Ariana Resources PLC (AIM:AAU) managing director Kerim Sener said he is “very pleased with the dynamism shown by all of our investee companies” as the company gave an update on its Asgard Metals Fund investments.
“Notably, our investee companies successfully raised additional funds both privately and through the capital markets, totalling circa A$5,500,000, which has been a real achievement and stands as a testament to the quality of the teams and their portfolios,” Sener said in a statement.
"During the year, we made certain additional investments in some of our investee companies and welcome adding two new companies to the portfolio, Rockover Holdings, operating in Zimbabwe through a wholly-owned subsidiary, and Altai Resources, operating in Kazakhstan.”
The portfolio of investments now amounts to around A$1.6 million, he noted, and it also has generated some A$625,000 in agreed consulting payments (paid in cash and shares).
Sener added: “Further investment opportunities across the existing portfolio are being reviewed in addition to certain other select projects currently under investigation.
“We have also commenced the provision of commercial consulting input to junior companies independent of investment, as there is now recognition in the market of the broad range of exploration and development skill sets we are capable of bringing to bear on any project.”
Asgard portfolio
- Rockover Holdings Limited: Asgard added a new 1.3% stake in the private African exploration company. Rockover's Dokwe Gold Project in Zimbabwe shows promising feasibility for producing 60,000 ounces of gold annually over 12 years.
- Panther Metals Limited: Asgard holds 3.1% in the company focusing on a significant nickel resource in Western Australia. Recent drilling and testwork show high nickel and cobalt extraction rates, Ariana noted.
- Annamite Resources: Asgard’s stake increased to 6.3%. The company's Sokdee Project in Laos, exploring a copper-gold-molybdenum system, has shown encouraging results and partnered with Rio Tinto for further exploration.
- Pallas Resources: Asgard retains a 6.0% stake. The company has promising gold and copper exploration results in Kazakhstan and has acquired new exploration licenses.
- Altai Resources Limited: Asgard took a new 8.4% stake in this subsidiary of Pallas Resources, focusing on a nickel sulphide province in Kazakhstan.