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IronRidge Resources believes the Ghana Ewoyaa Lithuim Project represents a 'phenomenal' opportunity


In an interview with London South East, AIM-listed IronRidge Resources (LSE:IRR) CEO Vincent Mascolo described IRR as a lithium explorer.

"We were a gold company last year, a lithium company two years ago and now we are mercifully still a lithium company today, as the market would have it."

More recently IronRidge Resources delivered a robust Scoping Study for the Ewoyaa Lithium Project in Ghana which shows 'phenomenal results' according to Vincent.

"The business case model is for a two million ton per annum run of mine operation with an 8 year mine life, producing just shy of 300,000 tons per annum of spodumene 6% concentrate. It's got a magnificent payback period of less than one year from commencement of mining."

"Given the fundamentals of the project the numbers were always going to look very good: the metallurgy is exceptional, the geology is phenomenal, we are within 1 kilometre of the national highway, only 100 kilometres from the deep sea port of Takoradi which has capacity for this operation. All this implies we are going to be in the first cost quartile. We have got a post tax NPV of just under $350M US. Annually we are talking of an EBITDA in excess of $100M. The life of mine projection is in excess of $1.5 billion."

"We are very excited and think we are in a great position to service the European and US markets. Our project is very simple, very doable, and can be put into production relatively quickly by a peer comparison."

"The Ghanaian government is keen to see this project get off the ground as quickly as possible. They are keen to see a new commodity to reinvigorate their current mineral resource sector."

IronRidge Resources CEO hails spectacular lithium project and money making potential for gold

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