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Tombola bringing in first flow

28 November 2022 09:41
ASX: TBA

Tombola Gold are poised to generate first cash flow after reaching an agreement for the presale of 200 ounces of gold with production imminent from its Mt Freda Complex in Queensland.

It represents both a small piece of the expected first pour, and an enormous milestone marking Tombola’s transition from explorer to producer.

The sale will bring in around half a million dollars on its own from substatial Tombola shareholder Ilwella, with the remaining bulk of first pour contracted for purchase by the Australian Bullion Company.

Several gold mines make up the Mt Freda Complex, and the soon-to-be producer will continue to ramp up in the new year, with construction of an already advanced on-site processing plant and increased production putting it on rails to becoming a significant Australian gold producer.

The company said the presale demonstrated confidence as it moves to production.

“This marks a substantial milestone for Tombola and directly aligns with our strategy of becoming a significant Australian gold producer,” managing director Byron Miles said.

“This achievement is the fruition of the significant work and dedication of the Tombola team over 2022, and I would like to thank shareholders for their support to date and the Tombola team for their unwavering and diligent commitment to the project.

“The 2023 year is going to be huge for the Company as we continue to ramp up production with two processing plants coming online, via vats and the Lorena processing facility.”

 

TBA Timeline

Tombola’s production timeline.

TBA’s Australian Stock Exchange-listed share price has risen 3.85 per cent today, currently selling at 2.7c (9.32 am UTC+ 8 hours).

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