Trigg Minerals (ASX:TMG), an Australian potash explorer, released its Quarterly Activities Report for the period ending 30 June 2023, highlighting significant developments in its Lake Throssell Sulphate of Potash (SOP) Project in Western Australia and corporate restructuring measures.
Lake Throssell Sulphate of Potash (SOP) Project, WA – Evaluation Studies
Trigg has been actively exploring an alternative SOP processing technology at its Lake Throssell Project. Bench-scale test-work utilising the innovative technology showcased promising results, demonstrating the potential to obtain high-quality feed salts more rapidly and efficiently compared to conventional evaporation techniques. The increasing volumes of test-work have consistently delivered positive outcomes, setting the stage for a proposed pilot-scale test in the next quarter.
The new technology offers the potential to reduce the required pond area and residence time, leading to enhanced reliability in feed-salt production compared to traditional evaporation methods. If proven successful, this advancement could yield significant economic and process design benefits for the project.
While all other field work at Lake Throssell is presently on hold, except for maintaining the weather station to collect essential base-line data for project design and approvals, the progress in alternative SOP processing technology remains a focus of Trigg's endeavours.
Corporate Developments
In response to challenging equity market conditions, Trigg announced a strategic pivot towards an R&D focus during the Quarter. This shift aims to prioritise research and development activities while concurrently implementing substantial cost-saving measures across the company, estimated at approximately $600k per annum.
During the Quarter, Independent Non-Executive Directors, Maree Arnason and Rod Baxter, stepped down from their positions to pursue other business interests. In a significant board appointment, Trigg welcomed esteemed mining executive and geologist, Stephen Ross, on 20th June. Mr. Ross brings extensive executive experience and a track record of building successful project teams focused on global mineral project development.
Moving forward, the Trigg Board will continue to concentrate on executing cost-saving initiatives and other measures aimed at delivering optimal value to shareholders.
At the end of the Quarter, Trigg reported a cash balance of $1.26 million.
The Quarterly Activities Report highlights the company's strategic focus on R&D in exploring alternative SOP processing technology, accompanied by significant cost-saving initiatives and key board appointments. As Trigg progresses its Lake Throssell Project and repositions itself for growth, shareholders and investors eagerly await further updates on the pilot-scale test results and the company's pursuit of value-driven outcomes.
