Market Cap: ~A$42million one of only 2 listed ruby miners in the world • Flagship Montepuez Project located next to London-listed Gemfields (AIM:GEM Market cap: A$400million) • Multiple ruby deposits identified in 195km2 land package • Aggressive drilling campaign to build inventory & JORC Resource in H2 2017 • Throughput rates significantly ramped up following successful plant relocation • Plant upgrades in April 2017 to further boost processing rates & recoveries in coming months • Two commercial parcels of rubies totalling 31,221cts exported in Q1 2017 o Current gem ruby inventory of 37,291cts • Mustang on track for first sales revenue Q2 2017; larger sales H2 2017 • Acquiring 65% interest in adjacent licence where artisanals are mining gem-quality rubies from a shallow deposit 3km SE from existing plant • Additional upside from Caula Graphite Project a shallow high grade graphite deposit O
21 March 2017 announcment
MUS Price at posting:
15.5¢ Sentiment: None Disclosure: Not Held
