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Platina Resources director shows faith in scandium strategy with on-market share purchase

John Anderson has made his first Platina share purchase, obtaining 104,340 shares valued at $12,000.

Increasing stacks of coins
The company is focused on the Owendale Scandium-Cobalt-Nickel Project

Platina Resources Limited (ASX:PGM) non-executive director John Anderson has demonstrated his confidence in the company’s focus on scandium by acquiring shares on-market.

The acquisition of 104,340 shares valued at $12,000 was Anderson’s first investment in the company.

Former Santos executive

He was appointed to the board in April 2018 after retiring from oil and gas industry player Santos Ltd (ASX:STO) where he was a senior executive for more than 12 years.

His roles included leading strategic projects, business development, mergers and acquisitions, commercial and marketing and trading.

READ: Platina Resources progressing towards development at Owendale Scandium-Cobalt-Nickel Project

Platina is making progress in advancing a definitive feasibility study (DFS) on its Owendale Scandium-Cobalt-Nickel Project in central New South Wales.

The DFS is due for completion in the fourth quarter of 2018 and will include results from infill resource drilling as well as from a pilot metallurgical program.

READ: Platina Resources increase resource at one of world’s largest scandium projects

Drilling has seen a 6% increase in the overall resource size and a 2% increase in scandium grade.

The overall resource using a 300 ppm scandium cut-off grade stands at 35.6 million tonnes grading 405 ppm scandium, 0.28 g/t platinum, 0.10% nickel and 0.06% cobalt.

This new estimate positions Owendale as one of the largest and highest-grade scandium projects in the western world.

A 6-tonne bulk representative sample was processed at the SGS pilot facility in Perth and successfully refined into 99.99% scandium oxide product at the Element 21 facility in Brisbane.

The product is expected to be saleable into the solid oxide fuel cell and aluminium alloy markets.

Growing scandium demand

Demand for scandium has the potential to increase rapidly given the superior strength and thermal characteristics of using scandium in materials manufacturing.

Scandium is used in a number of existing, high-end applications, including:

– Solid oxide fuel cells (SOFCs) – Bloom Energy;
– Aluminium alloys, used in aircraft, automobiles and sporting equipment; and
– High power metal halide lamps and lasers.

Quick facts: Platina Resources Ltd

Price: 0.019 AUD

ASX:PGM
Market: ASX
Market Cap: $6.15 m
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