Posted on 28th August 2020 at 11:33
Sculpted from experience, built for success.
NQ Minerals' Executive Chairman, said;
"There is now significant potential to define new and extensive high-grade mineralisation at Hellyer, one of the world's great polymetallic high-grade mines.
We are operating in one of the most highly mineralised geological terrains in the world and we have a golden opportunity to continue Bass's work from 2012 to build-up the existing significant underground resource inventory and extend the Hellyer mine life to underpin this operation for a very long time.
The tailings reprocessing Phase 1, now running at over 1.2 million tonnes per year, has another 8 years to run with its current lead/zinc strategy and will generate significant cash flow for the Company, but it's a finite resource. Stage 2 of the current operations will focus on recovering the significant gold and silver inventory in the tailings, but metallurgical test work continues with respect to this next phase of tailings reprocessing.
To move Hellyer back into underground mining is a logical and natural progression, especially considering we have the Hellyer plant fully operational."
VSA, the company’s corporate broker, expects NQ to generate revenues of £33mln and underlying earnings (EBITDA) of £7.7mln this year, rising to £52mln and £22mln respectively in 2021.
VSA said in June 2020 the shares were worth around 21p each on a 12-month view, or three times their current value.
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