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Flagship Minerals Limited (ASX:FLG)

ALERT: Price-sensitive ASX Announcement for FLG
Current share price for FLG : $0.150 0.005 (3.45%)+
Announcement
Release
1 Oct 2025 9:36AM
Price at Release
$0.145
Full Release
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Summary
Flagship Minerals Limited has secured $4.0 million through a share placement, partnering strategically with Shandong Xinhai Mining Technology & Equipment Inc. The funding will aid in progressing the Pantanillo Gold Project through various stages such as the JORC 2012 Mineral Resource Estimate, metallurgical testwork, and feasibility studies. Xinhai's involvement includes appointing a Non-executive Director to the Board and providing engineering expertise, enhancing project development. This strategic collaboration aims to de-risk the Pantanillo project and expedite its progress towards development, with an objective to produce 100,000 ounces of gold annually for over a decade.
Key Points
  • $4.0 million raised at $0.10/share, including $1.5 million placement to professional investors and $2.5 million placement to Xinhai.
  • Funding to advance Pantanillo through completion of JORC 2012 Mineral Resource Estimate, metallurgical testwork, heap leach processing studies, and drilling for MRE update in 2026.
  • Xinhai to nominate a Non-executive Director to Flagship’s Board, aligning both companies and bringing substantial practical knowledge.
  • Xinhai will provide specialist expertise in metallurgy and mineral processing, engineering, procurement, construction (EPC), and project financing.
  • Strategic partnership with Xinhai to de-risk decision-making processes and facilitate accelerated development of the Pantanillo Gold Project.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.