EXPLORATION & DEVELOPMENT

A flicker of market attention for Firebird on Oakover manganese results

MINI-cap manganese aspirant Firebird Metals has scoped an enlarged DMS concentrate operation in Western Australia that could cost A$123 million to build and have a net present value of $741 million.

Oakover country, WA

Oakover country, WA

The Oakover project east of Newman would involve a 4 million tonnes per annum processing plant producing about 1.2Mt of a concentrate grading 30-32% manganese for 18 years.

Firebird had $1.3 million cash at the end of June and a recent market capitalisation of around $10 million.

Meanwhile, a scoping study for production of battery grade manganese sulphate is underway.

Firebird's managing director is Peter Allen, while resource sector entrepreneur Evan Cranston's is the non-executive chairman.

Firebird listed in 2021.

The more advanced ASX manganese play Element 25 reached its equities zenith in mid-2021 when its shares were trading around the $2.50 mark.

At a share price this week of 40c, Element 25 was capitalised at $88 million.

Firebird's shares, which went past 60c in mid-2021, were up 11.5% to 14.5c in afternoon trade Wednesday, capitalising the company at $9.5 million.

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