Trident Royalties PLC (AIM:TRR, OTCQX:TDTRF) swung into profit in 2023 as it booked a substantial gain on the sale of its Australian gold royalty portfolio, money that has already been reinvested.
Profit for the year to end December 2023 came in at US$3.8 million (US$4.6 million loss) with annual royalty income rising to US$9.5 million (US$7.85 million).
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF), the Africa-focused gold miner, said it expects a better second-half performance as its two new projects ramp up and its mine at Hounde improves.
Production in the three months to the end of March dropped 22% to 219,000 ounces compared to the same period a year, with gold sold down by a similar percentage at 225,000oz.
Gordon Brown's political career probably won’t be defined by his decision to start selling the UK’s gold stocks between 1999 and 2002, but 25 years on the badge as the man who called the bottom of the market is not going away.
For those who have forgotten or weren’t around, the then Chancellor decided that as gold had no intrinsic value the UK could use the money better elsewhere.
Oriole Resources PLC (AIM:ORR) longstanding chief executive Tim Livesey stepped down yesterday to focus on other business interests, the junior said in a statement.
Martin Rosser has taken over as CEO immediately though Livesey is to stay an employee until the end of May to help with the transition.
MetalNRG said its focus going forward will be on copper projects as well as potentially gold and strategic metals, as these are areas that the junior believes will see high demand due to global macroeconomic, energy transition, and technology trends.
Management has reviewed more than 100 projects globally and has now reduced this extensive list to a short list of around 10 projects that MetalNRG is progressing.
Ariana Resources PLC (AIM:AAU) has forecast gold production for 2024 from its Zenit consortium at 20,000 ounces of gold equivalent, which includes a first contribution from the Tavsan project plus ongoing production from Kiziltepe, both in Turkey.
Kerim Sener, managing director, added: “We are also pleased to report that the average gross revenue per ounce produced during Q1 2024 is US$2,328, attributable to the marked increase in gold and silver prices during the period.
Cornish Metals said it is delighted with the independently produced Preliminary Economic Assessment for the South Crofty tin project in Cornwall
Base case after-tax Net Present Value (NPV) is US$201 million with an Internal Rate of Return (IRR) of 29.8%, numbers that Cornish said confirm the project's potential to be a low-cost mine.
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) is increasing its graphite bulk sample preparation capacity from an expanded laboratory and testing facility in Lilongwe, Malawi, enabling the preparation of rutile concentrate and graphite circuit feed from the Kasiya Rutile-Graphite Project at a bulk scale.
In the coming weeks, Sovereign will install and commission a spiral concentrator containing industrial-scale MG12 spiral equipment at the laboratory and testing facility. This concentrator will have a spiral throughput capacity of up to 10 tonnes per hour of ore for graphite and rutile sample preparation.
Castillo Copper said that after a year of reset in 2023 it has "a renewed corporate structure and a clear path forward".
Eduardo Robaina, non-executive director, commented: "This strategy has included making a considered assessment of our existing tenements - whilst all prospective in their own right - to identify those that we deem core or complementary to our team's collective strengths and our Company objectives at current.
Endeavour’s announcement that the Sabodala-Massawa BIOX expansion project achieved a first gold pour just two years after construction launch is an important strategic milestone, says broker Stifel.
According to the broker, the mine accounts for roughly a third of NAV and refractory ore represents 41% of reserves, so delivery of the BIOX plant is an important strategic milestone.
European Metals Holdings jumped more than 13% seemingly on confirmation its switch of domicile from the British Virgin Islands is progressing with the forms submitted for it to become an Australia-based company.
EMH also confirmed it would continue to be listed on AIM but as an Aussie company rather than one from the BVI.
Kodal Minerals has tweaked the terms agreed to terminate the right of first refusal (ROFR) granted to Suay Chin over 80% of the spodumene product produced at the Bougouni lithium project in Southern Mali.
Suay Chin's agreed termination fee of US$14 million payable by Kodal Mining UK, the Bougouni company 51% owned by Hainan Mining, will now be paid in three instalments, rather than two.
Copper prices have surged to their highest in two years, with the London Metal Exchange (LME) reporting values reaching $10,215 per ton, before slightly retreating to $10,115.
This increase reflects a robust 15% rise in April, driven by positive Chinese factory data and a tightening of copper concentrate supplies.
Rio Tinto PLC and Glencore PLC (LSE:GLEN) could be eyeing up Anglo American PLC (LSE:AAL) as a potential takeover target following a rejected bid from BHP Group Ltd (LSE:BHP, ASX:BHP), analysts say.
Citing Bloomberg, Jefferies analysts noted the likelihood of other bidders for Anglo-American in a note.
Glencore PLC (LSE:GLEN) shares fell slightly despite the mining and commodities trading giant's confidence in hitting the top end of profit guidance thanks to solid production, strong commodity demand and elevated interest rates.
Copper production was down 2%, zinc flat and coal just below flat in the first quarter, while nickel increased 14% after a miners' strike last year, cobalt fell 37% and ferrochrome 26%.
Thor Energy said the next stage of its development plans will involve resource drilling at its US uranium projects alongside pump testing at its ISR copper project at Alford East.
Nicole Galloway Warland, managing director, added, that the primary focus remains resource development of uranium at Wedding Bell, Radium Mountain and Vanadium King in the US.
Greatland Gold has indicated it might try to buy back full ownership of the Havieron gold project in the Pilbara, Western Australia if the opportunity arose.
In February, Newmont, the majority partner at Havieron via a 70/30 joint venture with Greatland, deemed the project non-core.
Ariana Resources PLC (AIM:AAU)'s all-paper acquisition of Rockover Holdings offers 'compelling value'.
That, at least, is the conclusion of WH Ireland Capital Markets (WHI), which has taken a closer look at the 'value accretive' transaction.
Ferro-Alloy Resources revenue in 2023 was in line with estimates, says house broker Liberum, though losses were higher due to supplier and logistical issues.
Key going forward is the feasibility study of the primary vanadium deposit (Balasausqandiq), said Liberum, where the scope has been increased to include evaluation of the proposed Phase 2 expansion of up to 4Mtpa of treated ore, producing 22.4kt of vanadium pentoxide (V2O5).
Anglo American PLC (LSE:AAL)’s attempted takeover by BHP has prompted concern from an MP in Yorkshire over the fate of the proposed Woodsmith mining project.
Scarborough and Whitby MP Robert Goodwill said over the weekend that he would pressure BHP over commitments to the project if its takeover of Anglo went ahead.
Shares in Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) are oversold, meaning the mine developer could emerge in the cross-hairs of a bidder, according to research from Optiva Securities.
The risked net asset valuation of the Indonesia-focused mine developer's assets is put at £188.8 million or 7.22p a share, the brokerage said.
Altona Rare Earths PLC (LSE:REE) has appointed copper exploration expert David Catterall as a consultant, according to an update on Monday.
Catterall will join with a focus on Altona’s Sesana copper-silver project in Botswana, working closely with chief executive Cedric Simonet.
Thor Explorations halved its debt in 2023 after notching up two years of production from its Segilola Gold Mine in Senegal.
Segun Lawson, chief executive, said he was pleased with the production of 85,000 ounces despite the planned pushback of the western wall of the pit and mining of waste material to access the orebody more efficiently going forward.
Anglo American PLC (LSE:AAL) shares were in demand on Monday after the miner rejected a takeover bid from rival giant BHP Group Ltd (LSE:BHP, ASX:BHP) at the end of last week.
Investors and analysts seem optimistic that this will not be the end of the story, helped by weekend stories via 'sources familiar with the matter' that BHP is mulling an improved offer.
Ferro-Alloy Resources has reiterated it expects to see improvements to its plant this year after what it describes as a challenging 2023.
The vanadium specialist runs a processing operation alongside its development of the huge Balasausqandiq deposit in Kazakhstan where a feasibility study is in progress.
Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) appears confident it will hit nameplate production from the Vares polymetallic operation in Bosnia and Herzegovina in the final quarter.
It hit a first crucial milestone towards that target in February when the commissioning of the plant was completed to create the first concentrate.
European Green Transition has entered into an option to commence due diligence on and potentially acquire a copper tailings recycling project in Cyprus.
Situated near the formerly-producing Limni copper mine that produced over 8.1 Mt between 1937 and 1978, EGT has an exclusive twelve-month period to carry out due diligence.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has completed the first gold pour from its Sabodala-Massawa BIOX Expansion in Senegal, transforming the complex into a tier 1 mine, according to the Africa-focused miner.
Commercial production from the new project is expected later this quarter with the project ramping up to its nameplate capacity of 1.2Mtpa in the following three months.
Aura Energy Ltd (ASX:AEE, AIM:AURA) has wrapped up a large drilling program at the Tiris Uranium Project in Mauritania.
The program was part of a push to advance the project as a near-term, low-cost uranium mine with a healthy 17-year lifespan.