Royalty Management Holding Corporation (NASDAQ:RMCO) shares skyrocketed on Friday after the company said its unit Ferrox Holdings confirmed the commencement of production of titanium ferrite from its Tivani operating site.
Ferrox holds the rights to the Tivani mining deposit in South Africa’s Limpopo Province.
Before production, Ferrox invested over $70 million in infrastructure, processing equipment, and mine development.
The Tivani project primarily targets ilmenite concentrate, titanium metal, titanium dioxide, ferro titanium, magnetite concentrate, and pig iron.
The company has invested significantly in preparations, studies, and development, boasting a NI 43-101 compliant resource indicating 471 million tonnes of titaniferous magnetite.
Royalty Management said it is actively engaged in pursuing investment and development prospects across a range of industries.
With a specific focus on emerging and transitional sector opportunities, the company is building a diverse portfolio of royalties, rents, and revenue shares.
“Having the financial support of Royalty Management Holding Corporation has helped us achieve this result while also positioning our company for future success in the current market,” Terry Duffy, CEO of Ferrox Holdings stated.
Price Action: RMCO shares are trading higher by 92.46% to $3.83 on the last check Friday.
Photo via Company
