DMC Mining Limited (ASX: DMM), a company focused on the exploration and development of critical minerals projects, has announced the withdrawal of its current prospectus dated 22 August 2024. The decision comes as a result of unforeseen delays in the granting of its exploration licences in Guinea. According to the company, the delays stem from a temporary national review and restructuring of Guinea’s mining cadastre system.
DMC Mining is now assessing various interim funding options to support the re-lodgement of a replacement prospectus and the completion of its proposed acquisition of the Firawa and Labé critical minerals projects in Guinea. Further details regarding the interim funding strategy will be provided in due course. The company has assured that its strategic intent and transaction structure remain unchanged, and the exploration and development strategy for the Firawa and Labé projects will remain consistent with their previous announcements.
Despite the setback, DMC Mining has reaffirmed that its exploration licence applications in Guinea are in good standing. The company has been in regular contact with the Ministry and cadastral authorities to secure the timely granting of its exploration licences. The company’s granted Reconnaissance Licences remain current and have not been revoked.
Subject to securing funding and the granting of the exploration licences, DMC intends to re-lodge a prospectus with largely the same structure and objectives, targeting re-admission to the ASX. The company remains confident in the approvals process and has strengthened relationships with the Guinean Government through recent meetings with senior Ministry officials and other key stakeholders.
