The Board of MetalsTech is pleased to provide an update on the strategic process for our Sturec Gold Mine in Slovakia. To date, we have received several offers and expressions of interest from significant strategic parties looking to partner with MetalsTech to develop the project or acquire it outright.
Recently, we organised site visits for interested parties. We hosted Chifeng Gold and its technical consultants SRK on-site, receiving positive feedback. While engaging with Chifeng, which holds 9% of our register, we are also working with Transmetal Fund to progress towards binding agreements.
There has been notable competitive tension in the strategic process, underscoring the robustness of our project. Interest in Sturec is driven not only by its substantial existing resource of more than 2.7 million ounces of gold but also by the significant exploration potential in the Western Tethys Gold Belt, home to major gold, copper, and silver deposits and operated by tier-1 global mining companies including Eldorado Gold, Zijin Mining and Dundee Precious Metals.
Partnering with the right strategic ally to advance the project's permitting process is crucial as we move through feasibility studies. We recently extended our underground mining permit for another 10 years, a significant milestone demonstrating progress and commitment, as well as significantly de-risking the permitting pathway for the future development of the Sturec Gold Mine as a large tonnage, high value underground-only mining operation. The local community in Kremnica, where Sturec is situated, is increasingly supportive of mining and development, driven by economic factors and the aim to boost employment opportunities and the creation of industrial business operations.
The next three months will be critical for MetalsTech as we progress this strategic process. With the interest received, including an offer valuing the project at up to A$120 million, our drive to deliver returns for our shareholders is clear. Our scoping study transitioning into a pre-feasibility study indicates a promising future for Sturec, focusing on a large tonnage underground mining operation with high margins and substantial gold production.
Thank you for your continued support and engagement in our journey.
Gino D’Anna
Director
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