Tambourah Metals Ltd (ASX:TMB) Releases Q4 2024 Activities Report
Operational Achievements
Tambourah Metals Ltd (ASX:TMB) reported notable progress in its exploration activities for the quarter ending 31 December 2024. The Tambourah King diamond drilling program returned high-grade gold assays, including 32.3g/t Au over 2.65m. Additionally, shallow reverse circulation (RC) drilling at Tambourah King yielded multiple significant intercepts, enhancing the project’s potential. The company was awarded up to $180,000 from the WA Government under the Exploration Incentive Scheme to co-fund 12 additional diamond drill holes across various prospects, including the Alexandria Prospect.
Financial Performance
During the quarter, Tambourah Metals finalised a placement raising up to A$330,000, supplemented by an additional A$45,000 from the board and management. The cash position stood at A$2.08 million as of 31 December 2024, with exploration expenditures totaling approximately A$464,000. The company also received a Federal Government R&D Tax Incentive payment of $160,588, supporting its collaboration with CSIRO on machine learning R&D programs.
Corporate Updates
The company announced the resignation of Mr Wayne Richards as a Non-Executive Director on 30 November 2024 and Mr Nic Matich as contract CEO on 6 December 2024. Tambourah Metals has scheduled a general meeting on 27 February 2025 to vote on the proposed 80/20 JV acquisition of the Speewah North project. Additionally, the company is planning various drilling and exploration activities across its projects, including the Cheela Gold Project and Bryah Basin Gold Project.
Future Outlook
Tambourah Metals plans to commence RC and diamond drilling at the Tambourah Gold Project in March, targeting extensions to high-grade mineralisation. Further exploration initiatives include aircore drilling at Beatty Park South and follow-up RC drilling at the Cheela Gold Prospect. The company is also advancing its critical minerals projects, with ongoing collaboration with CSIRO and potential acquisitions to bolster its portfolio.
Motley Fool contributor Lianne Eastty 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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