ASX Share rice
Mon 17 May 2021 - 04:09:am (Sydney)

MIO Share Price

MACARTHUR MINERALS LIMITEDMIOMaterials

MIO Company Information

Name:

Macarthur Minerals Limited

Sector:

Basic Materials

Industry:

Other Industrial Metals & Mining

Address:

555 Coronation Drive Toowong QLD Australia 4066

Phone:

61 7 3221 1796

Non-Exec. Chairman & Pres:

Mr. Cameron Hugh McCall

MD & Exec. Director:

Mr. Alan Joseph Phillips

Consultant:

Mr. Earl Evans

Chief Exec. Officer:

Mr. Andrew Bruton

Gen. Mang. of International Sales & Marketing:

Mr. Jonghyun Moon

Company Sec.:

Ms. Mima Wirakara

Company Overview:

Macarthur Minerals Limited, together with its subsidiaries, engages in the exploration and evaluation of mineral resource properties in Australia and Nevada. The company primarily explores for gold, copper, lithium, iron ore, nickel, and cobalt deposits. It holds interests in three iron ore projects in the Yilgarn region of Western Australia; various project areas in the Pilbara, Western Australia for conglomerate gold, hard rock greenstone gold, and hard rock lithium; and lithium brine interests in the Railroad Valley, Nevada, the United States. The company was formerly known as Macarthur Diamonds Limited and changed its name to Macarthur Minerals Limited in July 2005. Macarthur Minerals Limited was incorporated in 2002 and is headquartered in Toowong, Australia.

MIO Share Price Information

Shares Issued:

138M

Market Capitalisation:

$66.24M

Revenue (TTM):

$-7,650,040

Revenue Per Share (TTM):

$-0.07

Earnings per Share:

$0.593

Operating Margin (TTM):

$0.80

Return On Assets (TTM):

$-0.05

Return On Equity (TTM):

$-0.18

Gross Profit(TTM):

$1.78M

Diluted Earnings Per Share (TTM):

$-0.094

QuarterlyEarnings Growth(YOY):

-0.998

MIO CashFlow Statement

CashFlow Date:

2020-03-31

Investments:

$-3,690,944

Change To Liabilities:

$565.68K

Total Cashflow From Investing Activities:

$-3,690,944

Net Borrowings:

$7.13M

Net Income:

$-4,177,115

Total Cash From Operating Activities:

$-3,626,576

Depreciation:

$91.01K

Change To Account Receivables:

$-434,634

Sale Purchase Of Stock:

$5.36M

Capital Expenditures:

$3.69M

MIO Income Statement

Income Date:

2020-03-31

Income Before Tax:

$-4,177,120

Net Income:

$-4,177,120

Gross Profit:

$-91,012

Operating Income:

$-5,958,540

Other Operating Expenses:

$-100,000

Total Revenue:

$0

Total Operating Expenses:

$5.96M

Cost Of Revenue:

$91.01K

MIO Balance Sheet

Balance Sheet Date:

2020-03-31

Total Liabilities:

$10.37M

Total Stockholder Equity:

$61.56M

Other Current Liabilities:

$1.35M

Total Assets:

$71.94M

Common Stock:

$104.79M

Other Current Assets:

$56.55K

Retained Earnings:

$-47,879,689

Other Liabilities:

$27.52K

Cash:

$4.52M

Total Current Liabilities:

$10.06M

Short-Term Debt:

$8.13M

Property - Plant & Equipment:

$66.61M

Net Tangible Assets:

$61.56M

Long-Term Investments:

$266.67K

Total Current Assets:

$5.06M

Net Receivables:

$90.90K

Short-Term Investments:

$66.88M

Accounts Payable:

$460.14K

Short-Term Investments:

$66.88

Non Current Liabilities Total:

$310.93K

MIO Share Price History

MIO News

20 Apr, 2021
Source: custeel.com Source: custeel.com MIO/MMS trading activity for March 2021 MIO/MMS trading activity for March 2021 VANCOUVER, British Columbia, April 20, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to update shareholders on an active first quarter 2021. 2021 Calendar Year Focus Macarthur’s primary areas of focus during calendar year 2021 include the following: Feasibility Study: Advancing the Feasibility Study for the Company’s high grade magnetite Lake Giles Iron Project in Western Australia.Repositioning of Pilbara Assets: Repositioning the Company’s non-iron ore Pilbara tenements to ensure an appropriate exploration and development focus can be maintained for lithium, base metals and gold.Early Hematite Production: Pursuing an early export opportunity for the Company’s hematite resource at Ularring to take advantage of current high iron ore prices. 2021 First Quarter Highlights Key highlights during the first quarter of 2021 included announcements on the following: Feasibility Study Progress Macarthur Minerals Fourth Quarter Update – Iron Ore continues to surge higher – 19 January 2021Macarthur signs MOU with Southern Ports Authority for access to Port of Esperance – 8 February 2021Lake Giles Feasibility Study Update: Leading consultants appointed to advise owners team – 16 February 2021Lake Giles Feasibility Study Update: Macarthur completes AEM Survey of Paleovalleys to identify groundwater targets – 16 March 2021Lake Giles Feasibility Study Update: Macarthur bolsters owners’ team with world-class technical appointments – 23 March 2021Lake Giles Feasibility Study Update: Macarthur applies for additional tenements to support groundwater drilling campaign – 26 March 2021Lake Giles Feasibility Study Update: Macarthur moves ahead with mine design for Lake Giles Iron Project – 15 April 2021 Repositioning of non-iron ore tenements Macarthur enters into Exclusive Agreement over 10 historic Prospecting and Mining Lease Tenements in Leonora Goldfields district of Western Australia – 24 February 2021Macarthur Minerals Announces Spin-Out of its Pilbara Gold Copper Tenements to Timeless Capital – 4 March 2021Transaction Update: Macarthur terminates LOI with Timeless Capital Corp. following completion of technical assessment & valuation which places higher value on Macarthur’s Pilbara Assets – 1 April 2021. (As a consequence, the Company is now exploring an alternative transaction structure which is detailed further below.) Macarthur grows its Community Connections In March 2021, Macarthur announced that it had joined the Goldfields-Esperance Business Register as a gold partner member. The register provides mapping capabilities and connections to local businesses in the Goldfields-Esperance region and is supported by the Department of Primary Industries and Regional Development, Western Australia. Macarthur’s membership of this initiative is a demonstration of its commitment to supporting the local community and the inclusion of local content in the future development of the Lake Giles Iron Project. 2021 Calendar Year Goals Macarthur is well placed to deliver on its stated 2021 goals. These include: Feasibility Study for Lake Giles Iron Project: Completion of the Feasibility Study for the Lake Giles Iron Project (including a route to market operating model that will support export through Esperance Port and securing a strategic partner for project development) is a core goal. The Feasibility Study is highly technical and resource intensive, requiring attention to infrastructure design, project approvals, logistics planning, mine planning, metallurgical test work, process flow for magnetite beneficiation and detailed financial modelling. The internal focus on progressing the Feasibility Study forward during this period has been substantial, and the Company has made a series of announcements about strategic appointments and activities that are critical in ensuring its delivery in the shortest possible timeframe. The Company will continue to release regular updates on the Feasibility Study to ensure the market is kept fully informed on the study’s progress.Repositioning of Non-Iron Ore Pilbara Assets: On 24 February 2021, Macarthur announced a repositioning the Company’s 100% owned, 720km² gold, copper, zinc, manganese and lithium exploration tenements in the Pilbara region of Western Australia under a three-way deal with Zanil Pty Ltd and Timeless Capital Corp. Following the announcement of that transaction, the Company completed the technical and valuation work on Macarthur’s Pilbara tenements and on a package of gold tenements in the Leonora region of Western Australia (which are currently under option by the Company with Zanil Pty Ltd). An independent valuation of those assets placed a materially higher value on Macarthur’s Pilbara tenements than was reflected in that deal and the Company announced a termination of the Letter of Intent in early April 2021. As a consequence of the original transaction not proceeding, the Company is currently examining options to unlock the value of the Company’s Pilbara assets via a separate listing on the ASX. The Company anticipates that a spin-out of the Pilbara tenements through an ASX listing has the potential to deliver a superior outcome for Macarthur and its shareholders.Early Hematite Production: The Company is seeking to advance an early production opportunity for the hematite resource at Lake Giles in light of current strong demand and pricing for iron ore. An early export opportunity for the hematite can only be advanced when an export solution can be contracted, and the Company is actively working towards developing the lowest cost, end to end transport logistics solution that will sustain operations. To achieve an accelerated export opportunity, the Company will leverage previous studies undertaken on the Ularring hematite resource that outlined an opportunity for direct shipping iron ore. The Company intends to make an announcement on further progress with this strategy soon. In addition, the Company will also focus on a series of complementary goals. These will include: Strategic Partnerships: Formalising strategic partnerships for the key development and infrastructure requirements needed to commercialise the Lake Giles Iron Project.Project Financing: Advancing terms for financing of the development of the Company’s high grade magnetite resources at Lake Giles to ensure a smooth pathway to the prompt closing of finance post-delivery of a successful Feasibility Study.Nevada Lithium Assets: Formalising a strategic partnership that can advance a programme of works to realise an improved value proposition for the Company’s 100% owned lithium brine claims in the Nevada region of the USA. Macarthur holds 210 lithium brine mining claims in Nevada, covering an area of 7 square miles (18 km2) located in Railroad Valley, in Nye County, Nevada, USA. The claims are located approximately 180 miles (300 km) North of Las Vegas, Nevada, and 330 miles (531 km) South East of Tesla’s new Gigafactory.Graduation on to main board of TSX: The company intends to progress its plans to migrate from the TSX-V onto the main board of the TSX during the course of the year. All of these stated goals have the potential to unlock unrealised value in the Company for the benefit of shareholders. Iron Ore Market Overview Current iron ore demand is all about China, and recent UBS economics forecast has China’s GDP growth rate at 8.2% in 2021. UBS economics comments also pointed to this GDP growth being driven by domestic and export-focused production, with exports of finished products estimated to grow at 11-12% over the 2021 year. Further, the steel industry is observing the collision of market growth and de-carbonisation for steel producers. If global CO2 emissions targets are to be met by 2050, then new capital investment in steel production must consider cleaner processes and ultimately transition away from traditional Blast Furnace process utilising coal as the reductant, towards scrap steel and DRI feed with hydrogen as the reductant. On the commodity supply side, iron ore producer’s capacity investment decisions are tempered with the memory of, and looks back to, the “hot 2008“ market. At that time, high prices drove substantial capacity investment, only to be met with a sustained market demand slowdown where iron prices reached a low of USD38/Mt. Unlike the pricing for +62% Fe seen in 2008 and during the first 9 months of 2011, current prices do not appear to be tempered by the higher freight rates for cape size vessels that were seen during the 2008 – 2009 period. Iron Ore Pricing Overview Iron ore pricing is variable and traditionally the Chinese New Year holidays coincide with annual steel mill shutdown and lower demand for iron ore, but a December 2020 Platts Iron history is now reporting the iron ore pricing has been sustained in Q1, 2021. In fact, Traded Economics (13 April 2021) reported that iron ore benchmark 62%Fe increased USD15.20/Mt or 9.75% since the beginning of 2021. The World Steel Association, forecast annual steel output to grow 4.1% in 2021. This growth is being driven by three factors: Pent up COVID-19 demand;Increased Chinese steel production; andSteel infrastructure inputs into National Governments’ stimulus programs. As at 19 April 2021, the +62%Fe spot price (CFR level) was US$177.70/dmt and +65%Fe spot price (CFR level) was US$211.50/dmt (source: custeel.com). Global iron ore prices have remained strong over the course of Q1 2021 with +62%Fe regularly trading above USD172/dmt (CFR level) and the premium for +65%Fe remaining consistently high. Prices for +62%Fe have certainly been relatively stable, above USD150/dmt (CFR level) throughout the last 12 months, and although Chinese steel outputs have recently come off, some analysts have noted that there has been a surge for high grade spot supply as steel margins surge. This may be buying some time before displacement of marginal supply kicks in, amplified by decarbonisation, as steel output trends lower and supply gets seasonally stronger. The drive towards low carbon steelmaking is expected to increase demand for pellet feed, building a strong case for China to build direct reduced iron (DRI) hubs over the coming years, based on high grade, low impurity iron ore pellets. That’s a perfect scenario for the development of the story for Macarthur’s high grade magnetite concentrate. A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cba588ad-1dbd-430c-8609-edd0c4fc4d16 Share Price Both ASX and TSXV continue to demonstrate reasonably synchronised share price trading patterns for MIO and MMS. Although Macarthur’s share price has pulled back over the course of February and March, off the high that was reached after the announcement of the MOU with Southern Ports Authority, this may largely be reflective of market expectations regarding announced progress on both the Feasibility Study and anticipation of an announcement of a pathway to early DSO production. Shareholders can be assured that both objectives continue to be the subject of the highest focus by Management during 2021. A summary of MIO/MMS trading activity for March 2021 is shown below: A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/efe8528d-f8f5-4851-ae57-44cb2d8e7921 Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented: “The Company has been implementing an exciting agenda of value-driving objectives for the 2021 calendar year. I was surprised the market for MMS and MIO equities has retreated off the high generated by the announcement of the Port MOU. Progress on the Lake Giles Iron Project is tracking well. As I committed in the last Quarterly Update, the focus on completing the Feasibility Study for our magnetite operations is paramount, and regular updates have been provided to the market in this area. The Company continues to materially progress commercial negotiations for infrastructure location and port access, allowing the Company to focus on finalising the necessary metallurgical test work and process flow for magnetite beneficiation, together with the engineering design works for the magnetite process plant and the non-process infrastructure required for the development of the mine. In addition, the Company’s Managing Director, Mr. Joe Phillips, has been focused on repositioning the Company’s non-iron ore Pilbara and Nevada asset portfolios, ensuring that the Company can maximise the value of these assets for the benefit of shareholders. Our shareholders will recall that during the last reporting period a transaction involving the Pilbara assets was announced, but an independent valuation placed a materially higher value on these assets than was reflected in that deal. As a consequence of the original transaction not proceeding, the Company is currently examining options to unlock the value of the Company’s Pilbara assets via a separate listing on the ASX. The Company anticipates that a spin-out of the Pilbara tenements through an ASX listing has the potential to deliver a superior outcome for Macarthur and its shareholders. Macarthur has a very active year planned and I will keep shareholders across key developments, including regular updates on the continued progress of our Feasibility Study for Lake Giles and planned early hematite mining intentions.” On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe PhillipsManaging Director+61 7 3221 1796communications@macarthurminerals.com Investor Relations – AustraliaAdvisirSarah Lenard, Partnersarah.lenard@advisir.com.auInvestor Relations - CanadaInvestor CubedNeil Simon, CEO+1 647 258 3310info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). The JORC reporting tables and Competent Person statement for the magnetite and hematite mineral resources have previously been disclosed in ASX market announcements dated 12 August 2020 and 5 December 2019. Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
15 Apr, 2021
Figure 1. Preliminary pit designs and project layout. VANCOUVER, British Columbia, April 15, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to provide an update on the progress made on the mining and haulage components of the Feasibility Study for the Lake Giles Iron Project. Macarthur has been working with Orelogy Mining Consultants (“Orelogy”) and Pells Sullivan Meynink (“PSM”) on the mine design and road haulage aspects of the Project. Highlights Macarthur engagement of Orelogy and PSM on mine design, geotechnical design and road haulage pricing.Request for Budget Pricing (“RFBP”) submitted to contract mining and road haulage operators to establish contractor pricing for operations.Geotechnical drilling program defined for the Moonshine and Moonshine North pits to establish geotechnical parameters for final pit designs. Macarthur has been working with mining consultants Orelogy and geotechnical engineers from PSM on the mine design for the Lake Giles Iron Project. Orelogy has completed preliminary pit optimisations, designs, scheduling and project layouts (Figure 1) to support an operation targeting production of 3 Mtpa (dry) magnetite concentrate. Additionally, PSM has been supporting the mine design through a geotechnical review of drill core and project geology. A request for budget pricing (RFBP) has been submitted to several local mining contractors for contract mining and road haulage services including: Site establishmentSite preparationDrill and BlastExcavate, load and haulRoad haulage to the railheadRoad maintenanceLoading of rail wagons PSM has designed a diamond drill program to obtain detailed geotechnical parameters for final pit designs. Macarthur is currently engaging with drilling contractors to undertake this drill program as soon as possible. Figure 1. Preliminary pit designs and project layout.https://www.globenewswire.com/NewsRoom/AttachmentNg/f2116a42-20fa-4e4f-97cb-944713a1f8d2 Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented: “Macarthur is pleased to be working with Orelogy and PSM on this important component of the Feasibility Study for the magnetite mining operations at Lake Giles. An extensive body of work is being undertaken on the mine design and geotechnical design and securing contractor pricing for mining and road haulage costs is important to ensure that mining operations can be optimised. This budget pricing information will help inform the next phase of work that Orelogy and PSM will be undertaking. The Macarthur feasibility study team continues to make significant progress and is critically examining options for mine design that will maximise the value of the project for the benefit of shareholders. You can see from the preliminary design diagram that the mine pits and scale of the operation is huge. The area of the pits stretch over 6 kilometres and we are only currently focused on the first 20 plus years of mine and plant life. The scale of a billion-tonne magnetite resource in such close proximity to existing rail and port infrastructure is very unique globally. I am ensuring that the project steps are incremental so that Macarthur has the capacity and internal resources to bring the first stage into production. We look forward to updating the market as the Feasibility Study continues to progress.” On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – AustraliaInvestor Relations - CanadaAdvisirInvestor CubedSarah Lenard, PartnerNeil Simon, CEOsarah.lenard@advisir.com.au+1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
01 Apr, 2021
VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) announces that Macarthur has elected to terminate the letter of intent between the Company, Timeless Capital Corp (TSX-V: TLC.P) (“Timeless”) and Zanil Pty Ltd (“Zanil”) dated 26 February 2021 (“Letter of Intent”). The Letter of Intent proposed a vend by Macarthur of its non-iron ore assets in the Pilbara region of Western Australia (Pilbara Assets) and the copper gold assets in the Central Goldfields region of Western Australia held by Zanil (Leonora Assets) into Timeless, in return for an agreed equity allocation in Timeless. As a publicly listed company, Macarthur is obligated to demonstrate to its shareholders that it is receiving fair value for its Pilbara Assets. Consequently, Macarthur recently commissioned an independent technical assessment and valuation of its Pilbara Assets for internal due diligence purposes. This work has resulted in a higher valuation of Macarthur’s Pilbara Assets than was originally contemplated under the Letter of Intent. The parties to the Transaction have been unable to conclude the terms of the Definitive Agreement within the timeframe set out in the Letter of Intent and have been unable to agree on the terms of an extension to the Letter of Intent for the purposes of negotiating a revised Transaction structure that places a value on the Pilbara Assets which is acceptable to the Board in light of the revised value position. The Letter of Intent was therefore terminated by Macarthur with effect on 31 March 2021. The Company intends to immediately pivot into an alternative transaction proposal that will allow Macarthur to maximise the value potential of the Pilbara Assets for shareholders, and as a result of Macarthur’s continuing option over the Leonora Assets, the Board is enthusiastic that this will include the opportunity to transpose the entire consolidated Pilbara and Leonora Asset package under the new structure. Further updates will be provided to the market soon. Joe Phillips, Managing Director of Macarthur Minerals commented: “Whilst it is regrettable that a transaction could not be concluded with Timeless, this process has delivered a great outcome for Macarthur shareholders. The recent fieldwork and independent geological review have been exceptionally important in reconfirming the Board’s view on the value of these assets. Macarthur will continue to hold an option over the Zanil gold-copper tenements in the Central Goldfields region, and with the improved value potential of Macarthur’s Pilbara Assets, this combined tenement offering presents a significant opportunity to deliver material value to Macarthur’s shareholders. Macarthur intends to immediately pivot into an alternative transaction structure which the Board considers will deliver a superior outcome for the Company. It is intended that this new structure will enable a full assessment of the geological potential of the combined tenement portfolio and that it will facilitate an acceleration of the development of these assets to further benefit Macarthur’s shareholders. Further details of this strategy will be announced soon.” On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – AustraliaInvestor Relations - CanadaAdvisir Investor CubedSarah Lenard, PartnerNeil Simon, CEOsarah.lenard@advisir.com.au+1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) advises that in accordance with ASX Listing Rule 3.10A, 281,370 ordinary shares in the Company will be released from escrow on 9 April 2021. The Company will apply for the quotation for these shares within 5 business days after the end of the escrow period in accordance with ASX Listing Rule 2.8.5. On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe PhillipsManaging Director+61 7 3221 1796communications@macarthurminerals.com Investor Relations – AustraliaAdvisirSarah Lenard, Partnersarah.lenard@advisir.com.au Investor Relations - CanadaInvestor CubedNeil Simon, CEO+1 647 258 3310info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
26 Mar, 2021
Figure 1 Tempest AEM Survey area over the Rebecca Palaeovalley as mapped by the Kalgoorlie 1:1,000,000 Sheet. Project GDA94, Zone 50. VANCOUVER, British Columbia, March 26, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that has made applications for tenements to support a groundwater search drilling programme following the successful completion by CGG Aviation of a Tempest airborne electromagnetic (AEM) survey of palaeovalleys adjacent to the Lake Giles Iron Project. The AEM survey was undertaken to assist in the identification of groundwater drilling targets. Highlights Recently completed Tempest AEM survey covered an extensive area of the Rebecca palaeovalley, which is in close proximity to the Lake Giles Iron Project where a large quantity of groundwater is expected to occur.AEM survey results are being interpreted and drill targets will now be defined, with subsequent drilling planned during the first part of this year to test quality and quantity of water to support magnetite processing requirements.The announced tenements applications are Miscellaneous Licences that are required to support the planned groundwater search activities.Macarthur is working with hydrogeologists from Rockwater to design a groundwater drilling exploration programme across prospective zones identified from the AEM survey. Macarthur continues to work with consulting hydrogeologists from Rockwater Pty Ltd (“Rockwater”) to define a source for process water requirements for magnetite processing at its Lake Giles Iron Project. The Goldfields region contains numerous buried palaeovalleys that are likely to contain large volumes of groundwater. Such systems are currently exploited to supply process water demands for other Goldfields operations such as BHP’s Nickel West, Glencore’s Murrin Murrin Nickel Project and Gold Road’s Gruyere Gold Project. The western limb of the Rebecca palaeovalley is located approximately 15 to 40 km east of the Lake Giles Iron Project and extends over 160 km North to South (Figure 1). This system is expected to contain abundant groundwater and is currently not exploited by other operators. Macarthur recently completed an airborne AEM survey covering an area of 970 km2 across the Rebecca palaeovalley. Preliminary results have been obtained (Figure 2) with additional data processing ongoing to generate detailed information to map the palaeovalley geometry. Macarthur has now made applications for two groundwater search miscellaneous licences covering an area of 553 km2 across the prospective zone interpreted from the AEM survey. The Company is now preparing to undertake a groundwater exploration program targeting approximately 30 holes to obtain detailed information on water flows and water quality. The Tempest AEM system is suited to conductivity mapping and has previously been utilised for mapping the location, extent and basement topography of palaeodrainage systems. Interpretation of the data collected will be undertaken by hydrogeologists from Rockwater, who are experts in the application of hydrogeological surveys, to define suitable drill targets for groundwater exploration. Figure 1. Tempest AEM Survey area over the Rebecca Palaeovalley as mapped by the Kalgoorlie 1:1,000,000 Sheet. Project GDA94, Zone 50:https://www.globenewswire.com/NewsRoom/AttachmentNg/1447d62d-36b0-47d7-9195-7a53f802552c Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented: “Macarthur’s applications for two Miscellaneous Licences to support planned groundwater search activities is another important step forward for the Lake Giles Iron Project Feasibility Study. Following completion of analysis of the AEM survey data, Macarthur will work with consulting hydrologists from Rockwater, to identify suitable drill targets. The Company plans to commence groundwater exploration activities as soon as possible following the grant of the relevant tenements. This important programme of work will enable the Company to test the quantity and quality of water required to support its magnetite processing requirements, and it will form part of a much broader scope of site-based activities planned by the Company at Lake Giles this year. Step by step, the Macarthur team is working through every aspect of the Lake Giles Iron Project to ensure the delivery of a robust Feasibility Study that has the potential to deliver a valuable and sustainable high-grade magnetite project for its shareholders. We look forward to providing many more updates on progress in the coming months.” Issue of Performance Incentive Pursuant to the Company’s Share Compensation Plans, the Company has granted to a director 321,060 Bonus Shares with a deemed price on grant of C$0.6147 and a consultant 291,666 Bonus Shares with a deemed price on grant of C$0.6240 per share. The issue of the Bonus Shares following grant maybe subject to shareholder approval, if required. On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – Australia Investor Relations - CanadaAdvisir Investor CubedSarah Lenard, Partner Neil Simon, CEOsarah.lenard@advisir.com.au +1 647 258 3310info@investor3.ca info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
23 Mar, 2021
VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that it has appointed two leading experts to its owners’ team, to enhance the delivery of the Feasibility Study for its high-grade magnetite Lake Giles Iron Project in Western Australia. Highlights of Appointments •Mineral Processing Engineer - Dr Richard Peck: Highly regarded Mineral Processing Engineer, Dr Richard Peck appointed to provide technical minerals processing support for Macarthur’s owners’ team. •Mining Engineer – Mr Bernard Holtshousen: Globally recognized and experienced Mining Engineer and corporate executive, Mr Bernard Holtshousen appointed to provide technical and practical support to optimise the Company’s mining and development approach at Lake Giles. •Appointments will provide enhanced rigour to the study process and to ensure that the Feasibility Study is delivered within expected timeframes. Mineral Processing Engineer - Dr Richard Peck: Dr Peck is a senior mineral processing engineer with over 30 year’s international consulting experience in the operation, design and commissioning of mineral processing plants (including processing plants for magnetite iron ore). Dr Peck has extensive senior management experience in large mining consultancies and has worked on a variety of mining operations around the globe. He has worked as a technical consultant for major international mining companies with groups such as Fluor Daniel, ProMet Engineers, and his own consultancy R & D Peck Consultancy PL. Dr Peck’s experience in advising on magnetite processing plant designs includes the proposed Zanaga Project in the Congo, Onesteel’s magnetite processing plant in Whyalla in South Australia, the detailed design for the 8 million tonne per annum Karara magnetite plant in Western Australia, and aspects of the Roy Hill Project (also in Western Australia). Dr Peck is a highly versatile mineral processing engineer, who will bring significant in-house technical expertise to the Company. Dr Peck holds a Bachelor of Science in Mineral Processing from Leeds University (UK) 1977, and a PhD also from Leeds University (awarded in 1981). He has been extensively published in a range of international mining publications over the last 40 years and is a member of the Australasian Institute of Mining and Metallurgy. Mining Engineer – Mr Bernard Holtshousen: Mr Holtshousen is a highly experienced professional mining engineer with an enviable international career history. He has served on the board of directors of many public listed and unlisted mining companies as a Director, Managing Director and Chairman in companies based in Australia, South Africa, USA, Venezuela, Botswana, Namibia and Chile. Mr Holtshousen has previously held the position of General Manager for Macarthur’s Lake Giles Iron Project and therefore brings a wealth of historical knowledge of the Lake Giles Iron Project that will be invaluable for the Company over this next phase of its intention to transition to production. He has also held senior positions at Board level and in management at Sigma Minerals Limited, Equatorial Mining Limited, MIM Holdings Limited, Gencor Limited (where he was Senior Manager Strategy during a period which culminated in the acquisition of Billiton and finally BHP) and at Rand London Corporation Limited (where he was Executive Chairman for 3 years and Managing Director for 10 years, during which period that company acquired, built and managed 13 operating mines). Mr Holtshousen holds a Bachelor of Science, Engineering (Mining) from the University of Witwatersrand in the Republic of South Africa, a Master of Science (Management) from Stanford University in California (USA) and a Management Diploma from Utah State University (USA). He is a Fellow of the South African Institute of Mining and Metallurgy and a Member of the Australasian Institute of Mining and Metallurgy. Commenting on the new appointments, Andrew Bruton, Chief Executive Officer of Macarthur Minerals stated: “Dr Peck and Mr Holtshousen are highly experienced in their respective fields of minerals processing and mine engineering. They bring enviable experience on a global scale to Macarthur, and the appointments are another smart step to ensure that Macarthur’s owners’ team is appropriately supported with the disciplines necessary to deliver a robust study that is capable of withstanding the rigour of technical and financial due diligence as we move through project financing. The most important factor in assembling the Macarthur owners’ team is to ensure that it includes experienced professionals who have overseen successful mining and magnetite processing operations. The deliberate decision to combine the expertise of Dr Peck and Mr Holtshousen is aimed at ensuring that the Macarthur owners’ team can facilitate responsible strategies and improve the efficiency of operations in the magnetite mining and processing at Lake Giles so that Management can aim to deliver the best economic value for the Company’s assets for the benefit of its shareholders. Macarthur will continue to build a world class project delivery team that is required to successfully bring the Lake Giles Iron Project out of the ground. We welcome Richard and Bernard to the Macarthur team.” On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – AustraliaInvestor Relations - CanadaAdvisirInvestor CubedSarah Lenard, PartnerNeil Simon, CEOsarah.lenard@advisir.com.au+1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
16 Mar, 2021
Figure 1 Tempest AEM Survey area over the Rebecca Palaeovalley as mapped by the Kalgoorlie 1:1,000,000 Sheet. Project GDA94, Zone 50. VANCOUVER, British Columbia, March 16, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that it engaged CGG Aviation to undertake a Tempest airborne electromagnetic (AEM) survey of palaeovalleys adjacent to the Lake Giles Iron Project to assist in the identification of groundwater drilling targets. CGG mobilised to site on 10 March 2021 and the aerial survey was completed over a period of 5 days. Highlights Survey covered an extensive area of the Rebecca palaeovalley in close proximity to the Lake Giles Iron Project where a large quantity of groundwater is expected to occur.Tempest AEM survey successfully employed in previous groundwater aquifer interpretations.Drill targets will be defined from AEM surveys with subsequent drilling planned during the first part of this year to test quality and quantity of water to support magnetite processing requirements. Macarthur has been working with consulting hydrogeologists from Rockwater Pty Ltd (“Rockwater”) to define a source for process water requirements for magnetite processing at its Lake Giles Iron Project. The Goldfields region contains numerous buried palaeovalleys that are likely to contain large volumes of groundwater. Such systems are currently exploited to supply process water demands for other Goldfields operations such as BHP’s Nickel West, Glencore’s Murrin Murrin Nickel Project and Gold Road’s Gruyere Gold Project. The western limb of the Rebecca palaeovalley is located approximately 15 to 40 km east of the Lake Giles Iron Project and extends over 160 km North to South (Figure 1). This system is expected to contain abundant groundwater and is currently not exploited by other operators. Macarthur engaged CGG Aviation to undertake an airborne AEM survey covering an area of 970 km2. Electromagnetic data was collected from the survey which was conducted over 1,322 line kilometres at a line spacing of 800m (Figure 1). The Tempest AEM system is suited to conductivity mapping and has previously been utilised for mapping the location, extent and basement topography of palaeodrainage systems. Interpretation of the data collected will be undertaken by hydrogeologists from Rockwater, who are experts in the application of hydrological surveys, to define suitable drill targets for groundwater exploration. Figure 1. Tempest AEM Survey area over the Rebecca Palaeovalley as mapped by the Kalgoorlie 1:1,000,000 Sheet. Project GDA94, Zone 50:https://www.globenewswire.com/NewsRoom/AttachmentNg/a5b27332-ed78-41ce-b698-2db380053166 Andrew Bruton, Chief Executive Officer of Macarthur Minerals, commented: “The airborne survey programme of the palaeovalley adjacent to the Lake Giles Iron Project will identify suitable drill targets for groundwater exploration to enable the Company to test the quantity and quality of water required to support its magnetite processing requirements. Macarthur is pleased to be working with CGG Aviation and Rockwater on this important component of work which will feed into the Company’s Feasibility Study.” On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – Australia Investor Relations - CanadaAdvisir Investor CubedSarah Lenard, Partner Neil Simon, CEOsarah.lenard@advisir.com.au +1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
04 Mar, 2021
VANCOUVER, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (“Macarthur”) and Timeless Capital Corp. (TSX-V: TLC.P) (“Timeless”) are pleased to announce that they have entered into a letter of intent in respect of a proposed transaction (the “Transaction”), whereby Timeless shall acquire: (i) from Macarthur, through its wholly owned subsidiary, Macarthur Lithium Pty Ltd (“MLi”), a portfolio of Macarthur’s Pilbara, Western Australia tenements (“Pilbara Assets”) plus CAD$1.4 million in cash which Macarthur may choose to fund from the value derived from Macarthur’s shareholding in FE Limited (collectively, the “Macarthur Contribution”), and (ii) from Zanil Pty Ltd. (“Zanil”), an Australian company, a portfolio of gold copper tenements, located near Leonora in Western Australia (“Central Goldfield Assets”), in exchange for equity of Timeless (collectively, the “Transaction”) which assets were optioned by Macarthur to undertake due diligence under the recently announced agreement with Zanil, (see announcement here). Macarthur continues to primarily focus its resources on bringing its flagship Lake Giles Iron Project into production. The Timeless Transaction will allow value to be attributed to the non-iron Pilbara assets held by Macarthur, providing an opportunity to independently resource the exploration of the key areas without distracting time and resources away from the Lake Giles Iron Project development path. Following completion of the transaction, Macarthur will have a material shareholding in Timeless. Timeless is a Canadian capital pool company listed on the TSX Venture Exchange (the “TSXV”). It is anticipated that the Transaction will be a reverse take-over and constitute Timeless’ “Qualifying Transaction” pursuant to Policy 2.4 of the TSXV policies and that following the completion of the Transaction, the common shares of Timeless (the “Timeless Shares”) will resume trading on the TSXV. The Macarthur Contribution and the Central Goldfield Assets collectively form all of the assets and the business of the resulting entity (the “Resulting Issuer”). It is anticipated that following completion of the Transaction: Macarthur will hold approximately 26.67% (11,428,571) of the outstanding Timeless Shares, issued in consideration of the Macarthur Contribution;Zanil will hold approximately 26.67% (11,428,571) of the outstanding Timeless Shares, issued in consideration for the Central Goldfield Assets; andthe current Timeless shareholders will hold approximately 9.68% of the outstanding Timeless Shares. Summary of the Transaction Transaction Structure The letter of intent provides that MLi and Zanil (collectively, the “Vendors”) and Timeless, as purchaser, shall negotiate and enter into a definitive agreement in respect of the Transaction on or before March 31, 2021 (the “Definitive Agreement”). It is currently contemplated that the Transaction will result in the Macarthur Contribution and the Central Goldfield Assets being transferred to a newly formed Australian company, which company shall then complete a three-corner amalgamation, or such alternative structure which will be finally determined, having regard to relevant tax, securities and other factors, with Timeless to form the Resulting Issuer. The Transaction will result in the security holders of Macarthur and Zanil receiving Timeless Shares, in the anticipated percentages set forth below under “Capital Structure”. Prior to the completion of the Transaction, Timeless will consolidate the Timeless Shares on the basis of 1 new Timeless Share for each 1.75 old Timeless Shares, or such other ratio as may be agreed to by the parties to give effect to the Capital Structure referred to above (the “Consolidation”). It is anticipated that the Resulting Issuer will change its name in due course to reflect the focus of its business (the “Name Change”). Certain common shares of the Resulting Issuer to be issued pursuant to the Transaction are expected to be subject to restrictions on resale or escrow under the policies of the TSXV, including the securities to be issued to “Principals” (as defined under TSXV policies). The Transaction is subject to, among other things: (i) the negotiation and execution of the Definitive Agreement, (ii) the absence of material adverse events affecting Timeless and the Vendors, (iii) the establishment of an Australian, wholly owned subsidiary, of Timeless (“Australian Subco”) into which the Pilbara Assets and the Central Goldfields Assets will be vended, (iv) receipt by each of the Vendors and Timeless of all necessary board, shareholder and regulatory approvals, including in respect of the Consolidation, the Name Change, the listing of the Timeless Shares on the TSXV and the transfer of the Pilbara Assets and Central Goldfield Assets, (v) Timeless having taken all necessary action to cause the board of directors and officers of Timeless to be comprised of the Vendor’s nominees, (vi) the completion of the Concurrent Financing (see below), (vii) the completion of the Consolidation and Name Change, (viii) the delivery by Macarthur of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant technical report on all material properties as determined by the TSXV, which reports are acceptable to the TSXV, and (ix) receipt of all necessary regulator or third party consents, approvals and authorizations as may be required in respect of the Transaction or the listing of the Timeless Shares on the TSXV; and (x) the approval of the TSXV of the Transaction as Timeless’ “qualifying transaction” and the listing and trading of the Timeless Shares on the TSXV following the completion of the Transaction. Concurrent Financing In connection with the Transaction, the Vendors shall complete a concurrent arm’s length financing for anticipated gross proceeds of a minimum of CAD$5 million (the “Concurrent Financing”). It is currently anticipated that the Concurrent Financing will result in the issuance of up to 14,285,714 shares at a price of CAD$0.35 per share. The Concurrent Financing will be comprised of a non-brokered portion, in the amount of CAD$2.5 million, comprised of lead orders from arm’s length parties introduced by the Vendors, and a brokered portion in the amount of CAD$2.5 million. All securities issued in connection with the Concurrent Financing will be exchanged for Timeless Shares pursuant to the Transaction. The proceeds of the Concurrent Financing will be used primarily for the purposes of supporting a targeted exploration programme of works across on the Pilbara Assets and the Central Goldfields Assets. Capital Structure There are currently 7,000,000 Timeless Shares issued and outstanding and options to acquire 266,666 Timeless Shares at an exercise price of CAD$0.10 per Timeless Share. Following the Consolidation there will be 4,000,000 Timeless Shares issued and outstanding and options to acquire 152,380 Timeless Shares at an exercise price of CAD$0.175 per Timeless Share. The following table outlines the proposed post-Transaction shareholdings of the Resulting Issuer, assuming that the purchase price per share under the Concurrent Financing is CAD$0.35 per share and that the Vendor shares are exchange on the basis of 1 for 1 for Timeless Shares. Equity HoldersNumber% total EquityValue on Issue C$Existing Timeless Shareholders4,000,0009.68%1,400,000Zanil securityholders11,428,57127.67%4,000,000Macarthur securityholders11,428,57127.67%4,000,000Concurrent Financing14,285,71434.58%5,000,000Holders of Existing Timeless Stock Options152,3800.4%26,666.50Post-Transaction Shares on a Fully Diluted Basis41,259,236100%14,426,666 Background of the Vendors The key tenement Vendors are MLi and Zanil. Both are Australian Proprietary companies. MLi is a wholly owned subsidiary of Macarthur Minerals Limited and will contribute the Macarthur Contribution to the Resulting Issuer pursuant to the Transaction, including the Pilbara Assets as set out in Table 1. Zanil will contribute the Central Goldfield Assets to the Resulting Issuer pursuant to the Transaction, as set out in Table 2. Table 1: Macarthur Lithium Pty Ltd Pilbara tenements TenementProjectHolderBlocksE45/4685MARBLE BARMacarthur Minerals11E45/4708PANORAMAMacarthur Minerals27E45/4709PANORAMAMacarthur Minerals22E45/4732PANORAMAMacarthur Minerals43E45/4764MARBLE BARMacarthur Minerals4E45/4779PANORAMAMacarthur Minerals33E45/4824PANORAMAMacarthur Minerals65E45/4848TAMBOURAHMacarthur Minerals1E45/5324HILLSIDEMacarthur Minerals4E46/1210NOREENA DOWNSMacarthur Minerals14 Table 2: Zanil Pty Ltd Central Goldfields tenements TenementProjectHolderArea (Ha)P37/8376Victor BoreAlec Pointon180P37/8325CamelZanil Pty Ltd191M37/983ChicagoZanil Pty Ltd38P37/8278Barlow’s GullyAlec Pointon200P37/8310Great Northern WorkingsZanil Pty Ltd134P37/8173Victor BoreAlec Pointon15.3715M37/1349*Victor BoreAlec Pointon15.3715P37/8468Garden WellZanil Pty Ltd138P37/8571Specking PatchAlec Pointon108.69P37/9162CoppermineZanil Pty Ltd111 * Conversion of P37/8173 Joe Phillips, Managing Director of Macarthur Minerals, commented: “This Transaction will allow value to be attributed to the non-iron Pilbara assets held by Macarthur. It now provides an opportunity to independently resource the exploration of the key areas without distracting time and resources away from Macarthur’s flagship Lake Giles Iron Project development. Further, this Transaction allows for the benefits of exploration and potential development to flow to Macarthur and its shareholders, especially given the historic exploration undertaken on these gold, copper and lithium tenements.” Joe Groot, Managing Director of Zanil Pty Ltd commented: “The tenements we have accumulated over a decade have been acquired for their historical background. Our private prospecting activities over the past several years have identified alluvial gold across these leases and this merger brings into being the chance to further develop them, as a number of leases have had no modern geological investigation and are in the highly prolific Leonora area.” Blair Jordan, Director of Timeless, commented: “On behalf of all the stakeholders of Timeless, we are excited to be moving forward with the Transaction with Zanil and Macarthur. The Transaction will give Timeless stakeholders exposure to a highly prospective gold region in Australia, and the Resulting Issuer will have an experienced and capable management team put in place to move these claims forward.” Additional Information Additional information concerning the Transaction, Timeless, the Vendors and the Resulting Issuer, including in respect of the board and proposed management of the Resulting Issuer, will be provided in subsequent news releases and in any Filing Statement or Information Circular to be filed in connection with the Transaction, which will be available under Timeless’ and Macarthur’s SEDAR profiles at www.sedar.com. Upon closing of the Transaction, the Resulting Issuer expects to list as a Tier 1 Mining Issuer on the TSXV. The Transaction will not constitute a “Non-Arm’s Length Qualifying Transaction” (as such term is defined in the policies of the TSXV). Accordingly, it is not anticipated that the Transaction will be subject to the approval of Timeless shareholders. In accordance with the policies of the TSXV, Timeless Shares are currently halted from trading and will remain so until such time as the TSXV determines, which, depending on the policies of the TSXV, may not occur until completion of the Transaction. None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and any securities issued pursuant to the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – Australia Investor Relations - CanadaAdvisir Investor CubedSarah Lenard, Partner Neil Simon, CEOsarah.lenard@advisir.com.au +1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. For further information on Timeless: Timeless Capital Corp. Fadim Gadallah, CEO Phone.: 604.248.2080 fgadallah@gadallahmanagement.com About Timeless Timeless is a capital pool company formed under the Exchange capital pool company program. Timeless currently has issued and outstanding 7,000,000 Timeless Shares and 266,666 incentive stock options to acquire 266,666 Timeless Shares at a price of $0.10 per share. This news release is not for distribution to United States services or for dissemination in the United States Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and obtaining all required shareholder approvals. There can be no assurance that the Transaction will be completed as proposed or at all. Timeless investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release. All information contained in this news release with respect to Timeless, the Vendors, and the Resulting Issuer was supplied by the parties, respectively, for inclusion herein, and each party and its directors and officers have relied on the other parties for any information concerning such party. Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that Timeless and Macarthur (collectively, the “Company”) believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding the timing and completion of the Transaction and Concurrent Financing, the structure of the Transaction, the pricing and size of the Concurrent Financing and the future operations of Timeless, the Vendors and the Resulting Issuer and other similar statements are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: failure to complete the Transaction or the Concurrent Financing on the terms described herein or at all, failure to obtain shareholder, regulatory or third parties approvals required for the Transaction, failure to obtain the approval of the TSXV of the Transaction or the listing of the shares of the Resulting Issuer or failure to achieve the anticipated benefits of the Transaction. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
02 Mar, 2021
Just because a business does not make any money, does not mean that the stock will go down. For example, Macarthur...
25 Feb, 2021
Gannex, a wholly owned company of Ascletis Pharma Inc. (HKEX: 1672), fully dedicated to the R&D and commercialization of new drugs in the field of nonalcoholic steatohepatitis (NASH), today announces the Investigational New Drug Application (IND) approval by U.S. Food and Drug Administration (FDA) and initiation of global development of ASC41 oral tablet, a liver-targeted prodrug. The active metabolite of ASC41 is a selective thyroid hormone receptor beta (THR-β) agonist.
24 Feb, 2021
Tenement portfolio Tenement portfolio VANCOUVER, British Columbia, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to advise shareholders that the Company has entered into an exclusive agreement with Zanil Pty Ltd (“Zanil”) to undertake due diligence over 10 tenements in and around the Leonora Goldfields region in Western Australia (“Agreement”). The Agreement is intended to strengthen the value proposition for a potential future repositioning of Macarthur’s non-iron ore assets. Under the Agreement Macarthur intends to undertake a legal review of these tenements alongside a geological assessment and ultimately, the completion of an Independent Valuation on behalf of Zanil. The purpose of this due diligence is to assess the value implication of amalgamating these historic gold/copper mining tenements into a transaction to “spin-out” these areas alongside the Company’s Pilbara gold, lithium and copper tenements (“Transaction”). The exclusivity period under the Agreement allows Macarthur a period of 90 days to complete its due diligence review. About ZanilZanil is an Australian Proprietary company. Zanil either directly holds rights over, or is duly authorised on behalf of the relevant tenement holders, to enter into the Agreement with Macarthur in respect of the tenement areas listed below: TenementProject Name P37/8376Victor Bore P37/8325Camel M37/983Chicago P37/8278Barlow’s Gully P37/8310Great Northern Workings P37/8173Victor Bore M37/1349*Victor Bore P37/8468Garden Well P37/8571Specking Patch P37/9162Coppermine *Conversion of P37/8173 Location of the properties under due diligenceThe Leonora tenements are located in the Central Goldfields region of Western Australia, approximately 237 kilometres north of the city of Kalgoorlie within the proximity of active gold mines such as Agnew gold mine, Gwalia gold mine and Sunrise Dam gold mine. The tenement portfolio consists of two mining leases and eight prospecting licences, with nine of the areas located on historic gold workings. The other tenement, Barlow’s Gully, has no established mine workings, but has been subject to surface gold extraction for over 100 years. Key tenements are: Garden Well was mined prior to 1987 and subsequently subject to periodic exploration campaigns.Camel Lease historically produced 30.72kg (1083.61oz) of gold reported in WA Government Minedex database as: -- Sons of Australia - 26.3kg (927.70oz) Au from 691 tonnes @ 38.1g/t Au -- Camel Leases - 4.39kg (154.85oz) Au from 142 tonnes @ 30.9g/t Au -- Kruger and Viceroy - 3.95kg (139.33oz) Au @ 37 g/t AuThis reef has been mined to ~150 feet and historic reports suggest water ingress to be the main factor in mining being discontinued. Great Northern tenement records production of 460 tonnes of ore mined for 10.1kg (356.26oz) Au @ 21.9 g/t Au.Barlow’s Gully tenement has no historical mine workings but covers the Ursus fault structure. Outside the lease the Ursus fault structure hosts the Torian Sterling Well discovery (held by others), Cerebus-Eclipse 112,000oz Au resource (held by others), and the Centauri 83,100oz Au resource (held by others). Coppermine is a tenement that has a historical mine working with notable surface copper expression. The past production reported from these areas are not treated as current or historical Mineral Resources and further exploration is required to understand the potential for gold or copper mineralisation. The location of the 10 tenements is shown on the below map that highlights the prospectivity of the Leonora Goldfields and indicates the potential of this tenement portfolio. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7ed9f5d-b5a1-43db-a563-3f3ad679becf Alan Joe Phillips, Managing Director of Macarthur Minerals, commented: “The main focus for the Company is ‘first and foremost’ the ongoing development of the Lake Giles Iron Ore assets. The entering into of the due diligence agreement with Zanil is designed to all for an exclusive low-cost review of the Central Goldfields assets to augment the Company’s Pilbara gold, copper and lithium tenement portfolio. If these tenements demonstrate value, Macarthur will consider spinning out this portfolio as part of a wider Pilbara/Central Goldfields transaction. The objective is to create value for shareholders by exploiting these tenements without detracting or distracting Macarthur from delivering on its substantial Lake Giles Iron Project.” On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – Australia Investor Relations - CanadaAdvisir Investor CubedSarah Lenard, Partner Neil Simon, CEOsarah.lenard@advisir.com.au +1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometre tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
21 Feb, 2021
Gannex, a wholly owned company of Ascletis Pharma Inc. (HKEX: 1672), fully dedicated to the R&D and commercialization of new drugs in the field of nonalcoholic steatohepatitis (NASH), announces the positive clinical results in overweight and obese subjects for ASC41, a liver-targeted prodrug. The active metabolite of ASC41 is a selective thyroid hormone receptor beta (THR-β) agonist.
16 Feb, 2021
VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that it has appointed the following leading consultants to enhance the delivery of the Feasibility Study for the high-grade magnetite, Lake Giles Iron Project in Western Australia: Study Management: Optimize Group (“Optimize”) has been appointed to provide study management services and to assist it in the preparation of the final Feasibility Study Reports. Transport Logistics: Projectus Infrastructure (“Projectus”) has been appointed to provide transport infrastructure (rail and port) optimisation support for the delivery of the Feasibility Study. Economic Modelling: FTI Consulting (“FTI”) has been appointed to provide economic and financial modelling services for the Feasibility Study. Highlights of Optimize Group Appointment Highly regarded study management consultant Optimize, appointed to support Macarthur’s owners’ team.Optimize will provide key study management support functions.Appointment will provide Macarthur with access to a broad range of technical disciplines necessary for optimal management of externally appointed study consultants, critical assessment of study deliverables and the efficient control of study costs.Appointment will provide enhanced rigor to the study process and to ensure that the Feasibility Study is delivered within expected timeframes and approved budget. Highlights of Projectus Infrastructure Appointment Highly regarded Australian infrastructure advisory and services firm Projectus, has been appointed to provide transport infrastructure advisory and feasibility study services.Appointment will provide access to specialist services for the development of a robust mine-to-port transport infrastructure configuration and operating model.Appointment will assist Macarthur to: identify transport infrastructure alignment, access and interface issues (across road transport, rail and port);create a detailed route to market operating plan to inform Macarthur’s approach to commercial rail and port contract negotiations; andmitigate potential project operations risks. Highlights of FTI Consulting Appointment Highly regarded global management consultancy FTI appointed to support Macarthur’s owners’ team to provide financial modelling services for development of an advanced financial model for the Feasibility Study.FTI’s specialist mining advisory group will accelerate the financial modelling process and will assist with strategy assessment, options resolution and economic optimisation.Appointment to provide Macarthur with access to robust financial modelling functionality for the delivery of the Feasibility Study, to assist project financing negotiations. About Optimize Group Optimize is a highly regarded project engineering company providing integrated mine to mill technical services with offices in Australia, Canada, and Brazil. Specialising in study development, capital projects design and engineering, project execution and oversight and project due diligence. The Optimize team has advised and undertaken numerous preliminary economic assessments, pre-feasibility studies, feasibility studies and project management functions across a range of commodities including iron ore, and their project experience extends to global work for major international mining companies. Ian McKenzie, Vice President of Engineering – Optimize Group commented: “Optimize Group is pleased to be involved in the development of such an outstanding project. Integration of the study team members will provide an effective study execution plan with positive outcomes. Optimize Group is looking forward to supporting the Macarthur Minerals team and project.” About Projectus The Projectus team has a long history working with owner’s project development groups, having directed, managed or advised on numerous large rail and bulk port projects in Australia, including the majority of the largest rail and bulk port projects across Queensland (in eastern Australia) over the past 17 years. The team has also been instrumental in the development of numerous greenfield mining projects. Projectus will be tasked with assisting the Macarthur owners’ team to deliver a robust investment case, balancing operational and commercial objectives with technical and project shaping variables pertaining to all aspects of the mine-to-port transport system for the Lake Giles Iron Project. Management anticipates that the appointment of Projectus will inform logistics optimisation decisions that will benefit the final Feasibility Study outcomes. Their role in developing an operating model will enable rail and port service providers to complete the necessary work to provide definitive pricing proposals that can be integrated into final rail and port contracts. The operating model will also assist Management and service providers to identify transport logistics risk areas so that operational exposures can be minimised. Bryce Jones, Projectus Managing Director commented: “We are delighted to be contributing an important part of the Feasibility Study to support Macarthur in its development of the Lake Giles Project.” About FTI Consulting FTI Consulting is a well-known and highly regarded global business advisory firm with strong financial modelling capabilities and a detailed working knowledge of complex mining operations. Individually, each practice is a leader in its specific field, staffed with experts recognized for the depth of their knowledge and a track record of making an impact. Collectively, FTI Consulting offers a comprehensive suite of services designed to assist clients across the full business cycle – from proactive risk management to the ability to respond rapidly to unexpected events and dynamic environments. FTI will work with Macarthur and its study manager to prepare a detailed financial model for the Lake Giles Iron Project. Their services will also include managing inputs from appointed Feasibility Study consultants to build a robust financial model that is “fit for purpose” and familiar in terms of structure and functionality for the types of large institutions that are being engaged with during the final project funding negotiation phase. FTI is currently preparing a sophisticated base model which will be completed to an advanced stage and ready for key study inputs by the end of February 2021. Acceleration of financial modelling process is expected to assist with earlier project options resolution and enhanced economic optimisation decisions that will benefit the final Feasibility Study outcomes. Andrew Bantock (Senior Managing Director, Co-Leader of Asia Mining and Mining Services Corporate Finance & Restructuring) at FTI Consulting commented: “FTI is pleased to be working with Macarthur Minerals to develop a best-in-class bespoke DFS financial model for the Lake Giles Iron Project. Our specialist mining advisory team will work closely with Macarthur’s management and its technical consultants to enable various project development scenarios to be assessed and resolved quickly and accurately.” Commenting on all of these appointments, Andrew Bruton, Chief Executive Officer of Macarthur Minerals stated: “We are very pleased to be working with the teams at Optimize Group, Projectus and FTI Consulting. The appointment of these consultants at this critical phase of the Feasibility Study is strategic and is designed to ensure that Macarthur’s owners’ team is appropriately supported with the disciplines necessary to deliver a robust study that is capable of withstanding the rigour of technical and financial due diligence as we move through project financing. 2021 is set to be a breakout year for Macarthur. Further updates on Feasibility Study progress will be regularly provided to the market throughout the course of the year.” On behalf of the Board of Directors, Mr. Cameron McCall, Chairman For more information please contact: Joe Phillips Managing Director +61 7 3221 1796 communications@macarthurminerals.com Investor Relations – Australia Investor Relations - CanadaAdvisir Investor CubedSarah Lenard, Partner Neil Simon, CEOsarah.lenard@advisir.com.au +1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
11 Feb, 2021
Ascletis Pharma Inc. (HKEX: 1672) announces today that Ascletis, through its wholly-owned subsidiary, participates in Sagimet Biosciences Inc.'s US$80 million in crossover financing, led by an undisclosed public equity healthcare investment fund with participation from other existing investors (Kleiner Perkins, New Enterprise Associates (NEA) and Rock Springs), along with new investors (Altium, HM Capital, Invus and PFM) (Details referring to Sagimet Biosciences' press release: https://www.sagimet.com/press-releases/).
08 Feb, 2021
VANCOUVER, British Columbia, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with Southern Ports Authority (“Southern Ports”) which provides a pathway for agreeing a potential access and operating solution for the export of Macarthur’s high grade magnetite iron ore product via the Port of Esperance (“Port”). The MOU with Southern Ports is non-binding but it does establish a clear pathway for: Highlights The Port of Esperance is an established deep water port located south of Macarthur’s Lake Giles Iron Project. It is accessible via an existing rail network and has the capability to handle large ‘Cape’ size iron ore vessels.In July 2020, Macarthur received a proposal from Arc Infrastructure for an agreed pathway to develop a Commercial Track Access Agreement for below rail capacity from Lake Giles to the Port of Esperance. (See TSX-V announcement: here).With high speed throughput design capacity potential, Macarthur’s proposed Helix Dumper rail unloading solution would bring ‘state of the art’ rail unloading technology to the Port of Esperance.The MOU with Southern Ports Authority provides a clear pathway that can support the delivery of the Company’s current Feasibility Study and represents a substantial step towards Macarthur securing access to the Port of Esperance and completing a fully contracted route to market for its Lake Giles Iron Project. The design of a 300,000 tonne iron ore storage shed (“shed”) by Macarthur;The design of a new rail car unloading solution at the Port by Macarthur (presently proposed to be an Australian-first Helix rail car unloading solution and associated tube conveyor) (“Helix Dumper”); The approval of the shed and Helix Dumper designs by Southern Ports; andThe identification of suitable land by Southern Ports for the construction of the shed and Helix Dumper within the Port. A conceptual engineering design report was completed by RCR Mining Technologies Pty Ltd in 2020 for the proposed Helix Dumper and, subject to mutually satisfactory engineering design and approval processes for the shed and Helix Dumper being completed (and suitable land being identified by Southern Ports for their construction), the parties intend to commence good faith negotiations on the terms of binding commercial agreements which will be necessary for Macarthur to: Construct, operate and maintain the shed and Helix Dumper; andAccess the Berth 3 ship loader at the Port. Any binding commercial agreements in relation to the shed, Helix Dumper and ship loader access will be conditional upon agreed milestones being met by Macarthur (including financing for its Lake Giles Iron Project). Southern Ports is presently undertaking a broader master planning process at the Port of Esperance, and Macarthur’s access and operating solution will need to align with Southern Port’s master-planning objectives. The MOU provides optionality for Southern Ports to broaden access to any un-utilised capacity in the Helix Dumper for the benefit of other Port users by examining the potential for a hybrid design that may allow the Helix Dumper to “dual function” with bottom-dump rail wagon capability. Examination of these options has the potential to deliver increased business through the Port and benefit both the Esperance community and the Western Australian economy. The pathway process in the MOU is intended to align with the completion of Macarthur’s Feasibility Study for the Lake Giles Iron Project during the current calendar year so that the Company can target commencement of first shipment of iron ore from Lake Giles in Q1 2024. Steve Lewis, Chief Executive Officer of Southern Ports Authority commented: “We are pleased to sign this MOU with Macarthur Minerals, which creates a pathway to continue to investigate the potential for Macarthur to export through the Port of Esperance. Southern Ports is committed to exploring opportunities for new business and increased trade through our ports. Continued exploration and growth in the mining industry surrounding the Esperance community has positive flow on effects for the local economy. We look forward to working with Macarthur Minerals as they develop their Lake Giles Iron Project and continue to progress.” Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented: “The MOU with Southern Ports Authority represents a substantial step towards Macarthur securing eventual access to the Port of Esperance and completing a fully contracted route to market for the Lake Giles Iron Project. The Company’s innovative proposal for the development of on-port infrastructure at Esperance has the potential to deliver an export solution at the Port within a timeframe to meet the development objectives for Macarthur’s Lake Giles Iron Project, and Macarthur is committed to working diligently with Southern Ports towards ensuring that any agreed infrastructure model can be supported by a workable operating solution that will meet the requirements of the Port. The MOU with Southern Ports provides a clear pathway that can support the delivery of the Company’s current Feasibility Study and it is the next critical piece of the route to market infrastructure puzzle following Macarthur’s announcement last year that it had received a proposal for an agreed pathway to develop a Commercial Track Access Agreement for below rail capacity from Lake Giles to the Port of Esperance. We are very pleased to be working collaboratively with the team at Southern Ports Authority to achieve an outcome that will underpin long term jobs in the Esperance and Goldfields regions of Western Australia. With a clear framework in place, we now have a process to accelerate our engagement as Macarthur aims to deliver new iron ore business through the Port.” On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe PhillipsManaging Director+61 7 3221 1796communications@macarthurminerals.com Investor Relations – Australia Advisir Sarah Lenard, Partner sarah.lenard@advisir.com.au Investor Relations - CanadaInvestor CubedNeil Simon, CEO+1 647 258 3310info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
04 Feb, 2021
12:53
Yahoo! Finance
4, 2021 /CNW/ - The following issues have been halted by IIROC: Company: Macarthur Minerals LimitedTSX-Venture Symbol: MMS All Issues: YesReason: At the Request of the Company Pending NewsHalt Time (ET): 7:47 AMIIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market.
19 Jan, 2021
Iron Ore Continues to Surge Higher Seaborne Iron Ore Spot Price Seaborne Iron Ore Spot Price Share Price Share Price VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to update shareholders on an active fourth quarter 2020. 2020 Calendar Year Focus The primary focus during 2020 included: Lake Giles Magnetite project in Western Australia;Pilbara non-iron ore tenements being explored for lithium, base metals and gold; andReviewing previous studies that outlined opportunity for the early exploitation of the hematite direct shipping iron ore, also at Lake Giles. 2020 Fourth Quarter Highlights Key highlights during the fourth quarter of 2020 included progress on the following: Feasibility Study related outcomes Filing of NI43-101 Technical Resource Report for Lake Giles with a Measured mineral resource of 53.9 million tonnes, an Indicated mineral resource of 218.7 million tonnes and a further 997.0 million tonnes of Inferred mineral resource (refer news release dated 1 October 2020, here)Outlined RCR Mining Technologies completed engineering design of the Helix Dumper unloading solution at the Port of Esperance (refer news release dated 7 October 2020, here)Appointment of study/mining consultants to accelerate the study programme. Non-iron ore tenements Repositioning the Company’s 100% owned, 720km² gold, copper, zinc, manganese and lithium exploration tenements in the Pilbara region of Western Australia.Repositioning the Company’s 100% owned 210 lithium brine mining claims, covering an area of 7 square miles (18 km²) located in Railroad Valley, in Nye County, Nevada, USA. The 210 claims are located approximately 180 miles (300 km) North of Las Vegas, Nevada, and 330 miles (531 km) South East of Tesla’s new GigafactoryCompleted the technical work on the Pilbara tenements to support the repositioning of these assets during 2021. Corporate activities Conversion of all Note holders into Macarthur equity effectively removing all debt within this business (refer news release dated 10 September 2020, here)Capital raising via a private placement in late October (refer news release dated 22 October 2020, here)Relisting of the Company on the OTCQB in September 2020.Secured up to AUD$20 million standby Equity Finance Facility to support the Company balance sheet (refer news release dated 13 October 2020, here)Completed the Company’s first 12 months of trading on the Australian Stock Exchange. Over the course of the year, 50 news releases were issued, ensuring shareholders have and will continue to be kept informed of the Company’s progress. 2021 Calendar Year Goals Macarthur is well placed to deliver on its stated 2021 goals: Completing the Feasibility Study which includes securing a strategic partner for project development;Concluding the route to market contract to support export through the Esperance Port; andAdvancing terms of financing the project commencing 2023. In addition to the Lake Giles project, the Company will also focus on a series of complementary goals. These will include: To take advantage of a commercial early production opportunity for the hematite resource at Lake Giles in light of current strong demand and pricing for iron ore;To formalize strategic partnerships for key development and infrastructure needed to commercialise the Lake Giles Iron Project; andTo reposition the Company’s 100% owned, 720km² tenement package of lithium, gold, copper and base metals in the Pilbara region of Australia, and its lithium brine claims in the Nevada region of the USA. All these stated goals will unlock unrealised value in the Company to the benefit of Shareholders. Iron Ore Market Current iron ore demand is all about China, and recent UBS economics forecast has China’s GDP growth rate at 8.2% in 2021. UBS economics comments also pointed to this GDP growth being driven by domestic and export-focused production, with exports of finished products to grow at 11-12% over the 2021 year. Iron ore pricing is variable and traditionally the Chinese New Year Holidays coincide with annual steel mill shutdown and lower demand for iron ore, but a December 2020 Platts Iron Ore and Steel Outlook reported expectations amongst some analysts that iron ore pricing may be sustained in Q1, 2021. To view the accompanying Seaborne Iron Ore Spot Price infographic please visit:https://www.globenewswire.com/NewsRoom/AttachmentNg/11bd8477-3762-4516-8204-efe04cb586b4 To view the accompanying Share Price infographic please visit:https://www.globenewswire.com/NewsRoom/AttachmentNg/cddcbacb-fa92-4e61-9620-0f03c3f940f3 Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented: “My first 12 months as the incoming CEO of Macarthur will be very busy. The Company has an exciting agenda of value-driving objectives for the 2021 calendar year. Chief amongst that will be focusing on completing the Feasibility Study for our magnetite operations. I anticipate that we can materially progress commercial negotiations for infrastructure location and port access early in 2021, allowing the Company to focus on finalising the necessary metallurgy test work and process flow for magnetite beneficiation, together with the engineering design works. The Company’s General Manager Projects, Dr Dean Carter, has been tasked with advancing the early DSO production opportunity. Dr Carter’s key role in the Feasibility Study for magnetite operations at Lake Giles will also focus on securing the required environmental approvals over impact zones at Moonshine and Moonshine North deposits, and along the haul road tenure areas. Mr Richard Moon has been busy introducing the Lake Giles opportunity to key Korean and Japanese steel mills, as well as major international engineering groups and key equipment suppliers. Mr Moon’s continued focus on progressing the Company’s engagement with these groups will be important as we move through funding requirements to support project capital requirements. Finally, the Company’s Managing Director, Mr Joe Phillips, will focus on project development financing and on repositioning the Company’s Pilbara and Nevada asset portfolio’s, ensuring that the Company can maximise benefits to shareholders and enhancing Macarthur’s focus on its objective to transition into iron ore production. Macarthur has a very active year planned and I will keep shareholders across key developments, including regular updates on the continued progress of our Feasibility Study for Lake Giles throughout the course of the year.” Grant Share Based Compensation Pursuant to the Company’s Share Compensation Plans (“Plans”), the Board of Directors of the Company has granted an aggregate of 2,282,500 restricted share units (“RSUs”) to acquire common shares of the Company pursuant to the Plans, to Directors, various Employees and Consultants of the Company. The RSUs vest in the event that the closing share price of the Company’s shares on the TSX Venture Exchange is greater than C$0.70 for 20 consecutive trading days. The RSUs are being issued under the terms of the Company’s Share Compensation Plans which were approved by shareholders at the Company’s Annual General Meeting on 30 October 2020. On behalf of the Board of Directors, Mr Cameron McCall, Chairman For more information please contact: Joe PhillipsManaging Director+61 7 3221 1796communications@macarthurminerals.com Investor Relations – AustraliaInvestor Relations - CanadaAdvisirInvestor CubedSarah Lenard, PartnerNeil Simon, CEOsarah.lenard@advisir.com.au+1 647 258 3310 info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. This news release is not for distribution to United States services or for dissemination in the United States Caution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
08 Dec, 2020
Figure 1 Source: custeel.com Figure 2 Trading average volumes VANCOUVER, British Columbia, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to provide shareholders with an update on key areas of progress that have been made during the 2020 calendar year, and an outline of its planned activities and focus for 2021.   Feasibility Study Work on the Feasibility Study for the Lake Giles Iron Project (“Project”) continues to be advanced. During 2020, your Company has placed specific focus on: * defining a Measured Resource for the Project (including the completion and filing of the required supporting technical report); and * advancing resolution of the key transport infrastructure solutions necessary to successfully deliver our high-grade magnetite product to market. The many and complex elements of the Feasibility Study are being addressed with appropriate rigour to ensure that the Project can be optimised. The Company continues to target conclusion of the Feasibility Study next year and is working with its financial advisers (EAS Advisors in New York) to align the conclusion of the study with the delivery of a diligently structured capital funding solution aimed at preserving value and minimising dilutionary impacts for shareholders.Route to market potential remains unaffected by the realities of broader regional iron ore production The Company’s Board and Management remain confident that, (following completion of a successful Feasibility Study for the Lake Giles Iron Project), the potential for the Project to commence commercial mining operations by the current target of Q1 2024 remains unaltered by broader regional iron ore production utilising the existing rail and port network. The reasons for this include the following: * The Kalgoorlie to Esperance rail network continues to remain under-utilised when compared with historic run rates during the periods leading up to mid-2018. With a run rate of just over 7 million tonnes of iron ore shipped along the Kalgoorlie to Esperance rail network during the 2020 financial year, and run rate marginally above 8 million tonnes during the last four quarters to 30 September 2020, the rail network remains materially under-utilised when compared with the rates being achieved up to mid-2018 prior to Cliffs Natural Resources leaving the Australian market.    The Company’s Board and Management consider that there is adequate potential capacity to handle Macarthur’s initial 3.3mtpa of iron ore products from Lake Giles, and this has been supported by the recent Proposal that the Company received from Arc Infrastructure (“Arc”) for below rail capacity (see 15 July 2020 ASX announcement here). The Arc Proposal provides indicative track access pricing and a clear pathway to a full Commercial Track Access Agreement which can support Macarthur’s Feasibility Study. * Iron ore exports through the Port of Esperance during the 2020 financial year totalled 7,378,420 tonnes (Source: Southern Ports Authority Annual Report 2020). At this level, capacity on the Berth 3 iron ore ship loader remains materially underutilised when compared with the level of iron ore exports that occurred prior to the region’s major producer, Cliffs Natural Resources, leaving the Australian market in mid-2018. The Company remains confident of achieving a solution that can capitalise on the potential for available capacity through the Port of Esperance to complete its route to market. Management is working diligently with the Southern Ports Authority to examine options for rail unloading, product storage and ship-loading solutions to support all required production tonnages, and with the intention of achieving a contracted pathway for critical infrastructure access at the Port of Esperance in the short term. 2021 ObjectivesFollowing closing of the recent A$6.25 million private placement, and the separate ‘at call’ A$20 million controlled placement facility, the Company is well funded to target delivery of a number of other material objectives during the next 12 months. In addition to completing the Feasibility Study, securing a strategic partner and concluding our route to market for the Lake Giles Iron Project, 2021 will see the Company focusing on a series of complementary objectives. These include: * To commence commercial production of the hematite resource at Ularring and facilitate an associated export solution for that resource; * To formalise strategic partnerships for the key infrastructure needed to commercialise the Lake Giles Iron Project; and * To reposition the Company’s 100% owned, 720 km2 of Lithium, Gold, Copper and base metal tenements in the Pilbara region of Australia and its Lithium claims in the Nevada region of the USA so that their value can be unlocked for the benefit of shareholders. Management remains primarily focused on delivering the Lake Giles Iron Project and each of the above objectives aligns directly with that purpose, while creating potential to grow further value for shareholders in the short term.   Details on the Company’s imminent plans to advance early hematite production at Ularring will be provided to the market in the coming weeks and months.Iron Ore MarketFrom a market perspective, the iron price has remained very robust during 2020, driven by high steel production and demand in China, and margins for high-grade, low impurity magnetite concentrate are forecast to continue given the commitment of many global economies to clean air, zero emissions targets by 2050/2060. This has the potential to drive long-term demand for magnetite concentrate and for the cleaner fuel inputs to electric arc furnace technology that can help to achieve a zero emissions global steel industry.Iron ore prices have continued to remain robust and the margin for high grade +65%Fe fines continues to trend well.  A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3af056a4-1e5b-4b46-ba1e-70c208c2ebaaShare PriceAlthough the market has fluctuated over the last month off the September and October highs, this is arguably attributable to end of year selling in the North American market. No Director or insider has sold down their position during this period.Over the last month, the Company’s securities have traded in Canada (“TSXV”) between C$0.40 and C$0.50, and on the Australian Stock Exchange (“ASX”) between A$0.44 and A$0.60. The trading average volumes in this period have been 148,135 on the TSXV and 198,561 on the ASX.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a2169f3-c505-44c5-9090-27e0133e48fbUpdate on Ancillary Iron ProjectsTreppo Iron ProjectThe Treppo Iron Project comprises one application for an Exploration Licence that is located approximately 30 kilometres West of the Lake Giles Iron Project. Upon grant of this tenement the Company plans to commence exploration including drilling of hematite targets that have been mapped to date. This project is ideally situated in close proximity to the Company’s Lake Giles Iron Project and provides long term optionality in utilising regional infrastructure and allows for fast-tracking of development.  Mt Jackson Iron ProjectsThe Mt Jackson Iron Project comprises Exploration Licence E77/2542 located approximately 35 kilometres West-northwest Treppo Iron Project. Tenement E77/2542 is located adjacent to the Deception iron ore deposit that is actively mined by Mineral Resources Ltd (“MRL”). The Company is currently developing a program of field mapping and rock chip sampling to understand the prospectivity for iron ore across these projects.Extension of Rights Offering Warrants issued in December 2017In September 2020, the TSX Venture Exchange approved the extension of the expiry date of 7,928,183 post-consolidation common share purchase warrants that were issued as part of the rights offering to shareholders, which was completed by the Company in December 2017.The expiry date has been extended from 15 December 2020 to 15 December 2021 with the Warrants exercisable for common shares in Macarthur Minerals at a price of C$0.80 per share.Issue of Performance IncentivesThe Board has resolved that the recent expiry of 588,235 RSUs issued to Joe Phillips and Cameron McCall respectively on 27 November 2017 will be reissued on the following terms: * 500,000 RSUs to each Joe Phillips and Cameron McCall; * a vesting term of C$0.65 for 20 consecutive trading days; and * expiring three years from the date of grant. Joe Phillips, Managing Director of Macarthur Minerals commented:”Macarthur is in pole position to move ahead with its Lake Giles Iron Project. The continued sub-optimal utilisation of regional rail and port infrastructure and Macarthur’s enviable portfolio of iron ore resources in the Yilgarn region means that Macarthur continues to have a historic opportunity not only to bring our high grade magnetite project online, but to become a serious player in the Yilgarn region in the foreseeable future.”Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented:“Management continues to clinically focus on laying all of the necessary building blocks to deliver the Lake Giles Iron Project, and the Company’s appetite to independently accelerate early production of DSO at Ularring has the potential to add material benefit for shareholders and to assist the development and funding of our main high grade magnetite project. The Company’s Management is determined to accelerate outcomes in the coming months. 2021 is set to be a milestone year for the Company”.On behalf of the Board of Directors, Mr Cameron McCall, ChairmanFor more information please contact:Joe Phillips  Managing Director  +61 7 3221 1796  communications@macarthurminerals.com      Investor Relations – AustraliaInvestor Relations - Canada Advisir Investor Cubed Sarah Lenard, PartnerNeil Simon, CEO sarah.lenard@advisir.com.au +1 647 258 3310  info@investor3.ca  Company profile Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.This news release is not for distribution to United States services or for dissemination in the United StatesCaution Regarding Forward Looking Statements Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws.  All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements.  The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements.  Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to:  unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals.  Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
01 Dec, 2020
VANCOUVER, British Columbia, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce the appointment of Mr Andrew Bruton as the Company’s new Chief Executive Officer. Ms Mima Wirakara has been appointed to take over the role of Company Secretary. The Company’s current CEO, Mr Joe Phillips, will assume the role of Managing Director, focusing on North American and Australian capital markets, project funding and takeover awareness. In addition, Executive Chairman Cameron McCall’s designation has changed to Non-Executive Chairman. The Company’s incoming CEO Andrew Bruton, joined the Macarthur team just over 12 months ago and during that time has developed a detailed understanding of Macarthur’s business operations. He is an experienced company director with dual qualifications in business and law and brings with him more than 20 years’ experience in advising on highly complex, multi-billion-dollar mining, energy and infrastructure projects and transactions in Australia. With strategic business acumen and a focus on commercial outcomes, Andrew will provide the leadership and continuity of purpose required to deliver the Company’s flagship, Lake Giles Iron Project in Western Australia, to production.Macarthur’s new Company Secretary, Mima Wirakara will assist Andrew and will work closely with the Board to maintain Macarthur’s strong focus on good corporate governance and compliance. Since her appointment in January 2019 as Assistant Company Secretary, Mima has been involved in the Company’s successful listing on the Australian Stock Exchange (“ASX”) and has been instrumental in managing the Company’s corporate governance and compliance, including Australian and Canadian regulatory and exchange requirements. Having recently been nominated as a finalist in a national governance award – the “Governance Top 100”, she is an experienced governance professional who adds considerable value to the Macarthur team.All of the new appointments will commence with immediate effect.Joe Phillips, Managing Director of Macarthur Minerals commented:“Over the course of the past 18 months, I have been preparing Andrew and Mima for the transition into these key corporate roles. I have worked closely with Andrew over the last 10 years and I am confident he is the right person to draw together an experienced project delivery team.”Cameron McCall, President and Chairman of Macarthur Minerals commented:“As a consequence of Joe’s stewardship, Andrew will lead the Company’s future transformation from a solid foundation. He will build a highly focused and dedicated management and delivery team around him as he directs the Company’s transition into its next phase of operations. The ongoing strategic guidance that Joe will continue to bring to the Company in his new and very active role as Managing Director will be crucial for the success of the Lake Giles Iron Project, and he and Andrew will continue to work closely together. This is a perfect leadership framework for Macarthur moving forward, and the Board looks forward to working with Andrew, Joe and Mima.”On behalf of the Board of Directors, Mr Cameron McCall, ChairmanFor more information please contact:Joe Phillips  Managing Director  +61 7 3221 1796  communications@macarthurminerals.com      Investor Relations – AustraliaInvestor Relations - Canada AdvisirInvestor Cubed Sarah Lenard, PartnerNeil Simon, CEO sarah.lenard@advisir.com.au +1 647 258 3310  info@investor3.ca Company profile Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.This news release is not for distribution to United States services or for dissemination in the United StatesCaution Regarding Forward Looking Statements Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws.  All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements.  The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements.  Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to:  unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals.  Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
11 Nov, 2020
VANCOUVER, British Columbia, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to advise that the High Court of Australia has dismissed an application by Mr Charles Chan, Mr Victor Chan and Mr Edward Kwok (the “Applicants”) for special leave to appeal against a previous decision of the Court of Appeal of the Supreme Court of Queensland. Earlier this year, the Court of Appeal had ruled unanimously in favour of Macarthur and other respondents (the “Respondents”).   The High Court’s refusal to grant the Applicants special leave to appeal means that the longstanding proceedings (initiated in 2016) are now finally at an end. There is no further avenue of appeal available to the Applicants.As previously reported to the market, the Applicant’s original proceeding was dismissed by the primary judge in the Supreme Court of Queensland. On 30 June 2020, the Court of Appeal unanimously dismissed the Applicant’s appeal against the original decision, ordering that the Applicants pay the Respondent’s costs (see previous release dated 6 July 2020).In August this year, the Applicants subsequently sought special leave from the High Court of Australia to appeal against the decision of the Court of Appeal. The High Court saw no basis for it to grant such leave.In its reasons dated 5 November 2020, the High Court stated that “The applicants proposed grounds of appeal do not raise a question of principle that warrants the grant of special leave to appeal from the unanimous decision of the Court of Appeal of the Supreme Court of Queensland dismissing the applicants appeal against the decision of the Supreme Court of Queensland. Nor would it be in the interests of justice generally or in the particular circumstances of this case to grant special leave. The applicants require an extension of time but it would be futile to grant the extension sought.” The High Court dismissed the application with costs awarded to the Respondents.This is an excellent result for the Company and the other Respondents who have consistently maintained that the proceedings were entirely without merit.Cameron McCall, Executive Chairman commented: “These proceedings have been going on for many years, and Macarthur and the other Respondents to the proceedings are very pleased that the matter has finally and unanimously determined in our favour. The claims were without merit and Macarthur’s persistence in defending these actions has been vindicated. The Company looks forward to focusing all of its attention on the important task ahead of delivering its flagship Lake Giles Iron Project.”On behalf of the Board of Directors, Mr Cameron McCall, Executive ChairmanJoe Phillips CEO & Director +61 7 3221 1796 communications@macarthurminerals.comInvestor Relations – AustraliaInvestor Relations - Canada AdvisirInvestor Cubed Sarah Lenard, PartnerNeil Simon, CEO sarah.lenard@advisir.com.au +1 647 258 3310  info@investor3.ca Company profileMacarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.This news release is not for distribution to United States services or for dissemination in the United StatesCaution Regarding Forward Looking StatementsCertain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events, beliefs, plans, statements about future events, trends or performance, assumptions or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company.. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to attribute undue certainty and not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

MIO Dividend Payments

EX-Date Dividend Amount
2011-03-14$0.0245
2011-08-25$0.0175
2012-03-05$0.0199
2012-08-27$0.0210
2013-03-11$0.0220