The halt will remain in place until the beginning of normal ASX trading on Monday, December 16, or when an announcement is made to the market, whichever occurs earliest.
Securities in the company, which has a market cap of approximately $28.6 million, last traded at 7.5 cents.
Timetable for busy months ahead
At the company’s latest annual general meeting the company released a schedule highlighting the next milestone to complete for the Lake Wells Sulphate of Potash (SOP) Project is finalising a binding offtake agreement.
This is scheduled to be completed by the end of February 2020.
During this time, FEED work, various approval processes and financing processes for the WA project will continue to advance.
A definitive feasibility study (DFS) released in August 2019 envisions a 30-year operation producing 4.5 million tonnes of premium high-grade SOP and generating $3.1 billion in pre-tax free cash flow.
The mining method used is a brine bore-field abstraction model, which means the brine containing the SOP will be sourced from aquifers by 70 bores across the salt lake.
The operation will cost $208 million to build and have a pre-tax net present value (NPV) of $665 million.