Mustang Resources (ASX:MUS)
Things are heating up for rapidly emerging ruby developer and producer, Mustang Resources (ASX:MUS).
With its maiden ruby auction just weeks away, sure-footed MUS is set to tender around twice its initial target. Highly successful production ramp-up has put MUS on track to now offer up to 400,000 carats at its inaugural rough ruby tender.
The auction is expected to produce significant cash flow for MUS, with more than 40 leading global ruby buyers already confirming their attendance.
Currently valued at a modest AU$91 million, this rapidly emerging ASX stock could be a highly salient entry point into a burgeoning market. And with MUS’s maiden auction now just two weeks away, things are only set to get more serious from here.
Following the tender, MUS will reinvest a portion of the proceeds for low cost scale up of its existing processing plant.
It wants to plans to rapidly grow its ruby inventory from increased processing capacity to deliver at least two tenders in 2018, and then moving to minimum of three per year from the 2019 calendar year.
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For now, the immediate focus and critical development will be the results of MUS’s maiden ruby auction. And with this happening in a matter of weeks, MUS’s small cap days might soon become a thing of the past.