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Hardey Resources board reviews proposed vanadium company acquisitions

Snapshot

The company has issued regular updates on a review and recapitalisation plan.

Argentina is prospective for a variety of battery minerals, including vanadium and lithium

Quick facts: Hardey Resources Ltd

Price: 0.003 AUD

ASX:HDY
Market: ASX
Market Cap: $7.95 m
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The junior company has a market capitalisation of $7.95 million

Shares were last traded in April 2018 for 0.3 cents

What does Hardey Resources do?

Hardey Resources Ltd (ASX:HDY) is an Australian junior company listed on the Australian Securities Exchange as a metals and mining sector company. It was previously known as Elysium Resources Limited (ASX:EYM).

The company’s board is undertaking a review of two proposed company acquisitions that may refocus its business in the resources space.

Hardey’s board, appointed in March 2019, is made up of five non-executive directors: chartered accountant and View Street Partners founder and director John Hannaford; minerals economist and former SMS Innovative Mining chief financial officer David Izzard; boutique corporate advisory practice principal Brian Thomas; Gramercy Partners Pty Ltd finance company director and shareholder Scott Paterson; solicitor, economist and mining industry specialist Nick Johansen.

What does Hardey Resources own?

If Hardey’s board opts to move forward with proposed acquisitions of Nelly Vanadium Pty Ltd and Vanadium Mining Pty Ltd, the mineral vanadium will form part of its focus.

The historical Nelly Vanadium Mine on a 53-hectare tenement is 170 kilometres from the capital of Argentina’s San Luis Province.

The mine has access to mains power and water supplies, with nearby towns featuring support services and skilled labour.

Transportation infrastructure from mine to ports is on gravel tracks, a sealed highway and a rail network.

Nelly was operated between 1949 and 1957, as a gravimetric separation operation and a processing plant produced vanadium pentoxide (V2O5) and ammonium metavanadate (VO3NH4) on-site.

What is Hardey Resources focused on in the near term?

“The overall goal of the remediation action … is for a new board to consider afresh whether the acquisitions (with any changes that may be negotiated and agreed by the new board and the vendors) are in the best interests of HDY and its unassociated shareholders,” company secretary Sarah Smith wrote in a remediation proposal put forward to ASX Limited on March 8.

“If the new board decides that the acquisitions are in the best interests of HDY and its unassociated shareholders, the acquisitions are to be submitted to the unassociated shareholders for approval.”

In a company update published on March 29, Smith noted: “The board is in the process of undertaking a review of the acquisitions of Nelly Vanadium Pty Ltd and Vanadium Mining Pty Ltd, and will provide an update with respect to that process, as well as the nomination of directors in due course.”

Inflection points

  • Board decision on whether to proceed with vanadium company acquisitions

  • Board make-up if acquisition does not proceed

  • Remediation proposal progress with ASX Limited listing advisers

  • Successful company restructure and recapitalisation

  • Key milestones and significant transactions

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