Tietto Minerals Ltd (ASX:TIE) managing director Dr Caigen Wang has provided a strong vote of confidence in the company and its gold strategy with a $1 million investment by way of the early exercise of options.
He has exercised 4 million options at 25 cents each due to expire on December 31, 2021, to acquire 4 million new Tietto shares for total consideration of $1 million.
This increases the number of shares held in a direct interest to 9,898,480 with a further 5,381,820 held in an indirect interest and another 4,509,717 in a separate indirect interest and takes his total holding in the company to 4.29%
Tietto chairman Francis Harper said Dr Wang’s decision to convert $1 million worth of options once again demonstrated his commitment to bringing Abujar on a disciplined timetable into production, with the company targeting first gold from Abujar in Q4 of 2022.
West Africa’s next gold miner
The company is focused on growing a multi-million-ounce gold resource at its flagship Abujar Gold Project in Côte D’Ivoire, West Africa.
Abujar, which is close to good regional and local infrastructure to facilitate exploration and development, is on track to be West Africa’s next gold mine with the first gold targeted for the December quarter of 2022.
The project comprises three contiguous tenements with a total land area of 1,114 square kilometres and has a growing mineral resource of 87.5 million tonnes at 1.2 g/t gold for 3.35 million ounces.