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Peninsula Mines receives cash injection from sale of Daehwa Project

The company aims to be a high-grade flake graphite producer in Korea.
hands dropping coins into three jars full of coins
The projects are located nearby to key Korean lithium-ion battery manufacturers

Peninsula Mines Ltd (ASX:PSM) has received the final payment of $735,000 related to the sale of the Daehwa Molybdenum-Tungsten Project in South Korea.

The company has also received an additional $65,000 from directors that participated in the recent capital raising.

Notably, with the addition of the final payment for the Daehwa project, this takes the total funds received by Peninsula to $1.42 million, pre-costs.

These valuable funds will support the company in delivering on its key graphite business objectives over the coming months.

READ: Peninsula Mines extends supply agreement for Madagascan large-flake graphite

Peninsula’s managing director Jon Dugdale said: “This is a great outcome for Peninsula as we have been able to bring in over $1.4 million in a tough market, which will now enable the company to deliver its immediate objectives that include drilling the Gapyeong high-grade flake graphite target and completing additional metallurgical test-work to generate a high-purity product that meets Korean end-user requirements.”

“These objectives are the key pre-cursors that potential flake-graphite offtake and/or development partners in Korea are looking for and we are confident, based on our discussions with these potential partners, that delivery of these outcomes will allow the company to negotiate long term agreements with one or more Korean end-users.”

Peninsula is developing a portfolio of flake graphite projects in South Korea.

The company plans to progress these projects to JORC compliant resource definition and, potentially, development of mining and flake graphite concentrate production.

It focused on producing high-end spherical or expandable graphite that can be used in lithium-ion battery applications and other high-end markets in Korea.

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