Southern Hemisphere Mining Limited has released its Annual Report to shareholders dated 30 June 2023.
This includes Chairman Mark Stowell’s letter to shareholders discussing the work being done at, and planned for, the company’s major projects in Chile – including the flagship Llahuin Copper-Gold-Moly Project, the Lago Lithium Brine Project and the planned spin-off of the Los Pumas Manganese Battery Project into Titan Battery Minerals Technology.
Figure 1. Southern Hemisphere Mining Limited’s major projects in Chile.
The Company’s 100% owned large Llahuin Copper/Gold/Moly Project of over 680,000t CuEq in resource is our flagship asset, and the main focus of our work. Results during the year substantially advanced Llahuin’s considerable potential for growth. This is a very valuable project with large tonnage, simple open pit mining configuration characteristics, good location in a great copper country, as well as multiplier resource growth potential.
Chile with its international credit rating of A2 (compared to Australia Aaa), its massive copper endowment and industry is one of the best places to define and develop a long-life copper mine as the world moves into the EV revolution and more electrification.
There are very few opportunities with the endowment and optimum configuration like Llahuin independently held in the world today and given our market cap we sit as one of the cheapest copper companies in the world per tonne of copper resource, with plenty of upside from our upcoming drill programs.
Our exploration team has almost completed the long process of a full reinterpretation of the geology, which has shown that the scale is substantially greater along strike and at depth, which we are drilling in October 2023.
The key advancements planned are to increase open pit copper resources to an economic size for ~25-year mine life, then complete a scoping study for mining. In parallel with that the deeper potential (and higher grade) below Ferro-Cerro will be evaluated for a few deep holes to indicate the long term/large underground mine scale potential for a stage 2 mine.
With the copper price US$3.84 per lb at year-end and forecasted to rise, it bodes well for advancing our key project Llahuin into 2023 and beyond.
Read the full letter below.
Figure 2. Chairman’s letter to shareholders for SUH Annual Report – End of June 2023.
The annual report may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement.
The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Southern Hemisphere Mining Limited undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of the annual report (subject to continuous disclosure requirements under the ASX Listing Rules).
The information in the annual report does not take into account the objectives, financial situation or particular needs of any person or organisation. Nothing contained in the annual report constitutes investment, legal, tax or other advice.
Previous Disclosure – 2012 JORC Code
The information in the annual report that relates to specific exploration results, exploration targets and exploration data for the Company’s Projects were extracted from previously released ASX announcements.
A copy of such announcements are available to view on the Company’s website www.shmining.com.au. The reports were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
In relation to Mineral Resources, metallurgical test-work confirms recoverability is within normal parameters, with 5 locked cycle flotation tests completed which gave an average copper recovery of 84% and 47% for gold with no deleterious elements.
Date: 27 September 2023 | ASX Code: SUH
Southern Hemisphere Mining Limited is an experienced minerals explorer in Chile, South America. Chile is the world’s leading copper producing country and one of the most prospective regions of the world for major new copper discoveries. The Company’s projects include the Llahuin Porphyry Copper-Gold-Moly Project, the Lago Lithium Brine Project, and the Los Pumas Manganese EV Battery Project, all of which were discovered by the Company.
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