Overview of Tietto Minerals' first supplementary target's statement

Tietto Minerals Limited (ASX:TIE) has released its first supplementary target's statement in connection with the off-market takeover offer by Zhaojin Capital (Hong Kong) Limited. The statement includes updates on the Abujar Gold Project's production and an extension of the offer period to January 12, 2024.

Executive commentary on production and offer extension

Tietto Minerals has reported a gold production of 11,160oz at the Abujar Gold Project in November 2023, with an increased milling rate. The company's mining contractor has mobilized additional equipment to enhance mining volumes. Despite a temporary processing of lower grade stockpiles due to mining constraints, Tietto remains confident in the project's progress towards full production in H1 2024. Furthermore, the company's strong cash position has enabled significant debt reduction. The extension of the offer period by Zhaojin Capital (Hong Kong) Limited has been announced, with the recommendation from Tietto's Directors to reject the offer by taking no action.

Summary of Tietto Minerals' first supplementary target's statement

Tietto Minerals' first supplementary target's statement provides insights into the Abujar Gold Project's production, highlighting the challenges faced in reaching higher grade mining faces and the subsequent impact on production guidance. The company's confidence in the project's trajectory towards full production in H1 2024 is reiterated, supported by the strengthening cash position and debt reduction. The extension of the offer period by Zhaojin Capital (Hong Kong) Limited has been accompanied by the Directors' unanimous recommendation to reject the offer. Shareholders have been provided with clarifications regarding the capital structure and consents related to the offer. Tietto Minerals continues to prioritize transparency and communication with its shareholders.