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West Coast Project, Tasmania
The 100% owned Riley Iron Ore Mine (Riley DSO Hematite Project) is located 10 km from the Mount Lindsay Deposit and occurs as a hematite rich pisolitic and cemented laterite. The deposit is all at surface, located less than 2 km from a sealed road that accesses existing port facilities
Venture engaged Argonaut PCF as advisor on the Riley Iron Ore Mine to undertake a strategic review of the asset.
Argonaut PCF is a specialist natural resources advisor with leading expertise and a proven track record of assisting metals and mining companies critically assess and optimise the value of assets.
The review follows the recent lapse of the offtake agreement with Prosperity Steel, which allows the Company to now consider all options in relation to the future of the Riley Iron Ore Mine.
The strategic review will include an initial assessment of the project including a potential restart, joint venture or an asset sale, focussing on delivering near term value for the Company and our shareholders.
Interest in the project from third parties including potential offtake and joint venture partners has increased in recent months and whilst the iron ore price remains strong, the Company will consider the full range of pathways to unlock the commercial value of the project for Venture shareholders.
The Company looks forward to providing an update on the review process as it progresses.
Riley DSO Project Tasmania
| Resource | Tonnes | Fe(%) | Fe(%) Calcined | SIO2(%) | A12O2(%) | P(%) | S(%) | LOI(%) |
|---|---|---|---|---|---|---|---|---|
| Indicated | 2.0Mt | 57 | 61 | 3.3 | 2.7 | 0.03 | 0.08 | 7.9 |
Riley DSO Project Tasmania
| Reserve | Tonnes | Fe(%) | Fe(%) Calcined | SIO2(%) | A12O2(%) | P(%) | S(%) | LOI(%) |
|---|---|---|---|---|---|---|---|---|
| Probable | 1.6Mt | 57 | 61 | 3.9 | 2.6 | 0.03 | 0.07 | 7.1 |
Auditors
Stantons International
Level 1, Havelock Street
West Perth WA 6000
Share Registry
Automic Group
Level 5, 191 St Georges Terrace
Perth WA 6000
GPO Box 5193
Sydney NSW 2001
Tel: 1300 288 664 (within Australia)
Tel: +61 2 9698 5414 (international)
hello@automic.com.au
www.automicgroup.com.au
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