Bryah Resources Ltd

Bryah Resources Ltd (ASX:BYH)

Offer Price

A$0.017

per share

Offer Size

A$1,000,000

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Bryah Resources Ltd

Placement

Bryah Resources Ltd (ASX:BYH)

BRY1

Lead Manager

Offer Price

A$0.017

per share

Offer Size

A$1,000,000

Placement

Bryah Resources Ltd

Offer Details

Offer Price (Per Share)

A$0.017

Offer Size

A$1,000,000

Shares Available

58,823,529

Discount

-70.00%

BYH is seeking to raise approximately A$1,000,000 via a placement of 58,823,529 fully paid ordinary shares (“New Shares”) at A$0.017 per share (“Offer Price”) together with two (2) free attaching listed options for every three (3) new shares issued in the Company under the placement (“Free-Attaching Options”)

The issuance of the Free-Attaching Options is subject to shareholders’ approval at the upcoming AGM in Jan’24. Each Free-Attaching Option will be tradeable under the ticker ASX:BYHO, which has an exercise price of A$0.035 and an expiry date on 1 December 2025.

Lake Johnston Lithium-Nickel Project (100%)

Situated in the up-and-coming lithium corridor of the Lake Johnston area where successful lithium discoveries were made in the past 6 months. These include

  • TG Metals’ (ASX:TG6) initial RC drill results of up to 2.28% Li2O at its Burmeister prospect, 25km southwest of BYH’s Pegasus prospect and 50km southeast of BYH’s Roundbottom prospect, which sent the Company’s value up 10-fold.
  • Charger Metals (ASX:CHR) maiden RC program at Medcalf Li Prospect returned up to 2.55% Li2O and >3km of soil anomaly (>100ppm Li2O) identified at its Mt Gordon prospect, east-adjacent to TG6’s Burmeister prospect.

Rock chips sample returning up to 403ppm Li2O + 228ppm Nb + 18.2ppm Ta from outcropping pegmatite at Roundbottom prospect confirms lithium-caesium-tantalum mineralisation.

Roundbottom prospect is adjacent (400m east) to CHR’s Mt Day Li prospect where numerous LCT pegmatites were mapped and multiple soil geochemistry samples returned 2.8%-3.8% Li2O + 353-879ppm Ta.

Several sub-linear, parallel pegmatites were identified at the Pegasus prospect dipping under recent alluvial cover.

Proximity to the world-class Mount Holland Lithium Mine (JV between ASX:WES & SQM) which hosts the 189Mt @ 1.5% Li2O Earl Grey Lithium deposit, and historical Maggie Hays/Emily Ann Nickel deposits held by Poseidon Nickel Limited (ASX:POS)

Map view of Lake Johnston Li-Ni Project and surrounding lithium discoveries

Bryah Basin Manganese Project (49%)

  • Indicated and Inferred Mineral Resource of 3.07Mt @ 20.1% Mn + 23.0% Fe
  • Ample room to expand mineral resources. The current resources are in early-stage discovery and cover only
  • JV with one of the leading Mn alloys producers, OM Holdings (ASX:OMH), where OMH has committed to fund a further A$1.8M on exploration activities to earn an additional 9% interest in the Project (BYH will hold 40% stake thereafter)
  • Afterwhich, OMH can opt to fund a further A$2.5M on exploration activities to earn another 10% stake in the Project. (BYH will hold 30% stake thereafter)
  • Mining license granted over current resources at Brumby Creek and Black Hill prospects.

Gabanintha Copper-Nickel Project (100%)

  • BYH holds the rights to the nickel, copper, (“Base Metals”) and gold within Australian Vanadium Limited’s (ASX:AVL) Australian Vanadium Project (AVP), which secured a $49M Modern Manufacturing Initiative Collaboration grant from the Australian Government.
  • The Base Metals has a Mineral Resource of 36.0 Mt @ 766 ppm Ni, 212 ppm Cu, and 231 ppm Co which can be recoverable from the tail stream of AVP.
  • AVL completed a BFS on AVP in Apr’22 suggesting an average production tailing of 662ktpa with a mine life of 25 years.
  • The BFS also suggests floatation test work of non-magnetic tails from the vanadium benefaction produced sulphide concentrates that contained up to 6.3% base metals including up to 2.02% Co, 2.58% Ni, and 1.7% Cu.

Board Members

Ashley Jones

Ashley Jones

Chief Executive Officer

Mr Jones has been responsible for the technical direction of Bryah Resources Limited since 2019.

A geologist with over 20 years of experience in exploration, mine geology and management in Australia and Africa, Mr Jones brings significant project development expertise in feasibility level projects with a particular focus on resources and mine development, including manganese, gold and uranium. He was based in Africa for over 11 years, exploring a range of commodities for ASX, AIM and TSX listed public companies. Mr Jones graduated with a B.Sc. Hons in Geology from the University of Canterbury, New Zealand. He has a Master of Applied Finance from Kaplan University, Australia and an MBA with Distinction from Imperial College London, UK. He is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and Member of the Financial Services Institute of Australasia (FINSIA).

Mr Jones is a Non-Executive Director of ASX-listed Star Minerals Ltd.

Ian Stuart

Ian Stuart

Non-Executive Chair

Mr Stuart is a geologist by profession with experience in both the finance and mining industries. He holds an Honours degree in Geology, is a Fellow of the Financial Services Institute of Australasia and a member of the Australian Institute of Company Directors. Ian has extensive experience in capital markets and is conversant with public company governance and management across international jurisdictions.

Mr Stuart is a Non-Executive Director of ASX-listed Star Minerals Ltd.

Mr Stuart does not expect that his other directorship will impact his ability to act as a Director of the Company.

Brian Davis

Brian Davis

Non-Executive Director

Mr Davis is a 50-year veteran of the resources industry and has been principal of exploration and resource development consultancy group Geologica Pty Ltd for the past 20 years. During his extensive career he has worked in exploration and mining for small and large resource companies, focused on commodities including gold, base metals, vanadium, uranium, iron ore, coal and rare earths, both in Australia and overseas.

Mr Davis graduated from King’s College, London, UK with a Bachelor of Science in geology and a Diploma in Education from the University of Western Australia. A registered practising geoscientist (RPGeo), he is professionally affiliated with the industry by way of the Australian Institute of Geoscientists and AusIMM.

Mr Davis is also a Board member for not-for-profit organisation WA Lions Drug Education Foundation (WALDEF) which is committed to drug and alcohol education and abuse prevention programs.

Leslie Ingraham

Non-Executive Director

Mr Leslie Ingraham has over 30 years of experience in business. He has performed the roles of Executive Director and Non-executive Director for ASX listed companies.

Mr Ingraham has extensive experience in capital raising and mineral prospecting and exploration. Core competencies are also in corporate advisory, investor relations and building long lasting relationships with high end investors in Australia and overseas.

Mr Ingraham has worked successfully as a consultant for private companies and public companies listed on the ASX. He is currently Executive Director of ASX-listed Australian Vanadium Ltd.

Trading halt and commencement of the Placement

Friday, 17 Nov 2023

Firm bids due

4PM AEST Monday, 20 Nov 2023

Trading Halt lifted

Tuesday, 21 Nov 2023

Funds due and DVP settlement

Friday, 24 Nov 2023

Expected Quotation of New Shares

Monday, 27 Nov 2023

Bryah Resources Ltd

Placement

Bryah Resources Ltd (ASX:BYH)

BRY1

Offer Price

A$0.017

per share

Offer Size

A$1,000,000

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