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Gunson Resources substantial shareholders top up respective shareholdings

Gunson Resources (ASX: GUN) substantial shareholder Grey Willow has increased its stake in the company to 9.166% after purchasing an additional 2,465,599 shares.

Grey Willow acquired the shares for a consideration of A$424,264, providing an average entry price of $0.17 per share.

Meanwhile, substantial shareholder John Tilbrook, a director of Grey Willow, has also increased his shareholding in Gunson to 6.77%.

Tilbrook purchased 180,979 additional shares for a consideration of $25,975. 

Interestingly, Gunson Resources’ Coburn zircon project in Western Australia has caught the eye of the international investors, with the company executing a non-binding term sheet with an as yet undisclosed major East Asian industrial group.

The group is no doubt interested in the project due to revised project returns, with financial modelling using updated TZMI price forecasts revealing a NPV (8%) of $223.7 million and an IRR of 28.3% on a pre-tax and pre-financing basis, at the current 5% State royalty rate.