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TUL - TULLA RESOURCES PLC


nipper
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Tulla Resources PLC (TUL)

 

 

The key asset of TUL is a 50% interest in the Central Norseman Gold Project, a historical gold mine located near the town of Norseman in the Goldfields of Western Australia that has produced over 5.5Moz of gold since operations began in 1935. The other 50% interest in the Project is held by ASX listed company Pantoro Limited which acquired that interest from Tulla Resources via a farm in and joint venture agreement. An unincorporated joint venture between Tulla Resources and Pantoro will be formed once Pantoro has sole funded the first $50 million of capital expenditure in relation to the Project, or on 9 July 2023 (if Pantoro has not satisfied its sole funding obligations by then).

As at the end of 2020, Pantoro had spent approximately $33 million and the Directors expect Pantoro will have satisfied its sole funding obligations by 31 March 2021.

 

The Central Norseman Gold Project is located approximately 200 kilometres south of Kalgoorlie in the Goldfields of Western Australia. It was established on a large scale by Western Mining Corporation (WMC) in 1935 and has been operated by various owners until 2016, when the Project was placed into care and maintenance. The current Mineral Resource is 35.0Mt @ 3.8 g/t for 4.24Moz (100% basis) with the majority of the Mineral Resource on granted mining leases.

 

The approximately 750 sq km Project tenement package is near contiguous over approximately 70 kilometres of strike, covering the highly prospective greenstone belt. The Project has significant exploration upside potential, highlighted by recent drilling programs using modern exploration techniques, which have yielded meaningful results (e.g. recent Panda and Green Lantern discoveries have validated exploration upside).

 

 

Listed on ASX on 18 March 2021 after raising $240M at $0.90 .... which is leaving early investors and those hoping for a stag profit underwater, as it opened at 69c, and quickly dropped to 58c. Now trading around 62c a share.

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Listed on ASX on 18 March 2021 after raising $240M at $0.90 .... which is leaving early investors and those hoping for a stag profit underwater, as it opened at 69c, and quickly dropped to 58c. Now trading around 62c a share.

and nearly 4 weeks after listing, the interest level is low (to non existent). Stumbling along under 50c for the last 9 days, closed at 48.5c.

(DNH)

 

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Tulla Resources has halved its stake in its joint venture partner Pantoro, via a block trade handled by Bell Potter and Canaccord Genuity, selling 50 million Pantoro shares at 25¢ a share, a 16.7 per cent discount to the last close.

The $12.5 million block nearly halved the Tulla shareholding in Pantoro from 6.03 per cent to 3.2 per cent.

The block trade is no surprise for fund managers who watch the two companies.

Pantoro and Tulla are 50:50 owners of Norseman gold project in the Eastern Goldfield, which is due to produce its first batch of gold this year. It is thought with more than 60 per cent of Tulla shareholder register with the Maloney family, it would be hard for Tulla to raise equity. And selling down its Pantoro stake was a good way to fund the Tulla share of Norseman spending.

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