FULL DISCLOSURE: The Deep Dive is long the equity of Steadright Critical Minerals.
Steadright Critical Minerals (CSE: SCM) is expected to begin generating revenue from the recently acquired historic Goundafa Mine in Morocco. The company this morning indicated that it has come to terms under an initial contract for the sale of historic mineralized stockpiled material located at the mine.
The contract will see Steadright sell up to 14,400 metric tons of stockpiled material to MoResCo Sarl, with profits from the sale of the material to be split 50/50 with the current license holder of Goundafa. Steadright is the current operator of the historic mine.
Under the terms of the sales contract, Steadright is to sell a ‘polymetallic product’ with minimum industrial grades of 3.0% zinc and 1% lead, with a mineralized stockpile material analysis to be provided for each 1,000 tonns before loading. Deliveries are to be made in 1,000 ton batches, with sampling and determination of grade for payment to be also conducted for copper, silver and gold contained within the stockpile material.
READ: Steadright Locks Up Goundafa Polymetallic Mine Under Binding MOU
“Steadright’s North Star is the acquisition of strong Moroccan assets that can be moved forward in good order. With this initial contract for the sale of polymetallic material stockpiled at the historic Goundafa Mine, we feel we are fulfilling our mandate,” commented Matt Lewis, CEO of Steadright Critical Minerals.
Steadright has entered into a binding memorandum of understanding to acquire the historic Goundafa Mine. The mine last operated in 1956, with the operation halting as a result of political changes following Moroccan independence. The project is centered on a series of steeply dipping veins that contain lead, zinc, copper, gold and silver. A non NI 43-101 compliant report published in 2022 suggests that up to 6.66 million tonnes of material containing 2.1% zinc, 1.8% lead, 1.5 – 2.1% copper and up to 3.5 g/t gold is present on site.
Steadright Critical Minerals last traded at $0.365 on the CSE.
FULL DISCLOSURE: Steadright Critical Minerals is a long investment of Canacom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
