Nimy Resources Limited ( (AU:NIM) ) has issued an update.
Nimy Resources has secured a drilling contractor to commence Phase 2 drilling at its gallium discovery in Western Australia, aiming to establish a maiden resource. This initiative is part of Nimy’s strategy to capitalize on the Western demand for gallium, exacerbated by China’s export restrictions. The drilling program is expected to expand the known mineralization and support Nimy’s collaboration with US-based M2i Global to ensure a sustainable gallium supply for the US government and defense sectors. The growing demand for gallium, driven by its applications in semiconductors and military technologies, positions Nimy as a potential key supplier amid increasing European military expenditure and a projected rise in gallium prices.
More about Nimy Resources Limited
Nimy Resources Limited operates in the mining industry, focusing on the exploration and development of critical minerals. The company is particularly involved in the discovery and extraction of gallium, a metal essential for advanced technologies and military applications. Nimy is strategically positioned to supply gallium to Western markets, especially in light of recent Chinese export controls.
YTD Price Performance: -28.33%
Average Trading Volume: 566,952
Technical Sentiment Consensus Rating: Buy
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