Western Mines Group (ASX: WMG) – the Mulga Tank Ni-Cu Project
COMPANY SCOREBOARD
| Pro Plus | Pro | Con Plus | Con |
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ABOUT COMPANY
Western Mines Group (WMG) (https://www.westernmines.com.au/) explores nickel and old in Western Australia. Its flagship is the Mulga Tank Ni-Cu-PGE Project WA.
The company was listed in July 2021 by raising $5.5m@20c. The directors held 6.5m shares before the IPO.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| WMG | 0.18 | 67566546 | 12161978.28 | 3.2/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 1027 | 42.11% | 45.32% | 7.17% | 2800000 | last raise $2.73m@34c |
21.8m@30c options will supply $6.5m cash, most are held by directors.
The company’s directors mostly come from ex-TNG.
FLAGSHIP ASSETS
Mulga Tank Ni-Cu-PGE Project Fraser Range WA
Project Data
One of the holes was drilled to a final depth of 1,401.3m, which confirmed a cumulative reading of 693.5m@0.28% Ni from deep. In 2019, LEG intersected 70m@0.52 Ni.
OTHER ASSETS
SUMMARY
The nickel intersections are way too deep and low-grade.