Resultados del semestre finalizado el 31 de diciembre de 2023
15 de marzo de 2024
Future Metals ES
Resultados del semestre finalizado el 31 de diciembre de 2023
The Board of Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased to announce the Company's unaudited consolidated interim results for the 6 months to 31 December 2023 (the "Half-Year Report").
Please see below extracts from the Company's full Half-Year Report comprising the:
- Informe de directores
- Estado consolidado de pérdidas y ganancias y otros resultados integrales
- Estado de Situación Financiera Consolidado
- Estado de cambios en el patrimonio neto consolidado
- Estado consolidado de flujos de efectivo
A pdf copy of the full Half-Year Report is available at the following link: http://www.rns-pdf.londonstockexchange.com/rns/0439H_1-2024-3-15.pdf and is also available on the Company's website at: www.future-metals.com.au
Para más información, por favor póngase en contacto con:
Future Metals ES Jardee Kininmes | +61 8 9480 0414 |
Strand Hanson Limited (Asesor designado) James Harris/James Bellman | +44 0 207 409 3494 |
Panmure Gordon (Reino Unido) Limited (REINO UNIDO Broker) Hugh Rich/Soman Thakran | 44 0 207 886 2500 |
Comunicaciones de flujo (Reino Unido IR/PR) Sasha Sethi | +44 0 789 167 7441 |
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en el Reglamento de Abuso de Mercado (UE) No. 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de (Retirada) de la Unión Europea de 2018 , modificado en virtud del Reglamento de Abuso de Mercado (Enmienda) (Salida de la UE) de 2019.
Key extracts from the Company's Half-Year Report are set our below:
Informe de directores
The Directors present their report for Future Metals NL ("Metales del futuro" o la "Empresa") y sus subsidiarias (juntas las"Grupo procesos") for the half-year ended 31 December 2023.
DIRECTORES
The persons who were directors of Future Metals during the half-year and up to the date of this report (unless stated otherwise) were:
§ Patrick Walta - Executive Chairman (appointed 17 November 2023)
§ Jardee Kininmonth - Managing Director and Chief Executive Officer
§ Justin Tremain - Non-Executive Director
§ Elizabeth Henson - Non-Executive Director
§ Allan Mulligan - Non-Executive Director (resigned 17 November 2023)
§ Robert Mosig - Non-Executive Director (resigned 17 November 2023)
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activities of the Company during the period were to:
§ Undertake development studies and exploration on the Company's 100% owned Panton PGM-Ni-Cr project in the Kimberley region of Western Australia ("Proyecto Pantón");
§ Define drill targets along ~18km of highly prospective strike ('Alice Downs Corridor') within the Company's 100% owned exploration package, located ~12km north-east of Panton. Targets include Eileen Bore, Palamino and Salk, none of which have been effectively drill tested; and
§ Assess multiple regional opportunities for further enhancing the Company's strategic land position in the highly prospective East Kimberley region and abroad.
REVISIÓN DE OPERACIONES
Future Metals owns 100% of the Panton PGM-Ni-Cr deposit ("Panton" o la "Proyecto") in the eastern Kimberley region of Western Australia, a tier one mining jurisdiction. The Project is located on three granted mining licenses 70km north of Halls Creek and 60km south of the operating Savannah Nickel Mine owned by Panoramic Resources Ltd.
The Project is well situated for future planned operations, with good access to roads, a deep-water port at Wyndham, sealed airstrips and local populations at the nearby towns of Halls Creek and Kununurra. The Project is located within the traditional lands of the Malarngowem, and the tenure sits within the Alice Downs Pastoral Station.
PGM-Ni-Cr mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive which is a 9km long, 3km wide and 1.7km thick south-west plunging synclinal intrusion. PGM & Cr mineralisation is hosted within a series of stratiform chromite reefs as well as a surrounding zone of mineralised dunite within the ultramafic package.
Panton is the highest grade PGM deposit in Australia, with mineralisation defined across three components within a JORC (2012) Mineral Resource Estimate ("MRE"); the Reef, the High Grade Dunite and the Bulk Dunite. The High Grade Dunite is at the contact and runs parallel to the Reef throughout the entire deposit. The Company's Scoping Study, completed and announced on 7 December 2023 (the "Estudio de alcance"), was based solely on the Reef and High Grade Dunite components of the MRE such that the near-surface Bulk Dunite mineralisation represents significant potential upside for future expansion.
Future Metals plans to produce both a high-grade PGM concentrate, and a chromite concentrate from the Panton deposit. Such concentrates will be trucked via sealed public roads to Wyndham for export to customers globally.
The total MRE at Panton is 92.9Mt @ 1.5g/t PGM3E1, 0.20% Ni, 3.1% Cr2O3 (2.0 g/t PdEq2) para metal contenido de 4.5Moz PGM3E1, 185kt Ni and 2.8Mt Cr2O3 (6.0Moz PdEq2). The MRE has been reported across three separate units; the Reef, the High-Grade Dunite and the Bulk Dunite (Por favor refer to the Company's announcement dated 26 October 2023 and Table Five for full details).
Mesa Uno | Estimación de recursos minerales totales de Panton
Misa (Monte) |
| PGM3E1 (g / t) | Ni (%) | Cr2O3 (%) | PdEq2 (g / t) |
92.9 | Grado | 1.5 | 0.20 | 3.1 | 2.0 |
| (moz) | (kt) | (Monte) | (moz) | |
Metal contenido | 4.5 | 185 | 2.8 | 6.0 |
El componente Reef tiene un MRE de 10.8Mt @ 5.6g/t PGM3E1, 0.27% Ni, 14.6% Cr2O3 (7.0 g/t PdEq2) para metal contenido de 2.0Moz PGM3E1, 29kt Ni, 1.6Mt Cr2O3 (2.4Moz PdEq2).
Tabla dos | Estimación de recursos minerales de Panton - Arrecife de alto grado
Misa (Monte) |
| PGM3E1 (g / t) | Ni (%) | Cr2O3 (%) | PdEq2 (g / t) |
10.8 | Grado | 5.6 | 0.27 | 14.6 | 7.0 |
| (moz) | (kt) | (Monte) | (moz) | |
Metal contenido | 2.0 | 29 | 1.6 | 2.4 |
El componente Dunite de alta ley tiene un MRE de 26.4Mt @ 1.3g/t PGM3E1, 0.21% Ni (1.8g/t PdEq2) para metal contenido de 1.1Moz PGM3E1 and 54kt Ni (1.5Moz PdEq2). La dunita de alta ley es la mineralización que se encuentra paralela a la mineralización del arrecife en los contactos de la pared inferior y la pared colgante.
Table Three | Panton Mineral Resource Estimate - High Grade Dunite (1.4g/t PdEq cut-off)
Misa (Monte) |
| PGM3E1 (g / t) | Ni (%) | PdEq2 (g / t) |
26.4 | Grado | 1.3 | 0.21 | 1.8 |
| (moz) | (kt) | (moz) | |
Metal contenido | 1.1 | 54 | 1.5 |
La mineralización combinada de arrecife y dunita de alta ley tiene un MRE de 37.2Mt @ 2.6g/t PGM3E1, 0.22% Ni, 6.2% Cr2O3 (3.3 g/t PdEq2) para metal contenido de 3.1Moz PGM3E1, 83kt Ni, 2.2Mt Cr2O3 (3.9Moz PdEq2).
Mesa Cuatro | Estimación de recursos minerales de Panton: arrecife y dunita de alta calidad
Misa (Monte) |
| PGM3E1 (g / t) | Ni (%) | Cr2O3 (%) | PdEq2 (g / t) |
37.2 | Grado | 2.6 | 0.22 | 6.2 | 3.3 |
| (moz) | (kt) | (Monte) | (moz) | |
Metal contenido | 3.1 | 83 | 2.2 | 3.9 |
The Bulk Dunite has been reported at a 0.9g/t PdEq2 cut-off for an MRE of 55.7Mt @ 0.8g/t PGM3E, 0.18% Ni (1.2g/t PdEq2) para metal contenido de 1.4Moz PGM3E1, 102kt Ni (2.1Moz PdEq)2). A detailed table for the Panton MRE is provided in Table Five.
1 Platinum-Group-Metals 3E refers to platinum, palladium and gold.
2 PdEq (Palladium Equivalent). Refer to page 8 for calculation details.
Table Five | Panton Mineral Resource Estimate (JORC Code 2022)
Categoría | Misa | Grado | Metal contenido | |||||||||||||||||||||
(Monte) | Pd (g / t) | Pt (g / t) | Au (g / t) | PGM3E1 (g / t) | Ni (%) | Cr2O3 (%) | PdEq2 (g / t) | Cu (%) | Co (Ppm) | Pd (Koz) | Pt (Koz) | Au (Koz) | PGM3E1 (Koz) | Ni (kt) | Cr2O3 (kt) | PdEq2 (Koz) | Cu (kt) | Co (kt) | ||||||
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Arrecife superior | ||||||||||||||||||||||||
Indicado | 3.0 | 3.3 | 2.8 | 0.5 | 6.5 | 0.29 | 15.5 | 7.9 | 0.08 | 217 | 318 | 272 | 46 | 635 | 9 | 472 | 771 | 2 | 0.7 | |||||
Inferido | 4.9 | 3.2 | 2.7 | 0.4 | 6.4 | 0.30 | 15.6 | 7.8 | 0.10 | 221 | 506 | 431 | 65 | 1,003 | 15 | 761 | 1,227 | 5 | 1.1 | |||||
Total | 7.9 | 3.2 | 2.8 | 0.4 | 6.4 | 0.30 | 15.6 | 7.8 | 0.09 | 219 | 824 | 703 | 111 | 1,637 | 23 | 1,233 | 1,998 | 7 | 1.7 | |||||
Arrecife inferior | ||||||||||||||||||||||||
Indicado | 1.4 | 1.3 | 1.7 | 0.1 | 3.1 | 0.17 | 10.7 | 4.1 | 0.04 | 200 | 59 | 79 | 6 | 143 | 2 | 151 | 186 | 1 | 0.3 | |||||
Inferido | 1.4 | 1.6 | 2.1 | 0.1 | 3.8 | 0.19 | 13.0 | 4.9 | 0.05 | 215 | 73 | 95 | 5 | 173 | 3 | 185 | 223 | 1 | 0.3 | |||||
Total | 2.8 | 1.4 | 1.9 | 0.1 | 3.5 | 0.18 | 11.8 | 4.5 | 0.04 | 208 | 132 | 174 | 11 | 316 | 5 | 337 | 409 | 1 | 0.6 | |||||
Arrecife Total | ||||||||||||||||||||||||
Indicado | 4.5 | 2.6 | 2.4 | 0.4 | 5.4 | 0.25 | 14.0 | 6.7 | 0.07 | 211 | 377 | 350 | 51 | 778 | 11 | 623 | 957 | 3 | 0.9 | |||||
Inferido | 6.3 | 2.9 | 2.6 | 0.3 | 5.8 | 0.28 | 15.0 | 7.2 | 0.09 | 220 | 579 | 526 | 70 | 1,175 | 17 | 946 | 1,450 | 5 | 1.4 | |||||
Total | 10.8 | 2.8 | 2.5 | 0.4 | 5.6 | 0.27 | 14.6 | 7.0 | 0.08 | 216 | 956 | 876 | 122 | 1,954 | 29 | 1,569 | 2,407 | 8 | 2.3 | |||||
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Dunita de alto grado (Subterráneo, por debajo de 300 mRL, límite de 1.4 g/t PdEq) | ||||||||||||||||||||||||
Indicado | 5.9 | 0.6 | 0.6 | 0.2 | 1.4 | 0.20 | 2.2 | 1.7 | 0.04 | 151 | 120 | 109 | 30 | 259 | 12 | 132 | 334 | 2 | 0.9 | |||||
Inferido | 20.5 | 0.6 | 0.6 | 0.1 | 1.3 | 0.21 | 2.3 | 1.8 | 0.04 | 160 | 425 | 373 | 87 | 885 | 43 | 478 | 1,154 | 9 | 3.3 | |||||
Total | 26.4 | 0.6 | 0.6 | 0.1 | 1.3 | 0.21 | 2.3 | 1.8 | 0.04 | 158 | 545 | 482 | 118 | 1,144 | 54 | 610 | 1,488 | 11 | 4.2 | |||||
Arrecife + Dunita de alto grado | ||||||||||||||||||||||||
Indicado | 10.4 | 1.5 | 1.4 | 0.2 | 3.1 | 0.22 | 7.3 | 3.9 | 0.05 | 177 | 497 | 459 | 81 | 1,037 | 23 | 755 | 1,291 | 5 | 1.8 | |||||
Inferido | 26.8 | 1.2 | 1.0 | 0.2 | 2.4 | 0.22 | 5.3 | 3.0 | 0.05 | 174 | 1,004 | 899 | 158 | 2,061 | 60 | 1,424 | 2,604 | 14 | 4.7 | |||||
Total | 37.2 | 1.3 | 1.1 | 0.2 | 2.6 | 0.22 | 5.9 | 3.3 | 0.05 | 175 | 1,501 | 1,358 | 239 | 3,098 | 83 | 2,179 | 3,895 | 19 | 6.5 | |||||
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Dunita a granel (Cerca de la superficie, por encima de 300 mRL, límite de 0.9 g/t PdEq) | ||||||||||||||||||||||||
Indicado | 30.3 | 0.4 | 0.4 | 0.1 | 0.9 | 0.18 | 1.1 | 1.3 | 0.03 | 144 | 384 | 363 | 103 | 850 | 56 | 337 | 1,220 | 9 | 4.4 | |||||
Inferido | 25.3 | 0.3 | 0.3 | 0.1 | 0.7 | 0.18 | 1.3 | 1.1 | 0.03 | 140 | 273 | 230 | 61 | 564 | 46 | 329 | 873 | 8 | 3.5 | |||||
Total | 55.7 | 0.4 | 0.3 | 0.1 | 0.8 | 0.18 | 1.2 | 1.2 | 0.03 | 142 | 657 | 593 | 164 | 1,414 | 102 | 666 | 2,094 | 17 | 7.9 | |||||
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Recurso total | ||||||||||||||||||||||||
Indicado | 40.7 | 0.7 | 0.6 | 0.1 | 1.4 | 0.19 | 2.7 | 1.9 | 0.04 | 153 | 881 | 822 | 184 | 1,887 | 79 | 1,092 | 2,511 | 15 | 6.2 | |||||
Inferido | 52.1 | 0.8 | 0.7 | 0.1 | 1.6 | 0.20 | 3.4 | 2.1 | 0.04 | 157 | 1,277 | 1,129 | 219 | 2,625 | 106 | 1,753 | 3,478 | 22 | 8.2 | |||||
Total | 92.9 | 0.7 | 0.7 | 0.1 | 1.5 | 0.20 | 3.1 | 2.0 | 0.04 | 155 | 2,158 | 1,951 | 403 | 4,512 | 185 | 2,846 | 5,989 | 37 | 14.4 | |||||
Note: No cut-off grade has been applied to reef mineralisation and a cut-off of 0.9g/t PdEq has been applied to the Bulk Dunite mineralisation and 1.4g/t PdEq cut-off to the High-Grade Dunite mineralisation.
Aspectos destacados del estudio de alcance
§ Completed the Panton Scoping Study leveraging off ~A$50m of investment at Panton to date, including previous feasibility studies, ~45,000m of drilling, decline access to orebody & comprehensive bulk metallurgical testwork
§ The Scoping Study demonstrated the potential for Panton to be one of few long life, globally significant PGM operations in the western world
§ Robust project economics, low capital intensity versus industry benchmarks and strong leverage to PGM price appreciation, with:
o 1.5Moz PdEq2 mining inventory from 9.8Mt @ 3.60g/t PGM3E1, 0.25% Ni, 12.6% Cr2O3 (4.77 g/t PdEq2) for 1.1Moz PGM3E1, 25kt Ni, 1.1Mt Cr2O3 concentrarse
o Initial ~9-year mine life (study's mine plan covers 26% of the current defined Reef & High Grade Dunite material and 10% of the overall MRE)
o PGM production averaging 117,000oz pa from high grade feed of 3.60g/t PGM3E1
o PdEq2 production averaging 161,000oz pa (incl. nickel and chromite by-products)
o Low All-in Sustaining Costs (AISC), averaging US$789/oz (projected to be in the 2nd quartile), providing resilience throughout the metal price cycle
§ Scoping Study demonstrates the potential for Panton to be one of the few significant primary PGM operations in the western world. The Scoping Study supports a high-grade, initial 9-year operation processing both Reef and High-Grade Dunite material through a conventional crush, grind and flotation flow sheet, producing:
Avg. Production | PGM (Oz pa) | Chromite Conc. (Tpa) | Níquel (Tpa) | PdEq2 (Oz pa) |
1,250ktpa | 117,000 | 134,000 | 1,200 | 161,000 |
§ Robusto economía with Panton demonstrating strong financial metrics that reflect the high-grade and low capital intensity of the Project.
Valuación (1,250kt) | Pre-Production Capex (millones de dólares) | NPV8% (millones de dólares) (pre / post tax) | IRR (%) (pre / post tax) |
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Caso base | 267 | 250 / 153 | 26% / 21% |
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PGM 5yr Avg Case | 477 / 311 | 39% / 31% |
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PGM Basket | Créditos por subproductos | |||||||||
Precios | Platino (US $ / oz) | paladio (US $ / oz) | Gold (US $ / oz) | Rhodium* (US $ / oz) | Precio de la cesta (US $ / oz) | Níquel (US $ / t) | Cromita (US $ / t) | |||
Caso base | 1,285 | 1,400 | 2,000 | 4,450 | 1,556 | 20,000 | 282 | |||
PGM 5yr Avg Case | 1,040 | 2,115 | 1,870 | 12,450 | 2,200 | 20,000 | 282 | |||
* Note: Rh not included in Panton Scoping Study economic evaluation. Included for comparison to South African PGM Basket Price only
§
§ Panton Base Case long term PGM pricing aligns with the ~85th percentile of the cost curve (ver Figura Uno), with the current South African PGM4E basket price at an unsustainable ~65% percentile (i.e. ~35% of current global operations losing money), near all-time lows
§ Panton's estimated AISC of US$789/oz (projected 2nd quartile) provides the opportunity for the planned future operations to generate robust operating margins in all phases of the PGM price cycle (see Figures One & Two).
§ Scoping Study includes just 26% of Reef & High Grade Dunite material - mine life extension and valuation uplift to be targeted via progressive uplift in Resource categorisation
o Average annual operating free cash flow of A$72m - clear value-add from mine life extensions
§ Panton has the opportunity to achieve an accelerated pathway to production, conducido por:
o Project's location on granted Mining Leases
o >A$50m invested in the Project to date including an established portal and decline, comprehensive metallurgical test work, >45,000m of drilling & prior environmental studies
o Strong relationships with local stakeholders including the Traditional Owners
§ Panton is optimally located, with good access to established infrastructure:
o East Kimberley region of Western Australia, a top-tier mining and investment jurisdiction
o ~1km from a sealed highway utilised by other mining operations
o ~70km from a sealed airstrip for employee and contractor transportation
o 300km from deep-water port at Wyndham, with easy access into key potential markets
Figure One | PGM Industry's Cost Curve and Panton Project's positioning. Source SFA (Oxford)
* - Further details for the industry cost curve analysis are shown under the PGM Industry Cost Curve Position section of this announcement.
Figure Two | South African PGM4E Basket Price. Source: Bloomberg & Company estimates.
*The PGM4E basket price is calculated based on the weightings of Pt, Pd, Au and Rh production for the South African PGM industry. All other metals production is considered a by-product and credited towards an operations' cost base
§ Significant upside potential for Panton over and above the Scoping Study outcomes from:
o Panton orebody is open at depth and interpreted to have improving thicknesses and grades; further drilling may support mine life extensions
o Inclusion of other payable metals including rhodium, iridium, copper and cobalt
o Resource delineation and inclusion of processing feed from nearby projects such as the Eileen Bore Project or other discoveries within Future Metals' 176km2 exploration acreage
o Pricing upside associated with 'Western premiums' for scarce and critical resources located in Australia supporting supply chain development outside of China, Russia and South Africa
o Expansion potential from the significant near-surface Bulk Dunite mineralisation which is not included within the Scoping Study
Figure Three | Panton PGM-Ni-Cr Project's Location
Project's Positioning
The Scoping Study highlighted the Project as being a potentially globally significant producer of PGMs and chromite. Panton also represents one of the only near-term development PGM projects outside of Russia and South Africa. Additionally, the Scoping Study demonstrated that Panton has a lower capital intensity than other similar PGM projects in the study phase, given its higher PGM grade.
PGM Market Dynamics
The supply of primary PGM production is currently dominated by South African and Russian operations. Such operations supply >80% of PGM4E (Pd, Pt, Au & Rh) production (based on actual 2022 figures). Both of these countries are subject to material investment and operating risks:
- Russia is currently subject to international sanctions which has deterred Western investment into its mining industry, complicated the sourcing of new and sustaining mining equipment for existing operations and caused Western customers to seek alternative sources for metals such as PGMs.
- South Africa produced over 71% of primary platinum supply and 37% of primary palladium supply in 2022. Many of the operations in South Africa have operated for several decades, leading to deep mines and aging infrastructure which ultimately increases operating costs and sustaining capital. These issues are amplified by the chronic power availability issues in the country.
- South African deposits are also relatively high in rhodium, with the recent profitability of many operations being driven by very strong rhodium prices, which has subsequently declined (2021: Rh price ~US$29,000/oz vs 2023: Rh price ~US$4,450/oz). This price decline, coupled with significant cost base inflation has the potential to lead to mine closures in the near to medium term.
PGM Industry Cost Curve Position
The Scoping Study demonstrated that the proposed operation has the potential to be a low-cost producer of PGMs, with strong resilience for future operations throughout the PGM price cycle.
Figure One shows that at the current PGM4E basket price of ~US$1,250/oz approximately 35% of existing PGM production is loss-making. This creates potential for a significant amount of supply to cease in the near to medium term unless prices increase.
Panton's cash costs net of by-product credits and AISC of US$678/oz and US$789/oz respectively demonstrate that if the Project was currently producing it would be towards the middle of the 2nd quartile of PGM production, thereby ensuring resilient margins in a depressed price environment and making for an economically robust project capable of withstanding sustained downturns in PGM prices.
Further details on the calculation methodology for the Company's stated cash costs, AISC and PGM industry cost curve are set out in Chapter 10 of the Scoping Study as released to the market on 7 December 2023.
Study Stage PGM Projects ex-South Africa and Russia
Table Six compares Panton's study-stage PGM project with two similar projects located outside of South Africa and Russia. In contrast to other developers, Panton stands out due to its higher PGM grade and significantly lower capital requirements in contrast to the other developers.
Table Six | PGM Project Comparisons (ex-South Africa & Russia)
Proyecto | Propietario | Destino | Upfront Pre-Production Capital (millones de dólares) | PGM3E1 Grado (g / t) | vida mía (Años) | PGM3E1 Producción (Koz, LOM Avg) | Co-Product Production (LOM Avg) |
Panton | Metales del futuro | Australia Occidental | 267 | 3.60 | 8.5 | 117 | 1kt nickel 134kt chromite concentrate |
Gonneville (15Mt) | Minería cáliz | Australia Occidental | 1,600 | 0.95 | 19 | 280 | 9kt nickel 10kt copper 0.8kt cobalt |
Maratón | Minería de generación | Ontario, Canadá | 1,2434 | 0.90 | 12.5 | 216 | 9kt copper 248koz silver |
* - Refer to the Company's announcement of 7 December 2023 for source details.
** Pre-production capital estimate of C$1,110. AUD:CAD exchange rate of 0.89 applied.
Upside Opportunities
The Scoping Study underpinned a compelling investment case for progressing the Project, and the Company sees significant further upside opportunities as set out below:
§ Improved geological confidence in existing Resource: The Scoping Study only included 26% of the Reef and High Grade Dunite MRE due to reporting constraints in including Inferred resources. Average annual free cash flows of A$72m in the Scoping Study demonstrate the significant upside in increasing mine life through the inclusion of existing Resources.
§ Resource growth: The Panton orebody is open at depth and interpreted to have improving thicknesses and grades; further drilling may support mine life extensions beyond the currently modelled life of mine.
§ Additional payable metals: The Panton deposit contains metals either not included in the MRE or not assumed to be payable. Additional work in the PFS stage may support the inclusion of other payable metals including rhodium, iridium, copper and cobalt.
§ Potencial de expansión: The Scoping Study does not include the near-surface Bulk Dunite mineralisation. This component of the MRE comprises 55.7Mt @ 1.2g/t PdEq2, and future metallurgical studies may support a significantly expanded operation.
§ Regional discoveries: The Company has recently expanded its exploration position around the Panton Project. Additional nearby discoveries will potentially further enhance the Project's economics through shared surface and processing infrastructure. Future Metals' Eileen Bore Project is located ~15km to the east of Panton and historic drilling indicates the potential to quickly establish a resource estimate, progress metallurgical understanding and include it in the overall project development plan.
§ Western price premiums: Pricing upside associated with being one of the few western PGM & chromite projects outside of China, Russia and South Africa. The Company will establish the Project's competitiveness on a carbon intensity basis during the planned PFS, however given the grade, and intended power source the Company is currently of the view that the Project will be substantially less carbon intensive than many existing projects.
Note: MRE PdEq calculation details provided in Appendix One of the Scoping Study (please refer to Company's announcement of 7 December 2023).
Equivalentes de paladio metálico
Metal recoveries used in the palladium equivalent ("PdEq") calculations are shown below:
§ Arrecife: Paladio 80%, Platino 80%, Oro 70%, Níquel 45% y Cromita 70%
§ Dunita: Paladio 75%, Platino 75%, Oro 85% y Níquel 40%
Los precios supuestos de los metales utilizados también se muestran a continuación:
§ Paladio US$1,500/oz, Platino US$1,250/oz, Oro US$1,750/oz, Níquel US$20,000/t y US$175/t para concentrado de cromita (40-42% Cr2O3)
Metal equivalents were calculated according to the following formulae:
§ Arrecife: PdEq (Paladio equivalente g/t) = Pd(g/t) + 0.833 x Pt(g/t) + 1.02083 x Au(g/t) + 2.33276 x Ni(%) + 0.07560 x Cr2O3 (%)
Dunita: PdEq (Paladio equivalente g/t) = Pd(g/t) + 0.833 x Pt(g/t) + 1.322 x Au(g/t) + 2.2118 x Ni(%)
Strategic Exploration Position - Alice Downs Corridor
On 5 October 2023, an option agreement was entered into to acquire 100% of Osprey Minerals Pty Ltd ("Águila pescadora") que posee ~100 km2 de propiedades de exploración altamente prospectivas ("Proyectos de águila pescadora") in the East Kimberley region of Western Australia. The Osprey Projects are located within a 20km radius of the Company's 100% owned Panton Project and made up of the Eileen Bore, Sally Downs and Springvale Projects, collectively referred to as the Alice Downs Corridor (ver Figura Cuatro).
The Alice Downs Corridor is characterised by a series of differentiated pyroxenite, and gabbroic intrusions emplaced along a structural corridor, the Alice Downs Fault, which represents a major north-northeast trending splay off the deep-seated, mantle tapping, Halls Creek Fault.
Broad zones of disseminated and net-textured copper and nickel sulphides occur within the host intrusions and are comprised of chalcopyrite, pyrrhotite, pentlandite and pyrite. The previously mined Copernicus deposit is one such example. Additionally, targets along the 18km Alice Downs Corridor, with confirmed nickel-copper sulphide mineralisation, include Eileen Bore, Palamino and Salk on the Company's tenure.
Figure Four | Regional Plan showing main targets along the Alice Downs Corridor 18km strike. Note the location of the Eileen Bore inset Map for Figure Six.
A majority of the project area is under cover which has limited the effectiveness of historical surface sampling. There is significant potential for blind deposits with no surface anomalism. There is an extensive exploration dataset for parts of the tenement area including geophysical surveys; magnetics, gravity, Versatile Time Domain Electromagnetic ("VTEM") and Induced Polarisation ("IP") which concentrated at the Eileen Bore Prospect. The main focus of historic drilling within the Company's tenure has been on the near surface mineralisation at Eileen Bore.
Review of historical drilling combined with geophysical and structural interpretations has identified multiple mineralised bodies that have a NW plunge proximal to the Alice Downs Fault, with historic drilling ineffectively testing these targets.
Eileen Bore Prospect
The Eileen Bore Prospect is an advanced exploration target with drilling confirming wide zones of consistent Cu-Ni-PGM mineralisation from surface along a known strike of approximately 300m. Mineralisation remains open down plunge and at depth, with mineralisation only tested to 96m.
A total of 60 holes have been drilled at Eileen Bore for 5,761m. This historical drilling demonstrated a disseminated Cu-Ni-PGM magmatic sulphide body within a gabbro-pyroxenite host which extends over ~300m of strike. There are multiple holes which have ended in mineralisation and modelling suggests mineralisation is focused within a synformal fold axis and is plunging to the north-northwest. Drilling down plunge remains open with scope for significant additional mineralisation (see Figure Five).
Drilling results include:
§ 120m @ 0.73% Cu, 0.29% Ni y 0.86g/t PGM3E from 0m (EOH) (EBRC 010)
o incluido 16m @ 1.0% Cu, 0.36% Ni y 0.99g/t PGM3E desde 100m
§ 96m @ 0.70% Cu, 0.29% Ni y 0.78g/t PGM3E from 24m (EOH) (EBRC 003)
o incluido 10m @ 1.08% Cu, 0.34% Ni y 1.04g/t PGM3E desde 56m
§ 84m @ 0.54% Cu, 0.24% Ni y 0.75g/t PGM3E from 36m (EOH) (EBRC 011)
§ 47m @ 0.62% Cu, 0.30% Ni y 0.60g/t PGM3E desde 3m(AD07)
§ 36m @ 0.53% Cu, 0.25% Ni y 0.59g/t PGM3E desde 40m(EBRC 002)
§ 64 m @ 0.77 % Cu y 0.30 % Ni desde 32 m (EoH) (EP09)
§ 52 m @ 0.74 % Cu y 0.29 % Ni desde 10 m (EP08)
Figure Five | Cross section of drilling at Eileen Bore demonstrating mineralisation open at depth.
In addition, compelling targets at Eileen Bore are to the north of the area which has been previously drilled, in an antiformal fold axis and to the south along the Alice Downs Fault in a synform. Drill Target 2 to the north is based on coincident magmatic chalcopyrite-pyrrhotite mineralisation identified in peridotite rock chips by petrology and is associated with Ni-Cu, PGE and Au soil anomalism. There is no historic drill testing in the area.
To the south, Drill Target 3 is associated with the same coincident soil anomalism identified at Eileen Bore and Drill Target 2, which has also not been drill tested. Targets are outlined in Figure Six below.
Figure Six | Eileen Bore Prospect showing 3 main drill areas: down plunge mineralisation from section A-A' and Drill Targets 2 and 3.
Objetivos adicionales
The Salk prospect is situated along strike to the north of Eileen Bore within the same 100% owned exploration tenement. Historic drilling at Salk identified nickel-copper mineralisation in an ultramafic that is interpreted to be in a fault offset position from the Copernicus Mine. Results included 17m @ 0.31% Ni, 0.18% Cu from 36m (including 2m @ 0.68% Ni and 0.31% Cu). The current structural interpretation suggests mineralisation plunges to the northwest and drilling at Salk has only been to the south.
Further along strike to the north, within the farm in and joint venture with Octava Minerals Ltd (ASX:OCT) where FME is earning a 70% interest, is the Palamino prospect (ver Figura Cuatro). Historic drilling confirmed a thick pyroxenite body dipping to the northwest that was not previously mapped. Disseminated sulphides were intersected with the best result being 5m @ 0.39% Ni and 0.32% Cu in hole WCR016.
Forward Exploration Plan
Preparation for a drilling campaign to test the down plunge extension of Eileen Bore and confirm adjacent near-surface economic mineralisation at Drill Targets 2 and 3 is underway. This initial stage of drilling is planned to commence in Q2 2024. Follow up stages will occur if initial drilling determines the potential for a material amount of economic mineralisation.
In addition, field mapping and sampling will be undertaken along the Alice Springs Corridor, with a particular focus on Palamino and Salk to confirm the current geological model and refine these drill targets.
The Company continues to assess opportunities for further enhancing the Company's strategic land position in the highly prospective East Kimberley region. The Company sees a strong opportunity for development of a potential 'hub and spoke' strategy utilising Panton and Eileen Bore as potential feed sources for a central processing hub.
Sector empresarial
Successful fundraise of A$3.3m gross
The Company successfully raised A$3.3m gross through an underwritten non-renounceable entitlement issue (the "Problema de derechos"), details of which were announced on 15 December 2023. The net proceeds from the Entitlement Issue will be utilised for drilling and other exploration activities on the recently acquired Eileen Bore Cu-Ni-PGM Project and to progress value enhancement activities on the Company's Panton Project, following the recent completion of the Panton Scoping Study.
The Entitlement Issue provided eligible shareholders the ability to acquire one (1) fully paid ordinary share ("Nuevas acciones") for every four (4) shares held by those shareholders registered at the Record Date at an issue price of A$0.03 per share together with one (1) free-attaching option (exercisable for A$0.10 per share on or before 22 June 2024) ("Nuevas opciones") for every two (2) Shares applied for and issued.
Cambios personales
The Company announced certain strategic Board changes in line with the continued development of the Panton PGM Project and overall growth of the Company.
Experienced board executive Mr Patrick Walta was appointed as Executive Chairman. Patrick is a qualified metallurgist and mineral economist with experience across both technical and commercial roles within the mining and water treatment industries.
Mr Justin Tremain stepped down from the position of Non-Executive Chair, remaining on the Board as the Senior Independent Non-Executive Director. Non-Executive Directors Allan Mulligan and Rob Mosig retired from the Board to focus on their other business interests.
Adquisición de águila pescadora
The Company acquired Osprey Minerals Pty Ltd on 17 November 2023 further to exercise of its option, thereby significantly increasing its strategic exploration position in the East Kimberley. As part of the acquisition, the Company issued upfront consideration of 18,382,352 new ordinary shares, subject to a 6-month escrow period. The Company will also pay deferred consideration of A$325,000 in new ordinary shares or cash (at the Company's sole election) 6-months from the date of the acquisition. Once the Company drills 2,000m or more on the Osprey tenements, an additional A$325,000 will be payable in cash or new ordinary shares at the Company's sole election. Any such shares issued will be priced at the 5-day VWAP at the time of the relevant milestone being met.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
On 8 February 2024, the Company announced the results of the aforementioned Entitlement Issue which raised A$3.3m (approximately £1.7m) before costs. The net proceeds from the Entitlement Issue will be utilised for drilling and other exploration activities on the Company's recently acquired Eileen Bore Cu-Ni-PGM Project and to progress value enhancement activities on the Company's Panton Project, following the recent completion of the Panton Scoping Study.
As part of the Octava Joint Venture Agreement, Future Metals was required to make a final payment to Octava of A$200,000 in cash or shares, at Future Metals sole election. Accordingly, on 29 February 2024, the Company issued 6,674,887 new ordinary shares to Octava Minerals Limited as deferred consideration for the Octava Joint Venture. Subject to the Company meeting the minimum annual cumulative expenditure, as set out in the Company's announcement of 17 January 2023, Future Metals will earn a 70% interest in both the Panton North and Copernicus Projects.
No se ha producido ningún otro asunto o circunstancia desde el 31 de diciembre de 2023 que haya afectado significativamente o pueda afectar significativamente las operaciones de la entidad consolidada, los resultados de dichas operaciones o el estado de cosas de la entidad consolidada en ejercicios futuros.
DECLARACIÓN DE INDEPENDENCIA DEL AUDITOR
Section 307C of the Corporations Act 2001 requires the Company's auditors to provide the Directors of the Company with an Independence Declaration in relation to their review of the half-year financial report.
This Independence Declaration is set out on page 16 of the full Half-Year Report and forms part of this Directors' report for the half-year ended 31 December 2023.
This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306(3) of the Corporations Act 2001.
Signed on behalf of the Board in accordance with a resolution of the Directors.
Patricio Walta
Presidente Ejecutivo
Perth, Australia Occidental
15 de marzo de 2024
Estado consolidado de pérdidas y ganancias y otros resultados integrales
por el semestre finalizado el 31 de diciembre de 2023
Note | 31-Dic-23 |
31-Dic-22 | |
$ | $ | ||
Operaciones continuas |
| ||
Interés recibido | 17,874 | 53,360 | |
Becas del Gobierno | 19,686 | - | |
Employee and director benefits expense | (372,777) | (297,309) | |
Profesionales y Consultores | (119,552) | (148,769) | |
ASX, AIM and share registry fees | 3 | (162,755) | (236,077) |
Gastos de viaje | (25,406) | (69,593) | |
Gastos de exploración | (963,123) | (3,202,381) | |
Gastos de pago basados en acciones | 11 | (137,172) | (517,195) |
Gasto de amortización/depreciación | - | (8,333) | |
Ganancia/(pérdida) cambiaria no realizada | (12,595) | (1,044) | |
Otros gastos | (341,646) | (341,363) | |
(Pérdida) / beneficio antes de impuestos sobre la renta |
| (2,097,466) | (4,768,704) |
|
|
| |
Ingreso por gastos de impuesto | - | - | |
(Loss)/profit after Income Tax |
| (2,097,466) | (4,768,704) |
| |||
Otra pérdida integral |
| ||
Partidas que pueden reclasificarse a resultados |
| ||
Otro resultado integral / (pérdida) | - | - | |
Otro resultado/(pérdida) integral del periodo neto de impuestos |
| - | - |
Total (pérdida) / utilidad integral del período |
| (2,097,466) | (4,768,704) |
| |||
(Loss)/profit for the period attributable to: |
| ||
Miembros de la entidad matriz |
| (2,097,466) | (4,768,704) |
Participaciones no controladoras |
| - | |
|
| (2,097,466) | (4,768,704) |
|
| ||
Total comprehensive (loss)/income for the period attributable to: |
| ||
Miembros de la entidad matriz |
| (2,097,466) | (4,768,704) |
Participaciones no controladoras |
| - | |
|
| (2,097,466) | (4,768,704) |
(Pérdida)/beneficio por acción |
| ||
Basic and diluted (loss)/profit per share (cents) | (0.49) | (1.22) |
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Half-Year Report.
Estado de Situación Financiera Consolidado
a 31 de diciembre de 2023
| Note | 31-Dic-23 | 30-Jun-23 |
$ | $ | ||
Activos circulantes |
| ||
Efectivo y equivalentes de efectivo | 606,452 | 2,705,754 | |
Cuentas comerciales y otras cuentas por cobrar | 76,808 | 120,519 | |
Activos corrientes totales |
| 683,260 | 2,826,273 |
Activo no corriente |
| ||
Gasto diferido en exploración y evaluación | 4 | 17,857,710 | 16,609,916 |
Propiedad, planta y equipo | 69,324 | 60,761 | |
Total del activo no corriente |
| 17,927,034 | 16,670,677 |
Activos totales |
| 18,610,294 | 19,496,950 |
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | 5 | 426,863 | 576,019 |
Leave provision | 30,194 | 30,194 | |
Consideración diferida | 4 | 325,000 | - |
Total pasivo corriente |
| 782,057 | 606,213 |
Pasivos no corrientes |
| ||
Consideración contingente | 4 | 162,500 | - |
Total pasivo no corriente |
| 162,500 | - |
Responsabilidad total |
| 944,557 | 606,213 |
Activos netos |
| 17,665,737 | 18,890,737 |
| |||
Equidad |
| ||
Capital emitido | 6 | 37,259,385 | 36,524,091 |
Reservas | 7 | 1,988,070 | 3,628,232 |
Perdidas acumuladas | 8 | (21,581,718) | (21,261,586) |
Equidad total |
| 17,665,737 | 18,890,737 |
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Half-Year Report.
Estado de cambios en el patrimonio neto consolidado
por el semestre finalizado el 31 de diciembre de 2023
| Capital emitido | Perdidas acumuladas | Reserva de pagos basada en acciones | Total | |
$ | $ | $ | $ | ||
Saldo al 1 de julio de 2022 | 29,689,231 | (13,115,644) | 3,076,807 | 19,650,394 | |
Cambio de política contable(I) | - | (836,822) | - | (836,822) | |
Saldo al 1 de julio de 2022 reexpresado | 29,689,231 | (13,952,466) | 3,076,807 | 18,813,572 | |
Pérdida integral total del período |
| ||||
Pérdida del período | - | (4,768,704) | - | (4,768,704) | |
Otra pérdida integral | - | - | - | - | |
Pérdida integral total del período | - | (4,768,704) | - | (4,768,704) | |
Transacciones con propietarios en su calidad de propietarios |
| ||||
Acciones emitidas durante el período | 6,901,344 | - | (56,333) | 6,845,011 | |
Costo de emisión | (466,484) | - | - | (466,484) | |
Share based payment (note 10 (a)) | - | - | 517,195 | 517,195 | |
Saldo al 31 de diciembre de 2022 | 36,124,091 | (18,721,170) | 3,537,669 | 20,940,590 | |
Saldo al 1 de julio de 2023 | 36,524,091 | (21,261,586) | 3,628,232 | 18,890,737 |
Pérdida integral total del período |
| |||
Pérdida del período | - | (2,097,466) | - | (2,097,466) |
Otra pérdida integral | ||||
Pérdida integral total del período | - | (2,097,466) | - | (2,097,466) |
Transacciones con propietarios en su calidad de propietarios |
| |||
Acciones emitidas durante el período | 735,294 | - | - | 735,294 |
Share based payment (note 10 (a)) | - | - | 137,172 | 137,172 |
Saldo al 31 de diciembre de 2023 | 37,259,385 | (23,359,052) | 3,765,404 | 17,665,737 |
Please refer to prior period financial statements for details regarding the restatement as a result of a change in accounting policy.
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Half-Year Report.
Estado consolidado de flujos de efectivo
por el semestre finalizado el 31 de diciembre de 2023
| 31-Dic-23 |
31-Dic-22 | |
$ | $ | ||
flujos de efectivo por actividades operacionales |
| ||
Pagos a proveedores y empleados | (978,581) | (1,186,415) | |
Pagos por exploración y evaluación | (1,109,503) | (2,739,325) | |
Interés recibido | 17,874 | 53,360 | |
Subvenciones recibidas | 17,065 | - | |
Efectivo neto (utilizado en)/proporcionado por actividades operativas | (2,053,144) | (3,872,380) | |
| |||
Flujos de efectivo de actividades de inversión |
| ||
Adquisición de propiedades, planta y equipo | (8,563) | (41,723) | |
Payment for exploration and evaluation | (25,000) | - | |
Efectivo neto utilizado en actividades de inversión |
| (33,563) | (41,723) |
| |||
Flujos de efectivo de actividades de financiación |
| ||
Producto de la emisión de acciones | - | 6,845,012 | |
Costes de emisión de acciones | - | (466,485) | |
Efectivo neto provisto por actividades de financiamiento |
| - | 6,378,527 |
| |||
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (2,086,707) | 2,464,424 | |
Efectivo y equivalentes de efectivo al comienzo del período | 2,705,754 | 3,331,607 | |
Efectos de las variaciones del tipo de cambio sobre el efectivo y equivalentes de efectivo | (12,595) | - | |
Efectivo y equivalentes de efectivo al final del período | 606,452 | 5,796,031 |
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes in the full Half-Year Report which can be accessed at via the following link: [RNS TEAM TO INSERT LINK TO PDF].
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.