Quarterly Activities Report
Perth, Jan 31, 2025 AEST (ABN Newswire) - Vertex Minerals Limited (
ASX:VTX) (VTXXF:OTCMKTS) is pleased to provide a summary of its activities for the quarter ended 31 December 2024.
HIGHLIGHTS FOR QUARTER
- Completed the construction of the Gravity Gold plant at the Reward Gold Mine, in line with stated development strategy
- Key executive addition with the appointment of Chris Hamilton as General Manager, Operations for the Hill End Reward Gold Mine.
- Onboarded several key personnel and operators to operate the Reward plant and Mine to coincide with the commencement of production
- Ongoing refinement of operating systems to transition Hill End operations to be 'business ready' ahead of plant commissioning
- Acquisition of a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource
- Successful completion of two capital raises during the period, comprising:
- Strategic $1.1m placement at 16c per share to an existing strategic investor, alongside a $0.98m convertible note facility at 16c per share with a network of institutional / sophisticated investors, and;
- Firm commitments for an additional convertible note loan funding facility of $5.1m at 17c per share with a network of institutional / sophisticated investors
- Capital raises in the period were designed to provide strategic funding for the completion of the gold plant and the acquisition of key equipment, associated infrastructure, underground mine development, sustaining costs and working capital.
- Post quarter-end, Vertex announced that commissioning of the Reward Gold Mine has now commenced with the processing of gold ore through the gravity gold plant.
Vertex Minerals Executive Chairman, Roger Jackson, commented: "We are pleased with our achievements in the December quarter in pursuit of Vertex's stated strategy to become a significant Australian gold producer. Construction of the Gravity Gold Plant required disciplined execution of a targeted rebuild and refurbishment program which included the procurement and installation of key equipment. As the plant moved toward commissioning, we were also pleased to attract strong support from a network of large investors who believed in our value-add strategy. With commissioning at the plant successfully underway post quarter-end, Vertex is positioned with a unique opportunity to unlock additional value for our shareholders in what remains a positive gold price environment."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/7DB7AKP5
About Vertex Minerals Limited
Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.
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