Bulletin Resources Appeals Permit Refusal for Ravensthorpe Lithium Project
BNR (BNR) Share Update July 2024 Wednesday 17th
Bulletin Resources Faces Setback with Ravensthorpe Lithium Project Permit Refusal
Bulletin Resources Limited (ASX: BNR) recently faced a significant challenge as the Department of Environment, Mining, Industry Regulation, and Safety (DEMIRS) refused the approval of the Native Vegetation Clearing Permit (NVCP) for its Ravensthorpe Lithium Project. The company has lodged an appeal against this decision, hoping for a favorable outcome.
Instant Summary:
- DEMIRS refused the Native Vegetation Clearing Permit for the Ravensthorpe Lithium Project.
- Bulletin Resources has lodged an appeal with the Western Australian Office of the Appeals Convenor.
- The Environmental Protection Authority (EPA) decided not to assess the project, indicating minimal environmental impact.
- Exploration continues at Lake Rebecca Gold Project with promising soil sampling results.
- Bulletin Resources granted a new tenement at Cue Gold Project, with initial assays at the laboratory.
- Bulletin Resources holds $11.72 million in cash, investments, and receivables.
Ravensthorpe Lithium Project
The Ravensthorpe Lithium Project, spanning 130km2, is located 12km southwest of Arcadium Lithium's Mt Cattlin mine. The project aims to explore high-grade spodumene-bearing pegmatites. However, in April 2024, DEMIRS refused to grant the NVCP required for drilling access. Bulletin Resources disagrees with this decision and has lodged an appeal, arguing that DEMIRS did not properly consider their expert environmental reports or mitigation measures.
The EPA's decision not to assess the project further supports Bulletin's stance, as it suggests the environmental impact is not significant. The appeal process is ongoing, and Bulletin remains optimistic about a positive outcome.
Lake Rebecca Gold Project
The Lake Rebecca Gold Project covers over 600km2 and is located in a highly productive gold trend in WA. Recent soil sampling has identified new targets in the eastern geological sequence, showing low to moderate gold anomalies. Further infill sampling is planned to explore these areas more thoroughly.
Cue Gold Project
Bulletin Resources has been granted a new tenement at Cue, located along the same lithology as Westgold Resources' Big Bell gold mine. Initial on-ground work has commenced, and samples are currently being analyzed in the laboratory. The project shows potential for both gold and pegmatite mineralization.
Corporate and Financial Update
As of the end of June 2024, Bulletin Resources holds $11.72 million in cash, investments, and receivables. The company spent $235,000 on exploration and $307,000 on corporate expenses during the quarter. Proceeds from the sale of investments amounted to $790,000, and the company holds significant investments in Ramelius Resources and Auris Minerals.
The refusal of the NVCP for the Ravensthorpe Lithium Project could delay Bulletin Resources' drilling plans, potentially impacting their stock price. However, the appeal process and the EPA's decision not to assess the project provide a glimmer of hope. Investors should closely monitor the outcome of the appeal and the company's strategic responses to this challenge.
Investor Reaction:
Analysts have mixed reactions to the permit refusal. Some express concerns about the potential delays and environmental regulations, while others remain optimistic due to the ongoing appeal and the EPA's supportive stance. Investors are advised to stay informed about the appeal's progress and the company's exploration activities.
Conclusion:
Bulletin Resources faces a critical period as it navigates the appeal process for the Ravensthorpe Lithium Project. Investors should keep an eye on the company's updates and consider the potential long-term impacts on their portfolios. The company's strategic decisions in response to this setback will be crucial in maintaining investor confidence.