Metallum raises US$4 million for Superior zinc project
The tech start-up using core enablers of automation to benefit every mine
SPONSORED
World Copper has economics to back Escalones resource in Chile
SPONSOREDworld copper ltd.
Marvel Gold stepping up exploration after resource upgrade
SPONSOREDmarvel gold
Anglesey Mining sharpens focus on the Parys Mountain project
SPONSOREDanglesey mining
The funds are being raised through a non-brokered private placement of up to 83.34 million units at C$0.06 per unit.
Each unit is to consist of one common share and one warrant, which will entitle the holder to buy an additional share at C$0.14 for two years from closing.
The tech start-up using core enablers of automation to benefit every mine
SPONSOREDWorld Copper has economics to back Escalones resource in Chile
SPONSOREDworld copper ltd.
Marvel Gold stepping up exploration after resource upgrade
SPONSOREDmarvel gold
Anglesey Mining sharpens focus on the Parys Mountain project
SPONSOREDanglesey mining
The company's share price was quoted at C$0.07 on the Toronto Stock Exchange on March 21, having fallen by 22% day-on-day. The company has a market capitalisation of C$13.73 million.
The Sprott-backed company, as of March, had no debt and C$100,000 in cash.
Sprott and Management hold a 15% stake in Metallum, while ASX-listed Frontier Energy holds 65%.
The Superior Lake zinc project has a NI 43-101 resource of 2.35 million tonnes at 17.9% zinc, 0.9% copper, 0.4g/t gold and 34g/t silver. The gold-equivalent resource is 13g/t at roughly 1 million ounces, the company says.
Late last year, a feasibility study for the project - which is near the town of Schriber, east of Thunder Bay in Ontario - showed an estimated after-tax net present value of C$131.3 million with an after-tax internal rate of return of 23% at a zinc price of US$1.22/lb.
The mine life stands at 8.5 years at an average annual EBITDA of C$67.6 million.
It has an all-in sustaining cost of US$0.40/lb.
It also has low initial capital costs due to existing infrastructure, both at site and in surrounding areas, the company says.