Rafaella Resources

Website: www.rafaellaresources.com.au
Primary ticker: ASX:RFR
Stage of development: Exploration, Development
Commodity: Tin, Tungsten, Cobalt, Copper
Project to promote: Santa Comba tungsten and tin mine
Project location: Spain

Live financials

Cash: 3M
DebtNil

Major shareholders:
Transamine Holdings and Investments Ltd – 7.1%
Ulex Recursos SL – 6.2%
Suburban Holdings Pty Ltd – 5.2%
Anglo Menda Pty Ltd – 3.9%
Atlantic Capital Holdings Pty Ltd– 3.1%
Management ownership – 7%

Rafaella Resources Limited (ASX:RFR) is a global developer and explorer of world-class mineral deposits. Rafaella owns the Santa Comba tungsten and tin project in Spain and the McCleery project in Canada. The Santa Comba project is located in a productive tungsten and tin province adjacent to critical infrastructure, has a partially completed process plant, is permitted to 2068, and is currently being fast tracked into production. The McCleery project is a highly prospective and previously underexplored polymetallic exploration project.

Management Profile

Steven Turner, Managing Director

Steven brings over 25 years of experience in the resource sector, having held senior roles in both industry and investment banking. Steven has been based in London, Aberdeen, Singapore, Brisbane and Madrid and has raised significant capital for the development of resource projects, including equity, bonds and project finance. Most recently Steven led business development at a private mining group acquiring exploration tenements to operating mines for up to $70m.

Mr. Turner holds Australian, Canadian and UK citizenships and is a Fellow of The Chartered Accountants of England and Wales and a Member of the Australian Institute of Company Directors.


What is your rationale for attending 121 Mining Investment?

Initially on market support followed by a possible capital raise later in the year.


What recent news would you like to highlight to investors attending?

Positive drilling results. Sale of Sandstone Gold Project.


What are your key goals for the next 3, 6 and 12 months?

3 Months:

Complete updated JORC Resource Report.

6 Months:

Complete Feasibility Study.

12 Months:

Commission project.


What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Completing the drill programme quickly to then focus on the feasibility study.


What do you think makes your company such a compelling investment?

Significant prior investment, high grade resource, permitted and yet very low EV.

Analyst Insight – provided by Independent Investment Research

Rafaella Resources is an ASX-listed global developer and explorer of world-class mineral deposits. Rafaella owns the Santa Comba tungsten and tin project in Spain and the McCleery project in Canada.

The Santa Comba project is located in a productive tungsten and tin province adjacent to critical infrastructure, has a partially completed process plant, is permitted to 2068 and is currently being fast tracked into production. The project is located 60km from the nearest deep-water port by sealed road and has substantial infrastructure already in place, including grid power, a partially completed processing plant, workshops and offices, and a tailings dam.

The project enjoys considerable industry support, having received an offer from HC Starck for the off-take of tungsten concentrate, a pre-approved German government funding guarantee (subject to a positive feasibility study) and logistical and offtake support from Transamine Trading, the world’s oldest independent commodity trader. Rafaella recently announced the appointment of a local drilling contractor and feasibility study manager to conduct the work required to finalise the debt arrangements and execute the HC Starck off-take agreement.

Rafaella remains on track to deliver an updated JORC Report and Feasibility Study this year, despite the COVID-19 pandemic. The resource drilling campaign at the Santa Comba tungsten and tin project was completed on 5 March.

Excellent assay results from the additional 26 diamond and reverse circulation drill-holes confirmed the outstanding potential for the project to be potentially amenable to low cost, open-pit mining. Drilling has been primarily focused on infill and extensional drilling at the Quarry prospect where the majority of the historic MRE was delineated. The company was also encouraged by the intersection of disseminated mineralisation to the west of the previously defined area in the north of the Quarry prospect.

Extensive zones of shallow mineralization have been intersected both within and outside the existing JORC (2012) Mineral Resource Estimate (MRE) area at the primary Quarry prospect.

The updated JORC report is expected to be released next quarter and the feasibility study remains on track for completion in Q3 2020. Rafaella remains well-funded to complete the feasibility program.