Power Metal Resources PLC (AIM:POW) has announced the conditional disposal of its 100%-owned E-12 Uranium Property, located immediately south of the prolific Athabasca Basin in Northern Saskatchewan, Canada, to Teathers Financial.
E-12, a 13-square kilometre property, is one of 12 uranium properties held by 102134984 Saskatchewan Ltd (Power Sask), a wholly-owned subsidiary of Power Metal Resources Canada Inc, which is, in turn, a wholly-owned subsidiary of Power Metal.
Alien Metals Ltd (AIM:UFO, OTC:ASLRF) said its Iron Ore Company of Australia (IOCA) subsidiary has negotiated a deal to share a facility at Utah Point in Pilbara with Australian miner Element 25 (E25).
The facility, which is in proximity to Port Hedland, will handle iron ore produced from Alien’s Hancock operation in Pilbara, Western Australia, ahead of shipping.
Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) has provided initial drill results from Kelly's Ridge Prospect, Ragged Range, located in the Eastern Pilbara, Western Australia, which returned high-grade gold from the silicified altered contact along Kelly's Ridge.
The company said the best intercept to date is of 4 metres (m) at grams per ton (g/t) gold (Au) from 194m in hole 22RRC0052. Previous rock chip sampling at surface reported up to 15 g/t Au and 535 g/t silver (Ag), while historical drilling reported 1.5m at 22.97 g/t Au below these rock chips and four holes were designed to intersect this anomalous zone at depth.
Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) said it has completed its previously-announced financing, raising C$17,364,068 through the issuance of 18,493,925 company common shares in a UK Placing as well as 13,485,727 Amaroq common shares in the Canadian Subscription.
The Greenland-focused independent mine development company noted that certain Amaroq directors and members of its senior management team participated in the Canadian Subscription, purchasing 4,972,871 Canadian Subscription shares for gross proceeds of C$2,700,131.63.
Is it any comfort to the mining industry that the more serious of the charges that were recited against Glencore PLC (LSE:GLEN) in Southwark Crown court this week related to oil deals?
Cash in suitcases was ferried around by jetplanes in Africa, specifically to bribe officials in the oil and gas industries in South Sudan, Nigeria and elsewhere, the court heard, ahead of sentencing.
October delivered some mild respite for long-suffering investors in the mining royalty and streaming sector, with the average share price up 1.9%.
The gains were not shared equally within the sector with much of the space, 63%, experiencing negative share price movements, so it was a case of smaller negative moments in share prices being eclipsed by fewer larger gains.
Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) said about 30 people from a local community broke into its flagship Inmaculada mining facility in Peru on 31 October and severely damaged certain non-critical installations.
The London-listed precious metal producer said production remains unaffected, although further updates will be provided if the situation changes.
Power Metal Resources PLC (AIM:POW) said initial drilling results from its Tati project in Botswana show that it intersected high-grade gold.
Significant near-surface gold mineralisation was intersected in three holes, including a “Bonanza” intersection of 1 metre (m) at 47.17 grammes a tonne (g/t) gold from hole CHRC0003, said the AIM-traded group.
Empire Metals Ltd (AIM:EEE) has said an analysis of the historical geochemical sampling compiled so far on the Pitfield copper project in Western Australia indicated high values of copper, silver and base metals.
The mapping shows extensive copper, silver and other base metals anomalism over a 40 kilometre strike length, giving further confidence in the potential to discover a "Giant" copper mineralised system at Pitfield, said the AIM-quoted company.
Future Metals NL (ASX:FME, AIM:FME) has confirmed the potential of the Panton Project in Western Australia to host a large nickel-copper-PGE (platinum group elements) system.
This follows visual inspection of initial shallow diamond drill holes in the ‘Lower Zone’ of the Panton Intrusion that intersected broad zones of primary magmatic sulphides along with geophysical modelling.
Analysts at Liberum Capital repeated a 'buy' rating and 1,319p price target on Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) following news the firm has purchased the highly prospective Motapa gold exploration project in Zimbabwe for an undisclosed price.
The analysts noted that Motapa is considered by Caledonia as being "strategically important to the company’s growth ambitions, given its potential scale and its location immediately adjacent to the potentially transformative Bilboes project", which Caledonia conditionally agreed to acquire in July 2022.
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) received a repeat 'buy' rating with a 46p price target from analysts at 'house' broker Liberum Capital following a recent update.
The analysts noted that the latest batch of drill assays from the company's "best-in-class Ewoyaa spodumene lithium project in Ghana included multiple broad, high-grade infill and exploration intercepts, providing still further confidence both in resource conversion and in extending mineralisation."
Alien Metals Ltd (AIM:UFO, OTC:ASLRF) investors are set for exciting times ahead, according to broker WH Ireland.
The mining junior today announced it is exercising an option to acquire an additional 39% interest in the Hancock and Brockman iron ore projects in Australia, taking its stake to 90%.
Polymetal International PLC (LSE:POLY) posted a fall in third-quarter revenue on lower metal prices and higher inventories due to supply chain issues.
Revenue for the quarter dropped 13% year-on-year to US$714mln even as gold and silver production rose for the Russian and Kazakhstan-focused company.
Britishvolt has avoided calling in the administrators with a fundraising to get the UK electric vehicle battery startup through the next five weeks, with one industry buyer already circling if it fails.
The company confirmed on Wednesday that funding has been received and said that it has received “promising approaches from several more international investors” in recent days.
Alien Metals Ltd (AIM:UFO, OTC:ASLRF) said it plans to exercise its option to acquire an additional 39% interest in the Hancock and Brockman direct shipping iron ore projects in Australia, increasing its direct ownership to 90%.
The acquisition of the additional holding from Windfield Metals Pty Ltd is subject to certain conditions which Alien said it aims to meet by the end of this year.
British Lithium Limited said it has filed two more patents as it ramps up activity for the next stage of operational development at its Cornwall-based pilot plant.
The company, which was recently awarded a £2mln grant from the government-backed Automotive Transformation Fund to help fund development over the next 18 months, has been producing 99.9% pure battery-grade lithium carbonate at its plant since January.
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said the development of new mines and exploration work has been progressing well at a number of its sites in Azerbaijan.
The AIM-listed company said it was making “excellent” progress on the development of its future new mines: Zafar, Gilar and Vejnaly. It expects these mines to provide copper and gold production for at least the next four to five years until an anticipated major ramp up of copper production from Garadagh, a recent concession, begins.
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) reported the highest grade to date from its completed resource and exploration drilling programme at its flagship Ewoyaa lithium project in Ghana.
It intersected 4.52% lithium oxide (Li2O) over 1 metre (m), including an adjacent 1m interval of 3.99% Li2O, in infill drilling at the Ewoyaa Main deposit.
Technology Minerals PLC (LSE:TM1) said it has raised £400,000 gross through the issue of shares to a new institutional shareholder to fund a ramping up of the first phase of operations at its Tipton lead-acid battery recycling plant.
The shares, which represent approximately 2.45% of the company's enlarged share capital, were issued at a subscription price of 1.25p per share.
Shanta Gold Limited (AIM:SHG, OTC:SAAGF) said Yintai Gold Co. Ltd has told it that it does not intend to make an offer for the company.
On 18 October, the East Africa-focused gold miner announced three separate takeover approaches from Chinese firms Shandong Gold and Yintai Gold, plus London-listed Chaarat Gold Holdings Ltd.
Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) has bought Motapa Mining, which holds a registered mining lease over exploration property in Southern Zimbabwe adjacent to the Bilboes gold project, which it is in the process of acquiring.
No price was disclosed but it was below the regulatory disclosure threshold, Caledonia said. Privately owned Bulawayo Mining is the vendor.
Sovereign Metals Ltd (ASX:SVM, AIM:SVML) is poised to ship off natural rutile from the Kasiya Project in Malawi thanks to a pivotal offtake deal.
The rutile stock has reached a memorandum of understanding (MoU) with US-based Chemours — one of the world’s largest producers of high-quality titanium dioxide pigments — and plans to supply 20,000 tonnes of natural rutile every year under the project’s stage one nameplate capacity.
Analysts at Cenkos Securities have reiterated a 'buy' rating on Landore Resources Ltd (AIM:LND, OTC:LNDLF) following news the company has exited its holding in the Root Lake Project.
The analysts noted that ASX-listed Green Technology Metals Ltd concluded the purchase of 50% (1.5%) of the 3% net smelter royalty (NSR) that Landore held over the Root Lake Property for C$2mln in cash and exercised an option to purchase the remaining 1.5% NSR in return for a further cash payment of C$1m.
Analysts at Liberum Capital reiterated a 'buy' rating and 75p price target on Trident Royalties PLC (AIM:TRR) after its latest quarterly activities update.
The Liberum analysts noted that the company's revenues were up 20% quarter-on-quarter boosted by better gold offtake revenues and the minimum top-up payment from the Lincoln gold royalty.
Europa Metals Ltd (AIM:EUZ, JSE:EUZ), the European-focused lead, zinc and silver developer, has announced its final results for the year ended 30 June 2022, during which it "conducted additional highly successful drilling campaigns and metallurgy work".
In the results statement, Myles Campion, the company's executive chairman and acting CEO (UK) noted the update to the independent Indicated resource estimate for its wholly-owned Toral Project in northern Spain which "represented a substantial, approximate 55%, increase in the indicated resource component and the updated resource estimate can be utilised in calculations for feasibility studies and to support future mine planning".
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) chief executive George Bennett has topped up his holding in the company with the acquisition of £43,000 worth of shares at 9.9p each.
The South Africa-focused rare earth metals specialist recently published a preliminary economic assessment for its Phalaborwa project indicating a net present value of US$627mln, an internal rate of return of 40%, an average operating margin of 75% and a two-year payback period.
Britishvolt, the company looking to build an electric vehicle battery 'gigafactory' in north-east England, has reportedly secured an emergency financial rescue package.
A plea to the government for early payment of £30mln was rejected by Grant Shapps' business department yesterday as the £100mln set aside for the startup through the Automotive Transformation Fund is only available in staged payments as development of its £3.8bn factory in Northumberland reaches certain milestones.
Ferrexpo PLC (LSE:FXPO) said it has been notified of a “partial resumption” at its operations in central Ukraine after production was suspended following Russian missile strikes which damaged power lines.
Despite repairs on the state electrical infrastructure, the Swiss-headquartered iron ore producer said the supply of power to its plant is “variable and limited”, which makes it less cost-effective.
PYX Resources Ltd (LSE:PYX, NSX:PYX), the world's second-largest publicly-listed zircon producer by zircon resources, has announced the publication of its first full Sustainability Report.
In a statement commenting on the release of the report, Oliver B Hasler, the company's chairman and chief executive officer, said: "We are delighted to announce our inaugural Sustainability Report which sets out our achievements over the past year and showcases our efforts to enact a sustainability programme that makes a tangible difference to what we do, where we do it, and the communities we benefit.
Trident Royalties PLC (AIM:TRR) said it received US$2.4mln in royalty payments during the third quarter of 2022.
It noted that the Koolyanobbing iron ore royalty paid out US$407,000, the Mimbula copper royalty paid out US$500,000, the Lincoln gold royalty paid out US$173,500, while the gold offtakes portfolio paid out US$1.3mln.
Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF) has released its unaudited interim results for the six-month period ending 31 August 2022, during which time the company commenced drilling at its San Domingo pegmatite project, with a 30-hole diamond core drill programme expected to be completed during the fourth quarter of 2022.
In a statement, Ian Stalker, chairman of Bradda Head, commented: "The first half of the financial year has been both busy and rewarding for the company. Following the completion of an oversubscribed secondary fundraise during April 2022, the company continued to push ahead with work, developing its key projects, most notably with the commencement of drilling at our San Domingo lithium-bearing pegmatite project.
Galileo Resources PLC (AIM:GLR) said it has completed detailed follow-up fieldwork on five initial priority gold and nickel targets generated from the recent review of a 1,108 square kilometre airborne geophysical survey over the Bulawayo gold project in Zimbabwe.
Galileo has a current interest of 29% in the project, held through its interest in BC Ventures, along with an option to earn an additional 51% interest through spending US$1.0mln on exploration and evaluation of the projects by 21 January 2024.
Cloudbreak Discovery PLC (LSE:CDL) has released details of a restructuring plan designed to refocus the business on energy royalty acquisitions in the United States and acquisitions of minority interests in international energy projects.
The mineral exploration segment of the business will be transferred to, developed and operated through, a wholly owned Canadian subsidiary of Cloudbreak, to be named Cloudbreak Exploration Inc.
Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) said it has reached an agreement with Roskear Minerals LLP to lease certain mineral rights located immediately adjacent to the southern boundary of the company’s South Crofty Underground Permission area.
The 49-hectare lease area covers part of the historic Great Flat Lode and lies within the company's South Carn Brea Exploration Area.
Vast Resources PLC (AIM:VAST) said it has raised £1.46mln from a share placing with the proceeds earmarked to ensure working capital is maintained whilst it advances possible new opportunities.
The company said, in a statement, it is issuing 652mln new shares priced at 0.225p each in the placing arranged by its broker Axis Capital Markets.
Electric vehicles giant Tesla Inc (NASDAQ:TSLA) held talks with the FTSE 100 listed Glencore PLC (LSE:GLEN) about taking a stake in the mining and commodities group, according to a report.
Citing sources familiar with the matter, the Financial Times said Tesla discussed buying 10% to 20% of Glencore last year and continued negotiations in March this year, when the Swiss firm’s chief executive Gary Nagle visited the carmaker’s factory in Fremont, California.
Union representatives insisted that this did not mean the industrial action was over
Britishvolt, the UK government-backed battery startup looking to build a giant £3.8bn gigafactory in north-east England, is considering entering administration with the potential loss of almost 300 jobs.
The company could announce an administration as soon as Monday, with the accountancy firm EY lined up to carry it out if it goes ahead, two sources with knowledge of Britishvolt’s operations, told the Guardian newspaper's website.
Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has announced, following its previously announced total fundraising of C$47 million, an initial closing in which it has raised about C$29 million in Iceland through a share placing.
The company said the funds were raised through the placing of 53,734,633 shares of Amaroq, which have been issued and admitted to training on AIM and the TSX Venture Exchange (TSX-V).
Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) managing director Nicole Galloway Warland said the viability of the nuclear industry is the best it has been for 50 years, adding this is good news for the company's three US uranium projects.
“Demand [is] increasing due to climate change and carbon emission initiatives, electrification, responses to the global energy crisis exacerbated in Europe by the Russian invasion, and advancements in small modular reactors (SMR).
European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTC:EMHLF) has unveiled a new extraction method at its Cinovec deposit in the Czech Republic, which it claims will slash costs and deliver an exceptionally clean battery-grade lithium carbonate.
The simplified lithium chemical plant (LCP) cuts out more impurities and reduces the steps involved in processing to 7 from 15, cutting capital and operating expenses by between 10%-20%.
Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has said it remains on track for first concentrate production in the third quarter next year at its Vares silver project in Bosnia & Herzegovina.
The precious and base metals developer announced earlier this month that the construction of the Vares project is 45% complete and progressing rapidly.
Mila Resources PLC (LSE:MILA) booked a loss of just over £1mln in the year to 30 June 2022, nearly half of which was accounted for by a non-cash charge relating to warrants.
The company had cash of just over £1mln at the period end.
Cloudbreak Discovery PLC (LSE:CDL), a leading natural resources project generator with a particular focus on commodities key to the energy transition, has announced final results for its "active" first financial year as a listed company on the main market of the London Stock Exchange.
In the results statement, Kyler Hardy, the company's chairman, president and chief executive officer commented: "In what has been a challenging year for many companies, we have seen continuing shareholder support by way of a successful fundraise of £1.5 million. This will help to progress our portfolio of projects and execute on royalty acquisitions, providing near-term cashflow."
Contango Holdings (LSE:CGO) PLC, the natural resource company developing the Lubu Coal Project in Zimbabwe, said it has raised £7.5mln in an oversubscribed placing which will be used to fund its production and growth plans for coke product and thermal coal.
The company placed 125mln new shares at 6p each with existing and new shareholders, with the placing shares representing 26.4% of the company’s enlarged share capital.
Alien Metals Ltd (AIM:UFO, OTC:ASLRF) has announced the appointment of Troy Whittaker as chief executive of its wholly owned subsidiary, Iron Ore Company of Australia Pty Ltd (IOCA).
The company noted that Whittaker has more than 20 years of experience evaluating, developing and operating multi-billion dollar assets globally, across a broad range of commodities, including iron ore. He has a proven track record of leadership specialising in commercial management, project delivery and supply chain planning in dynamic environments.
Vast Resources PLC (AIM:VAST) today the company published an investor Q&A as a press release, answering questions submitted to the company by investors prior to its AGM (which was held on 24 October).
Here’s the Q&A in full:
Landore Resources Ltd (AIM:LND, OTC:LNDLF) said it has now received a total of C$3mln in cash from the sale of its 3% net smelter royalty on the Root Lake property to Green Technology Metals Ltd (ASX:GT1).
The transaction forms part of a broader consolidation of interests in Root Lake undertaken by Green Technology.
Castillo Copper Ltd (LSE:CCZ, ASX:CCZ) has zeroed in on rare earth element (REE) potential at the Broken Hill Alliance (BHA) Project’s East Zone in Far West New South Wales, where the company is reviewing historical assays and geophysical data that has generated several viable targets for drill testing.
The company intends to focus its attention on the Iron Blow prospect, having re-interpreted data from geophysical survey campaigns completed in 2000, 2001 and 2017 to identify several bedrock conductors prospective for mineralisation.