Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
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[FTE] Highlights of 4th Quarter to 31st December 2014 * Completed payment of CAD$500,000 cash consideration to European Uranium Resources Ltd ("European Uranium") to earn a 50% interest in European Uranium's Slovak subsidiaries, Ludovika Energy and Ludovika Mining, which hold the mineral licenses comprising the Kuriskova and Novoveska Huta uranium projects * On-site meeting of Slovakian Joint Venture Management Committee held to develop work programmes and strategies for the Kuriskova and Novoveska Huta projects * A review of the Kuriskova and Novoveska Huta uranium resources was undertaken, including incorporating drill hole data for Kuriskova collected since the last resource estimate, to enable the release of JORC 2012 compliant mineral resource estimates. * Following completion of review in January 2015, the Company's total JORC compliant resources increased by 70% (31.6 million pounds) to 76.5 million pounds U3O8 * Financing secured with execution of £550,000 Darwin convertible loan note agreement in December * The Company continues talks with other parties with respect to further potential transactions * The Company has announced its intention to delist from the Australian Securities Exchange ("ASX") to reduce overheads and compliance costs and enhance the Company's ability to make an open offer to ALL shareholders to subscribe for shares in the Company Progress Commenting on the quarter, Mark Reilly, Managing Director of Forte, said: "Having finalised payment of the CAD$500,000 cash consideration for the Slovak joint venture, Forte has been working closely with European Uranium to finalise and implement works programmes. We are pleased with the outcome of the review of the Slovak resources which resulted in publishing of JORC 2012 compliant mineral resources and an increase of approximately 6 million pounds U3O8 to the previous NI 43- 101 mineral resource estimate." Slovak Uranium Joint Venture On 1 October 2014, Forte completed payment of the initial CAD$500,000 cash consideration to European Uranium Resources Ltd ("European Uranium"), to earn a 50% interest in the Slovak uranium projects of European Uranium. Forte's interest is held through ownership of 50% of the shares in European Uranium's Slovak subsidiaries, Ludovika Energy and Ludovika Mining, which hold the mineral licenses comprising the Kuriskova and Novoveska Huta uranium projects. To maintain its interest in the Joint Venture, Forte must sole fund a minimum of CAD$350,000 a year on the Ludovika entities over the next ten years to maintain its 50% interest with the first year's expenditure of CAD$350,000 being an obligation. During the quarter, the joint venture Management Committee met on site in the Slovak Republic to discuss and agree work programmes and strategies for the Slovak uranium projects. The committee decided to focus initially on a review of the Canadian NI 43-101 compliant resource estimates that had been published by European Uranium: for Kuriskova as part of a prefeasibility study completed in January 2012 and for Novoveska Huta as a resource estimate completed in October 2011. The aim of the review was to enable the release of JORC 2012 compliant mineral resource estimates, and potentially a resource upgrade. Forte and its consultants concluded that the methodology employed in these earlier resource estimates was valid. However, Forte has used the model wireframe boundaries to better reflect geologic and geochemical boundaries and cutoffs in preparing the JORC compliant resource estimates. This resulted in the additional resources that were excluded in the prior estimates. In addition the review incorporated the results of three metallurgical test holes that were drilled at Kuriskova after the last resource estimate was completed. The review was completed and the results announced on 28 January 2015, including JORC 2012 compliant mineral resource estimates for both Kuriskova (42.2Mlb U3O8) and Novoveska Huta (21.1Mlb U3O8) for a total of 63.3Mlb U3O8. This represents an increase of approximately 6Mlb U3O8 or 10% over the previous NI 43-101 resource estimates. As a result, the Company's total JORC compliant resources in West Africa and Slovakia increased by 70% (31.6Mlb) to 76.5 million pounds U3O8.
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