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TMG - Trigg Minerals

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System

System

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Trigg Mining is an exploration company seeking to explore and develop two prospective sulphate of potash (SOP) projects - the Laverton Links Project and the Lake Throssell Project - which are located in the eastern Goldfields region of Western Australia.

Sulphate of potash is used in the global food supply chain as an essential fertiliser for chloride sensitive crops such as such as avocados, coffee beans, tree nuts, cocoa, berries, and fruit and vegetables.

It is anticipated that TMG will list on the ASX during June 2018.

https://www.triggmining.com.au
 
System said:
Trigg Mining is an exploration company seeking to explore and develop two prospective sulphate of potash (SOP) projects - the Laverton Links Project and the Lake Throssell Project - which are located in the eastern Goldfields region of Western Australia.

Sulphate of potash is used in the global food supply chain as an essential fertiliser for chloride sensitive crops such as such as avocados, coffee beans, tree nuts, cocoa, berries, and fruit and vegetables.

It is anticipated that TMG will list on the ASX during June 2018.

https://www.triggmining.com.au
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Is there any other threads with recent activity talking about mining & producing Sulphate of Potash (SOP) in AUS. Watching TMG and APC at the minute and curious on everyone’s general thoughts about potential for Australian players in this arena.
 
not much on TMG. Market cap sub $10M

"Moving rapidly up the value curve with an exciting new Australian potash discovery"

Lake Throssell may well prove up to be a "large, consistent, high-grade discovery with real potential to become a long-life, low cost primary source of SOP.".. Exploration Target of 7.5 –27Mt @ 9-10 kg/m3 SOP
• Palaeovalley up to 5km wide and 36km along strike within the central granted tenement
• Drilling to date has identified a surficial aquifer across the lake and an underlying aquifer around 100m deep and up to 5km wide

Maiden Inferred Mineral Resource estimate due in the coming weeks. (and I see they are doing the spruiking rounds / webinars; expect sponsored articles in the media)

BRINE SoP –LOWEST COST PRODUCTION
• Primary production of SOP, from brine, is the lowest cost source of SOP but there is insufficient resources available to meet global demand of ~7Mtpa.
• The Mannheim Process is required to meet demand. The process heats MOP with sulphuric acid to around 800⁰C, producing hydrochloric acid as a waste product.
• As both methods are needed to meet global demand the Mannheim Process creates an industry price floor well-above the cost of brine sources.


(and for the dude above, Mr 1 visit then off, on p17 of 30 April 2021 Investor Presentation there is a graph of 6 Australian SoP hopefuls in ascending market cap:
Trigg Mining - $10M
Reward Minerals - $25M
Aust. Potash - $90M
Agrimin - $110M
Kalium Lakes - $160M
Salt Lake Potash - $330M


 
In a trading halt of its securities pending the release of a maiden JORC compliant Inferred Mineral Resource estimate at the Lake Throssell Sulphate of Potash Project.

- bought some on Friday.
 
The only thing that may be an issue, is distance to market, Lake Throssell is out on the Great Central Road so they probably will truck it to Leonora and rail from there. Interesting play though.
2.5tonne/m3 and U.S$200/ tonne, make it about $50k/truck, by my back of the napkin workings.
Another miner a bit further down the potash road is Kalium Lakes (KLL) and they are even more remote, so there is obviously money in it.

Thanks for the heads up, will do a bit of research. :xyxthumbs

I don't hold either.
 
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Hi @sptrawler , I was having a look at potash sector last week, mainly driven by SO4 progress at the Lake Way SOP project, which is close to production (and close to Wiluna !)
Significant progress was made on Process Plant construction as well as financing and product positioning during the March quarter, setting the Company up for first SOP sales in the June quarter. Our focus is now on successful commissioning and ramp-up of the process plant as we look to move into positive cash flow from our first operating SOP asset.
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So we have a similar salt lake resource and possible pathway for TMG.

Seeing how SO4 lined up project funding from solid debt financers: CBA, Sequioa, CEFC and Taurus, and project execution is on track, there is a possibility of another player (or 3). But the major players are always in the wings (BHP and its Jensen talk, the Ukrainians, plus the DNKs all around the world).

The mantra of tightening agricultural markets is a continual one; whether this is an irreversible trend remains to be seen:
• Food and fertiliser prices moved higher in the second half of 2020
• The UN’s FAO food index has risen for 9 consecutive months and has registered its highest monthly average since 2014
• Urea, DAP and MOP prices all followed food prices higher
• SOP prices have remained stable to date
• Potential for cost-push SOP price inflation from Mannheim producers as well as demand-led inflation

I like the positioning of salt lake SOP in general, with its high and insulated margin
• Majority of SOP production comes from higher-cost secondary processing
• Primary (salt lake) SOP producers occupy the bottom third of the industry cost curve
 
Yes @Dona Ferentes the SO4 project and TMG are very similar. The difference being SO4 and KLL are close to production, whereas TMG are in the very early stages, which is the horse to back? lol
 
Dona Ferentes said:
In a trading halt of its securities pending the release of a maiden JORC compliant Inferred Mineral Resource estimate at the Lake Throssell Sulphate of Potash Project.
- bought some on Friday.
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The MJCIMRE came quickly and with good news.

Substantial maiden Mineral Resource plus updated Exploration Target demonstrates clear pathway to establish a sizeable SOP production hub at Lake Throssell in Western Australia.

Highlights
  • Lake Throssell Maiden Inferred Mineral Resource Estimate of 14.2Mt of drainable Sulphate of Potash (SOP) at 4,638mg/L potassium (K) (or 10.34kg/m3 K2SO4), plus an updated Exploration Target for the tenements under application.
  • The scale and grade of this Mineral Resource highlights the possibility of a multi-decade, sustainable SOP project and places Trigg Mining front and centre of the new-generation SOP industry in Western Australia.
  • The Company’s Total Mineral Resource Inventory now stands at more than 20Mt of drainable SOP, with substantial upside to expand even further.
  • In addition to the scale and brine chemistry advantages, Lake Throssell has numerous competitive advantages including proximity to energy and transport infrastructure.
Next Steps
  • A trenching and test pumping program is scheduled for May and June 2021, with the aim of confirming aquifer properties for the lake surface and gaining sufficient data to upgrade the lake surface sediments to the Indicated Resource category.
  • Test production bores and monitoring bores are to be installed within the key aquifer units. These will be test pumped and geophysical logged to confirm aquifer properties and allow upgrade to the Indicated Resource category.
 
the thirst for capital

Renounceable Rights Issue to Raise up to $3.2 million
Proceeds to progress activities at Trigg’s Lake Throssell Sulphate of Potash project in WA, including delivery of Indicated Mineral Resource estimate and Scoping Study
  • 2-for-5 Renounceable Rights Issue to raise up to $3.2 million.
  • Attractively priced at $0.10 per Share, representing a 29% discount to the 30-day VWAP of $0.142.
  • For every two New Shares issued, eligible shareholders will also receive one free attaching New Option.
  • New Options to have exercise price of $0.20 and an expiry date of 15 July 2023 and will be quoted on the ASX.
  • Shareholders can trade their rights and apply for additional shares and options, with rights to commence trading on 2 June 2021.
  • Rights Issue partially underwritten to $1.5 million by Mahe Capital Pty Ltd.
 
TRG took in oversubscriptions .... but now trading below the 10c issue price

Trigg funded for Resource upgrade and Scoping Study after highly successful Rights Issue

LAKE THROSSELL POTASH PROJECT, WA

Highlights
  • Renounceable Rights Issue seeking to raise $3.2m closes over-subscribed
  • Top-up placement of $250,000 made to accommodate some of the excess demand
  • Trigg now well-funded to complete an Indicated Mineral Resource estimate and Scoping Study
  • The Resource upgrade and start of economic studies marks Trigg’s transition from explorer to developer

tending to agree with @The Triangle over in the SO4 thread; maybe there are too many of these projects , with demand being a chimera
 
Dona Ferentes said:
TRG took in oversubscriptions .... but now trading below the 10c issue price

Trigg funded for Resource upgrade and Scoping Study after highly successful Rights Issue

LAKE THROSSELL POTASH PROJECT, WA

Highlights
  • Renounceable Rights Issue seeking to raise $3.2m closes over-subscribed
  • Top-up placement of $250,000 made to accommodate some of the excess demand
  • Trigg now well-funded to complete an Indicated Mineral Resource estimate and Scoping Study
  • The Resource upgrade and start of economic studies marks Trigg’s transition from explorer to developer

tending to agree with @The Triangle over in the SO4 thread; maybe there are too many of these projects , with demand being a chimera
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There you go! Another one... This would be at the bottom of potash investments for me If I had to rank them. Take out the government subsidy and the quarterly would show 3 quarters left of funding as of March 31. If there are any accountants here - would like to know if getting raisings in before the EOFY is significantly advantageous to avoid going concern notes on the accounts?

Investor presentation is very poor. Does not show what the company is actually doing or why I should invest. The investment case is presented as 'invest in us because we're worth the least'. It looks nearly identical to a SO4 or KLL preso. Still a market cap of 10 million or so with 3 million or so of cash is not that bad. But can you trust them? What is their history? What have these people achieved before?

I'm seeing Mahe capital (they just did triggs capital raising) and the people associated with it pop up more and more recently when I research juniors. Where are they getting money and clients from? The Mahe raisings all seem to have this rights trading option and all seem to be very very small caps.
 
sptrawler said:
Yes @Dona Ferentes the SO4 project and TMG are very similar. The difference being SO4 and KLL are close to production, whereas TMG are in the very early stages, which is the horse to back?
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A. the one which under-promises and over-delivers?

TMG in trading halt, and will release details of "completion of a positive Scoping Study" by Tuesday
 
sptrawler said:
Oh if only it was so easy. Lol
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Sometimes, I think first mover advantage could be somewhat illusionary, when establishing a new industry. All the SoP aspirants will be looking very closely at SO4, as will the market. Until a clear pathway to pofitable production is discerned, the whole sector will be marked down. TMG at least has a bit of cash and probably a lot of caution, at present.
 
Dona Ferentes said:
Sometimes, I think first mover advantage could be somewhat illusionary, when establishing a new industry. All the SoP aspirants will be looking very closely at SO4, as will the market. Until a clear pathway to pofitable production is discerned, the whole sector will be marked down. TMG at least has a bit of cash and probably a lot of caution, at present.
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I cant argue with that, I should have done a lot more research.
 
Scoping Study out.

very disappointing. Maybe a top 10 SoP project but the numbers are middling, only scraping in top quartile. Plant construction won't even start until 2025 . Benchmarked against (the other 5 ASX listed) peers has KLL optimal, better than AMN but not really holding it against SO4 (= a worry).

Trading down around 9.5c. Will cut losses and sell mine.
 
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from a standard 'research paper; based on the Scoping Study

TMG is committed to a methodical and focused approach to developing the Lake Throssell project, and to leverage the key learnings from
several more progressed peer SOP projects in WA (e.g. KLL, SO4, APC).

Key events and data points to track TMG’s progress over coming periods include the following:
• Immediate commencement of a Pre-Feasibility Study due early 2023, followed by a Definitive Feasibility Study.
• Converting the remaining Lake Throssell Inferred Mineral Resource to the Indicated Resource category in the near term.
• Continuation of base-line environmental surveys, with project referral to the EPA planned for 2022 and targeting progressive environmental approvals thereafter.
• Securing SOP offtake agreements.
• Securing debt and equity finance to fund project construction, Final Investment Decision.
• Construction and successful commissioning of evaporation ponds and processing plant.
• First production, expected by approximately FY28.
 
While TMG needs a bit of money sloshing around to proceed, it is hard to think the "opportunity to participate in the Company’s ongoing growth and development at an attractive price" will bring too many cheers. Awash in oppies, the broking house taking a clip.

$3.3 million Renounceable Rights Issue to Advance Lake Throssell to the Next Level
Proceeds to underpin Pre-Feasibility Study activities including drilling, evaporation trials and permitting for the Lake Throssell Sulphate of Potash Project .

• 3 for 8 Renounceable Rights Issue to raise up to $3.3 million.
• Attractively priced at $0.075 per Share, representing a 31% discount to the 30-day VWAP of $0.108.
• For every two New Shares issued, eligible shareholders will also receive one free attaching New Option.
• New Options to have an exercise price of $0.15 and an expiry date of 16 February 2024 and will be quoted on the ASX.
 
Dona Ferentes said:
and got as low as 6.0c at the start of March...
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must be out there on the traps and telling the story. To 8c today.

"Producing the minerals you want from these brine sources is very complex. Trigg has always had the strategy of being the second-mover, and we’re feeling quite comfortable with that approach at the moment.”
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There are “many challenges” in translating the planned process into the field, CEO Keren Paterson says. “It’s actually very agricultural. We pump brine out of the ground, but then it goes into evaporation ponds and they need to be managed in the open climate. This is not being done in a laboratory, it’s big, it’s at scale, and, it’s quite challenging to manage, in terms of making sure that you get the right salt minerals out at the end of that evaporation process to then go into the process plant. If you’ve got too much sodium chloride attached with that, for example, it’s not going to working in the process plant.”

Trigg’s thinking has always been that it has a “really long-life project that needs to be done right,” she says. “We weren’t interested in being the first into production. We’re trying to do it as thoroughly as we can, and make sure that we really understand how best to optimize the natural endowment that we have. We need a very deliberate approach to making sure that we reduce the risk of that process and understand what it is that it’s going to do, and how long it’s going take to do it, too.”

Such a rigorous approach “requires patient capital,” says Paterson.
 
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