NAE 0.00% 0.3¢ new age exploration limited

I think that Alan is a bit busy at the moment. Strategic...

  1. 371 Posts.
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    I think that Alan is a bit busy at the moment. Strategic Minerals PIC has it's AGM next week, 18 July in London.
    What we sold them,

    "In May 2016, the Company entered into an agreement with New Age Exploration
    Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten
    project in Cornwall, UK. The bulk of the funds from the Company's investment
    were utilised to complete a drilling programme that year. The drilling
    programme resulted in a significant upgrade of the resource. This was followed
    in 2018 with a 12-hole 2018 drilling programme has now been completed and the
    resource update that resulted was announced in February 2019. In March 2019,
    the Company entered into arrangements to acquire the balance of the Redmoor
    Tin/Tungsten project which was settled on 24 July 2019 by way of a vendor loan
    which was fully repaid on 26 June 2020."

    And in the Chairman's report,

    "The Cornish mining revival continued to gather pace in 2022. We consider CRL
    to represent a significant asset in this regional play and its recent
    extension of arrangements provides the time to develop this fully to the best
    benefit of shareholders. The global significance of the deposit at Redmoor
    (inferred resource of 11.7mt at a tin equivalent (SnEq) of 1.17%) was further
    reinforced, in July 2022, when both Tungsten and Tin were included in the UK
    Critical Minerals List. This has opened the way for CRL to seek grant funding
    for progressing the Redmoor project to pre-feasibility stage. There have
    been encouraging recent developments in the US involving both defence
    contractors having to source Tungsten supplies from non-Chinese/Russian
    suppliers by 2026 and current indications that the US will deem the UK a
    "domestic" supplier, thus providing access for UK projects to US government
    funding."

    And,

    "Finally, I would like to acknowledge the support of our shareholders,
    suppliers and other stakeholders and I look forward to your continued support
    during 2023 and beyond.

    Alan Broome AM

    Chairman"
 
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