MYL (ASX) Ann: Capital Raising and Project Update

Originally posted by PGFin: ↑

Congrats to all who have participated so far as you are doing your bit in getting this company back on the starting block.

Im not concerned with the short term SP movement as I know that it will rise on the tide. We will be a producer of a premium product which will self fund further expansion of the company.

Exploration is also planned and we are on very, very good ground. JL has spoken of the potential of finding the next Avebury is close proximity. We have 20 year LOM currently so to extend that out, perhaps another 20 years would be very exciting. We know the majors are on the hunt to acquire long life projects of such scale.

Commissions within weeks, ramp up and drill for more. Lots to be excited about and lots of catalysts for SP appreciation along the way.

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And the timing couldn't be better. Not sure if people saw saw the announcment overnight in the US that Australia has been granted preferred staus ahead of China to supply processed critical minerals (Lithium, NICKEL, cobalt and graphite) for the US vehicle battery program under new laws signed off by Biden this week. Was reported on the front page of today's The Australian newspaper. Huge news. The article claims it could be worth billions of $$ to Australia's mining and manufacturing industries.

Under the deal, 40 percent of the value of the critical minerals used in batteries (ie EVs, household and commercial battery storage facilities, any battery associated with the transition to clean energy) MUST be sourced from a country that has a free'trade agreement with the US (ie Australia), rising to 80 per cent by 2027.

I'm struck by how MYL shareholders have finally lucked in here with the timing and the commodity the MYL board have managed to secure. And it's important to remember this is not any ordinary nickel deposit. The nickel produced at Avebury is battery grade nickel, will be in demand and we will be in production shortly. Then there's the exploration upside as well.

Once we re-list (an achievement in itself if the CR gets us any amount above $20m in this market), get past any initial churn of shares and the share price, ramp up production, get the first six months of concentrate production out the door (and report to the market that the company is earning serious $$$$), then reach name plate - happy days.

And well deserved for us patient MYL holders. Hats off to everyone who put their hand in their pocket and helped give this CR a chance of success. I'm looking forward to hearing good news from the company in the next week or so that the ASX is finally going to grant us approaval to get back on the boards.