Further to the Company’s announcement yesterday, 6 September 2023, the Company is pleased to provide the following additional information:
Key points:
· Mining Inspectorate’s 2019 decision not to grant the exploitation concession application is annulled.
· Mining Inspectorate is instructed to re-examine its decision with specific guidance on its assessment.
· Storuman Fluorspar Project contains combined Indicated and Inferred Mineral Resources of 27.7 million tonnes grading 10.2% fluorspar.
· Fluorspar is considered a critical mineral by the EU and an important battery mineral used in the manufacture of LiPF6, the main salt used in lithium-ion battery electrolytes.
Commenting today, Executive Chairman Patrick Cheetham said:
“This is a welcome decision, albeit over 4 years in the making, and it clearly provides an opportunity for the project to move forward again. The Storuman Project once underpinned a much higher market capitalisation for the Company and whilst there is no immediate intention to allocate significant resources from other projects, the re-emergence of the Storuman Project as a potential value catalyst is timely as fluorine, sourced from fluorspar, is a component in the most common electrolyte used in lithium-ion batteries today and the use of fluorine-ion batteries is under active development.”
