Perpetual Resources Ltd (ASX:PEC) managing director Robert Benussi has demonstrated his faith in the company’s silica sand strategy with an on-market purchase of shares.
Benussi acquired 250,000 shares in an indirect interest in transactions on March 30 and 31 valued at more than $19,000, increasing the number of securities held in that interest to more than 25.05 million.
This follows the on-market purchases by Benussi and executive chairman Julian Babarczy on March 22 of 175,000 and 750,000 shares respectively.
Completed PFS at Beharra Silica Sand Project
On March 17 the company completed a pre-feasibility study (PFS) that confirms Beharra Silica Sand Project as a compelling low capex and strong free cashflow project underpinned by a 64 million tonnes reserve supporting a 32-year mine life.
This PFS and reserve validate the company’s intention for Beharra, southeast of Geraldton in Western Australia’s Mid-West, to become an essential low impurity supplier of high-quality silica sand products to the rapidly growing APAC glass and foundry sand markets.
The financial metrics of the PFS, which is the culmination of more than seven months of extensive independent study, demonstrate the robustness of the project which also affords expansion potential and the potential ability to respond to increases in market demand.