Intermin Resources Signed Exclusivity Deed With Focus Minerals

Intermin Resources Signed Exclusivity Deed With Focus Minerals

The Nedlands, Australia-based Intermin Resources Limited (ASX: IRC) is a mineral exploration and development company with primary interest in gold, nickel, copper, vanadium, and molybdenum deposits. It wholly owns and operates gold projects in the Kalgoorlie region and has collaborative ownership over the Menzies and Goongarrie gold projects; the Nanadie Well copper-nickel project; and the Richmond vanadium project in Queensland.

The company released the Investor Presentation for the Conference on February 12th, 2019, highlighting the business overview, corporate snapshot as well as the road ahead.

On February 11th, the company announced that it had signed an Exclusivity Deed with Focus Minerals Limited relating to the potential future acquisition of Focus’ 2.1Moz Coolgardie Gold Project, which includes the 1.2Moz Three Mile Hill processing plant. Under the agreement, a deferred payment structure has been proposed totalling AUD 40 million payable in cash and shares over a period of 3.5 years.

Also, there is a five-month exclusivity period that will enable the parties to finalise the formal transaction documentation and get necessary approvals. Besides, the Deed was sanctioned by MacPhersons Resources Limited following their merger implementation agreement executed on December 11th, 2018, stating the proposed merger of the two companies by means of arrangement. The merger, if materializes will be called Horizon Minerals Limited and expected to have Mineral Resources totalling to 1.19Moz of gold and a considerable portfolio of lucrative growth assets mostly in the Western Australian Goldfields.

Prior to this, Intermin Resources and Eastern Goldfields entered into an agreement as Deed of Settlement and Termination, encompassing the Menzies and Goongarrie farm in the joint venture with the projects that will now be wholly owned by the company.

On January 22nd, 2019, Intermin Resources announced its consolidated statement of cash flows for the quarter ended December 31st, 2018. As per the report, there were massive cash outflows from operating activities at AUD 3.5 million resulting mainly from payments for exploration and evaluation, production, administration and corporate cost. On the flipside, there were substantial cash inflows from investing activities at AUD 2.5 million solely due to proceeds from the disposal of tenements. There were no financing activities in the period, and the net cash and cash equivalents stood at AUD 6.4 million. The estimated cash outflow for the next quarter is AUD 750,000.

Sponsored ad by Kalkine

IRC has a market capitalisation of AUD 30.6 million and approximately 235.39 million outstanding shares. On February 8th, 2019, the company announced the imposition of a trading halt. The suspension was lifted on 11 February 2019, when the announcement of Exclusivity Deed with Focus Minerals was released to the market.

The stock has a 52-week high and 52-week low of AUD 0.310 and AUD 0.110. In the last six months, the stock has been mostly down and has generated a negative return of 21.21 % with a negative YTD of 3.70%.

Intermin is diligently working to enhance its Mineral Resources in accordance with Australasian Joint Ore Reserves Committee (JORC), accomplish definitive feasibility studies on high-grade open cut and underground projects and thereby develop a sustainably compliant pipeline of profitable businesses.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report


Please enter your comment!
Please enter your name here