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.”
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.