- Hyperion Metals (HYM), formerly Tao Commodities (TAO), has recapped exploration activities and new deals signed during the March quarter
- In February, the company signed a research deal with Blacksand Technology to develop titanium metal powders using a unique hydrogen technology
- After the quarter wrapped up, the company signed a memorandum of understanding with Energy Fuels to evaluate the potential supply of monazite sands from HYM’s Titan Project to Energy Fuels’ White Mesa Mill in Utah
- Hyperion Metals completed two phases of drilling at the Titan Project and began a third phase which is aimed at delivering a maiden resource estimate before the end of this quarter
- As of March 31, the company had $5.05 million in cash
- Company shares ended the day 12.2 per cent in the green to close at $1.20
Hyperion Metals (HYM) has recapped exploration activities and new deals signed during the March quarter.
The materials stock, formerly Tao Commodities (TAO), aims to develop zero carbon, critical material supply chains for the space, aerospace, electric vehicles and 3D printing sectors.
In February, the company signed a research agreement and an option for an exclusive licence with Blacksand Technology. The deal involves developing titanium metal powders using the hydrogen assisted magnesiothermic reduction (HAMR) technology.
The HAMR technology was invented by Dr Z. Zak Fang and his team at the University of Utah. Significantly, this low-to-zero carbon tech may represent a breakthrough for the titanium metal and titanium additive manufacturing markets.
After the quarter wrapped up, the company signed a memorandum of understanding with Colorado-based Energy Fuels.
The deal will see the companies evaluate the potential supply of monazite sands from the Titan Project to Energy Fuels’ White Mesa Mill in Utah. The monazite sands is intended to be used to produce rare earth products.
Hyperion Metals owns the Tennessee-based Titan Project which covers 3850 acres of titanium, rare earth minerals, high-grade silica sand and zircon-rich mineral sand properties.
In the December quarter, it completed a 15-hole drilling program and received the results in the March quarter.
Highlighted drill results include 47.2 metres at 3.69 per cent total heavy minerals (THM) including 10.7 metres at 8.09 per cent THM and 10.7 metres at 5.47 per cent THM, and 35.1 metres at 3.04 per cent THM including 10.7 metres at 8.16 per cent THM.
After completing a phase two program, which was designed to expand the mineralisation discovered in the first phase, HYM began phase three drilling which will include 70 holes.
This drilling aims to infill areas defined by the prior phases in order to complete a maiden mineral resource estimate. This is expected to be delivered before the end of this quarter.
In terms of financials, Hyperion Metals spent $1.18 million on operating activities — most of which was used for exploration and staff and admin costs. Another $391,000 went towards tenement costs.
HYM also completed a $3.6 million placement and company Chairman, Todd Hannigan, subscribed for $1 million in the placement.
At the end of the quarter, the company had about $5.05 million in cash.
Company shares ended the day 12.2 per cent in the green to close at $1.20.