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GLOBE METALS & MINING LIMITED — Capital/Financing Update 2023
Jul 30, 2023
64965_rns_2023-07-30_28c41b3c-69fd-43aa-84fe-7c93d986ca4b.pdf
Capital/Financing Update
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----- Start of picture text ----- Globe Metals & Mining Limited ASX: GBEABN 33 114 400 609 +61 8 6118 724045 Ventnor Avenue [email protected]West Perth WA 6005 globemm.com----- End of picture text -----
ASX Announcement
31 July 2023
Tranche Two Placement – Update
Globe Metals & Mining Limited (ASX: GBE) (“Globe” or “Company”) provides an update on the status of tranche two of its placement to sophisticated and professional investors to raise $1.55 million (before costs) at $0.0635 per share ( Placement ) as announced to the market on 18 November 2022.
The Company advises that it has terminated its engagement of Viriathus Capital Pty Ltd as advisor and lead manager of the Placement. Consequently, the Company will not be proceeding with tranche two of the Placement.
Globe notes that the Group’s cashflow forecasts reflect that additional working capital will need to be raised within the next 3 months to enable it to continue to progress the financing and development of the Kanyika Niobium Project. To this end, the Board continues to evaluate further fund raising from internal and external parties and will update the market of any steps it decides to take at the appropriate time.
Authorisation for Release
This announcement has been authorised for release by the Chief Executive Officer.
For further information, please contact:
Grant Hudson Paul Hardie Chief Executive Officer Company Secretary +61 8 6118 7240 +61 409 296 276 [email protected] [email protected]
About the Kanyika Niobium Project
The Kanyika Niobium Project is located in central Malawi, approximately 55km northeast of the regional centre of Kasangu and is secured by Large-Scale Mining Licence No. LML0216/21 which grants the Company security of tenure and the right to mine niobium, tantalum, and deleterious uranium.
mineralisa�on. Structured and progressive engineering studies have resulted in the current (JORC 2012) Mineral Resource Es�mate (refer below) and given rise to significant improvements and simplifica�ons in the process flowsheet, from that first imagined.
In addi�on, Globe has undertaken substan�al metallurgical op�misa�on work and commissioned a pilot plant to demonstrate and further op�mise metallurgical processes. Metallurgical op�misa�ons studies have improved recoveries from 62% in 2012 to 75% today, through simple novel patented metallurgical processes.
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The Kanyika opera�ons will produce a pyrochlore mineral concentrate that contains both niobium and tantalum in commercially valuable volumes to be shipped to a refinery for advanced processing into high purity materials.
A Mineral Resource Es�mate for the Kanyika Niobium Project under the 2012 JORC guidelines was reported to ASX on 11 July 2018 as follows:
Table 1: MRE for KNP using a 1,500 ppm Nb2O5 lower cut Table 2: MRE for KNP using a 3,000 ppm Nb2O5 lower cut
| Category | Resource(Mt) | Nb2O5 (ppm) | Ta2O5(ppm) | Category | Resource(Mt) | Nb2O5 (ppm) | Ta2O5(ppm) | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Measured | 5.3 | 3,790 | 180 | Measured | 3.4 | 4,790 | 220 | |||
| Indicated | 47 | 2,860 | 135 | Indicated | 16.6 | 4,120 | 160 | |||
| Inferred | 16 | 2,430 | 120 | Inferred | 2.8 | 4,110 | 190 | |||
| TOTAL | 68.3 | 2,830 | 135 | TOTAL | 22.8 | 4,220 | 190 |
Mineral Resource Es�mates
The informa�on in this report that relates to Mineral Resources is extracted from the report �tled “Kanyika Niobium Project – Updated JORC Resource Es�mate” released to the Australian Securi�es Exchange (ASX) on 11 July 2018 and available to view at www.globemm.com and for which Competent Persons’ consents were obtained. Each Competent Person’s consent remains in place for subsequent releases by the Company of the same informa�on in the same form and context, un�l the consent is withdrawn or replaced by a subsequent report and accompanying consent.
original ASX announcement released on 11 July 2018 and, in the case of es�mates of Mineral Resources, that all material assump�ons and technical parameters underpinning the es�mates in the original ASX announcement con�nue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original ASX announcement.
Full details are contained in the ASX announcement released on 11 July 2018 �tled “Kanyika Niobium Project – Updated JORC Resource Es�mate” available to view at www.globemm.com.
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