• North Queensland Metals Limited
• Website: www.nqm.com.au

Industry:

Metals & Mining

Fiscal Year-End:

Jun 10

NQM has transformed into a gold company focusing on its Pajingo mine. The mine produced 100,000oz Au in its first 24 months of operation and is on track to increase production steadily to over 100,000ozpa through the addition of open pit ore and the redevelopment of the Twin Hills Mine. NQM's share of the resource base has grown to ~500,000oz with the acquisition of Twin Hills. NQM is currently subject to a takeover bid by Conquest Minerals (ASX:CQT).

When it listed in December 2006, the company had base metal ambitions. The acquisition of 60% of Pajingo in December 2007 and the subsequent decline in base metal prices provided the opportunity to transform into a gold-focused company. Executive staff have the extensive gold experience necessary to see the company outgrow its junior rank peers.

NQM supplies gold products for sale into the global spot market and delivery into contract positions.

NQM differentiates itself from its peers in having a profitable operating mine, paying a dividend and having no debt. Other notable factors are 1) ability to expand production with minimal capex; 2) prime location with nearby infrastructure such as grid power; 3) highly prospective exploration tenements at both Pajingo and Twin Hills 4) is cashed up should opportunity arise.

Major competitors consist of other mining companies in Australia and overseas exploring for gold, tin and base metals. These range from massive international companies to small explorers with one or two projects.