Gratomic keeps investors up to date on Aukam project

Executive Summary

• Gratomic mobilized staff to the Aukam site to begin preparations for restarting mining operations and to build a 7,000‑tonne feedstock stockpile.
• The company announced plans for a 10,000 m drilling program in early 2026 to support a forthcoming NI 43‑101 technical report and feasibility study.
• Gratomic changed auditors to McGovern Hurley LLP and expects to file its FY 2024 audited financial statements soon.

Key Details

• Site Mobilization (Aug 23, 2024): Staff led by senior geologist Raimund Rental (acting mine manager) and partner Helao Shivolo arrived on‑site for the first time this year; accommodation is provided in company‑built housing.
• Feedstock Build‑up: Mining operations aim to extract 7,000 t of material, adding to an existing 3,000‑t stockpile to bring the ROM pad to full capacity and support processing for the next 12 months.
• Planned Production: Target first‑phase production of 7,600 t of finished product once critical components are installed (scheduled for late September). The upgrade is intended to achieve a concentrate grade of 97 % Cg.
• Exploration Program: A 10,000 m drilling campaign is slated for early 2026 to infill and expand mineralization identified in the 2022‑2023 campaigns; data will feed a technical report for Aukam under NI 43‑101 requirements.
• Feasibility Study Progress: Gratomic is working toward completing a feasibility study (FS) on the Aukam property; no mineral resources or reserves have been defined to date, and no preliminary economic analysis has been completed.
• Auditor Change: Auditors switched from D&H Group LLP to McGovern Hurley LLP; all financial documentation for the FY 2024 audit has been submitted, with filing of audited statements expected in the near term.
• Risk Disclosures: The release reiterates that no mineral resources or reserves have been delineated, and production is contingent on successful completion of the FS and meeting technical/mineralization criteria; failure to commence production could materially harm cash flow and profitability.

Notable Quotes

“The company is now in better shape than it has been in several years,” – Arno Brand, Chairman.