Power Metal Resources PLC (AIM:POW) has announced a drilling update from the Molopo Farms Complex Project targeting a large-scale nickel-copper-platinum group element (PGE) discovery in southwestern Botswana.
In a statement, Paul Johnson, chief executive officer of Power Metal commented: "The initial findings from hole DDH1-6B are exciting, confirming the extension of pyroxenite layering to the south of original hole KKME1-6 and providing significant core intervals for expedited processing and subsequent assay testing.
BMW Group has unveiled plans to invest $1.7 billion in expanding its US operations to build electric vehicles (EVs) and batteries.
The German carmaker said the investment will include $1bn to prepare for production of EVs at its existing Spartanburg factory in South Carolina, and $700mln for a new high-voltage battery-assembly facility in nearby Woodruff in the state.
Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) has noted announcements from two of its investee companies, Southern Gold Limited and Sandfire Resources Limited.
Southern Gold has outlined preliminary plans to broaden exploration efforts in South Korea to include the search for copper, lithium and rare earth element (REE) deposits while remaining focussed on its precious metals exploration program heading into 2023.
Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has announced the successful completion of its proposed fundraising as unveiled on October 19, 2022, raising gross proceeds of £30 million (C$47 million).
The company said a total of 85,714,285 new common shares have been conditionally placed with new and existing institutional investors at a price of 35p (C$0.54) each. Out of the total fundraising shares, a total of 53,734,633 Icelandic Depositary Receipts were conditionally placed as part of the Icelandic placing at 56.77 Icelandic kroner each.
Scotgold Resources Limited's (AIM:SGZ) 33% increase in third-quarter mill throughput was encouraging even though production dipped, according to 'house' broker Shore Capital.
The mill is now handling around 4,000 tonnes per month at an average grade of 10.09 grams per tonne (g/t) gold, but management expects this to rise to 5,000 tonnes per month once the tailings thickener is connected and 6,000 tonnes per month with further optimisation of the processing plant.
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said the costs of the Tulu Kapi gold project in Ethiopia have risen by 7%, though its financing partners are willing to up their investment to cover the additional capex, it added.
Estimates of the capital spending required – excluding the mining fleet provided by the contractor – are now US$320mln from US$300mln previously.
Scotgold Resources Limited (AIM:SGZ) said it expects fourth-quarter output from its Cononish gold and silver mine to exceed production achieved in the second and third quarters.
Scotgold reported today that it produced 2,004 ounces of gold and 10,265 ounces of silver in the third quarter to end-September.
Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) said it remained on track for the middle of full-year guidance as the amount of gold mined, produced and sold in the third quarter increased compared to the second.
In the quarter to the end of September, 127,512 ounces (oz) of gold were produced, up 23% year on year and up 15% on the preceding quarter.
Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said it received a grant of up to A$220,000 (£120,000) to co-fund exploration drilling and mobilisation costs at its Ernest Giles gold project In Australia.
The grant was awarded by the Western Australian government under its Exploration Incentive Scheme (EIS).
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) said it completed the drilling programme at its flagship Ewoyaa lithium project in Ghana.
It also announced further assay results for an additional 5,367 metres of drilling, with multiple high-grade and broad intersections reported both inside and outside the current mineral resource estimate.
Kavango Resources PLC (LSE:KAV, OTC:KVGOF) has said it will complete the holes in its current drilling campaign in the Kalahari Copper Belt (KCB) in Botswana using diamond drilling following the results from ongoing CSAMT surveys.
Earlier this month, London-listed Kavango reported positive initial results from Controlled-Source Audio Magnetotelluric (CSAMT) surveys over its PL082/2018 licence in KCB.
Galileo Resources PLC (AIM:GLR) has provided an update on Afrimat Ltd’s intention to acquire Glenover Phosphate Proprietary Ltd, worth a total of 300mln South African rand (£14.6mln).
Galileo owns 30.7% of Glenover shares, with a further 4.99% held on its behalf by Galagen Propriety Ltd, which Afrimat, an open pit mining company, will buy for 107mln rand (£5.2mln).
Premier African Minerals Ltd (AIM:PREM) said multiple thick high-grade zones were intersected at its Zulu lithium and tantalum project in Zimbabwe.
The assay results also indicated that the mineralisation in the main pegmatite ore body, which lies north and south of the Machakwe River, is almost exclusively spodumene with little to no petalite.
Asiamet Resources Ltd (AIM:ARS) has hailed as a ‘major milestone’ a powerline route survey and site visit to the BKM Copper Project by the Indonesian State Electricity Company, also known as PLN.
It said there was a ‘high level of support’ for the development of a transmission line into the Central Kalimantan site, particularly given the fact the province is in a power surplus.
Technology Minerals PLC (LSE:TM1) said it has hit high-grade lithium during its first work programme on a new licence in County Wexford, Republic of Ireland, with spodumene pegmatite samples in float ranging up to 2.95% Li2O (lithium oxide).
Licence PLA 1597 will form part of the Leinster property exploration block, said the main market-listed company, with field exploration beginning this month to identify specific areas for follow-up drilling.
Anglesey Mining PLC (AIM:AYM) has reported a positive final set of assay results from an infill drilling programme at its Parys Mountain copper-zinc-lead-silver-gold project on the Isle of Anglesey in North West Wales.
The final two holes of the 2022 programme recorded multiple broad intercepts and continued to highlight that the White Rock and Engine Zones represent an extensive mineralised system, said the AIM-traded company.
Piedmont Lithium Inc (ASX:PLL, NASDAQ:PLL, XETRA:) has been selected for a US$141.7 million grant from the US Department of Energy (DOE).
PLL’s world-class, multi-asset, integrated lithium business and its projects will be one of the first set of projects funded by the President’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for EVs and the electrical grid and for materials and components currently imported from other countries.
Tesla Inc (NASDAQ:TSLA) reported mixed fortunes in its third-quarter results with revenue missing Wall Street expectations but earnings higher than forecast.
Revenue was US$21.45 billion versus market forecasts of US$21.96 billion, while earnings of US$1.05 per share topped Street expectations of $0.99 per share.
Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) announced that it intends to conduct a placing and subscription of new company common shares to raise proceeds of about £30 million (C$46.4 million), in addition to the £18 million (C$27.9 million) raised in relation to the ACAM, LP (ACAM) Joint investment.
The Greenland-focused independent mining firm said net proceeds from the fundraising will be used to expand and delineate the resource base at the company's cornerstone Nalunaq gold project in Greenland and progress the asset towards mine construction, and provide funding to accelerate exploration across the company's significant portfolio of gold assets, as well as other corporate purposes.
Oriole Resources PLC (AIM:ORR), the AIM-quoted gold explorer focused on West Africa, has provided an update on its 24.94% interest in privately-owned Thani Stratex Resources Ltd (TSR), which holds a 93% interest in the Hodine licence in Egypt.
In Q1 of last year, TSR entered into an earn-in-agreement with Red Sea Resources Ltd (RSR), whereby RSR was given an initial 7% shareholding in Thani Dubai Mining Holdings Ltd (TDMHL).
Analysts at Berenberg have reiterated a 'sell' rating and 4,000p price target on Rio Tinto PLC (LSE:RIO) shares as they feel the FTSE 100-listed miner remains a dividend risk, and more so if iron ore does not rally on any China support.
The German bank's analysts noted that the 20th National Congress of the Chinese Communist Party, which will end on October 22, is expected to announce an economic stimulus, but this has not happened yet.
Panther Metals PLC (LSE:PALM) said it has appointed two drilling contractors for its diamond programme at the Obonga Project, situated on the Obonga greenstone belt approximately 160 kilometres north of Ontario, Canada.
The company focused on mineral exploration in Canada said it chose BC Diamond Drilling and Platinum Diamond Drilling to conduct the core programme this autumn.
Glencore PLC (LSE:GLEN) reportedly delivered "significant amounts" of aluminium mined in Russia to a London Metal Exchange warehouse in South Korea.
The FTSE 100 commodity trader delivered an unstated amount of the metal originating from Russian producer Rusal, Reuters reporting, citing various sources.
BHP Group lifted production of iron ore in its third quarter helped by Pilbara returning to normal production after Covid, but concerns over China and Australian labour issues overshadowed the numbers.
Heavy rainfall also hit coal production though the increases in copper, nickel and iron ore helped to offset this.
First Class Metals PLC (LSE:FCM) said it has been awarded two exploration permits for its Sunbeam gold project in Ontario, Canada.
The permits are for a three-year period and include the 'Sunbeam Extension' located in the Ramsey-Wright Townships, the core of the property.
ECR Minerals PLC (AIM:ECR) announced “exceptionally” high gold grades after it retested selected core samples from a 2021 drilling programme at its Creswick gold project in central Victoria, Australia, lifting the company’s shares up 25%.
As per standard industry practice, original drill cores were cut in half with one half sent for analysis and the remaining half (known as duplicates) preserved for future reference.
Chaarat Gold Holdings Ltd (AIM:CGH) said a Bio-oxidation (BIOX) metallurgical test programme on its Kyzyltash gold project in the Kyrgyz Republic confirmed that the ore is recoverable through three potential processing routes.
The AIM-quoted gold miner said first-phase recoveries for BIOX averaged 84-96% using flotation, BIOX, and carbon in leaching.
Chilean copper miner Antofagasta PLC (LSE:ANTO) has weighed in with a 40% increase in output in the third quarter, yet warned that it would only scrape in at the lower end of production guidance for the year.
The FTSE 100-listed firm's shares opened 1.7% lower.
Technology Minerals PLC (LSE:TM1) said it has agreed on terms to acquire the outstanding shares in its associate Recyclus.
Currently, Technology Minerals owns 48.35% of the battery recycler but this will increase to 100% following the issue to its partners of 921.5mln new shares at a price of 4.32p.
Shanta Gold Limited (AIM:SHG, OTC:SAAGF) has issued some more information about the three bid approaches it revealed on Tuesday.
Any offer from Yintai will be solely in cash, said the East Africa-focused gold miner after it held further discussions with the Chinese group.
Cloudbreak Discovery PLC (LSE:CDL) reported positive results from a reconnaissance surface programme at its Foggy Mountain copper-gold-silver project in British Columbia, Canada and said it will concentrate on finding a partner for the project.
The programme confirmed three of the four historic mineral occurrences (the fourth area was not included in the programme). Results from seven grab samples showed grades of more than 1% copper.
Ora Banda Mining Ltd (ASX:OBM)’s extensional drilling under the Riverina open pit in Western Australia has extended the Main Lode an additional 100 metres vertically with high-grade intercepts of 1.2 metres at 29.9 g/t gold and 2.8 metres at 6.0 g/t.
Intercepts have increased the depth of the known high-grade mineralisation from around 250 metres below surface to more than 350 metres below surface and the deposit remains open in all directions.
Analysts at Canaccord Genuity (TSX:CF, LSE:CF) have reiterated their 'buy' rating on Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and increased their target price for the company's Canadian-listed stock to C$46 from C$45 following news that construction of the Lafigue project in Cote d'Ivoire has been approved following the completion of a Definitive Feasibility Study (DFS).
The Canadian broker's analysts said: "We forecast Endeavour consolidated production increasing to 1.56Moz by 2025 from 1.39Moz this year (+12%). We also forecast Endeavour remaining cash flow positive throughout the construction period, at current gold prices, and to continue paying its dividend."
Bezant Resources PLC (AIM:BZT) and Caerus Mineral Resources PLC (LSE:CMRS) have announced their intention to terminate the joint venture agreement between the two companies.
Bezant revealed on October 3, 2022, that it had had discussions with Caerus in relation to the joint venture.
Landore Resources Limited has provided an update on the strategic review of the options available to the company in relation to its Canadian subsidiary/assets, which it announced on May 9, 2022, with the deadline for completion of the first stage extended until December 30, 2022.
In light of the significance of the BAM Gold and Battery Metals deposits located on the Junior Lake property, as announced in the company's Mineral Resource Estimate (MRE) update released on February 8, 2022, Landore's directors elected to undertake the strategic review in order to help the board achieve its objective in maximizing shareholder value.
Shares of Shanta Gold Limited (AIM:SHG, OTC:SAAGF) rose 20% as the East Africa-focused gold miner said it has received three separate takeover approaches.
Chinese firms Shandong Gold and Yintai Gold plus London-listed Chaarat Gold Holdings Ltd (AIM:CGH) are all eyeing a deal with the miner, it said, with talks ongoing with each of the parties.
Mila Resources PLC (LSE:MILA) has announced the discovery of three sheared zones, where rocks appear to be under pressure and stress, in an update on its Kathleen Valley project and the Coffey Deposit in Western Australia.
The features discovered are “consistent with the gold-silver bearing zones already assayed and carrying significant mineralisation higher up in the system," said Neil Hutchinson, technical director of the junior.
Rio Tinto PLC (LSE:RIO) has said iron ore shipments this year will be at the low end of its guidance range as deliveries fell 1% year-on-year in the past quarter.
With commodity prices continuing their downward trend during the quarter, the FTSE 100 mining giant acknowledged “slowing global demand” and said “there are further downside risks to demand as the global economy slows”.
Tesla Inc (NASDAQ:TSLA) rival BYD Co, China's biggest electric vehicle (EV) maker, has said its third-quarter net profit likely more than quadrupled as it extends its sales lead over the US EV giant in the world's largest auto market, Reuters has reported.
BYD estimated net profit for the July-September quarter to come in between 5.5 billion yuan and 5.9 billion yuan ($765 million to $820 million) - an increase of 333% to 365% from the same period a year earlier, the newswire said.
Panther Metals PLC (LSE:PALM) said it has commenced a follow-up soil geochemical sampling programme in the Barker area of the Manitou Lakes project in Ontario, Canada.
The project covers a total area of approximately 98 square kilometres and is located within the gold-endowed Kenora Mining District on the Eagle-Manitou Lakes greenstone belt, approximately 300 kilometres east of the city of Thunder Bay.
Bradda Head Lithium Ltd said it has completed further step-out drilling phase at its Basin East lithium in clay project in Arizona.
The company has now received all assay results from its 14-hole, 1,200-metre, sonic drilling programme completed at Basin East (BE) earlier this year.
Antipa Minerals Ltd (ASX:AZY) has kicked off a suite of exploration programs including drilling across three core assets in Western Australia, following up multiple high-priority targets at the Paterson Farm-in Project with IGO Ltd, the Citadel Joint Venture (JV) Project with Rio Tinto and the Wilki Farm-in Project with Newcrest Mining.
“Antipa is in a highly enviable position with significant ongoing exploration across our belt scale 5,100-square-kilometre Paterson Province exploration and project development portfolio,” Antipa Minerals managing director Roger Mason said.
Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR), the AIM and ASX listed investor in natural resource opportunities, noted that investee company Southern Gold Limited plans to start diamond drill testing at the historic Goseong copper-gold-silver mine district in South Korea in February 2023.
The company said Southern Gold revealed the news in a statement that provided initial assay results from new tenement applications staked over the Goseong copper-gold-silver mine district comprising 25 new exploration licence applications over 70 square kilometres.
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said it has renewed its Jibal Qutman exploration licence in Saudi Arabia.
This licence includes a resource of 733,000 ounces which forms the basis of an ongoing definitive feasibility study and development plan through the company's 30%-owned Gold and Minerals Limited joint venture in Saudi Arabia.
CleanTech Lithium PLC (AIM:CTL) said it has mobilised equipment on the Laguna Verde project in Chile for the completion of sampling of the four-well drill programme undertaken in the first half of this year.
The company is also commencing construction of access roads and a camp in preparation for drilling two new wells.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has commenced construction at the Lafigué project in Côte d’Ivoire, following completion of a definitive feasibility study.
First gold production is expected in the third quarter of 2024.