- Northern Minerals (NTU) will go into the weekend in a trading halt ahead of an upcoming capital raise
- The heavy rare earths producer will remain in the halt until February 16 unless details of the raise are announced earlier
- A few days ago, NTU revealed it is accelerating a feasibility study for a commercial-scale benefaction plant at the Browns Range Pilot Plant in WA
- The company is in the process of completing the construction and installation of the ore sorter equipment with a trial planned in the second quarter of 2021
- Northern Minerals is aiming to have first cashflow from the plant in 2023, two years earlier than previously anticipated
- Shares in Northern Minerals last traded at 5.2 cents on February 11
Northern Minerals (NTU) will go into the weekend in a trading halt ahead of an upcoming capital raise.
The heavy rare earths producer will remain in the halt until February 16 unless details of the raise are announced earlier.
At this stage, Northern Minerals is yet to disclose how much it intends to raise or what it will use the money for.
A few days ago, NTU revealed it is accelerating a feasibility study for a commercial-scale benefaction plant at the Browns Range Pilot Plant in WA.
The company is in the process of completing the construction and installation of the ore sorter equipment with a trial planned in the second quarter of 2021.
Northern Minerals is aiming to have first cashflow from the plant in 2023, two years earlier than previously anticipated.
Taking a look at its financials, Northern Minerals went cash flow positive in the December quarter, receiving almost $9 million in Government grants and tax incentives.
However, the company still burnt more than $3 million on production and just over $1.6 million on exploration and evaluation.
As of December 31, Northern Minerals had more than $10.5 million in funding, representing ample quarters of use.
Shares in Northern Minerals last traded at 5.2 cents on February 11.