Riverfort backs Artemis cobalt plans

CONGLOMERATE gold market success story Artemis Resources plans to restart the Radio Hill operation mid-next year to cash in on the high cobalt price, with a A$6 million funding package agreed-to with London Institutional group Riverfort Global Capital for refurbishing the plant.
Riverfort backs Artemis cobalt plans Riverfort backs Artemis cobalt plans Riverfort backs Artemis cobalt plans Riverfort backs Artemis cobalt plans Riverfort backs Artemis cobalt plans

Michael Quinn

A convertible note with a fixed price of 37.5c per share has been agreed-to with the institution, with the base metal plant to include a plus-500,000 tonne per annum gold circuit capable of treating gold-bearing conglomerates.

Artemis said “contract bulk sampling processing will also be offered to other conglomerate gold companies in the Western Pilbara”.

The company also reported surface stockpiles of about 250,000t at Radio Hill will give the company “a great jump-start into rapid cobalt production”.

It is also finalising a resource estimate for its Carlow cobalt-copper-gold resource.

Cobalt is trading up towards A$90,000 per tonne.

The funding from Riverfort follows a similar deal back in April when the London fund provided US$2 million to help acquire Radio Hill.

Meanwhile Artemis has completed the acquisition of additional tenements in region south of Karratha in Western Australia.

Shares in Artemis were up 5% to A29.5c in midday trade, capitalising the company at $161 million.