The March quarter was key for emerging critical minerals company Cadoux Ltd (ASX:CCM, OTCQB:FYIRF) as it worked on developing ultra-high quality, high purity alumina (HPA) in Western Australia and progressing the Minhub rare earths processing facility in the Northern Territory, as well as associated downstream developments.
Engineering feasibility study
At the end of the quarter, the company’s stage 1 engineering feasibility study (EFS) for its HPA project was nearing completion. Alongside this, the company had initiated stage 2 works in line with its development schedules.
The WA-based HPA project continues to focus on innovative engineering solutions and market development, particularly for high-tech applications.
The company says the HPA project not only aligns with global electrification efforts but also supports Australia’s critical minerals strategy by establishing a new, sovereign supply chain for essential materials.
Cadoux has also started the permitting process for its Kwinana site as part of the project's broader development strategy.
Minhub permitting
Simultaneously, the company has wound up the site permitting process for its Minhub project in the Northern Territory and initial site works are underway.
Led by IHC Mining, the feasibility study for this multi-client rare earths processing facility is progressing well, with completion targeted for September 2024.
Strong cash position, ESG credentials
Financially, Cadoux ended the quarter with a cash balance of around A$6.3 million, reflecting ongoing investments in its exploration and evaluation activities which totalled about A$1.2 million for the quarter.
On the environmental, social, and governance (ESG) front, Cadoux has maintained its top industry rating, emphasising its commitment to sustainable operations and corporate responsibility.
The company's ESG initiatives during the quarter included integrating climate-related financial disclosure recommendations and enhancing stakeholder communication.