Final statutory approvals received from the Department of Mines and Petroleum and the Commissioner of Main Roads, allowing mining to commence at the Ulysses West open pit that forms part of the Ulysses gold project near Leonora in WA.
Mining scheduled to commence in late September immediately following shareholder approval for the $2.5M share placement to SMS Innovative Mining Pty Ltd (“SMS”) as part of the recently announced Mining Alliance.
Site mobilisation to commence to establish haulage roads and site infrastructure adjacent to the open pit.
First ore expected to be delivered to the 3.5Mtpa Paddington gold plant by mid-October under the Toll Milling Agreement with Paddington Gold Pty Ltd.
First cash-flow anticipated by early November, with the mining operation forecast to generate free cash-flow of ~$6M from the 5-month duration of the Ulysses West pit (Ore Reserve: 74,000t at 4.1g/t for 9,700oz1).
GMD Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
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