Megado Minerals (ASX:MEG) announced financial results for the half-year ended June 30, 2022.
Megado Minerals is an ASX-listed company with a recent rare earth acquisition in Idaho, USA and gold assets in Ethiopia.
In June 2022, Megado completed the acquisition 100% of the rights, title and interest in the North Forth Rare Earth Project (North Fork), located in the mining-friendly Idaho Cobalt Belt region of Idaho, USA. North Fork consists of 499 claims (granted and in application), covering approximately 10,309 acres with outcropping, high-grade, rae earth element (REE) mineralised rock.
In the six months to 30 June 2022, Megado focused on its acquisition of a high-grade Rare Earth Element (REE) project Idaho, USA. This acquisition has been finalised, key management and board changes have been made, funds have been raised, and exploration at North Fork has commenced.
In February 2022, the Company announced that the Babicho Gold project's second phase trenching program had been completed.
In June 2022, Megado announced it had successfully completed a A$2.4M (before costs) placement to institutional and sophisticated investors. The Placement, which comprised 30 million shares at an issue price of $0.08 per share, was approved by the shareholders at the company's AGM held on 31 May 2022.
Following the announcement the company?s share price fell 10.000%.