Future Metals eyes idled Savannah plant for ore processing
ASX- and Aim-listed Future Metals on Thursday announced a nonbinding agreement with investment company Zeta Resources to explore the potential for processing ore at the idled Savannah plant in Western Australia.
Zeta, the sole shareholder of Panoramic Resources owns the Savannah mine processing plant, which is currently on care and maintenance.
Under the memorandum of understanding (MoU), the two parties would assess the feasibility of supplying ore from Future Metals’ Eileen Bore and/or Panton projects to the Savannah facility.
Future Metals pointed out that the collaboration marked an opportunity to leverage existing infrastructure in the Kimberley region and could lead to a commercial agreement should feasibility studies deliver positive outcomes.
In parallel with the MoU, Future Metals launched a two-part capital raising of up to A$4.2-million, comprising a placement and a planned rights issue.
The company has received firm commitments to raise A$1.58-million through the placement of 143.8-million shares at A$0.011 apiece, which is an 8.3% discount to the last closing price. Zeta has committed to acquiring 71.8-million shares under the placement, bringing its post-deal interest to 9.99% of the company.
A pro-rata rights issue will follow, offering eligible shareholders one new share for every three held at the same A$0.011 price point, potentially raising a further A$2.64-million.
Proceeds from the capital raising will be used to advance exploration and development at the Eileen Bore project, which Future Metals is positioning as a bulk copper feed source for the Savannah plant, and for general working capital.
Future Metals holds the Panton platinum group metals project and the nearby Eileen Bore deposit in the East Kimberley.
Panoramic reopened the Savannah mine in 2021 but struggled when nickel prices halved two years later, leading to the suspension of operations and the company going under.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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
