Join our daily newsletter At The Bell to receive exclusive market insights
- Silica sands explorer Perpetual Resources (PEC) enters a trading halt while it plans and finalises a capital raise
- The company has been progressing test work and analysis on silica sand from its flagship Beharra project in WA which has shown low impurities
- As of June 30, Perpetual had $1.1 million in cash and an estimated 2.44 quarters left of available funding
- The company is yet to provide any information on the raise but expects the details will be revealed by September 8
- Perpetual last traded at 3.5 cents on September 5
Perpetual Resources (PEC) has entered a trading halt while it plans and finalises the details of a capital raise.
The silica sands explorer is yet to provide any information regarding the raise but expects the details will be revealed by Thursday, September 8.
Perpetual Resources’ flagship asset is the Beharra project which is located 96 kilometres south of Geraldton, Western Australia.
Other exploration projects include Arrowsmith West, Sargon and Eneabba — all of which are also located in WA.
Most recently, the company announced results of a petrographic and photomicrograph analysis undertaken on silica sand from Beharra.
This work was designed to improve Perpetual’s understanding of how to maximise impurity removal as well as support ongoing discussions with potential offtake partners.
Observations confirmed low impurities and gave the company an insight into the mineralogical residences and form of impurities.
Of the minor traces of impurities seen, Perpetual said it gained a better understanding of their occurrence and location within the silica grains.
Additional study work and project development are ongoing before the company moves to making a final investment decision.
At the end of the June quarter, Perpetual had $1.1 million in cash and an estimated 2.44 quarters left of available funding based on that quarter’s spending levels.
Perpetual last traded at 3.5 cents on September 5.
