- Firebird Metals (FRB) enters a trading halt ahead of a fresh capital raise
- The company hasn’t announced any details on the capital raise but ended the June quarter with around $500,000 in cash and less than one quarter left of available funding
- As stated in its recent quarterly, Firebird is developing a manganese hub at its Oakover project in WA and is currently undertaking a pre-feasibility study and other exploration work
- Firebird expects to remain in the trading halt until no later than Wednesday, August 17
- FRB shares last traded at 21 cents on August 12
Firebird Metals (FRB) has entered a trading halt regarding an upcoming capital raise.
The materials stock hasn’t revealed any information on how much it plans to raise nor how it will spend the funds once received.
The company did however detail plans in its June quarterly report to complete a pre-feasibility study (PFS) and associated development and exploration work for its Oakover manganese project in Western Australia.
During the quarter, Firebird announced a 170 per cent increase to the Oakover project’s mineral resource estimate (MRE) which now stands at 172 million tonnes at 9.9 per cent manganese. The MRE is based on over 10,000 metres of drilling completed in late 2021.
In July, Firebird Metals completed a scoping study for the project which reportedly delivered “impressive” results and supported the company’s strategy to develop a manganese hub at Oakover.
Now, Firebird is focused on completing a PFS for manganese concentrate production, as well as infill drilling, metallurgical testwork, environmental surveys and a mining permit application.
By the end of the June quarter, FRB had roughly $500,000 in cash and just 0.74 quarters estimated quarters left of available funding, suggesting the company will benefit from a capital raise.
The trading halt will remain in place by no later than Wednesday, August 17, by which time the company expects to have released the details on the raise.
FRB shares last traded at 21 cents on August 12.