Eastern Metals is base and precious metals exploration company with a vision to deliver an attractive return to its shareholders in the medium term. Our special “mousetrap” is our ability to identify advanced exploration projects with resource or near resource status where there is clear potential to increase the resource base with well targeted exploration, and which can be acquired on favourable terms.
Our strategy is to grow the resource, take the project through the permitting and approvals process, complete preliminary and bankable feasibility studies, arrange development finance, and in so doing add value and de-risk the project. Having done that, returns to shareholders will be delivered either by developing the project, alone or in joint venture, or by divesting the project at a large premium. Our team has done this before.
Eastern Metals has recently acquired two new projects, the Arunta Project at Barrow Creek in the Northern Territory, and the Browns Reef deposit that forms part of our Cobar Project in New South Wales. Both assets satisfy all of the criteria that we have been looking for.
We also have a third project, our Thomson Project, which is a little different to the other two in that there it does not have resource or near-resource status, but there are well defined targets for drill testing that don’t require significant investment in grass roots exploration because much of that work has already been done by others.
We have a manageable number of “walk-up” drilling targets that we will work through in a disciplined and systematic way in the short to medium term.