Another great step in derisking the project and its reassuring to see no extra environmental bonds or anything required which is what I believe killed the Woods Point/Morning Star Mine we were lucky enough to secure the plant from.
They didn't mention it but they also renewed ML1116 (Fosters) and ML1541 (Patriatch) which were both due for expiry on 16/10/2024 for another 9 years each (16/10/2034) which is good as it finalises all the renewals and leaves us a complete mining license package with no near term expiry.
“The grant of the maximum permissible renewal terms for these Mining Leases provide the strongest security of tenure under the Mining Act 1992 (NSW) for the Reward Gold Mine and the broader Hill End Gold Projects. This security of tenure is critical in providing Vertex Minerals Limited with the confidence to justify the resources required for the commencement of operations at the Reward Gold Mine. It also ensures the Company’s resources are focused on the responsible and sustainable development of the underlying mineral resources at Hill End, as opposed to the administrative expenditures required in preparing renewal applications.”
Again I feel like this announcement should be released as price-sensitive as the whole project hinges on these renewals but thats my only issue and I guess that's a good issue to have if any.
Cheers
VTX Price at posting:
8.3¢ Sentiment: Buy Disclosure: Held
