NEOMETALS LTD Formal agreements for Ganfeng's equity investment in Mount Marion Lithium Project and offtake arrangements with RIM signed.
Financial close expected early October, subject to Ganfeng receiving shareholder approval and Jiangxi Provincial Government approval.
21st September, 2015
Research Report
Neometals Ltd (ASX: NMT) (Neometals or Company), advises that a research report has been received from London-based investment bankers, Hallgarten & Company.
The report can be downloaded from this link: http://www.neometals.com.au/reports/601-NMT_Barrambie_PFS.pdf
14th September, 2015
Mt Marion Lithium Project - Extension of MOU
Neometals Ltd and Mineral Resources Limited refer to their previous announcements regarding the binding Memorandum of Understanding entered into by their jointly owned subsidiary, Reed Industrial Minerals Pty Ltd, with Jiangxi Ganfeng Lithium Co., Ltd.
The parties are continuing to progress the formal agreements to document and give full effect to the terms agreed in the MOU. The parties are now working towards execution of the formal agreements by 19 September 2015.
Ganfeng has called a meeting of its shareholders to seek approval of the transaction, as contemplated by the MOU. The meeting is scheduled for Monday, 21 September 2015.
Following execution of the formal agreements, Ganfeng will also seek approval of the transaction from the Jiangxi Provincial Government, which is expected to take approximately one week.
Subject to execution of the formal agreements and the above conditions, financial close of the transaction is expected to occur in early October 2015.
14th September, 2015
Mt Marion Lithium Project - FIRB Approval
Neometals and MIN are pleased to advise that Ganfeng has received confirmation from the Foreign Investment Review Board ("FIRB") that FIRB has no objections to the proposed equity investment by Ganfeng in RIM. This satisfies the condition in the MOU for receipt of FIRB approval.
Neometals and MIN will continue to keep the market updated on material developments relating to the proposed investment.
1st September, 2015
Mt Marion Lithium Project - Extension of MOU
The parties are continuing to progress the formal agreements to document and give full effect to the terms agreed in the MOU and have agreed to extend the date for the execution of the agreements to 15 September 2015.
Following execution of the formal agreements and receipt of FIRB approval, Ganfeng will seek approval of the transaction from its shareholders and the Jiangxi Provincial Government.
31st August, 2015
Barrambie Pre Feasibility Study Results
- Confirmation of the technical feasibility of a licenced proprietary process to produce +99% pure titanium dioxide (TiO2).
- Potential for lowest quartile operating cost per tonne pure TiO2 produced after co-product credits.
25th August, 2015
Research Report - Hallgarten & Co
22nd July, 2015
Mt Marion Lithium Project Offtake and Equity Investment
Neometals Ltd and Mineral Resources Limited are pleased to jointly announce that their jointly owned subsidiary, Reed Industrial Minerals Pty Ltd has entered into a conditional Memorandum of Understanding with China's second largest lithium producer Jiangxi Ganfeng Lithium Co., Ltd.
The MOU sets out the key commercial terms for:
- Ganfeng to acquire an up-front 25% shareholding in RIM by way of share sale and equity subscription leaving Neometals with 45% of RIM and MIN with 30% of RIM. Neometals will net approximately US$19.5 million from this initial transaction;
- PMI and Ganfeng to be granted options by Neometals pursuant to which they can elect to increase their respective shareholdings in RIM to 43.1% by around Q4 of 2016 by way of share purchase from Neometals. If these options are fully exercised, Neometals will be left holding 13.8% of RIM;
- MIN building, owning and operating the Mount Marion mining, crushing and beneficiation infrastructure and equipment pursuant to a fixed price mining services contract;
- Ganfeng entering into a long-term offtake for 100% of the spodumene produced from the Mt Marion Lithium Project at benchmarked market prices subject to an agreed price floor. Under the agreement, from year 4 onwards RIM reserves the right to take 51% of the total production if greater commercial benefit can be derived from such product ("Ganfeng Offtake"); and
- prudential corporate governance arrangements for RIM between Ganfeng and RIM's existing shareholders with equal board representation for all shareholders.
The parties will proceed to finalise Formal Agreements to give full effect to the terms of the MOU with execution and financial close scheduled for 31 August 2015.
Financial close will trigger a Final Investment Decision for the Mt Marion lithium concentrate operation and commencement of full plant construction and assemblage as all necessary approvals for the project have been secured by RIM. MIN is already well advanced with development planning and procurement, with commissioning and production of lithium concentrate product anticipated by mid-2016.
16th July, 2015
Completes Lithium Rights and Infrastructure transaction
Neometals, is pleased to advise that its 70% subsidiary, Reed Industrial Minerals Pty Ltd, has completed the transaction with Metals X Ltd which was announced to the ASX on 22 January, 2015. Under the agreement, RIM has agreed to lease the lithium mining rights over a portion of the Hampton Area Location 53 , which adjoins the Mt Marion Lithium Project, and to purchase an adjoining mining lease and associated infrastructure from Metals X.
7th July, 2015
26th May, 2015
Quarterly Activities Report
Mt Marion Lithium Project
- Binding MoU signed with MetalsX Ltd to acquire and lease various adjoining tenements and infrastructure, increasing exploration potential and reducing capital costs.
- Discussions progressing for offtake commitments and partial selldown of RIM equity to accelerate development of lithium concentrate operation at Mt Marion.
- Downstream intellectual property to be removed from potential RIM sale assets into dedicated special project vehicle owned 70:30 with Mineral Resources Ltd
-
New patent applications lodged to protect improvements in lithium hydroxide technology
Barrambie Titanium Project
- Mini-pilot plant in Canada continues to produce high-purity titanium dioxide via a proprietary hydrometallurgical process
- Pre-feasibility Study continuing with estimated completion by end June 2015
Mt Finnerty Project
-
Diamond drill hole intersects fine grained trace nickel and copper sulphides over significant thicknesses (27m @ 0.24% Ni) above intact basal footwall contact
Lake Johnston Project
- Diamond drill hole intersects finely disseminated nickel and copper sulphides in high-Magnesian ultramafic intrusive over large spatial extent (38m @ 0.24 % Ni and 44m @ 0.25% Ni)
Corporate
- Non-core Asset Divestment Program yields $200,000 from sale of gold rights at Forrestania and farm-out of gold rights at Barrambie
- Evaluating divestment of nickel portfolio
- Cash and restricted access term deposits $9 million
22nd April, 2015
Response to ASX Price and Volume Query
2nd April, 2015
Acquires Lithium Rights and Infrastructure from Metals X
The Agreement will enable RIM to explore and develop extensions of the Company's No 2 and No 2 West Lithium Deposits, located on the northern boundary of the Mt Marion Project, with Metals X to retain the gold rights. Prior drilling at the No 2 and No 2 West deposits by RIM in 2010-11, was restricted due to the tenement boundary, however results showed the ore body remained open suggesting that lithium mineralisation continues into the newly leased tenements. The Hampton Area Location 53 hosts spodumene outcropping previously identified and mapped by Western Mining Corporation, including the No 3 Deposit.
22nd January, 2015
Mt Marion Lithium Project
- Semi- Pilot Plant in US successfully achieves 200hr of operation at 80% efficiency.
- Optimisation testwork of semi-pilot plant in USA reduces power consumption by 15%.
- Australian patent granted for lithium hydroxide technology.
- Works Approval granted, upstream mining and processing project now fully permitted.
Barrambie Titanium Project
- Optimisation testwork producing high-purity titanium dioxide via a proprietary hydrometallurgical process continues in Canada.
- Sedgman and Snowden Mining Industry Consultants advancing Pre-feasibility Study, completion set for June Q 2015.
Mt Finnerty Project.
- Diamond drill hole intersects first intact basal footwall contact.
- Assay results expected by end of January 2015.
Lake Johnston Project.
- Maiden diamond drill hole identifies finely disseminated nickel and copper sulphides in highMagnesian ultramafic rocks over large spatial extent, 38m @ 0.24 % Ni.
- Second hole submitted for assay, results expected end of January 2015.
Corporate.
- Convertible Note Facility extended on more favourable terms and Change of Company Name following Shareholder Approval at AGM.
- Cash and restricted access term deposits $10.29 million.
16th January, 2015
Change of Company Name to Neometals Ltd (ASX: NMT)
Reed Resources Ltd is pleased to announce that, following shareholder approval at the Company's recent Annual General Meeting, and receipt of a new Certificate of Registration for the Company from the Australian Securities and Investments Commission, the Company has changed its name to Neometals Ltd (Neometals) with immediate effect.
The name change and new ASX code (ASX: NMT) will be effected with the ASX on Friday, 19 December 2014.
18th December, 2014
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