The Element 25 Ltd (ASX: E25) share price made some big moves today, climbing 13.25% to 94 cents before falling back to close at 88.5 cents. This came after the company released an investor update to shareholders at the AGM this morning.
What did Element 25 announce?
The company reported that its Butcherbird manganese project in Western Australia was on track for commissioning in the first quarter of calendar year 2021.
Key features of the Butcherbird asset include:
- More than 260 million tonnes of manganese or measured, indicated and inferred
- Maiden proved and probable reserves of 50.6 million tonnes at 10.3% manganese for 5.22 tonnes of contained manganese
- Pre feasibility studies based on measured and indicated resources suggest the asset could operate for 42 years
- The location is adjacent to bitumen roads and access to Port Hedland bulk handling facilities
- Described by the company as offering "low cost mining" with "simple processing"
The company advised a mining lease has already been granted with all access agreements finalised. Permit applications were well advanced and the company has secured project financing.
Element 25 said it aimed to become a globally significant manganese producer, with a goal to generate strong, sustainable investor returns over the long term.
Also of note was a special resolution put forward at the AGM for a 10% placement facility. This would allow the company to conduct placements for up to 10% of its shares in the 12 months following the AGM in addition to the 15% already allowed. The resolution passed with the 75% majority necessary.
About the Element 25 share price
Element 25 is minerals exploration and development company with assets in Western Australia.
In the quarter to 30 September 2020, Element 25 spent $2.80 million on operations, mainly on exploration and development. At 30 September 2020, Element 25 had cash of $7.65 million in addition to listed equity investments worth $4.16 million.
The Element 25 share price is up 831.58% since its 52-week low of 9.5 cents, and up 420.59% since the beginning of the year. The Element 25 share price is up 345% since the start of last year.
