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ASX Announcement 23 December 2020


Suvo CompanyUpdate General mng ac Asaas n sgnfcan kaolin mining wet processing and manufacturing operations from French multinational Imerys SA for A20 million to be held at 10am WST todayThe assets

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Document on Subject : "ASX Announcement 23 December 2020"— Transcript:

1 ASX Announcement | 23 December 2020
ASX Announcement | 23 December 2020 Suvo Company Update ¾ General m ĞĞƚŝng ƚŽ acƋƵŝƌĞ AƵsƚƌaůŝa͛s ŽnůLJ sŝgnŝfŝcanƚ kaolin mining, wet processing and manufacturing operations from French multinational, Imerys S.A. for A$2.0 million to be held at 10am (WST) today ¾ The assets to be acquired consist of three mining leases and a processing plant, which are located some 40km west of Ballarat in Victoria , and have been producing and selling kaol in products since 1972 ¾ Calendar 2019 sales totalled A$13.0 million for 25kt of kaolin products sold and generated EBITDA of A$2.1 million ¾ ZĞsŽƵƌcĞ ĚĞfŝnŝƚŝŽn Ěƌŝůůŝng aƚ ^ƵǀŽ͛s WŚŝƚĞ { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/870675/NANASX_Announcement___23_December_2020_____", "description": "ASX_Announcement___23_December_2020_____Suvo__Company___Update___________General__m_________ng______ac___________A__s___", "width": "1240" }

2 n Banks Executive Director Len
n Banks Executive Director Len Troncone Executive Director Dr Ian Wilson Non - Executive Director Contact Details: Level 10, 182 St Georges Terrace Perth WA 6000 T : +61 8 9389 4495 E : info@suvo.com.au W : suvo.com.au P roposed Acquisition - Imerys S.A., Mircal Australia Pty Ltd Suvo will today hold a shareholder meeting to vote on resolutions outlined in the notice of g eneral m eeting dated 25 November 2020 to acquire the holding company of the Australian kaolin operations of Imerys S . A . , Mircal Australia Pty Ltd ( Mircal Australia ), and its two wholly owned subsidiaries, Kaolin Australia Pty Ltd (the owner of the Pittong and Lal Lal mines and Trawalla deposit) and Imerys Minerals Australia Pty Ltd (the owner of the Pittong processing plant) ( Targ et Group ) ( Proposed Acquisition ). The Target Group (excluding Australian Vermiculite Industries Pty Ltd, a dormant company) was placed for sale following Imerys' decision to divest its Kaolin operations located in Pittong, Victoria in Australia because of ůŝmŝƚĞĚ sLJnĞƌgŝĞs ǁŝƚŚ ŽƚŚĞƌ /mĞƌLJs͛ ďƵsŝnĞssĞs. Imerys is a French multinational company anĚ ƚŚĞ ǁŽƌůĚ͛s ůĞaĚŝng sƵppůŝĞƌ Žf specialty industrial minerals. The Company will pay A $2 .0 million cash to the vendor on completion which is expected to occur on 31 December 2020 . The purchase price will be subject to adjustment pending the aud i t of the Target GƌŽƵp͛s consolidated financial statement s for the year ended 31 December 2020 , being the

3 effective completion date. The Compa
effective completion date. The Company will also replace A$1.85 million in environmental rehabilitation bonds that are currently support e d by the Imerys Group. In conjunction with the Proposed Acquisition, Suvo has received firm commitments to raise A$6.0 million (before costs) via a c onditional share placement to institutional, sophisticated and professional investors of 60 million ordinary shares ( Placement Shares ) at A$0.10 per share ( Placement ). If shareholders vote in favour of the transaction Suvo expects to conduct a full stra tegic review of the operations in conjunction with a full detailed JORC resource identification program to help assess the development potential for upgrading, modernising and increasing the output of the plant. The results of the strategic review and the JORC resource identification program are expected to be completed by 30 June 2021 . Figure 1 : Pittong processing plant facilities Figure 2 : Location map showing proximity to the township of Ballarat Figure 3 : Pittong processing plant facilities Figure 4: Finished kaolin products ready for dispatch White Knight Kaolin Project Update (Gabbin, Western Australia) Both step out and infill drilling campaign s ha ve been completed at ^ƵǀŽ͛s ϭϬϬ% ŽǁnĞĚ WŚŝƚĞ { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/870675/NANeffective__completion_date____The__Compa", "description": "effective__completion_date____The__Company_will__also_replace__A_1_85___million___in__environmental_rehabilitation_bonds", "width": "1240" }

4 ndicated and/or measured category and
ndicated and/or measured category and to increase the overall size of the resource. The program included up to 2,000m of air - core drilling over approximately 150 holes at depths of up to 3 0m . A dditional bulk samples of the product have been sent to the United Kingdom for specified metallurgical test work, the results of which will further define end - user spec ifications, grades and quality . They will also assist our engineers with feasibility studies and allow negotiations to commence to secure potential off - take agreements. Concurrently, end - users will be sent processed samples for their own internal evaluation, the company expects these results in January 2021. The C ompany has engaged Primero to undertake a Pre - Feasibility S tudy on the project with bulk sample results expected to help define the product flow sheets and planning for the proposed plant . R esults of the study are expected in April 2021 . The 180 day d ue d iligence period to ascertain the suitability of the Gabbin storage, rail and loading facilities is progressing well with final results due in the second quarter of 2021 . The C ompany is actively interviewing candidates for the role of General Manger of G lobal Technical S ales to progress product development , marketing, sales and distribut ŝŽn Žf ^ƵǀŽ͛s WŚŝƚĞ { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/870675/NANndicated_and_or_measured_category___and_", "description": "ndicated_and_or_measured_category___and_to_increase_the_overall_size_of_the_resource______The_program_included___up_to_2", "width": "1240" }

5 bin drill hole locations. Nova Silic
bin drill hole locations. Nova Silica Project (Eneabba, Western Australia) A m aiden resource definition drilling program of 48 holes for 888m Śas ďĞĞn cŽmpůĞƚĞĚ aƚ ^ƵǀŽ͛s 100% owned Nova Silica Sand project . The aim of the drilling campaign was to determine the validity of the project under a JORC code. S amples from the campaign hav e been sent to both Nagrom and Stratum Resources for detailed analysis. Initial assay results from the campaign are expected in February 2021 when the C ompany will decide the future prospects of this project . In October , the C ompany engaged Spectrum Ecology to commission a targeted f lora and f auna survey to potentially allow drilling off existing tracks and pathways . R esults of this survey are due in January 2021 at which time the C ompany if it chooses can submit a Program of W orks (POW) to the Department of Mines, Industry Regulation and S afety to allow substantial off - track drilling . T he aim of this campaign w ill be to further understand the project and its commercial viability . Depending on detailed analysis of the drilling campaigns , further flora and fauna surveys are planned for March and October 2021 . FŝgƵƌĞ ϳ: Aƌŝaů pŚŽƚŽ Žf ^ƵǀŽ͛s NŽǀa ^ŝůŝca ƚĞnĞmĞnƚs. FŝgƵƌĞ ϴ: Dƌŝůů cŽůůaƌ ůŽcaƚŝŽns aƚ ^ƵǀŽ͛s maŝĚĞn Ěƌŝůůŝng campaŝgn aƚ ƚŚĞ 100% owned Nova Silica tenements. Commenting on the C ompany ͛s operations and upcoming EGM , ^ƵǀŽ͛s džĞcƵƚŝǀĞ CŚaŝƌman, ZŽď

6 Ğƌƚ Martin said ͞WĞ ůŽŽŬ fŽ
Ğƌƚ Martin said ͞WĞ ůŽŽŬ fŽƌǁaƌĚ to to da y as shareholders will have their say on the merits of acquiring Imerys ͛ Pittong operations. We believe that this will put us at the forefront of k aolin production and install us as the number one miner, producer and supplier in Australia , which is no small feat after only 5 Months of our ASX list ing . We are also pleased that our infill and step - out drilling campaigns are both completed at our Gabbin operations and have consistently intersected thick zones of k aolin from depths of 3m to 2 0m . W e look forward to receiving the assay results and updating shareholders on these developments early in the N ew Y ear . ͟ Further detail s in respect to the maiden JORC Inferred Resource and the exploration results underpinning it , are set out in the CŽmpanLJ͛s pƌŽspĞcƚƵs ĚaƚĞĚ Ϯϱ :ƵnĞ ϮϬϮϬ ;ƌĞůĞasĞĚ ƚŽ ƚŚĞ CŽmpanLJ͛s maƌŬĞƚ annŽƵncĞmĞnƚ platform as pre - quotation disclosure on 5 August 2020). Suvo confirms it is not aware of any new information or data that materially affects the explorat ion results sĞƚ ŽƵƚ ŝn ƚŚĞ CŽmpanLJ͛s prospectus dated 25 June 2020 and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The table below represents the JORC resource for the Co mpanLJ͛s ϭϬϬ% ŽǁnĞĚ WŚŝƚĞ { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "https://www.docslides.com/slides/870675/NAN________Martin_said____W____________f___", "description": "________Martin_said____W____________f______a______to_to_da_y__as___shareholders_will_have_their_say_on_the_merits_of__ac", "width": "1240" }

7 The informa
The information in this announcement which relate s to exploration results and mineral resources is based on information compiled by Dr Ian Wilson. Dr Ian Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he i s undertaking to qualify as a competent person as defined in the JORC Code, by virtue of his being a member of IOM3, a Recognised Professional Organisation. Dr Ian Wilson is a full - time employee of Ian Wilson Consultancy Ltd and also a Non - Executive Direct or of Suvo Strategic Minerals Limited. Dr Ian Wilson receives board fees in relation to his directorship. Dr Ian Wilson consents to the inclusion of the information in the release in the form and context in which it appears. The release of this announc ement has been approved for release by the Board of Directors ENDS&#x -20; Contacts: Rob Martin Len Troncone Executive Chairman Executive Director E: robert.martin@suvo.com.au E: l eonard.troncone @suvo.com.au Company Profile: Suvo Strategic Minerals Limited is a dual commodity Australian exploration and mining company listed on the Australian Securities Exchange (ASX:SUV) focused on the development of the 100% owned White Knight Kaolin Project located in the Yilgarn Craton in the Central Wheat Belt and the 100% owned Nova Silica Sand s Project located in the Gin Gin Scarp near the tow nship of Eneabba, both situated in Western Australia. It is also acquir ing the only wet kaolin mining and processing plant in Australia located west of the township of Ballarat in Vict