Boab Metals Ltd - NAIF Completes Strategic Assessment of Sorby Hills Project and Proceeds to Due Diligence
Boab Metals Ltd (ASX:BML)

NAIF Completes Strategic Assessment of Sorby Hills Project and Proceeds to Due Diligence


What's happened?

Pacifico Minerals Ltd (ASX:PMY, "Pacifico") has announced that the The Federal Government’s Northern Australia Infrastructure Facility (NAIF) has completed its strategic assessment of the Sorby Hills Project.

What are the key highlights?

  1. NAIF has advised that Sorby Hills will now proceed to a detailed due diligence phase.
  2. NAIF has A$5 billion in debt finance available to be lent on concessional terms to support infrastructure development that generates public benefit for northern Australia. It seeks to encourage and complement private sector investment to further that objective and increase employment opportunities in the region.
  3. Sorby Hills will involve a peak of 163 construction personnel and an average of 186 operations personnel, with many of these jobs being sourced from the Kimberley Region.
  4. The Company has recently released a Pre-Feasibility Study (“PFS”) that confirmed Sorby Hills is a technically and economically robust project delivering a Pre-Tax NPV (8% discount) of A$303M, Pre-Tax of IRR 46% and strong cash flows that can likely support a high level of debt for the upfront capital requirement.

For further information, please refer the ASX announcement linked below.

Managing Director's Summary

Simon Noon

"Pacifico is delighted to have received confirmation that NAIF has progressed Sorby Hills to the Due Diligence Stage of its debt funding assessment process. NAIF’s decision provides additional confidence as we progress our Definitive Feasibility Study. The decision also encourages us to explore opportunities that both add value to the Project and deliver positive economic and social outcomes for the local community."

Simon Noon
Managing Director, Boab Metals Ltd

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