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Montem Resources in trading halt ahead of capital raising announcement

The company's Tent Mountain mine and Chinook project are on Category 4 lands, which are areas in Alberta where surface mining is contemplated.

Montem Resources Ltd -
Drilling at the Chinook project in Canada is expected in the near-term.

Montem Resources Ltd (ASX:MR1) has been granted a trading halt by the ASX with an announcement pending in relation to a proposed capital raising.

The halt will be in place until the start of regular trading on Friday, February 19, or when an announcement is released to the market, whichever occurs earliest.

Advancing two coking coal assets

Montem is advancing its two coking coal assets – Tent Mountain (60 million tonnes JORC) and Chinook (149 million tonnes JORC) – which both sit on Category 4 lands in Alberta, Canada.

According to Petra Capital, these projects are unaffected by the recent decision from the Government of Alberta to reinstate its coal policy which will see Category 2 lands prevented from developing open pit projects.

The broker said this was very positive for MR1’s assets in the near term.

“We highlight MR1’s projects alongside Gina Rinehart’s Grassy Mountain project as the three projects closest to production in the region, noting all three currently sit on Category 4 lands and as a result remain unaffected by these policy changes.”

Quick facts: Montem Resources Ltd

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Price: 0.045 AUD

Market Cap: $10.54 m

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Montem Resources announces encouraging coal quality test work from Chinook...

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on 4/3/21

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