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MYL 7.5¢

MYANMAR METALS LIMITED

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BOARDROOM MEDIA INTERVIEW

ASX Announcement 20 June 2018

Myanmar Metals Limited (“MYL” or “the Company”) is pleased to provide investors with an opportunity to listen to an interview with Chairman and CEO John Lamb on Boardroom Media.

The audio broadcast will be available for access at 10am AEST Wednesday 20th June at http://www.boardroom.media/broadcast/?eid=5b2881f049e38c1023dbbf2d

Alternatively, a copy of the interview will also be available on the Company’s website at www.myanmarmetals.com.au


Click here to view the full announcement

$35M SHARE PLACEMENT COMPLETED OVERSUBSCRIBED

ASX Announcement 7 June 2018

Highlights 

  • MYL has received binding commitments for its $35 million share Placement 
  • Heavily oversubscribed with significant demand from a wide range of domestic and international institutions together with existing key shareholders 
  • Key conditions precedent for Perilya's cornerstone investment have been met, allowing for MYL's drawdown on the $14.9 million deposit 
  • Bawdwin Option now set to be exercised imminently

Myanmar Metals Limited (“MYL” or “the Company”) is delighted to advise that it has successfully completed a bookbuild to raise $35 million at an issue price of $0.06 per share via a shareholder approved placement (“Placement”). The Placement was heavily oversubscribed with significant demand from a wide range of new domestic and international institutional investors. The Placement includes the $19.1 million of binding commitments obtained from cornerstone investors, Perilya Limited (“Perilya”) and Mark Creasy (through Yandal Investments), as previously announced.


John Lamb, Executive Chairman and CEO, stated: 

“The demand for the MYL Placement has been extremely strong. I believe this is because the Company’s core investment proposition is compelling, namely:

  • A Tier 1 polymetallic project in a strategically advantageous location 
  • A management team with experience and depth, and 
  • International and local partners with valuable expertise who substantially de-risk operations

I would like to thank our existing shareholders for their support in approving the resolutions presented at the General Meeting earlier this week. The Placement has achieved our objective of introducing a significant number of new, high quality institutions to the MYL shareholder register. We believe this further validates the quality of the Bawdwin Concession and ensures the Company has a strong financial position as it progresses Bawdwin towards mine development.

We now move forward as part of a larger, well-funded company which will have a controlling interest in a world class mining project.”


Shares issued in the Placement are priced at A$0.06 per share, which represents a: 

  • 6.0% premium to the 10 day volume weighted average price (“VWAP”) of $0.0566 per share prior to the announcement of MYL securing binding commitments from cornerstone investors on 25 May 2018; and 
  • 9.7% discount to MYL’s 5-day VWAP of $0.0664 per share calculated at trading close on 4 June 2018.

Click here to view the full announcement 

STRATEGIC ALLIANCE WITH PERILYA AND BINDING FINANCING COMMITMENTS OF $19.1M TO FULLY FUND OPTION EXERCISE

ASX Announcement 25 May 2018 

Highlights 

  • MYL fully funded for its share of the Bawdwin option exercise 
  • Binding agreement with Perilya for a cornerstone investment of up to A$14.9 million at A$0.06 per share to emerge with a 19.9% shareholding as part of a proposed share placement to raise up to A$35 million 
  • Binding commitment from Mr Mark Creasy (Yandal) to invest an additional A$4.2 million to hold a 12.6% shareholding post A$35 million placement
  • Placement price represents a 6% premium to 10 day VWAP1 
  • Strategic alliance with Perilya to provide technical assistance together with procurement, processing and market support
  • Non-binding Letter of Support for up to US$150 million for future construction of Bawdwin received from Perilya

Myanmar Metals Limited (“MYL” or “the Company”) is delighted to announce that it has executed definitive and binding documentation (“Agreements”) with Perilya Limited (“Perilya”) that encompasses a maximum A$14.9 million cornerstone investment whereby Perilya will become a 19.9% shareholder in MYL and a strategic alliance to support the optimal development and financing of the Bawdwin Concession.

Under the Agreements, Perilya will subscribe for new ordinary MYL shares via a A$14.9m deposit that will, subject to the satisfaction of certain conditions, become a 19.9% shareholding in MYL at A$0.06 per share on the later of settlement of the proposed A$35 million placement and the receipt of all necessary regulatory approvals (“Share Subscription”).

In addition, MYL has received a binding commitment from its current largest shareholder Mr Mark Creasy (Yandal) to invest an additional A$4.2 million at an issue price of A$0.06 per share to hold a 12.6% shareholding post completion of the proposed A$35 million placement.

The binding commitments from Perilya and Yandal mean that MYL’s A$18.5 million2 (US$13.9 million) share of the Bawdwin option exercise is now fully funded, subject to satisfaction of the conditions.

Upon completion of the placement, MYL will be well-funded to complete feasibilities studies and apply for development approvals from MONREC for the Bawdwin mine together with its partners EAP and WMM. MYL will retain a 51% controlling interest in the concession.

John Lamb, Executive Chairman and CEO stated:

“After a comprehensive global process, we are delighted to have secured Perilya as our cornerstone 19.9% shareholder. Perilya is an ideal strategic investor with a wealth of experience in zinc, lead and silver mining operations and metals marketing. These strategic benefits are backed by Perilya’s parent company, Zhongjin Lingnan, China’s largest integrated zinc producer with a market capitalisation in the order of CNY22.5b. 

In combination with the ongoing support of major shareholder Mr Mark Creasy, Myanmar Metals is now fully funded for imminent exercise of the Bawdwin option.

Perilya’s investment in MYL further validates the world class nature of the Bawdwin Concession. MYL has now successfully assembled a partnership with WMM, EAP and Perilya, collectively three major strategic in country and international groups. MYL looks forward to working alongside its partners to expedite redevelopment of the high grade, large scale polymetallic Bawdwin deposit that is ideally located on China’s doorstep

Importantly MYL has been able to attract significant financing while retaining a controlling operatorship of the Bawdwin Concession with the valuable future marketing and off-take rights remaining 100% unencumbered. The future value to be unlocked from Bawdwin is likely to be immense when considering that at present only a relatively small, historic area in the overall Concession has been subject to modern exploration and drilling.”

Perilya’s Managing Director and CEO, Paul Arndt, said:

“Perilya’s investment in MYL sits well with our strategic goal of identifying and developing quality base and precious metals deposits, leveraging off the Perilya Group’s wide experience in the development, mining and extensions of base metals mines as well as the broader group’s metal marketing and procurement teams. Our team has a long and successful history of extending mine life and developing new projects in multiple jurisdictions and we look forward to applying those skills and contributing to the development of the Bawdwin project.

We are very excited to be able to take a strategic stake in MYL and partner with MYL’s strong management team to develop this project to its full potential. Perilya believes that the Bawdwin Primary resource ranks amongst the world’s best undeveloped base-metal deposits and, given its long open pit and underground mining history, has the potential to be developed into a truly world class long-life polymetallic mine. I look forward to working with John and his team on this world class project for the benefit of all MYL shareholders.”

Click here to view the full announcement 

UPDATED MINERAL RESOURCE ESTIMATE WITH SUBSTANTIAL INDICATED CLASSIFICATION

ASX Announcement 22 May 2018

Highlights 

  • Updated Indicated and Inferred Mineral Resource Estimate of 82.0 Mt at 4.7% Pb, 119g/t Ag, 2.4% Zn and 0.2% Cu, (0.5% Pb cut-off above 750m RL, 2% Pb below 750m RL), 
  • Increase of 5.1Mt over the Mineral Resource estimate announced on the 6th March 2018, 
  • Includes a maiden Indicated Resource component of 20.2Mt at 5.0% Pb, 130g/t Ag, 2.6% Zn and 0.23% Cu (0.5% Pb cut-off above 750m RL, 2% Pb below 750m RL). 
  • At a 2% Pb cut-off for both deep and shallow mineralisation, the resource estimate is 44.5Mt at 7.8% Pb, 180g/t Ag, 3.6% Zn and 0.3% Cu (global 2% Pb Cut-off); this represents the high grade ‘core’ mineralisation that is enveloped by lower grade ‘halo’ mineralisation. 
  • The estimate includes a copper-rich resource of 4.24 Mt at 3.03% Cu, 5.34% Pb, 168g/t Ag and 2.54% (cut-off grade of 0.5% Cu); the copper-rich mineralisation has not yet been targeted by drilling 
  • The new Mineral Resource estimate will be used to complete an updated Scoping Study, expected to be completed by mid-June.

Together with partner Win Myint Mo Industries Co, Myanmar Metals Limited (ASX: MYL) (“MYL” or “the Company”) is pleased to report a revised Indicated and Inferred Mineral Resource estimate for Bawdwin completed by CSA Global and reported under the guidelines of the JORC Code 2012 Edition.

The updated estimate utilises the new data from the 2018 drilling program and updates the previous Inferred Mineral Resource estimate announced in the Company’s release to the ASX on 6th March 2018.

The substantial drill program completed in 2018 brings the total 2017-18 drill metreage to 5,320 metres of diamond core drilling and 2,014 m of Reverse Circulation drilling. The results of the 7,334 metres of recent drilling have supported the results of 56,008 metres of historic channel sampling of underground exploration cross cuts and have allowed classification of most of the shallower part of the Mineral Resource as Indicated.

Myanmar Metals Limited’s Chairman and CEO, John Lamb, commented:

“Bawdwin continues to impress, with the total JORC resource now exceeding 80 million tonnes with improved metal grades when compared to the resource estimate announced to the ASX on 6th March 2018.

The increase in both tonnes and metal content is pleasing, noting that the recent drilling was primarily focused on infilling the resource and no exploration or resource extension drilling has yet been undertaken at Bawdwin.

Most importantly, this estimate includes the first mineral resources at Bawdwin to be classified in the Indicated category under JORC-2012, representing substantial progress towards the planned open pit redevelopment of the mine.”

Bawdwin Mine Background

MYL holds an option over the Bawdwin project with Win Myint Mo Industries Co. (“WMM”), the Myanmar company that holds the 38 km2 Mining Concession at Bawdwin under a production sharing agreement with Mining Enterprise No. 1, a state enterprise under the Ministry of Natural Resources and Environmental Conservation.

The Bawdwin Mine in the northern Shan State in Myanmar was a globally significant lead, zinc and silver mine in the 1920’s and 30’s. Large-scale production ceased during World War 2. Through a combination of political, technical and economic factors, the mine never returned to pre-war levels. It was nationalised in the 1960’s and, while some foreign organisations drilled targets occasionally and sparsely, no modern exploration has been conducted on the site.

Click here to view the full announcement 

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