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Battery Minerals Ltd.
Summary
| Project: | Montepuez | |
|---|---|---|
| Deposit: | Warthog | |
| Location: | Mozambique | |
| Commodities: | Graphite | |
| Date: | 10/22/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 22-10-2018: Battery Minerals Ltd. announces an Exploration/Drilling Update report for its Warthog deposit at the Montepuez project. Drilling results incl. 51m @ 9.8% TGC from 21m. Battery Minerals Limited (ASX: BAT) is pleased to advise that it is making | |
| Resources: | (Resource, Total): 119.6Mt @ 8.1% TGC for 9660Kt Graphite contained | |
| CP/QP: | [Overall Report]: Jason Livingstone (Internal) | |
| ABSTRACT: | Battery Minerals Limited (ASX: BAT) is pleased to advise that it is making strong progress in its strategy to develop the Montepuez Graphite Project in Mozambique, with due diligence for the funding package almost complete. As part of its strategy to finalise project funding, the Company has also continued construction of key items at Montepuez. Battery Minerals Managing Director David Flanagan said the development strategy was proceeding to plan. “The project funding due diligence process is progressing well, and this along with the rapid progress being made in construction of the project means we are very well placed to capitalise on the strong increases in graphite prices expected from 2020 onward,” Mr Flanagan said. Finance and Due Diligence The Company’s financial advisors, Origin Capital, have appointed a range of experts to complete detailed due diligence across various elements of the Montepuez Graphite Project. With the pending delivery of the updated mining plan, which will be supported by the updated Resource estimate, this due diligence process is almost complete. The review has included process flowsheet design, quantity and quality of geological and technical data supporting resources and reserves, metallurgical parameters, all key agreements, financial assumptions, community engagement, environmental impact, access to water and power as well as independent forecasts for global graphite supply, demand and prices. Battery Minerals remains well-funded to complete its current work plan with $12.25M in cash at the end of September 2018. While also pursuing full project financing, the Company is also forecasting uncommitted retained cash reserves of ~$5M at the end of December 2018. | |
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