….. the suspension of trading in the Company’s securities was lifted and trading resumed on 14 December 2021. ….. the Company also concluded an equity issue of a further approximate 7.5 million shares raising $700,000 under a Prospectus dated 30 November 2021.
At end of year, the Company had 293,000,000 ordinary shares and 28,571,429 unlisted options on issue and 1,108 shareholders. The top 20 shareholders held 61.48% of the issued ordinary shares in the Company. As at 31 December 2021 the Company held cash at bank of $1,768,230; As at 20 January 2022 the Company held cash at bank of $1,725,872.
Uley 2: Further Technical Studies to meet increasing Graphite demand
The Company announced further studies to ensure the Company was better positioned to address the increasing demand forecasted by the market for Graphite production in the next 2 to 5 years. The studies announced are:
(a) An expanded research and development program to support the further processing of our production, i.e., beyond that outlined in the Uley 2 feasibility study including to meet the needs of the Company’s joint venture with The Sunlands Co. Pty Ltd. The Company plans to undertake this study in the first half of calendar 2021 had been delayed mainly by disruptions caused by the pandemic. During the period the Company appointed thermal process engineers, ProTherm Systems (www.protherm.co.za) to supervise the testwork jointly with Lycopodium Minerals (www.lycopodium.com) to be conducted by Lycopodium Minerals preferred laboratory; and
(b) Upgrading the feasibility study to ensure a direct path to the expansion of production to approximately 90,000 tonnes per annum.
Joint Venture study of National Electricity Market requirement for Long Duration Storage
In addition to the technical studies, the joint venture with Sunlands Co. commissioned a commercial study to estimate the Australia’s National Electricity Market (NEM) requirement for long duration energy storage and specifically the type of long storage solution offered by Sunlands Co. The results of this study will provide the data essential for the determination of the quantity of thermal storage media to be manufactured by the joint venture and thereby the estimated level of Uley 2 flake production to be supplied by the Company to the joint venture.
Immediate Increase of the Company’s Reserves and Resources
The final element of Company plans to meet the increasing demand for high purity, coarse flake Graphite is the exploration program for the growth in the Company’s reserves and resources.
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