Uranium: Vimy Resources - Get it While You Can. And Reduce Overhead?
Matthew Gordon, Ptolemy Capital
6 Months ago
Vimy Resources Limited (ASX: VMY) is a Perth-based resource development company. Vimy’s primary focus is the development of the Mulga Rock Project, which is located around 290km northeast of Kalgoorlie, Western Australia.
Mulga Rock is Australia's largest 'advanced' uranium project. A DFS released on the 30/01/2018 confirmed the project’s robust financials and simple, low-cost mining process. The DFS supports an open-pit mining operation that will be low risk and provide production levels of 3.5Mlbs of U3O8 per annum for the next 15 years.
Vimy Resources recently announced gross proceeds of A$3.9 million raised via a private placement. Vimy Resources issued 77.87 million shares at an issue price of $0.05 per share (c. 14.9% of total shares on a pre-Placement basis).
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