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Trigg Mining cuts back costs and non-core tenure during pandemic

The company is aiming minimise the impact of the current public health and economic crisis while maintaining supply of essential SOP for agriculture.

Trigg Mining Ltd - Trigg Mining cuts back costs and non-core tenure during pandemic
All field based exploration has been suspended

Trigg Mining Ltd (ASX:TMG) has taken a number of precautionary measures in response to the current COVID-19 pandemic.

To comply with the WA State Government travel restrictions, and the request of the Ngaanyatjarra, the Traditional Owners of the Lake Throssell Sulphate of Potash (SOP) Project, the company has suspended all field-based exploration until circumstances permit a return to the field.

Trigg Mining managing director Keren Paterson said: “These are difficult times for the world community, for Australia and our economy.

“We will do everything we can to support the fight against COVID-19 and to keep Trigg in good shape to allow for a swift return to exploring and developing the company’s two key Sulphate of Potash Projects in Western Australia.

“SOP is an essential mineral for global food security and one that is almost entirely imported to Australia for our agricultural product.”

Non-core tenure surrendered

Trigg has surrendered non-core tenure outside of the Lake Throssell discovery and Lake Rason satellite project, reducing the area by half, with a corresponding reduction in annual minimum expenditure.

The company’s total tenure is now 1,660 square kilometres with 1,010 square kilometres granted and 650 square kilometres under applications.

Cost reductions implemented

The company maintains a good cash balance of about $2 million and is implementing measures to conserve cash including a reduction in director fees, staff costs and other outgoings.

The scale and potential duration of the COVID-19 pandemic and its market consequences are such that the Board considers it wise to take every step necessary to protect its people, indigenous communities and preserve cash to enable the company to act strongly and decisively once this situation has abated.

Trigg is confident it will be in a sound position when conditions improve to re-commence exploration, with proof-of-work (POW) for drilling already submitted and contractors selected for the planned maiden air-core drilling program at the Lake Throssell SOP Project.

SOP essential for farmers

Sulphate of Potash is an agricultural mineral entirely imported into Australia and a critical component of global food security.

It is an essential component of the global food supply chain will continue to be in demand throughout the pandemic to ensure global food security.

Quick facts: Trigg Mining Ltd

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Market: ASX
Market Cap: $804 k

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