Savannah Resources (LON:SAV) – CORP: Rio Tinto JV update and Interims
Market Cap: £14m; Current Price: 3.7p
LBT reduces to £0.8m
Savannah Resources and joint venture partner Rio Tinto have agreed to extend the long stop date for their joint venture agreement over the combined Mutamba/Jangamo Project from 30/09/16 until the 10/10/16, or such later date that may be agreed in writing.
LBT reduced to £0.8m in H116 from £1m in H115.
Net cash totalled £0.4m in H116 compared to net debt of £0.1m in H115.
Post period end, Savannah Resources raised £1.42m through a placing and subscription, with letters of intent received for an additional £0.83m from Directors and their related parties (Al Marjan) when the Company is not in a close period.
NORTHLAND CAPITAL PARTNERS VIEW: Savannah Resources had a highly productive start to the year at its Copper project, located in Oman, where production is expected to commence in late-2017. At its heavy mineral sands project, located in Mozambique, progress has been held-up despite both Savannah and Rio Tinto being clearly committed to the joint venture, due to the parties waiting on approvals from the Government of Mozambique. Savannah has also been very active at its recently acquired lithium projects, located in Finland, where its early-stage exploration is demonstrating the prospectivity of the area.
Uranium Resources (LON:URA) – CORP: Extension to Estes loans
Market Cap: £2m; Current Price: 0.3p
Extended to Dec-16 and Jan-17
Estes, a major shareholder and strategic investor of Uranium Resources has agreed to extend the terms of its US$1.3m loan facilities to 31/12/16. Another loan of US$500,000 has been extended to 31/01/17.
NORTHLAND CAPITAL PARTNERS VIEW: Uranium Resources is continuing to investigate options for the development of the Mtonya project, located in Tanzania, and is also considering projects in other commodities and jurisdictions.