As mentioned in the above post,
PF1 will likely be disposing of Hamersley.
And will not be doing the drilling....
In the circumstances, the Company will no longer be proceeding with the drilling program and will carefully consider its options in relation to the disposal of the Hamersley Iron Ore Project in a manner consistent with its IPO prospectus dated 31 August 2020
(to be read together with the supplementary prospectus lodged with ASIC on 16 September 2020). The options presently being considered are a sale or spin out.
The Company would only proceed with these options if it was believed to be in the best interests of shareholders. Pathfinder has separately made a release in relation to the Hamersley Iron Ore Project resource which addresses the requirements of ASX Listing Rule 5.8. The Company intends to retain its Bloom Lake Cobalt Project in Canada and meet its minimum expenditure obligation of CAD $3600 per annum.
As announced previously, the Company’s current focus is on the exploration of its King Tut gold and cobalt project in Argentina.
This announcement is intended to lift the suspension in trading of the Company’s shares on ASX.
The Company confirms it is in compliance with ASX Listing Rule 3.1.
PF1 Price at posting:
26.5¢ Sentiment: Sell Disclosure: Not Held
(20min delay)