THE BOURSE WHISPERER: Barra Resources (ASX: BAR) released the long-awaited results for the Pre-Feasibility Study completed at the company’s Mt Thirsty cobalt-nickel project in Western Australia.

Barra Resources declared Mt Thirsty has now claimed the number one position of Australia’s ‘most advanced genuine cobalt project’.

Nickel is not forgotten and has emerged as a useful by-product with a cobalt-nickel value split of 71 per cent to 29 per cent.

The study has scaled up the project to a 1.8 million dry tonnes per annum feed rate to produce 19100 tonnes of cobalt and 24800 tonnes of nickel as a Mixed Sulphide Product (MSP) over a 12 year mine life.

The project boasts an estimated maiden JORC 2012 Probable Ore Reserve of 18.8 million dry tonnes at 0.13 per cent cobalt and 0.54 per cent nickel.

The release of the study results coincides with a cobalt price that is forecast to rise by investment banks surveyed by the company as demand for electric vehicle batteries continues to grow and other cobalt supply growth options limited.

The Mt Thirsty Joint Venture (MTJV) has identified the highest value development path to be a farm-in from a large global firm, eager to secure a guaranteed sustainable source of cobalt.

The direct project expenditure for the MTJV now reverts to a minimum while the partnering strategy is pursued as planned.

The MTJV is now re-engaging with several major Australian and international mining, trading and refining firms who have all identified a high quality PFS as their minimum investment criteria.

“This study is the culmination of 18 months’ work by the MTJV,” Barra Resources managing director and CEO and MTJV PFS manager Sean Gregory said in the company’s announcement to the Australian Securities Exchange.

“I am confident that the PFS has been completed to a very high standard by global engineering houses that will stand up to the most detailed scrutiny from potential project partners.

“We are now looking forward to engaging with these large global firms who are eager to secure a guaranteed sustainable source of cobalt for electric vehicle batteries.”

Email: info@barraresources.com.au

Web: www.barraresources.com.au

Barra Resources (ASX: BAR) announced the completion of a Share Purchase Plan (SPP) and concurrent Share Placement.

Barra Resources said subscriptions from eligible shareholders under the SPP will result in the issue of 47,725,000 shares totalling $954,500.

The subscriptions were lodged by more than 200 shareholders who collectively own more than 40 per cent of Barra shares.

In addition to the SPP, the company received firm commitments from clients of Shaw and Partners stockbrokers for the Placement of a further 9.9 million shares raising gross proceeds of $198,000.

Total funds raised under the SPP and Placement is approximately $1.15 million.

Barra Resources declared the funds sufficient enough for the company to complete its gold drilling campaign presently underway at the Burbanks gold project, south of Coolgardie in Western Australia and to finalise its much-anticipated Pre-Feasibility Study at the Mt Thirsty cobalt-nickel project near Norseman, also in WA.

“On behalf of the Board of Barra I would like to thank all our shareholders for their vote of confidence in the direction of the company,” Barra Resources managing director and CEO Sean Gregory said in the company’s announcement to the Australian Securities Exchange.

“I have had the opportunity to speak personally with 60 shareholders over the last three weeks and can report strong support for our strategy, optimism for the rise in cobalt pricing, and excitement around the gold drilling underway at Burbanks.”

Email: info@barraresources.com.au

Web: www.barraresources.com.au