leadf
logo-loader
viewMetalNRG

MetalNRG beginning to build a broad portfolio of commodity assets

Snapshot

  • Exploring for gold at Gold Ridge, Arizona

  • In talks to buy oil and gas concession in Romania

  • To take a blended approach at Gold Ridge using gold from waste dumps

Gold

Quick facts: MetalNRG

Price: 0.61 GBX

LSE:MNRG
Market: LSE
Market Cap: £2.22 m
Follow

 

What it does

Metal NRG PLC's (LON:MNRG) main focus is on its Gold Ridge Project in Arizona, acquired in November 2018, which encompasses three previously-producing gold mines known as Gold Prince, Gold Ridge and Dives mines, which are over a 1.8km strike within prospective 5km long vein swarm.

The three mines contain high-grade gold bearing quartz-sulphide veins, with historical production at the Gold Prince mine of 22,000 oz through to 1996.

The explorer is hoping to monetise the waste dumps and pillars left behind by previous operators, so that it can then go on to develop the significant exploration potential in the area.

MetalNRG also has an 8.5% stake in the Kamushanovskoye uranium deposit in Kyrgyzstan, which is currently on hold pending government legislation on uranium mining in the country which it proposed to ban in March.

The company has completed due diligence the potential acquisition of an oil and gas concession in Romania. The terms of the acquisition are under review, following the sharp fall in the oil price in the wake of the coronavirus crisis. 

MetalNRG believes the opportunity in Romania is significant

 

Recent developments

The company completed two campaigns in the first part of 2020 at Gold Ridge. One focused on measuring the gold content left behind in the waste dump at level 6, while the second was designed to establish the ore left behind in underground pillars. One sample returned 30.4 grams per tonne of gold and 69 grams silver. 

Coronavirus has impeded follow up work, but the compay remains keen to get back to work as soon as possible.

Due diligence on a UK oil and gas deal is being finalised and completion of the transaction is expected imminently. 

Meanwhie, the company will continue to seek additional projects that meet its set investment criteria. The intention is specifically to seek opportunities that will deliver early positive cash flows .

MetalNRG reported an unaudited operating loss for the six months period ended 30 June 2020 of £386,304). Basic and diluted loss per share for the period was 0.11p and 0.08p respectively.

What the boss says: Rolf Gerritsen, chief executive

"I am pleased with the progress we have made on the UK Oil & Gas transaction. I look forward to providing more news on this transaction and the Romanian opportunities. We are working hard at de-risking the Gold Ridge operations further and we are continuously reviewing other opportunities, which is an ongoing process." 

"I believe we have an extremely bright future in front of us and look forward to reporting on our progress over the next few months."

 

Video

 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of MetalNRG named herein, including the promotion by the Company of MetalNRG in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

MetalNRG CEO talks new UK oil & gas opportunity and next steps for Gold Ridge

MetalNRG PLC's (LON:MNRG) Rolf Gerritsen speaks to Proactive London's Andrew Scott after releasing a general update as to its business activities. He says they've identified a number of oil and gas assets and have entered into a heads of terms agreement with the owners of a small portfolio of...

on 16/6/20

3 min read