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King Island Scheelite executive director purchases shares on market

The company’s Dolphin resource is about 9 million tonnes at 0.73% tungsten and increases to about 1.1% as the ore body dips underground.
The Dolphin mine operated between 1917 and 1992 before it closed due to low tungsten prices

King Island Scheelite Ltd’s (ASX:KIS) executive director Christopher Ellis has purchased 200,000 shares in the company through on-market trades.

The $18,690 purchase increases his total holding in the company to 58.61 million shares.

READ: King Island Scheelite chairman snaps up shares on market

Earlier today King Island chairman Johann Jacobs purchased 100,000 shares in the company valued at $9,419, increasing his total holding to 3.98 million shares.

The company revealed its first offtake agreement customer this month – Wolfram Bergbau und Hutten AG for a 20% stake of annual production from the Dolphin Tungsten Project on King Island in Bass Strait.

The offtake milestone is known as the Wolfram Agreement and is for the delivery of 140,000 metric tonne units (mtus) or 1,400 tonnes of WO3 over a four-year period.

READ: King Island Scheelite lands first customer as it focuses on ‘critical mineral’ tungsten

At full production, the redeveloped Dolphin mine is expected to produce about 2,000 tonnes of WO3 per annum contained in 3,100 tonnes of concentrate.

Chairman Johann Jacobs said: “It is extremely pleasing to have attracted the internationally renowned Wolfram Group as our first customer, in what is a highly competitive market.”

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