Fortress Minerals Limited (SG:OAJ) has released an update.
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Fortress Minerals Limited has announced a strategic re-allocation of S$0.8 million from the development of the CASB mine to prospecting expenditures for licenses in Sabah, reflecting a shift in immediate utilization of their placement proceeds. This move aligns with the company’s financial strategy as the CASB mine’s new integrated processing plant is still in the preliminary design phase, with minimal immediate construction costs expected. The revised allocation now stands at S$4,400,000 for the CASB mine and S$4,300,000 for the Sabah prospecting, with a balance of S$3,223,000 remaining unutilized.
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