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Thunderbird secure $1.075M from share sale

11 June 2024 10:54
ASX:THB

Thunderbird Resources Limited (ASX:THB) has bolstered its treasury by raising an additional $1.075 million through the sale of 10 million shares in Firetail Resources Limited (ASX:FTL). This strategic move is set to support Thunderbird’s upcoming uranium exploration program at its flagship Hidden Bay Uranium Project.

Following the completion of Thunderbird’s maiden 5,000m drilling program at the Pitch Copper Project in Peru, they received an additional 10 million Firetail shares as part of meeting the first performance milestone from its sale. Thunderbird retains its original 15 million Firetail shares after the sale.

Athabasca Basin

The Hidden Bay Uranium Project, a 2,400m drill program, is set to begin in August 2024, with preparatory fieldwork already underway. Considering the uranium price of US$88/lb and its strong long-term outlook, Thunderbird is well-positioned to enhance shareholder value through this focused exploration effort.

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Figure 1: Thunderbird’s Athabasca Basin Project location plan.

Thunderbird continue to support Firetail

Thunderbird plans to participate in Firetail’s upcoming rights issue following FTL’s acquisition of the York Harbour Copper-Zinc-Silver Project in Canada.

Thunderbird intends to acquire an additional 1.5 million shares at $0.04 per share, which will increase its total holding to 16.5 million shares post-issue.

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Figure 1: Hidden Bay – current planned drill locations over gravity image.

Management comment

Thunderbird Executive Chairman, George Bauk, said “Following the receipt of the additional Firetail shares, increasing its holding to a total of 25 million shares, the Company has made the decision to strengthen our treasury by selling 10 million Firetail shares.

“Our key focus is the upcoming drilling program at the Hidden Bay Uranium Project in the Athabasca Basin, with a planned 2,400m program targeting our top-5 targets. We believe it is important to have as much cash as possible to progress our uranium portfolio at a time when the outlook for uranium is very positive.”

THB’s Australian Security Exchange-listed share price is currently trading at $0.032 (10:30 am UTC+ 8 hours).

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