Kingsrose Mining Limited Reports Strong Q2 2023 Activities and Cash Balance
Kingsrose Mining (ASX: KRM) is pleased to provide an update on its activities for the June 2023 quarter, showcasing impressive achievements and a healthy cash balance for the company.
Strong Cash Balance
Kingsrose Mining reported a cash balance of A$33. 84 million as of 30 June 2023, signifying the company's strong financial position.
Geophysical Programs and Drilling at Råna Project
During the quarter, Kingsrose Mining commenced large-scale geophysical programs at the Råna Nickel-Copper-Cobalt project in Norway. These programs, focused on the historical Bruvann mine area and other exploration targets, mark the first modern and large-scale geophysical endeavours on the project. Additionally, the company initiated a 5,000-meter diamond drilling program at the project, starting with extensions to the Bruvann mine before exploring other targets identified through the geophysics. Assay results from the drilling program are expected to be announced in late August 2023.
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BHP Xplor Program and Industry Showcase
In June 2023, Kingsrose Mining participated in the BHP Xplor Showcase event in Brisbane, held during the World Mining Congress. This event served as the conclusion of the formal programming under the Xplor program and provided Kingsrose Mining with the opportunity to present itself and the Scandinavian opportunity to industry professionals.
Permitting Progress and Government Meetings
The company made progress on permitting the Penikat and Porsanger drilling programs, with Natura Assessments for Penikat nearing completion and due for submission in August 2023. Kingsrose Mining has scheduled meetings with government authorities in Norway and Finland in August and September to support the various submissions.
Well-Funded for Future Exploration
With a cash balance of A$33. 84 million as of 30 June 2023, Kingsrose Mining remains well-funded for its current exploration operations. The company intends to continue delivering on its exploration activities while also assessing additional project opportunities in critical minerals.
About Kingsrose
Kingsrose Mining Limited (ASX: KRM) is an Australian exploration and mining company. The company is focused on resource development opportunities in critical minerals, with a current emphasis on the Råna Nickel-Copper-Cobalt project in Norway. Kingsrose Mining is committed to responsible and sustainable mineral exploration and development, aiming to deliver value to shareholders while contributing to regional economic growth.
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