Arrow Minerals (ASX:AMD) Announces Q4 Drilling Success and $7M Fundraising
Drilling Success at Niagara
Arrow Minerals completed its maiden drill program at the Niagara Project in November 2024, identifying approximately 14 square kilometres of high-grade bauxite mineralisation. The drilling results showcased intercepts with grades exceeding 40% Al₂O₃ and an average intercept thickness of 4 meters. The company anticipates a Mineral Resource estimate from SRK by March 2025, with a Scoping Study scheduled for June 2025.
Simandou North Iron Project Developments
The Simandou North Iron Project achieved significant milestones, including the completion of stage 2 bench-scale metallurgical testwork. All simulated flowsheet options produced high-grade (>66% Fe) and low alumina (<0.5% Al₂O₃) hematite fines. Arrow has also signed a Non-Binding Memorandum of Understanding with Baosteel Resources to negotiate mine gate iron ore sales contracts, enhancing the project’s commercial prospects.
Corporate Funding and Financial Position
On January 29, 2025, Arrow announced it secured firm commitments from institutional and sophisticated investors to raise approximately $7 million. These funds will advance the Niagara Bauxite Project, Simandou North Iron Project, and support general working capital needs. As of December 31, 2024, the company held $2.2 million in cash at bank.
Safety and Environmental Compliance
Arrow Minerals reported no lost time injuries or material breaches of safety management systems during the December 2024 quarter. The company continues to engage proactively with host communities and maintains compliance with environmental regulations through its consultants, Ozone Guinea.
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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