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Winmar Resources Ltd

Winmar Resources reveals independent valuation of Luapula Processing Facility

Winmar is planning a London listing and intends to return to the ASX.

cobalt
The company is focused on cobalt assets in the DRC

Winmar Resources Ltd (ASX:WFE) has revealed the results from an independent valuation of the Luapula Processing Facility in the Democratic Republic of Congo (DRC).

The independent valuation was determined using a number of valuation methodologies.

Valuations based on different methodologies

Importantly, the independent valuation strongly vindicates the decision by Winmar to pursue the acquisition of a 50% interest in the Luapula Processing Facility.

The valuation was conducted by Damian Connelly, Principal Consulting Engineer of METS Engineering Group Pty Ltd, in accordance with the guidelines of the Australasian Institute of Mining and Metallurgy.

METS confirmed that “there are no fatal flaws with the project and the risks for the project can be managed” and furthermore that “there is power, water and good infrastructure to support the project including offices, workshops, stores and accommodation facilities on site.”

READ: Winmar Resources speaks to responsible cobalt sourcing in the DRC

Winmar engaged METS to complete the independent valuation principally to address concerns raised by ASX following submission by the company of an Application for In-Principle Advice.

The company’s securities currently remain suspended and this will continue to be the case until it has satisfied the ASX listing rules in order to complete the proposed acquisitions of the 50% interest in the Luapula Processing Facility and the 100% interest in additional exploration licenses.

 

Winmar will continue to seek to complete the proposed acquisitions and by extension the reinstatement of its securities to official quotation.

Quick facts: Winmar Resources Ltd

Price: $0.02

Market: ASX
Market Cap: $58.15 m
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Winmar confirms dual listing and move from cobalt exploration to production

Winmar Resources Ltd (ASX:WFE) Chairman Jason Brewer tells Proactive London how the company is changing status and confirms its dual listing. Updates here too for investors on the company's cobalt operations in the Democratic Republic of Congo (the DRC) as well as why Winmar returned to the...

on 2/3/19

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