Nimy Resources (ASX:NIM) Completes $2.75m share placement to fund exploration at WA gallium discovery
Nimy Resources Limited (ASX:NIM)
■ Nimy Resources has received strong demand for a $2.75 million Placement through existing and new institutional and sophisticated investors.
■ The Placement was strongly supported by strategic shareholders and therefore required scaling.
■ Funds raised will advance the Block 3 gallium discovery by accelerating drilling, progressing resource definition and offtake discussions, and supporting metallurgical test work.
■ Upcoming newsflows will include a drilling update from the Block 3 program, assay results, maiden JORC resource progress, metallurgical test work outcomes and potential offtake discussions.
■ Gallium prices have surged to $1,012/kg, driven by China’s export ban that has squeezed global semiconductor supply chains.
Nimy Managing Director Luke Hampson said: “We are very pleased with the positive market response received. Nimy is focused on delivering a JORC compliant gallium resource to underpin the development of our high grade gallium discovery at Block 3. “Nimy is positioning to be a major player supplying high grade gallium into high growth markets as the US and the EU seek security of supply into gallium reliant industries such as semi-conductor manufacture and defence force applications”.
To read the announcement, please click here
Key Facts:
For more information, please contact:
Nimy Resources Limited
Richard Moody
[email protected]
(08) 9261 4600
About us:
About Nimy Resources
Nimy Resources is a Western Australian exploration company that has prioritised the development of its recently discovered Mons Belt, situated 370km north-east of Perth and 140km north-northwest of Southern Cross a Tier 1 jurisdiction in Western Australia.
The Mons Belt represents a district scale discovery, spanning ~80km x 30km over 17 tenements and covering ~3005km2 north of the Forrestania greenstone belt. The Mons Belt provides a new and exciting frontier in critical metal exploration in Western Australia, the company is currently working with the CSIRO to advance the lithology and mineralisation types within one of Australia's newest greenstone belt discoveries in the Yilgarn Craton, a region with significant untapped potential.
Nimy Resources believes the Mons Belt offers multi commodity potential with the initial discovery of Masson (Cu, Ni, Co, Au & PGE's) in addition to Block 3 east prospect with high-grade gallium (Ga) discovered in the northern tenements.
In addition to these discoveries, the southern tenements have significant fertile komatiite sequences like those found in the Kambalda region of WA.
The Mons Belt is a district scale discovery with a land holding consisting of 17 approved tenements covering an 80km north/south strike of mafic and ultramafic sequences.