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TMG - Trigg Minerals

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Trigg management have been winging through the eastern states on a meet-and-greet, now that the hermit kingdom has dropped its conditions of travel.

As a $16million M/C outfit, it was a foray to 'touch base' with capital markets and meet shareholders. Somehow I scored an invite and heard Keren P talk the book, and Corporate Connect sing for their supper, having done some paid research. There were about 50 in attendance, and the toughest questions came from shareholders.

Takeout: as you would expect, it's early days. They have learned from seeing SO4 and Kalium face challenges. Now there is some cash in the till from rights, some $6million, the 2022 work program includes further air-core drilling, installing test production bores for hydraulic testing and bulk evaporation trials at Lake Throssell plus further interpretative work on Lake Yeo. A Pre-Feasibility Study is expected in 2023, followed by a DFS.

Negatives: name-dropped Andrew a few times (not Twiggy), didn't know difference between APY and NPY lands.

Next trigger seems to be a possible rerating when KLL, a few years ahead of TMG, should announce numbers that auger well for these types of projects, with:
  • enough 'start-up grade’ harvested potassium salt (KTMS) expected to be accumulated by June.
  • SOP purification plant re-start expected in June, and
  • targeted commercial SOP sales from July

So, @frugal.rock , I've been on the circuit again. This time, Beef Wellington and a Langmeil shiraz. Got wet, though.
 
It seems a lot is hanging on;
a bucket, an oversized egg beater and a heat lamp.
Oh dear.
Apparently this a trial representative of "true conditions".
I think a "simulation" of a "trial of true conditions" is the actual truth...
Screenshot_20220826-212908-821.png
 
Now, let's see, the third cap raise of late, and at a sequentially lower cost (termed 'attractive' in their blurb)

Renounceable rights issue to raise up to $2.8 million (before costs) at $0.05 a share to progress the next stage of evaluation and development activities at its Lake Throssell Project. The funds raised will be used to progress the following key activities as part of the ongoing PreFeasibility Study :
• Drilling to increase confidence in the Mineral Resource Estimate – first phase of this program already underway as announced on 19 September;
• Project optimisation studies including evaporation and process flowsheet trials;
• Environmental studies required for project approvals
 
frugal.rock said:
It seems a lot is hanging on a bucket, an oversized egg beater and a heat lamp.
...
I think a "simulation" of a "trial of true conditions" is the actual truth...
Click to expand...
Now under 4c a share. And they're at it again. Outtake from latest announcement:

Traditionally, generating SOP from potassium-rich brines has used using solar energy to evaporate the brine (evaporation ponds).

This is done to remove waste salts such as halite and produces the feed salts kainite-type mixed salt, also known as potassium, for conversion and refining into a final product.

Trigg noted that because this process is reliant on natural sunlight it can be problematic and constant changes in atmospheric conditions can impact the desired quality and quantity of the KTMS.

In light of this, Trigg has been investigating alternative routes to generate the KTMS more efficiently and reliably.

To evaluate other processes, Trigg identified numerous technology partners during the September quarter last year.

A 16,000 litre sample of brine was extracted from existing on-lake trenches at Lake Throssell and was transported to a laboratory in Perth.

The brine was evaporated to a density close to saturation. Samples were then sent to various technology partners for testing using their various proprietary processes.

It was the result from one of these partners that has shown promise in delivering the required quality of feed salts quickly and efficiently.

Based on this outcome, Trigg is immediately progressing to bench-scale test work to refine the control parameters and scope for a pilot-scale test program.

(lost interest and sold a while ago)
 
I still have interest here (not held), but, they're in need of more cash soon.
"Corporate
• Trigg received the “Discovery of the Year” award at the 2022 Australian Mining Prospect Awards
for the Lake Throssell discovery, reflecting the vast scale, grade and potential economic impact
of the deposit." (From last quartely)

SP might get a pump beforehand, but it fails my buy conditions.


Screenshot_20230304-165045.png
 
frugal.rock said:
I still have interest here (not held), but, they're in need of more cash soon.

SP might get a pump beforehand, but it fails my buy conditions.
Click to expand...
Or may continue to not get there ...... burned through most of what they had and, now, a pivot and a 30% drop ... as low as 1.7c, now 1.8c

Operations update
- Shift to focus on innovative technology solution for production of SOP feed salts.
- Company-wide cost savings reflecting current market conditions.

Key Points
  • Trigg to focus operational activities on innovative technology solution to produce potassium-rich feed salts.
  • Prudent measures adopted reflecting the challenging market conditions to preserve value for shareholders, with ~$600k in annualized savings implemented.
  • Current cash $1.8M and additional cost-saving measures to be considered, if required.
 
Latest Q still saying the same things.

2 board members out (to pursue other business interests) and a geo in.

$1.26 mill in kitty at end of June . And at $0.015 for the shares

"Bench-scale test-work utilising the innovative technology showcased promising results, demonstrating the potential to obtain high-quality feed salts more rapidly and efficiently compared to conventional evaporation techniques. The increasing volumes of test-work have consistently delivered positive outcomes, setting the stage for a proposed pilot-scale test in the next quarter.

"The new technology offers the potential to reduce the required pond area and residence time, leading to enhanced reliability in feed-salt production compared to traditional evaporation methods. If proven successful, this advancement could yield significant economic and process design benefits for the project.

"All other field work at Lake Throssell is presently on hold, except for maintaining the weather station to collect essential base-line data for project design and approvals.
 
why would someone, anyone, even at low volume, be buying in this WA potash story when similar outfits have fallen over, recently?

market cap all of $3mill, and not much cash in the kitty.

Screenshot_20230829-130730_CommSec.jpg
 
it takes a while for the potash (non) reality to set in. 1.5c at pre-open.
.
Trigg Minerals to acquire highly prospective gold and base metal project in Queensland.
..Trigg broadens and diversifies its existing minerals portfolio

HIGHLIGHTS
• Trigg Minerals Limited has entered into a binding agreement to purchase Rush Resources Limited, the 100% beneficial holder of the Drummond gold and base metals project in Queensland
• The Drummond gold project is an advanced gold and copper exploration project located in the multi-million-ounce Drummond Basin of Queensland
• Trigg has successfully completed a placement to raise $576,000 (before costs) via GBA Capital Pty Ltd and intends to undertake a rights issue to raise up to a further $1.8 million (before costs)to support the acquisition, of which $1 million has been underwritten by GBA Capital Pty Ltd.
• The funds raised will be used to complete innovative pilot test work underway at the Lake Throssell sulphate of potash (SOP) project in WA and define drill targets at the Drummond project
• Experienced corporate director Tim Morrison to be appointed as Chairman on deal completion as part of a board reorganisation to reflect Trigg's expanded asset base and future strategic direction.

.. ~$2.4m capital raising at 1.2c
- $576k placement and ~$1.8m Rights Issue 3 for 4 , listed options at 3c 31 Dec 2026
 
p'tash.. staving off irrelevance/ disappearance...

TMG has received $1.05 million upfront of a total $1.31 million Research and Development Tax Offset for R&D work undertaken at the Company’s Lake Throssell Sulphate of Potash Project in Western Australia. The incentive recognises the innovation required to develop a SOP project in Australia and the Company’s approach to determining the hydrogeological characteristics of the brine-hosted deposit.

By addressing key processing flowsheet issues encountered by the sector’s first-movers Trigg has been able to claim a significant cash refund for this ground-breaking technical work. $1.05 million, or 80%, of the FY23 R&D Offset has been received upfront via R&D funding specialist Radium Capital, with the balance of ~$250,000 (before costs) is anticipated in the December 2023 Quarter. Following the recent successful $576,000 placement (ASX Ann. 15 Sept 2023) Trigg’s cash balance is approximately $2.3 million .

The Company has also announced its intention to raise up to a further $1.8 million via a Non-Renounceable Rights Issue with $1 million underwritten by lead manager, GBA Capital Pty Ltd. These funding initiatives will see Trigg achieve a minimum estimated cash balance of minimum $3.3 million in October 2023, to pursue the joint strategy of advancing the Lake Throssell SOP project in WA and the Drummond gold and base metals project in Qld.
 
morphing into a Qld explorer... soon potash will be but a embarrassing misstep?
.
trading around 1.0c
.
Sale of Boadicea Queensland assets
to Trigg minerals
− Boadicea has executed a binding term sheet with Trigg Minerals to sell a 90% interest in four Queensland exploration tenements .
− Trigg will pay Boadicea $20,000 and issue Boadicea with fully paid shares in Trigg Minerals to the value of $300,000
− Trigg Minerals will cover all expenses related to the tenements up to declaration of mining feasibility on each tenement.
− expected to be completed by 31 January 2024 , upon which time the transaction will be effective
 
Dona Ferentes said:
morphing into a Qld explorer... soon potash will be but a embarrassing misstep?
.
trading around 1.0c
Click to expand...
morphing on.

.. December 2023 Quarterly Activities .
• Cash at 31 December 2023 of $2.714 million. Expenditure on corporate and administration expenses expected to decrease significantly following one-off costs associated with the Drummond Bason acquisition
 
Andromeda ADN announces that it has sold the ordinary shares in Trigg Minerals the Company received through the sale of the Drummond Epithermal Gold Project. The 29.5 million shares were sold via a block trade at 0.7 cents per share, with total proceeds of $206,500 received from the sale.
Click to expand...

and now, a trading halt is requested pending an announcement regarding a proposed acquisition.
 
Dona Ferentes said:
and now, a trading halt is requested pending an announcement regarding a proposed acquisition.
Click to expand...
but no..

TMG provides an update to the Company’s suspension from quotation pending the release of an announcement regarding a proposed recompliance transaction dated 17 June 2024.

The Company advises that it is no longer pursuing the proposed recompliance transaction and therefore requests that ASX reinstates the Company’s securities to quotation.

The Company continues to prepare for its maiden drilling program at Drummond Gold Project. As per the announcement dated 24 May 2024, the Company has completed the geophysics program and is in the process of processing these results and will announce this to the market as soon as possible.
 
Dona Ferentes said:
so ...
  1. ASX query
  2. Trading halt
  3. Cap Raising
.... or have I got the order wrong?
Click to expand...
none of the above... so far. amazing no ping from ASX

now 1.2c after this Ann.

Outstanding geophysics results define Pajingo-style drill targets at Drummond epithermal gold-silver project, Qld
.
HIGHLIGHTS
• Trigg completes IP geophysics programs at the high-priority Breccia Hill and SW Limey targets within its Drummond Basin Project in Queensland
• Technical expert Global Ore Discovery has successfully integrated Trigg’s IP geophysics results with historical datasets.
• Several promising drill targets are now defined for Trigg’s upcoming drilling program, including -
i. SW Limey: strong chargeability and resistivity anomalies defined, which compare favourably to the IP signature of the nearby world-class Pajingo epithermal gold deposit. Anomalies indicate the potential for newly recognised, well-preserved epithermal quartz vein structures.
ii. Breccia Hill: resistivity and chargeability anomalies consistent with deeper ‘feeder’ structures defined.
• 3D reprocessing of historical IP data at the Quartz Ridge target has revealed a significant resistivity and chargeability anomaly at a key structural intersection, which is untested by historic drilling and provides a clear target for Trigg’s drill program
• Trigg’s initial drilling program will test all of these highest priority targets defined at SW Limey, Breccia Hill and Quartz Ridge as soon as practically possible
 
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