Mustang's ruby inventory has grown strongly to 352,260 carats, and the company is set for its maiden auction in a fortnights time.
The company had originally planned to tender 200,000 carats.
More than 40 leading global ruby buyers have officially registered for the tender with additional applications still being received.
Investors are also embracing the Mustang story, with shares up another 18.2% today to $0.13. This valuation change has the company nudging three-bagger status in the past eight weeks.
Mustang mines rubies from its Montepuez Ruby Project in Mozambique.
The company's pending auction will define the value range for rubies within each of its grading categories and be a key indicator of the long-term commercial viability of the Montepuez Project.
Mustang’s discussions with key rough ruby buyers have predominantly been from Thailand, India, Sri Lanka, Hong Kong and Europe.
Mustang secures 25-year tenure
Mustang’s strategy is to establish strong, sustainable production and cashflow - which has been underpinned through the grant of Mining Concession 8921C by the Ministry of Minerals & Energy.
This concession is the first Mining Concession granted to the company at Montepuez and is valid until 13 September 2042.
It replaces exploration and prospecting licence 4143L and secures a 25-year tenure, thereby paving the way for planned processing capacity increases following the maiden tender.