Suvo Strategic Minerals Limited (ASX: SUV) has received firm commitments totalling A$2 million before costs via a share placement.
“Management remains absolutely committed to our operating kaolin mine at Pittong, with the upgrade and optimisation review remaining on track to more than double production early next year,” Executive Chairman Henk Ludik said.
“Additionally, we continue our unwavering pursuit for the development of new premium products such as metakaolin and green cement, including our Silica sands asset at Eneabba. Thank you to our loyal shareholders for your continued support. We look forward to the new year and what’s to come.”
Amounts raised will enable the company to advance studies relating to the development of supporting infrastructure, which will enable the potential development of a range of new premium products such as metakaolin.
Studies and test work will also commence on the bulk samples from the recent drilling campaign on the cleared private land at Eneabba. This test work will allow the company to refine its understanding of this world class asset.
Finally, the successful Placement provides additional working capital and ensures that ongoing value is created across Suvo’s wider portfolio, as the Pittong Plant Upgrade and Optimisation nears completion.
The Pittong ‘Plant Upgrade and Optimisation’ is on schedule for completion in Q1 CY23 and remains the Company’s priority.
For further information please visit: https://suvo.com.au/
