Based in Perth, Cassini Resources Limited (ASX: CZI) is a base and precious metals development and exploration company, focusing on Australia's largest undeveloped Nickel-Copper project, West Musgrave Project (WMP).
The Company recently published pre-feasibility study results for the flagship West Musgrave Project (30%). Undertaken in close coordination with JV partner OZ Minerals Limited (ASX: OZL), the West Musgrave PFS study covering the Nebo-Babel deposits highlighted on the promising project economics-
- Long-mine life of 26 years
- Bottom quartile C1 cash cost of US$(0.90)/lb Cu and ~US$1.30/lb Ni
- Average production of 28 ktpa Cu and 22 ktpa Ni
- NPA of A$800 million with an IRR of approximately 20%
PFS Highlights Big Potential Upside
As per the JV agreement, Cassini does not need to fund any study works until the development starts, leading to maximum value generation in the short term without any financial commitments towards the project. Operations at the project are expected to commence in late-2023 or 2024, generating economic and social opportunities in the region.
The project NPV is estimated at A$800 million, with Cassini’s 30% attributable share standing at A$240 million, presenting a mega upside. Also, as Cassini transitions from an explorer to a mine developer or a possible operator, robust value generations can be expected by the Company.
And, to all of this, the credit goes to the amazing management and technical team of Cassini Resources. So, let’s get acquainted with the team.
Cassini Resources’ Management and Technical Team
A graduate from Queens University, CZI Non-Executive Chairman Michael Young has extensive experience as a mineral resource geologist, working on projects related to base metals, iron ore, uranium and gold. Mr Young holds key knowledge on mine-camp exploration, mineral resource estimation, and mine development.
Prior Experience: Prior to Cassini, he served as Managing Director of BC Iron Ltd and facilitated the firm’s transition from an explorer to a major iron ore producer.
He also handled Non-Executive Director roles at Ascot Resources Limited (ASX: AZQ) and Cycliq Group Limited (ASX: CYQ) in the past few years.
Other Current Roles: Mr Young also serves as Managing Director and CEO of Vimy Resources Limited (ASX: VMY), a Western Australian resource development company, focusing on uranium.
Mr Bevan is serving Cassini Resources as Managing Director following the Company’s ASX IPO listing and a Non-Executive Director since CZI incorporation on 10 March 2011.
He has extensive experience in mergers & acquisitions, and corporate transactions involving various business sectors as varied as construction and engineering, healthcare, mining technology and information services.
Prior Experience: In the past, Mr Bevan worked for multiple listed and unlisted companies, in his capacity as Managing Director, Chief Executive Officer and Non-Executive Director. He handled activities concerning operational management, organic growth strategy implementation, acquisitions and fundraising programs.
Other Current Roles: Mr Bevan also serves as a Non-Executive Director of ASX-listed diversified IT services provider Empired Ltd.
Serving CZI as a Non-Executive Director, Dr Hronsky has an experience of 35 years + in the mineral exploration industry, with primary focus on project creation, exploration strategy development and technical innovation.
Not just particular experience in nickel sulphide deposits, he has vast experience in varied commodities. Mr Hronsky has been crucial in the asset selection of the West Musgrave project consisting of the Nebo-Babel nickel sulphide deposits in Western Australia. He comes from a blend of academic and corporate experience.
Prior Experience: In the past, Mr Hronsky served as Manager for Strategy & Generative Services for BHP Billiton Mineral Exploration and as Global Geoscience Leader for WMC Resources Ltd.
Other Current Roles: Currently, he also serves as a Non-Executive Director at Encounter Resources Limited.
Phil Warren, who has over 18 years of experience in finance, accounting and corporate roles in regions including Europe and Australia, specialises in company valuations, M&A, fund raising programs, financial management and company secretarial service.
Prior Experience: Having worked for various public and private companies, Mr Warren has facilitated the establishment of several companies right from the initial period as an unlisted entity, transitioning through capital raisings and asset acquisitions in to ASX-listed firms.
Other Current Roles: He is a CA and executive director of corporate advisory firm Grange Consulting Group. Additionally, he serves as a Non-Executive Director of ASX-listed firms, such as Jupiter Energy Limited and Family Zone Cyber Safety Limited.
Mr Warren continues to provide corporate advisory services to a few of his previous organisations and sits on Board on multiple unlisted companies under his capacity as the finance director.
Ms. Sze Man (Simone) Suen, appointed as a Non-executive Director of CZI in December 2019, is a highly accoladed professional with over 20 years of experience in mineral resources in Australia and globally.
She holds vast experience in financing, business development and marketing of early stage mining projects, particularly in the Asian markets.
Prior Experience: Ms Simone held the position of Executive Director with Alliance Mineral Assets Limited (ASX: A40) during the period when Alliance was listed on the Singapore Exchange (SGX). For the Bald Hill Tantalum/Lithium Project in Western Australia, she had procured, mobilised as well as organised staff for development, commissioning and operational activities.
Serving as CZI Chief Operating Officer since 12 December 2019, Mr Miles is a geologist and oversees Cassini’s technical & operations teams while liaisoning with the Company’s JV partner OZ Minerals on the WMP.
He has vast experience across brownfield and greenfield projects for multiple commodities in different geographies.
Prior Experience: In the past, he served as a director for junior mining companies, helping them with IPOs, as well as providing technical expertise in exploration, project management and acquisitions.
Mr Miles was involved in the discovery of the 2.3Moz Centenary Deposit at the Darlot Gold Mine and the mega 40 MT Mount Caudan Iron Ore Deposit in Western Australia.
A chartered accountant, Steven Wood specialises in corporate advisory, company secretarial and financial management services. He also serves as a Corporate Advisor at Grange Consulting Group.
Prior Experience: He has been involved in multiple private and initial seed fund raising programs, in addition to successful ASX listings. Mr Wood spent several years working for Pitcher Partners at the corporate restructuring division.
Dr Seat has a technical background in Ni exploration, coupled with vast experience in the development, management, and leadership of exploration projects. He has a PhD, with his thesis focused on the Nebo-Babel deposits, involving the study of the geology and mineralisation of the Nebo-Babel intrusion.
Prior Experience: He worked with Norilsk Nickel, BHP Billiton, Hancock Prospecting and Mincor Resources NL on multiple exploration projects.
“Rome wasn’t built in a day”.
So, is the case with CZI advancing Australia’s largest undeveloped nickel-copper project. However, hard work and commitment of the Company’s highly skilled and talented management and technical team is expected to aid Cassini Resources towards bringing WMP into production and achieving its vision of building a mining company.
CZI was trading at A$0.095 a share on 21 February 2020 (AEDT 12:03 PM), up over 1% from its previous close, with a market capitalisation of A$40.21 million.
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