Northern Minerals Ltd (ASX:NTU) has gained a new substantial shareholder in Yuzhen Ma after issuing 225 million shares in full repayment of the remaining amounts owed to him on the convertible notes issued in June 2019.
Ma now has a 5.64% stake in NTU after the issue of the shares which forms part of NTU’s $22 million share placement announced in April 2020.
Restart of operations
NTU has commenced planning and logistics to support the restart of operations at its Browns Range Heavy Rare Earths Pilot Plant Project in WA.
The company will initially focus on test work in the beneficiation circuit followed by tests in the hydrometallurgical circuit.
NTU will also proceed with the mechanical construction and installation of ore-sorting equipment at the front-end of the pilot plant.
Exploration to enhance life of mine
Exploration activity across the Browns Range tenement package will also be ramped-up, with a budget of $4.5-$5 million being allocated for greenfields exploration, further evaluation of identified mineralisation and to boost confidence in resources, with the objective of increasing the overall life of mine potential of the project.
The information gathered from the pilot plant operation to date and also the upcoming test work programs will provide data for the potential Bankable Feasibility Study of a full-scale commercial facility.