RE: RNS29 Mar 2022 08:08
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"We are very pleased to have received this second instalment of CAD 500,000 from Minto. These funds, coupled with the remaining expected CAD 3 million to be received before the year end, ensure the Company is in a position to meet all of its expenses for the foreseeable future as well as assist in funding Pembridge's new investments.
Pembridge's investment into Vulcan is the first time the Company has looked to expand its asset base beyond Minto. Whilst this particular investment is small, we believe the opportunity to invest in Vulcan at the current valuation, with a JORC resource of circa 600,000 tonnes of contained copper with additional resource upside, has the potential to offer sizeable returns to Pembridge. With expected further cashflows from Minto's production, beyond the CAD 4 million surety account repayments, Pembridge is continuing to review other projects where it is envisaged it will take a more material stake, either at the asset level or in the operator. Updates will be provided as appropriate.