Executive Summary
Spitfire Oil Limited, through its wholly owned subsidiary Hurricane Fuels Limited is a company formed to pursue the production of fuel oil and distillate from the Salmon Gums Lignite Deposit in Western Australia. Hurricane Fuels has secured exploration licences over both the Deposit and the adjacent ground prospective for extensions of the Deposit. The funds raised in the placing will be primarily used to confirm the technical and economic potential of the Deposit and to complete a feasibility study to be conducted over the 24 months following Admission. Depending on the results of the feasibility study, the Company plans to establish a mine and construct processing facilities at the Deposit to exploit the lignite resource by applying its proprietary Lignite2Value conversion process (\L2V\). Subject to commercial and technical feasibility and subsequent financing, the Group intends to produce between 5,000 and 20,000 barrels of oil and distillate products per day (which equates to 1.7 to 6.8 million barrels of liquid products per year) as well as associated by-products, including co-generated electricity, activated carbon, and metallurgical char. It is intended that the oil and distillate and the associated by-products will be sold to both local and export markets potentially including Kalgoorlie and the Goldfields region in Western Australia.
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