Gold

Dateline makes first sale with $1.5m gold shipment to Korean smelter

Thu 09 Jun 22, 11:43am (AEST)
Gold bullion bar being poured
Source: File photo

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Key Points

  • Dateline to send 40t of gold-in-concentrate to Korean smelter
  • $1.5M value arrived at via $30Ag, $2,571Au
  • $4m in firm commitments received to fund capex for USA exploration

Dateline Resources (ASX:DTR) has executed an offtake agreement with multinational commodities player IXM to purchase 100% of Dateline's gold concentrate produced at its Gold Links Mine in Colorado, US. 

The order announced today is valued at $1.5m and sees the concentrate head off via IXM to a smelter in Korea, with proceeds expected in the June quarter. Another delivery is on the cards next month.

Dateline’s concentrate was a blend of development ore combined with high-grade stoping ores from late April.

(Source: Dateline) A shipment of concentrate ready to go
(Source: Dateline) A shipment of concentrate ready to go

Success for management as milestone met 

Company management is optimistic on the successful deal. 

"We have been actively consolidating ownership of an extensive mineralised area and exploring Gold Links since 2016," Dateline MD Stephen Baghdadi said. 

"Whilst we have achieved this first sales milestone, we have more to achieve at Gold Links as we expand exploration." 

Share placement launch

To that end, the company notes it has received commitments to raise $4m for capex needed to progress exploration activities; this will be underpinned by a new share placement. 

Sophisticated and professional investors in Australia have agreed to invest in the company as it moves onto its next July delivery. 

40m shares at 10c will be issued as part of the placement and used to accelerate the USA project footprint. 

The company's three month charts compared to the materials index
The company's three month charts compared to the materials index

Dateline Resources Deep Dive

To find out more about Dateline Resources, we've written up a Deep Dive profile which you can read here.

 

Dateline was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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