Alvo Minerals (ASX:ALV) Announces Q4 2024 Activities Report
Exploration Activities
Alvo Minerals reported a total mineral resource estimate of 7.2Mt at 2.02% CuEq for its Palma Copper-Zinc Project. The company completed diamond drilling at new prospects, with results pending. At the Ipora Rare Earth Element Project, 125 auger drill holes intercepted high-grade REEs and metallurgical testing confirmed ionic clay mineralisation, achieving up to 90% MREO extraction.
Corporate Developments
Alvo launched Alvo Services, successfully completing two service contracts using in-house equipment and expertise. The company is in advanced discussions to acquire Brazilian assets, although no binding agreements have been signed yet.
Financial Performance
As of 31 December 2024, Alvo reported a net cash position of approximately $1.07 million. The company made payments of $106,000 to related parties for directors’ fees.
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