MetalsTech Boosts Sturec Project with $7.5M Placement and Board Expansion

Capital Injection Positions MetalsTech for Next Phase

MetalsTech Limited (ASX:MTC) has bolstered its financial position with a $7.5 million share placement during the March quarter, leaving the company with a cash balance of $6.76 million and minimal debt of $300,000. This injection follows a prior $9.4 million raise and a $2 million debt conversion, reinforcing funding for the ongoing Pre-Feasibility Study (PFS) at its 100% owned Sturec Gold Mine in Slovakia. The fresh capital is earmarked for drilling campaigns and metallurgical test work critical to advancing project development.

Drilling and Metallurgical Testing Drive PFS Progress

The PFS, conducted in collaboration with Mining One, has focused on designing a two-pronged drilling campaign: 10 holes for metallurgical sampling and 35 holes for resource expansion and in-fill drilling. The goal is to upgrade portions of the deposit from inferred to indicated resource categories under JORC 2012 standards, which could enhance confidence in the project's scale and economics. Metallurgical samples have been dispatched to ALS Metallurgy in Perth, with results pending, to validate recoveries from gravity-flotation processes and inform plant design.

Sturec’s resource remains robust, hosting approximately 2.7 million ounces of gold and 22.2 million ounces of silver, with a combined gold equivalent of 2.87 million ounces. The updated scoping study from December 2024 underscored the project's viability as a large-scale underground operation, with no material changes reported since. The drilling and metallurgical programs are designed to refine these metrics and support a potential development decision.

Leadership Team Expanded to Support Growth

MetalsTech has strengthened its governance and technical expertise with several key appointments. Trevor Benson has been named Chairman, bringing over 30 years of resource and finance experience, including cross-border M&A and capital markets in Asia and Europe. Executive Director Chris Dai, with a background in mining investment and operations management across multiple jurisdictions, joins alongside Technical Directors Stuart Hutchin and Michael McKeown, both seasoned geologists with extensive experience in resource estimation and mining operations. Herbert Yue has been appointed Project Manager, adding deep metallurgical expertise from global mining projects.

These appointments follow earlier board enhancements and are intended to drive the Sturec project through its critical development phases. The expanded team combines operational, technical, and financial skills to navigate the complexities of advancing a large underground gold-silver mine in Slovakia.

Financials Reflect Investment in Growth

Cash flow statements for the quarter reveal operating outflows of $603,000 mainly covering corporate and PFS consulting costs, and investing outflows of $167,000 related to site exploration and metallurgical testing. Financing inflows from the placement more than offset these expenditures, reinforcing MetalsTech’s capacity to fund near-term milestones without immediate need for further capital.

Subsequent to quarter-end, the company received notices from Minerva Investment Company Limited under the Corporations Act, though details and implications remain undisclosed. This adds an element of regulatory uncertainty that market participants will likely monitor closely.

MetalsTech’s recent capital raising builds on momentum from the company’s earlier $9.4 million capital raise and follows the appointment of new executives in January to accelerate the PFS process executive leadership appointments. The combined effect is a company positioning itself aggressively to unlock value from a sizeable Central European gold-silver resource.