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ELT - Elementos Limited

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Hi All

This IPO is in the market and MPS is underwriting this. ORE shareholders are getting a priority allotment so are the clients from MPS.

I would be interested if any one can give some highlights up or down about this IPO. Market is difficult to assess considering MYER IPO got south and Kathmandu IPO got north.

Some extract for heads up

Elementos is offering up to 33,000,000 fully paid ordinary Shares at $0.25 (25 cents) per Share to raise $8,250,0000 in an Initial Public Offering. Martin Place Securities Pty Ltd is Sponsoring Broker and has Underwritten $6,250,000 of the IPO.



An overview of Elementos is as follows:

· Elementos (ELT) has been established through the spin-out of primarily copper-gold assets of Orocobre Limited (ASX: ORE)

· The key project is the major copper gold molybdenum project in Argentina

· ELT will be targeting resources in established world-class and emerging mineral provinces, focusing on gold and base metals as a priority

· ELT will IPO with six projects in three mineral provinces in two countries, Argentina and Australia

· Argentina − Projects located in San Juan province which is now established as a world class minerals province. The properties include: Santo Domingo copper-gold porphyry and Manantiales gold-silver epithermal vein

− The key Santo Domingo project - large ground position established – 215km², targeting major copper-gold-molybdenum porphyry system with three major target zones identified.

− Manantiales - located directly north and adjoining Troy Resources’ Casposo gold project

− Manantiales has two main target areas with strongly anomalous geochemistry, Manantial - the strike extension of the Casposo main reserve and La Puerta - the strike extension of the TRY’s Julieta vein zone

· Australia – Project located around Mt Isa (Inlier minerals province) and Northern NSW.

− Mt Isa prospect comprises the Millenium cobalt project Mt

− Northern NSW comprises prospective emerging minerals province with gold and polymetallic mineralisation targets

· IPO targeting raising $6.25M - $8.25M to fund exploration over the next 2 years

· Elementos’ prospectus was lodge on 6 November 2009 with Shares now being offered at $0.25 per share, with a minimum application of $2,000 (8,000 shares)

· Elementos’ share offer opened on 16 November 2009 and closes on 7 December 2009, with Shares expected to commence trading on the ASX on 17 December 2009
 
Current SP - 7c
Shares - 82m
Options - 9.7m (varies expiries and strike price)
Cash - $2.6m
MC - $5.7m

Mercedes
Highlights
• At the Elvira porphyry prospect, IP geophysics identifies a weak chargeability anomaly at a depth considered uneconomic
• Copper oxide potential remains prospective, to be assessed through on-going mapping and sampling programs

MANANTIALES
Valentina Vein
The Valentina vein is situated 2.5 kilometres east of the Manantial vein and 2.5 kilometres west of the La Puerta prospect. Initial representative rock chip samples have returned high-grade gold values with anomalous silver.
Highlights include:
• Three high-grade rock chip samples returning 17.9 g/t gold and 36 g/t silver, 12.7 g/t gold and 26 g/t silver, and 10.1 g/t gold and 27 g/t silver;
• An additional five rock chip samples above 4.0 g/t gold including peaks of 8.59 g/t gold and 9 g/t silver; and
• The structure remains open along strike with samples in the northern and southern ends returning 6.91 g/t gold and 12.7 g/t gold respectively
Update
• A cluster of new prospective vein targets identified in close proximity to the Manantial, Manantial Este and La Puerta veins
• Initial rock chip sampling at the new Valentina vein prospect returned high grade gold up to 17.9 g/t and silver up to 36 g/t
• Potential for multiple new high-grade gold-silver vein systems within the Manantiales project
Other New Vein Systems
A number of additional, relatively unexplored, vein targets have been identified. Initial sample results include:
• Colorados - a quartz-calcite vein 150 metres long and 0.5 to 2 metres wide. Channel sampling returned best values of 0.5 metres at 5.38 g/t gold, 0.8 metres at 2.16 g/t gold and 0.65 metres at 0.89 g/t gold;
• Colorados Sur - two parallel quartz–calcite veins, 1.5 km south of Colorados. Channel sampling returned best values of 0.64 metres at 1.48 g/t gold and 1.5 metres at 0.79 g/t; and
• Gabo vein - located 0.8 km east of Colorados vein. A 190 metre long quartz–calcite vein in discrete outcrops with widths between 0.5 to 7 metres. Channel sampling returned best values of 0.68 metres at 3.15 g/t gold, 0.57 metres at 2.26 g/t gold, 0.82 metres at 1.85 g/t gold and 1.15 metres at 1.43 g/t gold.


Tamaya
For full information about Tamaya see investor presentation below.
http://www.asx.com.au/asxpdf/20120712/pdf/427cpkdz5sd1mg.pdf
Manantiales

Santo Domingo
Partnering Strategy
The Company believes the two recent geophysical programs, in conjunction with the extensive investment in exploration over the last three years, have demonstrated that Santo Domingo has strong potential to host a world-class porphyry deposit. Defining and ultimately developing the potential resources will require a substantial investment, including additional geophysics, deep drilling and related infrastructure. The board considers that the best strategy is to seek a joint venture partner, with the financial capacity to explore and develop a large porphyry target, to complement the Company‟s technical understanding of the project.
Divisoria Phase II Geophysical Survey Results
The results of the second phase geophysical survey demonstrates a large, high-chargeability anomaly closely correlated with the magnetic low, disseminated gold–copper mineralisation and contact-breccias already recognised on surface. The anomaly is 1,000 by 600 metres in size and interpreted as approximately 300 metres deep, remaining open to the north, south and at depth.
The survey incorporated four lines totalling 7.5 linear-kilometres of both Pole-Dipole Induced Polarisation (“PDIP”) and Audio Magneto Telluric (“AMT”) geophysics.
The aim of the PDIP survey was to identify chargeability anomalies (potential zones of sulphide mineralisation) at shallow to moderate depths beneath the surface. The results are highly encouraging and demonstrate a pattern of chargeability and resistivity within magnetic low areas. This potentially relates to porphyry mineralisation over a larger area than mapped on surface.
The AMT survey tested the resistive response of the rock down to approximately 800 metres depth, beyond the depth potential of the PDIP. Unfortunately, this survey produced poor quality data and lacked resolution at depth on three of the four lines, and was considered unreliable.

MILLENIUM
• Two further Exploration Permits approved in the world-class Mt Isa district
• Elementos now holds 248 km ² of exploration permits over a mineralised trend, in close proximity to deposits including Rockland, Roseby and Dugald River
• Exploration on the company’s existing Mining Leases1 on the Corella fault zone has identified strong copper, cobalt, gold and Rare Earth Element anomalies
Next Steps
The Company is currently working towards the consolidation of its land package in the district. Outstanding ground positions to be secured include:
• 74 km ² of additional EPMs subject to granting; and
• Exercise of the Option-to-Purchase agreement with Forte Energy NL to acquire 134 Hectares of Mining Leases. The Mining Leases are currently subject to renewal and this process is nearing completion.
Future exploration activities will involve:
• Ground-magnetometry geophysical surveys of the Corella structure, including the zone of cobalt and copper anomalies already identified;
• Drilling to confirm the cobalt and copper grades from historical drill holes;
• Testing for the presence of Rare Earth Elements and Yttrium; and
• Drilling deeper into structures showing mineralisation.


CATHEDRAL ROCKS
There were no exploration activities at Cathedral Rocks during the quarter.

Tightly held, rarely traded, has drifted on very low volume over the last 6 months. Manantiales looks to far out of the way of historic discoveries. Tamaya is slightly to the left of a line of existing mines, and with a little bit of luck could be something. I will be watching this.
 

Attachments

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TAMAYA IP GEOPHYSICS PROGRAM TO TEST FOR PORPHYRY AND STRUCTURALLY RELATED MINERALISATION

Elementos announce a planned second phase geophysical survey at the Tamaya Project, central Chile.
The Induced Polarisation Pole-dipole (“IPPD”) survey will test for two styles of mineralisation:
• Porphyry mineralisation in the eastern sector as indicated by the encouraging results of the recent mapping, sampling and ground magnetometry survey; and
• Structurally related mineralisation in the three main north-south structural trends, including the main vein that was historically mined for high-grade copper (sulphide) mineralisation.

Porphyry Target
The ground magnetometry survey completed in April 2012 outlined a large magnetic anomaly (Figure 1) that is related with evidence of porphyry mineralisation in the eastern sector of the property. The IPPD survey will test for chargeability anomalies (the presence of potential sulphide mineralisation related to the porphyry) within the magnetic anomaly.
Moreover, Elementos’ mapping has identified evidence of potential porphyry related mineralisation similar to that at the Carmen de Andocollo mine, 40 kilometres to the north, and at the Llhaium deposit, 85 kilometres to the south, including:
• Porphyry clasts with disseminated mineralisation within breccia structures in the Eastern zone;
• Strong potassic alteration in association with the high-grade mineralisation in structures in the Eastern and Central zones, grading to moderate in the Northern and Tortolas prospects;
• Multiple porphyry mineralisation related features, including:
o Calcite-sulphide veining with very high-grade copper mineralisation;
o Phreatomagmatic breccias, including a magnetite rich matrix and minor copper mineralisation in the matrix and as clasts;
o Silica-sulphide breccia, veinlets and stockwork with 2% to 7% copper;
o Tourmaline breccias with minor disseminated mineralisation in the matrix; and
o “A-type” texture veinlets and stockworking in the Eastern, Central and Tortolas prospects with calcite, silica or magnetite-specularite fill.
 
A 10 year chart and a 3 month chart.
Possibly emerging out of dormancy.
FA has a sensitive announcement today? Tin.
I suspect this PFC is worth further investigation.


 
The slow progress management has been making transitioning their Spanish Tin project from Inferred resources to Indicated is getting more interesting.

Last May's Economic Study was made when Tin was below USD $20K/tonne. The LME tin price is currently over USD23,600 per tonne.



In the recent International Tin Association (ITA) report on resources;

"Only in the last few years have excess stocks been finally reduced to historically below-average levels, as supply has failed to keep up with demand. While there are short-term uncertainties relating mainly to global macro-economic conditions, the prospects for future tin demand are strong. As a result, ITA still believes that there is still a real need for new investment in modern, sustainable mine projects and that prices significantly higher than current levels are necessary to trigger this. There is a small but real possibility that a surge in production will occur due to the discovery of a world class tin deposit, such as has been seen in Myanmar between 2012 and 2015. The underexplored, vast mineral potential of South East Asia and Africa would make these likely locations, particularly if progress is made with development of infrastructure and channels for foreign investment. North America may see increased exploration soon, as the United States aims to reduce its reliance on imports of critical material.
...

While (the) ITA expects a shortage of tin mining capacity to develop over the next 5 years, but this is unrelated to the quantity of remaining tin in the ground, and rather a symptom of low investment in tin projects in depressed market conditions."
 
Thanks @frugal.rock I expect the market to focus on the Spanish project (Oropesa) over Myanmar but sovereign risk is a significant drag on valuation I would say. It's sadly actually one reason I'm not holding despite my interest.
 
I believe Myanmar might be on the settle down?
ELT closing on $0.016, 0.002 or 14.3% up for the day.
I wonder, if things do settle down whether that will give the SP a boost?
 
ELT going for a nice little run on the back of an increase in the price of tin. Managed to get above 2c today and looks like it's going to say there... at least for now.



 
U might be right on the tin story, though a play like ELT has slipped since that run in May; held around 20c for a couple of sessions but now back around 16c. There is a surging price for the commodity; this month the tin price on the London metal Exchange (LME) hit historic highs above US$36,000 per tonne.

Elementos wholly owns two world-class tin projects, with high-grades, large resource bases and plenty of exploration potential, in mining-friendly jurisdictions. Its flagship Oropesa Project in Spain, acquired in January 2020, is regarded as one of the world’s largest undeveloped, open-cut mineable tin deposits.

The company also owns the Cleveland project in Tasmania. Previously mined in 1908-1917 and 1968-1986, Cleveland has a hard-rock JORC Resource of 7.47 million tonnes (Mt) at 0.75% tin and 0.3% copper. In March, Elementos announced the resumption of exploration at Cleveland – a four-hole program that has been affected by an Australia-wide shortage of drilling rigs – but Oropesa is definitely the main game.

Oropesa has a JORC Mineral Resource from 2018 of 12.54 Mt at 0.54% tin, giving 67,500 tonnes of tin metal, enough for a prospective annual production of 2,440 tonnes of tin – in 62% concentrate – over a 14-year mine life. That resource breaks-down into 9.34 Mt at 0.55% tin in the measured and indicated categories – giving 50,900 tonnes of tin metal – and inferred resource of 3.2 Mt at 0.52% tin, for 16,600 tonnes of tin metal.

That comes from the project’s May 2020 “Economic Study,” which found that at a tin price of US$19,750/tonne, the mine could potentially generate an annual gross revenue of more than US$48 million against a forecast operating cost of US$28 million per year or cash cost of US$11,534/tonne of metal. With tin prices now above US$30,000/t this year, the metrics start to stack up very well.

Perhaps why Elementos chief executive Joe David says the company is now “accelerating Oropesa to production”.
“We are waiting-on the assays of a further eight holes (a common problem due to the recent metals price boom), but all up, we expect that our updated mineral resource estimate should be release to the market in October.
Click to expand...

David says if everything were to go flawlessly for Elementos, and the DFS is completed by the end of 2022, that would enable a final investment decision (FID) by mid- 2023. Assuming an 18-to-24-month construction process, Elementos could be producing concentrate in 2025 – into a tin market still expected to be in significant deficit. And given that the tin price should still be strongly supporting new investment – given that very little in the way of new production is expected – Cleveland could re-enter the production picture in 2026.

 
Approval is probably a foregone conclusion.

Mining and Environmental regulatory documents submitted for the Oropesa Tin Project Highlights​
• Elementos submits key regulatory documents for the Oropesa Tin Project to the Junta de Andalucía
• Submission is key to attaining a mining license and environmental authorization for Oropesa
• Submission follows the recent assignment of Oropesa into the Andalucian Government’s Project Accelerator Unit which has potential to expedite approvals time frame
• Environmental Impact Study prepared with the support of ERM Environmental Consultants who have significant experience and expertise in Spanish mining projects

bought on the nice break today.

 
Market cap of $18 million


.
Elementos' primary focus is on the Oropesa Tin Project in Andalucía, Spain, where it is advancing through regulatory approvals and conducting a Definitive Feasibility Study to formalize the project's technoeconomic parameters and financial returns. The ultimate goal is to secure financing and offtake agreements for the construction of the project, ultimately delivering the European market's first major tin mine.

Quarterly highlights for Elementos:
  1. Maiden Zinc Resource Estimate: Elementos reported a significant development at the Oropesa Tin Project with a maiden Zinc (by-product) Mineral Resource Estimate (MRE) of 23.75 million tonnes at 0.42% Zn. This underscores the project's potential to contribute to zinc production as a valuable by-product.
  2. Progress with Andalucían Authorities: The company is making headway in its discussions with Andalucían authorities regarding project approvals for Oropesa. Elementos remains engaged with all necessary government stakeholders, anticipating the resolution of administrative permitting affairs to move forward with the project.
  3. Australian Government Recognition: The Australian government has added tin to its 'Strategic Minerals List,' emphasizing the importance of tin as a critical resource.
  4. Tasmanian Government Support: Elementos is set to receive co-funding of $70,000.00 from the Tasmanian government for tungsten and tin exploration at Cleveland, Tasmania, highlighting the government's commitment to supporting critical metal exploration.
  5. Chairman's Support: Elementos Chairman has provided a $2.0 million loan facility, demonstrating strong support for the company's initiatives and growth prospects.
Oropesa Tin Project – A Strategic Asset

The Oropesa Tin Project, located in the Guadiato Valley, Andalucía, Spain, is strategically positioned within the European Union and has one of the world's largest undeveloped open-cut tin deposits. With access to world-class infrastructure, the project is well-positioned for development.

Elementos is in advanced stages of the Definitive Feasibility Study for Oropesa and is in ongoing negotiations with authorities to secure major project approvals. The company is actively engaged with Andalucían government stakeholders, both departmental and political, and believes that significant progress has been made towards resolving major issues related to project modifications and licensing.

Maiden Zinc Resource Estimate

Elementos announced a maiden zinc Mineral Resource Estimate of 23.75 million tonnes at 0.42% Zn for the Oropesa Tin Project in November 2023. This development allows Elementos to recover and produce a saleable zinc concentrate, offering environmental, mining, and economic benefits alongside tin production.

The incremental costs associated with zinc production are expected to be relatively minor, making it a viable by-product stream to consider for inclusion in the project's Definitive Feasibility Study.

Zinc production will not impact the main tin concentrate production at Oropesa, and the previously reported Tin MRE remains unchanged at 19.6 million tonnes at 0.39% Sn.
 
and , updating

Elementos has announced the restart of Definitive Feasibility Study and licensing activities for the Oropesa Tin Project after reaching an agreement with the Andalucian Government regarding modifications to the project layout. These modifications aim to improve environmental and community outcomes.

The agreement reaffirms the Administration's support for the Oropesa project, which remains one of seven key mining projects in the Government’s Project Accelerator Unit. Primary license submissions will be resubmitted in accordance with the new layout modifications.

Revised project dates are as follows:
  1. Resubmission of Primary License Documentation: Q3-CY2024
  2. Completion of Definitive Feasibility Study: Q4-CY2024
  3. Targeted receipt of primary (environment/ mining) licenses: Q4-CY2025
  4. Targeted first production: Q4-CY2027
Elementos aims to complete its DFS for the Oropesa Tin Project by the end of the year. The company plans to initiate the re-submission of Primary License documentation, with an estimated completion timeline of approximately four months. With the Administration committed to re-assessing all license submissions on an expedited basis, Elementos anticipates approvals within approximately 15-18 months.

Managing Director Joe David expressed confidence in the project's future, stating, "The Oropesa Project is one of the world’s largest undeveloped, open-cut tin deposits with special strategic significance to the European Union." He also acknowledged the collaborative efforts between Elementos and the Administration in finding a responsible path forward that enhances the project's Environmental, Social, and Governance credentials.

David emphasized the mutual commitment to sustainable and responsible projects, as well as the shared goal of stimulating economic growth in the north-western Cordoba region, particularly the Guadiato Valley where Oropesa is located.

Key modifications to the project's layout include:
  1. Relocation of main external waste dumps to southern and western edges of the open-pit to minimize impact on flora and wildlife.
  2. Moving the tailings dam to the north-western corner of the tenure to reduce impact on trees and natural topography.
  3. Redesigning and relocating a section of the access road to avoid overlap with a stock cattle route.
  4. Repositioning process and non-process infrastructure to a cleared cropping area on the southern side of the pit.
  5. Re-designing the master haulage ramp for ore and waste from the northern edge to the southern edge of the pit.
  6. Partial back-filling of the open-pit to ensure stabilisation of final benches and facilitate convenient access to a proposed water reservoir at the bottom of the pit, thereby reducing end-of-mine-life rehabilitation costs.
These modifications aim to balance operational efficiency with environmental and community considerations, reflecting Elementos' commitment to responsible mining practices.
.
taking its time but not impacting on SP. A $30mill market cap.
.

.
Also.....
..started diamond drilling at the Company’s 100% owned Cleveland Tin Project, near Waratah in Tasmania. The 1,100m drill hole will test for tin, copper, tungsten and fluorite mineralisation, in addition to the previously published Ore Reserves, Mineral Resources & Exploration Target 6b.

The 1,100m hole is being drilled at a new orientation to historical surface and underground drilling. The drillhole has been designed to test the continuity and boundaries of the Tungsten Exploration Target as well as possible extensions to the company’s Tin & Copper Mineral Resources 6b, which also contains fluorite mineralisation
. The previously announced Exploration Target6b of 15-24Mt of 0.24-0.3% WO3 sits below the Reduced Level 850m, with the company’s 3.97Mt 0.3% WO3 JORC Inferred Tungsten Mineral Resource6a located above the RL850m level.
 
Last edited:
Elementos Limited (ASX:ELT) Managing Director Joe David discusses a recent agreement to acquire up to a 50% interest in an operating Spanish tin smelter
Click to expand...




 
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