Province Resources (ASX: $PRL) completes pre-feasibility study on HyEnergy project

Province Resources Ltd (PRL) has successfully concluded the pre-feasibility study (PFS) activities on the HyEnergy project. The company also announced its collaboration with global engineering firm Aurecon to finalize additional work on the Town Common project area. The Maritime Licence for Port studies was granted on 10 November 2023, nearly 12 months after the license application. Furthermore, recent reforms by the Western Australian Government to the Environmental Protection Authority (EPA) referral process have facilitated the progress of the Company's Environmental Sec 38 Referral and Scheme Amendment Report, submitted in December 2023.

Executive Commentary on Recent Developments

The completion of the pre-feasibility study marks a significant milestone for Province Resources Ltd. We are pleased to have reached this stage and are looking forward to working with Aurecon to finalize the remaining work on the Town Common project area. The timely grant of the Maritime Licence for Port studies and the recent reforms by the Western Australian Government have been instrumental in advancing our environmental assessments and other key processes. We are also actively engaged with the government on tenure matters and are optimistic about finalizing these activities in the near future. The progress made on the Gnama Nickel-Copper Project and the winding up of the Skane Vanadium Project in Sweden reflect our strategic focus on advancing our core projects and optimizing our portfolio.

Summary of Province Resources' Quarterly Report

Province Resources Ltd (PRL) has achieved a significant milestone by completing the pre-feasibility study on the HyEnergy project and engaging with Aurecon for additional work on the Town Common project area. The timely grant of the Maritime Licence for Port studies and recent reforms by the Western Australian Government have facilitated the progress of the Company's environmental assessments. The Company's strategic focus on advancing core projects is evident through the progress made on the Gnama Nickel-Copper Project and the winding up of the Skane Vanadium Project in Sweden. With a cash balance of $11.83 million, Province Resources is well-positioned to continue its operations and meet its business objectives. The Company's ESG strategy is also being reviewed and updated to align with its overall strategy and anticipated future reporting requirements, demonstrating its commitment to sustainable practices and governance.