TIDMIRR
RNS Number : 5143N
IronRidge Resources Limited
30 September 2021
30 September 2021
IronRidge Resources Limited
2021 Financial Results
Highly successful year culminates in transformative funding
agreement
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company , is
pleased to announce its audited results for the year ended 30 June
2021.
A full copy of 2021 Annual Report is available through the
Investor Centre of the Company's website
www.ironridgeresources.com.au or can be viewed in the PDF version
via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5143N_1-2021-9-30.pdf
Financial Highlights:
Ø Exploration and evaluation expenditure held on the balance
sheet for the year ended 30 June 2021 was A$51.4 million (2020:
A$34.0 million), representing an increase of A$17.4 million with
continued exploration programmes conducted across the Company's
projects in Ghana, Côte d'Ivoire and Chad.
Ø Successful capital raisings during the financial year for
approximately A$33.8 million, allowed the Company to continue
exploration activities across its portfolio throughout the period,
and left the Company in a strong financial position at year
end.
Ø Cash position at 30 June 2021 of A$19.1 million (2020: A$7.3
million).
Corporate Highlights:
Ø Announcement of the Company's intention to progress a demerger
of the Company's gold assets in Côte d'Ivoire and Chad into a new
gold focused entity structured to permit quotation on a recognised
stock exchange.
Ø Appointment of Liberum Capital Limited ("Liberum") as joint
broker to the Company.
Ø Appointment of Ms Amanda Harsas as Company Secretary and Chief
Financial Officer to the Company.
Ø Appointment of Ms Christelle van der Merwe to the Board of the
Company as a Non-Executive Director.
Ø Chad gold projects renewed for a further 4 years.
Ø IronRidge accepted as a member of the European Battery
Alliance ("EBA250").
Ø Divestment of its non-core May Queen gold project in Western
Australia.
Post Period End Highlights:
Ø Secured agreement with Piedmont Lithium Inc. ("PLI" or
"Piedmont"), a Nasdaq listed lithium exploration and development
company, to fully fund and fast track development of the industry
standout Ewoyaa Lithium Project ("Ewoyaa" or "the Project"), part
of the Company's Ghanaian Cape Coast Lithium Portfolio ("CCLP"), to
production for US$102 million.
o Conditions precedent to the execution of the binding agreement
now satisfied.
Ø Commitment of IronRidge's senior management team for the next
phase of the Company's project and corporate developments.
Ø High-grade lithium pegmatite drill intersections reported at
new targets adjacent to Ewoyaa.
o Best drill intersection to date reported for the resource
expansion programme at the Ewoyaa North target.
Vincent Mascolo, Chief Executive Officer of IronRidge,
commented:
"This year has been highly successful for IronRidge, culminating
in the transformative post period end agreement with Piedmont
Lithium to fully fund the Company's Ewoyaa Lithium Project through
to production.
"In Ghana, we reported an exceptional Scoping Study for Ewoyaa,
that supports a business case for a 2.0 Million tonnes per annum
production operation, with life of mine revenues exceeding US$1.55
Billion. This was the foundation for the transformative agreement
subsequent to the reporting period with Piedmont Lithium to fully
fund the project through to production. The landmark nature of our
progression of this project is a testament to the strategic
direction we have taken in Ghana and at this project.
"We have continued to progress exploration at the Company's
Zaranou Gold Project in Côte d'Ivoire during the period. The
Company completed drilling activities at the Zaranou gold license
and focused drilling efforts at the Ehuasso - Coffee Bean - Mbasso
target, as well as commencing drilling at the Ebilassokro and
Yakassé targets. The announcement of the Company's intention to
progress a demerger of the Company's gold assets in Côte d'Ivoire
and Chad into a new gold focused entity will further unlock the
value of Zaranou and our other gold assets.
"In line with the Company's core strategy to advance its lithium
development project in Ghana and gold exploration portfolios in
Côte d'Ivoire and Chad, the Board has elected to surrender its
non-core bauxite and iron ore interests in Australia and Gabon. The
Company is now at a stage where this portfolio rationalisation will
provide for better capital allocation and more focussed management
time, commensurate with the more advanced status of our lithium and
gold portfolio.
"Our strong cash position, standing at A$19.1 million at period
end, and our successful capital raisings during the financial year,
raising approximately A$33.8 million, has allowed the Company to
continue our exploration activities across our portfolio and left
the Company in a strong financial position at year end.
"We are grateful that COVID-19 and its impact on global travel
has not provided a major barrier to the successful operation of the
Company and our projects. Nevertheless, Management has continued to
institute health and safety measures across all of our operations
to minimise disruption and protect the health of our staff and
partners. I would once again like to thank all our staff for their
dedication and hard work during these unprecedented times.
"After a highly productive year for the Company, we bring great
optimism into the year ahead. I would like to thank our loyal
shareholders for their continued support and I look forward to
updating the market of our progress."
Adding, Chairman Neil Herbert said:
"IronRidge has made impressive progress across its project
portfolio this year. Focus and resources have understandably been
directed more towards the Ewoyaa Lithium Project in Ghana, however,
simultaneously, considerable exploration success has been achieved
in Côte d'Ivoire.
"This strategy has proven fruitful, with the continued hard work
at Ewoyaa delivering incredible Scoping Study results, which in
turn has resulted in the milestone agreement with Piedmont, post
period end, to fully fund Ewoyaa through to production. We have
always been confident that Ewoyaa had the potential to become an
industry-standout project and now the Scoping Study and funding
agreement have affirmed this belief. Our efforts now turn to
developing Ewoyaa through the next stages to production and
commercialisation.
"In Côte d'Ivoire, the Zaranou Gold Project has continued to
deliver high-grade results and significant mineralisation has been
confirmed at new surrounding targets, including Mbasso, Ehuasso and
Yakassé. With only 12km of the 47km identified strike along the
Zaranou license having been drill tested, and with regional soils
confirming prospectivity along the structure, we look forward to a
pipeline of further positive drill results in the coming months. We
are also pleased to have strengthened our gold portfolio in-country
through the completion of the acquisitions of the Vavoua license
and Bodite and Bianouan licenses, providing IronRidge with
additional highly prospective ground to explore.
"In order to allow the Company to prioritise the developments of
its core gold and lithium assets , the Board has taken the decision
to surrender its bauxite and iron ore interests in Australia and
Gabon. The Company believes that its intended demerger of its gold
assets into a new gold-focused entity should enable the Company's
gold and lithium portfolios to realise their true values and
deliver value accordingly to shareholders.
"The Company is now in a strong position to capitalise upon the
progress made to date and make the year ahead even more successful
than the year just completed. As such, we look forward to providing
updates to the market on all of our activities in due course."
IronRidge Project Portfolio Summary:
IronRidge is a multi-commodity mineral exploration and
development company with assets in Africa. The Company is exploring
for lithium in Ghana, gold and lithium in Côte d'Ivoire and gold in
Chad.
In Ghana, the Company holds 684km(2) of granted and under
application tenure where a 14.5Mt at 1.31% Li(2) O maiden Mineral
Resource estimate (reported in accordance with the JORC Code) in
Indicated and Inferred status at the Ewoyaa Project was defined
within close proximity to operational infrastructure.
In Côte d'Ivoire, the Company holds 3,982km(2) of granted and
under application gold tenure and a further 774km(2) of under
application lithium tenure within highly prospective Birimian
terrain.
In Chad, the Company holds 746.25km(2) of highly prospective
granted tenure where trenching has defined a 1km long by 200m wide,
high-grade stacked vein gold target within a broader 3km long by
1km wide lower-grade sheeted vein gold target.
In 2021, the Company surrendered its bauxite and iron ore
interests in Australia and Gabon, allowing the development of its
core gold and lithium assets to remain its priority.
Operational Highlights:
Ghana - Lithium
Ø Exceptional Scoping Study results announced at Ewoyaa,
supporting a business case for a 2.0 Million tonnes per annum
("Mtpa") production operation with life of mine ("LOM") revenues
exceeding US$1.55 Billion and significant potential to extend
LOM.
o The Study highlighted an 8-year LOM operation, producing an
average 295,000tpa of 6% Li(2) O spodumene concentrate using
conventional open cut mining operation from surface with low strip
ratios, with LOM revenues exceeding US$1.55bn, Post-tax NPV8 of
US$345M, average EBITDA of US$105M per annum and IRR of 125% over 8
years.
Ø Further metallurgical test work was completed on the first
stage of improvement, with P1 mineralisation being tested at a
larger scale using a 100mm Dense Media Separation ("DMS100")
cyclone as well as testing the effect of re-crushing middlings. P2
mineralisation was similarly tested, but at smaller scale using
Heavy Liquid Separation ("HLS").
o After re-crushing P1 gravity middlings and testing it again in
the DMS100, the recovery of lithium improved for both the fresh and
transitional material whilst maintaining a product grade of 6%
Li(2) O.
Ø Commenced a 12,500m reverse circulation ("RC") drilling
programme designed to add resource tonnes within the immediate
Ewoyaa resource area and test seven new target zones defined within
a 12,896m exploration auger drilling programme.
o The RC programme was further extended to 16,500m total to test
strike extensions where high-grade mineralisation remained open in
adjacent holes.
o Drilling remains ongoing with multiple high-grade drill
intersections reported to date within new targets including Anokyi
Main, Anokyi South, Okwesikrom and Ewoyaa North.
Ø Completed the acquisition of 100% of the share capital of Joy
Transporters Ltd, providing IronRidge full ownership of the highly
prospective Saltpond license and Cape Coast application in
Ghana.
Ø Post-period, the Company announced additional broad and
high-grade lithium pegmatite drill intersections at the
Grasscutter, Ewoyaa North and Anokyi Main targets adjacent to the
Ewoyaa mineral resource estimate.
Côte D'Ivoire - Gold and Lithium
Zaranou Portfolio
Ø Completed drilling activities at the Zaranou gold license and
focused drilling efforts at the Ehuasso - Coffee Bean - Mbasso
target where artisanal workings are most intense and commenced
drilling at the Ebilassokro and Yakassé targets.
Ø Secured unverified historical soils and drilling data from
previous explorers AngloGold Ashanti and Etruscan Resources,
including data for a total of 279 Rotary Air Blast ("RAB") holes
for 8,025m to a maximum depth of 50m and 186 reverse circulation
("RC") holes for 9,759m to a maximum depth of 80m over the Yakassé
target in the extreme south-west of the license area.
Ø Completed a second phase drill programme for a total of
20,312m in 404 air core ("AC") holes and 2,077m in 12 RC holes.
Drilling focused within the Ehuasso target along 160m spaced AC and
RC drill traverses to test mineralisation continuity, in addition
to two exploration AC drill traverses at the Ebilassokro soil
anomaly.
Ø Completed the third phase programme for 51,539m of drilling
including 20,323m in 110 RC holes and 31,216m in 611 AC holes at
the Ehuasso, Ebilassokro, Yakassé, Mbasso and Coffee Bean/Super pit
targets at 80m and 160m spaced drill traverses. The Company also
completed a 645m diamond drilling programme in three holes at the
Ehuasso target for geology, RC twinning and density work.
Ø Announced the 100% acquisition of the Bodite and Bianouan Gold
licenses from Major Star SA.
Vavoua Portfolio
Ø Announced the 100% acquisition of the Vavoua Gold license from
CAPRI Metals SARL.
o The Company commenced an exploration auger drilling programme
over geophysical anomalies defined from the aeromagnetics survey
and along strike from the 3.35Moz Abujar Project. Auger drilling is
ongoing.
Kineta Portfolio
Ø Completed 2,442m for 18 holes of RC drilling at the Kineta
North gold license to test below previously reported trenching
intersections including 2m at 4.04g/t gold and 6m at 0.24g/t gold
within a broader 2km long by 250m wide >30ppb gold soils anomaly
with coincident underground artisanal workings over a 700m
strike.
Ø Completed 1,590m of trenching at the Marahui license,
following up regional soil anomalies .
Chad - Gold
Ø Successfully renewed its Dorothe, Echbara and Am Ouchar
licenses for a further 4 years with requisite area reductions for a
total 746.25km(2) of highly prospective tenure where it has defined
a significant gold target at Dorothe.
Ø The Company is assessing timing to recommence field activities
with the intention to focus on a maiden drilling programme to test
the Dorothe target in the new year.
Competent Person Statement:
Information in this report relating to the exploration results
is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc.
Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of
the Australian Institute of Geoscientists who has in excess of 20
years' experience in mineral exploration and is a Qualified Person
under the AIM Rules. Mr Kolff consents to the inclusion of the
information in the form and context in which it appears.
Information in this report relating to metallurgical results is
based on data reviewed by Mr Noel O'Brien, Director of Trinol Pty
Ltd. Mr O'Brien is a Fellow of the Australasian Institute of Mining
and Metallurgy (AusIMM) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the December 2012
edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" (JORC Code). Mr
O'Brien consents to the inclusion in the report of the matters
based upon the information in the form and context in which it
appears.
Information in this report relating to Mineral Resources at the
Ewoyaa Lithium Project in Ghana was compiled by Shaun Searle of
Ashmore Associates Ltd, a Member of the Australian Institute of
Geoscientists. Mr Searle has sufficient experience that is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Searle is a director of Ashmore.
Ashmore and the Competent Person are independent of the Company and
other than being paid fees for services in compiling this report,
neither has any financial interest (direct or contingent) in the
Company .
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For any further information please contact:
IronRidge Resources Limited Tel: +61 2 8072 0640
Vincent Mascolo (Chief Executive Officer)
Amanda Harsas (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
Tel: +44 (0) 20 3100 2000
Liberum Capital Limited
Joint Company Broker
Scott Mathieson
Edward Thomas
Kane Collings
SI Capital Limited Tel: +44 (0) 1483 413
Joint Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry WilkinsonMatthew McHale
Dominic Barretto
Notes to Editors:
About IronRidge
www.ironridgeresources.com.au
IronRidge Resources is an AIM-listed, Africa focused minerals
exploration company with a significant lithium pegmatite discovery
in Ghana, extensive gold portfolios in Côte d'Ivoire and a
potential new gold province discovery in Chad. As announced on 1
June 2021, IronRidge intends to demerge its suite of gold assets
into a separate listed entity. As announced on 31 August 2021,
Piedmont Lithium to fully fund the Ewoyaa lithium project in
Ghana.
Ghana
The Cape Coast Lithium portfolio covers some 684km(2) and
includes the newly discovered Ewoyaa Lithium Project with a maiden
Mineral Resource estimate of 14.5Mt at 1.31% Li(2) O in the
inferred and indicated category including 4.5Mt at 1.39% Li(2) O in
the indicated category (reported in accordance with the JORC Code)
. The Company entered into earn-in arrangements with Obotan
Minerals Limited, Merlink Resources Limited, Barari Developments
Limited and Joy Transporters Limited of Ghana, West Africa,
securing the first access rights to acquire the historical
Egyasimanku Hill spodumene rich lithium deposit, estimated to be in
the order of 1.48Mt at 1.67% Li(2) O and surrounding tenements. The
tenure package is also prospective for tin, tantalum, niobium,
caesium and gold, which occur as accessory minerals within the
pegmatites and host formations.
Côte d'Ivoire
The Company entered into conditional earn-in arrangements in
Côte d'Ivoire, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,982km2 and 774km2 area respectively. The
projects are well located within access of an extensive bitumen
road network and along strike from multi-million-ounce gold
projects and mines. The Company's most advanced project is the
Zaranou gold project which includes high-grade gold drilling
intersections along 8km strike including 6m at 6.44g/t gold from
132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m
and 22m at 3.39g/t gold from 8m within a broader 47km long gold
anomalous structure.
Chad
The Company's Tekton Minerals Pte Ltd of Singapore holds an
extensive portfolio covering 746km(2) of highly prospective gold
and other mineral projects in Chad, Central Africa. IronRidge
acquired 100% of Tekton including its projects and team to advance
the Dorothe, Echbara, Am Ouchar, Nabagay and Kalaka licenses, which
host multiple, large scale gold projects. Trenching results at
Dorothe, including 84m at 1.66g/t Au (including 6m at 5.49g/t &
8m at 6.23g/t), 4m at 18.77g/t Au (including 2m at 36.2g/t), 32m at
2.02g/t Au (including 18m at 3.22g/t), 24m at 2.53g/t Au (including
6m at 4.1g/t (including 2m at 6.2g/t) and 2m at 6.14g/t), 14.12g/t
Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined
significant gold mineralised quartz veining zones over a 3km by 1km
area including the steep dipping 'Main Vein' and shallow dipping
'Sheeted Vein' zones.
Corporate
IronRidge made its AIM debut in February 2015, successfully
securing strategic alliances with three international companies;
Assore Limited of South Africa, Sumitomo Corporation of Japan and
DGR Global Limited of Australia. Assore is a high-grade iron,
chrome and manganese mining specialist. Sumitomo Corporation is a
global resources, mining marketing and trading conglomerate. DGR
Global is a project generation and exploration specialist.
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