Quick fire – industry news briefs

Savannah Goldfields has completed a fully underwritten entitlement offer to raise $4.2 million before costs. A shortfall amount of about $1.4 million is fully underwritten by Morgans Corporate. Funds raised will strengthen the company’s balance sheet and back the re-commencement of gold mining and processing operations at Savanah's Agate Creek and Georgetown projects in North Queensland as well as funding resource growth activities. Dart Mining is undertaking a two-tranche placement to raise $3 million, with $2 million of those funds earmarked for diamond drilling at the Triumph gold project. Sunshine Metals sold the Central Queensland project to Dart late last year in a $2 million deal. Coppermoly has raised $700,000 through a share placement to advance its 2025 Queensland copper/gold exploration projects and for general working capital. It follows a placement in January that raised $1.05 million for the company, whose key assets are centred in the Mount Isa and Cloncurry region. “Following last month's announcement, we are delighted to accept a second wave of support from sophisticated investors that registered their confidence in Coppermoly's prospects," managing director Mark Burke said. "The capital raise will give the company financial flexibility during 2025 to carry out our advanced exploration activities on our current granted tenements” The due diligence process for the sale of Chatham Rock Phosphate's Korella phosphate projects in North-West Queensland has been extended to June 30. The company agreed last month to sell the four mining and exploration leases comprising the Korella North and South properties (held by subsidiary Avenir Makatea) to Australian entity the Marshall Group. The sale price included a cash payment of $4.1 million on transfer of the leases to the acquiring company and a royalty to be paid at a rate of $10 per tonne for the first 0.19 million tonnes of production (total $6 million). A further royalty of $1 will be paid per tonne on all production commencing after the completion of the first 0.19 million tonnes up until March 31, 2040. Professor Mark Noppe has been appointed to the role of chief executive officer by the board of JKTech, the technology-transfer company of the Sustainable Minerals Institute. SMI director and outgoing JKTech chief executive officer Professor Rick Valenta said Professor Noppe (pictured right) brought unique skills to help guide JKTech into the future. “Mark is a respected figure in the global mining industry with an impressive track record of success in the areas for which JKTech is known,” Profesor Valenta said. Professor Noppé takes up the role as a full-time secondment from the WH Bryan Mining Geology Research Centre (BRC) and Associate Professor Anita Parbhakar-Fox has assumed the role of acting BRC director.

Quick fire – industry news briefs

Industry Queensland

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