Australian Mines (ASX:AUZ) announces quarterly results

Australian Mines (ASX:AUZ) announced financial results for the quarter ended 30 September 2022.

Appointment of new CEO ? Michael Holmesis a mining engineer and experienced CEO with more than 30 years? experience in the mining industry working in nickel, copper, gold and lead, silver, zinc open pit and underground large operations.

Sconi Project Studies ? Subsequent to the reporting period and following a review of recent technical and financial studies, along with detailed discussions with potential financers and business partners, Australian Mines made the strategic decision to develop the Sconi Project to produce battery grade nickel sulphate, cobalt sulphate and scandium oxide, as described in the Feasibility Study announced in November 2018 and updated June 2019 , rather than a MHP project.

Agreement for proposed settlement with ASIC - The Company and ASIC agreed, subject to approval by the Federal Court, to settle the Proceedings by the Company making certain admissions of contraventions of its continuous disclosure obligations. The joint submission will be heard in the Federal Court at the end of October.

Sconi Project Finance ? Australian Mines has undertaken a strategic review of the project financing strategy for the Sconi Project and is progressing with initial discussions about strategic collaborative partnership.

Following the announcement the company?s share price rose 1.538%.