https://www.miningcapital.com/companies/stocktube/12699/pan-african-in-a-strong-position-and-on-track-to-produce-170k-ounces-12699.html Pan African in a strong position and on track to produce 170k ounces https://www.miningcapital.com/companies/stocktube/12699/pan-african-in-a-strong-position-and-on-track-to-produce-170k-ounces-12699.html Fri, 22 Mar 2019 11:55:00 +0000 Mining Capital's Alastair Ford chats to Proactive London about the recent operational update from Pan African Resources plc (LON:PAF).

Ford says he's spoken with chief executive Cobus Loots who he describes as being in a 'pretty positive frame of mind'.

He says for the full financial year Pan African should be getting close to 170,000 ounces in gold production - which isn't too far off what they were producing a few years ago.

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https://www.miningcapital.com/columns/jackhammer/30749/feds-dovish-stance-on-rates-provides-short-term-boost-but-could-be-storing-up-significant-trouble-longer-term-30749.html Fed’s dovish stance on rates provides short-term boost, but could be storing up significant trouble longer-term https://www.miningcapital.com/columns/jackhammer/30749/feds-dovish-stance-on-rates-provides-short-term-boost-but-could-be-storing-up-significant-trouble-longer-term-30749.html Fri, 22 Mar 2019 10:48:00 +0000 https://www.miningcapital.com/companies/news/217022/rockfire-resources-discovers-high-grades-at-copper-dome-217022.html Rockfire Resources discovers high grades at Copper Dome https://www.miningcapital.com/companies/news/217022/rockfire-resources-discovers-high-grades-at-copper-dome-217022.html Fri, 22 Mar 2019 09:32:00 +0000 https://www.miningcapital.com/companies/news/217020/morgan-sindall-inks-potential-1bn-joint-venture-contract-with-brentwood-borough-council-217020.html Morgan Sindall inks potential £1bn joint venture contract with Brentwood Borough Council https://www.miningcapital.com/companies/news/217020/morgan-sindall-inks-potential-1bn-joint-venture-contract-with-brentwood-borough-council-217020.html Fri, 22 Mar 2019 09:31:00 +0000 https://www.miningcapital.com/companies/news/217012/mkango-triggers-investment-condition-with-filing-of-technical-report-217012.html Mkango triggers investment condition with filing of technical report https://www.miningcapital.com/companies/news/217012/mkango-triggers-investment-condition-with-filing-of-technical-report-217012.html Fri, 22 Mar 2019 08:22:00 +0000 https://www.miningcapital.com/companies/news/217011/connemara-mining-becomes-arkle-resources-as-spread-of-activities-widens-217011.html Connemara Mining becomes Arkle Resources as spread of activities widens https://www.miningcapital.com/companies/news/217011/connemara-mining-becomes-arkle-resources-as-spread-of-activities-widens-217011.html Fri, 22 Mar 2019 08:19:00 +0000 https://www.miningcapital.com/companies/news/217007/amur-minerals-corporation-extends-convertible-loan-facility-217007.html Amur Minerals Corporation extends convertible loan facility https://www.miningcapital.com/companies/news/217007/amur-minerals-corporation-extends-convertible-loan-facility-217007.html Fri, 22 Mar 2019 08:01:00 +0000 https://www.miningcapital.com/companies/news/216998/ausmon-resources-receives-mount-tewoo-nickel-cobalt-manganese-exploration-permit-216998.html Ausmon Resources receives Mount Tewoo nickel-cobalt-manganese exploration permit https://www.miningcapital.com/companies/news/216998/ausmon-resources-receives-mount-tewoo-nickel-cobalt-manganese-exploration-permit-216998.html Fri, 22 Mar 2019 06:44:00 +0000 https://www.miningcapital.com/companies/news/216996/galena-mining-secures-10-million-investment-from-kingfisher-capital-216996.html Galena Mining secures $10 million investment from Kingfisher Capital https://www.miningcapital.com/companies/news/216996/galena-mining-secures-10-million-investment-from-kingfisher-capital-216996.html Fri, 22 Mar 2019 05:32:00 +0000 https://www.miningcapital.com/companies/news/216995/kingston-resources-focused-on-advancing-gold-assets-in-papua-new-guinea-and-wa-216995.html Kingston Resources focused on advancing gold assets in Papua New Guinea and WA https://www.miningcapital.com/companies/news/216995/kingston-resources-focused-on-advancing-gold-assets-in-papua-new-guinea-and-wa-216995.html Fri, 22 Mar 2019 05:20:00 +0000 https://www.miningcapital.com/companies/news/216994/element-25-enters-trading-halt-with-update-on-funding-agreement-imminent-216994.html Element 25 enters trading halt with update on funding agreement imminent https://www.miningcapital.com/companies/news/216994/element-25-enters-trading-halt-with-update-on-funding-agreement-imminent-216994.html Fri, 22 Mar 2019 03:54:00 +0000 https://www.miningcapital.com/companies/news/216993/bellevue-golds-exploration-demonstrates-further-growth-potential-canaccord-genuity-216993.html Bellevue Gold’s exploration demonstrates further growth potential: Canaccord Genuity https://www.miningcapital.com/companies/news/216993/bellevue-golds-exploration-demonstrates-further-growth-potential-canaccord-genuity-216993.html Fri, 22 Mar 2019 02:42:00 +0000 https://www.miningcapital.com/companies/news/216900/king-river-resources-study-reveals-reduced-capital-costs-for-speewah-specialty-metals-project-216900.html King River Resources’ study reveals reduced capital costs for Speewah Specialty Metals Project https://www.miningcapital.com/companies/news/216900/king-river-resources-study-reveals-reduced-capital-costs-for-speewah-specialty-metals-project-216900.html Fri, 22 Mar 2019 01:58:00 +0000 https://www.miningcapital.com/companies/news/216989/tietto-minerals-intersects-up-to-194-gt-in-shallow-drilling-at-abujar-gold-project-216989.html Tietto Minerals intersects up to 194 g/t in shallow drilling at Abujar Gold Project https://www.miningcapital.com/companies/news/216989/tietto-minerals-intersects-up-to-194-gt-in-shallow-drilling-at-abujar-gold-project-216989.html Fri, 22 Mar 2019 01:55:00 +0000 https://www.miningcapital.com/companies/stocktube/12695/yandal-resources--drilling-points-to-promising-maiden-gold-resource-12695.html Yandal Resources' drilling points to promising maiden gold resource https://www.miningcapital.com/companies/stocktube/12695/yandal-resources--drilling-points-to-promising-maiden-gold-resource-12695.html Fri, 22 Mar 2019 01:51:00 +0000 Yandal Resources Ltd (ASX:YRL) managing director Lorry Hughes speaks to Proactive Investors about the gold explorer's drilling at its gold projects within the Yandal greenstone belt.
 
Hughes says aircore drilling at its Western Australian projects has revealed "significant mineralisation" from all prospects.
 
The company can now move to reverse circulation drilling to demonstrate the economic potential of what would be its maiden resource.
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https://www.miningcapital.com/companies/news/216992/st-barbara-shares-down-30-after-downgrades-at-gwalia-gold-mine-216992.html St Barbara shares down 30% after downgrades at Gwalia gold mine https://www.miningcapital.com/companies/news/216992/st-barbara-shares-down-30-after-downgrades-at-gwalia-gold-mine-216992.html Fri, 22 Mar 2019 01:42:00 +0000 https://www.miningcapital.com/companies/stocktube/12693/infinity-lithium-boosts-share-in-spanish-project-as-lithium-demand-rises-12693.html Infinity Lithium boosts share in Spanish project as lithium demand rises https://www.miningcapital.com/companies/stocktube/12693/infinity-lithium-boosts-share-in-spanish-project-as-lithium-demand-rises-12693.html Fri, 22 Mar 2019 01:24:00 +0000 Infinity Lithium Corporation Ltd (ASX:INF) managing director & CEO Ryan Parkin updates Proactive Investors on the battery metals-focused company's increased stake in the San Jose Lithium Project in Spain.
 
The further interest in the lithium project will help Infinity take advantage of rising demand for electric vehicles in Europe.
 
Parkin says recent announcements by European Union authorities will boost already strong demand for low carbon emission vehicles and the project's European location gives it an advantage in terms of both costs and carbon emissions over overseas exporters of lithium.
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https://www.miningcapital.com/companies/news/216990/predictive-discovery-spins-diamond-drill-bit-at-ferkessedougou-north-216990.html Predictive Discovery spins diamond drill bit at Ferkessedougou North https://www.miningcapital.com/companies/news/216990/predictive-discovery-spins-diamond-drill-bit-at-ferkessedougou-north-216990.html Fri, 22 Mar 2019 01:23:00 +0000 https://www.miningcapital.com/companies/stocktube/12691/thundelarra-changes-name-to-ora-gold-to-reflect-new-focus-12691.html Thundelarra changes name to Ora Gold to reflect new focus https://www.miningcapital.com/companies/stocktube/12691/thundelarra-changes-name-to-ora-gold-to-reflect-new-focus-12691.html Fri, 22 Mar 2019 00:54:00 +0000 Ora Gold Ltd (ASX:OAU) chief executive officer Tony Lofthouse speaks to Proactive Investors about the gold explorer's recent name change and its Garden Gully project in WA. 
 
Thundelaara Ltd (ASX:THX) has become Ora Gold as it acquires more ground at Garden Gully near Meekatharra. 
 
Lofthouse says the rising gold price means Ora Gold's decision to explore the new ground makes plenty of sense now despite past explorers walking away.
 
Lofthouse also explains why he's stepping down as the miner's chief executive.
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https://www.miningcapital.com/companies/news/216987/galan-lithium-managing-director-buys-shares-on-market-216987.html Galan Lithium managing director buys shares on-market https://www.miningcapital.com/companies/news/216987/galan-lithium-managing-director-buys-shares-on-market-216987.html Fri, 22 Mar 2019 00:48:00 +0000 https://www.miningcapital.com/companies/news/216985/pacific-american-coal-appoints-matt-wall-to-run-coal-216985.html Pacific American Coal appoints Matt Wall to run coal https://www.miningcapital.com/companies/news/216985/pacific-american-coal-appoints-matt-wall-to-run-coal-216985.html Fri, 22 Mar 2019 00:00:00 +0000 https://www.miningcapital.com/companies/stocktube/12688/jupiter-mines-celebrates-one-year-on-the-asx-12688.html Jupiter Mines celebrates one year on the ASX https://www.miningcapital.com/companies/stocktube/12688/jupiter-mines-celebrates-one-year-on-the-asx-12688.html Thu, 21 Mar 2019 19:58:00 +0000 Jupiter Mines Limited (ASX:JMS) CEO Priyank Thapliyal tells Proactive Investors the first year of the company's listing on the Australian Securities Exchange has been a 'resounding success,' pulling in $150 million last year.

Thapliyal says Jupiter has produced between up to 3.5 million tons of manganese within its partially owned Tshipi manganese asset in South Africa.

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https://www.miningcapital.com/companies/stocktube/12687/globex-mining-makes-another-move-to-maximize-shareholder-value-12687.html Globex Mining makes another move to maximize shareholder value. https://www.miningcapital.com/companies/stocktube/12687/globex-mining-makes-another-move-to-maximize-shareholder-value-12687.html Thu, 21 Mar 2019 19:53:00 +0000 Globex Mining (TSE:GMX) President and CEO Jack Stoch joined Steve Darling on Skype to talk about a busy week for Globex. Stoch addressing news the company has done another buyback of stock and how this benefit shareholders.

Stoch also telling Proactive about recent transactions dealing with Mooseland Gold Mine and Nova Scotia and the Crater Lake property in Quebec.

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https://www.miningcapital.com/companies/stocktube/12686/dunnedin-ventures-narrows-the-exploration-for-diamonds-at-kahuna-project-12686.html Dunnedin Ventures narrows the exploration for diamonds at Kahuna project https://www.miningcapital.com/companies/stocktube/12686/dunnedin-ventures-narrows-the-exploration-for-diamonds-at-kahuna-project-12686.html Thu, 21 Mar 2019 19:32:00 +0000 Dunnedin Ventures (CVE:DVI) President Claudia Tornquist joined Steve Darling on Skype from South Africa to discuss their latest sampling results from the Josephine target on the 100% owned Kahuna project in Nunavut. Tornquist telling Proactive they seem to have narrowed the search for diamonds to a specific area.

Tornquist also talked about Dunnedin’s copper projects and what work is expected to be done this year.
 

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https://www.miningcapital.com/companies/news/216975/arctic-star-soars-as-it-raises-c850000-for-exploration-in-finland-216975.html Arctic Star soars as it raises C$850,000 for exploration in Finland https://www.miningcapital.com/companies/news/216975/arctic-star-soars-as-it-raises-c850000-for-exploration-in-finland-216975.html Thu, 21 Mar 2019 18:15:00 +0000 https://www.miningcapital.com/companies/stocktube/12684/lithiumore-provides-drilling-activity-update-12684.html LithiumOre provides drilling activity update https://www.miningcapital.com/companies/stocktube/12684/lithiumore-provides-drilling-activity-update-12684.html Thu, 21 Mar 2019 18:00:00 +0000 LithiumOre Corp (OTCQB:ORRP) CEO Doug Cole tells Proactive Investors the lithium explorer will begin drilling its first exploratory and production well at its Railroad Valley lithium project in Nevada.

The company is on track to start the week of April 8.

Cole says the company expects to see results next week from a geophysical survey that began two weeks ago.

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https://www.miningcapital.com/companies/news/216971/newrange-gold-shares-tick-higher-as-pamlico-project-in-nevada-progresses-216971.html Newrange Gold shares tick higher as Pamlico project in Nevada progresses https://www.miningcapital.com/companies/news/216971/newrange-gold-shares-tick-higher-as-pamlico-project-in-nevada-progresses-216971.html Thu, 21 Mar 2019 17:00:00 +0000 https://www.miningcapital.com/companies/news/216973/great-bear-resources-continues-to-see-positive-results-from-dixie-lake-drilling-216973.html Great Bear Resources continues to see positive results from Dixie Lake drilling https://www.miningcapital.com/companies/news/216973/great-bear-resources-continues-to-see-positive-results-from-dixie-lake-drilling-216973.html Thu, 21 Mar 2019 16:18:00 +0000 https://www.miningcapital.com/companies/news/216967/bacanora-lithium-focused-on-providing-key-battery-metal-for-electric-vehicles-from-big-mexican-project-216967.html Bacanora Lithium focused on providing key battery metal for electric vehicles from big Mexican project https://www.miningcapital.com/companies/news/216967/bacanora-lithium-focused-on-providing-key-battery-metal-for-electric-vehicles-from-big-mexican-project-216967.html Thu, 21 Mar 2019 15:40:00 +0000 https://www.miningcapital.com/companies/news/216963/globex-acquires-stake-in-nsgold-owner-of-mooseland-gold-mine-in-nova-scotia-216963.html Globex acquires stake in NSGold, owner of Mooseland gold mine in Nova Scotia https://www.miningcapital.com/companies/news/216963/globex-acquires-stake-in-nsgold-owner-of-mooseland-gold-mine-in-nova-scotia-216963.html Thu, 21 Mar 2019 14:55:00 +0000 https://www.miningcapital.com/companies/stocktube/12681/pfs-values-neo-lithium-s-3q-project-in-argentina-at-us114-billion-12681.html PFS values Neo Lithium's 3Q project in Argentina at US$1.14 billion https://www.miningcapital.com/companies/stocktube/12681/pfs-values-neo-lithium-s-3q-project-in-argentina-at-us114-billion-12681.html Thu, 21 Mar 2019 14:29:00 +0000 Neo Lithium Corp's (CVE:NLC) (OTCQX:NTTHF) chief operating officer Gabriel Pindar caught up with Proactive London following the release of a pre-feasibility study on its Tres Quebradas lithium brine project (3Q project) in Argentina.

The reports reveals significant cash flows, a US$1.14 billion net present value (NPV) as well as a low pre-production capital cost of US$319 million and low operating costs of US$2,914 per tonne of LCE (lithium carbonate equivalent).

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https://www.miningcapital.com/companies/news/216949/neo-lithium-s-pre-feasibility-study-for-3q-mine-shows--exceptional--project-with-strong-cash-flow-and-potential-to-improve-resource-216949.html Neo Lithium's pre-feasibility study for 3Q mine shows "exceptional" project with strong cash flow and potential to improve resource https://www.miningcapital.com/companies/news/216949/neo-lithium-s-pre-feasibility-study-for-3q-mine-shows--exceptional--project-with-strong-cash-flow-and-potential-to-improve-resource-216949.html Thu, 21 Mar 2019 14:05:00 +0000 https://www.miningcapital.com/companies/news/216956/medgold-resources-set-for-5000-meters-of-drilling-at-tlamino-project-this-year-216956.html Medgold Resources set for 5,000 meters of drilling at Tlamino project this year https://www.miningcapital.com/companies/news/216956/medgold-resources-set-for-5000-meters-of-drilling-at-tlamino-project-this-year-216956.html Thu, 21 Mar 2019 13:59:00 +0000 https://www.miningcapital.com/companies/news/216959/with-revenue-and-profits-rising-base-resources-can-now-confidently-set-out-its-stall-for-future-growth-216959.html With revenue and profits rising, Base Resources can now confidently set out its stall for future growth https://www.miningcapital.com/companies/news/216959/with-revenue-and-profits-rising-base-resources-can-now-confidently-set-out-its-stall-for-future-growth-216959.html Thu, 21 Mar 2019 13:46:00 +0000 https://www.miningcapital.com/companies/news/216953/hannan-metals-increases-land-package-at-peru-copper-project-216953.html Hannan Metals increases land package at Peru copper project https://www.miningcapital.com/companies/news/216953/hannan-metals-increases-land-package-at-peru-copper-project-216953.html Thu, 21 Mar 2019 13:44:00 +0000 https://www.miningcapital.com/companies/news/216954/crest-nicholson-drops-as-jpmorgan-cazenove-cuts-its-target-price-in-sector-review-noting-near-20-rise-in-year-to-date-216954.html Crest Nicholson drops as JPMorgan Cazenove cuts its target price in sector review, noting near 20% rise in year-to-date https://www.miningcapital.com/companies/news/216954/crest-nicholson-drops-as-jpmorgan-cazenove-cuts-its-target-price-in-sector-review-noting-near-20-rise-in-year-to-date-216954.html Thu, 21 Mar 2019 13:23:00 +0000 https://www.miningcapital.com/companies/stocktube/12677/jubilee-metals-focused-on-delivery-after-significant-zinc-refinery-acquisition-12677.html Jubilee Metals focused on delivery after significant zinc refinery acquisition https://www.miningcapital.com/companies/stocktube/12677/jubilee-metals-focused-on-delivery-after-significant-zinc-refinery-acquisition-12677.html Thu, 21 Mar 2019 13:17:00 +0000 Jubilee Metals Group PLC (LON:JLP) chief executive Leon Coetzer talks Proactive London's Andrew Scott through their acquisition of the Sable Zinc refinery in Zambia.

Coetzer points out the refinery is situated immediately adjacent to the large stockpiles of zinc, lead and vanadium that Jubilee has contracted from BMR Group PLC.

He adds that the acquisition reduces the time to build the project refinery by around 18 months and it expects to deliver the first metal within a year from the purchase.

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https://www.miningcapital.com/companies/news/216942/jubilee-metals-acquires-zinc-refinery-completes-fund-raising-to-ramp-up-kabwe-project-in-zambia-216942.html Jubilee Metals acquires zinc refinery, completes fund-raising to ramp up Kabwe project in Zambia https://www.miningcapital.com/companies/news/216942/jubilee-metals-acquires-zinc-refinery-completes-fund-raising-to-ramp-up-kabwe-project-in-zambia-216942.html Thu, 21 Mar 2019 11:56:00 +0000 https://www.miningcapital.com/companies/news/216938/gold-resource-corporation-s-aguila-project-in-mexico-connects-to-power-grid-cutting-environmental-emissions-216938.html Gold Resource Corporation's Aguila Project in Mexico connects to power grid cutting environmental emissions https://www.miningcapital.com/companies/news/216938/gold-resource-corporation-s-aguila-project-in-mexico-connects-to-power-grid-cutting-environmental-emissions-216938.html Thu, 21 Mar 2019 11:56:00 +0000 https://www.miningcapital.com/companies/news/216935/alba-minerals-rises-as-it-receives-first-drill-results-from-thule-black-sands-project-216935.html Alba Minerals rises as it receives first drill results from Thule Black Sands project https://www.miningcapital.com/companies/news/216935/alba-minerals-rises-as-it-receives-first-drill-results-from-thule-black-sands-project-216935.html Thu, 21 Mar 2019 11:02:00 +0000 https://www.miningcapital.com/companies/news/216868/w-resources-set-to-become-major-european-tungsten-producer-216868.html W Resources set to become major European tungsten producer https://www.miningcapital.com/companies/news/216868/w-resources-set-to-become-major-european-tungsten-producer-216868.html Thu, 21 Mar 2019 09:44:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30741/vsa-capital-market-movers---bacanora-lithium-30741.html VSA CAPITAL MARKET MOVERS - Bacanora Lithium https://www.miningcapital.com/columns/vsa-capital-market-movers/30741/vsa-capital-market-movers---bacanora-lithium-30741.html Thu, 21 Mar 2019 09:31:00 +0000

VSA Morning Miner, 21/03/19

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Bacanora Lithium (LON:BCN)

We note the update in relation to Zinnwald and Deutsche Lithium (50% owned by Bacanora Lithium (BCN LN)) where an additional exploration license of 42km2 has been granted to the company. The initial license area of just 2.56km2 along with an additional 2.95km2 at Falkenhaim, 5km away, means this is a significant expansion in the project area since this license area surrounds entirely the existing licenses.
Based on the previously defined resource of 757kt contained lithium carbonate equivalent we attributed a value of £38m using a peer based EV/resource metric implying 10p/sh.  A feasibility study remains on track for Q2 2019 and exploration of the additional license area could result in an extension of mine life to that defined in the FS. Given the proximity of the licenses and the reported geological similarity given historic workings for tin, tungsten and lithium across both areas there is potential for this to be fulfilled, in our view.

BCN is planning to produce a lithium fluoride product at Zinnwald, which is one of the most valuable lithium products with recent pricing indicated at around US$22,000/t and could be used by the local German chemical industry.

We also note the announcement in relation to recent price volatility and the changes to the share register prompted by investment strategy revisions at Blackrock and Capital Group. With this technical selling now indicated to be complete we expect stronger support for the stock ahead from a trading perspective. However, the fundamentals of the stock remain unchanged with Sonora remaining a highly attractive asset which is deeply undervalued, in our view.

We reiterate our Buy recommendation and 115p/ sh. target price.

Please click here for our initiation note.
 

 

 

 

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https://www.miningcapital.com/companies/news/216920/toliara-s-world-class-status-confirmed-by-study-says-base-resources-216920.html Toliara's world class status confirmed by study says Base Resources https://www.miningcapital.com/companies/news/216920/toliara-s-world-class-status-confirmed-by-study-says-base-resources-216920.html Thu, 21 Mar 2019 08:53:00 +0000 https://www.miningcapital.com/companies/news/216912/kibo-energy-boosted-as-it-completes-dfs-at-benga-power-plant-ahead-of-schedule-216912.html Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule https://www.miningcapital.com/companies/news/216912/kibo-energy-boosted-as-it-completes-dfs-at-benga-power-plant-ahead-of-schedule-216912.html Thu, 21 Mar 2019 08:09:00 +0000 https://www.miningcapital.com/companies/news/216966/anglo-pacific-group-set-to-reap-rewards-from-kestrel-mine-ramp-up-216966.html Anglo Pacific Group set to reap rewards from Kestrel mine ramp-up https://www.miningcapital.com/companies/news/216966/anglo-pacific-group-set-to-reap-rewards-from-kestrel-mine-ramp-up-216966.html Thu, 21 Mar 2019 07:00:00 +0000 https://www.miningcapital.com/companies/stocktube/12673/base-resources-delighted-with-pfs-study-result-for-toliara-in-madagascar-12673.html Base Resources delighted with PFS study result for Toliara in Madagascar https://www.miningcapital.com/companies/stocktube/12673/base-resources-delighted-with-pfs-study-result-for-toliara-in-madagascar-12673.html Thu, 21 Mar 2019 06:40:00 +0000 A feasibility study for its Toliara project in Madagascar has confirmed it is a world class project, says Tim Carstens, managing director of minerals sands miner Base Resources Limited (LON:BSE).

The net present value of Toliara was estimated at US$671mln in the study based on a mine life of 33 years producing 806,000 tonnes of ilmenite, 54,000t zircon and 8,000t of rutile each year.

Carstens told Proactive that in its existing operation at Kwale and now Toliara, Base Resources has the two most profitable mineral sands projects in the world.

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https://www.miningcapital.com/companies/news/216905/kingston-resources-finds-large-low-grade-gold-stockpile-at-misima-project-in-png-216905.html Kingston Resources finds large low-grade gold stockpile at Misima project in PNG https://www.miningcapital.com/companies/news/216905/kingston-resources-finds-large-low-grade-gold-stockpile-at-misima-project-in-png-216905.html Thu, 21 Mar 2019 05:46:00 +0000 https://www.miningcapital.com/companies/news/216904/white-cliff-minerals-substantial-shareholder-increases-stake-to-1071-216904.html White Cliff Minerals’ substantial shareholder increases stake to 10.71% https://www.miningcapital.com/companies/news/216904/white-cliff-minerals-substantial-shareholder-increases-stake-to-1071-216904.html Thu, 21 Mar 2019 05:14:00 +0000 https://www.miningcapital.com/companies/news/216902/blackearth-minerals-sets-exploration-target-at-ianapera-graphite-project-in-madagascar-216902.html BlackEarth Minerals sets exploration target at Ianapera Graphite Project in Madagascar https://www.miningcapital.com/companies/news/216902/blackearth-minerals-sets-exploration-target-at-ianapera-graphite-project-in-madagascar-216902.html Thu, 21 Mar 2019 04:50:00 +0000 https://www.miningcapital.com/companies/news/216903/king-river-resources-enters-trading-halt-216903.html King River Resources enters trading halt https://www.miningcapital.com/companies/news/216903/king-river-resources-enters-trading-halt-216903.html Thu, 21 Mar 2019 04:35:00 +0000 https://www.miningcapital.com/companies/news/216897/australian-vanadium-revises-pfs-financial-metrics-targets-2021-production-216897.html Australian Vanadium revises PFS financial metrics, targets 2021 production https://www.miningcapital.com/companies/news/216897/australian-vanadium-revises-pfs-financial-metrics-targets-2021-production-216897.html Thu, 21 Mar 2019 04:20:00 +0000 https://www.miningcapital.com/companies/news/216899/galan-lithium-director-shows-confidence-in-lithium-strategy-with-on-market-purchase-216899.html Galan Lithium director shows confidence in lithium strategy with on-market purchase https://www.miningcapital.com/companies/news/216899/galan-lithium-director-shows-confidence-in-lithium-strategy-with-on-market-purchase-216899.html Thu, 21 Mar 2019 03:44:00 +0000 https://www.miningcapital.com/companies/news/216896/peninsula-energy-shares-surge-on-securing-permit-to-mine-amendment-approval-for-lance-projects-216896.html Peninsula Energy shares surge on securing Permit to Mine amendment approval for Lance Projects https://www.miningcapital.com/companies/news/216896/peninsula-energy-shares-surge-on-securing-permit-to-mine-amendment-approval-for-lance-projects-216896.html Thu, 21 Mar 2019 02:12:00 +0000 https://www.miningcapital.com/companies/news/216894/chase-mining-completes-vtem-survey-over-two-zeus-project-areas-in-canada-216894.html Chase Mining completes VTEM survey over two Zeus project areas in Canada https://www.miningcapital.com/companies/news/216894/chase-mining-completes-vtem-survey-over-two-zeus-project-areas-in-canada-216894.html Thu, 21 Mar 2019 01:43:00 +0000 https://www.miningcapital.com/companies/stocktube/12671/meteoric-resources-pivots-to-promising-brazilian-gold-find-12671.html Meteoric Resources pivots to promising Brazilian gold find https://www.miningcapital.com/companies/stocktube/12671/meteoric-resources-pivots-to-promising-brazilian-gold-find-12671.html Thu, 21 Mar 2019 01:36:00 +0000 Meteoric Resources NL (ASX:MEI) managing director Andrew Tunks updates Proactive Investors on drilling results from the company's recent gold acquisitions in Brazil, a shift away from its focus on cobalt. 
 
Bonanza gold grades were received from the Juruena and Novo Astro gold projects in the Alta Floresta belt, which Tunks says is arguably Brazil's most desirable gold exploration area with more than 40 identified deposits.
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https://www.miningcapital.com/companies/news/216893/tyranna-resources-eyes-near-term-gold-production-at-eureka-drill-targets-identified-in-nevada-216893.html Tyranna Resources eyes near-term gold production at Eureka; drill targets identified in Nevada https://www.miningcapital.com/companies/news/216893/tyranna-resources-eyes-near-term-gold-production-at-eureka-drill-targets-identified-in-nevada-216893.html Thu, 21 Mar 2019 01:27:00 +0000 https://www.miningcapital.com/companies/news/216890/australian-potash-to-take-part-in-two-year-sop-trial-in-wa-216890.html Australian Potash to take part in two-year SOP trial in WA https://www.miningcapital.com/companies/news/216890/australian-potash-to-take-part-in-two-year-sop-trial-in-wa-216890.html Thu, 21 Mar 2019 01:20:00 +0000 https://www.miningcapital.com/companies/stocktube/12669/cardinal-resources-recognised-for-namdini-gold-discovery-with-thayer-lindsley-award-12669.html Cardinal Resources recognised for Namdini gold discovery with Thayer Lindsley award https://www.miningcapital.com/companies/stocktube/12669/cardinal-resources-recognised-for-namdini-gold-discovery-with-thayer-lindsley-award-12669.html Thu, 21 Mar 2019 01:15:00 +0000 Cardinal Resources Ltd (ASX:CDV) managing director & CEO Archie Koimtsidis speaks to Proactive Investors about winning the 2019 Thayer Lindsley award from the Prospectors and Developers Association of Canada (PDAC).

The award, previously won by Barrick Gold (TSE:ABX) and Ivanhoe Australia (ASX:IVA), recognises an individual or team of explorers credited with a recent significant mineral discovery anywhere in the world - in this case, the 2014 discovery of the Namdini gold deposit in Ghana's northeast.

Koimtsidis says the company has excellent relationships in the Western African nation, which is more mining-friendly than many realise, and hopes to become a funded developer soon.

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https://www.miningcapital.com/companies/news/216891/blackham-resources-outlines-258-million-rights-issue-to-unlock-gold-production-growth-216891.html Blackham Resources outlines $25.8 million rights issue to unlock gold production growth https://www.miningcapital.com/companies/news/216891/blackham-resources-outlines-258-million-rights-issue-to-unlock-gold-production-growth-216891.html Thu, 21 Mar 2019 01:03:00 +0000 https://www.miningcapital.com/companies/news/216723/meteoric-resources-to-acquire-high-grade-gold-projects-in-brazil-216723.html Meteoric Resources to acquire high-grade gold projects in Brazil https://www.miningcapital.com/companies/news/216723/meteoric-resources-to-acquire-high-grade-gold-projects-in-brazil-216723.html Wed, 20 Mar 2019 23:17:00 +0000 https://www.miningcapital.com/companies/news/216888/yandal-resources-to-serve-up-new-drilling-after-success-at-flushing-meadows-216888.html Yandal Resources to serve up new drilling after success at Flushing Meadows https://www.miningcapital.com/companies/news/216888/yandal-resources-to-serve-up-new-drilling-after-success-at-flushing-meadows-216888.html Wed, 20 Mar 2019 23:07:00 +0000 https://www.miningcapital.com/companies/stocktube/12668/australian-vanadium-further-reduces-capex-production-expected-in-2021-12668.html Australian Vanadium further reduces capex, production expected in 2021 https://www.miningcapital.com/companies/stocktube/12668/australian-vanadium-further-reduces-capex-production-expected-in-2021-12668.html Wed, 20 Mar 2019 22:49:00 +0000 Australian Vanadium Ltd (ASX:AVL) managing director Vincent Algar updates Proactive Investors on ongoing developments at its Australian Vanadium Project in Western Australia. 
 
The company aims to be in production in 2021 and says its capital expenditure for its Australian Vanadium Project continues to decrease.
 
Algar says despite recent corrections due to a change in Chinese rebar (the reinforcing bar used in construction) standards, vanadium prices will be strong for many years to come.
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https://www.miningcapital.com/companies/news/216887/lithium-australia-commences-pre-feasibility-study-on-sadisdorf-216887.html Lithium Australia commences pre-feasibility study on Sadisdorf https://www.miningcapital.com/companies/news/216887/lithium-australia-commences-pre-feasibility-study-on-sadisdorf-216887.html Wed, 20 Mar 2019 22:37:00 +0000 https://www.miningcapital.com/companies/news/216886/aeris-resources-mulls-800-million-csa-mine-acquisition-from-glencore-216886.html Aeris Resources mulls $800 million CSA mine acquisition from Glencore https://www.miningcapital.com/companies/news/216886/aeris-resources-mulls-800-million-csa-mine-acquisition-from-glencore-216886.html Wed, 20 Mar 2019 21:32:00 +0000 https://www.miningcapital.com/companies/news/216881/globex-mining-anticipates-next-steps-as-neighbor-to-northwest-begins-drilling-at-crater-lake-216881.html Globex Mining anticipates next steps as neighbor to northwest begins drilling at Crater Lake https://www.miningcapital.com/companies/news/216881/globex-mining-anticipates-next-steps-as-neighbor-to-northwest-begins-drilling-at-crater-lake-216881.html Wed, 20 Mar 2019 19:57:00 +0000 https://www.miningcapital.com/companies/news/216875/dunnedin-ventures-defines-potential-new-source-of-diamonds-in-nunavut-216875.html Dunnedin Ventures defines potential new source of diamonds in Nunavut https://www.miningcapital.com/companies/news/216875/dunnedin-ventures-defines-potential-new-source-of-diamonds-in-nunavut-216875.html Wed, 20 Mar 2019 18:18:00 +0000 https://www.miningcapital.com/companies/news/216874/millennial-lithium-shares-up-as-it-posts-positive-lithium-brine-pump-test-results-from-pastos-grandes-216874.html Millennial Lithium shares up as it posts positive lithium brine pump test results from Pastos Grandes https://www.miningcapital.com/companies/news/216874/millennial-lithium-shares-up-as-it-posts-positive-lithium-brine-pump-test-results-from-pastos-grandes-216874.html Wed, 20 Mar 2019 17:21:00 +0000 https://www.miningcapital.com/companies/news/216923/jubilee-metals-says-recent-acquisition-platcro-minerals-contributing-to-earnings-ahead-of-schedule-216923.html Jubilee Metals says recent acquisition, PlatCro Minerals contributing to earnings ahead of schedule https://www.miningcapital.com/companies/news/216923/jubilee-metals-says-recent-acquisition-platcro-minerals-contributing-to-earnings-ahead-of-schedule-216923.html Wed, 20 Mar 2019 17:00:00 +0000 https://www.miningcapital.com/companies/stocktube/12662/caledonia-mining-delivers--robust-performance--with-good-progress-on-expansion-12662.html Caledonia Mining delivers 'robust performance' with good progress on expansion https://www.miningcapital.com/companies/stocktube/12662/caledonia-mining-delivers--robust-performance--with-good-progress-on-expansion-12662.html Wed, 20 Mar 2019 15:51:00 +0000 Caledonia Mining Corporation PLC's (LON:CMCL)(TSE:CAL) chief executive Steve Curtis updates Proactive London on fourth quarter and 2018 production from its Blanket mine in Zimbabwe as well as current exploration and expansion plans.

Curtis says good progress is being made on the Central Shaft which he's expecting to be operational in around 15 months.

Net cash at year end was just over US$11mln, as spending continued on a mine expansion programme designed to take yearly production over the 80,000 ounces mark.

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https://www.miningcapital.com/companies/news/216869/asiamet-resources-burnishing-exciting-copper-and-polymetallic-projects-in-indonesia-216869.html Asiamet Resources burnishing exciting copper and polymetallic projects in Indonesia https://www.miningcapital.com/companies/news/216869/asiamet-resources-burnishing-exciting-copper-and-polymetallic-projects-in-indonesia-216869.html Wed, 20 Mar 2019 15:40:00 +0000 https://www.miningcapital.com/companies/news/216859/franco-nevada-4q-earnings-fall-short-of-expectations-amid-gold-price-volatility-216859.html Franco-Nevada 4Q earnings fall short of expectations amid gold price volatility https://www.miningcapital.com/companies/news/216859/franco-nevada-4q-earnings-fall-short-of-expectations-amid-gold-price-volatility-216859.html Wed, 20 Mar 2019 14:55:00 +0000 https://www.miningcapital.com/companies/news/216812/asiamet-continues-to-hit-attractive-copper-intercepts-at-bkm-as-bankable-study-continues-216812.html Asiamet continues to hit attractive copper intercepts at BKM, as bankable study continues https://www.miningcapital.com/companies/news/216812/asiamet-continues-to-hit-attractive-copper-intercepts-at-bkm-as-bankable-study-continues-216812.html Wed, 20 Mar 2019 14:45:00 +0000 https://www.miningcapital.com/companies/news/216844/zinc-one-resources-files-resource-estimate-for-bongara-zinc-project-including-bongarita-deposit-numbers-216844.html Zinc One Resources files resource estimate for Bongara zinc project, including Bongarita deposit numbers https://www.miningcapital.com/companies/news/216844/zinc-one-resources-files-resource-estimate-for-bongara-zinc-project-including-bongarita-deposit-numbers-216844.html Wed, 20 Mar 2019 14:44:00 +0000 https://www.miningcapital.com/companies/stocktube/12660/ariana-resources--kerim-sener-details-2019-production-and-exploration-plans-12660.html Ariana Resources' Kerim Sener details 2019 production and exploration plans https://www.miningcapital.com/companies/stocktube/12660/ariana-resources--kerim-sener-details-2019-production-and-exploration-plans-12660.html Wed, 20 Mar 2019 14:37:00 +0000 Ariana Resources PLC (LON:AAU) managing director Kerim Sener tells Proactive London's Andrew Scott they're guiding for gold production from the Kiziltepe mine in Turkey to come in at 25,000 ounces this year.

Kiziltepe is part of the Red Rabbit joint venture with Proccea Construction and is 50% owned by Ariana.

The average grade of gold is expected to be around five grams per tonne, and recovery is expected to exceed 90%

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https://www.miningcapital.com/companies/news/216849/ggx-gold-set-to-start-diamond-drilling-at-gold-drop-in-april-216849.html GGX Gold set to start diamond drilling at Gold Drop in April https://www.miningcapital.com/companies/news/216849/ggx-gold-set-to-start-diamond-drilling-at-gold-drop-in-april-216849.html Wed, 20 Mar 2019 13:22:00 +0000 https://www.miningcapital.com/companies/news/216852/antofagasta-slips-as-hsbc-downgrades-its-rating-to-reduce-from-hold-following-miners-2018-full-year-results-216852.html Antofagasta slips as HSBC downgrades its rating to ‘reduce’ from ‘hold’ following miner’s 2018 full-year results https://www.miningcapital.com/companies/news/216852/antofagasta-slips-as-hsbc-downgrades-its-rating-to-reduce-from-hold-following-miners-2018-full-year-results-216852.html Wed, 20 Mar 2019 13:15:00 +0000 https://www.miningcapital.com/companies/stocktube/12658/improvement-in-diamond-market-could-deliver-significant-margin-uplift-for-firestone-diamonds-12658.html Improvement in diamond market could deliver significant margin uplift for Firestone Diamonds https://www.miningcapital.com/companies/stocktube/12658/improvement-in-diamond-market-could-deliver-significant-margin-uplift-for-firestone-diamonds-12658.html Wed, 20 Mar 2019 13:09:00 +0000 Paul Bosma, chief executive of Firestone Diamonds plc (LON:FDI), updates Proactive London on operations at its Liqhobong Diamond Mine in Lesotho.

Bosma says on the production front all's going well.

''Over the previous financial year the plant produced well over 3.8 million tonnes, we recovered 835,000 carats ... we're halfway through our financial year now and we're aiming to surpass that''.

Last month a 70-carat diamond was recovered which this week is being sold.

Liqhobong has yielded several large diamonds for Firestone in recent years - in December a 46-carat stone was unearthed and sold for just over US$1mln.

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https://www.miningcapital.com/companies/news/216839/bacanora-thinks-latest-licence-grant-could-significantly-increase-zinnwald-life-of-mine-216839.html Bacanora thinks latest licence grant could “significantly increase” Zinnwald life of mine https://www.miningcapital.com/companies/news/216839/bacanora-thinks-latest-licence-grant-could-significantly-increase-zinnwald-life-of-mine-216839.html Wed, 20 Mar 2019 11:40:00 +0000 https://www.miningcapital.com/companies/news/216833/iron-ore-market-tightness-set-to-remain-as-vales-woes-in-brazil-continue-216833.html Iron ore market tightness set to remain as Vale’s woes in Brazil continue https://www.miningcapital.com/companies/news/216833/iron-ore-market-tightness-set-to-remain-as-vales-woes-in-brazil-continue-216833.html Wed, 20 Mar 2019 10:26:00 +0000 https://www.miningcapital.com/companies/stocktube/12651/silvercorp-metals-has-strong-assets-in-china-and-is-now-looking-at-growth-opportunities-worldwide-12651.html Silvercorp Metals has strong assets in China and is now looking at growth opportunities worldwide https://www.miningcapital.com/companies/stocktube/12651/silvercorp-metals-has-strong-assets-in-china-and-is-now-looking-at-growth-opportunities-worldwide-12651.html Wed, 20 Mar 2019 10:20:00 +0000 Silvercorp Metals (CVE:SVM) Vice President Lon Shaver sat down with Proactive Investors Vancouver and told Steve Darling about their assets in China. Silvercorp is China’s premier silver producer, with annual production of 6.0 million ounces of silver in 2018. The Company also produced 61.9 million pounds of lead, 19.6 million pounds of zinc and 3,100 ounces of gold during the same period.

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https://www.miningcapital.com/companies/news/216818/kier-posts-drop-in-first-half-profit-but-maintains-full-year-guidance-as-future-proofing-programme-continues-216818.html Kier posts drop in first-half profit but maintains full-year guidance as future proofing programme continues https://www.miningcapital.com/companies/news/216818/kier-posts-drop-in-first-half-profit-but-maintains-full-year-guidance-as-future-proofing-programme-continues-216818.html Wed, 20 Mar 2019 08:22:00 +0000 https://www.miningcapital.com/companies/news/216816/bluejay-mining-not-raising-money-in-near-future-216816.html Bluejay Mining not raising money in near future https://www.miningcapital.com/companies/news/216816/bluejay-mining-not-raising-money-in-near-future-216816.html Wed, 20 Mar 2019 08:11:00 +0000 https://www.miningcapital.com/companies/news/216810/caledonia-mining-books-us215mln-in-gross-profits-for-2018-as-expansion-work-continues-216810.html Caledonia Mining books US$21.5mln in gross profits for 2018 as expansion work continues https://www.miningcapital.com/companies/news/216810/caledonia-mining-books-us215mln-in-gross-profits-for-2018-as-expansion-work-continues-216810.html Wed, 20 Mar 2019 07:37:00 +0000 https://www.miningcapital.com/companies/news/216873/japan-gold-has-a-first-mover-advantage-when-it-comes-to-gold-exploration-in-japan-216873.html Japan Gold has a first-mover advantage when it comes to gold exploration in Japan https://www.miningcapital.com/companies/news/216873/japan-gold-has-a-first-mover-advantage-when-it-comes-to-gold-exploration-in-japan-216873.html Wed, 20 Mar 2019 07:30:00 +0000 https://www.miningcapital.com/companies/news/216806/symbol-mining-to-raise-up-to-216-million-for-exploration-at-world-class-zinc-lead-macy-deposit-216806.html Symbol Mining to raise up to $2.16 million for exploration at world-class zinc-lead Macy deposit https://www.miningcapital.com/companies/news/216806/symbol-mining-to-raise-up-to-216-million-for-exploration-at-world-class-zinc-lead-macy-deposit-216806.html Wed, 20 Mar 2019 05:04:00 +0000 https://www.miningcapital.com/companies/news/216803/blackstone-minerals-german-substantial-shareholder-increases-stake-to-1192-216803.html Blackstone Minerals’ German substantial shareholder increases stake to 11.92% https://www.miningcapital.com/companies/news/216803/blackstone-minerals-german-substantial-shareholder-increases-stake-to-1192-216803.html Wed, 20 Mar 2019 03:41:00 +0000 https://www.miningcapital.com/companies/news/216802/galan-lithiums-preliminary-field-tests-indicate-aquifer-potential-at-candelas-lithium-brine-project-216802.html Galan Lithium’s preliminary field tests indicate aquifer potential at Candelas Lithium Brine Project https://www.miningcapital.com/companies/news/216802/galan-lithiums-preliminary-field-tests-indicate-aquifer-potential-at-candelas-lithium-brine-project-216802.html Wed, 20 Mar 2019 02:41:00 +0000 https://www.miningcapital.com/companies/news/216801/de-grey-mining-confirms-further-high-grade-gold-drilling-results-at-withnell-216801.html De Grey Mining confirms further high-grade gold drilling results at Withnell https://www.miningcapital.com/companies/news/216801/de-grey-mining-confirms-further-high-grade-gold-drilling-results-at-withnell-216801.html Wed, 20 Mar 2019 02:33:00 +0000 https://www.miningcapital.com/companies/news/216800/pnx-metals-begins-diamond-drilling-at-vms-deposit-within-hayes-polymetallic-project-in-nt-216800.html PNX Metals begins diamond drilling at VMS deposit within Hayes polymetallic project in NT https://www.miningcapital.com/companies/news/216800/pnx-metals-begins-diamond-drilling-at-vms-deposit-within-hayes-polymetallic-project-in-nt-216800.html Wed, 20 Mar 2019 01:33:00 +0000 https://www.miningcapital.com/companies/news/216799/metminco-enters-final-stage-of-exploration-licence-grant-process-for-chuscal-gold-project-216799.html Metminco enters final stage of exploration licence grant process for Chuscal Gold Project https://www.miningcapital.com/companies/news/216799/metminco-enters-final-stage-of-exploration-licence-grant-process-for-chuscal-gold-project-216799.html Wed, 20 Mar 2019 01:25:00 +0000 https://www.miningcapital.com/companies/news/216798/fyi-resources-to-commence-drilling-for-bfs-this-week-at-kaolin-project-216798.html FYI Resources to commence drilling for BFS this week at kaolin project https://www.miningcapital.com/companies/news/216798/fyi-resources-to-commence-drilling-for-bfs-this-week-at-kaolin-project-216798.html Wed, 20 Mar 2019 01:19:00 +0000 https://www.miningcapital.com/companies/stocktube/12653/xanadu-mines-boosts-kharmagtai-project-value-with-potential-low-cost-gold-leach-operation-12653.html Xanadu Mines boosts Kharmagtai project value with potential low-cost gold leach operation https://www.miningcapital.com/companies/stocktube/12653/xanadu-mines-boosts-kharmagtai-project-value-with-potential-low-cost-gold-leach-operation-12653.html Wed, 20 Mar 2019 00:59:00 +0000 Xanadu Mines Ltd (ASX:XAM) managing director & CEO Andrew Stewart speaks to Proactive Investors about the company's Kharmagtai Copper-Gold Project in Mongolia. 
 
Preliminary test work on diamond core from shallow oxide gold mineralisation has revealed an opportunity for a low cost, high-value gold leach operation which could be run early in the development life of Kharmagtai. 
 
This would be a significant cash injection into the project to offset the cost of developing a large-scale copper-gold mine.
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https://www.miningcapital.com/companies/news/216797/intermin-resources-begins-resource-extension-drilling-at-lady-irene-within-menzies-gold-project-in-wa-216797.html Intermin Resources begins resource extension drilling at Lady Irene within Menzies Gold Project in WA https://www.miningcapital.com/companies/news/216797/intermin-resources-begins-resource-extension-drilling-at-lady-irene-within-menzies-gold-project-in-wa-216797.html Wed, 20 Mar 2019 00:43:00 +0000 https://www.miningcapital.com/companies/news/216794/xanadu-mines-measures-up-to-925-gold-recoveries-at-golden-eagle-target-216794.html Xanadu Mines measures up to 92.5% gold recoveries at Golden Eagle target https://www.miningcapital.com/companies/news/216794/xanadu-mines-measures-up-to-925-gold-recoveries-at-golden-eagle-target-216794.html Tue, 19 Mar 2019 23:20:00 +0000 https://www.miningcapital.com/companies/news/216796/jaxon-mining-announces-agm-results-renews-option-at-moore-creek-project-216796.html Jaxon Mining announces AGM results; renews option at Moore Creek project https://www.miningcapital.com/companies/news/216796/jaxon-mining-announces-agm-results-renews-option-at-moore-creek-project-216796.html Tue, 19 Mar 2019 23:00:00 +0000 https://www.miningcapital.com/companies/news/216792/anson-resources-test-work-shows-89-boron-recoveries-216792.html Anson Resources test work shows 89% boron recoveries https://www.miningcapital.com/companies/news/216792/anson-resources-test-work-shows-89-boron-recoveries-216792.html Tue, 19 Mar 2019 22:11:00 +0000 https://www.miningcapital.com/companies/news/216787/japan-gold-shares-power-higher-ahead-of-2019-drill-program-216787.html Japan Gold shares power higher ahead of 2019 drill program https://www.miningcapital.com/companies/news/216787/japan-gold-shares-power-higher-ahead-of-2019-drill-program-216787.html Tue, 19 Mar 2019 20:24:00 +0000 https://www.miningcapital.com/companies/stocktube/12647/chesser-resources-advances-exploration-in-senegal-with-new-boss-and-drilling-results-pending-12647.html Chesser Resources advances exploration in Senegal with new boss and drilling results pending https://www.miningcapital.com/companies/stocktube/12647/chesser-resources-advances-exploration-in-senegal-with-new-boss-and-drilling-results-pending-12647.html Tue, 19 Mar 2019 18:30:00 +0000 Chesser Resources (ASX:CHZ) managing director Mike Brown sat down with Steve Darling from Proactive Investors Vancouver to talk about their flagship project in Senegal called Diamba Sud. Brown talked about the project location and how it is surrounded by some major players in the sector.

Brown also told Proactive about his recent private placement and what is vision for the company moving forward. 

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https://www.miningcapital.com/companies/news/216784/globex-mining-enterprises-says-renforth-will-gain-100-of-parbec-gold-project-in-quebec-216784.html Globex Mining Enterprises says Renforth will gain 100% of Parbec gold project in Quebec https://www.miningcapital.com/companies/news/216784/globex-mining-enterprises-says-renforth-will-gain-100-of-parbec-gold-project-in-quebec-216784.html Tue, 19 Mar 2019 17:45:00 +0000 https://www.miningcapital.com/companies/news/216775/endeavour-mining-marks-milestone-with-first-gold-pour-at-ivory-coast-project-216775.html Endeavour Mining marks milestone with first gold pour at Ivory Coast project https://www.miningcapital.com/companies/news/216775/endeavour-mining-marks-milestone-with-first-gold-pour-at-ivory-coast-project-216775.html Tue, 19 Mar 2019 16:24:00 +0000 https://www.miningcapital.com/companies/stocktube/12644/japan-gold-corp-was-first-in-the-country-and-now-preparing-their-initial-drill-program-12644.html Japan Gold Corp was first in the country and now preparing their initial drill program https://www.miningcapital.com/companies/stocktube/12644/japan-gold-corp-was-first-in-the-country-and-now-preparing-their-initial-drill-program-12644.html Tue, 19 Mar 2019 15:35:00 +0000 Japan Gold (CVE:JG) Chairman and CEO John Proust sat down with Steve Darling  from Proactive Investors Vancouver to discuss Japan Gold beginning an aggressive drilling program in May.

Proust talked about the timeline for the work and also about Japan Gold and how they became the first foreign company to be allowed to set up shop in Japan.

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https://www.miningcapital.com/companies/news/216770/osino-resources-receives-tsx-venture-exchange-approval-to-acquire-namibian-licenses-216770.html Osino Resources receives TSX Venture Exchange approval to acquire Namibian licenses https://www.miningcapital.com/companies/news/216770/osino-resources-receives-tsx-venture-exchange-approval-to-acquire-namibian-licenses-216770.html Tue, 19 Mar 2019 14:05:00 +0000 https://www.miningcapital.com/companies/news/216758/pacton-gold-poised-to-start-drilling-at-red-lake-in-may-as-it-buys-more-claims-216758.html Pacton Gold poised to start drilling at Red Lake in May as it buys more claims https://www.miningcapital.com/companies/news/216758/pacton-gold-poised-to-start-drilling-at-red-lake-in-may-as-it-buys-more-claims-216758.html Tue, 19 Mar 2019 13:52:00 +0000 https://www.miningcapital.com/companies/news/216766/lydian-international-says-armenian-government-has-begun-third-audit-on-amulsar-gold-project-216766.html Lydian International says Armenian government has begun third audit on Amulsar gold project https://www.miningcapital.com/companies/news/216766/lydian-international-says-armenian-government-has-begun-third-audit-on-amulsar-gold-project-216766.html Tue, 19 Mar 2019 13:48:00 +0000 https://www.miningcapital.com/companies/stocktube/12641/greatland-gold-to-narrow-its-focus-on-big-tier-one-projects-to-move-the-needle-for-investors-12641.html Greatland Gold to narrow its focus on big tier-one projects to ‘move the needle’ for investors https://www.miningcapital.com/companies/stocktube/12641/greatland-gold-to-narrow-its-focus-on-big-tier-one-projects-to-move-the-needle-for-investors-12641.html Tue, 19 Mar 2019 13:26:00 +0000 Gervaise Heddle and Callum Baxter from Greatland Gold PLC (LON:GGP) discuss with Proactive's Andrew Scott their plans for 2019, following the recent announcement of a US$65mln farm-in agreement with Newcrest to advance the Havieron project.

Greatland's identified multiple targets within its licences with a similar geophysical signature to Havieron and is working on prioritising those targets for the year ahead.

Heddle adds that they're also keeping an eye out for potential acquisitions and may divest less attractive projects.

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https://www.miningcapital.com/companies/news/216760/klondike-gold-raises-21m-in-first-tranche-of-private-placement-216760.html Klondike Gold raises $2.1M in first tranche of private placement https://www.miningcapital.com/companies/news/216760/klondike-gold-raises-21m-in-first-tranche-of-private-placement-216760.html Tue, 19 Mar 2019 13:00:00 +0000 https://www.miningcapital.com/companies/news/216724/record-production-can-t-hide-drop-in-revenues-earnings-and-dividends-from-antofagasta-216724.html Record production can't hide drop in revenues, earnings and dividends from Antofagasta https://www.miningcapital.com/companies/news/216724/record-production-can-t-hide-drop-in-revenues-earnings-and-dividends-from-antofagasta-216724.html Tue, 19 Mar 2019 12:45:00 +0000 https://www.miningcapital.com/companies/news/216747/marshalls-shares-dented-as-berenberg-cuts-its-rating-for-the-paving-group-to-hold-on-valuation-grounds-216747.html Marshalls’ shares dented as Berenberg cuts its rating for the paving group to ‘hold’ on valuation grounds https://www.miningcapital.com/companies/news/216747/marshalls-shares-dented-as-berenberg-cuts-its-rating-for-the-paving-group-to-hold-on-valuation-grounds-216747.html Tue, 19 Mar 2019 11:09:00 +0000 https://www.miningcapital.com/companies/news/216744/questions-swirl-around-ferrexpos-charitable-donations-as-final-results-put-on-hold-and-auditors-circle-216744.html Questions swirl around Ferrexpo’s charitable donations, as final results put on hold, and auditors circle https://www.miningcapital.com/companies/news/216744/questions-swirl-around-ferrexpos-charitable-donations-as-final-results-put-on-hold-and-auditors-circle-216744.html Tue, 19 Mar 2019 10:11:00 +0000 https://www.miningcapital.com/companies/news/216735/kier-names-andrew-davies-the-man-who-almost-took-charge-of-carillion-before-its-collapse-as-its-new-ceo-216735.html Kier names Andrew Davies, the man who almost took charge of Carillion before its collapse, as its new CEO https://www.miningcapital.com/companies/news/216735/kier-names-andrew-davies-the-man-who-almost-took-charge-of-carillion-before-its-collapse-as-its-new-ceo-216735.html Tue, 19 Mar 2019 08:54:00 +0000 https://www.miningcapital.com/companies/stocktube/12638/strategic-minerals-to-take-full-ownership-of-redmoor-12638.html Strategic Minerals to take full ownership of Redmoor https://www.miningcapital.com/companies/stocktube/12638/strategic-minerals-to-take-full-ownership-of-redmoor-12638.html Tue, 19 Mar 2019 08:49:00 +0000 Strategic Minerals PLC (LON:SML) managing director John Peters and executive director Peter Wale talk Proactive London's Andrew Scott through their decision to acquire 100% of the Redmoor tin and tungsten project in Cornwall.

SML's entered into arrangements with New Age Exploration Limited to buy its entire 50% shareholding for a maximum consideration of £2.66 mln.

The money will be payable in three stages.

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https://www.miningcapital.com/companies/news/216732/greatland-gold-outlines-its-strategy-and-exploration-priorities-for-2019-216732.html Greatland Gold outlines its strategy and exploration priorities for 2019 https://www.miningcapital.com/companies/news/216732/greatland-gold-outlines-its-strategy-and-exploration-priorities-for-2019-216732.html Tue, 19 Mar 2019 08:42:00 +0000 https://www.miningcapital.com/companies/stocktube/12636/w-resources-makes-major-progress-on-plant-construction-at-tungsten-tin-project-in-spain-12636.html W Resources makes major progress on plant construction at tungsten-tin project in Spain https://www.miningcapital.com/companies/stocktube/12636/w-resources-makes-major-progress-on-plant-construction-at-tungsten-tin-project-in-spain-12636.html Tue, 19 Mar 2019 08:31:00 +0000 W Resources PLC (LON:WRES) chairman Michael Masterman speaks to Proactive Investors about the company's major development progress at La Parilla, its flagship tungsten-tin project in Spain.

The operation will see its jig and mill completed by the end of March, with most steel and equipment now installed and additional bins to be installed in April.

Development work has progressed at the company's Régua project, with infull drilling now complete,and its São Martinho gold deposit should soon see an updated gold resource estimate from SRK Consulting.

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https://www.miningcapital.com/companies/news/216719/expert-gemmologist-puts-attractive-valuation-on-shefa-yamims-sapphire-and-moissanite-216719.html Expert gemmologist puts attractive valuation on Shefa Yamim’s sapphire and moissanite https://www.miningcapital.com/companies/news/216719/expert-gemmologist-puts-attractive-valuation-on-shefa-yamims-sapphire-and-moissanite-216719.html Tue, 19 Mar 2019 07:35:00 +0000 https://www.miningcapital.com/companies/news/216713/alto-metals-major-shareholders-representing-3212-do-not-intend-to-accept-middle-island-offer-216713.html Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer https://www.miningcapital.com/companies/news/216713/alto-metals-major-shareholders-representing-3212-do-not-intend-to-accept-middle-island-offer-216713.html Tue, 19 Mar 2019 06:33:00 +0000 https://www.miningcapital.com/companies/news/216711/winmar-resources-reveals-independent-valuation-of-luapula-processing-facility-216711.html Winmar Resources reveals independent valuation of Luapula Processing Facility https://www.miningcapital.com/companies/news/216711/winmar-resources-reveals-independent-valuation-of-luapula-processing-facility-216711.html Tue, 19 Mar 2019 05:05:00 +0000 https://www.miningcapital.com/companies/news/216709/fenix-resources-upgrades-iron-ridge-mineral-resource-by-84-216709.html Fenix Resources upgrades Iron Ridge mineral resource by 84% https://www.miningcapital.com/companies/news/216709/fenix-resources-upgrades-iron-ridge-mineral-resource-by-84-216709.html Tue, 19 Mar 2019 04:24:00 +0000 https://www.miningcapital.com/companies/news/216707/hardey-resources-undertaking-comprehensive-review-to-determine-ideal-strategy-216707.html Hardey Resources undertaking comprehensive review to determine ideal strategy https://www.miningcapital.com/companies/news/216707/hardey-resources-undertaking-comprehensive-review-to-determine-ideal-strategy-216707.html Tue, 19 Mar 2019 03:52:00 +0000 https://www.miningcapital.com/companies/news/216705/west-wits-mining-appoints-chief-financial-officer-simon-whyte-as-joint-company-secretary-216705.html West Wits Mining appoints chief financial officer Simon Whyte as joint company secretary https://www.miningcapital.com/companies/news/216705/west-wits-mining-appoints-chief-financial-officer-simon-whyte-as-joint-company-secretary-216705.html Tue, 19 Mar 2019 02:54:00 +0000 https://www.miningcapital.com/companies/news/216710/bryah-resources-targets-copper-gold-and-manganese-in-bryah-basin-216710.html Bryah Resources targets copper, gold and manganese in Bryah Basin https://www.miningcapital.com/companies/news/216710/bryah-resources-targets-copper-gold-and-manganese-in-bryah-basin-216710.html Tue, 19 Mar 2019 02:30:00 +0000 https://www.miningcapital.com/companies/news/216703/chesser-resources-funded-for-gold-exploration-in-senegal-after-raising-900000-216703.html Chesser Resources funded for gold exploration in Senegal after raising $900,000+ https://www.miningcapital.com/companies/news/216703/chesser-resources-funded-for-gold-exploration-in-senegal-after-raising-900000-216703.html Tue, 19 Mar 2019 02:08:00 +0000 https://www.miningcapital.com/companies/news/216702/kalium-lakes-agrees-terms-for-102-million-debt-funding-for-beyondie-project-216702.html Kalium Lakes agrees terms for $102 million debt funding for Beyondie Project https://www.miningcapital.com/companies/news/216702/kalium-lakes-agrees-terms-for-102-million-debt-funding-for-beyondie-project-216702.html Tue, 19 Mar 2019 01:40:00 +0000 https://www.miningcapital.com/companies/news/216698/oklo-resources-advances-5-million-gold-drilling-program-in-mali-216698.html Oklo Resources advances $5 million gold drilling program in Mali https://www.miningcapital.com/companies/news/216698/oklo-resources-advances-5-million-gold-drilling-program-in-mali-216698.html Tue, 19 Mar 2019 01:25:00 +0000 https://www.miningcapital.com/companies/news/216701/wagners-suspends-cement-supply-to-boral-due-to-pricing-216701.html Wagners suspends cement supply to Boral due to pricing https://www.miningcapital.com/companies/news/216701/wagners-suspends-cement-supply-to-boral-due-to-pricing-216701.html Tue, 19 Mar 2019 01:17:00 +0000 https://www.miningcapital.com/companies/news/216699/emmerson-resources-non-executive-director-shows-confidence-in-company-with-share-purchase-216699.html Emmerson Resources non-executive director shows confidence in company with share purchase https://www.miningcapital.com/companies/news/216699/emmerson-resources-non-executive-director-shows-confidence-in-company-with-share-purchase-216699.html Tue, 19 Mar 2019 00:23:00 +0000 https://www.miningcapital.com/companies/news/216697/neometals-boosts-cash-balance-to-131-million-multiple-valuation-catalysts-ahead-216697.html Neometals boosts cash balance to $131 million, multiple valuation catalysts ahead https://www.miningcapital.com/companies/news/216697/neometals-boosts-cash-balance-to-131-million-multiple-valuation-catalysts-ahead-216697.html Tue, 19 Mar 2019 00:10:00 +0000 https://www.miningcapital.com/companies/stocktube/12624/shefa-yamim--more-advanced-and-in-stronger-position--as-it-looks-to-further-exploration-12624.html Shefa Yamim 'more advanced and in stronger position' as it looks to further exploration https://www.miningcapital.com/companies/stocktube/12624/shefa-yamim--more-advanced-and-in-stronger-position--as-it-looks-to-further-exploration-12624.html Fri, 15 Mar 2019 15:03:00 +0000 Shefa Yamim (ATM) Ltd's (LON:SEFA) James Campbell tells Proactive London they're looking at further exploration at their Kishon Mid-Reach project in Northern Israel after a year of excellent progress in 2018.

Following an exploration campaign at Zone 1 of the Kishon Mid-Reach, they're planning another campaign for Zone 2 in the second and third quarters of this year.

This year Shefa’s gems have been used in the launch of a new jewellery collection designed by Israeli designer Yossi Harari, whose customers have included Oprah Winfrey and Rihanna.

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https://www.miningcapital.com/columns/jackhammer/30727/gold-and-copper-sectors-alive-and-kicking-other-miners-playing-catch-up-30727.html Gold and copper sectors alive and kicking, other miners playing catch-up https://www.miningcapital.com/columns/jackhammer/30727/gold-and-copper-sectors-alive-and-kicking-other-miners-playing-catch-up-30727.html Fri, 15 Mar 2019 12:24:00 +0000 https://www.miningcapital.com/companies/stocktube/12619/dunnedin-ventures-looks-to-strengthen-its-copper-portfolio-in-north-america-12619.html Dunnedin Ventures looks to strengthen its copper portfolio in North America https://www.miningcapital.com/companies/stocktube/12619/dunnedin-ventures-looks-to-strengthen-its-copper-portfolio-in-north-america-12619.html Fri, 15 Mar 2019 12:05:00 +0000 Mining Capital's Alastair Ford says Dunnedin Ventures Inc (CVE:DVI) (OTCMKTS:OCPFF) has some very attractive diamond exploration projects in northern parts of Canada but they're now looking to increase its copper interests.

Dunnedin's just signed a letter of intent to acquire 100% of the Mohave copper-molybdenum-silver porphyry project in Arizona from Bluestone Resources Inc.

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https://www.miningcapital.com/companies/stocktube/12617/greatland-gold-plc-the--erstwhile-minnow--now-valued-at-more-than-60mln-12617.html Greatland Gold PLC the 'erstwhile minnow' now valued at more than £60mln https://www.miningcapital.com/companies/stocktube/12617/greatland-gold-plc-the--erstwhile-minnow--now-valued-at-more-than-60mln-12617.html Fri, 15 Mar 2019 11:07:00 +0000 ''It's fascinating to see Greatland Gold PLC (LON:GGP), an erstwhile minnow in the market, now capitalised at almost £60mln'', Mining Capital's Alastair Ford says.

''It's all thanks to the on-going exploration efforts they're making in Australia ... in particular this Havieron intercept''.

''The arrival of a major gold mining company on the scene with a $65mln deal is testament to its value''.

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https://www.miningcapital.com/companies/stocktube/12590/bemetals-corp-is-a-new-company-with-experienced-directors-and-two-solid-projects-12590.html BeMetals Corp is a new company with experienced directors and two solid projects https://www.miningcapital.com/companies/stocktube/12590/bemetals-corp-is-a-new-company-with-experienced-directors-and-two-solid-projects-12590.html Fri, 15 Mar 2019 10:20:00 +0000 BeMetals Corp (CVE:BMET) President and CEO John Wilton dropped in to the Vancouver office of Proactive Investors to tell Steve Darling about this new company that has been built under the watchful eye of experienced players in the mining industry. Wilton also talked about their two projects, one in Zambia and the other in Boise, Idaho. 

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https://www.miningcapital.com/companies/stocktube/12612/black-rock-mining-preparing-for-second-graphite-pilot-plant-test-in-china-12612.html Black Rock Mining preparing for second graphite pilot plant test in China https://www.miningcapital.com/companies/stocktube/12612/black-rock-mining-preparing-for-second-graphite-pilot-plant-test-in-china-12612.html Fri, 15 Mar 2019 10:15:00 +0000 Black Rock Mining Ltd (ASX:BKT) managing director John de Vries and Orior Capital analyst Simon Francis sat down with Steve Darling from Proactive Investors to talk about Black Rock and its Mahenge Graphite Project.

De Vries shared details of their first pilot plant test and when and where the second one will happen.

Francis discussed the graphite market in general and some of the success Black Rock has had.

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https://www.miningcapital.com/companies/stocktube/12610/anson-resources-sees-promising-lithium-results-and-plant-opportunities-12610.html Anson Resources sees promising lithium results and plant opportunities https://www.miningcapital.com/companies/stocktube/12610/anson-resources-sees-promising-lithium-results-and-plant-opportunities-12610.html Fri, 15 Mar 2019 00:18:00 +0000 Anson Resources Ltd (ASX:ASN) says its latest drilling has found lithium grades 91% higher than those found in test work to date, and is confident its diverse product offerings set it apart from competing plays in the rapidly growing lithium sector.
 
Anson Resources executive chairman & CEO Bruce Richardson says its in-field pilot plant development at its Paradox Lithium Project in Utah is progressing, with Hatch and Lilac Solutions advancing its design and engineering.
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https://www.miningcapital.com/companies/stocktube/12604/energy-fuels-ceo-on-roth-capital-s-bullish-note-12604.html Energy Fuels CEO on Roth Capital's bullish note https://www.miningcapital.com/companies/stocktube/12604/energy-fuels-ceo-on-roth-capital-s-bullish-note-12604.html Thu, 14 Mar 2019 20:02:00 +0000 Energy Fuels Inc (NYSEAMERICAN:UUUU) (TSE:EFR) CEO Mark Chalmers tells Proactive Investors the company is pleased with Roth Capital Partners' raised target price tag for the company, saying its further recognition the company is positioning itself for success.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30722/vsa-capital-market-movers---redt-energy-placing-and-strategic-review-30722.html VSA CAPITAL MARKET MOVERS - redT energy, Placing and Strategic Review https://www.miningcapital.com/columns/vsa-capital-market-movers/30722/vsa-capital-market-movers---redt-energy-placing-and-strategic-review-30722.html Thu, 14 Mar 2019 15:04:00 +0000

redT energy#: Placing & Strategic Review, 14/03/19

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redT energy#: Placing & Strategic Review

redT energy (LON:RED), an energy storage solutions company, has announced a Strategic Review to explore all options available to fund the business. To support this process the company has conditionally raised £940,000 at 2p with an associated Open Offer to raise up to a further £2.26m.

The Placing and Open Offer are conditional on shareholder approval at a General Meeting, which is expected to occur on 3 April 2019, and the fundraise is subject to a minimum of £1.5m being raised in aggregate across the Placing and Open Offer.

Several operational updates have also been announced:

  • CEO Scott McGregor will be stepping down from the Board of Directors but will remain with the business to run operations.
  • Non-Executive Director Neil O’Brien will move to Executive Chairman to lead the Strategic Review process, replacing Jeff Kenna, who will become a Non-Executive Director.
  • Major cost-cutting programme has been implemented with the average monthly cash spend moving below £0.5m a month.
  • A non-binding MoU has been signed for the sale of its US biogas management business for US$1m (expected to close in Q2 2019).
  • A purchase agreement has been signed for 72 tank units (c.5MWh) for a large UK grid project (delivery across 2019 and 2020) with a redesigned German grid project now submitted to potential financers for review. First Gen3 machine awaiting delivery to Anglian Water site. 32 Gen2 tank units delivered to sites in Australia, Thailand, Botswana and the UK since October 2018.
  • Heads of Terms partnership agreement signed with a major European energy company to offer a fully-financed, solar PV plus energy storage product to UK C&I customers, targeting the deployment of 100MW of solar PV and 60MWh of storage over the next three years.
  • Company has adopted a more conservatively weighted sales pipeline, which now totals £145m (from £188m in mid-December).

Research Coverage Suspended

Given the company has now entered a Strategic Review process, we have suspended our research coverage on the stock.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Biffa

538.8

215.5

9.50

+4.6%

Symphony Environmental Technologies

9.3

6.0

0.25

+4.3%

ITM Power

71.9

22.2

0.70

+3.3%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

CAP-XX

17.8

5.5

(0.35)

-6.0%

Dialight

152.3

468.0

(22.00)

-4.5%

Proton Power Systems

51.6

8.0

(0.25)

-3.0%


 

 

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https://www.miningcapital.com/companies/stocktube/12597/connemara-mining-looks-to-the-future-as-arkle-resources-plc-12597.html Connemara Mining looks to the future as Arkle Resources PLC https://www.miningcapital.com/companies/stocktube/12597/connemara-mining-looks-to-the-future-as-arkle-resources-plc-12597.html Thu, 14 Mar 2019 13:05:00 +0000 Connemara Mining Company PLC's (LON:CON) Patrick Cullen talks to Proactive London ahead of a name change to Arkle Resources PLC.

''Connemara's been around a while ... it was established as a zinc exploration company in Ireland and it's evolved a bit over the years, certainly in recent years we've become more active in the gold space''.

Earlier this month Connemara raised £230,000 to help support ongoing exploration activities at its Mine River gold project in County Wexford.

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https://www.miningcapital.com/companies/stocktube/12596/ecr-minerals-looking-to-replicate-havieron-success-in-western-australia-12596.html ECR Minerals looking to replicate Havieron success in Western Australia https://www.miningcapital.com/companies/stocktube/12596/ecr-minerals-looking-to-replicate-havieron-success-in-western-australia-12596.html Thu, 14 Mar 2019 12:57:00 +0000 Proactive London's Andrew Scott speaks to ECR Minerals PLC's (LON:ECR) new non-executive director Sam Garrett.

Garrett's a geologist with experience in multi-national and junior mining firms and was one of the first to identify the potential of the Havieron project in Western Australia which was later acquired by Greatland Gold PLC (LON:GGP).

Havieron and Greatland have been in the headlines this week  following the significant joint venture news with Newcrest Mining LTD (ASX:NCM).

Garrett says he's now looking to replicate that success within ECR's portfolio.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30719/vsa-capital-market-movers---m2-cobalt-30719.html VSA CAPITAL MARKET MOVERS - M2 Cobalt https://www.miningcapital.com/columns/vsa-capital-market-movers/30719/vsa-capital-market-movers---m2-cobalt-30719.html Thu, 14 Mar 2019 10:04:00 +0000

VSA Morning Miner, 14/03/19

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M2 Cobalt (CVE:MC

M2 Cobalt (CVE:MChas provided an update on the exploration programme from late 2018, recent corporate activity and the programme for 2019 which includes up to 6,000m of drilling.

Assays have now been received, in full, for the 2,027m diamond drilling programme completed in late 2018. Drilling was focused at Kilembe with seven holes covering 1,056m. These holes intercepted sulphide mineralisation in the form of sphalerite, galena and chalcopyrite albeit with no major intersections, however, the results have provided important data for the next step. Four holes were also drilled at Bombo, the ultramafic target, covering 839m which also intercepted sulphide mineralisation. At the Waraji target, in the Bujagali license area, rig issues and timing around Christmas meant that just 131m were drilled meaning only a limited dataset was received.

The merger with Jervois Mining (JRV AU) is making firm progress and shareholder approval is now indicatively above 50.3%. M2 has also fulfilled its commitments required for the drawdown of a US$3m working capital facility from JRV. A shareholder vote to approve the merger is planned for early-mid May 2019 but the funds may be drawn down immediately.

The funds will be used to further M2’s exploration with an additional 3,000m of drilling at Waraji and Nile and a further 3,000m subject to additional IP geophysics. The results from the IP work will be used to better identify suitable follow up targets. Furthermore, M2 will commence a systematic geophysical and geochemical sampling programme on the license areas acquired in late 2018 as well as over a broader area at Kilembe in line with the Phase 1 work programme previously carried out.

 

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https://www.miningcapital.com/companies/stocktube/12594/bluebird-merchant-ventures--bishop-maps-out-path-to-production-from-korea-mines-12594.html Bluebird Merchant Ventures' Bishop maps out path to production from Korea mines https://www.miningcapital.com/companies/stocktube/12594/bluebird-merchant-ventures--bishop-maps-out-path-to-production-from-korea-mines-12594.html Thu, 14 Mar 2019 09:03:00 +0000 Bluebird Merchant Ventures PLC's (LON:BMV) Aidan Bishop updates Proactive London on its application to re-open the Gubong mine in Korea.

Bishop says Gubong was previously mined to a depth of 500 metres but typically mines of its type go down as far 1.5km.

BMV has also now submitted its application to re-open Kochang and expects a drilling grant from state-owned mining company Kores this month.

The group expects to be in production at both mines in South Korea by the end of 2019.

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https://www.miningcapital.com/companies/stocktube/12593/strategic-minerals--alan-broome-on--world-class--redmoor-and--exciting--leigh-creek-assets-12593.html Strategic Minerals' Alan Broome on 'world-class' Redmoor and 'exciting' Leigh Creek assets https://www.miningcapital.com/companies/stocktube/12593/strategic-minerals--alan-broome-on--world-class--redmoor-and--exciting--leigh-creek-assets-12593.html Thu, 14 Mar 2019 08:20:00 +0000 Strategic Minerals PLC (LON:SML) chairman Alan Broome caught up with Proactive's Andrew Scott while in London soon after visiting the company's Redmoor project in Cornwall.

He discusses the 'world-class potential' of the asset following the announcement last month of a new mineral resource estimate there.

On Leigh Creek Broome says: ''The work that we've done ... it's given us a great deal of confidence that what we've got there is a very, very exciting copper project''.

''I think 2019 is going to be certainly the most exciting period in this company's history'', he adds.

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https://www.miningcapital.com/companies/stocktube/12592/african-battery-metals-an-opportunity-investor-paul-johnson-couldn-t-resist-12592.html African Battery Metals an opportunity investor Paul Johnson couldn't resist https://www.miningcapital.com/companies/stocktube/12592/african-battery-metals-an-opportunity-investor-paul-johnson-couldn-t-resist-12592.html Thu, 14 Mar 2019 08:08:00 +0000 Paul Johnson's recently joined African Battery Metals PLC (LON:ABM) as the company's executive director.

ABM's made progress in taking its Kisinka copper-cobalt project in the Democratic Republic of Congo to the next stage of exploration.

While in studio Johnson also discussed developments at ECR Minerals PLC (LON:ECR) and Kavango Resources PLC (LON:KAV).

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https://www.miningcapital.com/companies/stocktube/12591/victoria-gold-corp-preparing-to-pour-gold-for-first-time-at-eagle-gold-project-12591.html Victoria Gold Corp preparing to pour gold for first time at Eagle Gold Project https://www.miningcapital.com/companies/stocktube/12591/victoria-gold-corp-preparing-to-pour-gold-for-first-time-at-eagle-gold-project-12591.html Wed, 13 Mar 2019 20:23:00 +0000 Victoria Gold Corp (CVE:VIT) President and CEO John McConnell sat down with Steve Darling from Proactive investors to talk about the Eagle Gold Project in the Yukon. That project is about 80 percent ready to start operations that will see gold being poured later this year.

McConnell talked about what is left to be built at the site and also talked about mining in the Yukon and what is happening to make it easier for companies in the Yukon.

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https://www.miningcapital.com/companies/stocktube/12587/montero-mining-has-exciting-projects-looking-for-lithium-and-tin-in-chile-and-namibia-12587.html Montero Mining has exciting projects looking for lithium and Tin in Chile and Namibia https://www.miningcapital.com/companies/stocktube/12587/montero-mining-has-exciting-projects-looking-for-lithium-and-tin-in-chile-and-namibia-12587.html Wed, 13 Mar 2019 17:11:00 +0000 Montero Mining (CVE:MON) President and CEO Tony Harwood joined Steve Darling from Proactive Investors on Skype from South Africa to share news the company has Filed a resource estimate for their Lithium project in Namibia. Harwood sharing the. Numbers and what the next step will be on that project.

Harwod also updates Proactive on another Lithium project the company owns, this time in Chile. Harwood says this project in really interesting considering no lithium work has been done on this project.

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https://www.miningcapital.com/companies/stocktube/12585/oriole-resources-focused-on-advancing-key-assets-after-year-of-turnaround-12585.html Oriole Resources focused on advancing key assets after year of turnaround https://www.miningcapital.com/companies/stocktube/12585/oriole-resources-focused-on-advancing-key-assets-after-year-of-turnaround-12585.html Wed, 13 Mar 2019 15:56:00 +0000 Oriole Resources PLC (LON:ORR) CEO Tim Livesey and CFO Bob Smeeton chat to Proactive London following the release of the company's results for the year to December 2018 which they've described as a period of significant turnaround.

It's been a transformational 12 months for Oriole which saw them cut operating losses by more than 60% as well as the change of name back in September from Stratex International and the shift in its focus towards African projects.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30713/vsa-capital-market-movers---colombus-energy-30713.html VSA CAPITAL MARKET MOVERS - Colombus Energy https://www.miningcapital.com/columns/vsa-capital-market-movers/30713/vsa-capital-market-movers---colombus-energy-30713.html Wed, 13 Mar 2019 09:34:00 +0000

VSA Morning Flow Test, 13/03/19

Click here for PDF version

Keep reading VSA research for free – Click here for our position on MIFID2

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Columbus Energy (LON:CERP)

Columbus Energy Resources (CERP LN) has provided an update regarding its Inniss-Trinity Incremental Production Service Contract (IPSC). Following the receipt of approval for conduct of the CO2 Enhanced Oil Recovery pilot project from Heritage Petroleum Company, Predator Oil and Gas (PRD LN) will commence first injections in Q2 2019, subject to the receipt of the remaining regulatory approvals.  

Inniss Trinity has been identified as being a suitable reservoir for CO2 injection and Trinidad’s ammonia production plants mean a potential easily available source of CO2. Due to the differing oil API’s and structural nature of the reservoirs across Trinidad CO2 injection has only been considered at certain reservoirs. The pilot project will, however, provide important data as to the viability of this alternative process and positive results could potentially unlock significant value at Inniss Trinity as well as other similar reservoirs in Trinidad.  

CERP has an interest in Inniss Trinity through its fully owned subsidiary FRAM Exploration (Trinidad) Limited. Through the agreement and as previously announced if the project is successful, Predator has the option to purchase FRAM for US$4.2m and is funding the pilot project.

We reiterate our Buy recommendation and 21.4p target price.

 

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https://www.miningcapital.com/companies/stocktube/12572/premier-african-s-roach-details-new-acquisitions-and-rha-road-to-production-12572.html Premier African's Roach details new acquisitions and RHA road to production https://www.miningcapital.com/companies/stocktube/12572/premier-african-s-roach-details-new-acquisitions-and-rha-road-to-production-12572.html Tue, 12 Mar 2019 15:36:00 +0000 George Roach, chief executive of Premier African Minerals Limited (LON:PREM), caught up with Proactive's Andrew Scott while in London to discuss two new acquisitions - gold miner Honey Badger Resources and the purchase of exploration and mining assets from KME Holdings.

Roach also updates on latest efforts towards securing the financing to bring the RHA asset into Zimbabwe back into production as well as the recommencement of drilling at their wholly-owned Zulu lithium and tantalum project.

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https://www.miningcapital.com/companies/stocktube/12570/osino-resources-planning-aggressive-drill-program-at-twin-hills-project-in-namibia-12570.html Osino Resources planning aggressive drill program at Twin Hills project in Namibia https://www.miningcapital.com/companies/stocktube/12570/osino-resources-planning-aggressive-drill-program-at-twin-hills-project-in-namibia-12570.html Tue, 12 Mar 2019 13:57:00 +0000 Osino Resources (CVE:OSI) CEO Heye Daun sat down with Steve Darling from Proactive Investors Vancouver to talk about their exciting project in Namibia and the work being done on Twin Hills.

Daun told Proactive about the unique way that used to discover some mineralization and what they plan on doing later this year to explore this very large land package. 

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https://www.miningcapital.com/companies/stocktube/12565/greatland-gold-in-a--tremendous-position--as-it-signs-us65mln-havieron-farm-in-12565.html Greatland Gold in a 'tremendous position' as it signs US$65mln Havieron farm-in https://www.miningcapital.com/companies/stocktube/12565/greatland-gold-in-a--tremendous-position--as-it-signs-us65mln-havieron-farm-in-12565.html Tue, 12 Mar 2019 11:28:00 +0000 Gervaise Heddle, chief executive of Greatland Gold PLC (LON:GGP), tells Proactive London's Andrew Scott 2019's off to a great start for the company after signing a farm-in agreement with Newcrest Mining LTD (ASX:NCM) for the further advancement of the Havieron project in the Paterson region of Western Australia.

Additionally, during the farm-in period, Newcrest will have the first right of refusal over the remainder of Greatland's Paterson project, including Black Hills, Paterson Range East and the remaining areas of Havieron licence.

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https://www.miningcapital.com/companies/stocktube/12564/oklo-resources-has--pipeline-of-projects--and--soon-to-have-7-drill-rigs-going--12564.html Oklo Resources has 'pipeline of projects' and 'soon to have 7 drill rigs going' https://www.miningcapital.com/companies/stocktube/12564/oklo-resources-has--pipeline-of-projects--and--soon-to-have-7-drill-rigs-going--12564.html Tue, 12 Mar 2019 05:12:00 +0000 Oklo Resources Ltd (ASX:OKU) managing director and chief executive Simon Taylor tells Proactive Investors that the Mali-focused gold explorer and developer will have 7 rigs spinning on two of its projects by next week.

Plenty of news flow is expected in the short term on the Dandoko project, including the Seko prospect in particular, and from the nearby Kouroufing project.

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https://www.miningcapital.com/companies/stocktube/12563/panoramic-resources-has-topped-up-coffers-and-labour-force-to-aid-production-ramp-up-12563.html Panoramic Resources has topped up coffers and labour force to aid production ramp up https://www.miningcapital.com/companies/stocktube/12563/panoramic-resources-has-topped-up-coffers-and-labour-force-to-aid-production-ramp-up-12563.html Tue, 12 Mar 2019 05:08:00 +0000 Panoramic Resources Ltd (ASX:PAN) managing director Peter Harold speaks to Proactive Investors about overcoming some production ramp up issues at the flagship Savannah Nickel Project, in the East Kimberley region of Western Australia.

The company is finalising a A$20 million capital raise comprising a $5 million placement and a $15 million rights issue.

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https://www.miningcapital.com/companies/stocktube/12554/walkabout-resources--updated-dfs-designed-to-reduce-start-up-risks-for-lindi-jumbo-graphite-project-12554.html Walkabout Resources' updated DFS designed to reduce start up risks for Lindi Jumbo Graphite Project https://www.miningcapital.com/companies/stocktube/12554/walkabout-resources--updated-dfs-designed-to-reduce-start-up-risks-for-lindi-jumbo-graphite-project-12554.html Tue, 12 Mar 2019 01:04:00 +0000 Walkabout Resources Ltd (ASX:WKT) executive director Allan Mulligan talks Proactive Investors through the enhanced outcomes of an updated Definitive Feasibility Study (DFS) for the Lindi Jumo Graphite Project in Tanzania.

Mulligan explains that capital costs have been reduced, and that project development has been designed to mitigate technical and financial risks.

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https://www.miningcapital.com/companies/stocktube/12553/city-subaru-perth-exercises-option-to-purchase-bespoke-parkd-car-park-12553.html City Subaru Perth exercises option to purchase bespoke PARKD car park https://www.miningcapital.com/companies/stocktube/12553/city-subaru-perth-exercises-option-to-purchase-bespoke-parkd-car-park-12553.html Mon, 11 Mar 2019 23:02:00 +0000 Parkd Ltd (ASX:PKD) managing director Peter McUtchen catches up with Proactive Investors on news that the owner of City Subaru Perth has exercised the option to purchase the car park designed and built by PARKD, which has been leased for the past six months following completion of the project ahead of schedule in August 2018.

City Subaru Perth will pay PARKD $690,000 ex GST.

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https://www.miningcapital.com/companies/stocktube/12552/archer-exploration-makes-significant-step--to-realise-long-term-revenue-from-campoona-deposit--12552.html Archer Exploration makes significant step 'to realise long term revenue from Campoona deposit' https://www.miningcapital.com/companies/stocktube/12552/archer-exploration-makes-significant-step--to-realise-long-term-revenue-from-campoona-deposit--12552.html Mon, 11 Mar 2019 22:18:00 +0000 Archer Exploration Ltd (ASX:AXE) CEO Mohammad Choucair speaks to Proactive Investors about processing spherical graphite from the company's wholly-owned Campoona graphite project in South Australia.

The vertically integrated advanced materials company will be collaborating with the University of New South Wales to build full cell lithium ion batteries using the Campoona spherical graphite product, whilst doing more test work on the processing end.

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https://www.miningcapital.com/companies/stocktube/12551/great-bear-resources-has-strong-results-from-two-step-outs-at-red-lake-project-12551.html Great Bear Resources has strong results from two step-outs at Red Lake Project. https://www.miningcapital.com/companies/stocktube/12551/great-bear-resources-has-strong-results-from-two-step-outs-at-red-lake-project-12551.html Mon, 11 Mar 2019 20:53:00 +0000 Great Bear Resources (CVE:GBR) President and CEO Chris Taylor sat down with Steve Darling from Proactive Investors Vancouver to talk about the results from two new step outs near the Dixie Hinge Zone. Taylor talked about the unusual distance of these step-outs and also the grade of the gold found.

Taylor also talked about Great Bear's shareholders and how these latest results are getting them and others talking. 

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https://www.miningcapital.com/companies/stocktube/12548/ceylon-graphite-corp-expecting-to-be-in-production-soon-at-graphite-project-in-sri-lanka-12548.html Ceylon Graphite Corp expecting to be in production soon at graphite project in Sri Lanka https://www.miningcapital.com/companies/stocktube/12548/ceylon-graphite-corp-expecting-to-be-in-production-soon-at-graphite-project-in-sri-lanka-12548.html Mon, 11 Mar 2019 19:14:00 +0000 Ceylon Graphite (CVE:CYL) Chairman and CEO Bharat Parasher joined Steve Darling from Proactive Investors Vancouver on Skype to chat about his project in Sri Lanka. The project will produce graphite and Parasher talked about the history of that mineral in Sri Lanka.

Parasher also talked about working with the Sri Lankan government and how their K-1 project is being closely watched. 

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https://www.miningcapital.com/companies/stocktube/12545/newrange-gold-provides-positive-update-on-ground-sampling-at-pamlico-ridge-12545.html Newrange Gold provides positive update on ground sampling at Pamlico Ridge https://www.miningcapital.com/companies/stocktube/12545/newrange-gold-provides-positive-update-on-ground-sampling-at-pamlico-ridge-12545.html Mon, 11 Mar 2019 19:01:00 +0000 Newrange Gold (CVE:NRG-OTCQB:NRGOF) CEO Bob Archer sat down with Steve Darling from Proactive Investors Vancouver to discuss an update on the Pamlico Ridge project.  Sampling of the Pamlico Mine has returned a composite interval averaging 1.26 grams gold per metric tonne over 41.1 meters.

Archer also telling Proactive about the next steps and where crews will be doing more sampling on this project with such a rich history.

 

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https://www.miningcapital.com/companies/stocktube/12543/kodal-minerals-raises-700k-to-continue-fast-track-development-of-bougouni-lithium-project-12543.html Kodal Minerals raises £700k to continue fast-track development of Bougouni Lithium project https://www.miningcapital.com/companies/stocktube/12543/kodal-minerals-raises-700k-to-continue-fast-track-development-of-bougouni-lithium-project-12543.html Mon, 11 Mar 2019 14:28:00 +0000 Bernard Aylward, chief executive of Kodal Minerals PLC (LON:KOD), caught up with Proactive's Andrew Scott after announcing a £700,000 fundraise.

The funds raised will help take the Bougouni Lithium project in Mali on to the next stage of its development.

The immediate plan now is to lodge an environmental and social study by the end of the second quarter of this year and to undertake further metallurgical work.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30703/vsa-capital-market-movers---egdon-resources-30703.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30703/vsa-capital-market-movers---egdon-resources-30703.html Mon, 11 Mar 2019 09:20:00 +0000

VSA Morning Flow Test, 11/03/19

Click here for PDF version

Keep reading VSA research for free – Click here for our position on MIFID2

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Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) has announced positive results from the Springs Road 1 well where it has a 14.5% interest. The drilling has demonstrated over 250m of hydrocarbon bearing shales including the Upper and Lower Bowland shales as well as the Millstone Grit sequence. Significant gas indications within these shale sections have also been noted. This means that each of the key drilling targets were successfully intercepted although drilling is ongoing indicating the potential for further targets to be intercepted within the deeper sequences. Petrophysical analysis and core analysis is now being carried out which is due to be completed in Q2 2019.

EDR holds 82,000 net acres in the Gainsborough Trough and these initial results confirm the viability of the company’s strategy, in our view. The results indicate the potential for significant prospective resources at Springs Road and potentially in the wider EDR license area. These licenses are focused on the central areas of the Gainsborough Trough therefore differing from IGas’ (IGAS LN) strategy which includes Tinker Lane on the margins of the play.

Our valuation attributes 13.5p/sh. to EDR’s shale acreage highlighting the undervalued nature of the shares currently, however, we see this announcement as a significant step towards derisking the shale assets.

We reiterate our Buy recommendation and 46.7p target price.

 

 

 

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https://www.miningcapital.com/companies/stocktube/12534/metal-tiger-s-michael-mcneilly-upbeat-on-kitlanya-copper-project-results-12534.html Metal Tiger's Michael McNeilly upbeat on Kitlanya copper project results https://www.miningcapital.com/companies/stocktube/12534/metal-tiger-s-michael-mcneilly-upbeat-on-kitlanya-copper-project-results-12534.html Fri, 08 Mar 2019 16:02:00 +0000 Michael McNeilly, chief executive of Metal Tiger PLC (LON:MTR) and Kalahari Metals Limited (KML) director Adam Wooldridge discuss with Proactive London's Andrew Scott the results from recently completed soil sampling and re-interpretation of historical data over the Kitlanya joint venture copper project.

McNeilly says the data's provided compelling targets for drill testing.

He adds that the recent work completed on the project satisfies the first earn-in option for KML to acquire 25% of the project from Resource Exploration and Development Limited (RED).

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https://www.miningcapital.com/companies/stocktube/12522/shanta-gold-ceo-on-singida-financing-and-looks-ahead-to-further-exploration-12522.html Shanta Gold CEO on Singida financing and looks ahead to further exploration https://www.miningcapital.com/companies/stocktube/12522/shanta-gold-ceo-on-singida-financing-and-looks-ahead-to-further-exploration-12522.html Fri, 08 Mar 2019 11:50:00 +0000 Eric Zurrin, chief executive of Shanta Gold Limited (LON:SHG), speaks to Proactive London's Andrew Scott following the release of their 2018 results.

Shanta reported higher revenue and earnings in the year as the New Luika gold mine produced above expectations.

The mine produced some 81,872 ounces of gold, above guidance of 80,000 ounces.

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https://www.miningcapital.com/columns/jackhammer/30699/chinas-growth-was-larger-than-the-entire-australian-economy-last-year-but-how-good-really-is-that-30699.html China’s growth was larger than the entire Australian economy last year, but how good really is that? https://www.miningcapital.com/columns/jackhammer/30699/chinas-growth-was-larger-than-the-entire-australian-economy-last-year-but-how-good-really-is-that-30699.html Fri, 08 Mar 2019 11:33:00 +0000 https://www.miningcapital.com/companies/stocktube/12520/infinity-lithium-director-discusses-widening-gap-in-battery-supply-chain-12520.html Infinity Lithium director discusses widening gap in battery supply chain https://www.miningcapital.com/companies/stocktube/12520/infinity-lithium-director-discusses-widening-gap-in-battery-supply-chain-12520.html Fri, 08 Mar 2019 10:55:00 +0000 Vincent Ledoux Pedailles, executive director of corporate strategy at Infinity Lithium Corporation Limited (ASX:INF) updates on developments ahead of the planned release of their PFS in Q2.

As far as the wider industry's concerned, he says one of the big issues we have at the moment is the widening gap in the supply chain with raw materials.

''The gap has clearly been identified by the EU, by a number of European countries and also by the automotive industry''.

''If you look at some of the numbers it's estimated that in Europe, by 2030, we'll be producing around 13 million electric vehicles and those vehicles will require twice the amount of batteries we are producing today globally - and that's only in Europe''.

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https://www.miningcapital.com/companies/stocktube/12518/vrx-silica-md-discusses-project-development-and-product-catalogue-12518.html VRX Silica MD discusses project development and product catalogue https://www.miningcapital.com/companies/stocktube/12518/vrx-silica-md-discusses-project-development-and-product-catalogue-12518.html Fri, 08 Mar 2019 05:21:00 +0000 VRX Silica (ASX:VRX) managing director Bruce Maluish updates Proactive Investors on project development and the evolution of the company's overall project portfolio.

The Western Australia-focused silica sands explorer and developer has recently revealed the catalogue of products it can produce from each project.

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https://www.miningcapital.com/companies/stocktube/12516/rox-resources-seeks-further-acquisitions-to-fit-near-development-nickel-gold-portfolio-12516.html Rox Resources seeks further acquisitions to fit near-development nickel-gold portfolio https://www.miningcapital.com/companies/stocktube/12516/rox-resources-seeks-further-acquisitions-to-fit-near-development-nickel-gold-portfolio-12516.html Fri, 08 Mar 2019 03:54:00 +0000 Rox Resources Ltd (ASX:RXL) chief executive officer Alex Passmore speaks to Proactive Investors about his recent appointment and the nickel-gold explorer’s portfolio of projects in Western Australia.

“The company is looking to further its existing projects but also to look at different projects, maybe more advanced projects that require a more financing and feasibility skill set,” Passmore says.

He continues, “there’s been over a hundred assets we’ve looked at in the last year – we continue to be very actively looking for assets that offer shareholder value and that strategic fit in the pre-development stage.”

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https://www.miningcapital.com/companies/stocktube/12511/red-rock-resources-eyes-up-jorc-resource-after-finalising-drc-joint-venture-12511.html Red Rock Resources eyes up JORC resource after finalising DRC joint venture https://www.miningcapital.com/companies/stocktube/12511/red-rock-resources-eyes-up-jorc-resource-after-finalising-drc-joint-venture-12511.html Thu, 07 Mar 2019 12:34:00 +0000 Andrew Bell, chairman of Red Rock Resources PLC (LON:RRR), tells Proactive London's Andrew Scott the final documents have now been signed making its cobalt/copper joint venture in the Democratic Republic of Congo fully effective.

The initial focus on the old Musonoi superpit.

Under the joint venture, Red Rock Resources Congo owns 50.1% of VUP Musonoi Mining.

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https://www.miningcapital.com/companies/stocktube/12510/strategic-minerals-makes-significant-step-towards-full-scale-leigh-creek-production-12510.html Strategic Minerals makes significant step towards full scale Leigh Creek production https://www.miningcapital.com/companies/stocktube/12510/strategic-minerals-makes-significant-step-towards-full-scale-leigh-creek-production-12510.html Thu, 07 Mar 2019 11:28:00 +0000 Strategic Minerals PLC (LON:SML) managing director John Peters and executive director Peter Wale sat down with Proactive London's Andrew Scott after announcing that they're to restart copper production at the Leigh Creek copper mine’s Mountain of Light (MoL) processing facility next month.

SML's working with PPM Global, a company that's previously worked at the MoL plant and is in charge of refurbishing and managing a trial restart of operations.

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https://www.miningcapital.com/companies/stocktube/12509/oriole-resources-ceo-tim-livesey--encouraged--by-cameroon-trench-results-12509.html Oriole Resources CEO Tim Livesey 'encouraged' by Cameroon trench results https://www.miningcapital.com/companies/stocktube/12509/oriole-resources-ceo-tim-livesey--encouraged--by-cameroon-trench-results-12509.html Thu, 07 Mar 2019 11:17:00 +0000 Tim Livesey, chief executive of Oriole Resources PLC (LON:ORR), tells Proactive London's Andrew Scott he's very encouraged by what's been learnt from a trench programme at one of its Cameroon gold assets.

At the Bibemi project, geologists found orogenic-style gold mineralisation.

Among some of the returns was six metres at just over three grams per tonne with individual veins measuring up to 13.7 grams per tonne.

Livesey also discusses their exploration partner in Senegal, IAMGOLD, deciding to continue at the Dalafin project, where a Year-2 earn-in period has now begun.

As part of its option to acquire up to 70% of the project - by spending up to US$8mln on exploration – IAMGOLD is expected to invest at least US$1mln this year.

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https://www.miningcapital.com/companies/stocktube/12505/orion-minerals-to-explore-renewable-energy-generation-at-flagship-prieska-zinc-copper-project-12505.html Orion Minerals to explore renewable energy generation at flagship Prieska Zinc-Copper Project https://www.miningcapital.com/companies/stocktube/12505/orion-minerals-to-explore-renewable-energy-generation-at-flagship-prieska-zinc-copper-project-12505.html Thu, 07 Mar 2019 08:00:00 +0000 Orion Minerals Ltd (ASX:ORN) managing director & CEO Errol Smart updates Proactive Investors on the company’s collaboration with juwi Renewable Energies South Africa to investigate the possibility of supplying 35MW of electricity from hybrid power systems.
 
Developing the renewable energy potential of the region around Orion's Prieska project is also a strategic goal of local government which aligns with Orion’s sound operating practice.
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https://www.miningcapital.com/companies/stocktube/12506/nusantara-resources-advancing-towards-low-cost-gold-production-at-indonesian-project-12506.html Nusantara Resources advancing towards low-cost gold production at Indonesian project https://www.miningcapital.com/companies/stocktube/12506/nusantara-resources-advancing-towards-low-cost-gold-production-at-indonesian-project-12506.html Thu, 07 Mar 2019 04:02:00 +0000 Nusantara Resources Ltd (ASX:NUS) managing director Mike Spreadborough speaks to Proactive Investors about the gold developer’s Awak Mas Gold Project in Indonesia. 
 
Awak Mas has a 2-million ounce gold resource and a 1.1-million ounce reserve, with a completed definitive feasibility study which details an 11-year life producing 100,000 ounces a year at very low cost.
 
The company has been listed on the ASX for about 18 months and raised $16 million when it floated, the largest gold float in the last five years.
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https://www.miningcapital.com/companies/stocktube/12504/king-island-scheelite-ready-to-restart-high-grade-tungsten-production-at-dolphin-project-12504.html King Island Scheelite ready to restart high-grade tungsten production at Dolphin Project https://www.miningcapital.com/companies/stocktube/12504/king-island-scheelite-ready-to-restart-high-grade-tungsten-production-at-dolphin-project-12504.html Thu, 07 Mar 2019 02:32:00 +0000 King Island Scheelite Ltd (ASX:KIS) executive chairman Johann Jacobs speaks to Proactive Investors about the tungsten developer’s Dolphin Project on the southeast coast of King Island, the most western large island in the Bass Strait.
 
“We’ve been spending the last five years trying to establish the optimal way of restarting the mine,” says Jacobs.
 
He continues, “we’ve got to a point now where the first eight years of operation will be open cut and that will be followed by eight years of underground.”
 
Dolphin’s resource is about 9 million tonnes at 0.73% tungsten and continues to increase to about 1.1 % as the orebody dips underground.
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https://www.miningcapital.com/companies/stocktube/12503/musgrave-minerals-growing-and-advancing-cue-project-in-wa-12503.html Musgrave Minerals growing and advancing Cue project in WA https://www.miningcapital.com/companies/stocktube/12503/musgrave-minerals-growing-and-advancing-cue-project-in-wa-12503.html Thu, 07 Mar 2019 01:35:00 +0000 Musgrave Minerals Ltd (ASX:MGV) managing director Rob Waugh updates Proactive Investors on aircore drilling results and the acquisition of more tenure at the Cue project in WA’s Murchison Goldfields.

Whilst Musgrave is focused on the gold component of the project, the base metals component will be advanced through a joint venture with Cyprium Australia Pty Ltd.

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https://www.miningcapital.com/companies/stocktube/12502/guinea-is-a--new-frontier--for-west-african-gold-prospect-generator-predictive-discovery-12502.html Guinea is a 'new frontier' for West African gold prospect generator Predictive Discovery https://www.miningcapital.com/companies/stocktube/12502/guinea-is-a--new-frontier--for-west-african-gold-prospect-generator-predictive-discovery-12502.html Thu, 07 Mar 2019 00:58:00 +0000 Paul Roberts, managing director of Predictive Discovery Ltd. (ASX:PDI), catches up with Proactive Investors following a tour of four African nations to update on recent news and next steps.

The West Africa-focused gold prospect generator should soon be expanding its position with exploration tenements in Guinea. 

Roberts also discusses the latest on the Ferkessedougou North and Boundiali projects, which are located in Cote D’Ivoire.

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https://www.miningcapital.com/companies/stocktube/12501/artemis-resources-plans-diamond-drilling-at-carlow-castle-after-71-boost-in-jorc-resource-12501.html Artemis Resources plans diamond drilling at Carlow Castle after 71% boost in JORC resource https://www.miningcapital.com/companies/stocktube/12501/artemis-resources-plans-diamond-drilling-at-carlow-castle-after-71-boost-in-jorc-resource-12501.html Thu, 07 Mar 2019 00:54:00 +0000 Artemis Resources Ltd (ASX:ARV) chief executive officer Wayne Bramwell updates Proactive Investors on the 71% increase of the JORC resource at its Carlow Castle Gold-Copper-Cobalt Project in Western Australia.

Carlow Castle’s new inferred resource measures 7.7 million tonnes at 1.06 g/t gold, 0.51% copper and 0.08% cobalt.

“This has really enthused us and we’re gaining confidence with this orebody all the time,” Bramwell says.

The company is now undertaking pit optimisation studies and planning diamond drilling to better understand the structural controls on Carlow Castle’s large orebody.

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https://www.miningcapital.com/companies/stocktube/12498/revelo-resources-corp-looking-for-joint-ventures-to-move-chile-projects-forward-12498.html Revelo Resources Corp looking for joint ventures to move Chile projects forward https://www.miningcapital.com/companies/stocktube/12498/revelo-resources-corp-looking-for-joint-ventures-to-move-chile-projects-forward-12498.html Wed, 06 Mar 2019 17:22:00 +0000 Revelo Resources Corp (CVE:RVL) CEO Timothy Beale spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. Revelo has interests in copper, gold and silver located along mineral belts in Chile. The company has a combination of wholly-owned projects and equity interests in mining and exploration companies.

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https://www.miningcapital.com/companies/stocktube/12497/royal-roads-minerals-continues-to-grow-after-acquiring-more-land-packages-12497.html Royal Roads Minerals continues to grow after acquiring more land packages https://www.miningcapital.com/companies/stocktube/12497/royal-roads-minerals-continues-to-grow-after-acquiring-more-land-packages-12497.html Wed, 06 Mar 2019 17:13:00 +0000 Royal Roads Minerals (CVE:RYR) President and CEO Dr. Tim Coughlin sat down with Proactive Investors at PDAC in Toronto. Royal Roads is Exploring for Copper and Gold deposits in Central and South America. The region accounts for 17% of the worlds gold production two of the top three copper producing countries in the world. 

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https://www.miningcapital.com/companies/stocktube/12495/go-cobalt-preparing-to-do-gravity-survey-this-summer-on-monster-property-12495.html Go Cobalt preparing to do gravity survey this summer on Monster property https://www.miningcapital.com/companies/stocktube/12495/go-cobalt-preparing-to-do-gravity-survey-this-summer-on-monster-property-12495.html Wed, 06 Mar 2019 16:58:00 +0000 Go Cobalt Mining Corp (CSE:GOCO) CEO Scott Sheldon spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The junior resource group is committed to helping close the supply gap for future clean and sustainable resources. Cobalt is critical to electric vehicles, smartphones, laptops and devices using rechargeable batteries.

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https://www.miningcapital.com/companies/stocktube/12494/aurania-resources-utilizing-strong-management-team-to-further-project-in-ecuador-12494.html Aurania Resources utilizing strong management team to further project in Ecuador https://www.miningcapital.com/companies/stocktube/12494/aurania-resources-utilizing-strong-management-team-to-further-project-in-ecuador-12494.html Wed, 06 Mar 2019 16:48:00 +0000 Aurania Resources President Dr Richard Spencer sat down with Proactive at the Prospectors & Developers Association of Canada convention in Toronto. The company is engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset is located in the eastern foothills of the Andes in Ecuador.

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https://www.miningcapital.com/companies/stocktube/12493/western-copper-and-gold-working-on-permits-for-gold-copper-project-in-the-yukon-12493.html Western Copper and Gold working on permits for gold-copper project in the Yukon https://www.miningcapital.com/companies/stocktube/12493/western-copper-and-gold-working-on-permits-for-gold-copper-project-in-the-yukon-12493.html Wed, 06 Mar 2019 16:41:00 +0000 Western Copper and Gold Corporation (TSE:WRN) CEO Paul West-Sells spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. Western Copper and Gold  is developing the Casino Project, a copper-gold mine in the Yukon Territory.

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https://www.miningcapital.com/companies/stocktube/12492/rnc-minerals-undergoing-a-40000-meter-drilling-campaign-on-gold-project-12492.html RNC Minerals undergoing a 40,000 meter drilling campaign on gold project https://www.miningcapital.com/companies/stocktube/12492/rnc-minerals-undergoing-a-40000-meter-drilling-campaign-on-gold-project-12492.html Wed, 06 Mar 2019 16:35:00 +0000 RNC Minerals (CVE: RNX) CEO Mark Selby spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The company has a 100% interest in the Beta Hunt gold mine located in Western Australia. RNC is currently completing a 40,000 metre drill program, the results of which will be incorporated into a mineral resource estimate and mine plan targeted for Q2 2019.

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https://www.miningcapital.com/companies/stocktube/12491/millennial-lithium-preparing-for-feasibility-study-expected-in-june-12491.html Millennial Lithium preparing for Feasibility Study expected in June https://www.miningcapital.com/companies/stocktube/12491/millennial-lithium-preparing-for-feasibility-study-expected-in-june-12491.html Wed, 06 Mar 2019 16:21:00 +0000 Millennial Lithium (CVE:ML) chairman Graham Harris sat down with Proactive at the Prospectors & Developers association of Canada in Toronto. Millennial is focused on the development of its flagship lithium brine project, Pastos Grandes, situated in the province of Salta in the Lithium Triangle of Argentina.

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https://www.miningcapital.com/companies/stocktube/12490/minera-alamos-using-2019-to-get-ready-for-production-on-projects-in-mexico-12490.html Minera Alamos using 2019 to get ready for production on projects in Mexico https://www.miningcapital.com/companies/stocktube/12490/minera-alamos-using-2019-to-get-ready-for-production-on-projects-in-mexico-12490.html Wed, 06 Mar 2019 16:11:00 +0000 Minera Alamos (CVE:MAI) president and director Doug Ramshaw spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. Minera Alamos is advancing a portfolio of Mexican assets, including the La Fortuna open pit gold project in Durango state and the Santana open pit heap-leach development project in Sonora. The company anticipates making a construction decision at Santana in 2019 and advancing both Santana and Fortuna into production in 2019-2020.

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https://www.miningcapital.com/companies/stocktube/12488/wealth-minerals-has-some-very-interesting-lithium-assets-in-chile-12488.html Wealth Minerals has some very interesting lithium assets in Chile https://www.miningcapital.com/companies/stocktube/12488/wealth-minerals-has-some-very-interesting-lithium-assets-in-chile-12488.html Wed, 06 Mar 2019 15:51:00 +0000 Wealth Minerals (CVE:WML) president Timothy McCutcheon spoke with Proactive at the Prospectors & Developers Association of Canada in Toronto. Wealth Minerals is a Vancouver company that mainly explores for lithium as well as for copper, gold and silver. Its main lithium project is located on 46,200 hectares in the northern part of the Atacama Salar in Chile.

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https://www.miningcapital.com/companies/stocktube/12487/first-cobalt-went-looking-for-cobalt-and-landed-on-some-interesting-properties-12487.html First Cobalt went looking for cobalt and landed on some interesting properties https://www.miningcapital.com/companies/stocktube/12487/first-cobalt-went-looking-for-cobalt-and-landed-on-some-interesting-properties-12487.html Wed, 06 Mar 2019 15:44:00 +0000 First Cobalt Corp (CVE:FCC)  President and CEO Trent Mell spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The group's strategy is to explore, develop and refine ethically sourced cobalt in North America for sale into the American battery market. Its  flagship asset is the Iron Creek cobalt project in Idaho.

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https://www.miningcapital.com/companies/stocktube/12480/globex-mining-has-a-broad-portfolio-covering-a-wide-variety-of-metals-12480.html Globex Mining has a broad portfolio covering a wide variety of metals https://www.miningcapital.com/companies/stocktube/12480/globex-mining-has-a-broad-portfolio-covering-a-wide-variety-of-metals-12480.html Wed, 06 Mar 2019 04:02:00 +0000 Globex Mining Enterprises Inc (TSE:GMX) CEO Jack Stoch spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto.

The Quebec-based company already owns three former mines in the Joutel mining camp; the Poirier mine, the Joutel mine – both copper/zinc – and the gold-focused Eagle Mine. All three former mines have historical resources and underground access via shafts and drifts. Globex has amassed a portfolio of more than 160 properties. It has a diversified North American portfolio of mid-stage exploration, development and royalty properties.

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https://www.miningcapital.com/companies/stocktube/12479/largo-resources-produces-vanadium-among-growing-global-demand-12479.html Largo Resources produces vanadium among growing global demand https://www.miningcapital.com/companies/stocktube/12479/largo-resources-produces-vanadium-among-growing-global-demand-12479.html Wed, 06 Mar 2019 03:48:00 +0000 Largo Resources (TSE:LGO) CEO Mark Smith sat down with Proactive at the Prospectors & Developers Association of Canada convention in Toronto. Largo Resources is a Toronto-based mineral company focused on the production of vanadium flake and vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil.

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https://www.miningcapital.com/companies/stocktube/12478/happy-creek-minerals-bullish-on-tungsten-and-advancing-the-fox-property-12478.html Happy Creek Minerals bullish on Tungsten and advancing the Fox Property https://www.miningcapital.com/companies/stocktube/12478/happy-creek-minerals-bullish-on-tungsten-and-advancing-the-fox-property-12478.html Wed, 06 Mar 2019 03:40:00 +0000 Happy Creek Minerals (CVE:HPY) CEO David Blann spoke with Proactive Investors at the Prospectors & Developers Association of Canada convention in Toronto. The Vancouver company is involved in the acquisition and discovery of mineral properties in Canada. It explores for copper, molybdenum, tungsten, gold, silver, lead, and zinc.

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https://www.miningcapital.com/companies/stocktube/12477/global-energy-metals-sees-need-for-cobalt-rising-with-electric-vehicle-demand-increasing-12477.html Global Energy Metals sees need for cobalt rising with electric vehicle demand increasing https://www.miningcapital.com/companies/stocktube/12477/global-energy-metals-sees-need-for-cobalt-rising-with-electric-vehicle-demand-increasing-12477.html Wed, 06 Mar 2019 03:27:00 +0000 Global Energy Metals (CVE:GEMC) CEO Mitchell Smith sat down with Proactive at the Prospectors & Developers Association of Canada in Toronto. Global Energy Metals is positioning itself as a leading cobalt explorer and developer in the Mt. Isa mining district in Queensland, Australia through the advancement of the Millennium Cobalt Project and proposed acquisition of the Mt. Dorothy and Cobalt Ridge projects.

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https://www.miningcapital.com/companies/stocktube/12474/trans-pacific-energy-ceo-on-realisation-of-international-battery-metals-strategy-12474.html Trans Pacific Energy CEO on realisation of international battery metals strategy https://www.miningcapital.com/companies/stocktube/12474/trans-pacific-energy-ceo-on-realisation-of-international-battery-metals-strategy-12474.html Wed, 06 Mar 2019 00:36:00 +0000 Trans Pacific Energy Group CEO Arthur Darivas provides Proactive Investors with a high level update on the international battery metals explorer and developer's progress on various fronts.

Whilst the company's flagship assets in Western Australia are being advanced, Darivas will soon head to Argentina to progress work on numerous projects there.

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https://www.miningcapital.com/companies/stocktube/12470/one-world-lithium-prepares-to-drill-at-the-salar-del-diablo-project-in-mexico-12470.html One World Lithium prepares to drill at the Salar Del Diablo Project in Mexico. https://www.miningcapital.com/companies/stocktube/12470/one-world-lithium-prepares-to-drill-at-the-salar-del-diablo-project-in-mexico-12470.html Tue, 05 Mar 2019 20:20:00 +0000 One World Lithium (CSE:OWLI) Chief Geologist John Hiner sat down with Steve Darling from Proactive Investors Vancouver to talk about the drilling program about to begin at the Lithium Project in Mexico. Hiner talked about the excitement surrounding this area and how they decided on the holes they will drill.

Hiner also told Proactive about the next steps with the project and the very unique backstory on Salar Del Diablo.

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https://www.miningcapital.com/companies/stocktube/12468/klondike-gold-sharing-story-with-investors-at-pdac-in-toronto-12468.html Klondike Gold sharing story with investors at PDAC in Toronto https://www.miningcapital.com/companies/stocktube/12468/klondike-gold-sharing-story-with-investors-at-pdac-in-toronto-12468.html Tue, 05 Mar 2019 19:14:00 +0000 Klondike Gold Corp (CVE:KG) (OTCMKTS:KDKGF) CEO Peter Tallman spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto.

Klondike is focused on exploring the Lone Star Gold target at the confluence of the Bonanza and Eldorado creeks, within a 557 square kilometer property located on the outskirts of Dawson City, Yukon within the Tr'ondek Hwech'in First Nation traditional territory. The Canadian exploration company has offices in Vancouver, British Columbia, and Dawson City.
 

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https://www.miningcapital.com/companies/stocktube/12467/pancontinental-resources-is-looking-for-battery-metals-with-4-projects-in-ontario-12467.html Pancontinental Resources is looking for battery metals with 4 projects in Ontario https://www.miningcapital.com/companies/stocktube/12467/pancontinental-resources-is-looking-for-battery-metals-with-4-projects-in-ontario-12467.html Tue, 05 Mar 2019 19:08:00 +0000 Pancontinental Resources Corporation (CVE:PUC-OTCMKTS:PUCCF) CEO Layton Croft spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The Toronto-based company focuses on exploration and development of battery metals, including nickel, cobalt and copper. It controls more than 157 square kilometres in four projects (Montcalm, Gambler, Nova and Strachan) in the Porcupine Mining Division in the northwest of Timmins, in Ontario, Canada. The company also holds 100% interest in the Jefferson gold project covering an area of 5.9 square kilometres in Chesterfield County in South Carolina.

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https://www.miningcapital.com/companies/stocktube/12463/batteryone-royalty-is-a-new-company-looking-for-battery-metal-royalties-12463.html BatteryOne Royalty is a new company looking for battery metal royalties https://www.miningcapital.com/companies/stocktube/12463/batteryone-royalty-is-a-new-company-looking-for-battery-metal-royalties-12463.html Tue, 05 Mar 2019 16:21:00 +0000 BatteryOne Royalty CEO Alex Tsukernik sat down with Proactive Investors at the Prospectors & Developers Association of Canada convention in Toronto. BatteryOne is a Vancouver-based private royalty company focused on nickel sulfide and copper deposits, which it sees as central to the development of electric vehicles. 

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https://www.miningcapital.com/companies/stocktube/12462/fortune-minerals-gets-good-news-about-infrastructure-at-project-in-nwt-12462.html Fortune Minerals gets good news about infrastructure at project in NWT https://www.miningcapital.com/companies/stocktube/12462/fortune-minerals-gets-good-news-about-infrastructure-at-project-in-nwt-12462.html Tue, 05 Mar 2019 16:10:00 +0000 Fortune Minerals (TSE:FT) CEO Robin Goad chatted with Proactive at the Prospectors & Developers Association of Canada convention in Toronto. The company explores for gold, cobalt, bismuth, copper, silver, lead, and zinc deposits in Canada. In its portfolio are the Sue-Dianne copper-silver-gold deposit and other exploration projects in the Northwest Territories.

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https://www.miningcapital.com/companies/stocktube/12461/xtract-resources-boosts-its-interest-in-zambia-with-eureka-project-12461.html Xtract Resources boosts its interest in Zambia with Eureka project https://www.miningcapital.com/companies/stocktube/12461/xtract-resources-boosts-its-interest-in-zambia-with-eureka-project-12461.html Tue, 05 Mar 2019 16:01:00 +0000 Colin Bird, executive chairman of Xtract Resources PLC (LON:XTR), caught up with Proactive London's Andrew Scott to discuss an option agreement they've signed on the Eureka copper/gold project in Zambia.

Xtract will have an option to acquire a 50% stake in the project before 1 October 2019 after spending up to US$200,000 to assess the suitability of the project for a resource drilling programme and a feasibility study.

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https://www.miningcapital.com/companies/stocktube/12460/neo-lithium-expects-to-have-pfs-out-soon-on-project-in-argentina-12460.html Neo Lithium expects to have PFS out soon on project in Argentina https://www.miningcapital.com/companies/stocktube/12460/neo-lithium-expects-to-have-pfs-out-soon-on-project-in-argentina-12460.html Tue, 05 Mar 2019 15:56:00 +0000 Neo Lithium Corp (CVE:NLC) CEO Dr. Waldo Perez sat down with Proactive at the Prospectors & Developers Association of Canada convention in Toronto.  The Toronto company is an established lithium brine exploration company focused on its wholly owned, high quality 3Q Project located in Latin America's Lithium Triangle in the Province of Catamarca, Argentina.

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https://www.miningcapital.com/companies/stocktube/12459/continental-gold-excited-about-working-in-columbia-as-they-look-for-gold-12459.html Continental Gold excited about working in Columbia as they look for gold https://www.miningcapital.com/companies/stocktube/12459/continental-gold-excited-about-working-in-columbia-as-they-look-for-gold-12459.html Tue, 05 Mar 2019 15:52:00 +0000 Continental Gold (TSE:CNL) CEO Ari Sussman sat down with Proactive at the Prospectors & Developers Association of Canada convention in Toronto.  The gold mining company is developing a significant project in Colombia.

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https://www.miningcapital.com/companies/stocktube/12458/thunderstruck-resources-talks-major-announcement-at-pdac-in-toronto-12458.html Thunderstruck Resources talks major announcement at PDAC in Toronto https://www.miningcapital.com/companies/stocktube/12458/thunderstruck-resources-talks-major-announcement-at-pdac-in-toronto-12458.html Tue, 05 Mar 2019 15:31:00 +0000 Thunderstruck Resources (CVE:AWE) CEO Bryce Bradley sat down with Proactive at the Prospectors & Developers Association of Canada convention in Toronto. The Vancouver-based company has assembled extensive properties in Fiji, providing a diverse portfolio of exploration-stage projects with potential for zinc, copper, gold and silver.  

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https://www.miningcapital.com/companies/stocktube/12453/kavango-resources-raises-additional-250k-to-advance-botswana-exploration-12453.html Kavango Resources raises additional £250k to advance Botswana exploration https://www.miningcapital.com/companies/stocktube/12453/kavango-resources-raises-additional-250k-to-advance-botswana-exploration-12453.html Tue, 05 Mar 2019 10:59:00 +0000 Michael Foster, chief executive of Kavango Resources PLC (LON:KAV), caught up with Proactive London after the company raised £250,000 through a placing of just under 9mln shares at a price of 2.8p each.

The fundraise comes immediately after a 25 February 2019 placing, which raised £500,000.

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https://www.miningcapital.com/companies/stocktube/12452/thor-mining-to-shift-its-kapunda-project-into-new-copper-focused-company-12452.html Thor Mining to shift its Kapunda project into new copper-focused company https://www.miningcapital.com/companies/stocktube/12452/thor-mining-to-shift-its-kapunda-project-into-new-copper-focused-company-12452.html Tue, 05 Mar 2019 10:42:00 +0000 Mick Billing, chairman of Thor Mining PLC (LON:THR)(ASX:THR), tells Proactive London's Andrew Scott they've signed an MoU for the vending of its interest in the Kapunda copper project into a new copper-focused company, Enviro Copper LTD.

It's intended that Enviro Copper will seek a listing on a recognised securities exchange in the near term.

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https://www.miningcapital.com/companies/stocktube/12449/nick-germain---miningbookguy-talks-pdac-and-industry-with-proactive-investors-12449.html Nick Germain - MiningBookGuy talks PDAC and Industry with Proactive Investors https://www.miningcapital.com/companies/stocktube/12449/nick-germain---miningbookguy-talks-pdac-and-industry-with-proactive-investors-12449.html Mon, 04 Mar 2019 21:35:00 +0000 Nick Germain, otherwise known as MiningBookGuy, is retail mining stock investor who is well-known on Twitter and YouTube and has gained an online following sharing his insights on mining companies he is investing in, books he’s read on investing and his passionate engagement regarding all things mining stocks.

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https://www.miningcapital.com/companies/stocktube/12447/harte-gold-corp-opens-first-new-gold-mine-in-canada-in-about-10-years-12447.html Harte Gold Corp opens first new gold mine in Canada in about 10 years https://www.miningcapital.com/companies/stocktube/12447/harte-gold-corp-opens-first-new-gold-mine-in-canada-in-about-10-years-12447.html Mon, 04 Mar 2019 21:10:00 +0000 Harte Gold Corp (CVE:HRT-OTC:HRTFF) President and CEO Stephen Roman sat down with Proactive Investors at the PDAC conference in Toronto to discuss the newest gold mine in Canada. The Sugar Zone mine is in Ontario. 

Roman telling Proactive about just how big they think this mine can get and what are the next steps.. 

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https://www.miningcapital.com/companies/stocktube/12446/global-atomic-corporation-sees-supply-as-a-key-to-improving-uranium-prices-12446.html Global Atomic Corporation sees supply as a key to improving uranium prices https://www.miningcapital.com/companies/stocktube/12446/global-atomic-corporation-sees-supply-as-a-key-to-improving-uranium-prices-12446.html Mon, 04 Mar 2019 20:32:00 +0000 Global Atomic Corporation (CVE:GLO) EVP Merlin Marr-Johnson spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The company is focused on providing high grade uranium development and cash flowing zinc concentrate production.

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https://www.miningcapital.com/companies/stocktube/12445/salazar-mining-is-a-company-full-of-experience-and-using-that-for-exploration-in-ecuador-12445.html Salazar Mining is a company full of experience and using that for exploration in Ecuador https://www.miningcapital.com/companies/stocktube/12445/salazar-mining-is-a-company-full-of-experience-and-using-that-for-exploration-in-ecuador-12445.html Mon, 04 Mar 2019 20:12:00 +0000 Salazar Resources Ltd (CVE:SRL) CEO Fredy Salazar spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The mineral resource company is engaged in the exploration and development of mineral deposits in Ecuador.

 

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https://www.miningcapital.com/companies/stocktube/12444/copper-fox-metals-see-the-demand-for-copper-rising-and-that-will-fuel-company-12444.html Copper Fox Metals see the demand for copper rising and that will fuel company https://www.miningcapital.com/companies/stocktube/12444/copper-fox-metals-see-the-demand-for-copper-rising-and-that-will-fuel-company-12444.html Mon, 04 Mar 2019 20:05:00 +0000 Copper Fox Metals Inc (CVE: CUU) President & CEO Elmer Stewart spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The Canadian copper exploration and development company's Canadian and United States subsidiaries Northern Fox Copper Inc and Desert Fox Copper Inc are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project in British Columbia and a 100% ownership of the Van Dyke oxide copper in Miami, Arizona.

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https://www.miningcapital.com/companies/stocktube/12442/monarch-gold-corporation-is-hoping-for-bright-days-ahead-with-wasamac-project-12442.html Monarch Gold Corporation is hoping for bright days ahead with Wasamac project https://www.miningcapital.com/companies/stocktube/12442/monarch-gold-corporation-is-hoping-for-bright-days-ahead-with-wasamac-project-12442.html Mon, 04 Mar 2019 19:35:00 +0000 Monarch Gold Corp (CVE:MQR) CEO Jean Marc Lacoste spoke with Proactive Investors at the Prospectors & Developers Association of Canada convention in Toronto. The gold mining company is focused on pursuing growth through its large portfolio of projects in the Abitibi mining camp in Quebec, Canada.‍

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https://www.miningcapital.com/companies/stocktube/12441/plateau-energy-metals-went-looking-for-uranium-in-peru-and-found-lithium-12441.html Plateau Energy Metals went looking for Uranium in Peru and found Lithium https://www.miningcapital.com/companies/stocktube/12441/plateau-energy-metals-went-looking-for-uranium-in-peru-and-found-lithium-12441.html Mon, 04 Mar 2019 19:27:00 +0000 Plateau Energy Metals Inc (CVE:PLU) CEO Alex Holmes sat down with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The Canadian exploration and development company is progressing its Falchani Lithium project and Macusani Uranium project in  Peru.

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https://www.miningcapital.com/companies/stocktube/12440/pure-gold-releases-positive-pea-for-madsen-red-lake-project-12440.html Pure Gold releases positive PEA for Madsen-Red Lake project https://www.miningcapital.com/companies/stocktube/12440/pure-gold-releases-positive-pea-for-madsen-red-lake-project-12440.html Mon, 04 Mar 2019 18:08:00 +0000 Pure Gold Mining (CVE:PGM) President and CEO Darin Labrenz took time out of the PDAC conference in Toronto to talk with Steve Darling from Proactive Investors Vancouver to discuss the Preliminary Economic Assessment that was just released on the Madsen-Red Lake District project. Labrenz highlighted some of the impressive number in the report. 

Labrenz also told Proactive the reaction he is getting from the people on the floor of PDAC about this report and what is next for the project. 

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https://www.miningcapital.com/companies/stocktube/12439/excellon-resources-has-unique-production-in-mexico-with-significant-exploration-potential-12439.html Excellon Resources has unique production in Mexico with significant exploration potential https://www.miningcapital.com/companies/stocktube/12439/excellon-resources-has-unique-production-in-mexico-with-significant-exploration-potential-12439.html Mon, 04 Mar 2019 18:01:00 +0000 Excellon Resources (CVE:EXN-OTC:EXLLF) President and CEO Brendan Cahill sat down with Proactive Investors at PDAC Toronto 2019. Excellon is a silver and
base metals producer headquartered in Toronto. They produce from their Platosa underground mine located near the town of
Bermejillo in Durango, Mexico.  

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30680/vsa-capital-market-movers---egdon-resources-30680.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30680/vsa-capital-market-movers---egdon-resources-30680.html Mon, 04 Mar 2019 09:30:00 +0000

VSA Morning Flow Test, 04/03/19

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Egdon Resources (LON:EDRN)

Egdon Resources (EDR LN) has provided an update on operations for H1 FY 2019 ending January 2019 and the interim results are scheduled to be announced on 9 April 2019. The update indicates that EDR is on track to meet its operational guidance which indicate a significant uptick in production in FY 2019 and a consequent benefit to the earnings outlook.

Production from the Ceres gas field, Keddington and Fiskerton Airfield was 30,026boe, with an average of 164boepd, up 67% YoY and in line with guidance. Total production during January 2019 amounted to 238 boepd again in line with expectations for a further increase in output in H2 FY 2019 and we maintain our full year production forecast average of 210boepd.

EDR reports strong progress at its unconventional assets in particular at Springs Road where EDR has a 14.5% carried interest alongside operator Igas (IGAS LN).  Drilling operations at Springs Road in the Gainsborough Trough shale play are progressing faster than expected and IGAS has indicated that the well has encountered shales including the Bowland Shale, at c.2,200 m as well as the Millstone Grit sequence where read through from Tinker Lane indicates preliminary gas concentrations. Results are due to follow.

As reported in February 2019, preliminary analysis of the Biscathorpe indicated the Basal Westphalian Sandstone target was poorly developed in the drilling location and the expected thickening of the reservoir did not occur as expected. However, because potential remains elsewhere, the prospect will now be considered for further appraisal when the new well data is incorporated into a subsurface model. 

EDR are currently in third-party discussions relating to the introduction of an industry partner to fund the planned 3D seismic and appraisal drilling on the Resolution gas discovery. We currently await the results from an independent competent persons report (CPR).

With a significantly strengthened earnings outlook on the back of higher production the outlook for EDR remains positive, in our view. Furthermore, with Springs Road results upcoming we see additional near term catalysts based on a rerating of the company’s share acreage valuation.

We reiterate our Buy recommendation and target price of 46.7p.

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30678/the-usa-may-be-about-to-embark-on-a-cat-and-mouse-struggle-for-control-of-africas-commodities-30678.html The USA may be about to embark on a cat and mouse struggle for control of Africa’s commodities https://www.miningcapital.com/columns/jackhammer/30678/the-usa-may-be-about-to-embark-on-a-cat-and-mouse-struggle-for-control-of-africas-commodities-30678.html Fri, 01 Mar 2019 12:13:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30676/vsa-capital-market-movers---nulegacy-gold-30676.html VSA CAPITAL MARKET MOVERS - NuLegacy Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30676/vsa-capital-market-movers---nulegacy-gold-30676.html Fri, 01 Mar 2019 10:12:00 +0000

NuLegacy Gold#: Go West!

For the full report, please click here. 

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Aggressive Step Out Success

While in 2018 NuLegacy Gold (CVE:NUG) demonstrated a large body of continuous mineralisation in the Iceberg / Serena zones, NUG has now shifted its focus towards identifying the high grade core of what is now clearly an extensive CTGD system of gold mineralisation. NUG’s most recent drilling stepped out 1,200m (3,900ft) west of the Serena zone towards the Northern Nevada Rift intercepting amongst other intercepts modest gold mineralisation of 3.1m at 0.39g/t. This intercept although not high grade confirmed that mineralisation extends down dip to the West within the same structures and Wenban 5 host rock.  

8,700m Drill Programme; West is Best

NUG following a systematic relogging of existing core and the results from late 2018 has made major steps forward in its exploration targeting process. In 2019 through a 20 hole 8,700m (28,500ft) programme NUG will test prospects to the west of its prior drilling testing the deeper Eocene CTGD host rocks which as demonstrated by recent CSAMT results lie beneath Miocene basalt cover. NUG will continue to target the angled fault structures identified in 2018 as key to hosting high grade mineralisation and with the 2018 success from the westerly SR18-02C (22.1m at 6.59g/t Au) it is thought the mineralisation system strengthens down dip to the West, an area which has largely been previously ignored due to the basalt cover.

Nevada Remains Core to Enlarged Barrick Gold

Despite an uptick in sentiment towards gold stocks on the back of dovish Fed activity and a rally in the gold price up to a ten month high of US$1,341/oz and now up 2% YTD. However, the landmark merger between Barrick Gold (ABX US) and Randgold Resources has resulted in underperformance for NUG and its regional peer group as investors await the results of a strategic overview. We believe that the recent bid by ABX for Newmont Mining (NEM US) demonstrates Nevada’s importance to the majors’ growth strategies, however, it is by no means a done deal.  

Recommendation and Target Price

In 2019 we expect NUG to build on the major breakthroughs in its understanding of the Red Hill geology with a work programme focused on identifying the high-grade core of the substantial discovered system of mineralisation discovered to date.

We reiterate our Speculative Buy recommendation.



 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30674/vsa-capital-market-movers---lake-resources-30674.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30674/vsa-capital-market-movers---lake-resources-30674.html Fri, 01 Mar 2019 09:42:00 +0000

VSA Morning Miner, 01/03/19

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Lake Resources (ASX:LKE)

Lake Resources (LKE AU) announced yesterday the finalisation of a funding package of up to A$5m with an initial tranche of A$1.65m structured as a convertible note with a conversion price equivalent to 90% of the 20-day VWAP. Interest is charged at 15% per annum compounded quarterly and paid in cash in advance.

The funds will be used to advance the Kachi PFS as well as additional drilling at Cauchari. In 2018 LKE announced a maiden resource of 4.4mnt LCE at 211mg/l Li, one of the largest projects globally and have been advancing innovative techniques with partner Lilac Solutions as to how to extract lithium more efficiently. The PFS at Kachi will consider traditional evaporation extraction techniques alongside Lilac Solutions’ ion exchange extraction techniques, the potential benefits of which have been highlighted by recent unseasonably heavy rainfall in the Andes. This is likely to provide support for lithium prices in 2019 as dilution in the evaporation ponds of incumbent producers reduces lithium output in the near term. Successful implementation of the Lilac Solutions technique would sidestep this issue while also limiting the groundwater impact.

With Albemarle (ALB US) recently reporting higher prices in Q4 2018 along with weather related production disruption we believe that the strong fundamentals we have previously argued are now being more clearly reflected. Delays to supply ramp ups caused by project financing hiccoughs on the back of weak market sentiment only serve to strengthen those fundamentals and we believe this backdrop provides a strong setting for a broad-based rerating of the sector in 2019.

We reiterate our Buy recommendation and target price of A$0.36/sh.

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30650/us-china-trade-talks-look-like-going-right-to-the-wire-30650.html US-China trade talks look like going right to the wire https://www.miningcapital.com/columns/jackhammer/30650/us-china-trade-talks-look-like-going-right-to-the-wire-30650.html Fri, 22 Feb 2019 11:46:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30645/vsa-morning-miner---tectonic-gold-30645.html VSA Morning Miner - Tectonic Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30645/vsa-morning-miner---tectonic-gold-30645.html Fri, 22 Feb 2019 09:42:00 +0000 Tectonic Gold (LON:TTAU)

 

Tectonic Gold (LON:TTAU) has provided an update its Mt Cassidy project close to Specimen Hill in Queensland, Australia. 15 historic holes had been drilled at shallow depth intercepting gold mineralisation while geochemical analysis was supportive of the theory that the area was host to IRGS style mineralisation. Historic mining had encountered gold bearing veins of up to 15g/t Au.

Over the past year TTAU has been conducting additional exploration at Mt Cassidy which comes under its Federal Government supported R&D programme. This work has been conducted in collaboration with the Centre of Ore Deposit Excellence Studies (CODES). The findings of systematic geological mapping and rock chip sampling demonstrate the likely presence of both VHMS style zinc, gold, silver mineralisation as well as epizonal to epithermal IRGS gold, silver mineralisation.

Rock chip samples yielded grades of up to 30g/t gold, however, the research has demonstrated that the local geological history is somewhat complex with significant deformation of the IRGS system overlain by a large shear system. TTAU is now planning to use the same deep penetrating advanced geophysics techniques, successful used at Specimen Hill, to aid in targeting a drill programme. Following the recently announced transaction we highlight that Queensland remains a core focus of TTAU.

We reiterate our Speculative Buy recommendation. 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30639/vsa-daily-flow-test---egdon-resources-30639.html VSA Daily Flow Test - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30639/vsa-daily-flow-test---egdon-resources-30639.html Thu, 21 Feb 2019 09:17:00 +0000

VSA Morning Flow Test, 21/02/19

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Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) has announced the completion of drilling at Biscathorpe to a depth of 2,133m reaching the Dinantian limestone. The Biscathorpe 2 (B2) well was intended to test the theory that the reservoir thickened down dip from Biscathorpe 1 (B1), however, this has not proven to be the case. Drilled to the north west of B1 it is now thought that the thickening may occur to the north and north east of B1.

Although a number of porous sandstone reservoir intervals were encountered in the shallower Westphalian sequences where B1 intercepted the reservoir at B2 these are thought to be water wet. The Dinantian carbonate below the Westphalian sandstone did yield 99m of oil shows demonstrating proximity to an effective petroleum reservoir.

Consequently, EDR will now need to remodel the subsurface model and to reflect a more conservative outlook we have adjusted our model from the mean estimate of 14mmboe resources to the P50 estimate of 7.3mmboe. This results in a 3.2p reduction in our target price and an updated Biscathorpe valuation of 3.5p versus 6.7p previously.

Although this result is a disappointment for EDR the market has previously factored in little of the upside potential for Biscathorpe and we see the correction as an overreaction. Furthermore, there remain a number of potential catalysts including Springs Road, where rapid progress is being made, Resolution and also the significantly improved near term earnings profile arising from the Ceres well which was brought back online in late 2018. This, as we have previously stated, suggests that EDR is likely to be profitable in the current financial year and we view the overcorrection as a buying opportunity with the stock now at the bottom of its recent trading range despite an outlook that remains positive.

We reiterate our Buy recommendation although reduce our target price by 6% to 46.7p.

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30622/vsa-capital-market-movers---tectonic-gold-30622.html VSA CAPITAL MARKET MOVERS - Tectonic Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30622/vsa-capital-market-movers---tectonic-gold-30622.html Mon, 18 Feb 2019 09:05:00 +0000

VSA Morning Miner, 18/02/19

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Tectonic Gold (LON:TTAU)

Tectonic Gold (TTAU LN) has announced an agreement with VAST Mineral Sands to acquire an interest in diamond mining concessions in South Africa. TTAU will gain a 50% economic interest for US$650k paid in TTAU shares at a price of 2.2p/sh a significant premium to the current share price of 0.5p and a 10% premium to the listing price in June 2018. TTAU has indicated that it is likely to require additional working capital to fully fund the venture and the enlarged group although the diamond concession is targeting immediate cashflows. TTAU intends to use cashflows to fund ongoing exploration at its core Australian gold exploration projects.

VAST, a private South African company, has interest in minerals sands and diamond concessions. The Alexkor concession into which TTAU is acquiring an interest overlies an 80km stretch of beach in north western South Africa. The Alexkor mine is owned by the SA Government and VAST has a ten-year concession to mine the beach areas as well as process the tailings and slimes from the Alexkor mine which has operated since 1928. This is a free dig operation with no drilling or blasting required. With regard to the tailings VAST has an agreement to dig and process the tailings with revenues after treatment costs and royalties split 80/20 between VAT and Alexkor.

VAST intends to commence alluvial mining of the beach area close to the Orange River, a well-known area for alluvial diamond extraction. De Beers borders the concession to the south at its Kleinzee operations. VAST anticipates contained diamond resources in the concession of around 500kct with an indicative average value of US$450/ct. Production is targeted at an initial 900ct per month.

 

 

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https://www.miningcapital.com/columns/jackhammer/30618/uncertainty-and-fear-return-to-stalk-the-corridors-of-central-banks-and-parliaments-in-europe-30618.html Uncertainty and fear return to stalk the corridors of central banks and parliaments in Europe https://www.miningcapital.com/columns/jackhammer/30618/uncertainty-and-fear-return-to-stalk-the-corridors-of-central-banks-and-parliaments-in-europe-30618.html Fri, 15 Feb 2019 12:42:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30605/vsa-morning-miner---bacanora-lithium-30605.html VSA Morning Miner - Bacanora Lithium https://www.miningcapital.com/columns/vsa-capital-market-movers/30605/vsa-morning-miner---bacanora-lithium-30605.html Wed, 13 Feb 2019 09:26:00 +0000

VSA Morning Miner, 13/02/19

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Bacanora Lithium (LON:BCN)

Bacanora Lithium (BCN LN) has announced interim results for H1 2018 ending December 2018. An operating loss of US$4.4m versus US$3.3m in the prior year was largely due to higher SG&A as headcount on site increased given the advanced nature of the project. As previously announced BCN received significant commitments for funding in the period with RK Mine Finance committing US$150m in debt and conditional equity commitments of US$65m and US$25m respectively from the State General Reserve Fund of Oman (SGRF) and BCN’s offtake partner Hanwa. With the first drawdown from the RK facility undertaken BCN now has a cash position of US$20.5m and borrowings of US$19.3m.

This facility has enabled BCN to make further progress in advancing the development of the Sonora project with ongoing work on the EPC and detailed design of the kiln and crystallisers; key stages in the flowsheet. In addition, acquisition of land makes site access easier at construction while further progress with environmental permissions was also made during the period.

The final funding package continues to be the main outstanding hurdle for BCN, however, we believe that the project is fundamentally viable with robust economics and a proven flowsheet as demonstrated by the successfully operating pilot plant. This has been validated by the funding and offtake partners committed to date and we highlight how rare it is to gain such a broad range of expert backers in a junior resources company.

At Zinnwald, BCN remains on track for a feasibility study in Q2 2019 having achieved a 30% increase in an NI 43-101 compliant resource to 125kt contained lithium. BCN also confirmed battery grade lithium fluoride of 99% can be produced from the resource.

Although the weakness in the lithium equity space has persisted into 2019 the fundamentals continue to be strong with EV sales continuing to strengthen and the pipeline of lithium ion battery manufacturing plants continuing to grow. Strategic investors remain active in the space with Albemarle’s (ALB US) US$1.15bn acquisition of the Wodgina spodumene project in WA and Tianqi’s acquisition of a minority interest in SQM (SQM US). Reports of recent heavy rainfall in the Andes, however, may cause near term disruption to brine producers causing near term pricing increases and support for lithium equities.

We reiterate our Buy recommendation and 115p target price.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30594/vsa-morning-miner---tectonic-gold-30594.html VSA Morning Miner - Tectonic Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30594/vsa-morning-miner---tectonic-gold-30594.html Mon, 11 Feb 2019 09:13:00 +0000

VSA Morning Miner, 11/02/19

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Tectonic Gold (LON:TTAU)

Tectonic Gold (TTAU LN) has announced results from its Stage 1, 1,500m drill programme at Specimen Hill. The primary aim of this drilling was to confirm the viability of exploration methodology including the use of modern geophysics techniques such as Sub Audio Magnetics and DIAS – 3D IP technology. The results which have intercepted gold mineralisation in the known shallow epithermal vein style mineralisation have confirmed this along with porphyry style mineralisation intercepted at depth. TTAU previously announced that porphyry style mineralisation was intercepted from 230m.

Highlights from the programme include:

  • 0.8m at 1.23g/t Au, 151g/t Ag and 153g/t Te from 14m,
  • 0.9m at 2.15g/t Ag, 0.31g/t Ag and 9.79g/t Te from 6.3m,
  • 1m at 8.25g/t Au, 1.37g/t Ag and 19.95g/t Te from 80.2m
  • 1.6m at 5.79g/t Au, 20.76g/t Ag and 3.27g/t Te from 90.4m including 0.25m at 35.2g/t Au, 37.2g/t Ag and 15.15g/t Te from 90.4m.

 
These shallow epithermal results are not the primary target for TTAU which is targeting large scale porphyry targets at depth. Indeed, the most encouraging aspect from these results is the presence of porphyry indicator elements within the assays including high grades of molybdenum, tellurium, silver and copper. With the follow up stage 2 programme of 7,500m being planned we expect TTAU to begin to explore the larger scale targets at depth now that the initial drilling has confirmed the viability of the exploration techniques.

We reiterate our Speculative Buy recommendation.

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30591/global-economic-picture-darkening-as-europe-slows-and-us-china-talks-stagger-on-30591.html Global economic picture darkening, as Europe slows and US-China talks stagger on https://www.miningcapital.com/columns/jackhammer/30591/global-economic-picture-darkening-as-europe-slows-and-us-china-talks-stagger-on-30591.html Fri, 08 Feb 2019 13:17:00 +0000 https://www.miningcapital.com/columns/jackhammer/30565/gold-up-the-dollar-down-sentiment-shaky-30565.html Gold up, the dollar down, sentiment shaky https://www.miningcapital.com/columns/jackhammer/30565/gold-up-the-dollar-down-sentiment-shaky-30565.html Fri, 01 Feb 2019 12:44:00 +0000 There’s much to ponder about the global economy, following the Fed’s latest decision to leave interest rates on hold. Associated Fed commentary took on an even more cautious than it did at the end of last year, and looking around the reasons aren’t hard to find.

The US economy continues strong enough, but in the wider world the picture is less rosy. The German economy continues to send out mixed signals, the Italian economy is now officially in recession, the British economy is likely to be pitched into months if not years of chaos within the next month, and the Chinese economy is slowing too.

Indeed, the latest data from China, the Caixin PMI survey, which was released the day after the Fed decision, has shown that Chinese manufacturing activity is at its lowest level for three years.

Overall, the broad consensus is that China’s economic growth will ring in at 6% this year, but it’s not hard to find pessimists who think it will be lower.

Either way, domestic demand can only insulate the US from the rest of the world for so long, and it’s the prospect of a hit on exports, overseas investments and global financial flows generally that is giving the Fed pause.

This new caution, somewhat paradoxically, has given a certain amount of cheer to equity markets. If the coupon on cash stays low, equity yields look comparably more attractive, so investors pile in and push up prices.

The corresponding effect on the US dollar is to render it weaker against the standard basket of foreign currencies, something Donald Trump has been desirous of in his efforts to creative a favourable environment for exports, and the pricing of those exports. But of course if overseas demand collapses, a few points this or that way on the dollar won’t end up making much difference.

Already we’re seeing the effects of all this on the commodity markets.

In the first place, gold has gone through the US$1,300 mark and looks in no mood to give up that ground. Analysts have suddenly started talking about the next upward inflexion points for gold, rather than the refrain of downside risk that we’d have for a couple of years now.

Silver too has been moving upwards, stimulated additionally by a new narrative that supply may become constrained. Here, the thinking is that large scale miners have been focussing much more on gold in recent years, because of the greater margins on offer, and that major new silver projects are now becoming thin on the ground. At the same time demand for use in industrial applications continues to rise.

Copper’s ticked up a bit in recent weeks, as the heavy selling at the end of December has now abated, but it’s still down by around 10% on this time last year. Zinc’s down by 25% on a year ago, while nickel’s down by around 8%.

It could be that the recent upticks in all these base metals represent the start of a broader trend of rising prices. But given the uncertain economic backdrop that seems unlikely.

Nor is it simply a case of dollar weakness causing all boats to rise. The index known as the DXY, which measures the dollar against a basket of currencies, registered a decline in the dollar’s value of slightly less that US2cents from its December high.

Gold, by contrast is up by around 8% over the same period, and is showing every inclination of going higher.

And against this backdrop of weakening sentiment the US-China trade negotiations drag on, and optimism about the outcome waxes and wanes depending on who in particular is being quoted in the press, and what kind of pressure they are attempting to bring to bear.

Expect a successful outcome of these talks to deliver a significant short-term fillip to markets, including to commodity prices. But in the longer-term, the wider context of the slowing global economy will continue to bear down on prices.

There’s no recession on the horizon yet. But just don’t expect the good times to start rolling either. For the US, this may be as good as it gets. For the rest of the world, it looks as though this economic cycle has already peaked.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30559/vsa-capital-market-movers---anglo-african-agriculture-30559.html VSA CAPITAL MARKET MOVERS - Anglo African Agriculture https://www.miningcapital.com/columns/vsa-capital-market-movers/30559/vsa-capital-market-movers---anglo-african-agriculture-30559.html Thu, 31 Jan 2019 15:59:00 +0000

VSA Morning Agri Comment, 31/01/19

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Anglo African Agriculture#: Update

Anglo African Agriculture (LON:AAAPhas released a update on its business and corporate activities.

  • Dynamic Intertrade, its wholly-owned South African spice trading business, delivered a positive EBITDA for the year-ended 31 October 2018, compared with a loss of c.£400k in the year before.
  • Significant YoY improvement in EBITDA at its 46.8%-owned agricultural products trading subsidiary, Dynamic Intertrade Agri, which should enable a positive contribution from associate on its FY 2018 P&L (from a loss of c.£10k in FY 2017).
  • Kenyan Port Authority approval has been received for construction of an LPG facility on land owned by privately-owned Comarco in the port of Mombasa. As a reminder AAAP has an option to acquire this land for nominal consideration should its 2-year 12-15% US$1m loan made in November 2018 not be repaid. Comarco will generate both base rental and usage income from the LPG facility operator and should increase the amount of associated logistics opportunities available to the group.  
  • “The Company continues to work with Comarco to help develop its future which the Board believes will bring additional value to AAAP.”
  • Full-year results expected mid-February 2019

Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Agriterra

1.81

8.50

0.50

+6.3%

Anglo-Eastern Plantations

219.59

554.00

17.00

+3.2%

Obtala

26.08

6.25

0.15

+2.5%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

DekelOil

12.86

3.65

(0.15)

-3.9%

Carr's Group

151.92

165.25

(3.50)

-2.1%

Devro

262.01

157.00

(2.80)

-1.8%

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30555/vsa-morning-miner---shefa-yamim-30555.html VSA Morning Miner - Shefa Yamim https://www.miningcapital.com/columns/vsa-capital-market-movers/30555/vsa-morning-miner---shefa-yamim-30555.html Thu, 31 Jan 2019 12:03:00 +0000 Shefa Yamim (LON:SEFA)

 

Shefa Yamim (LON:SEFA) has announced the latest and final results from its most recent bulk sampling programme on Zone 2 of the Kishon Mid Reach project. A total of 2,909t were collected across five samples of basal gravels with an overall grade of 135.3cpht across all gemstone types including garnet and spinel. The grade of sapphires, Carmel sapphire, rubies, moissanite and hibonite across the bulk samples was 10.37cpht across this series of samples.

SEFA intend to carry out further bulk sampling in Q2 2019 with three further samples from zone 2. We also expect additional near term newsflow from the release of the Technical Economic Evaluation Report which is likely to give insight into potential capital and operating costs and the company is therefore continuing to make progress towards trial mining.

In addition, SEFA is making progress on the marketing front. SEFA reports jeweller, Yossi Harari, is close to finalising a collection of unique 24k gold pieces incorporating gemstones from Shefa Yamim.

We reiterate our Speculative Buy recommendation.     

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30549/vsa-capital-market-movers---dekeloil-public-q4-production-update--cashew-acquisition-30549.html VSA Capital Market Movers - DekelOil Public#: Q4 Production Update & Cashew Acquisition https://www.miningcapital.com/columns/vsa-capital-market-movers/30549/vsa-capital-market-movers---dekeloil-public-q4-production-update--cashew-acquisition-30549.html Thu, 31 Jan 2019 11:05:00 +0000 On 10 January Côte d'Ivoire agricultural company DekelOil Public Limited (LON:DKL) announced its production update for Q4 2018. At the end of 2018 it also announced that it was taking a 43.8% equity stake in the 10,000tpa (expandable to 30,000tpa) Tiebissou cashew processing project in Cote d'Ivoire, having previously owned an option over the project.
2018 Production in-line with VSA Forecasts

Although Q4 production was not as high as we had hoped it might be following the +15% YoY increase seen in Q3, DKL’s FY 2018 fresh fruit bunch (FFB) collection (146,036t) and crude palm oil (CPO) production (33,077t) figures were in-line with our forecasts. With palm kernel oil (PKO) sales and palm kernel cake (PKC) sales significantly higher than we had estimated, and DKL achieving a premium over the European benchmark CPO price in H2, we believe our previous financial forecasts for FY 2018 were too conservative (revenue of c€20m and net loss of c€3m) and have adjusted accordingly.

Although never guaranteed, in agriculture low production years are often followed by high production years. We are therefore hopeful that H1 2019 will be a positive one for DKL. Recent CPO price increases, if sustained, could also help deliver an improved financial performance in FY 2019.

Strong Start to 2019 for Crude Palm Oil Prices

CPO prices have increased early in 2019 as perceived progress in the China/US trade talks and weather worries in South America have lifted the edible oil complex. More specific to palm oil, we are now entering the low production season in South East Asia and there are signs that demand is picking up from key consuming countries. On the bearish side, the gasoil to palm oil premium has disappeared, reducing the attractiveness of palm-based biodiesel, just as Indonesia and Malaysia implement increased blending mandates.

Recommendation and Target Price

We maintain our BUY recommendation and target price of 12p.

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https://www.miningcapital.com/columns/jackhammer/30536/markets-are-becoming-hyper-sensitive-to-us-china-trade-talks-as-interest-rate-worries-fade-30536.html Markets are becoming hyper-sensitive to US-China trade talks, as interest rate worries fade https://www.miningcapital.com/columns/jackhammer/30536/markets-are-becoming-hyper-sensitive-to-us-china-trade-talks-as-interest-rate-worries-fade-30536.html Fri, 25 Jan 2019 11:53:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30533/vsa-capital-market-movers---egdon-resources-30533.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30533/vsa-capital-market-movers---egdon-resources-30533.html Fri, 25 Jan 2019 10:37:00 +0000

VSA Morning Flow Test, 25/01/19

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Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) has announced that its appeal against the refused planning application at the Wressle site has been successful. This will extend the existing planning consent until January 24 2020 providing EDR with sufficient time to submit an appeal to enable the company to develop the Wressle oilfield.

This appeal to develop the site is likely to be lodged in the coming week and having, in our view, fully addressed the reasons highlighted by the Planning Inspector for initial refusal we believe EDR is well placed given the support from expert planning officers and independent third parties.

We reiterate our Buy recommendation and 50p target price.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30525/vsa-capital-market-movers---central-asia-metals-30525.html VSA CAPITAL MARKET MOVERS - Central Asia Metals https://www.miningcapital.com/columns/vsa-capital-market-movers/30525/vsa-capital-market-movers---central-asia-metals-30525.html Thu, 24 Jan 2019 11:40:00 +0000

Central Asia Metals#: Q4 2018 Operations Update

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2018 Production Ahead of Estimates

Central Asia Metals (LON:CAML) beat our full year production estimates across copper, lead and zinc owing to continued strong operational performance. Copper production of 3.36kt in Q4 2018, up 8% YoY meant full year production of 14kt, in line with 2017 production, at the top end of full year guidance and 2% ahead of our forecast. Sasa zinc production of 5.8kt in Q4 2018 was up 8% YoY resulting in 2018 output of 22.53kt, up 4% YoY and ahead of our forecast by 1%. Lead production of 7.40kt was flat YoY meaning 29.39kt through 2018 although down 2% YoY was 2% ahead of our forecasts.

Guidance for 2019 Implies Continued Robust Output

CAML has provided 2019 guidance broadly in line with our existing forecasts. At Kounrad guidance of 12.5-13.5kt for 2019 is 0.5kt lower than 2018 and 2% lower than our prior estimate of 13.75kt. This is due to the higher contribution from the Western dumps in 2019 (c70%). At Sasa guidance for zinc and lead output is unchanged from 2018 at 22-24kt and 28-30kt respectively. We anticipate 2019 production of 28.6kt lead and 22.2kt of zinc.

Rising Free Cash Flow Generation

Despite a reduction in 2018 forecasts reflecting weaker commodity prices in H2 2018 we have reduced our revenue, EBITDA and net income estimates by 3%, 5% and 8% to US$198m, US$122m and US$50m respectively. Net income continues to reflect a one-off legacy tax charge meaning our 2018F dividend estimate is reduced to 13.85p/sh. However, lower capital spending and a continued low cost base imply a 33%increase in FCF to US$88m in 2019F.

Recommendation and Target Price

Trading on a dividend yield of 6% highlights the ongoing value opportunity and we expect the shares to outperform as FCF generation continues to increase in 2019 and 2020.

We reiterate our Buy recommendation and target price of 309p which implies 33% upside and 40% on a total return basis.

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30511/vsa-capital-market-movers---egdon-resources-30511.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30511/vsa-capital-market-movers---egdon-resources-30511.html Tue, 22 Jan 2019 09:25:00 +0000

VSA Morning Flow Test, 22/01/19

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Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) has announced that the Springs Road well operated by IGas (IGAS LN) has successfully spudded. EDR holds a 14.5% interest in the license are which forms a core part of its shale portfolio in the Gainsborough Trough of around 82,000 acres. This well targeting the centre of the play is the first which will provide modern data on shale and tight gas targets in this play.

This is the second well in IGAS current Gainsborough trough exploration programme, although the first in which EDR has held an interest. Although only a vertical exploration well positive results could potentially open up the wider play.

We reiterate our Buy recommendation and 50p target price.
 

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30510/vsa-capital-market-movers---m2-cobalt-30510.html VSA CAPITAL MARKET MOVERS - M2 Cobalt https://www.miningcapital.com/columns/vsa-capital-market-movers/30510/vsa-capital-market-movers---m2-cobalt-30510.html Tue, 22 Jan 2019 09:23:00 +0000

VSA Morning Miner, 22/01/19

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M2 Cobalt (CVE:MC)

M2 Cobalt (MC CN) and ASX listed Jervois Mining (JRV AU) have announced a friendly at market merger to be completed as a Plan or Arrangement whereby JRV will acquire all of the outstanding share capital of M2. Each common share of M2 will be exchanged for one common share of JRV giving an implied offer price of C$0.262/sh for JRV shares and C$0.247/sh. for M2 based on the 10 day VWAP ending 21 January 2019. This results in pro forma ownership of the enlarged entity of 77.9% for existing JRV holders and 22.1% M2 holders. In addition JRV has provided a convertible bridging loan of C$3m to support M2 during the process; the terms of the loan indicate a 15%pa interest rate with a strike of C$0.245/sh.  

The transaction remains subject to regulatory approval and the new BoD of the enlarged group will consist of three JRV directors and one M2. JRV has a board consisting of former Glencore Xstrata executives whose recent focus has been on the Nico Young nickel cobalt project in New South Wales on which a JORC compliant resource of 167.8mnt at 0.59% Ni and 0.06% Co has been defined. A PFS to confirm the viability of a heap leach flowsheet is being finalised currently which is anticipated to demonstrate a low capital intensity project.

We have highlighted the scale of the anomalies that have been discovered by M2 in Uganda to date as well as the geological similarities between Uganda and the DRC. Given the scale of the advanced project in JRV’s portfolio this suggests that the JRV management team has recognised the potential for Uganda as the next major cobalt district and we believe that a combination of M2’s in country experience and JRV’s commercial and development expertise could see that realised.     

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30501/how-slow-can-china-go-30501.html How slow can China go? https://www.miningcapital.com/columns/jackhammer/30501/how-slow-can-china-go-30501.html Fri, 18 Jan 2019 12:10:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30488/vsa-capital-market-movers---lake-resources-30488.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30488/vsa-capital-market-movers---lake-resources-30488.html Thu, 17 Jan 2019 09:05:00 +0000

VSA Morning Miner, 17/01/19

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Lake Resources (ASX:LKE

Lake Resources (LKE AU) has provided an update on its Cauchari projects in Argentina. LKE owns 100% of the licenses adjacent to those of more advanced projects which have demonstrated high grades and strong flow rates to date with the latest results from peers of up to 611mg/l Li. LKE’s drilling programme is designed to demonstrate that the lithium bearing brine horizons proven on these licenses extends into those of LKE.

LKE has confirmed that the sandy horizons which contain the high grades in adjacent license areas extend into LKE’s license area. However, high fluid pressure downhole has prevented LKE from reaching the target horizons for the initial holes so far for brine sampling. This is indicative of the high flow rates mentioned. With adjusted drilling methods now being utilised LKE believe they can now obtain the necessary samples.

Although LKE shares and those across the lithium space have been particularly weak in the past few months we note the acquisition of LSC Lithium (LSC CN) which confirms the ongoing strategic importance of lithium. LSC had amassed an acreage of around 149,000ha with total contained resources of around 2.62mnt LCE. On the basis of the license areas it is the only other junior of comparable size to LKE, however, on a contained LCE basis its resources were spread over multiple projects also in Argentina. At 4.4mnt LCE in one location so far LKE is perhaps more attractive in that respect. The valuation on a EV/resource basis of approximately US$14/t is a significant premium to LKE’s current US$4/t highlighting the ongoing value opportunity.

We reiterate our Buy recommendation and target price of A$0.36/sh.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30473/vsa-capital-market-movers---tectonic-gold-30473.html VSA CAPITAL MARKET MOVERS - Tectonic Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30473/vsa-capital-market-movers---tectonic-gold-30473.html Mon, 14 Jan 2019 09:19:00 +0000

VSA Morning Miner, 14/01/19

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Tectonic Gold (LON:TTAU)

Tectonic Gold (TTAU LN) has provided an update on the recent exploration programme. 75% of the assay results have been returned with the full results expected to be received before the end of January 2019 which will then be verified, collated and modelled and announced shortly after.

Australian exploration activity has picked up markedly with the rally in the AUD gold price to in excess of A$1,800/oz to close to record highs. Consequently, the assay labs are far busier than in recent years hence the longer than expected wait for the completion of testwork and the return of the full dataset.

The latest grades announced, albeit reported without full assay data, have demonstrated grades in line with historic mining at Specimen Hill at up to 35.2g/t Au from 90m depth. TTAU has also reported silver grades of up to 37g/t Ag, tellurium grades of up to 15 g/t and copper grades of up 1.45%. Intercepts of key signature elements of IRGS deposits are encouraging and we await the detailed results announcement to fully understand the context of the initial drilling programme.    

We reiterate our Speculative Buy recommendation.

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30470/the-feds-new-found-caution-is-being-lauded-by-markets-for-now-but-what-does-it-really-portend-30470.html The Fed’s new-found caution is being lauded by markets for now, but what does it really portend? https://www.miningcapital.com/columns/jackhammer/30470/the-feds-new-found-caution-is-being-lauded-by-markets-for-now-but-what-does-it-really-portend-30470.html Fri, 11 Jan 2019 12:15:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30460/vsa-capital-market-movers---m2-cobalt-30460.html VSA CAPITAL MARKET MOVERS - M2 Cobalt https://www.miningcapital.com/columns/vsa-capital-market-movers/30460/vsa-capital-market-movers---m2-cobalt-30460.html Thu, 10 Jan 2019 09:40:00 +0000

VSA Morning Miner, 10/01/18

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M2 Cobalt (CVE:MC)

M2 Cobalt (MC CN) has announced the completion of the initial 2km of diamond drilling across 15 holes prior to its winter break in mid-December. Samples are now at the ALS Chemex South African Ltd labs for assay analysis with results currently anticipated by mid-February 2019.

The exploration programme as a whole covers the three distinct styles of mineralisation discovered across the major targets identified in the Phase 1 programme. Extensive anomalies of VMS copper cobalt mineralisation were identified at the Kilembe properties in south western Uganda as well as ultramafic nickel, copper, cobalt mineralisation and Katanga style sediment hosted copper cobalt mineralisation at the Bujagali properties in central Uganda. This initial programme was largely focused at Kilembe with the rig planned to follow onto Bujagali after.

We reiterate our Speculative Buy recommendation.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30458/vsa-capital-market-movers---dekeloil-public-limited-30458.html VSA CAPITAL MARKET MOVERS - DekelOil Public Limited https://www.miningcapital.com/columns/vsa-capital-market-movers/30458/vsa-capital-market-movers---dekeloil-public-limited-30458.html Thu, 10 Jan 2019 09:18:00 +0000

VSA Morning Agri Comment, 10/01/19

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DekelOil Public Limited - Q4 Production & Sales Update

Côte d'Ivoire agricultural company DekelOil Public Limited (LON:DKL) has announced a production update for Q4 2018.

  • Fresh Fruit Bunches (FFB) Collected: 24,903t, -23.1% YoY (Q4 2017: 32,364t)
  • Crude Palm Oil (CPO) Production: 5,464t, -22.6% YoY (Q4 2017: 7,055t)
  • CPO Sales: 4,950t, -24.8% YoY (Q4 2017: 6,586t)
  • Average CPO Selling Price: €517/t, -14.8% YoY (Q4 2017: €607/t)

VSA Comment

Following a 15% YoY increase in FFB collected in Q3, we were hopeful that Q4 would provide continued evidence of a strong recovery in crop levels and provide upside to our forecasts. Unfortunately, today’s data confirms that this was not the case. However, it should be noted that the comparable period appears to have been an exceptionally good quarter for cropping and Q4 CPO production was more than 15% ahead of production in Q4 2016.

Over the full-year, DKL collected 146,036t of FFB and produced 33,077t of CPO, in-line with our forecasts of 147,525t and 33,341t, respectively. Palm kernel oil (PKO) sales (2,861t sold vs. 2,124t estimate) and palm kernel cake (PKC) sales (3,795t sold vs. 2,950t estimate) were significantly higher than we had estimated.

Pricing premiums over the European benchmark in H2 (+19% in Q4, +11% in Q3) allowed DKL to secure an average FY CPO selling price above our forecasts (€543/t vs. €523/t estimated). Along with the higher-than-forecast PKO and PKC sales, this may provide slight upside to our financial forecasts for FY 2018 (revenue of c€20m and net loss of c€3m). Given strong regional demand, we expect premium pricing to persist through FY 2019.

In terms of CPO pricing outlook, the European benchmark price has increased more than 20% since mid-November to US$535/t (€465/t). Although South East Asian palm oil stocks are currently high, we are now entering the low production season for that region, with Chinese and Indian demand expected to increase, and Malaysian and Indonesian domestic demand also likely to rise as higher biodiesel blending regulations are rolled out. In addition, the US National Oceanic and Atmospheric Administration has put a 90% chance of an El Niño forming in Q1. A strong El Niño has the potential to depress palm oil production and boost pricing.

On the bearish side, recent crude oil price falls have eliminated the premium of gasoil over Malaysian CPO (having been US$200/t+ in October). This will reduce discretionary palm-based biodiesel demand and could delay the implementation of further biodiesel blending regulations.

With 2018 now behind it, attention will turn to 2019, particularly with regards to the upcoming high season. In anticipation of this, DKL has established a fourth FFB collection centre near to its mill. Although never guaranteed, low production years are often followed by high production years, so we are hopeful that H1 2019 will be a positive one for DKL in terms of production. We look forward to a Q1 2019 production update in early April to confirm this either way. Recent CPO price increases, if sustained, could also help deliver an improved financial performance in FY 2019.

We maintain our BUY recommendation and target price of 12p.


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https://www.miningcapital.com/columns/vsa-capital-market-movers/30454/vsa-capital-market-movers---central-asia-metals-30454.html VSA CAPITAL MARKET MOVERS - Central Asia Metals https://www.miningcapital.com/columns/vsa-capital-market-movers/30454/vsa-capital-market-movers---central-asia-metals-30454.html Wed, 09 Jan 2019 09:23:00 +0000

VSA Morning Miner, 09/01/19

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Central Asia Metals (LON:CAML)

Central Asia Metals (CAML LN) has announced strong production results for 2018 in line with company guidance and marginally ahead of our estimates across copper, lead and zinc. Copper production of 3.4kt in Q4 2018 resulted in full year 2018 production of 14kt which was flat YoY, despite the impact of severe weather in Q1 2018, and the company was able to make up the shortfall through the balance of the year. Having forecast 13.8kt copper output was 2% ahead of our forecasts while average LME copper prices of US$6,544/t were in line. Guidance for 2019 of 12.5-13.5kt copper output is marginally lower than our estimate of 13.8kt although remains in line with historical production levels.

At Sasa zinc production of 22.5kt was up 4% YoY with Q4 2018 production of 5.8kt up 8% YoY. Full year production was broadly in line with our estimate of 22.3kt as a combination of consistently stronger grades through the year along with rising recoveries to 85% in Q4 2018. The latter followed the commissioning of the new SMD mill earlier in the year. Lead production of 29.4kt was 2% lower YoY, however, it was 2% ahead of our estimate of 28.8kt and comfortably within the guidance range of 28-30kt. The lower YoY output was largely driven by a modest decline in lead grades from 3.98% to 3.90% and a 1pp decline in recoveries to 93.6%. This, therefore represents a strong first full year of operations at Sasa, in our view, and with zinc and lead guidance maintained at Sasa of between 22-24kt and 28-30kt respectively for 2019 CAML is set to maintain the established stable operational track record at Sasa. Updated production guidance remains in line with our estimates for 2019 onwards.

The tailings storage facility at Sasa is now largely complete which will provide storage at Sasa for a further seven years meaning that near term capital requirements at Sasa are largely confined to sustaining capex. Additionally, CAML commenced a life of mine study and resource infill drilling programme. The updated JORC resource is expected to be completed during Q1 2019. Our current model is based only on the existing JORC resources for Svinja Reka and Golema Reka; announced drilling results demonstrate extensions of mineralisation at depth for both ore bodies while at Svinja Reka grades below the 830m level are stronger than the inferred resource which stands at 2.7mnt at 3.2% lead and 2.1% zinc. Exploration at Sasa continues to provide material upside potential versus our mine life estimates while infill drilling  will likely provide greater confidence in the near term mine plan.

CAML has continued to make progress in identifying growth opportunities screening 22 projects in the period with three site visits. However, exploration results from Shuak have been deemed not to warrant further development by the company and we highlight that having successfully integrated Sasa, CAML has transformed to a larger multi asset operator since it acquired the assets in 2016.

Having beaten our production estimates in copper, zinc and lead CAML has again demonstrated its ability to consistently deliver strong operational performance. Although broader market volatility has meant the share performance has been rangebound over the past quarter we believe that the shares remain attractive trading on a 7% yield for 2018 based on our estimates. A core asset base able to deliver consistent strong free cash flow provides a robust platform to grow the business and we believe the shares offer an attractive entry point.

We reiterate our Buy recommendation and 309p target price.

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30452/vsa-capital-market-movers---colombus-energy-resources-30452.html VSA CAPITAL MARKET MOVERS - Colombus Energy Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30452/vsa-capital-market-movers---colombus-energy-resources-30452.html Wed, 09 Jan 2019 09:16:00 +0000

VSA Morning Flow Test, 09/01/19

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Columbus Energy Resources (LON:CERP)

Columbus Energy Resources (CERP LN) reported Q4 2018 production averaging 670bopd resulting in full year average production of 615bopd in 2018 which was up 67% YoY and ahead of our full year estimate of 600bopd despite the impact of severe weather and record rainfall in Q4 2018. Quarterly production was 9% lower QoQ as moving workover rigs and routine operations were prevented by flooding which made roads impassable in Trinidad. Gross revenues of US$3.23m were down 16% QoQ owing to lower production and lower oil prices which averaged 5% lower QoQ at US$57.58/bbl.

That said, CERP achieved its year end target of 1,000bopd with peak production of 1,021bopd in the quarter. This included the initial production from the Snowcap 1 & 2 wells which achieved 70bopd after three years of shut in status. CERP had guided to an expected 100bfpd with part of the appraisal intended to assess the volumes of water production. After a successful appraisal we now expect pumped production to commence at Cory Moruga. We expect CERP production to bounce back from the impact of severe weather in Q1 2019 and workovers are continuing to progress across the operating fields, indeed the second pilot injection well at Goudron is ready for conversion to water injection in Q1 2019. CERP has guided that average production is likely to remain within the recent peak level in the near term which is line with our current expectations.
   
This unseasonably severe weather does in fact demonstrate clearly the importance of CERP’s acquisitions through 2018, at attractive valuations, which have diversified the operating base to six operating fields. With a reduced reliance on Goudron the company is better placed to withstand one-off shocks such as this while the investment made in operating infrastructure such as backup generators has meant that production was able to continue despite a temporary loss of grid power. Indeed, despite the reduction in output CERP continued to generate positive operational cashflow from its Trinidad operations of US$0.37m (US$0.54m in Q3 2018) which is a strong positive, in our view, and a clear demonstration of the company’s capital discipline and more robust asset base.
 
Cash at year end 2018 of US$2.6m (£1.7m) was broadly in line with our estimate of £1.5m while gross debt was further reduced to US$0.4m. This includes the net impact of the £2.5m fundraise in Q4 and repayment of the US$1.25m loan associated with the Steeldrum acquisition. This leaves CERP well placed to continue the optimisation of the six operating fields as well as make preparations for the major catalyst for the shares in 2019; exploration of the SWP. Based on our forecasts, CERP is fully funded for planned operations and drilling at SWP represents a potentially transformational event for the company given the estimated prospective resources of 1.3Bboe.

In addition, CERP is the operator of the Innis Trinity field and the current work programme is funded by Predator Oil and Gas (PRD LN) through a farm in agreement. Workovers in the quarter continued to make progress although CO2 injection has not yet commenced with the submission of the Certificate of Environmental Compliance completed in Q4 2018.

Recent share price performance has been soft and while we believe a combination of broad-based equity market volatility and a reduction in WTI oil prices have exacerbated the weakness the progress that management has made operationally and financially was not fairly reflected in the share price performance in 2018. A 67% YoY increase in production is an impressive and significant achievement and we expect continued progress in 2019. Although this was lower than originally anticipated at the start of the year and legacy costs associated with Spain have hampered financial performance we continue to forecast a reduction in the net loss from £5m to £3.4m in 2018 and a return to profit in 2019 demonstrating that the operational improvements are having a meaningful and tangible positive impact on the group financials.  We believe that at the current share price CERP’s production potential, exploration upside and capital discipline is simply not reflected and continue to see significant upside potential.

We reiterate our Buy recommendation and 21.4p target price.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30445/vsa-capital-market-movers---egdon-resources-30445.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30445/vsa-capital-market-movers---egdon-resources-30445.html Tue, 08 Jan 2019 09:31:00 +0000

VSA Morning Flow Test, 08/01/18

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Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) announced yesterday that the Biscathorpe exploration well has now been spudded in line with the previously set out timetable. Preliminary results are now expected in early February.

EDR holds a net interest of 35.8% and 22.5% share of the well cost. Currently we value the asset at 6.7p/sh. on a risked basis using a 40% CoS against the mean prospective resources of 14mmbo (5mmbo net to EDR) highlighting the current value potential given the current share price of 8p/sh.

This appraisal well will test whether the geology at Biscathorpe is comparable to that of the Reepham oilfield around 20km south west of Biscathorpe. At Reepham the Basal Westphalian sandstone reservoir experiences significant lateral thickening down dip, however, this is not directly visible on seismic data. From this well EDR will therefore aim to establish the extent of reservoir thickening beyond a small known local fault. Once the extent of thickening is better understood EDR will be better able to determine the quality and extent of the reservoir; currently the resource ranges from 1.8mmbo (P90) to 35.3mmbo (P10).

EDR has a number of catalysts across both its conventional assets, as at Biscathorpe, and unconventional assets with drilling at Springs Road upcoming where EDR has a direct interest. While results are also expected from Cuadrilla’s testing at Preston New Road which are important for the UK shale industry. Positive results for each of these could, in our view, drive a strong rerating for the shares which are currently deeply discounted, in our view.

We reiterate our Speculative Buy recommendation and 50p target price.


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30441/vsa-capital-market-movers---shefa-yamim-30441.html VSA CAPITAL MARKET MOVERS - Shefa Yamim https://www.miningcapital.com/columns/vsa-capital-market-movers/30441/vsa-capital-market-movers---shefa-yamim-30441.html Mon, 07 Jan 2019 09:35:00 +0000

VSA Morning Miner, 07/01/19

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Shefa Yamim (LON:SEFA)

Shefa Yamim (SEFA LN) has announced the discovery of a new mineral found as inclusions in the Carmel Sapphire prevalent at its alluvial gemstone project in Northern Israel. The new mineral with major chemical components of titanium, aluminium and zirconium has been named carmeltazite and has been recognised and approved as a new mineral by the International Mineralogical Association following the publication of a paper by a team from the Macquarie University in Australia led by Bill Griffin.

The discovery of another new mineral by SEFA highlights the unique nature of the collection of rare gemstones present at the Kishon Mid Reach project and the company continues to progress towards trial mining in 2019.
  
We reiterate our Speculative Buy recommendation.

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30434/aussie-gold-price-hits-all-time-high-as-chinese-economic-growth-slows-again-30434.html Aussie gold price hits all-time high as Chinese economic growth slows again https://www.miningcapital.com/columns/jackhammer/30434/aussie-gold-price-hits-all-time-high-as-chinese-economic-growth-slows-again-30434.html Fri, 04 Jan 2019 11:09:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30437/vsa-capital-market-movers---central-asia-metals-30437.html VSA CAPITAL MARKET MOVERS - Central Asia Metals https://www.miningcapital.com/columns/vsa-capital-market-movers/30437/vsa-capital-market-movers---central-asia-metals-30437.html Fri, 04 Jan 2019 10:46:00 +0000

VSA Morning Miner, 04/01/19

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Central Asia Metals (LON:CAML)

Central Asia Metals (CAML LN) has announced that it has refinanced and consolidated its corporate debt as of December 2018. The Sasa mine had gross debt of US$67m at the time of the acquisition by CAML in November 2017. As part of the acquisition financing CAML raised US$120m in debt from its offtake partner, Traxys. In order to simplify the outstanding corporate debt CAML has increased the size of the Traxys facility by US$60m to US$151m and repaid the outstanding Sasa debt plus accrued interest.

The Traxys facility carries 4.75% interest plus 1-month US Libor and is to be repaid monthly on a straight-line basis within four years without the previous requirement for cash sweeps. Our current estimates based on prior guidance assume that gross debt would be repaid by the end of 2021 and we forecast year end 2018 gross debt of around US$132m. Given the removal of the cash sweep constraint this likely gives CAML more flexibility over repayments and use of cash which may prompt a less aggressive deleveraging programme particularly since our current forecasts suggest net debt to EBITDA of 0.8x at year end 2018.

The shares have traded within a narrow range over the past three months despite commodity price volatility, however, given the strong free cash flow outlook which is highlighted by the ability to rapidly deleverage whilst continuing to pay a robust dividend the shares remain attractive, in our view. At the current price we anticipate a dividend yield of around 7% in 2018.

We reiterate our Buy recommendation and target price of 309p.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30425/vsa-capital-market-movers---dekeloil-30425.html VSA CAPITAL MARKET MOVERS - DekelOil https://www.miningcapital.com/columns/vsa-capital-market-movers/30425/vsa-capital-market-movers---dekeloil-30425.html Fri, 21 Dec 2018 09:55:00 +0000

VSA Morning Agri Comment, 21/12/18

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DKL Takes 43.8% Stake in Cashew Project

West African agricultural company DekelOil Public (LON:DKL) has taken a 43.8% equity stake in the 10,000tpa (expandable to 30,000tpa) Tiebissou cashew processing project in Cote d'Ivoire.

  • Consideration to be satisfied via the issuance of DKL shares at 4.5p per share, a 46% premium to its last closing price
  • Implied current valuation of €6m
  • Retains an option to acquire a further 20.5% interest on same terms as original option agreement signed on 26 June 2018

VSA Comment

The Tiebissou project is scheduled to become operational in early 2020 in time for the Côte d’Ivoire cashew season that typically starts in February and ends in June. Assuming DKL exercises its option to take majority control, this will be its second majority-owned operational project in Côte d’Ivoire.

With this equity investment, DKL is now sharing some of the development risk. However, it believes that this is minimal given senior management have been appointed, a 13-year tax exemption has been granted, key construction contracts are now in place and project debt financing has been secured (meaning no material cash contribution will be required by DKL for the project).

The original option agreement valued the project at a minimum of €18m once operational with the option only exercisable from H1 2021. With cashew processing facilities typically valued at around US$1m per 1,000tpa capacity, we believe this valuation seems fair (for a 10,000tpa-30,000tpa facility).

DKL reports that PKF Littlejohn LLP believes that the valuation of this specific transaction (€6m) "appears reasonable and on an arm's length basis" and this was supported by independent NED opinion and a recent independent investment into the project by an unrelated investor.

As we outlined in our initiation report on DKL, this cashew project will provide DKL with sensible diversification given its expertise in the processing of agricommodities, smallholder relations and operating in-country.

We estimate the project could deliver an additional c€3m in attributable profit to DKL by 2022 (depending on its final equity stake when operational).

We maintain our BUY recommendation and target price of 12p.

 


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

NWF Group

74.83

153.50

4.00

+2.7%

Devro

264.68

158.60

1.60

+1.0%

Eden Research

25.07

12.10

0.10

+0.8%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Plant Health Care

17.20

9.95

(0.50)

-4.8%

Anglo-Eastern Plantations

236.23

596.00

(25.00)

-4.0%

Genus

1,414.08

2,180.00

(74.00)

-3.3%


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30424/vsa-capital-market-movers---tectonic-gold-30424.html VSA CAPITAL MARKET MOVERS - Tectonic Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30424/vsa-capital-market-movers---tectonic-gold-30424.html Fri, 21 Dec 2018 09:52:00 +0000

VSA Morning Miner, 21/12/18

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Tectonic Gold (LON:TTAU)

Yesterday Tectonic Gold (TTAU LN) provided initial assay results from its recent drilling campaign at Specimen Hill in Queensland, Australia. These results are based on the first 25% of the assays and are encouraging in our opinion. It appears that the aims of the drilling campaign - to verify known near surface mineralisation and extend the depth of this mineralisation as well as test the potential for porphyry style mineralisation at depth - have been positively fulfilled.

Widths have not been reported, however, assays from the near surface targets intercepted grades of up to 5.14g/t Au from 118.6m and up to 6.06g/t Au from 96m. Historic drilling intercepted mineralisation around 50m from surface and these latest holes were intended to extend this known mineralisation at depth.

Whilst these results are positive, the largest potential upside for TTAU lies in discovering major porphyry style deposits. The fact that initial results suggest that porphyry mineralisation has been intercepted is highly encouraging, in our view, and appears to confirm the company’s exploration model. Porphyry style mineralisation was intercepted 230m from surface, although grades are not yet available. TTAU has indicated that full results are likely to be available in early 2019.

The verification aspect of the drilling programme was a useful tool for assessing the effectiveness of modern geophysics techniques which have been used by TTAU to date. Given that both lode extensions have been found as part of the near-surface mineralisation as well as intercepts of porphyry style mineralisation at depth it suggests that these methods are effective and will be used to identify new targets. 

We reiterate our Speculative Buy recommendation.


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30409/vsa-capital-market-movers---exore-resources-30409.html VSA CAPITAL MARKET MOVERS - Exore Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30409/vsa-capital-market-movers---exore-resources-30409.html Tue, 18 Dec 2018 09:41:00 +0000

VSA Morning Miner, 18/12/18

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Exore Resources (ASX:ERX)

With drilling well underway the initial aircore results have yielded highly encouraging intercepts which capitalise on the early work carried out by the vendors. Aircore drilling has expanded the known shallow mineralisation at the Liberty 2 prospect by 60% to a 1.6km strike running NE to SW and dipping to the East. It remains open in all directions and ERX will now commence resource definition RC drilling commencing Q1 2019.

At Liberty 2 Exore Resources (ERX AU) carried out a 7,500m programme across 57 holes averaging 47m depth. The fact that aircore could operate to this depth indicates significant surface weathering and therefore potentially higher grades in unweathered bedrock. The programme covered eight new traverses each of which intercepted gold mineralisation hosted in deformed sedimentary and mafic rocks as well as in quartz veins which typically host higher grades. Significant intercepts in this programme included:

  • 12m at 3.3g/t Au from 4m
  • 12m at 1.88g/t Au from 8m
  • 18m at 2.15g/t Au from 36m
  • 8m at 1.73g/t Au from 32m
  • 4m at 4.45g/t Au from 44m

This significant expansion of shallow mineralisation demonstrates the potential of the Liberty 2 prospect which is contained within a broader 20km in soil anomaly. In addition, RC drilling is underway at Antoinette and first pass aircore drilling is underway at Veronique. However, these three large scale anomalies cover only a small portion of the 830km2 license area and ERX have initiated a regional geochemical soil sampling programme to explore the further potential.

We therefore expect significant upcoming newsflow from ERX to build on these initial strong results. With A$15m in cash ERX is fully funded for its exploration activities and is in a strong position to fully capitalise on the clear significant potential which exists at its licenses in Cote d’Ivoire.

We reiterate our Speculative Buy recommendation.

 

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30408/vsa-capital-market-movers---egdon-resources-30408.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30408/vsa-capital-market-movers---egdon-resources-30408.html Tue, 18 Dec 2018 09:36:00 +0000

VSA Morning Flow Test, 18/12/18

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Egdon Resources (LON:EDR)

We note from the IGas (LON:IGAS) announcement that having reached the target depth of 1,810m the Tinker Lane well, spudded in late November, did not encounter the Bowland shales; the key target for shale gas. Although Egdon Resouces (LON:EDR) has significant interest in the central part of the Gainsborough Trough it does not have an interest at Tinker Lane as this well was always designed to test the lateral extent of the Bowland shale and was therefore a bull case well for IGAS if successful.

In our view, we see this as a vindication of EDR’s strategy to focus on the central areas of the play highlighting why EDR is our preferred exposure to UK shale potential. Indeed, EDR have a 14.5% interest at Spring’s Road in the central areas of the Gainsborough Trough; IGAS is also the operator. With the Tinker Lane well completed ahead of schedule the focus will now be on Spring’s Road which IGAS expect to spud in Q1 2019.

We reiterate our Buy recommendation and target price of 50p.


 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30407/vsa-capital-market-movers---redt-energy-30407.html VSA CAPITAL MARKET MOVERS - redT energy https://www.miningcapital.com/columns/vsa-capital-market-movers/30407/vsa-capital-market-movers---redt-energy-30407.html Tue, 18 Dec 2018 09:33:00 +0000

VSA Morning Alternative Energy Comment, 18/12/18

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redT energy#: Year-End Update

redT energy (LON:RED), an energy storage solutions company, has released an update that summarises its key achievements during FY 2018.

  • Gross pipeline continues to stand above £1bn
  • Risk-weighted development pipeline now at “more than 1,500” tank unit modules (was reported as 1,687 units on 13 September)

VSA Comment

RED has released a summary of its activity in FY 2018. In terms of new information, the company has revealed that it is in final discussions for a multi-MWh project in the UK market, in late stage negotiations for a number of high profile projects in South Africa and that it intends to offer an electrolyte rental option to its customers (we have assumed in our modelling that this will occur for sales completed over the next two years, as the vanadium price remains elevated).

The company also stated that it continues to progress towards financial close on the first 40MWh project of its 700MWh German project portfolio. In our recent note on the company we stated that we now expected this to close in early 2019 (from end 2018) and this has been confirmed by the company this morning.

There are therefore several potential share price catalysts due early next year - closing of the financing for the initial German project, first commercial delivery of a Gen3 machine (for Anglian Water), progress on seeking one or more strategic partners, and the winning of significant new projects in both South Africa and the UK.

We recently released an updated note on RED, where we made some adjustments to our near-term forecasts and updated our valuation. As such, we now have a BUY recommendation and target price of 21p on the stock.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Rurelec

3.9

0.7

0.10

+16.7%

Sabien Technology

0.7

0.1

0.01

+13.6%

redT energy

50.2

6.4

0.45

+7.6%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Aggregated Micro Power

41.0

95.0

(7.50)

-7.3%

Advanced Power Components

11.9

6.6

(0.50)

-7.0%

Ilika

14.4

14.2

(1.00)

-6.6%


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30390/vsa-capital-market-movers---bacanora-lithium-back-sonora-convinced-by-site-visit-30390.html VSA CAPITAL MARKET MOVERS - Bacanora Lithium: Back Sonora; Convinced by Site Visit https://www.miningcapital.com/columns/vsa-capital-market-movers/30390/vsa-capital-market-movers---bacanora-lithium-back-sonora-convinced-by-site-visit-30390.html Thu, 13 Dec 2018 09:23:00 +0000

Bacanora Lithium#: Back Sonora; Convinced by Site Visit

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Pilot Plant and Offtakes De-Risk Sonora

Bacanora Lithium (LON:BCN) has developed and proven through three years of pilot plant operations that it has a viable extraction process for its soft rock polylithionite project in Sonora, Mexico. BCN has consistently produced a 99.5% lithium carbonate and the strategic investment from Hanwa Co. and 10-year offtake for 100% of stage one output verifies this process and confirms that the pilot plant has significantly derisked the process design. This confidence is further underpinned by the commitment of strategic, specialist investors RK Mining and State General Reserve Fund of Oman.

Fundamentals, however, remain at the forefront of our investment case and based on a WACC of 8.2% we derive an attributable NPV of US$935m for the two-phase project capable of producing 17.9ktpa and 36ktpa Li2CO3 respectively requiring upfront capex of US$420m. Cash costs of US$4,350/t (before by product credits) place the project attractively within the global cost curve implying strong margins. The initial 20-year mine life uses just 7% of the Sonora resource, on our estimates, and remains open to expansion. Consequently, we believe that one of the most attractive aspects of the project for offtakers (and why it will be successful) is the ability to replicate the modular design and scale production in line with rising global demand.

Lithium Fundamentals Continue to Strengthen

The lithium market is expected to grow 25% YoY in 2018 to 260kt LCE as demand for lithium ion batteries continues to grow. The demand outlook remains strong and consensus demand for 2025 is now at 1mntpa LCE. Benchmark Mineral Intelligence now estimate 1,148GWh of battery manufacturing capacity by 2025. Supply growth is, however, struggling to keep up. SQM (SQM US) will now produce 45kt LCE in 2018, -7% YoY, having initially guided to reaching a run rate of 70ktpa by year-end. Prices have therefore remained supported above US$16,000/t through 2018 for battery-grade lithium carbonate, while the medium term outlook has been strengthened by the rejection of Albemarle (ALB US) and SQM’s plans to raise output at the Salar de Atacama. End users are therefore compelled to seek supply outside of Chile to meet their needs.

Recommendation and Target Price

The shares are down 76% YTD as weak lithium sentiment has driven lithium equities lower globally while BCN performance was compounded by the pulled financing. However, following our site visit we are convinced of the viability of the Sonora project and that BCN has the expertise to deliver the attractive returns and the high quality LCE production promised.

We initiate coverage with a Buy recommendation and target price of 115p/sh.


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30373/vsa-capital-market-movers---exore-lake-30373.html VSA CAPITAL MARKET MOVERS - Exore, Lake https://www.miningcapital.com/columns/vsa-capital-market-movers/30373/vsa-capital-market-movers---exore-lake-30373.html Mon, 10 Dec 2018 09:34:00 +0000

VSA Morning Miner, 10/12/18

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Exore Resources (ASX:ERX)

Exore Resources (ERX AU) has announced the successful first renewal of the Boundiali and Korhogo exploration permits and the start of the 30km drilling programme which is now underway. With the permits now renewed for an initial three years ahead of the next renewal ERX is well placed to capitalise on the initial encouraging discoveries made by the vendor Apollo Consolidated (AOP AU). ERX will now issue 90mn shares to AOP shareholders after conditional approval was granted pending the renewal of the permits.

The 30km drill programme is underway with two drill rigs, able to carry out aircore, RC and diamond drilling. The drilling will cover the three major in soil gold anomalies which have been identified within the 830km2 that has only been partially explored and are adjacent to Randgold Resources (RRS LN) Fonondara licenses. AC drilling at the Liberty 2 prospect which covers 1km of a 20km anomalous trend has previously yielded results of up to 12m at 2.27g/t Au from surface and initial results are expected in late December 2018. Resource definition drilling at Antoinette will commence imminently with results due in early 2019 in order to build on prior results of 17m at 22.5g/t Au from 8m and 14m at 11.24g/t Au from 12m. The third prospect, Veronique, has yet to be drilled and ERX will conduct AC drilling here initially.

With A$15m in cash the exploration programme is fully funded and we believe there is significant exploration potential given the extensive, shallow nature of the anomalies and the high grade results yielded to date.

Please click here to read our recent report on the transaction.

We reiterate our Speculative Buy recommendation.

Lake Resources (LKE AU)#

Lithium equities have been under pressure over the past few weeks in line with the global correction in equities, despite the secular nature of the market drivers. However, Lake Resources (LKE AU) has continued to make strong progress with its partner Lilac Solutions whose initial test work has shown the potential for first quartile cash costs following testwork on brine samples from LKE’s wholly owned Kachi project in Argentina.

The testwork using the Lilac process and evaporative dewatering yielded recoveries of 85-90% lithium producing a concentrate of 25,000mg/l Li from samples of 300mg/l Li. From this concentrate a lithium carbonate or hydroxide product could then be produced within a conventional plant. The major advantages of the Lilac process are that it reduces the production time from months to hours and dramatically increases recoveries from 40-50% to 85-90% as well as having a lower environmental impact compared to traditional techniques.

Having applied these impressive results to the development of a flowsheet for a 25ktpa lithium carbonate plant Lilac has obtained potential cash costs of around US$2,600/t with a ±30% margin for error which on the upper end implies US$3,380/t. This upper figure is also highly attractive in terms of the global cost curve currently where recent supply growth has been focused on the upper end. Furthermore, the environmental impact of lithium brine production is currently hampering growth in Chile, from the Salar de Atacama in particular and therefore Lilac’s technique which avoids evaporation ponds enables the reinjection of the remaining brine without significantly impacting water quality.

LKE are now working with Lilac to develop a pilot plant to be installed in 2019 to further the development and capitalise on these results which have transformative potential for Kachi’s returns. The pilot plant will focus on produced a concentrated brine using Lilac’s techniques although LKE will also progress testwork for production via traditional evaporation processes. As a first mover in this technology we believe this is a prudent approach, however, this also means that LKE is well placed to benefit from the potential success of this extraction technique.

Please click here to read our recent report on LKE’s maiden resource announcement.

We reiterate our Buy recommendation and target price of A$0.36/sh.

 

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30366/vsa-capital-market-movers-egdon-resources-30366.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30366/vsa-capital-market-movers-egdon-resources-30366.html Fri, 07 Dec 2018 10:26:00 +0000

VSA Morning Flow Test, 07/12/18

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Egdon Resources (EDR LN)#

Egdon Resources (EDR LN) has provided an update on conventional appraisal drilling at Biscathorpe where strong progress is being made and with the site close to completion the drilling rig is expected to mobilise in early January 2019. Well completion will likely be in mid-February 2019.

EDR holds a net interest of 35.8% and 22.5% share of the well cost. Currently we value the asset at 6.7p/sh. on a risked basis using a 40% CoS against the mean prospective resources of 14mmbo (5mmbo net to EDR). This highlights once again how undervalued the company currently is trading at 7.4p/sh.  
 
This appraisal well will test whether the geology at Biscathorpe is comparable to that of the Reepham oilfield around 20km south west of Biscathorpe. At Reepham the Basal Westphalian sandstone reservoir experiences significant lateral thickening down dip, however, this is not directly visible on seismic data. From this well EDR will therefore aim to establish the extent of reservoir thickening beyond a small known local fault. Once the extent of thickening is better understood EDR will be better able to determine the quality and extent of the reservoir; currently the resource ranges from 1.8mmbo (P90) to 35.3mmbo (P10).

We reiterate our Buy recommendation and target price of 50p.


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30362/vsa-capital-market-movers-redt-energy-30362.html VSA CAPITAL MARKET MOVERS - redT energy https://www.miningcapital.com/columns/vsa-capital-market-movers/30362/vsa-capital-market-movers-redt-energy-30362.html Thu, 06 Dec 2018 11:56:00 +0000

redT energy#: Valuation Update

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In September, energy storage company redT energy (LON:RED) released results for the six months ended 30 June 2018 showing revenue of £1.2m (84% from its US carbon business) and a loss before interest and tax of £5.7m, largely in-line with our expectations. This was followed in early October by a £5m placing and an announcement that it was seeking strategic partners to support and finance the continued growth of the business. Since then it has also confirmed that its flagship 1MWh Australian project is now operational.

Key Orders Point to Growing Market Acceptance

In H2 2018 RED has made considerable in-roads into its key target markets of Commercial & Industrial, Grid-Scale and Large-scale Solar, all of which have the potential to lead to significant orders for RED’s flow machines over the next few years.

Pipeline Has Increased Threefold

The company’s gross order pipeline now sits at more than one billion pounds, having increased more than three times since the €357m reported in December 2017. This has been conservatively risk-weighted by the company to £188m, an amount that almost covers our revenue forecasts for the next four years. In its interim results, the company also provided a split of its gross pipeline across its three key target sectors – Commercial & Industrial (£115m), Grid-Scale (£702m) and Large-scale Solar (£256m).

RED has enough orders in its pipeline to deliver on our forecasts for the next couple of years and as such much of the company’s effort will now be focused on securing infrastructure financing for key orders, scaling up production via its manufacturing partners, and striking one or more strategic partnerships, to satisfy these.

Recommendation and Target Price

We have made some adjustments to our near-term forecasts (see page 7). We maintain our BUY recommendation but move our target price to 21p.


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30346/vsa-capital-market-movers---egdon-resources-30346.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30346/vsa-capital-market-movers---egdon-resources-30346.html Mon, 03 Dec 2018 10:01:00 +0000 Egdon Resources (LON:EDR)
Egdon Resources (LON:EDR) has announced a positive production update from Ceres where the first full month’s production averaged 1.16mncbfd (193boepd). For November alone, EDR anticipate gas revenues of at least £235k not including the sale of 17bpd of condensate over the same period. 

Whilst Ceres, in which EDR has a 10% stake, has been shut-in the reservoir pressure has been able to recover hence this strong initial production level. EDR guided to an average for group production of 150-180boepd in the first half of the financial year. With our full year forecast at 210boepd, which is driven in part by a full contribution of Ceres in H2 along with recent oil market volatility we leave our estimates unchanged at this time. Gas prices have pulled back from Q3 2018 highs of approximately 84p/therm, however, now at around 68p/therm they remain well supported versus recent prior trading range.

We reiterate our Buy recommendation and target price of 50p.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30341/vsa-capital-market-movers-m2-cobalt-cvemc-30341.html VSA Capital Market Movers - M2 Cobalt (CVE:MC) https://www.miningcapital.com/columns/vsa-capital-market-movers/30341/vsa-capital-market-movers-m2-cobalt-cvemc-30341.html Fri, 30 Nov 2018 10:14:00 +0000 M2 Cobalt (CVE:MC)
M2 Cobalt (CVE:MC) has provided an update on exploration at its Bujagali licences in Central Uganda. The regional targets that were previously announced as part of the systematic phase one exploration programme have now been expanded through further infill sampling while additional targets have also been discovered in the new licenses. 

To date the company has received results for 12,116 soil and 1,347 rock samples at Bujagali. Results in Els 1665 and 1683 have yielded five discrete targets with up to 1.25% Co and 1.2% Cu soil anomalies. At EL 1666 three discrete anomalies have been identified with up to 1% Cu, 0.5% Ni and 0.68% Co. There are three further targets at EL 1682 and EL 1686 which require further sampling although so far have yielded up to 0.28% Cu and 0.48% Co as well as 0.1% Cu respectively in rock grab samples.

Most recently exploration in the newly acquired EL 1827 limited sampling has already returned results of 0.65% Co and 0.18% Cu along strike from the Waraji and Nile targets. The additional anomalies in the expanded license area as well as the expansion of known targets is providing greater weight to the view that M2 are exploring a regional Katanga style play with significant exploration upside potential. The discoveries lie on a regional trend and whilst drilling is underway at the Bombo target, also within the Bujagali licenses, M2 will carry out IP surveys to finalise drill targeting before the rig moves to drill Nile and Waraji.

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30337/vsa-capital-market-movers-shefa-yamim-30337.html VSA CAPITAL MARKET MOVERS - Shefa Yamim https://www.miningcapital.com/columns/vsa-capital-market-movers/30337/vsa-capital-market-movers-shefa-yamim-30337.html Thu, 29 Nov 2018 09:11:00 +0000 Shefa Yamim (LON:SEFA)#


Shefa Yamim has announced an increase estimated mineralised placer gravels at its Kishon Mid Reach project in Northern Israel. Zone 1 hosts approximately 1.1mnt of placer gravels which host the broad range of gemstones the company has discovered to date while following the initial bulk sampling at Zone 2 and early exploration at Zone 3 (the most downstream of the target areas) has resulted in an increase in placer gravel tonnes to 4.98mnt. Zone 2 target has 0.87mnt while Zone 3 is estimated to host 2.9mnt.


Given the nature of alluvial style deposits it is difficult to extrapolate prior results in terms of grade from one zone to another, however, confirmation of the added potential is positive, in our view.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30332/vsa-capital-market-movers-m2-cobalt-lake-resources-30332.html VSA CAPITAL MARKET MOVERS - M2 Cobalt & Lake Resources. https://www.miningcapital.com/columns/vsa-capital-market-movers/30332/vsa-capital-market-movers-m2-cobalt-lake-resources-30332.html Wed, 28 Nov 2018 09:40:00 +0000

VSA Morning Miner, 28/18/18

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M2 Cobalt (CVE:MC)

M2 Cobalt (MC CN) announced that it has mobilised a second drill rig to drill its Bombo target in Central Uganda within its Bujagali license area. M2 anticipate that around 1km of diamond core drilling will be undertaken in this programme. M2 conducted significant local geochemical analysis as well as geophysics and IP to determine initial drill collars having yielded large scale anomalies.

There are expected to be multiple styles of mineralisation at the Bujagali licenses. At Bombo specifically a series of ultramafic bodies have been identified with anomalous nickel, copper and cobalt all yielded through the systematic phase one exploration programme.

With drilling at its both its major license area, M2 is in a strong position with multiple near-term catalysts. Nickel sulphides have been highlighted as a particularly attractive source for battery manufacturers looking to secure nickel and cobalt sulphates supply and M2 is positioning Uganda as a major source of ethical battery minerals.

We reiterate our Speculative Buy recommendation.  

NuLegacy Gold (CVE:NUG

NuLegacy Gold (NUG CN) has announced that it has received final approval to commence a ten hole exploration programme from the state authorities. The programme will begin immediately and will focus on the Avocado and Serena zones. These latest permits enable NUG to drill over a significantly wider area as part of this plan at Avocado.

The second area of focus steps out around 1,450m to the west of Serena testing the intersection of the major northwest and east-west structural trends associated with Carlin style gold systems.
Following the success of the exploration programmes earlier this year we are looking for NUG to capitalise on the high grade results previously achieved enabling the company to confirm the validity of its updated exploration targeting methodology.

We reiterate our Speculative Buy recommendation.


 

 

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https://www.miningcapital.com/columns/jackhammer/30316/chinas-rate-of-growth-is-slowing-and-the-world-will-have-to-adjust-30316.html China’s rate of growth is slowing, and the world will have to adjust https://www.miningcapital.com/columns/jackhammer/30316/chinas-rate-of-growth-is-slowing-and-the-world-will-have-to-adjust-30316.html Fri, 23 Nov 2018 14:00:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30314/vsa-capital-market-movers-egdon-resources-30314.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30314/vsa-capital-market-movers-egdon-resources-30314.html Thu, 22 Nov 2018 09:45:00 +0000 Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) has announced positive progress at its Wressle development. North Lincolnshire Council’s Planning Officer, having reviewed EDR’s submission, has recommended approval of the development stating that the new application has addressed concerns raised previously and the reasons for prior refusal have now been overcome. EDR has strengthened its submission through additional groundwater testwork and proposed monitoring as well as a redesigned site. While this is a positive step for EDR it remains for the planning committee to approve the application at next week’s meeting.

We currently include estimates for Wressle production in FY 2020 and anticipate annual production of 125bopd net to EDR providing significant cashflow. With the incremental production from Ceres now benefitting EDR and likely to result in a net profit for EDR in FY 2019 we expect Wressle to further strengthen EDR’s earnings outlook.

Cuadrilla continue to make progress at Preston New Road, however, media attention has faded since the initial micro seismic events which briefly halted production. With results upcoming, EDR continue to offer the most attractive exposure to UK shale in our view with significant shale acreage, a robust earnings outlook and upcoming drilling within both its conventional and unconventional portfolio.

We reiterate our Buy recommendation and target price of 50p.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30308/vsa-capital-market-movers-tectonic-gold-30308.html VSA CAPITAL MARKET MOVERS - Tectonic Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30308/vsa-capital-market-movers-tectonic-gold-30308.html Wed, 21 Nov 2018 09:28:00 +0000

VSA Morning Miner, 21/11/18

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Tectonic Gold (LON:TTAU)

Tectonic Gold (TTAU LN) announced that it has received approximately A$0.6m under the Australian Federal Government R&D Tax Incentive Scheme in a rebate for the year end 30 June 2018. The company has previously highlighted its eligibility for a 43.5% cash rebate on all qualifying technical expenditure. This covers a significant portion of TTAU’s recent expenditure and the company remains eligible for further rebates.

TTAU has qualified through its significant work in reinterpreting regional geological history and applying this to the exploration strategy identifying IRGS systems in Queensland. Furthermore, by using modern and innovative techniques for deep penetrating geophysics the company is pushing its credentials as a modern explorer.

The incentive is a welcome benefit which maximises TTAU’s exploration programme. With the recent drilling programme completed we await the results of assay particularly since mineralisation was intersected with every hole. This programme not only validated known near surface mineralisation from historic drilling but also intersected porphyry mineralisation at depths of more than 250m. We therefore see significant near term potential catalysts for the shares.

We reiterate our Speculative Buy recommendation.  

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30299/vsa-capital-market-movers-redt-energy-30299.html VSA CAPITAL MARKET MOVERS - redT energy https://www.miningcapital.com/columns/vsa-capital-market-movers/30299/vsa-capital-market-movers-redt-energy-30299.html Mon, 19 Nov 2018 10:13:00 +0000

VSA Morning Alternative Energy Comment, 19/11/18

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redT#: Australian Project Now Operational

redT energy (RED LN)#, an energy storage solutions company, has announced that its 1MWh hybrid energy storage system located on the Clayton, Victoria campus of Monash University in Australia is now operational.

  • System comprises a 900kWh vanadium flow system (12 tank unit modules) and a 120kW lithium-ion battery.
  • The system has been integrated into the campus micro-grid, which includes 1MW of solar PV generation assets as well as EV charging stations and building management systems.
  • The system is the largest behind-the-meter commercial and industrial energy storage system to be installed in Australia.  
  • The Australian energy storage market is estimated to be worth cA$30bn by 2030 with almost 400MWh of energy storage projects estimated to be installed in behind-the-meter commercial and industrial applications nationwide by 2022 according to industry consultants Delta-ee.

VSA Comment

In October 2017 RED announced this first order in the Australian market, which we estimated would deliver cUS$1m (cA$1.3m) in revenues to the company. It is therefore positive to see the project become operational a little over a year later.

The project builds on the hybrid energy storage work carried out by the company in partnership with the University of Newcastle (UK) as part of a three-year programme announced in September 2016. The basic premise of such a system is that the lithium-ion battery component provides high power, when required, over a short duration (c20% of a customer’s overall requirements) with the vanadium flow machine providing the long duration output due to its much higher energy storage capability and lack of degradation (c80% of a customer’s overall requirements).

This project will become an important marketing site for the company as it seeks further orders in an Australian market forecast for explosive growth (400 energy storage systems of this size are estimated to be installed by 2022).

We maintain our BUY recommendation and target price of 22p.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Good Energy

17.3

104.5

15.50

+17.4%

Edenville

2.9

0.2

0.01

+2.8%

Ceres Power

222.8

165.0

3.00

+1.9%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Sabien Technologies

0.3

0.2

(0.02)

-10.3%

Biome Technologies

12.9

547.5

(52.50)

-8.7%

Plutus PowerGen

4.3

0.6

(0.02)

-4.0%


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30297/vsa-capital-market-movers-dekeloil-30297.html VSA CAPITAL MARKET MOVERS - DekelOil https://www.miningcapital.com/columns/vsa-capital-market-movers/30297/vsa-capital-market-movers-dekeloil-30297.html Mon, 19 Nov 2018 10:08:00 +0000

VSA Morning Agri Comment, 19/11/18

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DekelOil#: Cashew Project Contract

Côte d'Ivoire palm oil producer DekelOil Public Limited (DKL LN)# has announced that Capro CI, a wholly-owned subsidiary of Pearlside Holdings (a vehicle DKL has an option to acquire a 58.5% interest in) has awarded a €2.2m contract for the civil works and associated infrastructure for its large-scale cashew processing project at Tiébissou in Côte d'Ivoire to Entreprise Kone Daouda Soukpafolo Nouvelle (lead contractor), an established civil engineering company in Cote d'Ivoire, and Société Internationale d'Ingénierie en Structures et Assemblages Métalliques, an associate company of EKDS which specialises in metal and civil works.

VSA Comment

This announcement follows on from the €6.5m construction contract awarded at the end of October and means that installation of the water system and connection to the electricity grid are the only two major pieces of work yet to be contracted out for this project. Civil works are expected to begin in early 2019 and should take between six and eight months to complete.

As we outlined in our initiation report on DKL, we believe (assuming it exercises its option) that this cashew project provides DKL with sensible diversification given its expertise in the processing of agricommodities, smallholder relations and operating in-country. The structure of the deal also allows DKL to eliminate its exposure to the riskier construction stage of the project, while maintaining an attractive entry price to benefit from the project’s expansion stage.

We estimate the project could deliver an additional €3m in attributable profit to DKL by 2022 (although we are not including this in our forecasts until the option is exercised).

We maintain our BUY recommendation and target price of 12p.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Accsys Technologies

121.74

103.50

2.00

+2.0%

Plant Health Care

16.94

9.80

0.18

+1.8%

Devro

297.06

178.00

2.80

+1.6%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Produce Investments

48.80

180.00

(9.00)

-4.8%

Anglo-Eastern Plantations

21.04

540.00

(24.00)

-4.3%

NWF Group

86.04

176.50

(4.50)

-2.5%


 

 

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https://www.miningcapital.com/columns/jackhammer/30295/brexit-turmoil-drives-investors-towards-metals-and-miners-30295.html Brexit turmoil drives investors towards metals and miners https://www.miningcapital.com/columns/jackhammer/30295/brexit-turmoil-drives-investors-towards-metals-and-miners-30295.html Fri, 16 Nov 2018 15:19:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30285/vsa-capital-market-movers-m2-cobalt-cvemc-30285.html VSA Capital Market Movers - M2 Cobalt (CVE:MC) https://www.miningcapital.com/columns/vsa-capital-market-movers/30285/vsa-capital-market-movers-m2-cobalt-cvemc-30285.html Thu, 15 Nov 2018 10:17:00 +0000 M2 Cobalt (CVE:MC)

 

M2 Cobalt announces it will be mobilizing a second drill rig shortly to begin testing Cu-Ni-Co targets identified upon the Bombo license at Bujagali in Uganda.

Three key target areas (Bombo, Bombo NW, and Bombo Central) with highly anomalous soils and trench results containing nickel, copper, and cobalt will be tested in coming days. An IP geophysical survey will be completed prior to drilling to help pinpoint the placement of the sites for drill collars. Helicopter borne VTEM geophysics preceded this.  All three areas are coincident geochemical and geophysical anomalies.

The Bombo target is a 1km by 1.15km size target, the Bombo NW area is a 950m by 650m anomaly, and the Bombo Central area is still open ended and of undetermined limits.

Drilling is already underway at the Kilembe project area with the first drill rig.

We’re happy to see the exploration work proceeding into the discovery and definition stages on these exciting Uganda properties.  Initial drill results should be rather rapid to be released we believe, particularly if indicative of strong mineralization present.

We re-iterate our SPEC BUY recommendation.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30284/vsa-capital-market-movers-genus-agm-statement-30284.html VSA Capital Market Movers - Genus: AGM Statement https://www.miningcapital.com/columns/vsa-capital-market-movers/30284/vsa-capital-market-movers-genus-agm-statement-30284.html Thu, 15 Nov 2018 10:16:00 +0000 Genus: AGM Statement

Genus (LON:GNS), the developer and marketer of animal breeding and genetic products for the porcine and bovine industries, has announced a trading update for the period 1 July to 14 November 2018, ahead of its AGM later today.

  • Continued good progress in Genus ABS (beef and dairy). Genus ABS revenue and adjusted operating profit higher YoY.
  • Genus PIC (porcine) volumes grew in North America, Latin America and Europe but the impact of African Swine Fever impacted Asian volumes. Genus PIC revenue and adjusted operating profit lower YoY.
  • Group adjusted PBT for the first four months of the year lower YoY.
  • Board expects to perform in-line with its growth expectations for FY 2019 (Y/E June 2019). FactSet consensus is currently revenues of £493.9m, +5% YoY and adjusted operating profit of £64.1m, +11%.

VSA Comment

GNS’s bovine division continues to build on its significant turnaround, which was originally evidenced in its H2 2017 results (CY H1 2017). However, focus this year will surely be more on its porcine division, where the spread of African Swine Fever (ASF) will continue to have an impact on the global pork market.

The 50th reported case of ASF in China was confirmed last Monday but the true scale of the issue is likely much larger. Approximately 45% of the Chinese pig herd is currently located in ASF states, with a further 53% in neighbouring states. Over the weekend, ASF was confirmed in animal feed produced by the Tangrenshen Group, confirming what many had suspected that the disease had entered the feed supply.

For GNS specifically, ASF is impacting the ability of Genus PIC to fulfil customer orders in the country due to restrictions on pig movements. The resulting lower Chinese pig prices (as farmers rush to slaughter animals before restrictions are put in place/forced slaughter occurs) will also impact market demand and share of profitability from its Besun JV (China sales typically make up around 10% of its total porcine division profit).

However, there are some positives for GNS from the outbreak. Over the longer-term it is likely to accelerate the modernisation and consolidation of the Chinese pig farming sector in a similar way to what has occurred in Russia since its own outbreak 10 years ago (although the Russian case does also demonstrate that this outbreak will likely not be over quickly). This will provide a longer-term benefit for GNS as larger customers are much more economic for the company. Pork imports should also increase from outside of China, which should benefit GNS’ customers in other regions.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Plant Health Care

17.46

10.10

0.78

+8.3%

Avon Rubber

410.66

1,355.00

55.00

+4.2%

Devro

288.71

173.00

6.00

+3.6%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Carr's Group

144.43

158.00

(6.50)

-4.0%

Agriterra

2.23

10.50

(0.25)

-2.3%

Eden Research

25.38

12.25

(0.25)

-2.0%

 


 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30282/vsa-capital-market-movers-redt-energy-management-team-update-30282.html VSA Capital Market Movers - redT energy: Management Team Update https://www.miningcapital.com/columns/vsa-capital-market-movers/30282/vsa-capital-market-movers-redt-energy-management-team-update-30282.html Thu, 15 Nov 2018 10:10:00 +0000 redT energy#: Management Team Update

redT energy (LON:RED)#, an energy storage solutions company, has announced the appointment of Ed Porter as Energy Assets Director and the stepping down of David Stewart as Chief Operating Officer.

 

  • Ed will take responsibility for business development activity for new grid-scale energy storage projects and will lead the asset and revenue optimisation efforts for redT’s energy storage assets under management. He joins from Gazprom where he was most recently Power Portfolio Manager, responsible for 1GW of UK assets under management.
  • David will remain as Non-Executive Director until 7 January 2019. His executive duties will be assumed by Paul Docherty, Operations Director and Jean-Louis Cols, Technology Director.

Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

SSE plc

12,186.7

1,191.0

59.50

+5.3%

Proton Power Systems

54.0

8.4

0.38

+4.7%

PV Crystalox Solar

37.4

23.7

0.80

+3.5%

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30266/vsa-capital-market-movers-columbus-energy-resources-building-the-foundations-30266.html VSA Capital Market Movers - Columbus Energy Resources: Building the Foundations https://www.miningcapital.com/columns/vsa-capital-market-movers/30266/vsa-capital-market-movers-columbus-energy-resources-building-the-foundations-30266.html Mon, 12 Nov 2018 12:22:00 +0000 Columbus Energy Resources: Building the Foundations

Acquisition and Fundraise 

Having recently completed a £2.5m fundraise and closed the Steeldrum acquisition, Columbus Energy Resources (LON:CERP) has diversified its production base setting the company up for a strong 2019F where CERP will begin to test the full potential of the South West Peninsula. The acquisition brings immediate production along with upside potential from low cost optimisation as well as new drilling. The shares have been range bound recently, however, we believe that CERP now has a stronger platform for achieving its combined organic and acquisitive growth strategy which will deliver the expected rerating, in our view.

Q3 2018 Update; Focus on Profitable Barrels

The acquisition of Steeldrum resulted in a 33% QoQ increase in production to 735bopd alongside the continued ramp up at Goudron. Although the Goudron ramp up has been slower than expected we highlight that CERP have been prioritising adding profitable barrels which provide a stable footing for cash flow generation over the longer term rather than the short termism approach of chasing production targets at the expense of cash resources. We expect CERP to reach its 1,000bopd in 2018 and the ramp up to continue averaging 1,300bopd through 2019F.  

Steeldrum Completed

Completion of the Steeldrum acquisition diversifies CERP’s production base with immediate additional production of 200-250bopd with near term upside potential, including new production from the Snowcap well in the Cory Moruga field during Q4 2018. With 2P reserves of 5.6mmbbl the implied all share transaction is valued at just U$1/bbl highlighting Leo Koot’s deal making credentials which bodes well for the planned growth strategy. Additionally, through a subsidiary of Steeldrum, which will be carved out of the transaction, means that CERP will have preferential access to two drill rigs suitable for the SWP exploration programme now intended to commence in mid-2019.

Recommendation and Target Price

 

We have adjusted our risked valuation in order to reflect the impact of increased share capital from the Steeldrum acquisition and the recent fundraise. Our earnings estimates are updated to reflect the acquisition and updated timeline for SWP development and we remain convinced of the considerable upside potential in the shares with production growth and drilling upcoming in the next period. 

We reiterate our Buy recommendation although adjust our target price to 21.4p.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30262/vsa-capital-market-movers-carr-s-group-30262.html VSA Capital Market Movers - Carr's Group https://www.miningcapital.com/columns/vsa-capital-market-movers/30262/vsa-capital-market-movers-carr-s-group-30262.html Mon, 12 Nov 2018 10:34:00 +0000 Carr’s Group: FY 2018 Results

Carr’s Group (LON:CARR), the agricultural and engineering group, has released results for the year ended 2 September 2018 (FY 2018).

  • Revenue: £403.2m, +17% YoY, (FY 2017: £346.2m), FactSet consensus was £380.7m
  • Adjusted PBT: £16.6m, +45% YoY (FY 2017: £11.4m), FactSet consensus was £16.2m
  • Total Dividend for FY 2018: 4.5p, +13% YoY (FY 2017: 4.0p)
  • Agriculture: Revenue £359.6m, +14% YoY, adjusted EBIT £13.4m, +17% YoY (FY 2017: Revenue £315.9m, adjusted EBIT £11.5m)
  • Engineering: Revenue £43.6m, +43% YoY, adjusted EBIT £4.1m, +580% YoY (FY 2017: Revenue £30.4m, adjusted EBIT £0.6m)
  • Net Debt: £15.4m (2017: £14.1m)

VSA Comment

Following a tough FY 2017, it was clear from an early stage that CARR would deliver a much-improved result in FY 2018. This was confirmed most recently in its mid-July trading update, which highlighted that the group was trading significantly ahead YoY (and slightly ahead of expectations) in both its agriculture and engineering divisions. These results are even slightly ahead of the updated consensus expectations following the July trading update, highlighting just how strongly the company ended the year.  

In engineering, the group began to deliver on its delayed large UK manufacturing contract, secured substantial remote handling contracts into the Chinese market, and benefited from the first full year of consolidation of its US nuclear business, NuVision.

In agriculture, underlying conditions in both the US and UK were much more positive, with US feedblock volumes bouncing back particularly strongly and faster than anticipated, as US cattle prices recovered and CARR’s new feed block plant in Shelbyville, Tennessee began operations. US feed block volumes increased 18% in FY 2018, compared to a 4.1% decrease in FY 2017.

On top of this marked improvement in the US, the two bright spots from FY 2017, increasing UK feed volumes and UK machinery sales, both continued in FY 2018. The UK compound feed market increased 9% over CARR’s FY 2018 period (source: AHDB) in-line with the YoY increase for CARR’s own manufactured feed volumes (vs. 4% and 11% respectively last year) with CARR’s UK feedblock volumes increasing by 9%. CARR’s UK machinery sales increased 8% YoY to a record level, following a 28% YoY increase last year.

In terms of its outlook, although global milk prices are looking a little fragile with a sixth straight decrease reported in the last GlobalDairyTrade auction in New Zealand, UK pricing remains high with DEFRA revealing the average UK milk price increased to 30.6ppl in September. Although several UK milk processors have announced a 1ppl cut for supplier farmers from December and the New Zealand auctions point to weaker global pricing ahead, it is clear the UK dairy sector remains in pretty good shape. US cattle prices have come off a little in the last month but remain at elevated levels. We believe CARR’s US and UK operations should be supported in both markets in FY 2019.

In terms of new operational activities in FY 2019, we expect that management will be focused on improving sales distribution, manufacturing efficiencies and international growth at its recently acquired trace element supplement business Animax, as well as deciding on whether to build its own feed block plant in New Zealand, as sales volumes through distributors continue to increase in that country.  

Current FactSet consensus forecast for FY 2019 (Y/E 1 September 2019) is for revenue of £399m and an EBITDA of £20.3m.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Carr's Group

142.59

156.00

7.75

+5.2%

Eden Research

25.90

12.50

0.25

+2.0%

REA Holdings

106.95

264.00

5.00

+1.9%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

DekelOil

11.38

3.80

(0.28)

-6.7%

MP Evans

372.44

680.00

(30.00)

-4.2%

Anglo-Eastern Plantations

214.83

542.00

(17.00)

-3.0%

 


 

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https://www.miningcapital.com/columns/jackhammer/30260/what-now-for-interest-rates-and-metals-prices-now-that-the-mid-terms-are-out-of-the-way-30260.html What now for interest rates and metals prices, now that the Mid-Terms are out of the way? https://www.miningcapital.com/columns/jackhammer/30260/what-now-for-interest-rates-and-metals-prices-now-that-the-mid-terms-are-out-of-the-way-30260.html Fri, 09 Nov 2018 12:37:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30251/vsa-capital-market-movers-nulegacy-gold-30251.html VSA CAPITAL MARKET MOVERS - NuLegacy Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30251/vsa-capital-market-movers-nulegacy-gold-30251.html Thu, 08 Nov 2018 10:41:00 +0000 NuLegacy Gold (CVE:NUG

 

NuLegacy (NUG CN) has announced that it has staked additional acreage contiguous to its Red Hill property in Nevada. The additional 64 claims cover 5.1km2 taking the total land package to 108km2. It is a rare opportunity that such claims become available and it strengthens NUG’s position in close proximity to the south of Barrick’s (ABX US) Goldrush deposit (10mnoz).  

Within the Red Hill license area NUG has identified both Carlin style gold and epithermal gold-silver mineralisation and this new area which covers the Coal Canyon window is also prospective for both types of mineralisation. The Coal Canyon area is host to the carbonate sedimentary rocks strongly associated with the major gold formations in the region; Horse Canyon, Wenban, Roberts Mountains and Hanson Creek Formations. This additional acreage therefore strongly ties in with the existing land package strengthening the company’s exploration position in the region. 

We reiterate our Speculative Buy recommendation.  

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30245/vsa-capital-market-movers-lake-resources-30245.html VSA Capital Market Movers - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30245/vsa-capital-market-movers-lake-resources-30245.html Wed, 07 Nov 2018 10:01:00 +0000 Lake Resources (ASX:LKE)

 

Lake Resources (ASX:LKE) has announced an exploration target in relation to its Kachi project, highlighting its significant scalable potential. The exploration target has a range of 8 -17mnt lithium carbonate equivalent (LCE) meaning LKE has 100% ownership of one of the largest lithium projects globally. However, the initial maiden resource is likely to focus on a smaller higher confidence area within the exploration target which currently has a range of 1.6-3.4mnt LCE. The grades used to determine the target range from 250-310mg/l Li in the upper range scenario and 150-210mg/l Li in the lower range scenario.

The current target extends only to the depth of drilling. In the key western zone where grades have been strongest seismic work suggests that the basin extends to a depth of 700-800m while drilling to date has only tested to maximum depths of around 400m. LKE therefore plans to carry out additional drilling before announcing a maiden resource. In addition, samples have also been collected to carry out porosity tests to determine specific yield. LKE has also expanded its footprint of mining licenses with applications for a further 15,000ha of mining lease area, an increase of 25%.

The higher confidence zone where drilling to date has been concentrated and has yielded stronger grades provides a strong starting point in our view for assessing potential economics and the scale of this target in terms of contained LCE is comparable to other developing lithium brine projects which have already gained offtakers. Given the size of the lithium market currently and the growth potential longer term we see this optionality to extend into the wider target area as highly attractive for strategic investors and offtakers.

The grade range when taken as a standalone figure is towards the lower end of the peer group, however, it is important to consider grade in the context of other factors such as impurities and Kachi has very low magnesium content of as low as 3.8. In comparison we highlight Lithium X purchased by Tibet Summit Resources for US$206m which has grades of around 387mg/l Li with a magnesium ratio of 5.5. Furthermore, LKE test results from work with Lilac Solutions yielded lithium recoveries of 70-80% which is potentially transformative for grades and costs when compared to an average 50% for traditional processes.

This announcement provides the first quantitative assessment for Kachi, clearly demonstrating its potential scale. LKE will now work towards a maiden resource which fits more in line with the near term demands of the lithium market.  Currently, lithium projects globally are valued on around US$70/t on an EV/t LCE basis. This exploration target implies that LKE is currently valued on US$10-20/t for the high confidence zone and US$2-4/t for the wider target. This excludes LKE’s other projects and shows how much value potential exists.

We reiterate our Speculative Buy recommendation. 

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https://www.miningcapital.com/columns/jackhammer/30229/us-mid-terms-enter-final-stretch-with-truth-justice-and-the-american-way-almost-completely-hidden-from-view-30229.html US mid-terms enter final stretch, with truth, justice and the American way almost completely hidden from view https://www.miningcapital.com/columns/jackhammer/30229/us-mid-terms-enter-final-stretch-with-truth-justice-and-the-american-way-almost-completely-hidden-from-view-30229.html Fri, 02 Nov 2018 13:53:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30227/vsa-capital-market-movers-lake-resources-30227.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30227/vsa-capital-market-movers-lake-resources-30227.html Fri, 02 Nov 2018 11:41:00 +0000 Lake Resources (ASX:LKE)

Lake Resources (LKE AU) has announced that it is making progress with drilling at Cauchari with two rigs now on site. The diamond drill rig has completed around 110m of the first hole while the rotary rig which is drilling pre collar holes to a depth of 100m has moved onto hole two. This is due to the gravels near surface and this approach prevents caving before entering the brine sequence. The first two holes are 2,500m apart which highlights the scale of this license area. LKE’s Cauchari license is adjacent to licenses held by Ganfeng and Lithium Americas (LAC CN), and Advantage Lithium (AAL CN) and Orocobre (ORE AU) where drilling has yielded grades of 600-705mg/l Li.

We also note that LKE has secured an additional A$0.5m via an unsecured lending facility from an existing shareholder which will support near term exploration activity. Furthermore, LKE has reported positive progress regarding identifying long term strategic investors in Asia.

Lithium stocks globally have despite improving fundamentals remained range bound within recent weeks. However, fundamentals appear to be strengthening in line with our outlook that the risk of oversupply is overblown. SQM (SQM US) upgraded Q3 2018 guidance announcing that pricing would be flat as well as highlighting the challenges they face in ramping up production at the Salar de Atacama. Although we have highlighted that the off-contract price in China should not be seen as a market bell whether we note that the MB index was up 3% last week which should support sentiment given how its decline has impacted lithium shares over recent months.

Yesterday’s comments from Trump regarding trade talks with China resulted in a sharp rally which seemed to benefit lithium stocks globally and sharp daily moves such as this highlight to us the oversold nature of the sector currently and that a sustained recovery in sentiment is likely to result in a significant rally benefitting ex-Chile projects in particular.

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30223/vsa-capital-market-movers-edgon-resources-fy-2018-results-30223.html VSA CAPITAL MARKET MOVERS - Edgon Resources: FY 2018 Results https://www.miningcapital.com/columns/vsa-capital-market-movers/30223/vsa-capital-market-movers-edgon-resources-fy-2018-results-30223.html Thu, 01 Nov 2018 14:20:00 +0000

Egdon Resources#: FY 2018 Results

For the full report, please click here. 

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Financial Performance

Egdon Resources (LON:EDR) has announced full year results for 2018. Production in H2 FY 2018 was 70bopd, down 41% YoY, resulting in full year production of 84boepd, down 20% YoY. The impact on production was due to the timing of maintenance at Ceres as previously announced. Gross revenue was flat YoY at £1m although due to an accrued revenue write off net revenue of £0.78m was 25% lower YoY.

Total cost of sales were up 11% YoY due to an increase in net one offs with pre license and exploration costs of £1m more than offsetting impairment reversals of £0.65m, both having been immaterial in the prior year. Direct production costs of £0.82m were up 9% YoY. The net loss therefore widened from £1.7m to £2.0m. Capex of £1.8m was up from £1m YoY in the prior year. EDR finished the year with a robust cash position of £2.8m and continues to be debt free.   

Key Catalysts in FY 2019

With primary production now back online at Ceres, the company has guided to 125boepd in H1 2019 from Ceres alone and group production of 150-180boepd. We therefore anticipate a more than doubling in full year average production to 210boepd and a return to profit for EDR of £0.8m. In addition, an appraisal well is due to be drilled at Biscathorpe in the coming period which is a major step for EDR, who is operator, while at Springs Road IGas (IGAS LN) has completed site construction and is due to drill in early calendar 2019.

Developments for UK Shale

Cuadrilla have now begun testing at Preston New Road. Results are likely to be announced in late 2018 or early 2019. We note that three stoppages have already been forced due to the low 0.5ML limit, however, these remain well below what could be felt at surface.

Recommendation and Target Price

With a positive near term earnings outlook and upcoming drilling there are key near term catalysts which we believe can drive a rerating of the shares to breakout from the recent rangebound trading. We reiterate our Buy recommendation and target price of 50p.


Oliver O'Donnell, CFA, Natural Resources & China | T: +44 (0)20 3617 5180 | E: oodonnell@vsacapital.com

VSA Capital Limited, New Liverpool House, 15-17 Eldon Street, London EC2M 7LD | www.vsacapital.com

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30215/vsa-capital-market-movers-dekeloil-30215.html VSA CAPITAL MARKET MOVERS - DekelOil https://www.miningcapital.com/columns/vsa-capital-market-movers/30215/vsa-capital-market-movers-dekeloil-30215.html Wed, 31 Oct 2018 10:37:00 +0000 DekelOil#: Cashew Project Contract

Côte d'Ivoire palm oil producer DekelOil Public Limited (LON:DKL) has announced that Capro CI, a wholly-owned subsidiary of Pearlside Holdings (a vehicle DKL has an option to acquire a 58.5% interest in) has awarded a €6.5m turnkey contract for the construction of its large-scale cashew processing project at Tiébissou in Côte d'Ivoire to Overseas Projects & Services Limited (OPSL).

  • OPSL is a related entity of Oltremare, an established Italian company that is acting as guarantor of OPSL for the contract.
  • OPSL will assume responsibility for engineering, manufacture, delivery, installation and commissioning of the project.
  • Following testing and commissioning of the 10,000t (c€20m sales) per annum facility (expandable to 30,000tpa), delivery of the project to Capro CI is expected in late 2019.

VSA Comment

As we outlined in our initiation report on DKL, we believe (assuming it exercises its option) that this cashew project provides DKL with sensible diversification given its expertise in the processing of agricommodities, smallholder relations and operating in-country.

The structure of the deal also allows DKL to eliminate its exposure to the riskier construction stage of the project, while maintaining an attractive entry price to benefit from the project’s expansion stage.

We estimate the project could deliver an additional €3m in attributable profit to DKL by 2022 (although we are not including this in our forecasts until the option is exercised).

We maintain our BUY recommendation and target price of 12p.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Obtala Limited

21.62

6.60

0.70

+11.9%

Carr's Group

138.25

151.25

4.25

+2.9%

Origin Enterprises

616.51

490.92

3.98

+0.8%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Anpario

92.64

400.00

(25.00)

-5.9%

Avon Rubber

363.68

1,200.00

(25.00)

-2.0%

NWF Group

82.88

170.00

(1.50)

-0.9%

 


 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30203/vsa-capital-market-movers-lake-resources-30203.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30203/vsa-capital-market-movers-lake-resources-30203.html Mon, 29 Oct 2018 09:34:00 +0000 Lake Resources (ASX:LKE)

 

Lake Resources (LKE AU) has announced strong results from the laboratory testwork in conjunction with Lilac Solutions who have been testing brine samples from the Kachi project in Argentina. The testwork yielded recoveries of 80-90% in just a few hours compared to traditional brine recoveries of around 50% in months for operations in the Salar de Atacama. Lilac utilises an ion exchange extraction technology and the demonstrated yields effectively mean that 300mg/l Li grades using Lilac’s technology produce the same as 600mg/l Li grades using a traditional evaporation approach.

This is potentially transformative for the economics of Kachi and represents a significant first step in exploring this process route. The announcement is particularly significant given the current scrutiny on the environmental impact of traditional evaporation techniques and the knock-on impacts on forecast supply growth from Chile and the Salar de Atacama in particular. Lilac is now assessing the operating costs for this production technique, which directly produces lithium carbonate and/or hydroxide. Costs will of course fundamentally determine the success of the process; however, these initial results are encouraging and Lilac has guided to a competitive position on the global cost curve.

We reiterate our Speculative Buy recommendation. 

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https://www.miningcapital.com/columns/jackhammer/30201/how-high-will-the-gold-price-go-in-the-face-of-the-current-equity-market-correction-30201.html How high will the gold price go in the face of the current equity market correction? https://www.miningcapital.com/columns/jackhammer/30201/how-high-will-the-gold-price-go-in-the-face-of-the-current-equity-market-correction-30201.html Fri, 26 Oct 2018 11:55:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30176/vsa-capital-market-movers-lake-resources-30176.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30176/vsa-capital-market-movers-lake-resources-30176.html Mon, 22 Oct 2018 13:24:00 +0100

VSA Morning Miner, 22/10/18

Click here for PDF version

Keep reading VSA research for free – Click here for our position on MIFID2

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Lake Resources (ASX:LKE)

Lake Resources (LKE AU)# has announced the results of further drilling at Kachi as it approaches declaration of a maiden resource. This is now expected in late October, early November with an exploration target expected to be announced ahead of this.
 
The additional three holes each demonstrated robust grades and were all focused on the north western area of the salar. Hole K03R03 yielded 306mg/l Li from 213m and nearby hole K03R12 yielded 42m at 267mg/l Li from 358m. K08R14 intercepted 326mg/l Li from 301m. These results confirm initial findings that this area of the salar has the stronger grades of lithium bearing brines as well as robust and consistent thickness and we anticipate that this area will be the focus of the resource estimate.
 
As well as the confirmation of consistent grades across this part of the salar the results have also demonstrated consistently low magnesium ratios in line with top tier projects. In this latest round of drilling the magnesium lithium ratio ranged between 3.8-4.4.

With further results due from the remaining outstanding drill holes from this round there is likely to be further encouraging news flow as LKE approaches announcing its maiden resource at Kachi. In addition, we await results from Cauchari where drilling is also underway.
 
We reiterate our Speculative Buy recommendation.

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30175/vsa-capital-market-movers-lake-resources-30175.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30175/vsa-capital-market-movers-lake-resources-30175.html Mon, 22 Oct 2018 13:24:00 +0100

VSA Morning Miner, 22/10/18

Click here for PDF version

Keep reading VSA research for free – Click here for our position on MIFID2

8cca5f03-3a65-4030-b4e7-e9353ee5674b.png


Lake Resources (ASX:LKE)

Lake Resources (LKE AU)# has announced the results of further drilling at Kachi as it approaches declaration of a maiden resource. This is now expected in late October, early November with an exploration target expected to be announced ahead of this.
 
The additional three holes each demonstrated robust grades and were all focused on the north western area of the salar. Hole K03R03 yielded 306mg/l Li from 213m and nearby hole K03R12 yielded 42m at 267mg/l Li from 358m. K08R14 intercepted 326mg/l Li from 301m. These results confirm initial findings that this area of the salar has the stronger grades of lithium bearing brines as well as robust and consistent thickness and we anticipate that this area will be the focus of the resource estimate.
 
As well as the confirmation of consistent grades across this part of the salar the results have also demonstrated consistently low magnesium ratios in line with top tier projects. In this latest round of drilling the magnesium lithium ratio ranged between 3.8-4.4.

With further results due from the remaining outstanding drill holes from this round there is likely to be further encouraging news flow as LKE approaches announcing its maiden resource at Kachi. In addition, we await results from Cauchari where drilling is also underway.
 
We reiterate our Speculative Buy recommendation.

 

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https://www.miningcapital.com/columns/jackhammer/30169/us-booms-and-mid-terms-loom-with-culture-wars-taking-centre-stage-30169.html US booms and mid-terms loom, with culture wars taking centre stage https://www.miningcapital.com/columns/jackhammer/30169/us-booms-and-mid-terms-loom-with-culture-wars-taking-centre-stage-30169.html Sat, 20 Oct 2018 06:00:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30156/vsa-capital-market-movers-m2-cobalt-30156.html VSA CAPITAL MARKET MOVERS - M2 Cobalt https://www.miningcapital.com/columns/vsa-capital-market-movers/30156/vsa-capital-market-movers-m2-cobalt-30156.html Thu, 18 Oct 2018 08:18:00 +0100

VSA Morning Miner, 18/10/18

Click here for PDF version

Keep reading VSA research for free – Click here for our position on MIFID2


M2 Cobalt (CVE:MC)

M2 Cobalt (MC CN) has announced that drilling is underway having secured a contract for up to 3km of diamond core drilling with an East African drilling company. Having identified multiple large scale targets and three distinct styles of mineralisation the drilling will assess key targets across the license areas to assess the potential and identify future targets for follow up drilling.

We anticipate that drilling will focus on the VMS style mineralisation identified at Kilembe which represent lower risk targets, in our view, given the proximity to the prior producing Kilembe mine. VTEM surveys identified at least two strongly conductive zones which we expect will be a high initial priority. Drilling will also be targeted at the Bujagali licenses where, M2 yesterday announced it had significantly enhanced its exploration area into a continuous land package. At Bujagali the Phase 1 work yielded multiple large-scale targets indicating a regional scale play of primarily Katanga style copper cobalt mineralisation. In addition, M2 also identified ultramafic nickel, copper and cobalt at the Bombo target.

With the announcement of the start of drilling this is a key period for M2. Initial assay results are expected in the coming weeks which represent key potential catalysts for the stock.

We reiterate our Speculative Buy recommendation.


 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30148/vsa-capital-market-movers-m2-cobalt-30148.html VSA CAPITAL MARKET MOVERS - M2 Cobalt https://www.miningcapital.com/columns/vsa-capital-market-movers/30148/vsa-capital-market-movers-m2-cobalt-30148.html Wed, 17 Oct 2018 08:24:00 +0100 M2 Cobalt (CVE:MC)

M2 Cobalt (MC CN) has announced that it has acquired an additional four exploration licenses covering 850km2. Three licenses (515kmm2) are located in the area surrounding the Kilembe licenses while the fourth (335km2) is contiguous with one of the licenses in the Bujagali area.  The decision to include these additional license areas is based on a combination of historic findings and the recent successful Phase 1 work and M2 now has a very significant footprint of 1,564km2 across seven licenses. 

The consideration for the acquisition paid to Olympic, a private Ugandan company, consists of an upfront payment of US$150k and 350k shares in M2 on approval by the TSX-V. Latterly M2 will pay US$400k and 450k shares on the earlier of May 31 2019 or when the company raises a minimum of US$3m in new equity. All issued shares are subject to a four-month hold. Based on the last close the total value of the acquisition was US$810k which represents a highly attractive price, in our view, given the initial license areas were acquired for around US$2m.

The acquisition allows M2 to take full advantage of the developing regional play at the Bujagali licenses where the company recently announced that it has now discovered five large scale cobalt anomalies. The acquisition of the additional license area means a significantly increased and continuous land package which follows a major thrust and fold belt on which the anomalies have been identified. The work to date has demonstrated the potential for Katanga style sedimentary copper cobalt mineralisation and this is a key additional license which enables the company to fully exploit the area’s potential and we anticipate that M2 will carry out similar methodical geochemical and geophysical sampling across the new license.

At Kilembe two of the three new licenses are contiguous with the company’s existing licenses on the Western extent of the Eastern branch of the Great Rift Valley in close proximity to the past producing Kilembe mine. These additional licenses therefore strengthen the company’s presence in the region. The third license presents a new opportunity and is located on the Eastern escarpment of the Great Rift Valley on the opposite side to Kilembe. With examples of historic base metal workings there are known occurrences of mineralisation within this new license. The Great Rift Valley formed as the two plates drifted apart and the geology and mineralisation is therefore anticipated to be mirrored on opposite sides of the valley indicating significant potential akin to Kilembe.

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/jackhammer/30133/equity-rout-puts-precious-metals-back-into-the-spotlight-30133.html Equity rout puts precious metals back into the spotlight https://www.miningcapital.com/columns/jackhammer/30133/equity-rout-puts-precious-metals-back-into-the-spotlight-30133.html Fri, 12 Oct 2018 13:01:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30120/vsa-capital-market-movers-dekeloil-30120.html VSA CAPITAL MARKET MOVERS - DekelOil https://www.miningcapital.com/columns/vsa-capital-market-movers/30120/vsa-capital-market-movers-dekeloil-30120.html Wed, 10 Oct 2018 08:17:00 +0100 DekelOil Q3 Production and Sales Update

Côte d'Ivoire palm oil producer DekelOil Public Limited (LON:DKL)# has announced a production and sales update for Q3 2018.

  • FFB Collected: 24,938t, +15.3% YoY (Q3 2017: 21,626t)
  • CPO Production: 5,371t, +13.5% YoY (Q3 2017: 4,734t)
  • CPO Sales: 5,471t, -24.2% YoY (Q3 2017: 7,217t)
  • Average CPO Selling Price: €544/t, -16.9% YoY (€655/t)

VSA Comment

Having reported signs of stabilisation in regional fruit availability when it released its H1 2018 results last month, DKL has confirmed this morning that FFB crops have started to recover, recording an increase of more than 15% YoY in Q3. However, this was still below the levels recorded in Q3 2015 and Q3 2016, suggesting further recovery is likely.

DKL entered Q3 with little inventory on hand so was unable to smooth out its CPO sales for one of its quieter quarters (as it has done in previous years). We look forward to its Q4 production figures to confirm further evidence of a recovery in regional cropping levels, prior to its high season early next year.

In terms of palm oil pricing, we are hopeful that the current level of cUS$530/t in Rotterdam represents a bottom in the current cycle, due to an improved crude oil price making palm-based biodiesel more economic, more positive US soybean oil pricing over the last month and much stronger palm oil exports in South East Asia in recent weeks (Malaysian exports increased almost 50% MoM in September). However, we would also highlight that we have now entered the peak production season for South East Asian palm oil production, which may moderate some of these factors.   

DKL has now collected 121,133t of FFB and produced 27,613t of CPO YTD. Assuming the company manages to achieve at least the levels reached in Q4 2017, the company remains on track to reach our forecasts of 147,525t FFB and 33,341t CPO production for FY 2018.

We are currently assuming an average achieved CPO sales price for the year of €523/t. DKL has achieved €548/t YTD (due to achieving a premium over the European benchmark price), so this may provide slight upside to our FY forecasts (depending on Q4 pricing).

We are currently forecasting revenues of €20.2m and net loss of €2.8m for FY 2018. We maintain our BUY recommendation and target price of 12p.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Eden Research

23.31

11.25

0.25

+2.3%

Zambeef Products

33.82

11.25

0.20

+1.8%

Devro

341.28

204.50

1.00

+0.5%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Anpario

103.02

445.00

(25.00)

-5.3%

Sirius Minerals

1,196.14

25.44

(1.00)

-3.8%

Produce Investments

48.40

178.50

(6.50)

-3.5%

 

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https://www.miningcapital.com/columns/jackhammer/30110/us-economic-strength-has-been-purchased-at-the-price-of-a-massive-monetary-expansion-which-in-turn-puts-a-floor-on-the-gold-price-30110.html US economic strength has been purchased at the price of a massive monetary expansion, which in turn puts a floor on the gold price https://www.miningcapital.com/columns/jackhammer/30110/us-economic-strength-has-been-purchased-at-the-price-of-a-massive-monetary-expansion-which-in-turn-puts-a-floor-on-the-gold-price-30110.html Fri, 05 Oct 2018 13:38:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30106/vsa-capital-market-movers-central-asia-metals-30106.html VSA CAPITAL MARKET MOVERS - Central Asia Metals https://www.miningcapital.com/columns/vsa-capital-market-movers/30106/vsa-capital-market-movers-central-asia-metals-30106.html Thu, 04 Oct 2018 10:52:00 +0100 Strong Copper Production at Kounrad

Q3 2018 copper production was up 2% YoY and 7% QoQ to 3,938t with 9mo18 production of 10.7kt down 1.7% YoY. This YoY difference over 9mo18 of just 183t of copper was due to a particularly harsh winter which impacted production in Q1 2018. However, Central Asia Metals (LON:CAML)# remains well on track to meet company guidance of 13-14kt copper over the full year and to meet our estimates of 13.75kt.

Robust Output at Sasa

The update also demonstrates a robust quarter at the Sasa mine with zinc production up 4% YoY and QoQ to 5,742t while lead production was unchanged YoY although up 3% QoQ at 7,602t. Sasa was not yet operated by CAML in Q3 2017, however, the comparison to prior periods clearly demonstrates the successful transition of ownership. Production appears on track for our full year zinc forecast of 22.3kt although with 9mo18 lead production of 22kt the risk now appears to be to the upside given our full year forecast of 28.8kt.

Shares Rallying Post Interims

Since the interim results the shares are up 11% on the back of two factors, in our view; the recovery in commodity prices along with CAML’s first full period of results reflecting the successful integration of Sasa. This first full period has provided clarity over both operational performance and the significant positive earnings impact of the acquisition. We believe that the rerating in terms of EV/EBITDA multiple from 4.8x at our initiation in August 2018 to 5.1x currently reflects greater confidence from the market.

Recommendation and Target Price

 

The quarterly update demonstrates continued robust operational performance with the company well on track to meet full year operational guidance and our estimates. The shares continue to offer attractive value, in our view, particularly with further confirmation that consistent results can also be delivered at Sasa.

We reiterate our Buy recommendation and target price of 309p which implies 27% upside and 33% on a total return basis. 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30104/vsa-capital-market-movers-lake-resources-30104.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30104/vsa-capital-market-movers-lake-resources-30104.html Thu, 04 Oct 2018 08:07:00 +0100 Lake Resources (ASX:LKE)#

 

Lake Resources (ASX:LKE) has announced that it has mobilised a rig to drill its Cauchari lithium brine project in Argentina. Four holes over 1,500m are expected to be drilled over the next four months with first results due towards the end of October. Recent drill results from Advantage Lithium (CVE:AAL) on the north west of its license area adjacent to LKE yielded results of over 600mg/l Li while prior testwork indicated strong flow rates.

Given the strong drilling results from the adjacent properties, on which significant reserves and resources have been confirmed by AAL, Lithium Americas , Ganfeng Lithium and Orocobre (ASX:ORE), LKE carried out seismic lines to understand the extension of these high-grade lithium bearing brine aquifers. The results demonstrated extensions into the LKE license area with the brine bearing sediments estimated to extend to 300-400m depth within LKE’s license area and this testwork has helped to identify suitable drill targets.

In addition to positive newsflow from LKE we also note that the company’s partner Lilac Solutions has announced positive results and the successful production of lithium hydroxide from a 1,000 litre brine bulk sample at Anson Resources (ASN AU) brine project in Utah. Lilac uses an ion exchange extraction technique which dramatically reduces the time taken to produce lithium compared to traditional evaporation techniques. Lilac have agreed to partner with LKE and assess the potential for the process at Kachi.

With a resource announcement upcoming on the Kachi project, today’s announcement regarding drilling at Cauchari and the exercise of the pegmatite option in Ancasti where initial exploration work is due to begin LKE is entering a period of heavy newsflow with significant potential catalysts upcoming as results are announced.

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/jackhammer/30093/what-next-for-the-gold-price-30093.html What next for the gold price? https://www.miningcapital.com/columns/jackhammer/30093/what-next-for-the-gold-price-30093.html Fri, 28 Sep 2018 13:09:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30082/vsa-capital-market-movers-central-asia-metals-30082.html VSA CAPITAL MARKET MOVERS - Central Asia Metals https://www.miningcapital.com/columns/vsa-capital-market-movers/30082/vsa-capital-market-movers-central-asia-metals-30082.html Mon, 24 Sep 2018 08:51:00 +0100 Higher Commodity Prices and Robust Cost Control

Central Asia Metals (LON:CAML) announced strong H1 2018 results in the first full period reflecting the contribution from Sasa. Revenue was up 160% YoY to US$96.6m primarily driven by the acquisition as well as an 18% YoY increase in realised copper prices. EBITDA of US$64.6m was up 166% YoY as costs at Kounrad were in line with expectations and Sasa unit costs were held flat. With no significant non-cash charges net income of US$28.5m reflected the benefit of the acquisition also, up 88% YoY. 

Sasa Integration Driving Strong Returns

Although the results demonstrate strong performance in H1 2018, in our view, the impact of the acquisition makes comparability difficult. However, the 19% 27% and 68% increase in EPS, FCF/sh and EBITDA/sh. to US$0.16/sh., US$0.19/sh and US$0.37/sh. respectively highlight the accretive nature of the transaction. Furthermore, despite the transaction the interim dividend of 6.5p/sh. has been maintained which is impressive and marks CAML out against its peers. 

Low Cost Base Protects Against Metals Volatility

The shares have sold off sharply from March highs, down 31%, on the back of metals market volatility which is excessive, in our view, given CAML’s relatively low operational leverage. The share are, however, up 13% from recent lows. The low-cost nature of the operations provides significant protection to the earnings outlook, in our view, and we have made only modest adjustments to our forecasts in 2018F. We now expect a dividend of around 14.5p/sh. implying a yield of 6% which remains amongst the highest in the peer group.

Recommendation and Target Price

 

Although we have made only modest adjustments amidst the recent commodity price sell-off the peer group has corrected and we have reduced our target EV/EBITDA multiple from 5.0x to 4.9x. However, we remain persuaded that commodity markets and equities are oversold and that there is currently a significant value opportunity.

We reiterate our Buy recommendation although adjust our target price down by 4% to 309p which implies 33% upside and 39% on a total return basis. 

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https://www.miningcapital.com/columns/jackhammer/30080/the-feds-forthcoming-decisions-on-rates-are-likely-to-have-major-implications-for-the-mining-sector-and-emerging-markets-30080.html The Fed’s forthcoming decisions on rates are likely to have major implications for the mining sector and emerging markets https://www.miningcapital.com/columns/jackhammer/30080/the-feds-forthcoming-decisions-on-rates-are-likely-to-have-major-implications-for-the-mining-sector-and-emerging-markets-30080.html Fri, 21 Sep 2018 13:49:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30075/vsa-capital-market-movers-nulegacy-gold-30075.html VSA CAPITAL MARKET MOVERS - NuLegacy Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30075/vsa-capital-market-movers-nulegacy-gold-30075.html Thu, 20 Sep 2018 08:05:00 +0100 NuLegacy Gold (CVE:NUG)

NuLegacy Gold (CVE:NUG) has announced that Ed Cope who has been on the BoD since 2017 has now joined the management team to oversee exploration efforts and take responsibility for property evaluation and acquisition. Mr Cope has already contributed significantly to NUG, playing a key role in the discovery of Iceberg and Avocado as well as in the appointment of key personnel including Charles Weakly who has led the recent reinterpretation work.

As VP Exploration for Barrick (ABX US), Mr. Cope was instrumental in recognizing and attracting the exploration team that was responsible for the significant growth in Barrick’s Nevada reserves and resources.  In 2014, Mr. Cope was, along with his team members, co-recipient of the Prospectors & Developers Association of Canada’s “Thaver Lindsley International Mineral Discovery of the Year” award for the discovery of the 10+ million ounce Goldrush deposit, located adjacent to NUG's Red Hill Property. He is therefore one of the foremost experts in the regions geology and exploration.

Following the geological reinterpretation work NUG delivered its best drilling results to date which included 22.1m at 6.59g/t Au and 8.7m at 16.92g/t Au. With follow up drilling planned to further validate the reinterpretation we believe that the increased focus from Mr Cope will be a valuable addition.

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30071/vsa-capital-market-movers-m2-cobalt-30071.html VSA CAPITAL MARKET MOVERS - M2 Cobalt https://www.miningcapital.com/columns/vsa-capital-market-movers/30071/vsa-capital-market-movers-m2-cobalt-30071.html Tue, 18 Sep 2018 08:27:00 +0100 M2 Cobalt (MC CN)#

 

M2 Cobalt (MC CN) has announced that it has appointed Mahendra Naik to the BoD with immediate effect. Mr Naik was previously a consultant to M2 and will now act as audit chair. He has experience of developing projects in Africa as well as in cobalt and related markets and we view his decision to join M2 as a positive endorsement of the assets and strategy.

Mr Naik is a Chartered Professional Accountant and is one of the founding directors and key executives who started IAMGOLD Corporation (“IAMGOLD”), a TSX and NYSE listed gold mining company. As Chief Financial Officer of IMAGOLD from 1990 to 1999, he was involved in the negotiation of a number of mine joint ventures with Anglo American and was instrumental in arranging over $550m in debt and equity financings for IAMGOLD including its IPO. Since 2000, Mahendra has been a Director and member of the Audit and Compensation committees for IAMGOLD. Today IAMGOLD has a market capitalization of approximately C$2.4bn.

Mr. Naik is also the Chairman of the Board, Audit and Compensation Committees of Fortune Minerals Limited, a TSX listed company focused on the NICO cobaltgoldbismuthcopper Project in the North West Territories. As Chairman of Fortune, Mr. Naik has been actively involved in helping to raise in excess of C$100 million for Fortune and in the negotiation of several joint ventures. Mr. Naik is also a Director of Goldmoney Inc, a TSX listed precious metals financial services company and is involved in number of non-profit organizations including the Indus Entrepreneurs and Trillium Hospital Foundation.

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30069/vsa-capital-market-movers-novo-ltio-30069.html VSA CAPITAL MARKET MOVERS - Novo Lítio https://www.miningcapital.com/columns/vsa-capital-market-movers/30069/vsa-capital-market-movers-novo-ltio-30069.html Mon, 17 Sep 2018 10:38:00 +0100

Novo Lítio#: Gold Project Acquisition

 

Acquisition of Highly Prospective Gold Project

Novo Lítio (ASX:NLI) has agreed to acquire two granted licenses and one license application in northern Côte d’Ivoire, from Apollo Consolidated (AOP AU) who have decided to focus their efforts on their Australian gold and nickel sulphide assets. With a strong cash position of A$16m NLI is well placed to advance exploration and has committed to a A$5m initial exploration programme.

Within the 830km2 license areas, which have largely not been explored, three major gold-in-soil anomalies have been identified within the highly prospective Birimian greenstone trends which host the world class Tongon (Randgold Resources) and Syama (Resolute Mining) mines. Limited RC drilling has been carried out although notable results include 17m at 22.52g/t Au from 8m whilst aircore drilling at two of the three anomalies has yielded consistent grades of 2-5g/t Au at shallow depths.

NLI intend to issue 90m shares to complete the acquisition (this requires approval from shareholders at a meeting scheduled for September 28 2018) implying a valuation of A$4.6m (100%) using A$0.041/sh. at the time of announcement.

Sepeda Update

NLI continues to reserve its legal rights in relation to the Sepeda Lithium Project in Portugal. The company has engaged a new legal firm in Portugal; Coelho Ribeiro & Associados, to advise it on the dispute going forward. If NLI is unable to reach a commercial settlement it intends to pursue its rights in the Portuguese courts. No further exploration work has been carried out on the company’s lithium assets in Sweden.

Reccomendation

Although this marks a significant change of direction from the lithium strategy these assets are highly attractive, in our view, with significant exploration potential and located in a highly prospective region. We believe the terms of the acquisition are attractive offering NLI shareholders exposure to attractive gold assets while providing AOP shareholders with continued exposure to future upside potential.   

We reiterate our Speculative Buy recommendation although withdraw our target price based on the lithium assets given the planned acquisition.

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30067/vsa-capital-market-movers-redt-energy-30067.html VSA CAPITAL MARKET MOVERS - redT Energy https://www.miningcapital.com/columns/vsa-capital-market-movers/30067/vsa-capital-market-movers-redt-energy-30067.html Mon, 17 Sep 2018 08:42:00 +0100 redT Energy (LON:RED)#

redT energy (LON:RED)#, an energy storage solutions company, has received a conditional commitment letter from an energy infrastructure fund to invest €37m, alongside partners, for full rights to the first phase deployment of a 700MWh portfolio of grid-scale energy storage projects in Germany, which was previously announced on 26 July 2018.

  • The first phase of the project will see the deployment of 800 tank unit modules for a total capacity of 60MWh to supply Secondary Control Reserve (SCR) and other grid services to the German and Austrian market.
  • Full financial close is targeted for 31 December 2018.
  • Financing will form part of an overall US$120m initial development portfolio across RED’s three target sectors - Commercial & Industrial, Grid-scale and Large-scale Solar – for which it remains in active discussions with a number of infrastructure investors.

VSA Comment

Following on from the announcement in July that it had signed an exclusive deal to develop energy storage projects to support the German electricity grid, RED is now well advanced in securing the financing for funding the initial stage of this project. With financing expected to be secured by year-end, this project should deliver significant revenues for RED over its FY 2019 and FY 2020.
With the potential securing of a number of large-scale projects, RED has identified a need for the provision of infrastructure finance, in a similar vein to what has been seen in the wider renewable energy sector. Although flow machines have yet to be financed in this way, we believe the technology is ideally suited to such financing, as the machines suffer from very little degradation and offer significant flexibility in an era of constantly changing energy regulation.

Recent regulatory changes in Germany, which have also been seen in the UK, are clearly favouring long-duration storage technology, as opposed to lithium-ion battery projects that are targeting short-term grid service revenue streams in what is an increasingly crowded and much smaller market. In comparison, this first German project is expected to make-up just 1% of the entire German SCR market, which clearly highlights the significant potential for expansion if this initial project proves successful.

We maintain our BUY recommendation and target price of 22p.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Biome Technologies plc

15.1

640

+60

+10.3%

Powerhouse Energy Group PLC

5.5

0.3

+0.02

+6.3%

Plutus PowerGen plc

8.1

1.1

0.05

+4.7%

 

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

SSE plc

10,969

1,084

-36

-3.2%

redT Energy PLC

61.1

8.5

-0.15

-1.7%

Good Energy Group PLC

19.3

120

-1.5

-1.2%

 

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https://www.miningcapital.com/columns/jackhammer/30064/us-mid-terms-loom-gold-ticks-up-and-the-global-economy-roars-on-30064.html US mid-terms loom, gold ticks up, and the global economy roars on https://www.miningcapital.com/columns/jackhammer/30064/us-mid-terms-loom-gold-ticks-up-and-the-global-economy-roars-on-30064.html Fri, 14 Sep 2018 13:16:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30062/dekeloil-public-limited-h1-2018-results-30062.html DekelOil Public Limited#: H1 2018 Results https://www.miningcapital.com/columns/vsa-capital-market-movers/30062/dekeloil-public-limited-h1-2018-results-30062.html Fri, 14 Sep 2018 07:56:00 +0100 On 13 September Côte d'Ivoire palm oil producer DekelOil Public Limited (DKL LN)# announced interim results for the period ended 30 June, reporting revenue of €14.1m (H1 2017: €19.6m) and a net loss of €0.5m (H1 2017: profit of €2.4m).

Results As Expected After July Production Update

DKL’s interim results were disappointing given its record of improvement since the Ayenouan mill begun processing crude palm oil in 2014. However, operations during the period were impacted by regional-specific climatic issues and lower CPO prices, both factors which are outside of the control of management. The lower availability of fruit for processing also led to increased competition from mills, which impacted margins.

However, we were encouraged by management’s aggressive move to acquire additional palm kernels for processing into palm kernel oil (PKO production +9% YoY, compared with a 18% YoY drop in CPO production) as well as a YoY reduction in general and administrative costs of more than 7%, which helped partially offset some of the financial weakness arising from the factors that the group could not control.    

Early Positive Signs for Future Fruit Levels

With a difficult 2018 high season behind it (albeit FY 2018 results will of course be impacted) DKL can now look forward to 2019. In this regard, an elevated high season tends to follow a lower one, as last seen in Côte d'Ivoire in 2010/2011. Therefore, we are hopeful that this will indeed be the case in H1 2019, although it is by no means guaranteed. Early July production was previously reported ahead YoY and in its interim results DKL has stated fruit levels have “shown signs of stabilising” in Q3.

Recommendation and Target Price

We initiated on DKL with a BUY recommendation and a target price of 12p on 6 August 2018. Following these results, we maintain both our recommendation and target price. 

 

For full report click here

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30057/vsa-capital-market-movers-redt-energy-30057.html VSA CAPITAL MARKET MOVERS - redT energy https://www.miningcapital.com/columns/vsa-capital-market-movers/30057/vsa-capital-market-movers-redt-energy-30057.html Thu, 13 Sep 2018 08:24:00 +0100 redT energy: H1 2018 Results

redT energy (LON:RED), an energy storage solutions company, has announced its interim results for the six months ended 30 June 2018.

  • Revenue: £1.2m, +33.3% YoY (H1 2017: £0.9m), VSA FY estimate is £4.1m
  • EBIT: loss of £5.7m (H1 2017: loss of £3.1m), VSA FY estimate is a loss of £11.9m
  • Net Cash as of 30 June 2018: £3.9m (31 December 2017: £6.6m)

VSA Comment

RED has revealed results for H1 in-line with our expectations for the FY. More importantly, since the period end RED has made considerable in-roads into key markets, all of which have the potential to lead to significant orders for RED’s flow machines over the next few years.

In July, the company announced an exclusive deal to develop 690MWh of energy storage projects to support the German electricity grid (with finance to be secured – no update in these results, but we would expect progress by the end of the year).

This was followed in August by an order from Anglian Water for one of its 60kW-300kWh flow machines, alongside a collaborative partnership to optimise energy storage across all of its sites, and most recently by the announcement that it had been selected as a preferred supplier of energy storage solutions to the public sector under Essentia’s Battery Storage Framework.

These agreements suggest a growing acceptance of the suitability of deploying flow machines in large-scale energy storage infrastructure applications.

The company has also revealed that its overall pipeline has grown by more than three times since it last reported (to £1bn+ from €357m in December 2017) - see attached pdf for more detail.

The company has also provided a split of the total gross pipeline across its three key target sectors – Commercial & industrial (£115m), Grid-Scale (£702m) and Large Solar & Storage (£256m).

It is clear that RED now has enough orders in its pipeline to deliver on our forecasts for the next couple of years and as such the company will now be focused on scaling up production via its manufacturing partners in order to satisfy these.

We maintain our BUY recommendation and target price of 22p.


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Hydrodec

8.9

1.2

0.10

+9.1%

redT energy

66.2

9.2

0.35

+4.0%

Solid State

27.8

327.0

12.00

+3.8%

 

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

SSE

11,606.5

1,147.0

(103.50)

-8.3%

Centrica

8,145.3

144.4

(5.40)

-3.6%

AFC Energy

30.4

7.8

(0.260

-3.2%

 

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https://www.miningcapital.com/columns/jackhammer/30047/the-junior-mining-sector-is-showing-real-signs-of-life-as-the-global-economy-powers-on-30047.html The junior mining sector is showing real signs of life, as the global economy powers on https://www.miningcapital.com/columns/jackhammer/30047/the-junior-mining-sector-is-showing-real-signs-of-life-as-the-global-economy-powers-on-30047.html Fri, 07 Sep 2018 12:46:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30043/vsa-capital-market-movers-genus-30043.html VSA CAPITAL MARKET MOVERS - Genus https://www.miningcapital.com/columns/vsa-capital-market-movers/30043/vsa-capital-market-movers-genus-30043.html Thu, 06 Sep 2018 07:57:00 +0100 Genus: FY 2018 Results

Genus (LON:GNS), the developer and marketer of animal breeding and genetic products for the porcine and bovine industries, has announced its full year results for the period ended 30 June 2018 (FY 2018).

  • Revenue: £470.3m, +2.4% YoY, (FY 2017: £459.1m); FactSet FY 2018 consensus revenue was £476.0m, +3.7% YoY.
  • Adjusted PBT*: £58.5m, +3.7% YoY (FY 2017: £56.4m); FactSet FY 2018 consensus PBT was £58.3m, +3.4% YoY.
  • Net Debt: £108.5m, -2.8% YoY (30 June 2017: £111.6m); FactSet FY 2018 consensus net debt was £114.3m, +6.0% YoY.
  • Total Dividend: 26.0p, +10.2% YoY (FY 2017: 23.6p)
  • Genus PIC (Porcine Division) Adjusted PBT (inc. JV): £94.8m, flat YoY (FY 2017: £94.8m).
  • Genus ABS (Bovine Division) Adjusted PBT (exc. non-controlling interest): £26.1m, +22.5% YoY (FY 2017: £21.3m).
  • R&D Investment: £46.8m, +6.8% YoY (FY 2017: £43.8m)

* Excluding IAS 41 valuation movement on biological assets, amortisation of acquired intangible assets, share-based payment expense and exceptional items.

VSA Comment

In February, GNS revealed strong interims (revenues +7.4%; adjusted PBT +15.5%), despite a strengthening GBP during H1 (+4.6% against USD), with continued recovery in Genus ABS and a solid performance in Genus PIC reported. Although GNS failed to maintain this level of growth over the FY, these divisional trends continued and its FY results have been delivered in-line with consensus expectations. However, its outlook statement for FY 2019 was weak and we would expect share price weakness today as a result.

In terms of currency, the GBP reversed against the USD in H2 (-2.4%) but still strengthened 2.1% over FY 2018. This provided a modest operational headwind for the group over the year (although it was beneficial for its net debt position). Although early in FY 2019, GNS is currently operating with slight currency tailwind as the GBP has weakened c2.6% against the USD over July and August.

In terms of the GNS operations, we would highlight its bovine division in particular, which posted an almost 23% YoY increase in adjusted PBT over the period (+29% in constant currency) as well as the group’s strong cash conversion (101%). Overall volumes in the bovine division increased 5% YoY with sexed volumes increasing 25% supported by strong demand for its proprietary Sexcel product, which has traded ahead of expectations since its launch in September 2017.

In terms of underlying market conditions, global and UK milk prices (c28.5ppl) remain elevated and are likely to remain high with recent increases in input costs (UK feed wheat +20% YoY) due to excessive heat in key feed wheat regions and milk production flat or showing a slight YoY increase in key producing regions (NZ flat YoY, Europe +3% YoY, Australia +3% YoY, US +1% YoY, UK +0.5% YoY).

US live cattle prices have increased almost 10% in the last four months and although pork prices have been weaker than that, the recent outbreaks of African swine fever in China and Eastern Europe have started to influence pricing in the last few months. We believe there is significant potential for further price increases if the disease fails to be contained quickly in key markets, particularly in China (c50% of global pork production and consumption).

However, any wider outbreak of the disease would also impact the level of demand from its customers in the affected regions. Growing barriers to trade are also a concern in underlying agricultural markets, particularly around the international trade of pork products between China, Mexico and the US.

Tellingly, the Board made no direct comment on FY 2019 consensus expectations only saying that it expected “further financial and strategic progress” during FY 2019 and highlighting the more challenging external environment that its customers face in the short-term (Current FactSet FY 2019 consensus: revenues: £500.6m, +6.4% YoY; adjusted PBT: £63.9m, +9.2% YoY).


Risers and Fallers (Last Close)

Risers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Obtala Limited

22.25

6.75

0.35

+5.5%

Carr's Group

137.56

150.50

3.25

+2.2%

Plant Health Care

28.60

16.55

0.05

+0.3%

 

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Sirius Minerals

1,535.61

32.66

(1.92)

-5.6%

Genus

1,670.76

2,722.00

(110.00)

-3.9%

Anglo-Eastern Plantations

259.22

654.00

(18.00)

-2.7%

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30042/vsa-capital-market-movers-lake-resources-30042.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30042/vsa-capital-market-movers-lake-resources-30042.html Thu, 06 Sep 2018 07:53:00 +0100 Lake Resources (ASX:LKE)#

 

Lake Resources (ASX:LKE) has provided an update on planned drilling at its Cauchari project now expected to commence in early October following positive discussions with local authorities. The programme is likely to consist of three holes, with a possible fourth, drilled to depths of 400m targeting extensions of the known high grade lithium bearing brines on adjacent leases.

These targets extend from the resources defined by Advantage Lithium (AAL CN) and Orocobre (ORE AU) as well as Lithium Americas (LAC CN) whose JV partner is soon to switch from SQM (SQM US) to Ganfeng Lithium) following the recently announced transaction.

We also highlight the recent concern over export taxes in Argentina following the decline of the Peso. This is primarily targeted at the agricultural sector and LKE have confirmed that they are not affected by these changes.

We reiterate our Speculative Buy recommendation. 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30039/vsa-capital-market-movers-lake-resources-30039.html VSA CAPITAL MARKET MOVERS - Lake Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30039/vsa-capital-market-movers-lake-resources-30039.html Wed, 05 Sep 2018 07:55:00 +0100 Lake Resources (CVE:LKE)#

 

Lake Resources (LKE AU) has announced that it has agreed a partnership with US based Lilac Solutions to utilise Lilac’s innovative ion exchange technology which could potentially significantly reduce extraction time for lithium brines, reduce costs and the environmental impact of lithium from conventional brine production. The partnership will focus on the development of LKE’s Kachi project although LKE will, out of prudence, continue to concurrently assess the potential for production via conventional methods.

Lilac have established a team of chemical experts and lithium industry professionals who will now work to establish a flowsheet for the Kachi brine, attractive to them due to its scale and 100% ownership by LKE. The technology Lilac has developed is a one step, ion-exchange, process which absorbs lithium from a brine and releases lithium at a high concentration. Whilst conventional evaporation processes take between 9-24 months to achieve around a 40% recovery Lilac’s approach achieves a 95% recovery in less than two hours. This could potentially significantly enhance the economics of lower grade projects and Lilac have indicated that their technology is suitable where high concentrations of other salts such as magnesium. Although we highlight that LKE’s results so far have demonstrated low magnesium ratios.

The other benefit is the potentially lower environmental impact from Lilac’s technology and the partnership represents a proactive step from LKE’s management team following the announcements in Chile that lithium brine production expansions using conventional evaporation processes may be constrained due to their impact on groundwater. Lilac’s approach would reduce the overall footprint of the operations and the methodology means that brine could be re-injected into the same aquifer it was extracted from without significantly impacting the water quality. Although Argentina has not proposed similar constraints this is a prudent step from LKE, in our view.

The announcement represents a promising step with other industry experts providing greater credibility to the Kachi project whilst also providing an opportunity which could significantly enhance the economics of its development. LKE has also indicated that it intends to announce the maiden resource for Kachi within the next eight weeks.

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30033/vsa-capital-market-movers-m2-cobalt-30033.html VSA Capital Market Movers - M2 Cobalt https://www.miningcapital.com/columns/vsa-capital-market-movers/30033/vsa-capital-market-movers-m2-cobalt-30033.html Tue, 04 Sep 2018 08:49:00 +0100 M2 Cobalt (CVE:MC)#

 

M2 Cobalt (MC CN) has announced the discovery of six additional major anomalies at its Bujagali licenses in central Uganda. The infill sampling programme and first phase of exploration has yielded significant large-scale results. We had previously indicated that the Waraji target, which has now been expanded from 750mx550m to 1,000mx900m, within the Bujagali licenses appeared to be host to Katanga style sediment hosted cobalt-copper mineralisation and with these additional anomalies identified this is now building towards what could be a much larger regional play. Given that this style of mineralisation is the most important geological source of cobalt globally, M2’s ability to demonstrate scale brings greater credibility to our view that Uganda offers an attractive route for investors to gain exposure to DRC style cobalt projects without the high associated political risk.

The overall results have so far demonstrated a significant number of high grade cobalt and copper samples with 51 rock grab samples of 0.1%-1.75% Co, 39 of between 0.1%-0.8% Cu, 141 samples of between 0.01%-0.13% Co and 236 samples of 0.01%-0.05% Cu. Although rock samples are not sufficient to be considered representative given the level of weathering at surface in tropical regions like Uganda these surface grades are encouraging, in our view.

These soil samples have confirmed the presence of mineralisation following anomalies shown by high resolution ground magnetics and VTEM surveys. The largest of the anomalies revealed by geophysics is the Club anomaly which is 2kmx1.7km.

In addition to the sediment hosted anomalies M2 has made further progress at Bombo with further ultramafic style mineralisation identified and an additional 2.1kmx1.0km anomaly containing up to 0.08% Ni, 0.03% Cu and 0.05% Co in soil. The original Bombo target has been expanded via the trenching programme from 1.2kmx0.9km to 2.2kmx1km.

M2 has made real progress in the last few months demonstrating extensive mineralisation of cobalt, copper and nickel and is now in a strong position to begin initial drilling of its more advanced targets.   

We reiterate our Speculative Buy recommendation.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30032/vsa-capital-market-movers-egdon-resources-30032.html VSA Capital Market Movers - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30032/vsa-capital-market-movers-egdon-resources-30032.html Tue, 04 Sep 2018 08:47:00 +0100 Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) has provided an update following the announcement by Europa Oil & Gas (LON:EOG) that it intends to withdraw its planning application to drill the Holmwood prospect from the Bury Hill Wood Site. The lease is due to expire on the 18th September 2018 and the Minister for the Environment, Food and Rural Affairs has decided not to renew the lease. However, the PEDL 143 license has recently been extended to 30th September 2020 and EOG will now consider alternative sites from which to target the Holmwood prospect.

Whilst the site is being re-evaluated for testing we withdraw Holmwood from our valuation, which on a risked basis contributed just 0.4p/sh. indicating a lower target price of 51.6p with the valuation continuing to be dominated by EDR’s shale acreage.

We reiterate our Buy recommendation although reduce our target price by 1% to 51.6p/sh.

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