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Australian Mines Confirms Valid Water Access Licence for NSW Scandium Project, Shares Down 8%

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Australian Mines (ASX:AUZ) said its existing Water Access License within the Lachlan system, held by its unit Flemington Mining Operations, has been confirmed as current and valid for its Flemington scandium project in New South Wales, according to a Monday Australian bourse filing.

The company said water studies are being advanced to support the fast-tracked pre-feasibility study (PFS), which is evaluating the potential to scale annual scandium oxide production up to 180 tonnes per year.

The company is currently reviewing proposals for hydrogeological investigations to advance the assessment of potential groundwater supply sources as part of the PFS, the filing added.

The company's shares fell 8% in recent Monday trade.

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