- Tao Commodities (TAO) has released a new presentation for investors, setting out in detail the planned acquisition of Hyperion Metals
- The company is interested in Hyperion’s Titan Heavy Mineral Sands Project in Tennessee, U.S.
- The Project hosts both titanium and zircon, which are considered critical minerals in the U.S. as it recovers from COVID-19
- Tao last week announced it had acquired the option to purchase the company, with $2 million and over 25 million shares to be handed over as consideration
- Today the company revealed a schedule of works planned at the Tennessee Project, for once the acquisition is completed
- Tao plans to begin first phase exploration works and drilling once due diligence has been completed
- Shares in the company are trading steady at 22 cents per share
Base metals explorer and developer Tao Commodities (TAO) has provided more details on its planned acquisition of Hyperion Metals.
The company announced last week that it was interested in acquiring Hyperion and its Titan Heavy Mineral Sands Project in Tennessee, U.S.
Titan hosts both titanium and zircon, with titanium used primarily in the production of pigment and paints, while zircon is used in ceramics.
Both are considered critical minerals in the U.S. as it recovers from the economic impact of COVID-19 and shifts to more localised manufacturing.
The project is also located near other end users in the Titanium market and has access to world-class infrastructure within a low cost operating environment.
Tao plans to acquire 100 per cent of Hyperion via a $2 million payment and the issue of over 25 million of the company’s shares.
In a new presentation for investors, Tao revealed a schedule of works planned for the Tennessee-based project, once the acquisition is completed.
In particular, the company plans to begin first phase exploration works and drilling once due diligence has been completed for Hyperion.
At this stage, Tao is anticipating that these drilling works will begin in the next few weeks, with results expected in the fourth quarter.
Also expected to be completed during the fourth quarter is land consolidation and the appointment of key personnel.
Shares in TAO are trading steady at 22 cents per share at 3:16 pm AEST.