shares surged on Tuesday after it told investors that it produced antimony metal at commercial grades of 99.65% from its processing facility in the Port of Sohar Free Zone, Oman.
The AIM-listed processing company also said it had received expressions of interest from potential customers for almost double its annual capacity of 20,000 tonnes of antimony metal and trioxide.
Adrian Collins, Chairman of Tri-Star said:“I am delighted that the major milestone of producing antimony metal at a grade of 99.65% has been passed; this proves the metallurgy of the process and enables us now to focus on full-scale commercial production.”
“To this end, we are advancing offtake agreements with potential buyers keen to diversify away from their reliance on the current dominant Chinese suppliers; expressions of interest have been received equal to almost double our anticipated annual output of 20,000 tonnes of antimony metal.”
Shares in Tri-Star were 25.81% higher in afternoon trading on Tuesday
Tri-Star also told investors that it is producing gold dore at grade in excess of 25%, up from 5% a month earlier in October.
Mr. Collins commented on Tri-Star’s gold production: “Additionally, the gold circuit is working well, and the first sales of gold have now been made; SPMP is continuing to improve the grade and is now producing gold dore at a grade in excess of 25%.
“Given the robust market fundamentals for our products including high-grade antimony ingots, antimony trioxide and gold dore together with the planned ramp up of production, SPMP is at a tipping point, which we believe will see shareholders rewarded for their support.”
Tri-Star said it had reached an agreement for the supply of approximately one third of the feedstock required for 2020, and is in discussions with other suppliers for the balance.
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