2023 TZMI Congress Presentation
Released
Released
Announcement PDF
16 November 2023
INVESTOR PRESENTATION – TZMI CONGRESS
2023
Astute Metals NL (ASX: ASE, “Astute” or “the Company”) is pleased to advise that its General Manager for
Exploration, Mr. Matthew Healy, will be presenting today at the TZMI Congress 2023, which is to be held at
the ParkRoyal Collection, Singapore.
Mr. Healy’s presentation will provide attendees with an overview of the recent strategic developments
that have been made in respect to the Company’s mineral sands portfolio.
The presentation slides to be delivered by Mr. Healy are a subset of those attached to this
announcement.
Authorisation
This announcement has been authorised for release by Kurt Laney, Joint Company Secretary.
More Information
Tony Leibowitz
Executive Chairman
tleibowitz@astutemetals.com
+61 (0) 410 687 910
Nicholas Read
Media & Investor Relations
nicholas@readcorporate.com.au
+61 (0) 419 929 046
Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001
+61 (0) 2 8046 2799 | admin@astutemetals.com
www.astutemetals.com
GOVERNOR BROOME
Heavy mineral sands project
Market Update
ASX: ASE
November 2023
DISCLAIMER AND FORWARD-LOOKING STATEMENT
IMPORTANT NOTICE & DISCLAIMER
The purpose of this presentation is to provide background information to assist readers in obtaining a general understanding of Astute Metals NL (‘Astute’ or ‘the Company’) and its objectives. Readers should
make their own independent assessment of the information and take their own independent professional advice in relation to the information and any proposed action to be taken in on the basis of the
information. To the maximum extent permitted by law, Astute and its professional advisors and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees,
advisers and agents and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for
any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation. Neither Astute nor its advisors have any
responsibility or obligation to inform the reader of any matter arising or coming to their notice after the date of this presentation, which may affect any matter referred to in the presentation. The distribution
of this Presentation (including an electronic copy) outside Australia may be restricted by law. If you come into possession of this Presentation, you should observe such restrictions and seek your own advice
on such restrictions. Any non-compliance with these restrictions may contravene applicable securities.
Not An Offer
This presentation is not and should not be considered as an offer or invitation to apply for or purchase securities of the Company or as a recommendation or inducement to make an offer or invitation in
respect of the Company’s securities. This presentation is not a disclosure document under Australian law or under any other law. It does not purport to contain all the information any reader or prospective
investor may require to make an investment decision and it does not contain all of the information required by Australian law or any other law to be disclosed in a prospectus. In particular, this presentation
does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. This Presentation may not be distributed or released in the United States. Securities in the Company
have not been, nor will be, registered under the U.S. Securities Act of 1933, or the securities laws of any state or other jurisdiction in the United States. Accordingly, the securities in the Company may not be
offered or sold, directly or indirectly to, persons in the United States or persons who are acting for the account or benefit of a person in the United States unless they have been registered under the U.S.
Securities Act or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. laws.
Not Investment Advice
The presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision.
FORWARD-LOOKING STATEMENTS
Certain statements contained within the presentation are forward looking statements. Such forward looking statements are necessarily based upon a number of estimates and assumptions that, while
considered reasonable by Astute, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies, involve known and unknown risks and
uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results to materially differ from estimated or anticipated events or results reflected in such
forward looking statements, and may include among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on
assumptions and estimates related to future technical, economic, market, political, social and other conditions. In certain cases, forward-looking statements can be identified by the use of words such as,
“affords”, “anticipates”, “believe”, “considered”, “continue”, “could”, “establishes”, “estimate”, “expected”, “future”, “interpreted”, “likely”, “looking”, “may”, “open”, “plan” or “planned”, “potential”, “robust”, “targets”,
“will” or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable
terminology. Astute disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. An investment in
securities in the Company is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of
return or the performance of its securities, nor does it guarantee any particular tax treatment. You should carefully consider the risks outlined in this Presentation before making an investment decision.
No Liability
No representation or warranty, express or implied, is given as to the fairness, accuracy, completeness, reliability or adequacy of statements, estimates, opinions or other information, or the reasonableness of
any assumption or statement in this presentation (any of which may change without notice), or the likelihood of achievement or reasonableness of forecasts or prospective statements in this presentation.
Forecasts and prospective statements are by their nature subject to significant uncertainties and contingencies. Forecasts and prospective statements in this presentation are based on current expectations
about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described.
This presentation has been approved for release by Astute’s Board of Directors.
2
PROJECT HIGHLIGHTS
STRATEGIC LOCAtion
•
Western Australia - World-class Resources Jurisdiction
•
176km2 of tenure in the Southwest WA Mineral Sands district
•
Trucking proximity to Mineral Sands processing plants
•
Electrical infrastructure on Project with sealed road access
Jorc resources and high-value mineralogy
•
Recent Resource Upgrade – 93.4Mt Measured and Indicated Resources @ 4.5% HM
•
HM Concentrate dominated by Ilmenite (up to 75%) and Zircon (up to 10.0%), Secondary
Ilmenite (up to 14.1%), Rutile (up to 4.5%), Monazite and Garnet
Proven heavy mineral separation performance
•
Bulk testwork conducted on eastern and western halves of the Project
•
Slimes and oversize readily removed using conventional tech to produce HM Concentrate
•
Separation of Heavy Mineral products using conventional Dry plant
•
Marketable titanium and zircon products meeting standard and premium classifications
Value-realisation fast track
•
Mineral Resource Upgrade Completed
•
Scoping Study underway – to be completed Q1 2024
3
GOVERNOR BROOME
LOCATION
Location
•
World-class resources jurisdiction of Western Australia
•
95km from Busselton by road in Southwest Mineral Sands district
Established Infrastructure
•
105km from Iluka Processing Plant – Capel
•
135km from Doral Australia Processing Plant – Picton
•
135km from deepwater Bunbury Port
•
High-voltage 132kV transmission line passes through project
•
Sealed road access
Tenure
•
Tenure covers 20km of mineralised strand strike
•
176km2 Portfolio in 3x Retention and 3x Exploration Licences
•
Exploration targets on Exploration Licence E70/5872
4
GOVERNOR BROOME
GEOLOGY
Governor Broome Deposits
•
The upper Warren Sands unit contains economic HM
at its base
•
The lower Beenup Beds unit contains 1% to 9% VHM
in its top few metres, which consists of clayey sands
•
Mineralisation is continuous between the West and
North Deposits, with an average thickness of 4.5m
and a waste-to-ore ratio of 1:1
Jack Track Deposits
•
HM occurs within the surficial Warren Sands unit.
•
The Jack Track Deposits have average thicknesses
ranging 2.2 – 6.6m and waste-to-ore ratios ranging
from 1:1 to 2:1
5
GOVERNOR BROOME
MINERAL RESOURCES
Recent MRE Update – incorporating Q2 infill drilling results
6
HIGH-VALUE MINERALOGY
*N/A = Leucoxene and Monazite not determined in mineral assemblage testwork for some Mineral Resource domains
7
PROCESSING
Bulk Sample Wet and Dry plant testwork undertaken:
• Governor Broome West (2.6 ton, June 2021)
• Jack Track (2 ton, August 2023)
Heavy Mineral Concentrate successfully produced in a
Wet Concentrator from Governor Broome and Jack
Track deposits using conventional WCP methods
Slimes and oversize easily removed and found to
behave similarly to other WA producing HM deposits
High recoveries of Heavy Minerals from both Governor
Broome (78%) and Jack Track (85.5%) deposits
Multiple mineral products separated from HMC including
Zircon, Ilmenite, Rutile and by-product Monazite
8
PRODUCT QUALITY - ILMENITE
Governor Broome Primary Ilmenite
• Favorably low U+Th, Cr and V
• Acceptable Fe2+/Fe3+ ratio
• Other impurities at acceptable levels
• TiO2 of 50.8% - suitable for Sulfate classification
• Potential synthetic rutile feedstock
Governor Broome and Jack Track Sec. Ilmenite
• Suitable TiO2 for Chloride pigment classification
Jack Track Combined Ilmenite
• Lower end TiO2 content for Chloride pigment
• Low levels of impurities
9
PRODUCT QUALITY - ZIRCON
Governor Broome Zircon
• Relatively low U+Th
• Moderate Al2O3
• Meets Premium specification for
ceramics and foundry application
Jack Track Zircon
• Zircon <66%
• Iron and TiO2 within acceptable
thresholds for Standard Grade
ceramics and foundry application
10
PRODUCT QUALITY - RUTILE
Jack Track Rutile
• Low impurities – Ca, Mg, P, S
• Meets Premium specification for
direct Chloride pigment use
• Fine fraction slightly above
threshold for welding application,
however likely remains suitable
at a slight (5%) price discount
11
EXPLORATION POTENTIAL
Two key areas of exploration potential
• Follow-up of previous air-core
drilling conducted in 2012
• Drilling Intersected Heavy Minerals
associated with a radiometric
anomaly but no samples assayed
• Second area along strike from
Fouracres Deposit
12
ASTUTE METALS – A COMPARISON
Company
Sheffield Resources
(ASX: SFX)
Diatreme Resources
(ASX: DRX)
Image Resources
(ASX: IMA)
Status
JORC Meas+Ind
Value Nov 2023
Resources (Mt)
(A$M)
Enterprise Value/t HM
(A$)
Comments
HM in Resources reflect 50%
92.5
$
212.10
$
2.29
DFS
4.7
$
86.80
$
18.47
Cyclone HM Project only
Permitting
32.0
$
25.77
$
0.81
Recently ceased production
16.3
$
115.40
$
7.06
73.8
$
48.46
$
0.66
4.2
$
10.60
$
2.54
In Production/Adv
(ASX: STA)
Expl / DFS
Base Resources
Kwale in production
(ASX: BSE)
Toliara : DFS
(ASX: ASE)
Enterprise
Production
Strandline Resources
Astute Metals
Contained HM in
Scoping Study
ownership of Thunderbird
HM In Resources reflect 84%
ownership of Nyati Mineral Sands
Cash from 2023 Annual Report
Governor Broome project under
development.
• Comparison with a selection of Heavy Mineral sands developers and producers by contained HM in
Indicated (Ind) and Measured (Meas) JORC Mineral Resources
• Astute Metals is a diversified explorer and no value has been assigned to other Astute Metals Projects
(e.g. Nevada Lithium, Georgina IOCG) as part of this analysis - assigning value to other Astute Projects
would result in lower EV/t HM
Cautionary Statement: The companies included in the above table have varying compositions of measured, indicated and inferred resource as well as
proven and probable reserves and are at various stages of development. They are not intended to be identical in nature to Astute Metals NL.
13
GOVERNOR BROOME
DE-RISKED HIGH-VALUE ASSET
Location
Mineralogy
Performance
In the heart of the South West
WA Mineral Sands district,
within trucking distance to
heavy mineral processing
plant and Bunbury Port access
High-value quality-of-life
commodities zircon and
titanium minerals ilmenite,
leucoxene and rutile, with byproduct monazite and garnet
Conventional WCP methods
produced heavy mineral
concentrates from the project
from which marketable
products were separated
14
Previous Announcements
The information contained within this presentation that relate to exploration
results of Astro have been extracted from the following ASX announcements
(ASX: ASE) and previously (ASX: ARO):
• Substantial Mineral Resource Upgrade – Mineral Sands Project
9th November 2023
• Acquisition of high-grade Heavy Mineral deposit
13th July 2023
• Jack Track Bulk Testwork Produces Marketable HM Products
23rd August 2023
• Completion of Key In-fill Drilling at Governor Broome Sands
4th May 2023
• High Value Mineral Content for Jack Track Deposit
21st November 2022
• Substantial increase in Mineral Resource for Governor Broome
19th September 2022
• TZMI Virtual Congress 2021 Presentation
9th November 2021
• Bulk Testwork Program Delivers Further Positive Results for Governor
Broome Heavy Mineral Project
16th June 2021
Competent Person Statement
The information in this presentation as it relates to Mineral
Resources and Exploration Results for the Governor Broome
Project is based on information compiled by John Doepel,
Director of Continental Resource Management Pty Ltd (CRM),
who is a member of the Australasian Institute of Mining and
Metallurgy. Mr Doepel has sufficient experience in mineral
resource estimation, which is relevant to the style of
mineralisation and type of deposit under consideration and is
qualified as a Competent Person as defined in the 2012 edition of
the ‘ Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Mr Doepel consents to
the inclusion in the report of the information in the form and
context in which it appears.
15
Appendix 1 Data Sources
The information concerning resource data for other companies contained
within the presentation slide titled “Astute Metals – A Comparison” has been
sourced from the following announcements:
Company
ASX Ticker
Code
Project(s)
Region(s)
Announcement/ Source
Appendix 5B Cash Flow Report (Sept 30),
Sheffield Resources
SFX
Thunderbird
Kimberley, WA
Diatreme Resources
DRX
Cyclone
Eucla Basin, WA
Image Resources
IMA
Various Dry and
North Perth
Appendix 5B Cash Flow Report (Sept 30),
Dredge Deposits
Basin, WA
Quarterly Activities Report (Sept 30)
Strandline Resources
STA
Coburn, Fungoni and
Gascoyne, WA
Appendix 5B Cash Flow Report (Sept 30),
Tajiri
and Tanzania
Diggers and Dealers Presentation
Base Resources
BSE
Kwale and Toliara
Kenya and
Madagascar
Annual Report 2023
Appendix 5B Cash Flow Report (Sept 30),
Cyclone DFS Report
Annual Report 2023
Date
26 Oct 2023, 27 Sept 2023
30 Oct 2023, 15 Nov 2018
26 Oct 2023
31 Oct 2023, 8 Aug 2023
28 Aug 2023
16
GOVERNOR BROOME
Heavy mineral sands project
Market Update
Contacts
Tony Leibowitz
Matt Healy
Nicholas Read
Executive Chairman
GM Exploration
Media & Investor Relations
tleibowitz@astutemetals.com
mhealy@astutemetals.com
nicholas@readcorporate.com.au
+61 (0) 410 687 910
+61 (0) 431 683 952
+61 (0) 419 929 046
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