Goldplat (LON:GDP)
GDP has announced that Ashanti Gold (CVE:AGZ) has exercised its option to earn into the Anumso project in Ghana. In the first 18 months AGZ must spend US$1.5m on the project to earn 51% which included a six month review period. Once this has been spent AGZ must spend a further US$1.5m to earn a further 24% which would result in an effective interest of 67.5%.
Whilst we expected AGZ to exercise the option and begin to advance the Anumso project it is nonetheless a positive outcome and enables GDP to realise value for one of its non-core assets.
We reiterate our Buy recommendation and 12.2p/sh. target price.
ML has made its initial option payments to gain 100% control of the Pocitos West Project of 15,857 hectares as first announced 2 February, 2017. The property can be purchased in full for payments totalling US$4.5m over the coming three years in staged payments.
The Pocitos basin is a known lithium bearing basin where ML already has a land position. The basin of 60km length lies west of ML’s flag ship project Pastos Grandes but is orders of magnitude larger in total area than Pastos Grandes. Geophysical evidence suggests the basin is at least 500m deep and tips toward the west and ML’s ground.
This acquisition further cements a growing land position of scope and scale for ML in highly prospective lithium brine basins within the Lithium Triangle.