Ann: Citronen Project and Financing Update, page-28

Well at least we now have our update and know where we stand as shareholders - it was always going to be a difficult ask to have this wrapped up by year's end!

Mike has a difficult task on his hands to keep the ball rolling with limited funds available to see this through in the coming year - his final statement in the announcement is somewhat open-ended and the market could take a negative view of that in my view!

Ironbark Managing Director, Michael Jardine, commented:
“Today’s reset provides, I hope, welcome clarity for Ironbark shareholders. “2022 has been a very tough market in which to advance a major equity raise for a large frontier project like Citronen. Despite the significant progress made with, and the support of, US EXIM Bank, we have nonetheless been obliged to now adjust our expectations with respect to reaching an FID milestone in 2022. “We do however remain very bullish on Zinc’s long-term prospects as the world looks to a decarbonised future, and the role of Citronen Project to meaningfully supply into that market. There is much to be positive about with new growth markets quickly emerging in wind and solar on top of a well-flagged reduction in supply from some of the world’s largest producing mines, let alone the lack of investment in new ones. This trend is extremely positive long-term for Ironbark and as the necessary macro stability investors need for greenfield project developments returns, we intend on being ready. “In the short term we will be evaluating additional strategies for bringing new investment in at a project level; the site visit highlighted that there is much that could be achieved in the field in the next year or two to further enhance the investment case. Substantial infill and regional exploration potential were highlighted by our geological consultants, as were opportunities to consider a modest early works program to enable smoother and longer field seasons. Also highlighted was the opportunity to consider alternative energy solutions for the on-site power grid. Ironbark has much to be positive about.”

Maybe it's time to revisit the Australian tenements in the interim to see if we can generate some fresh interest...??

See how we go in the months/year ahead - looks like a bit more of a wait for us long-term holders...lol

GLTAH
.