Company announced that it had signed a terms sheet with Ocean Partners for a US$10M Prepayment Facility, subject to conditions precedent. Following on from the revised mine design and Gravity plant flow sheet, because of the decision to utilise an ore sorter, the capital expenditure required to develop the mine was significantly lowered. A facility of this size is no longer expected to be required by the Company and the parties have agreed that the proposed arrangement will not be completed, with no penalty to the Company. The Company is in negotiations with several parties in relation to a significantly smaller debt or prepayment facility.

Commenting on the progress, Vertex Executive Chairman Roger Jackson said: "We are very excited by the progress that has been made with the Gravity Gold plant installation at our mine ready Gold project.

The installation is well ahead of the time we had scheduled, which has helped recover the time lost due to weather with the civil construction. We are hopeful we can now power the plant up for testing in just a few weeks. We then can commission the plant with the gold ore stockpiles we have sitting at the plant.

I would commend Gekko and our Hill End team for their efforts with this installation."

*To view photgraphs, please visit:
https://abnnewswire.net/lnk/BSH85XZW



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) 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

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Vertex Minerals Limited  Progress Update at High-Grade Reward Gold Mine

Vertex Minerals Limited Progress Update at High-Grade Reward Gold Mine

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce an update on the Reward Gold mine start up, with the refurbished Gekko plant arriving this week along with a team of trades people to install and commission the plant. Further the site infrastructure has been redeveloped with a number of improvements to roads and tails line implemented.

HIGHLIGHTS

- Civils completed.

- Gekko have commenced mobilising the Gekko Gravity Gold plant from Ballarat to the Mine site.

- Recently purchased LM 90 Drill Rig has been mobilised from Kalgoorlie to the Mine site.

- Mobile fleet purchased and on site.

o Light vehicles, heavy 6wd truck, 4wd Dual cab light truck, Integrated tool carrier, underground loader, underground haul truck, excavator

- Fixed plant purchased and on site.

o Underground fans
o Transformers
o Fuel Infrastructure
o Replacement piping for slurry and water reclaim

- General Manager and Mine Manager has commenced employment on site.

- Road infrastructure upgraded.

- Portal entry and ore handling area refurbished and expanded.

- Vertex on track for January commissioning of the plant.

The Reward Gold Mine is well placed for a simple start -up:

- The new processing plant will be constructed adjacent to the underground mine portal (640 Level) and over the existing footprint of the existing plant.

- The 640 Level extends into the resource and no stripping required with the revised mine plan.

- Second egress in place with existing ladder way from 640 Level to surface.

- Some underground fleet and utility services are already owned by Vertex. With new fleet arriving.

- The New plant will be utilising the existing services and infrastructure:

o Gold Room
o Water systems
o Power generation
o Offices
o Change Rooms
o Workshop
o Storeroom
o Crib Room
o Jaw Crusher
o Access Roads
o Security System

Commenting on the progress, Vertex Executive Chairman Roger Jackson said: "We are very pleased with the progress so far with the redevelopment of the Reward Mine and the refurbishment of the Gravity Gold plant, given we have done this with a very small capital budget and a very wet season. I would like to acknowledge our team at Hill End, headed up by our Director Declan Franzmann and Maintenance Manger Jeff Williams who have worked tirelessly on this project to get it to this point.

Further I would like to express our gratitude to the efforts made by Gekko on their professionalism in taking a second-hand plant and refurbishing it to an excellent standard within a very short lead time.

We are now all-hands-on-deck to get ore into the plant and be producing gold bars in January."



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) 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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Cygnus Metals Ltd.  Opens the Market

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Cygnus Metals Limited (TSXV: CYG) (ASX: CY5) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

MEDIA CONTACT:
Laurie Gaborit
Advisor, Investor Relations
lgaborit@cygnusmetals.com
416.219.2049

Paul Armstrong
Read Corporate
+61 8 9388 1474

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236970

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Osisko Metals Welcomes the Participation of the Quebec Government in Its Gaspé Copper Project

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The Government of Quebec will lead a pilot project to create a committee that seeks to maximize the economic benefits of the Gaspé Copper Project. The committee will be overseen by the Ministère des Ressources naturelles et des Forêts (Quebec Ministry of Natural Resources and Forests) and aims to optimize socio-economic benefits in the Gaspé Peninsula by ensuring strong collaboration with the business community throughout the project development process.

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The Economic Impact Study focuses on quantification of the economic impacts that would be created by the development and ongoing operations of the Project, and assesses the regional employment impacts created by the Project; the Study does not replace or alter the findings of the PFS. Amounts herein are in Canadian Dollars unless otherwise noted.

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Awalé's Transformative 2024 Sets the Stage for an Ambitious 2025

Awalé's Transformative 2024 Sets the Stage for an Ambitious 2025

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  • Charger Zone: A significant gold target in Awalé's portfolio, marking a transformative achievement in 2024 with some of the highest-grade intercepts in Africa in the last 12 months.

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RMI: granted option to acquire JV interests in Saudi Arabia

RMI: granted option to acquire JV interests in Saudi Arabia

AuKing Mining (AKN:AU) has announced RMI: granted option to acquire JV interests in Saudi Arabia

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