FTL - Firetail Resources

[System]

Firetail Resources is a mineral exploration and development company that has established an extensive battery metal focused portfolio of exploration assets across Western Australia and Queensland.

The Company holds interests in the following Projects:

Yalgoo & Dalgaranga Li Projects, both located in Western Australia and cover >1,850 km2 in the highly prospective Murchison region with known LCT pegmatites together with a strong rubidium association.

Mt Slopeaway Ni-Co-Mn Project, located in central Queensland and contains an existing JORC 2012 compliant Inferred Mineral Resource of 4 MT @ 1% Ni, 0.2% Co and 1% Mn with substantial exploration upside.

Paterson Cu-Au Project, located in Western Australia targeting porphyry copper-gold molybdenum across five granted tenements covering >1,000 km2. The Paterson Cu-Au Project has the shallowest historical copper/gold intercepts in the Paterson region with up to 6.5% Cu, 0.99g/t Au and 1,330ppm Mo across an approximate 50m wide magnetite alteration zone.

It is anticipated that FTL will list on the ASX on 13 April 2022.

Firetail Resources

A diversified, battery metal focused exploration company building a strong pipeline of Tier-1 Battery Metal Projects in Australia.

www.firetailresources.com.au

 

[Dona Ferentes]

Listing date	13 April 2022 ; 12:00 PM AEST ##
Company contact details	Firetail Resources A diversified, battery metal focused exploration company building a strong pipeline of Tier-1 Battery Metal Projects in Australia. www.firetailresources.com.au Ph: +61 8 9322 2338
Principal Activities	Mineral exploration
GICS industry group	TBA
Issue Price	AUD 0.25
Issue Type	Ordinary Fully Paid Shares
Security code	FTL
Capital to be Raised	$8,125,000
Expected offer close date	28 March 2022
Underwriter	Not underwritten.

 

[Dona Ferentes]

Opened at 30c on Wed and closed on Thursday at 40.5c

The listing of Firetail shares, following the demerger from Firefly Resources Limited, will provide the Company with the capital it requires to continue to explore and develop its key assets as an independent company.

Proceeds from the Entitlement Offer will be used to fund exploration on the Company’s YalgooDalgaranga Lithium Project and Paterson Copper-Gold Project In WA, and the Mt Slopeaway NickelCobalt Project In QLD. The exploration program in each case is aimed at undertaking follow up drilling and identifying and assessing exploration targets in project areas that have not been effectively tested

Highlights
• Strong demand for Entitlement Offer resulting in A$8.125 million being raised (before costs)
• Firetail shares commenced trading on the ASX on 13 April under ticker code FTL
• Firetail is strongly positioned to accelerate the exploration of the Company's lithium, nickel and copper-gold projects across mulitple jurisdictions
• Shanghai Jayson New Energy Materials Co., Ltd (Jayson), a substantial investor in global battery mineral resources, becomes a 10% cornerstone shareholder following a $2 million investment

 

[Dona Ferentes]

up 150 per cent on an acquisition

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• FTL is proposing to acquire up to an 80% legal and beneficial interest the York Harbour Project, Newfoundland

The Vendor will retain a 20% free-carried interest in the Licences until the completion of a pre-feasibility study with greater than a 25% internal rate of return and with a positive net present value.
• Vendor will retain a 2.0% net smelter returns royalty with respect to the York Harbour Project.
• Issue of up to 25,000,000 Advisor Shares and 25,000,000 options exercisable at $0.10c expiring 2.5 years from issue, 6 months escrow.

- Within 5 days of completion (Upfront Consideration) A$200,000 100,000,000 FTL Shares - 49%
- Within 10 days of the date which is 12 months after completion A$100,000 25,000,000 FTL Shares 5km of drilling completed 11%
- Within 10 days of the date which is 24 months after completion A$100,000 25,000,000 FTL Shares 7.5km of drilling completed 10%
- Within 10 days of the date which is 36 months after completion A$100,000 25,000,000 FTL Shares 10km of drilling complete 10%

Capital Raising
• In connection with the Acquisition, the Company is proposing to undertake a capital raising of approximately $1,570,000 (before costs) at an issue price of $0.04 each.
• The structure of the capital raising is yet to be determined but is presently intended that the capital raising will comprise:
• a $893,000 Placement (issue of 22,325,000 shares); and
• a $595,622 entitlement issue on the basis of 1 new FTL share for every 10 existing FTL shares held.
• An $80,000 Placement to Executive Chair, Brett Grosvenor, subject to shareholder approval pursuant to Listing Rule 10.11.

 

[peter2]

Price has bolted higher (0.115) so not worth monitoring this chart post Cap Raise at 0.04.

Mgt have a habit of buying into the next big thing, but haven't actually ended up with anything, yet.