Centrex Limited's Quarterly Exploration and Mining Activities Report

Centrex Limited (ASX: $CXM) has released its Quarterly Exploration and Mining Activities Report for the period ending 31 March 2024. The report highlights the successful attainment of critical milestones, securing funding for the Stage 1.5 Expansion at the Ardmore Mine, and the Company's focus on increasing production capacity and sales of beneficiated phosphate concentrate.

Executive Commentary

The successful securing of funding for the Stage 1.5 Expansion at Ardmore marks a significant milestone for Centrex. This funding will enable us to increase production capacity, enhance operating margins, and solidify our position as a major supplier of rock phosphate in the Asia-Pacific region. We are pleased with the progress made in the first quarter and remain committed to completing the expansion on budget and on schedule.

Summary

Centrex has achieved multiple critical milestones and secured funding for the Stage 1.5 Expansion at the Ardmore Mine, positioning the Company for significant growth. The successful completion of a placement and a Share Purchase Plan Offer, along with the secured funding package from National Australia Bank, ensures that Centrex is fully funded to complete the expansion. The Company anticipates a substantial increase in sales of beneficiated phosphate concentrate for the coming quarters, underpinning reductions in operating costs and contributing to significant improvements in operating cashflow. Centrex's focus on ramping up production at Ardmore and exploring value-adding initiatives demonstrates its commitment to maximizing the value extracted from the Ardmore deposit. The Company's future milestones include continuing the implementation of the Stage 1.5 Expansion at Ardmore, with a focus on increasing production capacity and sales. Centrex's exploration and development opportunities in Australia and the Asia Pacific Region further support its long-term growth strategy.