Trigg Mining Limited (ASX: TMG) is a metal and mining company domiciled in Perth, Australia. The company is engaged in the extraction of Sulphate of Potash (SOP) from hypersaline brines located in the Salt Lake systems of the Northern Goldfields of Western Australia. The Company aims to acquire 100% of approx. 2,670 square km across two projects through the acquisition of an Australian private company, K2O Minerals Pty Ltd (K2O). SOP provides plants with sulphur and potassium which are the two essential nutrients for food production.
The Laverton Links Project located near Laverton is the closest Western Australian SOP project. It has three prospects, East Laverton covering 1,118 square km, Lake Rason covering 416 square km, and Lake Hope Campbell covering 814 square km totalling up to an area of 2,348 square km.
The Lake Throssell Project located 200km east of Laverton covers an area of 323 square km of predominantly Salt Lake playa sediments.
Under the original Joint Venture Agreement signed with K2O in July 2017, TMG was required to spend an initial $400,000 on exploration within 12 months to earn a 44% interest in the Laverton Links and Lake Throssell projects, and an additional $400,000 by July 2019 to earn an 80% interest. K2O’s remaining 20% interest in the projects was to convert to equity in Trigg Mining upon TMG listing on the ASX.
TMG was expected to raise A$4 million through an Initial Public Offer (IPO) by issuing 20 million ordinary fully paid shares at a price of 20 cents each, and the offer was expected to close on 1 June 2018. But on 31 May 2018, the company postponed the IPO due to the weakness in equity markets. CPS Capital Group Pty Ltd (L) was appointed as the underwriter for the IPO. Although, TMG continued to progress its SOP exploration over the projects.
Trigg Mining has also been successful in applying for a grant under the Western Australian Government’s Exploration Incentive Scheme’s (EIS) most recent funding round and was the only SOP company to be awarded a grant under the EIS. The grant will co-fund up to $150,000 of the Company’s first drilling program at the Lake Hope-Campbell prospect, within the Laverton Links Project.
On 20 November 2018, TMG issued 3,200,000 shares at $0.125 to sophisticated investors through seed capital funding. The Company will also issue one-for-two free attaching options exercisable at $0.20 each to all seed capital and IPO investors upon listing on the ASX.
During FY18, the company reported a Net loss from ordinary activities of A$3.253 million with the significant expense for Corporate and administrative expenses of A$2.229 million. TMG reported basic and diluted loss per share at 7.55 cents each. It reported Net assets of A$157,609 with cash and cash equivalents of A$149,654 in FY18.
With the ongoing global events and increased market volatility, the opportunity to launch the Initial Public Offer (IPO) has not yet materialized, and the Board is planning to deliver this in 2019, subject to market conditions improving.
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