EQ raises cash as expansion studies progress
PERTH (miningweekly.com) – Junior EQ Resources has raised A$6-million through a convertible note issue to fund early works at its Mt Carbine tungsten project, in Queensland, while it completes a bankable feasibility study (BFS) into the expansion of the project.
The two-year notes would have a conversion price of 6.5c a share, representing a near 45% premium to the company’s last closing price.
The company will also issue 25-million options with an exercise price of 6.5c and a two-year expiry.
“We welcome the support of lenders in the convertible note facility which will allow the company to further increase production of tungsten concentrate at a time of strong prices for this critical metal, and continue to expand the overall resource through further investigation and drilling,” said EQ Resources CEO Kevin MacNeill.
In addition to the current tailings treatment project at Mt Carbone, EQ Resources is looking to further expand the project’s ore sorting capabilities and develop an underground mine.
“Our mining team has developed a high degree of confidence in the low-grade ore resource after many months of trialling the high technology ore sorter. A new A$1.7-million mining fleet is currently arriving at site, while the required power and screening upgrades shall be completed by the end of the year allowing us to take advantage of strengthening tungsten prices which have increased US$75/t since January 2021,” said MacNeill.
The current BFS comprises the expansion of the tungsten operation from the low-grade ore stockpile and the reactivation of openpit mining from the Andy White pit.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation