Territorial Resource Summary – April 4


the NT Independent provides you with up-to-date resource news from across the Northern Territory. This week, Sea Dragon project delays see Seafarms shares fall sharply, Core Lithium’s share price hits an all-time high and more.

Seafarms shares fell 48% last week

Seafarms’ share price has fallen 48% since the company told investors that the Sea Dragon project would be delayed for several years. Shares of Seafarms fell 48.3% last week, closing at 1.4 cents per share after a week of 2.9 cents.

Seafarms Group, the company behind the proposed $1.87 billion aquaculture project which is expected to have 10,000 ha of shrimp ponds in the Northern Territories, made the announcement at a meeting in line Thursday, notifying shareholders that the project would be delayed for three years.

A lack of funding due to the failure of the debt financing process was reported as the reason for the massive delay. The Northern Territory Government has already spent $56 million on roads for the project before the company secured funding to complete the project.

Core hits record highs with drill results and MD Steve Biggin announces departure

Core Lithium stock price hit record highs on Friday, closing at $1.54 after an update on drilling and the departure of chief executive Stephen Biggins during the week.

The update describes the results of drill assays received for drilling performed on the early stage regional exploration prospects and targets in the southern concessions of the project area. Ten reverse circulation drill holes were completed on the Bilatos prospect.

Management described these results in an “exciting” way, with most holes intersecting lithium grades and consistent pegmatite thicknesses. However, not all was positive in the update, with the company pointing out that it had not been successful in its regional exploration. Seventeen holes were drilled, but there was no significant lithium interception at this location.

The drilling results were not the only update made by the company last week with the announcement that Stephen Biggins, the company’s founding chief executive, has stepped down and will step down before the end of 2022. Mr. Biggins retired from the company for personal reasons. . The company will now begin an extensive and competitive executive search for a new chief executive.

Tennant Minerals on trading break ahead of capital raise announcement

Tennant Minerals has suspended shares pending the release of a capital-raising announcement, but has not yet disclosed how much it intends to raise or what it will use the money for once. received.

The company will remain in a trading halt until the start of normal trading on Monday, April 4, 2022 or when the announcement is released to the market.

On March 24, Tennant Minerals announced that it had accelerated exploration of Bluebird’s copper-gold discovery in response to recent outstanding drill results. Bluebird is located on the 100% Tennant-owned Barkly Project, 45 km east of the Township of Tennant Creek.

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