AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) will soon reinvent itself, becoming FireFly Metals Ltd under the ASX ticker FFM as of December 14, 2023.
The company’s shareholders also approved a one-for-15 share consolidation at the same time, which will affect the trade of AuTECo’s shares as of December 8, 2023.
This share consolidation is a strategic move that will decrease the number of outstanding shares in the company, subsequently increasing the face value of each individual share.
Capitalising on energy transition metal boom
“The new name and share consolidation mark the company’s emergence as a significant copper and gold explorer following its acquisition of the Green Bay Copper-Gold Project in Newfoundland in Canada,” AuTECO managing director Steve Parsons said.
“Green Bay already has a resource of 39.2 million tonnes at 2.1% (copper) for 811,000 tonnes copper equivalent and a multi-rig drilling program which is aimed at achieving substantial and rapid growth in the resource.
“The resource is open, and we aim to increase this quickly through infill drilling of the significant amounts of known mineralisation outside the current resource.
“The combination of the substantial existing resource, the outstanding growth potential, the high-grade and the tier-one location positions FireFly perfectly to capitalise on the widely forecast demand boom coming in energy transition metals.
“Along with our high-grade Pickle Crow gold project in Canada, where the resource stands at 2.8 million ounces at 7.2 g/t gold, FireFly offers investors a strong growth profile backed by highly experienced management and outstanding assets.”