Symbol Mining Company Profile


Australian mineral exploration company focused on the development and commercialisation of high margin Zinc, Lead and Silver projects located in the highly prospective and underexplored region of Nigeria
Company Exposure

Lead, Zinc, Silver

Company Listing

Symbol Mining

Stock Code


Company Overview

Symbol Mining Limited is an Australian ASX listed (ASX:SL1) mineral exploration company focused on the development and commercialisation of high margin, high grade base metal projects located in the highly prospective and underexplored region of Nigeria. Symbol’s aim to undertake the successful identification, exploration, development and commercialisaton of high margin zinc (Zn), lead (Pb) and silver (Ag) projects in Nigeria.
Symbol has been undertaking activities in Nigeria since 2012 and has obtained an interest in tenements spanning over 500km2 of vast highly prospective land containing world-class mineralisation of Zinc (Zn) and Lead (Pb), categorised as two major project locations – Imperial and Tawny. For more detail visit the website


  • Macy Project – Near term production with exceptionally high grades
  • Indicated and Inferred JORC Resouce of 132,700t at 18.3% Zn and 2.1%Pb*
  • First mining, product and revenue for Q3, 2018
  • Scoping Study shows robust returns for Macy project
    >>Low Capex – US$3.2m
    >>Low Opex – A$5m (US$3.8m) working capital requirement until free cashflow
    >>Symbol free cash flow of A$20.4m EBITDA
  • Aisha Project – 800m of strike, confirmed high-grade veins of Zn and Pb
    • Not included in scoping study, significant exploration and mining upside
    • First of multiple mining opportunities on tenement to extend life of mine
  • Highly prospective and mostly underdeveloped tenement package
    • Over 500km2 of land with strong acquisition pipeline
    • Macy and Aisha are the first of 30 priority drill targets identified
  • Highly experienced management – track record of developing mines
  • Global markets for zinc and lead concentrates remain extremely robust
  • Nigeria fast evolving as an important mining destination
Live Financials

Latest Announcements

Share Price Performance


Andrew Simpson – Chairman
Barry Bolitho – Director
Ian McCubbing – Director
Anthony Mcintosh – Director
Patrick McCole – Company Secretary
Tim Wither – Chief Executive Officer
Ian Goldberg – Chief Financial Officer
Nigel Sheffield – General Manager Operations

Major Shareholders

Top 20 (excluding management) – 40%
Management – 40%
Others – 20%


  • 3 small scale mining leases (SSML’s)
  • 3 exploration leases (EL’s), 510km2 area
  • 60% Symbol, JV partner Goidel Resources Limited – Irish businessmen based in Nigeria for over 20 years
  • Zn, Pb


  • One EL, 7km2 area
  • 60% Symbol, JV partner Adudu Farms Nigeria Limited – community group including regional leadership/royalty, Emir of Adudu
  • Zn, Pb, Ag

  • Mineralisation remains open at depth.
  • Current Resource extends to only 60m vertical depth and is limited by shallow drilling.
  • JORC Resource completed by Competent Person Lyn Widenbar and Associates March 2018.** Drilling Completed – inferred and Indicated JORC resource of 132,700t at 18.3% Zn & 2.1% Pb.**
  • Further drilling at Macy and Imperial Project planned for 2nd half 2018.\
  • Development Scoping Study Completed.

The Macy Project-Scoping Study Results

  • The Scoping Study demonstrates viability of a traditional open pit mining operation.
  • The high-grade resources in the production model indicate very strong cashflow for 12 months.
  • Low upfront capital requirements with contract mining to be undertaken that significantly reduces capital expenditure and risk.
  • Metallurgy confirms DSO product that simplifies processing capital expenditure and operational expenditure costs.

Key approximate results from the base case development, pre-tax financial modelling are:*

  • Approximate A$20.4 million Life of Mine (LOM) free cash flow.
  • LOM production of 90,242t for 38,100t of shippable product 28,250t of Zn (50% Zn), 2,900t of Pb (60% Pb) and 6,950t of mixed product (30% Zn).
  • Low capital expenditure requirement of US$3.2m, with a substantial amount of camp and mine infrastructure already completed and in place for mining.
  • Total working capital funding requirement of approximately A$5 million (US$3.8 million) to be funded from Debt and Equity.
  • Approximate LOM C1 cost/lb Zn payable: US$0.51/lb.
  • Initial Life of mine (LOM) of Period under study: 12 months.
  • Regulatory approvals are well advanced with no insurmountable hurdles to transition into mining.

*Refer to 11 May 2018 ASX announcement for full scoping study details

**Refer to the ASX Announcements released on 23 March 2018 and 16 April 2018 for more details on the JORC Resourc estimate and JORC tables.

THE IMPERIAL PROJECT – The Aisha Discovery

  • Aisha identified as a second zinc-lead project, one of the 30 highly prospective mineralised veins contained within the Imperial JV tenements.
  • 39 reverse circulation holes have been drilled for a total of 3,439m.
  • 3 to 5 mineralised veins across the width of the mineralisation.
  • Strike length of over 800m with veins of approx 1m to 6m.
  • Zinc and Lead mineralisation at Aisha remains open along strike and at depth.
  • Highlights of the Aisha intersections include;*


  • 5m @ 21.8% Zn contained within 22m @ 8.2 % Zn from 64m (RC 062)
  • 3m @ 21.7% Zn from 73m (RC 046)
  • 2m @ 20.1 % Zn from 52m (RC 062)
  • 5m @ 16.0 % Zn from 87m (RC 048)
  • 2m @ 16.1 % Zn from 54m (RC 044)


  • 3m @ 16.5% Pb from 68m (RC 048)
  • 2m @17.9 Pb from 54m (RC 048)
THE TAWNY JV PROJECT – Brownfields Exploration

  • EL 19242, 7km2.
  • Located approximately 150km east-south-east of Abuja, 4km from major highway.
  • Reputed High grade Pb and Zn with strong Ag credits.
  • 600m of surface workings.
  • Historical mining; multiple shallow shafts and ~400m long decline which mined ore to 45m depth.
  • Drilling expected to commence 2nd half 2018.

*Refer to ASX announcements released on 26 March 2018 and 18 April 2018 for more details on the Aisha drilling and exploration results

Contact Details


PHONE: +61 8-9382-8816

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