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Heavy Minerals Ltd ( (AU:HVY) ) has issued an announcement.
Heavy Minerals has executed a binding Tailings Processing Agreement with Hillgrove Resources over the Kanmantoo tailings stream, securing a near-term pathway to garnet production and supporting a newly announced maiden Exploration Target. The company has also received firm pricing and designs from IHC Mining for a 50,000 tonne per annum garnet processing plant at Kanmantoo, advancing it toward a Final Investment Decision.
At Port Gregory, the Pre-Feasibility Study is in final review with release expected this quarter, while work at the Red Hill garnet project aims to underpin an initial JORC mineral resource estimate. Across Kanmantoo and Port Gregory, Heavy Minerals is actively pursuing a mix of project debt, royalty, offtake-linked funding and grants, while drawing on existing working capital facilities as it positions its dual garnet projects to capture both waterjet and sandblast market demand.
More about Heavy Minerals Ltd
Heavy Minerals Ltd is an Australian mineral sands company focused on developing garnet projects for industrial applications. Its key assets include the Kanmantoo hard rock waterjet garnet project and the Port Gregory alluvial garnet project, targeting global waterjet cutting and sandblasting markets.
Average Trading Volume: 68,848
Technical Sentiment Signal: Buy
Learn more about HVY stock on TipRanks’ Stock Analysis page.