Mariana Resources (LON:MARL) – BUY*: H116 results
Market Cap: £65.4m; Current Price: 54.5p; Target Price: 104p
From yesterday: LBT reduces to £2.6m as Hot Maden continues to expand
LBT decreased to £2.6m in H116 from £2.9m in H115.
Net cash totalled £5.3m in H116 compared to £1m in H115.
Minor adjustments to forecast forecasts. No change to rating and price target.
NORTHLAND CAPITAL PARTNERS VIEW: During the first half of the year Mariana Resources continued to advance the Hot Maden Project with two drill rigs on site. Post period end, the Company and its joint venture partner Lidya completed an upgrade to the mineral resource estimate to c. 4moz Au eq. at a gold eq. grade of 10.2g/t Au eq. (based on Northland metal price assumptions). We are still expecting Mariana to complete a preliminary economic assessment towards the end of September/start of October, which will be a major milestone for the Company and will be followed up by a preliminary feasibility study in H117.
Alexander Mining (LON:AXM) – CORP: Licence Agreement
Market Cap: £2.2m; Current Price: 0.24p
From Thursday: Signs licence agreement with Accudo Metals
Alexander Mining has signed a leaching technology licence agreement with Accudo Metals, a newly formed Australian company.
Accudo is funded by sophisticated investors and clients of BlueMount Capital, a national mid-tier Australian investment bank. Pre-funding for test work and a full Scoping Study on the first targeted opportunity has been committed. Subject to a positive scoping study, Accudo foundation funders and BlueMount clients will fund a detailed feasibility study.
MetaLeach, a subsidiary of Alexander Mining, has granted Accudo an exclusive licence for up to five mining projects in Australia to use its Leaching Technologies. Alexander Mining will receive a 3.5% royalty, and A$250,000 on completion of a DFS, A$250,000 within seven days of the first commercial sale and shipment using the Leaching Technologies, and A$250,000 three months after the first sale and shipment.
NORTHLAND CAPITAL PARTNERS VIEW: A positive agreement for Alexander Mining that brings new life to the Company’s commercialisation plans. We continue to believe that the first successful commercial demonstration of Alexander Mining’s technology will be a catalyst for other agreements transforming the business.
Thor Mining (LON:THR) – CORP: Drilling underway
Market Cap: £1.7m; Current Price: 0.03p
From Thursday: 50 holes aircore programme underway
Thor Mining has commenced a 50 hole aircore drill programme at the Molyhil Tungsten Project, located in Australia.
The programme has a cost of less than A$0.1m.
NORTHLAND CAPITAL PARTNERS VIEW: This drill programme is designed to test the bed rock through shallow alluvial cover and is targeting magnetic anomalies that have similar characteristics to Molyhil.