Texas Mineral Resources Corp (TRER) |
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Texas Mineral Resources Corp
We are a mining company engaged in the business of the acquisition, exploration
and development of mineral properties. We currently hold two nineteen year leases,
executed in September 2011 and November 2011 respectively, to explore and develop
a 950 acre rare earths project located in Hudspeth County, Texas known as the
Round Top Project. We also have prospecting permits covering 9,345 acres adjacent
to the Round Top Project. Our principal focus is on developing a metallurgical
process to concentrate or otherwise extract the metals from the Round Top Project’s
rhyolite, although we will continue to examine other opportunities in the region
as they develop.
On November 8, 2011, we announced that our supplementary operating plan to
expand exploration activities at our Round Top Project had been approved by
the Texas General Land Office (GLO); the expanded development and exploration
drill plan called for an additional 40 drill holes and 4 diamond core holes
for an estimated planned drilled footage of 20,000 feet. The program included
4,000 feet of Core drilling to establish a high level of confidence in the mineralization,
provide physical engineering data and additional metallurgical sample. During
2011-2012 the permits were amended and there were 41,765 feet of reverse circulation
drilling and 1,294.5 feet of core drilling done on Round Top.
On March 20, 2012, we submitted for approval an updated plan of operations.
The updated plan of operations consisted of the reclassification of the drilling
program through to a feasibility study into three phases. Phase 1 consists of
25 drill locations, phase 2 consists of 41 drill locations and phase 3 consists
of 27 drill locations all located on the Round Top Project. The plan of operations
also included two locations for 100 ton bulk sample collection for additional
metallurgical tests. We have suspended this phase of physical exploration and
development at the Round Top Project pending development of a metallurgical
process to extract the potentially marketable metals.
On June 22, 2012, we published our Preliminary Economic Assessment for our Round
Top Project, entitled “NI 43-101 Preliminary Economic Assessment Round
Top Project, Sierra Blanca, Texas,” dated June 22, 2012, effective as
of May 15, 2012 (the “PEA”).
On October 3, 2012, our management released updated economic projections related
to various revisions to the proposed mine plan presented in the PEA.
On March 6, 2013, we purchased the surface lease at the Round Top Project, known
as the West Lease, from the Southwest Wildlife and Range Foundation (the “Foundation”)
for $500,000 cash and 1,063,830 shares of our common stock. We also agreed to
support the Foundation through an annual payment of $45,000 for ten years to
support conservation efforts within the Rio Grande Basin and in particular engaging
in stewardship of Lake Amistad, a large and well-known fishing lake near Del
Rio, Texas. The West Lease comprises approximately 54,990 acres and is fully
paid until 2028, thereby having a lease value of approximately $1,364,852. Most
importantly, purchase of the surface lease gave us unrestricted surface access
for the potential development and mining of our Round Top Project. As of August
31, 2016 the fourth annual payment of $45,000 was not paid on June 2016, however
the Company has received a waiver until May 31, 2017 for payment.
On May 8, 2013, we released testing results by an independent laboratory of
the leaching characteristic of the rhyolite at our Round Top Project, which
demonstrates characteristics that may be favorable to heap leach mining at the
Round Top Project. These leaching characteristics are described in greater detail
below under the section heading “Item 2. Properties – Round Top
Project – Metallurgy”.
On September 30, 2013 we released the results on column leach testing by an
independent laboratory and announced our intention to issue a revised PEA based
on a heap leach operation designed to produce approximately 2,500 tons per year
of heavy rare earth elements plus yttrium.
On December 23, 2013, we published a revised version of the June 2012 Preliminary
Economic Assessment (the “Revised PEA”) based on a 20,000 tonne
per day heap leach operation using a conventional element separation plant.
The mineralized material estimate was recalculated to include uranium, niobium,
tantalum and tin. The Revised PEA assesses the potential economic viability
of the simplified and “scaled down” operation which we believe is
a much better fit with the present rare earth market.
On September 8, 2014, we announced that we had completed an internal analysis
suggesting that there is a reasonable possibility to adapt a lower volume staged
growth approach to development of our Round Top project. The analysis indicated
that an operation designed to produce a selected group of separated REE products
in the range of 350-450 tonnes per year range, could potentially yield favorable
mine economics. The goal of the proposed staged approach would be to increase
mining rates if and when our products gained acceptability. The analysis suggested
that capital needs in the Revised PEA could be proportionally reduced in relation
to the lower volume initial stage. We are currently conducting a more detailed
analysis of the relative capital expenses and operating expenses requirements
of a scaled down processing plant with both solvent extraction and ion exchange
processes under evaluation. We believe the lower capital requirements of a staged
startup could offset any marginal increase in unit operating costs.
On October 29, 2014, we announced that we had executed agreements with the Texas
General Land Office securing the option to purchase the surface rights covering
the potential Round Top project mine and plant areas and, separately, a lease
to develop the water necessary for the potential Round Top project mine operations.
The option to purchase the surface rights covers approximately 5,670 acres over
the mining lease and the additional acreage adequate to site all potential heap
leaching and processing operations as currently anticipated by the Company.
We may exercise the option for all or part of the option acreage at any time
during the sixteen year primary term of the mineral lease. The option can be
kept current by an annual payment of $10,000 which was paid in November 2015
and current to date. The purchase price will be the appraised value of the surface
at the time of exercising the option.
The ground water lease secures our right to develop the ground water within
a 13,120 acre lease area located approximately 4 miles from the Round Top deposit.
The lease area contains five existing water wells. It is anticipated that all
potential water needs for the Round Top project mine operations would be satisfied
by the existing wells covered by this water lease. This lease has an annual
minimum production payment of $5,000 prior to production of water for the operation
which was paid in October 2015 and current to date. After initiation of production
we will pay $0.95 per thousand gallons or $20,000 annually, whichever is greater.
This lease remains effective as long as the mineral lease is in effect.
On February 24, 2015, we signed a letter of intent to form a joint venture with
K-Technologies, Inc. (K-Tech), a chemical process development and applications
company serving the minerals and chemicals industries to develop, refine and
market K-Tech’s Continuous Ion Exchange (CIX) and Continuous Ion Chromatography
(CIC) technology as it applies primarily to the extraction of rare earth elements
(REE) from native ores. The joint venture will license the technology to us,
as well as other rare earth production companies. Subject to agreement by TMRC,
the joint venture may also elect to build and operate processing facilities
to separate and purify mixed rare earth concentrates into individual purified
rare earth oxides for other rare earth production companies in addition to TMRC.
In early March 2015, we conducted a trial mining test during which we mined
500 tonnes of rhyolite, transported and crushed the ore to 80% passing a 1 '
inch screen. This rock is now stockpiled and will be used in the Stage 2 pilot
plant development, as described in greater detail below under the section heading
“Item 2. Properties – Round Top Project – Metallurgy”.
On May 26, 2015, we announced that K-tech had successfully produced a low cerium
concentrate solution employing their CIX/CIC process. This concentrate solution
was separated from crushed Round Top rhyolite leached in 8 inch by 8 foot columns.
If precipitated, dried and calcined, this concentrate would be a salable in
the present rare earth market. Neither uranium nor thorium was detected in the
rare earth concentrate. Further test work has shown that it is possible to remove
both uranium and thorium from the spent solution from the REE extraction plant.
Production of the low cerium concentrate essentially completed Phase 2 of Stage
1 of our development process, with the production of final purified elemental
oxides being the only step remaining to complete Phase 2 of Stage 1.
On April 6, 2015, we announced the execution of a uranium offtake agreement
with UG USA, a subsidiary of Areva. According to the agreement, TMRC will supply
up to 300,000 pounds of natural uranium concentrates (U308) per year based upon
a pricing formula indexed to U308 spot prices at the times of delivery. The
Agreement is for a term of five years commencing in 2018 or as soon thereafter,
contingent upon development and production at its Round Top project. Other terms
and conditions of the Agreement reflect industry standards. According to Ux
Consulting, a leading uranium industry data provider, the closing spot price
of U308 on March 30, 2015 was $39.50 per pound.
On July 15, 2015, we entered into an operating agreement (“Operating Agreement”)
with K-Tech, to formalize our joint venture company, Reetech, LLC, a Delaware
limited liability company (the “Reetech”), for the purposes of developing,
refining and marketing K-Tech’s CIX/CIC process pursuant to the February
24, 2015 letter of intent with K-Tech. On October 18, 2015, we entered into
an amendment agreement to the Operating Agreement, expanding the way in which
we can earn percentage membership interests in Reetech in exchange for granting
K-Tech changes in the management of Reetech and TMRC’s license from Reetech
to use K-Tech’s CIX/CIC process for its properties. See “Item 2.
Properties – Metal Recovery Methods” for a more detailed description
of the Reetech joint venture.
On September 25, 2015, we announced that Reetech was awarded a Broad Agency
Announcement (BAA) research contract by the United States Defense Logistics
Agency (DLA) Strategic Materials Division. The Defense Logistics Agency is the
Department of Defense’s largest logistics combat support agency, providing
worldwide logistics support in both peacetime and wartime to the military services
as well as several civilian agencies and foreign countries. The DLA Strategic
Materials Division is charged with maintaining cognizance of worldwide strategic
and critical material’s supply chain from the source to final assembly,
evaluating the capability of these supply chains to support national defense
and essential civilian industries, and developing mitigation solutions when
access to materials are insufficient to provide support for national defense
and emergency response.
Reetech will conduct research to demonstrate, at the bench scale level, the
ability to separate and refine yttrium (Y) oxide to a minimum of 99.999% purity,
ytterbium (Yb) oxide to a minimum of 99.99% purity and a third rare earth oxide,
which is not being publicly disclosed, to a minimum 99.999% purity level, using
continuous ion exchange (CIX) and continuous ion chromatography (CIC).
Stage 1
Upon receipt of adequate further financing, we plan to complete the development
of the CIX/CIC processing of the Round Top primary leach solution. The bench
scale testing of this process, Stage 1, was divided into two phases. Phase 1,
now completed, was to purify the primary leach solution and produce a concentrated,
low flow rate feedstock suitable for further processing by CIX/CIC. Development
has now progressed into Phase 2 which is to effect a separation of the rare
earth elements into groups for final refinement. In work completed to date,
we have produced a concentrated solution from which we have removed the low
value elements lanthanum and cerium. The resulting solution containing the high
value rare earth elements could be precipitated into a marketable concentrate
if so desired.
Work now is in progress to make the final purified elemental oxides, thereby
completing Stage 1 bench scale testing. This work is being done in conjunction
with the contract from the Defense Logistics Agency to produce the highly purified
yttrium, ytterbium and other element products.
Stage 2
Stage 2 will consist of the pilot plant scale testing of the process proven
most effective by Stage 1, and will consist of the work required to bring the
processing plant into full feasibility with capital and operating costs estimated
to an accuracy range of 10 -15%. Stage 2 will also develop the heap leach procedure
to pre-feasibility level with capital and operating estimated to an accuracy
of 25 - 35%. Environmental base line studies and initial co-ordination with
the Texas regulatory agencies will be included in this stage.
Stage 3
Stage 3 will bring the Round Top Project to full feasibility level with all
electrical power and water needs developed, final engineering of heap leach
systems, mine design and engineering, geotechnical drilling and construction
planning, and permitting in place. Additional drilling to bring all of the rock
included in the 20 year pit to a measured or indicated resourced category.
Company Address: 539 El Paso Street Sierra Blanca 79851 TX
Company Phone Number: 369-2133 Stock Exchange / Ticker: TRER
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Stock Performances by Major Competitors |
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Texas Mineral Resources Corp
Texas Mineral Resources Corp (TMRC), a metal mining company, experienced unexpected changes during the earnings season from December to February 29, 2024. Shareholders were not prepared for any alterations but were surprised to see an operating loss of $-0.236135 million during this period. This loss indicates a decline in productivity compared to the same three-month period in the previous year. It is important to note that TMRC is currently operating in the expansion stage, which makes this observation even more crucial. Despite the initial setback, there is a promising revelation that the losses have decreased to $-0.141 million in the second quarter of 2023, compared to $-0.673 million. This decrease in losses suggests that TMRC is on its way to becoming a standout player in the Basic Materials sector.
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Texas Mineral Resources Corp
Texas Mineral Resources Corp (TMRC) is a company operating in the Metal Mining industry. As researchers scrutinize the first quarter of 2024 numbers, they have found that the company had an operating loss of $-0.232909 million. Although the company has not specified any revenue for the September to November 2023 quarter, it is evident that the recent operating situation has overshadowed the first quarter of 2023. Texas Mineral Resources Corp predominantly operates in the development span, which is a crucial aspect of this story. It indicates that the company focuses on improving and expanding its operations to drive growth and profitability. This suggests that TMRC is actively working towards enhancing its operations and increasing its revenue streams.
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Texas Mineral Resources Corp
Metal Mining Sector Observers Analyze Texas Mineral Resources Corp's Q3 2023 Earnings In the Metal Mining sector, industry observers are now scrutinizing the third quarter of 2023 earnings, particularly the operating deficit reported by Texas Mineral Resources Corp. The company has recorded a deficit of $-0.96162 million during the reporting season spanning from March to May 31, 2023. However, no revenue figures have been specified by the corporation thus far. To ascertain the significance of the financial results for the third quarter of 2023, it is important to compare them to the firm's performance at the prevailing level. In the previous year, during the third quarter of 2022, Texas Mineral Resources Corp reported an operating deficit of $-0.815213 million.
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Texas Mineral Resources Corp
Investors and shareholders in the stock market have had their fair share of ups and downs, but recent developments at Texas Mineral Resources Corp (TRER) have given many reasons to be optimistic. While some changes were not anticipated during the earnings cycle of fiscal December to February 28, 2023, shareholders were pleased to observe that TRER's operating loss was at $-0.682371 million during the same period. Despite this operating loss, the fact that it was an improvement from the second quarter of 2022, when losses amounted to $-0.86237 million, has given investors confidence about TRER's future prospects. Moreover, given that the losses have been trimmed from the period a year prior, with a loss of $-0.673 million compared to $-0.931 million in the second quarter of 2022, this is a crucial conclusion from the December to February 28, 2023 period.
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