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Great Quest shares outlook for 2017

Published by , Editorial Assistant
World Fertilizer,

Following the completion of a convertible debenture funding the Company is now able to pursue a course of action that should result in the permitting and financing of our flagship Tilemsi phosphate project. The company intends to:

  • Update the geological resources, required for the phase one production, from ‘inferred’ to ‘measured and indicated’. The company recently completed its first comprehensive geological program since the onset of the crisis in 2012 (see press release 30 September, 2016).
  • Contract a north Malian mining and trucking partner, capable of excavating and delivering phosphate rock to our proposed processing facility in the Gao region and delivering phosphate rock to our proposed blending facility in the Segou region.
  • Revalidate our economic study for submission for our mining permit. The company is already in receipt of its environmental permits.
  • It has been approximately five years since the Northern Mali conflict started and two years since the signing of the ceasefire. The company celebrates both the progress made by the people and government of Mali and the progress achieved on the project during this period. A difficult geopolitical landscape combined with limited working capital have led to some delays and reorientation of our operations. According to the Preliminary Economic Assessment (PEA) filed on 1 May, 2015, Phases I and II of the Tilemsi project have Net Present Values of US$14.02 million and US$358.8 million respectively (DCF of 12%).

    Readers are cautioned that a PEA is conceptual in nature and is based on mine plans, process flowsheets and inferred mineral resources, which are considered to be highly speculative geologically. There is no certainty that a PEA will be realised. Stakeholders are reminded that the company already has an off-take agreement in place for Phase I production (see press release 22 September, 2014). This agreement was secured on the strength of a twelve-month period of agricultural demonstrations. The success of the demonstrations has continued, with the market demand for the product increasing after three years of positive results. The products agronomic success has been featured in local Malian news and regional West African news. As certain risks and perceptions of risks related to the project are addressed, increased shareholders’ confidence should begin to reflect in the valuation of this unique opportunity.

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