M3 Mining (ASX: $M3M) Energy Project Acquisition Update

M3 Mining Limited (ASX: $M3M) has provided an update on its activities to secure an advanced energy asset in the Middle East North Africa (MENA) region. The company has identified a primary energy asset and is in the advanced stages of due diligence. M3 Mining remains confident of securing the project in the first half of FY2025.

Executive Director Simon Eley's Commentary

While our Australian geologists continue to work on the significantly improved copper potential at Victoria Bore, M3 Mining's energy team has recently met with key government and administrative officials in its bid to secure an advanced energy project in the MENA region. Following these meetings, our team has been granted access to the project's database and, as a result, we are refining both our development and exploration plans subject to successfully securing the project. The Company is also looking to add technical energy credentials to the board as we engage with off-take groups and commercial banks as well as corporate finance firms. The World Bank Group and the African Development Bank recently announced an initiative aimed at providing at least 300 million people in Africa with access to electricity by 2030 through a combination of renewables and existing distribution grids. This initiative highlights the need for reliable and affordable energy in developing countries in order to encourage economic growth and create employment opportunities. The Company is well placed to be a part of this initiative and once the project is secured, looks forward to presenting the unique opportunity for shareholders.

Summary of M3 Mining's Acquisition Update

M3 Mining (ASX: $M3M) has made significant progress in its efforts to secure an advanced energy asset in the MENA region. The company has identified a primary energy asset and is in the advanced stages of due diligence, with confidence in securing the project in the first half of FY2025. The project under consideration has producing fields with excess capacity and extensive exploration potential, supported by approximately US$100m in exploration expenditure to date. M3 Mining has also engaged with government, administrative bodies, off-take groups, and commercial banks to promote foreign investment in the energy sector and seek financial support contingent on securing the project. The company's strategic positioning aligns with global initiatives to provide reliable and affordable energy in developing countries, presenting a promising outlook for shareholders.