MetalsTech to Develop High Grade Cobalt Projects
MetalsTech to Develop High Grade Cobalt Projects
MetalsTech Limited (MTC or the Company) is pleased to advise significant changes that affect its corporate strategy and how it will deliver shareholder value through the development of its cobalt and lithium projects in Canada.
Highlights
– iCobalt ‘spinout’ cancelled with MTC electing to retain 100% of its valuable high grade cobalt assets, including the opportunity to acquire the past-producing Rusty Lake Silver-Cobalt Mine
– In support of the revised strategy, since announcing the potential ‘spinout’ in September 2017;
- the price of cobalt has increased from ~US/60,000/t to nearly US$100,000/t;
- MTC has secured an option to acquire the past-producing Rusty Lake Silver-Cobalt Mine in Ontario which boasts stockpile grades of up to 11.85% Co, 8.64% Ni and >10,000 g/t Ag, and following extensive due diligence and site visits, MTC intends to complete this week;
- MTC has identified a number of low-cost high value pipeline opportunities in the cobalt space;
- MTC has received significant interest from strategic partners and end-users in funding its Cancet & Adina lithium projects through a ‘project-level’ sell down, allowing the Company scope to apply funds towards exploration of its valuable cobalt assets;
-Appointment of Mr David Riekie as Managing Director of MTC and Ms Cherie Leeden as Technical Director (Canada), collectively bring extensive battery mineral and exploration experience at the executive level
– Appointment of Dr Alain Berclaz as VP Exploration (Lithium) supports the future lithium exploration activities in Quebec – in excess of 25 years of senior geological experience with extensive local geological knowledge and experience
– Mr Russell Moran and Mr Gino D’Anna to transition to Non-Executive Chairman and Non-Executive Director, respectively.
– Mr Shane Uren and Mr Michael Velletta have resigned from the Board of MTC, leaving a focused and agile Board, which is heavily vested to deliver shareholder returns
-Leading diversified and battery-related chemicals manufacturer Wuxi Baichuan Chemical Industrial Co takes 9.44% (current) stake in MTC through a $1.8 million placement and the Company has raised an additional $1.5 million with sophisticated and institutional investors via the issue of 6,250,000 fully paid ordinary shares at an issue price of $0.24 per share using its placement capacity pursuant to ASX LR 7.1
– Near term catalysts for MTC include results of 10 hole drilling program at the Adina Lithium Project to be completed this week, completion of the acquisition of the Rusty Lake Silver-Cobalt Mine, potential project level funding deal at the Cancet & Adina lithium projects, drilling at MTCs cobalt projects in Ontario
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