Everest Metals Corporation Clarifies Mt Edon Rubidium Project Announcement
EMC (EMC) Share Update July 2024 Thursday 4th
Everest Metals Corporation Updates on Mt Edon Rubidium Project
Everest Metals Corporation Ltd (ASX: EMC) has issued a clarification regarding its recent announcement on the Mt Edon Rubidium Critical Mineral Project. The company has made specific amendments to the original release and advises investors to refer to the updated information.
Instant Summary:
- Removed 'World Class Grade' heading and related text.
- Removed Exploration Target and related Cautionary Statement from Figure 1.
- Re-released the announcement with the above amendments.
- Mt Edon project is one of the highest-grade Rubidium deposits globally.
- Phase 1 JORC Resource drilling completed; results imminent.
- Collaboration with ECU on commercial and eco-friendly rubidium extraction techniques.
- Rubidium extraction update expected in September 2024 quarter.
- Rubidium is critical for global technology needs, including the USA and Japan.
- Rubidium products trade at around US$1,200 per kg.
Clarification Details
Everest Metals Corporation Ltd (ASX: EMC) has issued a clarification regarding its recent announcement on the Mt Edon Rubidium Critical Mineral Project. The company has removed the heading 'World Class Grade' and the related text from page 3 of the original announcement. Additionally, the Exploration Target and related Cautionary Statement have been removed from Figure 1 on page 4.
The company advises investors not to rely on the previous announcement and to refer to the updated information. The Board of Everest Metals Corporation Limited has authorized the release of this updated announcement to the ASX.
Project Highlights
The Mt Edon project is emerging as one of the highest-grade Rubidium deposits in the world. Phase 1 of the JORC Resource drilling has been completed, and the results are expected to be announced soon. The company is also collaborating with Edith Cowan University (ECU) to develop commercial and environmentally friendly rubidium extraction techniques. An update on these extraction techniques is expected in the September 2024 quarter.
Rubidium is listed as a critical and strategic mineral and is a key ingredient for global technology needs in several countries, including the USA and Japan. Currently, rubidium products are traded at around US$1,200 per kg, with demand driven by its use in high-tech military and industrial applications. Rubidium is also known as a replacement for caesium, which is becoming increasingly difficult to source.
CEO's Comments
CEO & Executive Chairman Mark Caruso commented: 'Following the successful completion of Phase 1 of our JORC resource drilling program at the Mt Edon Critical Mineral project, EMC’s geological team is now preparing to report the drilling results. Work is also progressing well at ECU as we unlock the most commercial and environmentally acceptable extraction techniques. Industry intelligence indicates that the rubidium market could be substantially grown through Everest Metals’ establishment of a reliable supply of high-grade rubidium product.'
The clarification and updates provided by Everest Metals Corporation are crucial for maintaining transparency and investor confidence. The removal of certain statements and figures may have been necessary to ensure accuracy and compliance with regulatory standards. The ongoing progress in drilling and extraction techniques could positively impact the company's stock, especially as the demand for rubidium continues to grow.
Investor Reaction:
Investors and analysts have shown mixed reactions to the clarification. While some appreciate the transparency and adherence to regulatory standards, others are cautious about the impact of the removed statements on the project's perceived value. However, the imminent drilling results and advancements in extraction techniques are seen as positive indicators for the company's future prospects.
Conclusion:
Investors should stay tuned for the upcoming drilling results and the September 2024 update on rubidium extraction techniques. Everest Metals Corporation's strategic approach to developing the Mt Edon project and ensuring compliance with regulatory standards will be key factors in maintaining investor confidence and driving future growth.