Gem Holdings Limited through its subsidiaries owns a 90% stake in the Virginia mines. The mines consist of 5 tracts of land covered by two leases. One of which (the Ken Lease) is subject to renegotiation and covers 1,121 acres including the Upper Banner seam on the Davis tract and the main lease (the Cobalt Lease) covers the remaining 4,653 acres and includes the Lower Banner seam on the Davis tract. The Cobalt lease runs to December 2032 and has an option to extend for a further 20 years.
The following is an extract from the competent persons report (NI 43 101) dated 21st December 2016 summarising the Measured, Indicated and Inferred resources of 247 million tons. Please click the link below for more details.