Bryah Resources Updates On Purchase Of Horseshoe South Manganese Mine And Quarterly Results

Mineral Explorer, Bryah Resources Limited (ASX:BYH) made a set of announcements on 29th April 2019 regarding acquisition of historic Horseshoe South Manganese Mine and quarterly updates.

The company announced exercising options to acquire the historic Horseshoe South Manganese Mine for a total consideration of $340,000, with a cash payment of $170,000 and the issue of ordinary shares valued at $170,000 as well as rights to prospect, explore and mine manganese ore, while having Manganese Rights over a stretch of 154km2 within the Bryah Basin in central Western Australia.

The company notified that under the company’s present placement capacity, as per the ASX Listing Rules 7.1, 2,615,385 new shares have been issued, which are equal to all the existing ordinary fully paid shares. The notice was published in regard with the Section 708A (5) of the Corporations Act 2001 and securities were issued without any disclosure to investors under Part 6D.2. The issue price bears to $0.065/share with a total consideration of $170,000, as part consideration for the purchase of South Manganese Mine.

Commenting on this acquisition, Managing Director, Neil Marston stated that the purchase of Horseshoe South mine provides Bryah with a granted mining lease in an extremely central location within the Bryah Basin Manganese Project area. After receiving notable funding secured through the recently completed farm-in and JV agreement with OM Holdings Limited, Byrah is keen to start the drilling at Horseshoe South and other prospective exploration areas next month.

The Board of OM Holdings has also published its quarterly production and market update for March 2019, dated 29 April 2019. The main highlights of this are as follows:-

Smelting operating performance - A total of 57,171 tonnes of FeSi and 50,624 tonnes of manganese alloy were sold during the quarter ended 31 March 2019. In the same quarter, OMQ (OM Materials Qinzhou Co Limited) produced 9,705 tonnes of manganese alloy and 12,197 tonnes of manganese sinter ore and sold 10,059 tonnes of manganese alloy.

Exploration and Mining- There was manganese ore production of 165,162 tonnes with an average grade of 35.48% Mn (Manganese). The shipments of the same were 188,207 tonnes with an average grade of 34.87% Mn (Manganese) along with an additional 3,133 tonnes which were sold locally. During the quarter ended 31st March 2019, a total of 1.85 million bcms of the material was mined, which was inclusive of 425,843 tonnes of ore at 20.15% Mn (Manganese) grade.

Market and trading update - In total, 416,729 tonnes of ores and alloys were traded in the period from 1 January 2019 to 31 March 2019, which was less as compared to 504,895 tonnes from 1 October 2018 to 31 December 2018. This depicted a quarter-on-quarter decrease of 17.5%, majorly because of a net reduction of third-party ores traded. The world crude steel production during January and February 2019 was 287.6 million tonnes, showcasing a 3.7% increase when compared to the same timeframe last year.

Capital structure update - There were no movements in the share capital structure during this quarter. As at 31st March 2019, the company had 738,623,337 ordinary shares and 12,500,000 unsecured convertible notes. The 26,000,000 unlisted warrants became void on 25th March 2019.

The Annual General Meeting of the company will be taking place on Thursday, 30th May 2019 in Singapore.

At market close on 29th April 2019, the share value of the company stood at $0.079, down 4.82%. The stock is currently trading at $0.072, down 8.861% with a 52-week low of $0.065 and a high of $0.170. The market cap currently stands at $4.83 million, with 61.18 million shares outstanding.


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