Juno Minerals Quarterly Activities Report - September 2024
JNO (JNO) Share Update October 2024 Tuesday 29th
Juno Minerals Provides Quarterly Update on Key Projects
Juno Minerals Limited (ASX: JNO) has released its quarterly activities report for the period ending 30 September 2024, highlighting significant progress in its key projects, Mount Mason and Mount Ida.
Instant Summary:
- Extended MOU with Southern Ports Authority for Mount Mason Project.
- Submitted funding application for Mount Ida Lithium Project exploration.
- Mount Mason DSO Hematite Project logistics and design updates.
- Cash position of $1.41 million at the end of the quarter.
Mount Mason DSO Hematite Project
The Mount Mason Project is a high-grade direct shipping ore (DSO) hematite project, fully approved for development and located 130km northwest of Menzies, Western Australia. During the quarter, Juno extended its Non-Binding Memorandum of Understanding (MOU) with Southern Ports Authority until July 2025. This extension is crucial as Juno seeks an allocation of 1.5 million tonnes per annum (mtpa) capacity for DSO export at the Esperance Port.
Juno has also received updated Non-Binding Indicative Track Pricing from Arc Infrastructure for 1.35mtpa rail track access into Esperance Port. The logistics supply chain requirements are now complete, with minor works identified at Esperance Port to facilitate shed space. The haulage strategy has been revised to initially truck to Kalgoorlie for rail loading, reducing the initial start-up capital required.
Mount Ida Magnetite and Lithium Projects
The Mount Ida Project is a significant opportunity for Juno to develop a long-life magnetite mine. Juno is actively seeking a partner to complete the Feasibility Study and develop the project. For the Mount Ida Lithium Prospect, Juno has submitted an application for government co-funding under the Exploration Incentive Scheme to drill two 430-meter diamond holes targeting spodumene-bearing pegmatites.
Dr. Mike Grigson's geological review suggests potential for spodumene pegmatites at depth, with drilling planned near strategic fault intersections. If funding is secured, drilling is expected to commence within 12 months.
Corporate and Financial Overview
Juno ended the quarter with a cash position of $1,410,500. Payments to related parties totaled $106,042, covering director salaries and fees. Exploration and mine development expenditures amounted to $550,816 for the quarter. The company is reviewing funding options, including potential equity raising, to support ongoing operations and project development.
The extension of the MOU with Southern Ports Authority and the submission of the funding application for Mount Ida are positive steps for Juno Minerals. These developments could enhance the company's operational capacity and future revenue streams. However, the need for higher iron ore prices remains a critical factor for the Mount Mason Project's development decision.
Investor Reaction:
Analysts may view the progress on logistics and exploration funding applications as positive, yet cautious, given the reliance on favorable iron ore market conditions. The company's cash position and potential need for additional funding could also be points of concern for investors.
Conclusion:
Investors should keep an eye on Juno Minerals' strategic developments and market conditions affecting iron ore prices. The company's ability to secure funding and partnerships will be crucial in advancing its projects and achieving long-term growth.