The explorer and developer of “next generation” battery metals, Pure Minerals Limited (ASX: PM1) updated the market about Queensland Pacific Metals Pty Ltd’s (QPM) application for a grant under the Australian Government’s Cooperative Research Centres Projects (CRC-P) Grants scheme. The company is presently going through the procedure of procuring 100% of QPM.
About CRC-P Grants Application
The CRC-P Grants scheme is an Australian Government’s initiative to offer $731 million of matched funding for the CRC Program between the years 2018-2019 to 2021-2022, for industry-led collaborations to develop important new technologies, products and services.
In case of application being successful, QPM would have to commit for funding $1.8 million towards the project. QPM’s project partners would contribute another $1.6 million to the project. QPM, the lead Project Partner, has applied for grant funding for the amount of $2.8 million, which brings the total eligible project value to $6.3 million.
This work program will be integral to commercialising the process steps and developing the company’s capacity to produce high purity nickel-cobalt salts via development of a novel flowsheet to process Mixed Hydroxide Precipitate (MHP) produced from the Direct Nickel (DNiTM) process.
The results of the CRC-P Round 7 grant application are anticipated to be announced in June 2019.
As per the company’s ASX update on 21 March 2019, Direct Nickel Projects Pty Ltd (DNP) has begun the test work on the samples received from the proposed sample area. The work is targeted at confirming grades and test leach extraction performance throughout the bulk sample site, before the commitment towards mining and shipping the bulk sample.
Earlier on 22 October 2018, the company had announced that QPM had signed an agreement with the DNP to utilize the DNiTM process. DNP is the owner of the intellectual property, which is behind DNiTM process, a modern processing technology that utilises nitric acid to digest, at atmospheric pressure, a range of minerals found in lateritic ores and recycles the Nitric Acid.
In January 2019, the company had announced that QPM had notified about the positive outcomes on the conclusion of scoping study on its proposed battery materials refinery in Townsville.
In its half-yearly results for the period ending on 31 December 2018, PM1 recorded the total assets standing at $3.2 million. Also, the total liabilities stood at 0.10 million, and the net assets stood at $3.1 million. The cash and cash equivalents at the end of the half-year period was noted at around $1.9 million.
Also, during the period, PM1 exercised its Options to QPM under the binding Term Sheet (as announced on 15 October 2018 and 24 January 2019 respectively). Further, PM1 in conjunction with its geological consultants continued to assess the prospectivity of the Battery Hub Project with the primary focus on reviewing the comprehensive test work conducted by the CSIRO and thoroughly supervised by METS Engineering.
The stock of the company traded flat during the trading session of the day, and closed at a price of A$0.014, without any further changes.
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