Business Description
Our principal business is the acquisition, exploration and development of mineral
resources. We are primarily focused on the development of the Molo Graphite
Project into a fully operational and sustainable graphite mine.
The Molo Graphite Project currently consists of a commercially minable graphite
deposit situated in the African country of Madagascar. No mine infrastructure
currently exists at the Molo Graphite Project site. We have additional exploration-stage
mineral properties situated in Madagascar, including the Green Giant Property.
We have applied for a mining permit from the Government of Madagascar to begin
construction of Phase 1 of the Molo Graphite Project. Although the Company believes
it has complied with all permit requirements and has submitted all necessary
documents, there can be no assurances as to the timing of the receipt of a mining
permit.
In anticipation of receiving the mine permit and of eventual graphite production,
we have continued to pursue negotiations in respect of potential off-take agreements
with graphite end-users and intermediaries with the intention of securing project
financing alternatives, which may include debt, equity and derivative instruments.
From the date of this report, and subject to availability of capital and unforeseen
delays in receiving the mining permit for the Molo Graphite Project, our business
plan during the next 12 months is to incur between $2,200,000 to $23,000,000
on further permitting, engineering, construction, professional fees, G&A
and working capital costs to achieve initial production at the Molo Graphite
Project by July 2018. No assurances can be provided that we will achieve our
production objective by that date.
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