Energy Resources Of Australia (ASX:ERA) announced financial results for the quarter ended 30 September 2022.
There were no sales in the September 2022 quarter following the sale of ERA?s last drum of uranium oxide from the Ranger Project Area that concluded on 31 May 2022.
Progressive rehabilitation of the Ranger Project Area continued during the quarter.
The 2022 Rehabilitation Feasibility Study is underway and forecast to be completed by mid-2023 and will ultimately lead to a revised Mine Closure Plan.
The Ranger Mine Closure Plan update was publicly released on the Company?s website on 30 September 2022.
Transition planning has commenced for the implementation of an Integrated Project Management Team (IPMT) in partnership with Bechtel to accelerate project execution and delivery capability.
ERA released an independent valuation, to underpin a proposed interim entitlement offer, prepared by Grant Thornton an independent valuation expert.
Post the end of the Quarter, the Company announced a Revised Credit Facility which provides ERA with additional time to negotiate and implement a future funding solution and offers additional assurance to the Company?s stakeholders that rehabilitation of the Ranger Project Area will continue to be funded.
Post the end of the quarter, independent Non-executive Chair Mr Peter Mansell and independent Non-executive Directors Mr Paul Dowd and Mr Shane Charles resigned from the Board.
Following the announcement the company?s share price fell 4.651%.