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Highlights
- PGM has received a US$4 million milestone payment from the sale of its scandium project to Rio Tinto.
- An additional AU$4.5 million payment is expected if Rio Tinto meets project permitting milestones and returns its warranty retention bond.
- With a cash position now at approximately AU$13 million, PGM is well-positioned to undertake new drilling programs.
- Following this update, the company’s shares traded higher by nearly 8% in the morning hours on 8 July 2024.
Platina Resources Limited (ASX: PGM) has reached a US$4 million (AU$6 million) milestone in the scandium project transaction withASX-listed mining giant Rio Tinto (ASX: RIO). This payment follows an earlier cash receipt of AU$10.8 million in August 2023, marking significant progress in the transaction.
Looking ahead, the company stands to receive additional payments totalling up to AU$4.5 million, contingent upon Rio Tinto achieving specific project permitting milestones and returning its warranty retention bond.
With a current cash position of approximately AU$13 million, the company is well-positioned to advance drilling programs across projects without dilution to shareholders, as highlighted in the company update.
Platina Resources awaits Beete gold assays
Spanning 134km², this project is viewed as a potential extension of the Norseman greenstone belt, a well-known gold-producing area that has not been systematically explored historically.
The project's gold, nickel, and lithium potential remain concealed beneath a shallow layer of cover.
Platina's exploration strategy includes uncovering bedrock anomalies by using targets located through geophysical interpretations and soil sample analysis.
This year, the company has been actively exploring its gold properties in Western Australia. Recently, the company confirmed significant oxide gold mineralisation potential at Xanadu West following the completion of a phase two RC drilling campaign. The upcoming diamond drilling program aims to further explore mineralisation associated with geophysical anomalies and mineralised structures.
PGM shares trade higher
PGM shares were trading at AU$0.027 apiece, up nearly 8%, at the time of writing on 8 July 2024.
