Amur Minerals reported they will carry out studies that will produce the Permanent Conditions TEO, the Russian version of a Bankable Feasibility Study (BFS). Cash reserves stood at US$1.3m as of 31 December 2018 vs. US$2.6m at the start of 2018.
The rest of the convertible loan facility of up to US$10m stood at US$1.7m at year-end after the issue of new ordinary shares. During the year, the company spent $2m on exploration costs and $48k on capital equipment.
In 2019, the company will focus on strategic investment and project financing. Given the size and location of Kun-Manie, the Board and management believe that the company is well-positioned to capitalise on the nickel market’s growth.