Metals Australia CEO Paul Ferguson commented:
“We are delighted to have locked in a series of critical project development and test-work contracts with leading global service providers as we continue our efforts to grow the Lac Rainy resource and accelerate the development of what we believe is a world-class flake-graphite project, located in one of the world’s best mining jurisdictions.
Significantly, Metals Australia’s strong cash balance, which stood at $17.8 million at the end of the March quarter4, gives us the financial strength to rapidly advance our pipeline of development studies at Lac Rainy, while also continuing exploration programs across our suite of other highly prospective projects in Canada and Australia.
We believe these studies will help unlock the significant value of the Lac Rainy project, which is not reflected in the current share price. This is despite the fact Lac Rainy has already demonstrated compelling and robust economics, as outlined in the 2021 Scoping Study1.
The work we are now advancing will significantly de-risk the project and bring it closer to development – at an ideal time when North America is seeking reliable supplies of critical minerals to establish or reorient its manufacturing base and supply logistics.”
Metallurgical & Laboratory Services Agreement for metallurgical test-work with SGS Laboratories
Metals Australia has awarded the metallurgical test-work and laboratory services requirements for its PFS level flake-graphite metallurgical test-work program5 to SGS Laboratories in Lakefield, Ontario, Canada.
Two approximately 200kg bulk-samples have been prepared from existing drill-core and despatched to SGS for comminution and flotation test-work and characterisation to provide key inputs to the flake-graphite concentrate production PFS. The program is estimated to take approximately four months and will include all sample preparation, chemical characterisation, mineralogy testing, comminution and flotation testing and reporting.
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