Sultan Resources (ASX:SLZ) Releases September Quarterly Report
Operational Highlights
Sultan Resources reported significant progress in its WA and Canadian projects during the September quarter. In Western Australia, the Kondinin-Lake Grace Project advanced with extensive exploration efforts, highlighting a 30km strike requiring further investigation. The Khal Nickel-Cobalt Project identified as a priority target remains undeveloped due to current market conditions. In Canada, the Ruddy and Kember Lithium Projects saw promising reconnaissance assays and prioritisation of exploration targets, with ongoing work to assess lithium mineralisation potential.
Financial Performance
The Company successfully raised $338,834 through a placement of 33,883,441 fully paid ordinary shares at $0.01 per share. The placement was managed by Xcel Capital Pty Ltd and ARQ Capital Pty Ltd, who received a 6% fee. Additionally, Sultan approved the issuance of 10,000,000 listed options to the Joint Lead Managers and 952,380 Underwriter Options to Director Jeremy King. As of December 31, 2024, Sultan’s cash position stood at approximately $336,000. Exploration and evaluation expenditures for the quarter were around $51,000.
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