RE: £5 million market cap to £50 million within the next 4 weeks22 May 2025 09:45
Whilst I think Coolvibes might be a little over excited - I do agree that this is a very good announcement and I'd be surprised and disappointed if we don't do at least 100% - a couple of points from the announcement:
Trial production runs have been successfully completed and we are now commencing commercial production of DMS grade magnetite for our existing offtake agreement with Sable Platinum Pty Ltd.
· Initial output from the DMS plant has been analysed by an external laboratory and the results show that the magnetite product meets the required market specifications.
· A Heads of Agreement for a Joint Venture with Sable Platinum Pty Ltd., a subsidiary of Sable Exploration and Mining Ltd. (SEAM) has been concluded; final legal documentation is in progress and expected to be finalised in the next few weeks. Further details were notified by the Company on 6 March 2025.
· Offtake agreements for the DMS grade magnetite product are at an advanced stage, and we have potential to sell significant quantities into Mozambique, as well as locally in South Africa, where we are currently in the bidding process for a tender as previously communicated on February 12, 2025.