PEK 0.00% 3.7¢ peak resources limited

News: Peak Resources in A$29.5M funding deal for Ngualla Bankable Feasibility

  1. Peak Resources (ASX:PEK) has signed formal agreements relating to a A$29.5 million staged funding investment which is expected to fully fund the company's Bankable Feasibility Study for the Ngualla Rare Earth Project.

    Ngualla is one of the world’s best undeveloped rare earth projects with a strong alignment to the high growth magnet metals market.

    The funding will be provided by two parties, with Jersey-based Appian Natural Resources Fund (80%) and International Finance Corporation (20%)(IFC).

    IFC is the largest source of loan and equity financing for the emerging markets private sector.

    Funding breakdown

    Stage 1 will have the funding companies subscribing for 50.1 million shares at $0.09, a 20% premium, raising A$4.5 million.

    Stage 2 will happen before the end of 2015 if the funding companies deem a high-grade mineral concentrate can be produced from a steady state pilot plant which is of sufficient scale to support scalability to a production sized plant.

    Stage 3 has additional conditions with a timeframe before the end of July 2016.

    Keys to the March quarter 2015

    Environmental baseline surveys to support the application for an Environmental Certificate to be completed during the quarter.

    Key development programs to be continued:

    - Beneficiation optimisation programs in Australia and China.
    - Leach recovery optimisation for the high grade mineral concentrate.
    - Location study for hydrometallurgical section of process plant.
    - Tender process for appointment of lead engineering firms for BFS.


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