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- Rex Minerals (RXM) has released its 2020 annual report, highlighting the advancements made at its Hog Ranch landholdings
- The company only acquired Hog Ranch and its gold projects in 2019 and has since delivered a resource estimate totalling 1.4 million ounces
- Additionally, Rex has also developed a pathway to development for its Hillside Copper-Gold Project in South Australia
- Looking at the company’s financials, Rex ended FY20 with a $5.16 million loss after tax and with around $3 million in the bank
- Since then the company has raised $10 million via a placement to investors, further strengthening its balance sheet
- Shares in Rex Minerals are steady today, trading for 16 cents each
Gold and copper explorer Rex Minerals (RXM) has released its 2020 annual report, highlighting the advancements its made at its Hog Ranch landholdings.
Activities
Hog Ranch is located in the U.S. state of Nevada and comprises a number of gold projects across 2800 hectares of land.
Rex first acquired the land in 2019 and has since delivered a resource estimate of 97.6 million tonnes at 0.45g/t gold for 1.4 million ounces.
The company plans to focus its initial effort on the Bells Project, which makes up 30 per cent of the current resource estimate.
Additionally, 2020 has also seen Rex develop a pathway to development for its Hillside Copper-Gold Project in South Australia.
Hillside is one of Australia’s largest undeveloped open-pit copper mineral resources and Rex has been granted a key environmental approval from the South Australian Government for stage one of the project.
Now that approval has been granted and it has a pathway, the company has begun pursuing all available finance options.
Finances
Looking at the company’s financials, Rex ended the 2020 financial year with a $5.16 million loss after tax.
It also ended the period with just under $3 million in the bank, while reserves have since been topped up with the proceeds of a capital raise.
In early Septmeber, Rex announced it had successfully raised $10 million via a placement to investors, further strengthening its balance sheet.
The company also announced it would undertake a share purchase plan, so that interested shareholders could also subscribe for a new portion of shares.
Speaking to how the company plans to invest the fresh funding, Rex Minerals Managing Director Richard Laufmann said the focus is on gold, where prices remain strong.
“Rex is looking forward to introducing the fast-growing Hog Ranch story to a global market that is increasingly tuning into gold investment,” he said.
“With these funds, we are now well placed to deliver on an exciting set of short and medium term objectives that can demonstrate the potential we see in this gold project,” he added.
Shares in Rex Minerals are steady today, trading for 16 cents each at 2:14 pm AEST.
