In its quarterly activity report, Australian-based company Zenith Minerals outlined highlights in the company’s battery metals projects.
The company recently secured an option to acquire 100 per cent of the Hayes Hill Lithium – Nickel project located in the Norseman-Widgiemooltha area of Western Australia.
Final assays have now been received from the 100-hole drill campaign with new results confirming and extending lithium mineralisation in the central western portion of the Rio Pegmatite-Split Rocks Project.
In its March quarterly release, Westgold Minerals reported strong results, with closing cash and liquid assets of $168 million, up $9 million on the previous quarter.
Westgold Managing Director, Wayne Bramwell, said, “Building our cash and liquid assets on top of improving our TRIFR in Q3 shows Westgold is delivering on the strategy of producing safe and profitable ounces in FY23.”
The company’s Murchison and Bryah operations delivered another solid quarter with gold production of 60,512oz at an AISC of $2,094/oz or $127 million.
Construction of the company’s clean energy transition project – the Tuckabianna hybrid power station – is advancing, with commissioning expected during July 2023.
An aggressive resource drilling programme continues to extend mine planning horizons of the four key operating assets with nine underground and surface rigs operating.
Northern Star Resources has also released its operational and financial results for the March 2023 quarter, with the company’s financial position remaining strong with net cash of AU$102 million.
The company reported 363,081oz of gold sold at an all-in sustaining cost (AISC) of A$1,813/oz.
During the quarter, AU$34 million was invested in exploration with the focus continuing to be on significant life-of-mine extensions and in-mine growth.
Pilbara Minerals also reported a solid quarter, underscored by a $457 million increase in cash balance to $2.7 billion following inaugural interim dividend payment. The company reported an operating performance of $1.24 billion net profit.
According to the report, Pilbara Minerals produced 148,131 dry metric tonnes (dmt) of spodumene concentrate, down nine per cent from the previous quarter.
A final investment decision was made to increase nameplate production capacity of the Pilgangoora Project to approximately 1,000,000tpa of spodumene concentrate (P1000 Expansion Project).
The company entered a new ten year $250 million debt facility with Export Finance Australia and Northern Australia Infrastructure Facility to support the P680 Expansion Project. Existing debt facilities were re-financed on improved terms with a new USD$113 million five year debt facility through a syndicate of new and existing lenders.
A major construction package was awarded to Primero Group for the P680 Expansion Project.
Several executive appointments were made to bolster the leadership team to support the next stage of growth.
Downstream partnering initiatives commenced for P1000 product to maximise value.
