The company, focused on exploring nickel-copper sulphide in the far east of Russia, will update its current resource estimate of 155.1mln ore tonnes with the discoveries announced in 2018.
READ: Amur Minerals offers two potential development scenarios for the Kun-Manie nickel sulphide deposit
The TEO - a Russian feasibility study that paves the way for the determination of reserves in accordance with Russian requirements – is due in December 2020 and will also identify whether a separate copper-only concentrate can be achieved, which will boost profitability for both the copper and nickel streams.
Other key objectives are to optimise mine scheduling to increase the open pit potential, as well as incorporating the new additions in the economic model.
Cash reserves at the end of the first six months of 2019 were US$687,000 (H1 2018: US$1.2mln). The company continues to evaluate funding options and partnerships to achieve its current objectives.
Shares were down 5.24% to 1.90p at noon.