WIN Metals Ltd - June 2024 Quarterly Report
WIN METALS LTD (WIN) Share Update July 2024 Wednesday 31st
WIN Metals Ltd Announces Major Corporate and Project Updates
WIN Metals Ltd (ASX: WIN) has released its Quarterly Activities Report for the period ending 30 June 2024, highlighting key corporate changes, financial updates, and project developments.
Instant Summary:
- Name change from Widgie Nickel Limited to WIN Metals Ltd.
- Receipt of a $1.17 million R&D Tax Incentive refund.
- Successful entitlement offer raising $847,791.
- Partial divestment of Munda tenement interests for $1.2 million.
- Ongoing discussions with potential off-takers in Europe.
Corporate Changes
Effective from 1 July 2024, Widgie Nickel Limited officially changed its name to WIN Metals Ltd. This rebranding reflects the company's expanded focus on a multi-commodity portfolio, particularly critical metals.
Financial Updates
The company confirmed the receipt of a $1.17 million Research and Development (R&D) Tax Incentive refund related to the 2022/2023 financial year. Additionally, a pro-rata non-renounceable entitlement offer announced on 16 April 2024 raised gross proceeds of $847,791 through the issuance of 21,194,774 shares at $0.04 per share.
Project Developments
Post-quarter, WIN Metals announced the partial divestment of its Munda (M15/0087) tenement interests and other peripheral assets for an initial $1.2 million. This transaction includes an initial deposit of $100,000, with further payments scheduled through June 2025.
Mt Edwards Nickel Project
The Mt Edwards Nickel Project, located in Western Australia, covers approximately 240 km² and comprises 12 separate deposits with a total Mineral Resource Estimate of 13.04Mt grading 1.45% nickel for 188,160 tonnes. No exploration activities were reported during the June Quarter, with fieldwork limited to rehabilitation of surface disturbances.
European Delegation
In early June, WIN Metals participated in a delegation of Australian critical minerals companies to the UK, France, and Germany. The meetings provided insights into the European electric vehicle (EV) market and opportunities for WIN Metals within the European battery supply chain.
Future Plans
WIN Metals is exploring opportunities to process nickel concentrates onsite to produce nickel sulphate and battery precursors, aligning with planned giga factory inputs in Europe. The company has engaged Simulus Engineers to carry out Pressure Oxidisation (POX) testwork, with key outcomes expected in the December 2024 quarter.
The corporate rebranding and financial updates are expected to positively impact investor sentiment. The successful entitlement offer and R&D Tax Incentive refund strengthen the company's financial position. The partial divestment of the Munda tenement interests provides additional capital for ongoing projects.
Investor Reaction:
Analysts are likely to view the name change and financial updates positively, as they reflect the company's strategic focus on critical metals. The successful entitlement offer and R&D Tax Incentive refund are seen as strong financial moves, while the partial divestment of the Munda tenement interests is expected to provide additional capital for future projects.
Conclusion:
Investors should closely monitor WIN Metals' ongoing project developments and financial performance. The company's strategic focus on critical metals and its participation in the European battery supply chain present significant growth opportunities. Subscribe to our newsletter for regular updates on WIN Metals and other stock market news.