Kodal Minerals PLC (LON:KOD) rocketed this week as a Chinese group agreed to buy in at a huge premium to the share price and negotiations began for an offtake deal for lithium from its Bougouni asset in Mali.
Suay Chin, a newly formed lithium trader, is to acquire £500,000 worth of shares 0.3p per share and is undertaking due diligence ahead of a possible £4.3mln injection at 0.38p that would give it a 20% stake.
The off-take agreement relates to 20% of the spodumene concentrate to be produced from Bougouni.
Elsewhere, hares in Asiamet Resources Limited (LON:ARS, CVE:ARS) edged higher on Friday on the back of some encouraging drilling results.
Resource infill and extension drilling being completed as part of feasibility studies on the Beruang Kanan Main (BKM) copper deposit in Central Kalimantan, Indonesia continues to substantially de-risk the resource that underpins the project.
The dual-listed mining project developer said a total of 93 holes have now been drilled, while three more holes are currently being drilled.
In other news, W Resources PLC (LON:WRES) said it may list its copper and gold licences in a separate stock market vehicle as it confirmed it had raised £750,000 of dedicated funding to accelerate the development of the assets.
The Spain and Portugal-focused company, whose main focus is the La Parrilla and Régua tungsten projects, made the announcement after completing a strategic review.
It raised the new cash at 0.35p, a modest discount to last night’s close, with chairman Michael Masterman chipping in £150,000.
Construction materials group Breedon Group PLC (LON:BREE) saw its trading performance transformed in 2016 by the acquisition of Hope Construction Materials.
Hope contributed to five months of 2016, burnishing an already good performance from the former Breedon Aggregates business.
The group's profit before tax shot up 50% to £46.8mln from £31.3mln in 2015, while underlying earnings before interest and tax (EBIT) soared 58% to £59.6mln from £37.8mln.
Metal Tiger PLC (LON:MTR) has completed the pre-flotation financing of its new Thai mining joint venture.
A funding with high net worth investors raised £514,000 for Kemco, the name of the new venture, payment of which will be triggered when the company lists on AIM.
The price is a 20% discount to the likely float price with the new investors also to get a warrant convertible at a 50% premium.
And finally, Shanta Gold Ltd (LON:SHG) hit multiple gold intercepts at decent grades at Nkuluwisi, one of the satellite targets close to its New Luika gold mine in southwest Tanzania.
Shallow drilling at the deposit , which is 12km from New Luika’s central processing hub, recorded gold indications at mineable grades down to 120 metres below surface.
Exploration to date has covered a strike length of about 900 metres while a significant portion of the regionally prominent Nkuluwisi Shear Zone remain untested, Shanta said.