The company will no longer pursue the up-front acquisition of exploration licenses, instead, it will source feed under the ore supply agreements already entered into with local mining operations.
In February 2019, Winmar executed several binding ore purchase agreements for the supply of high-grade cobalt and copper ores to meet +100% of the design throughput of the Luapula Processing Facility over a minimum 36 months.
These agreements were executed with established operations with proven records of high-grade cobalt and copper ores deliveries to operating cobalt and copper processing plants located in the DRC Copperbelt.
Also in February 2019, Winmar confirmed that it was pursuing a dual listing on the London Stock Exchange (LSE) and had engaged Memery Crystal to advise on the process.
The current intention is to list on LSE simultaneous with re-listing on ASX.
In recent weeks Winmar has entered into advanced negotiations with a number of parties in regards to cobalt offtake and associated debt funding, and equity participation by way of cornerstone investment.
Those negotiations are expected to be finalised shortly.
Winmar intends to lodge an updated application for re-listing on the ASX once negotiations on financing have been completed.