Galena Mining Limited floated on the ASX in September 2017 following a very successful IPO.
The company owns 85.31% of the Abra Base Metals Project (Abra) located in the Gascoyne Region of Western Australia. The Abra deposit was discovered in 1981 and remains one of the biggest undeveloped lead deposits in the World. Abra is within a granted mining lease.
The Galena team has prior experience at bringing an exploration project through all stages of development and into production.
Galena completed an outstanding definitive/bankable feasibility study (BFS) for development of a mine and processing facility with a 16-year life producing a high-value, high-grade lead-silver concentrate containing approximately 95kt of lead and 805koz of silver per year after ramp-up. Based on a pre-development capital expenditure estimate of A$170 million, the BFS modelled a pre-tax net present value for Abra (at an 8% discount rate) of A$553 million and an internal rate of return of 39%.