Company Interview / Everlast Minerals eyes ASX debut

Key points:

Everlast Minerals (ASX: EM8) aims to raise $20 million and list by end of OctoberCompany holds three mining licences in northern BangladeshPlans to serve local market and has a deal with Chinese processing plant

Everlast Minerals (ASX: EM8) is planning to list at the end of October, aiming to raise $20 million to achieve a market cap around $100 million. Non-Executive Director George Edwards shares that the company's three mining licenses are in northern Bangladesh, on the Brahmaputra River.

George explains that Bangladesh's regulatory environment is similar to Australia's, making it straightforward for Everlast Minerals (ASX: EM8). The company values responsible mining and has been asked to apply for two more exploration licences, in addition to the one starting next year.

Funds raised will be utilised to bring the sites into production. Everlast (ASX: EM8) already has a pilot plant in place and aims to start mining with the new funds. The company plans to primarily serve the local market but also has a non-binding agreement with a major Chinese party.

Full unedited transcript below:

0:00

Well. Mineral exploration company Everlast Minerals is set to list at the end of the month that offer currently open to investors. It's looking to raise $20 million to bring it to a market cap of approximately $100 million. Let's get the details. George Edwards, Everlast Minerals non-executive director, joins me now. Welcome. Thank you so much for joining us, George. Introduce us, please, to Everlast Minerals.

0:26

Well, Everlast Minerals is an Australian company that has, uh, three mining licenses in northern, uh, Bangladesh. Uh, on the Brahmaputra River, uh, which is a major river by world standards. And, uh, we now have completed our Jayhawk report, and, uh, we are about to list, as you said, at the end of October.

0:56

Okay. So this is pretty interesting. Bangladesh. I don't recall ever speaking to a company that had ambitions in Bangladesh. Um, when it comes to the the operating environment there, George, what's it like?

1:12

Actually, it's, uh, very much like Australia. Uh, Bangladesh is an ex commonwealth country. Uh, it's a democracy. The prime minister is the head of government. Uh, and the rules and regulations are very much the same as they are in Australia. So it's very easy to navigate, and it doesn't take anything like it does in Australia to get a project off the ground. What type of, um, ESG sort of cred do you need to operate in Bangladesh? Is it easier than here?

1:48

Oh, I think if you're a responsible miner, it's the same all over the world. Uh, the good guys do the right thing, and, uh, and we do the right thing in Bangladesh. And certainly our efforts to date, uh, have been rewarded, uh, in terms of the government, uh, asking us to apply for two extra exploration licences in addition to the one that we will start mining next year.

2:19

So tell us in detail what the funds will be raised for specifically, this is to bring these sites, um, to production. I mean, we're we've already got some of your, um, you know, your resources mapped out, correct? Yes. That's correct. Uh, we currently have just under 80 million shares on issue. Uh, we're planning to raise another 15 to 20 million, uh, $1 a share. Uh, and, uh, the funds for that will be used to, uh, begin. Expert. Uh, sorry. Begin mining. Uh, we already have a pilot plant on site, uh, which is essentially spirals, shaking tables and magnetic separators. Uh, they will increase, but mining of mineral sands is so simple compared to hard rock or coal or iron ore.

3:19

Uh, all you need is, uh, fresh water, which is, uh, absolutely essential because if you've got a beach sand project, uh, you need to get rid of the salt water. Where? On a major river that, uh, is, uh, two kilometers wide. Uh, and, uh,

3:39

uh, so once you've got positive displacement bumps, uh, or you're actually got equipment on the water, uh, you just, uh, pump it into the, uh, wet plant. Uh, be that on land or or on a vessel. Uh, and then, uh, your process it and, uh, send it down the river to the market. Yeah. Well, that's that that's simplifying things down the river to the market. I know that mineral sands are used right around the world, and they're used in a diverse range of industries. But what what countries will you be selling this into? What markets will you be selling this into? Likely when you start getting your off takes into place? Well, initially of course, we'll be trying to save, uh, foreign currency for Bangladesh not having to import, uh, various minerals. Uh, but, uh, we've also got a non-binding agreement with a major Chinese party which has a major

4:39

processing plant on the coast in China. Uh, because the set one up to produce all the myriad of minerals that you can get out of mineral sands, you need a very complex and, uh, very expensive plant. So we will probably be selling heavy mineral concentrates, uh, into China as well as the, the local market. Okay. So the money will be raised to fuel the growth into production, which you estimate could be within, what, a year of listing on the ASX? Yes. Uh, we expect that, uh, the conceptual plans will be implemented uh, within the first year. Uh, and, uh, and the money that's raised will be primarily used, uh, for processing and mining equipment, uh, to, uh, get the project, uh, into production.