Allenby Capital - ECR Minerals plc - Update

ECR Minerals recent A$10.6m (£5.6m) acquisition of Paleogold Ltd has radically enhanced its near-term gold development and exploration potential in Australia. Interests have been acquired in three projects in Queensland, South Australia and Western Australia. The most advanced in terms of development is Maddens Flat Mines in Queensland. The project includes an underground mine and mill. ECR is looking to commence production at the Maddens Underground Mine by Q4 2026 and at a Salt Bush heap-leach plant in South Australia in Q3 2027. We see minimal development risk at the former, but the Salt Bush timing could prove more challenging. By early-2027 we would expect the Raglan and Blue Mountain alluvial projects in Queensland to be fully on s...