Dome Gold Mines Limited (ASX:DME) Reports December Quarter 2024 Activities
Dome Gold Mines Limited (ASX:DME) has released its activities report for the December quarter of 2024, detailing significant progress across its projects in Fiji. The company is advancing feasibility studies for the Sigatoka project and exploring promising copper and gold opportunities in Nadroga.
Project Developments
Dome’s Chairman, Jack McCarthy, and Country Manager, Darren Grant, met with Fiji’s Minister of Agriculture and Waterways, Mr Vatimi Rayalu, to confirm Magma Mines Pte Ltd’s selection as the operator for the Government’s emergency desilting initiative for the Sigatoka River. During the discussions, the company was assured that all project requirements have been met, pending minor approvals from local fishing rights holders.
The Sigatoka project is seeing ongoing work on its Definitive Feasibility Study (DFS). Key environmental impact assessments and geological surveys are planned to begin shortly, with magnetite extraction processes currently under assessment.
Nadroga and Ono Island Exploration
During the quarter, Dome’s Nadroga project was renewed for another three years, with no field exploration due to adverse weather. However, historical data revealed promising float samples indicating significant copper and gold anomalies. The company plans to initiate follow-up exploration once conditions improve.
Dome’s Ono Island project also secured a three-year renewal. Though exploration activities were paused during the December quarter, the focus will remain on advancing the projects once feasible.
Financial Overview
For the quarter, Dome reported expenditure of $167,000 largely directed at the Sigatoka DFS and related activities. The company holds $1.208 million in cash, indicating a stable financial position to support ongoing projects. Payment to related parties, amounting to $114,000, included directors’ fees and superannuation contributions.
Dome aims to establish itself as a significant player in Fiji’s mining sector with its strategic investments and ongoing exploration activities. As of now, the company’s exploration and development objectives remain on track.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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