HIGHLIGHTS
1. The appointment of experienced mining executive Mr Tim Netscher as Chairman commencing 1 November 2015.
2. 20% upgrade to the resource at Millipede/Centipede including 15.3 Mlbs U3O8 and an average grade of 1021ppm (at a 500ppm cutoff). Total resources at Wiluna now stand at 80.5 Mlbs.
3. Promising results from metallurgical testwork studies including testing a beneficiation process that produced a de-slimed product effectively rejecting up to 15% of mass with minimal loss of uranium.
4. Traditional owner agreements negotiations continue including heritage survey completed in October.
5. Continued focus on seeking strategic partners and offtake discussions including further meetings at the World Nuclear Association annual conference in September and with major Indian industry groups during the India Nuclear Summit in Mumbai in October.
6. Uranium spot price remained steady at US$36.50/lb and long term prices retreated from US$49/lb in March 2015 to US$44.00/lb at end of September 2015.
7. Japanese reactor Sendai 1 commenced operations in August, with Sendai 2 commencing operations in early October. A further 3 reactors have received approval to re-start from the NRA.
8. Macquarie Bank Debt Facility paid down $6M with remaining $6M to be refinanced through an interest free loan with The Sentient Group.
9. Cash balance at end of the quarter was $15.2M.
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