AU$4.4m market cap
AU$0.03 last close
New Energy Minerals is an exploration and development company with two primary projects, both in Mozambique: the advanced Montepuez ruby project (currently subject to a proposed asset for shares transaction with Fura Gems) and the Caula Graphite and Vanadium project.
The recently announced A$10m asset-for-shares swap with Fura Gems shifts Mustang’s primary focus to the Caula Graphite and Vanadium Project, which is located along strike from Syrah Resources’ large graphite project. Maiden Caula graphite and vanadium resources reflect high grades (13.4% and 0.37%, respectively). The scoping study due in Q318 will provide investors with insight into project economics, but the good grades and positive graphite metallurgical test results to date are encouraging signs. Trial mining could generate first revenues by mid-2019.