Phase 2 placement - $7.2M for exploration of Red Mountain project, new project exploration in southern Mongolia. Phase 3 placement - $35M for 50:50 JV for Kharmagtai. TBC but I think this should get us through to FID.
Put options for XAM to manage exposure to funding, with Option 2 being interesting. $25M cash which leaves us with (I believe) 18.75% of the overall project. Loan for construction costs from Zijin.
Hopefully the share price responds today.
XAM Price at posting:
2.8¢ Sentiment: Hold Disclosure: Held
