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Galena Mining substantial shareholder increases stake, multiple upcoming catalysts

The company is focused on developing its flagship Abra Base Metals Project in Western Australia.

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Surface infrastructure construction at Abra has recently commenced

Galena Mining Ltd (ASX:G1A) has had major shareholder UBS Group AG and related bodies increase its holding to 7.91% from 5.12%.

UBS Group holds the 29.77 million shares on behalf of Brispot Nominees Pty Ltd.

Upcoming catalysts include project finance and construction

At the end of the September quarter, Abra was well-positioned with about $33.5 million in cash.

After recently commencing surface infrastructure construction at Abra, Galena continues to target initial production in 2021 and the first full-year of steady-state commercial production in 2022.

Upcoming value-adding Abra and corporate milestone workstreams include:

  • Conclusion of project financing debt;
  • Completion of construction of Abra’s permanent village and other surface infrastructure facilities;
  • Commencement of the box-cut;
  • Mobilisation of the underground mining contractor; and
  • Full construction decision and execution of plant EPC contract.

Proactive recently caught up with the company for an update.

Quick facts: Galena Mining Ltd

Price: 0.23 AUD

ASX:G1A
Market: ASX
Market Cap: $92.74 m
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Galena Mining's Alex Molyneux talks funding and new gold and base metals...

Galena Mining Ltd's (ASX:G1A) Alex Molyneux updates Proactive's Andrew Scott on debt financing discussions for its flagship Abra Project in Australia as well as outlining new gold and base metals drilling targets that've been identified. He says recent work has found gold mineralisation trends...

1 week, 6 days ago

2 min read