CuFe Restricted (ASX:CUF) Investor Overview

Overview

CuFe Restricted (ASX:CUF) is a multi-commodity exploration and growth firm with curiosity in eight tasks located all through mature mining jurisdictions in Western Australia and the Northern Territory. The corporate’s worth proposition is based on its high-grade premium product iron ore tasks in addition to its publicity to copper, lithium and niobium. Its exploration portfolio contains mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration floor in shut proximity to WA1’s latest niobium discovery.

Tennant Creek hosts a mineral useful resource estimate of seven.3 million tons (Mt) at 1.7 p.c copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe at present owns a 55 p.c curiosity over 240 kilometres of the highly-prospective tenure, located within the Northern Territory. CuFe’s near-term plan for the mine, based mostly on detailed mine planning, entails a staged cutback of the Orlando open pit to achieve entry to an ore provide for quick begin choices.

The JWD iron ore operation is an ultra-flexible high-grade, low-impurity iron ore operation optimised for effectivity, the mine advantages from a low capex, with the capability to export 60 kt of lump and 15 kt of fines per 30 days at present manufacturing price. CuFe owns one hundred pc curiosity on this operation.

Along with profiting from the rising marketplace for strategic metals, CuFe additionally has publicity to a near-term iron ore value upside because of the high-grade JWD iron ore mine. It plans to leverage the mine to reap the benefits of elevated iron ore value cycles with the flexibility to cost-effectively droop manufacturing because the market dictates. CuFe can also be evaluating the Yarram venture, as its shut proximity to Darwin port offers it the potential for low opex.

Lastly, CuFe has a low-risk 2 p.c NSR gold royalty over the Northern Star Crossroads venture, the place mining is anticipated to begin in 2024.

CuFe is led by a extremely skilled administration crew adept at figuring out alternatives, making discoveries, evaluating and creating tasks and sustaining operations. The crew is led by government director Mark Hancock, who has 25 years expertise in useful resource tasks throughout quite a lot of commodities in senior finance, business and advertising and marketing roles.

Firm Highlights

• CuFe Restricted is an ASX-listed iron, copper, lithium and niobium exploration and growth firm with a multi-commodity portfolio of property.
• The corporate’s property are located in mature mining areas in Western Australia and the Northern Territory, with entry to intensive pre-existing infrastructure.
• CuFe’s tasks are extremely potential in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
• CuFe has one hundred pc curiosity within the iron ore mining rights on the working Wiluna West JWD mine, recognized to include high-grade iron ore product.
• Moreover, the corporate has a 50 p.c curiosity within the Yarram venture, a complicated iron ore growth venture with potential for low-cost manufacturing.
• CuFe additionally has a 2 p.c web smelter royalty over the Crossroads gold venture in Kalgoorlie.
• The corporate is led by a confirmed and skilled in-house crew with experience in identification, discovery, analysis, deployment and operations.

Tennant Creek

The Tennant Creek venture is positioned within the extremely potential Gecko-Goanna copper-gold hall of the Northern Territory. A mature venture comprising three high-grade copper and gold mineral sources, it comprises a mixed JORC 2012 mineral useful resource of seven.3 at 1.7 p.c copper and 0.6 g/t gold for 127 kt copper and 145 koz gold. Extremely-prospective for additional useful resource progress from useful resource extensions and new discoveries, Tennant Creek can also be positioned in shut proximity to grid energy, a fuel pipeline, the Stuart freeway and the rail line to Darwin.

The realm the place Tennant Creek is hosted is a re-emerging mineral subject with latest neighbouring exploration success from firms resembling Emmerson Assets (ASX:ERM) and Tennant Minerals (ASX:TMS). Close to-mine targets embody the potential to increase sources and open enrichment throughout the Orlando and Gecko structural corridors.

The present focus for Tennant Creek is to establish and drill high-potential exploration targets with a view to rising the useful resource base whereas contemplating a staged cutback of the prevailing Orlando open pit to achieve entry to an ore provide for a quick begin choice.

Bryah Basin JV tasks

By wholly owned subsidiary Jackson Minerals, CuFe has a 20 p.c curiosity in roughly 804 sq. kilometres of highly-prospective tenements proximal to the previous Sandfire Assets’ (ASX:SFR) Doolgunna venture and Degrussa copper gold mine, in addition to a number of different distinguished gold and copper prospects. Collectively referred to as the Bryah Basin JV tasks, the tenements are at present topic to joint ventures and farm-ins with a number of firms. Probably the most distinguished of those is the Morck Properly venture, which is underneath an exploration licence with Auris Minerals (ASX:AUR) alongside the Forrest venture.

The Morck Properly venture tenements cowl an space of 600 sq. kilometres within the highly-prospective area, which has been acknowledged to have excessive iron ore potential.

North Dam

The North Dam venture is a extremely potential lithium tenure located within the rising Yilgarn Lithium Belt. Situated roughly 50 kilometres south-southeast of the township of Coolgardie, the venture is contained throughout the similar lithium belt that comprises recognized spodumene deposits resembling Mt Marion, Pioneer Dome, Bald Hill, Manna and Buldania. There have additionally been a number of well-known junior exploration successes instantly adjoining to the tenement, together with Kali Metals (ASX:KM1), Marquee Assets (ASX:MQR) and Most Assets.

Up to now, work on the venture has included defining potential pegmatites by way of rock chip sampling, soil sampling and geological mapping. Anomalous lithium and key pathfinder parts have additionally outlined a potential hall of roughly 3.5 kilometres in strike size. Columbite and tantalite rock chips chosen from a stream mattress additionally include as much as 44 p.c niobium and 14.53 p.c tantalum.

CuFe has additionally accomplished a latest heritage survey and, pending outcomes and circumstances, plans to begin a maiden drill program.

Tambourah

The one hundred pc owned Tambourah Tenure is a potential lithium tenure with recognized gold occurrences. Situated roughly 90 kilometres south of the Pilgangoora and Wodgina lithium complexes, and 175 kilometres south of Port Hedland, the venture was traditionally explored for gold and comprises recognized gold occurrences inside alluvial materials and reef techniques. Present work on the venture to this point has concerned geological mapping and rock chip sampling.

West Arunta

The absolutely owned West Arunta consists of three tenements positioned within the highly-prospective area of the identical identify. The tenure is understood to be potential for carbonatite-hosted niobium and uncommon earth ingredient mineralization. Spanning roughly 220 sq. kilometres, it surrounds Lycaon Assets’ (ASX:LYN) Stansmore venture and is positioned 70 kilometres north of a number of distinguished latest discoveries.

CuFe has not but finalised native title preparations to begin work within the floor so within the meantime it engaged Southern Geoscience Consulting to undertake a geophysical evaluation of publicly accessible airborne magnetic knowledge for the tenements together with re-processing of stated knowledge and 3D unconstrained inversion modeling. Evaluation of the overall magnetic imagery revealed three anomalous areas throughout the bundle, leading to 9 goal anomalies for additional investigation and exploration.

JWD iron ore mine

The JWD iron ore operation is an optimised and versatile high-grade, low impurity iron ore operation over the Wiluna West JWD deposit. CuFe has one hundred pc curiosity within the iron ore mining rights settlement for the venture, which was began for lower than $5 million and produces a high-grade, low-impurity lump iron ore for direct delivery.

At its present manufacturing price, the mine has capability for 60 kt of lump and 15 kt of fines per 30 days. Mining and crushing is carried out by contractors, with the completed product trucked 800 kilometres to the Geraldton port for export in vessels of circa 6Ma0 kt. The mine additionally advantages from versatile working contracts and value hedging, permitting CuFe to extra readily react to iron ore value volatility.

Though no JORC reserve has been reported, a JORC useful resource dated June 30, 2023 reveals an estimate of 9.6 Mt at 63.7 p.c iron utilizing a 55 p.c iron cut-off.

Yarram

The Yarram iron ore venture is a mature growth alternative with the potential for low-cost manufacturing. CuFe at present holds a 50 p.c curiosity within the venture, which incorporates operatorship. Partially positioned on an present mining lease on freehold land, Yarram has a high-grade DSO useful resource of 5.6 MT at +60 p.c iron in addition to a low-grade part of seven.1 Mt with the potential for beneficiation.

Located 110 kilometres from Darwin Port and adjoining to underutilised mining infrastructure, Yarram additionally options beneficial ore physique geometry, with present infrastructure and companies contributing to its low capex and opex.

An preliminary diamond drilling program supplied HG core from two deposits throughout the venture. Bodily and thermal metallurgical testing confirms the technology of a lump product with roughly 41 p.c yield, elevated gangue ranges within the very nice fractions and acceptable thermal and supplies dealing with properties, making it appropriate as a blast furnace lump burden feed.

CuFe has additionally undertaken geotechnical testwork on the diamond drill core to supply parameters for pit optimizations and designs. Ultimate pit shells and a high-level mine schedule have been developed to be used in regulatory approvals.

Gold Royalty

Crossroad gold venture

By absolutely owned subsidiary Jackson Minerals, CuFe holds a 2 p.c web smelter royalty over M24/462, which comprises Northern Star’s (ASX:NST) Crossroads gold venture. This venture is the topic of a just lately accredited mining proposal envisaging the mining of two.67 Mt of gold-bearing ore. The venture is anticipated to begin someday in 2024 and run for a 36-month interval, with the vast majority of ore mined within the second and third years after pre-stripping.

This venture represents a possible near-term income supply for CuFe with no related prices.

Administration Crew

Tony Sage — Govt Chairman (BCom, FCPA, CA, FTIA )

Tony Sage is an entrepreneur with over 36 years of expertise in company advisory companies, funds administration and capital elevating, predominantly throughout the useful resource sector. He’s based mostly in Western Australia and has continued to be concerned in managing and financing listed mining and exploration firms with a various commodity base.

Sage has developed international operational expertise inside Europe, North and South America, Africa, Oceania, Asia and the Center East. He’s at present government chairman of ASX-listed Cyclone Metals Restricted (ASX:CLE) and European Lithium (ASX:EUR).

Mark Hancock — Govt Director

Mark Hancock has over 30 years’ expertise in key monetary, business and advertising and marketing roles throughout quite a lot of industries with a powerful give attention to pure sources. Throughout his 13 years at Atlas Iron Ltd, Hancock served in quite a few roles together with CCO, CFO, Govt Director and Firm Secretary. He has additionally served as a director on quite a lot of ASX listed entities and is at present a director of Centaurus Metals Ltd and Strandline Assets Ltd.

Hancock holds a Bachelor of Enterprise (B.Bus) diploma, is a Chartered Accountant (CA) and is a Fellow of the Monetary Providers Institute of Australia (F FIN).

Nicholas Sage — Non-executive Director

Nicholas Sage is an skilled advertising and marketing and communications skilled with in extra of 25 years in varied administration and consulting roles. Sage is predicated in Western Australia and at present consults to varied firms and has held varied administration roles inside Tourism Western Australia. He additionally runs his personal administration consulting enterprise.

Scott Meacock — Non-executive Director

Scott Meacock has a wealth of expertise as exterior counsel performing in, and advising on, advanced company and business legislation transactions and disputes for purchasers in a variety of trade sectors together with pure sources and monetary companies.

Meacock at present serves because the Chief Govt Officer and Basic Counsel of the Gold Valley Group. He holds a Bachelor of Legal guidelines (LLB) diploma and a Bachelor of Commerce (BComm) diploma from the College of Western Australia.

Matthew Ramsden – GM Improvement

Matthew Ramsden is an skilled geologist and venture developer commencing his profession in Tasmania earlier than stints within the Pilbara with Rio Tinto and Atlas Iron, the place he performed a key function within the growth and ramp-up of six iron ore mines.

He joined CuFe in 2021 to begin the JWD operations and now has oversight over the corporate’s exploration and growth tasks.

Ramsden is a member of the Australasian Institute of Geoscientists.

Siobhán Sweeney — Geology Supervisor

Siobhán Sweeney brings over 13 years’ geology expertise to the CuFe crew, from greenfield’s exploration to useful resource growth with a powerful give attention to goal technology and growth of iron ore tasks. Throughout her 8 years at Atlas Iron Ltd, Sweeney was instrumental in creating crucial iron ore tasks within the Pilbara resembling Miralga Creek and Corunna Downs. Her background in managing advanced and difficult exploration applications has been key to delivering profitable tasks.

Since becoming a member of Cufe in July 2021, Sweeney has been tasked with creating and implementing mine geology processes in the course of the start-up part of the JWD mine. Most just lately she has delivered a profitable exploration drill marketing campaign to additional outline the Yarram iron ore deposit.

Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science diploma (hons) in geology from the Nationwide College of Eire Galway.