Overview of Corella Resources Ltd's Q2FY24 activities

Australian High Purity Alumina (HPA), kaolin and silica exploration company Corella Resources Ltd (ASX: $CR9) has released its December 2023 (Q2FY24) Activities and Cash Flow Report. The company reported a cash balance of $1.47 million as at 31 December 2023 and highlighted the completion of the Tampu Scoping Study, which investigated two mutually exclusive scenarios for production. The study revealed a 24.7 Mt Indicated and Inferred Resource with an estimated 58-year mine life, positioning Tampu as a potential high-quality kaolin deposit for HPA and kaolin production. Additionally, reconnaissance exploration identified rare earth element (REE) mineralisation, leading to the lodging of three new Exploration Licence Applications, increasing Corella's total land holding by 110% to 1,922km2 at the Tampu project.

Executive commentary on Q2FY24 activities

Corella Resources CEO, Jess Maddren, expressed enthusiasm for the significant milestones achieved in the Tampu Project Scoping Study and the exploration endeavors within the Yilgarn region. Maddren emphasized the company's commitment to delivering long-term value to shareholders and local communities through active exploration, strategic decision-making, and sustainable growth. The completion of the Scoping Study reflects Corella's confidence in the exceptional quality of the Tampu Project, setting the stage for a seamless transition from a promising discovery to a fully operational mining venture. The company remains dedicated to unlocking value and establishing multigenerational operations.

Summary of Q2FY24 activities and outlook

Corella Resources' Q2FY24 activities centered around the completion of the Tampu Scoping Study, which revealed the potential for high-quality kaolin and HPA production, as well as the identification of rare earth element (REE) mineralisation. The company's next steps include scaled-up production, metallurgical test programs, test pit approval, and product offtake discussions. Additionally, Corella plans to initiate a feasibility study to expedite operations and cash flow, with a focus on HPA precursor kaolin processing. The company also aims to conduct an extensive exploration program targeting REE potential and increase its landholding through strategic Exploration Licence Applications. With a cash balance of $1.47 million, Corella is well-positioned to advance its flagship Tampu project and identify high-quality targets within its project area.