https://www.miningcapital.com/companies/stocktube/13407/klondike-gold-prepares-for-2-million-dollar-exploration-program-looking-for-gold-13407.html Klondike Gold Prepares for 2-million-dollar exploration program looking for gold https://www.miningcapital.com/companies/stocktube/13407/klondike-gold-prepares-for-2-million-dollar-exploration-program-looking-for-gold-13407.html Fri, 17 May 2019 18:22:00 +0100 Klondike Gold ( (CVE:KG-OTC:KDKGF) President and CEO Peter Tallman sat down with Steve Darling from Proactive Investors Vancouver to discuss their just announced drill program looking for high-grade gold.

Tallman telling Proactive their first drill target at Gay Gulch is 150 meters away from the location of the largest Klondike gold nugget ever found, a 64-ounce gold nugget.
 

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https://www.miningcapital.com/companies/news/220536/iamgold-shares-lose-luster-as-it-responds-to-chatter-of-a-possible-sale-220536.html Iamgold shares lose luster as it responds to chatter of a possible sale https://www.miningcapital.com/companies/news/220536/iamgold-shares-lose-luster-as-it-responds-to-chatter-of-a-possible-sale-220536.html Fri, 17 May 2019 15:27:00 +0100 https://www.miningcapital.com/companies/stocktube/13402/leading-edge-materials-provide-update-as-demand-for-electric-vehicles-in-europe-rises-13402.html Leading Edge Materials provide update as demand for electric vehicles in Europe rises https://www.miningcapital.com/companies/stocktube/13402/leading-edge-materials-provide-update-as-demand-for-electric-vehicles-in-europe-rises-13402.html Fri, 17 May 2019 14:25:00 +0100 Leading Edge Materials (CVE:LEM) CEO Mark Saxon joined Steve Darling from Proactive Investors Vancouver to talk about an engineering study on the demonstration plant and what it means for the company

Saxon also telling Proactive what has been happening in the EV and battery space in Europe and why he feels that is good news for Leading Edge Materials. 

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https://www.miningcapital.com/companies/news/220252/medallion-resources-corp-ceo-talks-about-unlocking-value-in-rare-earths-220252.html Medallion Resources Corp CEO talks about unlocking value in rare earths https://www.miningcapital.com/companies/news/220252/medallion-resources-corp-ceo-talks-about-unlocking-value-in-rare-earths-220252.html Fri, 17 May 2019 14:15:00 +0100 https://www.miningcapital.com/companies/stocktube/13401/kavango-resources-reckons-it-could-be-sitting-on-sizeable-mineral-deposit-in-botswana-13401.html Kavango Resources reckons it could be sitting on sizeable mineral deposit in Botswana https://www.miningcapital.com/companies/stocktube/13401/kavango-resources-reckons-it-could-be-sitting-on-sizeable-mineral-deposit-in-botswana-13401.html Fri, 17 May 2019 14:02:00 +0100 Kavango Resources PLC's (LON:KAV) Mike Moles chats to Proactive London's Andrew Scott now that preliminary results are in from drilling at two holes at their Ditau deposit in Botswana.

Ditau, which forms part of Kavango's KSZ Project, is underlain by magnetic and gravity anomalies that suggest a 7km x 5km intrusive body at depth.

Two holes have been drilled so far with the second hole (DitDDH2) finally stopped at 557.34m.

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https://www.miningcapital.com/companies/news/220494/pan-african-resources-on-track-to-hit-production-target-220494.html Pan African Resources on track to hit production target https://www.miningcapital.com/companies/news/220494/pan-african-resources-on-track-to-hit-production-target-220494.html Fri, 17 May 2019 13:45:00 +0100 https://www.miningcapital.com/companies/stocktube/13398/anglo-asian-mining-plc-in-an--enviable-position--13398.html Anglo Asian Mining PLC in an 'enviable position' https://www.miningcapital.com/companies/stocktube/13398/anglo-asian-mining-plc-in-an--enviable-position--13398.html Fri, 17 May 2019 13:05:00 +0100 Anglo Asian Mining PLC's (LON:AAZ) Bill Morgan speaks to Proactive London's Andrew Scott after the release of the miner's 2018 results.

The Azerbaijan-focused gold miner saw annual profits surge as production in the year came in at the top of its forecast and sales jumped by over a third.

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https://www.miningcapital.com/companies/news/220508/alba-kicks-off-zinc-drill-programme-in-ireland-220508.html Alba kicks off zinc drill programme in Ireland https://www.miningcapital.com/companies/news/220508/alba-kicks-off-zinc-drill-programme-in-ireland-220508.html Fri, 17 May 2019 13:05:00 +0100 https://www.miningcapital.com/columns/jackhammer/30923/king-of-all-it-surveys-the-dollar-sweeps-all-before-it-30923.html King of all it surveys: the dollar sweeps all before it https://www.miningcapital.com/columns/jackhammer/30923/king-of-all-it-surveys-the-dollar-sweeps-all-before-it-30923.html Fri, 17 May 2019 11:59:00 +0100 https://www.miningcapital.com/companies/stocktube/13386/chesterfield-resources-in-unique-position-ahead-of-fully-funded-2019-programme-13386.html Chesterfield Resources in unique position ahead of fully funded 2019 programme https://www.miningcapital.com/companies/stocktube/13386/chesterfield-resources-in-unique-position-ahead-of-fully-funded-2019-programme-13386.html Fri, 17 May 2019 11:41:00 +0100 Martin French, executive chairman of Chesterfield Resources PLC (LON:CHF), tells Proactive London's Andrew Scott a great deal of progress has been made at the company and with its copper assets in Cyprus since being re-admitted to the main board of the London Stock Exchange last July.

Following a programme of new and applications they've nearly quadrupled their total land position in country to 237 square kilometres.

''We've got a really good land package now to set about exploring and will now be rolling that out rapidly''.

''Because it's copper and in a place like Cyprus .... If we do make a discovery it'll be pretty high profile. ''

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https://www.miningcapital.com/companies/stocktube/13397/bluerock-diamonds-chairman-sets-out-strategy-for-increased-production-13397.html BlueRock Diamonds chairman sets out strategy for increased production https://www.miningcapital.com/companies/stocktube/13397/bluerock-diamonds-chairman-sets-out-strategy-for-increased-production-13397.html Fri, 17 May 2019 11:40:00 +0100 Mike Houston, executive chairman of BlueRock Diamonds Plc (LON:BRD), talks Proactive London's Andrew Scott through some new measures he's looking to implement to reform and restructure its business and operations in South Africa.

This week BlueRock announced it's raised £982,000 through an equity sale to support expansion plans for the Kareevlei mine.

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https://www.miningcapital.com/companies/news/220483/oriole-resources-aims-to-expand-footprint-in-cameroon-as-it-updates-strategy-at-agm-220483.html Oriole Resources aims to expand footprint in Cameroon as it updates strategy at AGM https://www.miningcapital.com/companies/news/220483/oriole-resources-aims-to-expand-footprint-in-cameroon-as-it-updates-strategy-at-agm-220483.html Fri, 17 May 2019 11:34:00 +0100 https://www.miningcapital.com/companies/stocktube/13370/rockridge-resources-is-a-new-company-with-a-very-unique-project-with-huge-upside-13370.html Rockridge Resources is a new company with a very unique project with huge upside https://www.miningcapital.com/companies/stocktube/13370/rockridge-resources-is-a-new-company-with-a-very-unique-project-with-huge-upside-13370.html Fri, 17 May 2019 10:38:00 +0100 Rockridge Resources (CVE:ROCK) President and CEO Jordan Trimble sat down with Steve Darling from Proactive Investors Vancouver to talk about their new company and project Knife Lake which is located in the Flin Flon district of Saskatchewan.

Trimble telling proactive about the interesting story behind the project and the positive drill results they have had so far.

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https://www.miningcapital.com/companies/stocktube/13389/blackrock-gold-corp-has-a-new-ceo-with-a-strong-vision-to-turn-around-the-company-13389.html Blackrock Gold Corp has a new CEO with a strong vision to turn around the company https://www.miningcapital.com/companies/stocktube/13389/blackrock-gold-corp-has-a-new-ceo-with-a-strong-vision-to-turn-around-the-company-13389.html Fri, 17 May 2019 10:24:00 +0100 BlackRock Gold Corp (CVE:BRC) CEO Andrew Pollard joined Steve Darling from Proactive Investors Vancouver to talk about his new role as CEO having just started. Pollard discussing his vision for turning BlackRock around.

Pollard also talked about the company's project and why he feels it has tremendous untapped potential. 

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https://www.miningcapital.com/companies/news/220514/exore-resources-intersects-shallow-high-grade-gold-in-third-identified-target-area-within-cote-divoire-gold-projects-220514.html Exore Resources intersects shallow high-grade gold in third identified target area within Cote d’Ivoire Gold Projects https://www.miningcapital.com/companies/news/220514/exore-resources-intersects-shallow-high-grade-gold-in-third-identified-target-area-within-cote-divoire-gold-projects-220514.html Fri, 17 May 2019 10:09:00 +0100 https://www.miningcapital.com/companies/news/220511/afarak-first-quarter-impacted-by-weaker-chrome-market-220511.html Afarak first quarter impacted by weaker chrome market https://www.miningcapital.com/companies/news/220511/afarak-first-quarter-impacted-by-weaker-chrome-market-220511.html Fri, 17 May 2019 09:39:00 +0100 https://www.miningcapital.com/companies/stocktube/13404/australian-vanadium-keen-to-showcase-flagship-asset-to-uk-investors-13404.html Australian Vanadium keen to showcase flagship asset to UK Investors https://www.miningcapital.com/companies/stocktube/13404/australian-vanadium-keen-to-showcase-flagship-asset-to-uk-investors-13404.html Fri, 17 May 2019 08:47:00 +0100 Vincent Algar, managing director of Australian Vanadium Ltd (ASX:AVL), speaks to Proactive's Andrew Scott while in  London.

AVL's recently hired experienced vanadium industry expert Todd Richardson to the newly created position of chief operating officer.

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https://www.miningcapital.com/companies/news/220489/alba-boosted-by-latest-data-from-horse-hill-production-test-220489.html Alba boosted by latest data from Horse Hill production test https://www.miningcapital.com/companies/news/220489/alba-boosted-by-latest-data-from-horse-hill-production-test-220489.html Fri, 17 May 2019 06:43:00 +0100 https://www.miningcapital.com/companies/news/220481/african-battery-metals-prepares-to-analyse-samples-from-drc-copper-cobalt-project-220481.html African Battery Metals prepares to analyse samples from DRC copper-cobalt project https://www.miningcapital.com/companies/news/220481/african-battery-metals-prepares-to-analyse-samples-from-drc-copper-cobalt-project-220481.html Fri, 17 May 2019 06:23:00 +0100 https://www.miningcapital.com/companies/news/220480/infinity-lithium-well-placed-to-serve-europes-lithium-industry-220480.html Infinity Lithium well placed to serve Europe’s lithium industry https://www.miningcapital.com/companies/news/220480/infinity-lithium-well-placed-to-serve-europes-lithium-industry-220480.html Fri, 17 May 2019 05:46:00 +0100 https://www.miningcapital.com/companies/news/220474/ironbark-zinc-appoints-danny-segman-as-non-executive-director-220474.html Ironbark Zinc appoints Danny Segman as non-executive director https://www.miningcapital.com/companies/news/220474/ironbark-zinc-appoints-danny-segman-as-non-executive-director-220474.html Fri, 17 May 2019 05:15:00 +0100 https://www.miningcapital.com/companies/news/220478/argent-minerals-extends-multiple-drill-holes-in-pine-gap-drilling-after-observing-zones-of-geological-interest-220478.html Argent Minerals extends multiple drill holes in Pine Gap drilling after observing zones of geological interest https://www.miningcapital.com/companies/news/220478/argent-minerals-extends-multiple-drill-holes-in-pine-gap-drilling-after-observing-zones-of-geological-interest-220478.html Fri, 17 May 2019 04:52:00 +0100 https://www.miningcapital.com/companies/stocktube/13394/black-rock-mining-leverages-high-grade-graphite-concentrate-from-pilot-plant-for-framework-pricing-13394.html Black Rock Mining leverages high-grade graphite concentrate from pilot plant for framework pricing https://www.miningcapital.com/companies/stocktube/13394/black-rock-mining-leverages-high-grade-graphite-concentrate-from-pilot-plant-for-framework-pricing-13394.html Fri, 17 May 2019 04:25:00 +0100 Black Rock Mining Ltd (ASX:BKT) chief executive officer John de Vries updates Proactive Investors on the graphite developer's pilot plant trial in China and its pricing strategy underpinned by positive results from the trial.

"We basically produced 98% concentrate with 93% recovery - importantly, we got there in two days - that gave us a lot of confidence in our capacity to ramp-up the commercial plant," says de Vries.

He continues, "Being able to produce the very high-grade concentrate which is unique to Mahenge allows our customers to step up and actually validate for themselves that this stuff is real."

De Vries notes the pilot plant run attracted the interest of lots of people, underpinning the framework pricing the company has achieved.

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https://www.miningcapital.com/companies/news/220473/bci-minerals-enhances-mardie-salt--potash-project-economics-220473.html BCI Minerals enhances Mardie Salt & Potash Project economics https://www.miningcapital.com/companies/news/220473/bci-minerals-enhances-mardie-salt--potash-project-economics-220473.html Fri, 17 May 2019 04:11:00 +0100 https://www.miningcapital.com/companies/news/220471/ora-gold-enters-into-agreement-for-1-million-debt-facility-with-private-company-ioma-220471.html Ora Gold enters into agreement for $1-million debt facility with private company Ioma https://www.miningcapital.com/companies/news/220471/ora-gold-enters-into-agreement-for-1-million-debt-facility-with-private-company-ioma-220471.html Fri, 17 May 2019 03:47:00 +0100 https://www.miningcapital.com/companies/news/220470/metminco-agrees-to-binding-terms-for-merger-with-andes-resources-220470.html Metminco agrees to binding terms for merger with Andes Resources https://www.miningcapital.com/companies/news/220470/metminco-agrees-to-binding-terms-for-merger-with-andes-resources-220470.html Fri, 17 May 2019 03:06:00 +0100 https://www.miningcapital.com/companies/news/220469/chesser-resources-receives-commitments-to-raise-1-million-for-second-phase-drilling-at-diamba-sud-220469.html Chesser Resources receives commitments to raise $1 million for second-phase drilling at Diamba Sud https://www.miningcapital.com/companies/news/220469/chesser-resources-receives-commitments-to-raise-1-million-for-second-phase-drilling-at-diamba-sud-220469.html Fri, 17 May 2019 02:56:00 +0100 https://www.miningcapital.com/companies/news/220468/new-age-exploration-reveals-positive-mining-study-on-redmoor-project-220468.html New Age Exploration reveals positive mining study on Redmoor project https://www.miningcapital.com/companies/news/220468/new-age-exploration-reveals-positive-mining-study-on-redmoor-project-220468.html Fri, 17 May 2019 02:46:00 +0100 https://www.miningcapital.com/companies/stocktube/13393/hexagon-resources--scoping-study-confirms-viability-of-process-plant-for-high-spec-graphite-products-13393.html Hexagon Resources' scoping study confirms viability of process plant for high-spec graphite products https://www.miningcapital.com/companies/stocktube/13393/hexagon-resources--scoping-study-confirms-viability-of-process-plant-for-high-spec-graphite-products-13393.html Fri, 17 May 2019 02:02:00 +0100 Hexagon Resources Limited (ASX:HXG) managing director Mike Rosenstreich updates Procative Investors on the positive scoping study results for the viability of developing a standalone graphite purification and processing plant.
 
The study details a proposed plant that would manufacture high-specification graphite products such as batteries and industrial applications.
 
Two sites were considered, with Chelan County in Washington State preferred on a post-tax basis over Geraldton, Western Australia. 
 
Based on the outcomes, Hexagon plans to move to a feasibility study and next stage of the proposed development by late 2019.
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https://www.miningcapital.com/companies/news/220467/bannerman-resources-renews-exclusive-prospecting-licence-at-etango-uranium-project-in-namibia-220467.html Bannerman Resources renews exclusive prospecting licence at Etango Uranium Project in Namibia https://www.miningcapital.com/companies/news/220467/bannerman-resources-renews-exclusive-prospecting-licence-at-etango-uranium-project-in-namibia-220467.html Fri, 17 May 2019 01:06:00 +0100 https://www.miningcapital.com/companies/news/220466/torian-resources--scoping-study-outlines-viable-open-pit-gold-mining-at-mt-stirling-project-in-wa-220466.html Torian Resources' scoping study outlines viable open pit gold mining at Mt Stirling project in WA https://www.miningcapital.com/companies/news/220466/torian-resources--scoping-study-outlines-viable-open-pit-gold-mining-at-mt-stirling-project-in-wa-220466.html Fri, 17 May 2019 00:52:00 +0100 https://www.miningcapital.com/companies/news/220465/hexagon-resources-intends-moving-to-feasibility-study-for-graphite-processing-plant-220465.html Hexagon Resources intends moving to feasibility study for graphite processing plant https://www.miningcapital.com/companies/news/220465/hexagon-resources-intends-moving-to-feasibility-study-for-graphite-processing-plant-220465.html Fri, 17 May 2019 00:11:00 +0100 https://www.miningcapital.com/companies/news/220464/alkane-resources-eyes-mine-life-extension-with-third-new-gold-discovery-at-tomingley-220464.html Alkane Resources eyes mine life extension with third new gold discovery at Tomingley https://www.miningcapital.com/companies/news/220464/alkane-resources-eyes-mine-life-extension-with-third-new-gold-discovery-at-tomingley-220464.html Thu, 16 May 2019 23:34:00 +0100 https://www.miningcapital.com/companies/news/220461/metro-mining-unaffected-by-china-refinery-audits-working-towards-75-more-production-in-2019-220461.html Metro Mining unaffected by China refinery audits, working towards 75% more production in 2019 https://www.miningcapital.com/companies/news/220461/metro-mining-unaffected-by-china-refinery-audits-working-towards-75-more-production-in-2019-220461.html Thu, 16 May 2019 22:59:00 +0100 https://www.miningcapital.com/companies/news/220460/vr-resources-raises-650000-to-bolster-exploration-at-ranoke-project-in-ontario-220460.html VR Resources raises $650,000 to bolster exploration at Ranoke project in Ontario https://www.miningcapital.com/companies/news/220460/vr-resources-raises-650000-to-bolster-exploration-at-ranoke-project-in-ontario-220460.html Thu, 16 May 2019 21:59:00 +0100 https://www.miningcapital.com/companies/stocktube/13388/great-panther-mining-province-update-on-tucano-mine-and-releases-q-1-revenue-numbers-13388.html Great Panther Mining province update on Tucano Mine and releases Q-1 revenue numbers https://www.miningcapital.com/companies/stocktube/13388/great-panther-mining-province-update-on-tucano-mine-and-releases-q-1-revenue-numbers-13388.html Thu, 16 May 2019 20:05:00 +0100 Great Panther Mining (TSE:GPR-NYSE:GPL) President and CEO Jim Bannantine joined Steve Darling in the Vancouver Studio of Proactive Investors to provide an update on their recently acquired Tucano mine in Brazil. He talked about production and where they hope to get soon.

Bannantine also gave Proactive a look at their just-released Q-1 2019 revenue numbers

 

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https://www.miningcapital.com/companies/news/220456/global-energy-metals-updates-on-re-2ox-deal-with-canada-cobalt-works-220456.html Global Energy Metals updates on Re-2OX deal with Canada Cobalt Works https://www.miningcapital.com/companies/news/220456/global-energy-metals-updates-on-re-2ox-deal-with-canada-cobalt-works-220456.html Thu, 16 May 2019 19:09:00 +0100 https://www.miningcapital.com/companies/news/220454/viscount-mining-corp-taps-ex-saskatchewan-premier-grant-devine-as-interim-chairman-220454.html Viscount Mining Corp taps ex-Saskatchewan Premier Grant Devine as interim chairman https://www.miningcapital.com/companies/news/220454/viscount-mining-corp-taps-ex-saskatchewan-premier-grant-devine-as-interim-chairman-220454.html Thu, 16 May 2019 18:37:00 +0100 https://www.miningcapital.com/companies/news/220368/great-panther-notes-key-milestones-such-as-beadell-acquisition-as-it-unveils-1q-highlights-220368.html Great Panther notes key milestones, such as Beadell acquisition, as it unveils 1Q highlights https://www.miningcapital.com/companies/news/220368/great-panther-notes-key-milestones-such-as-beadell-acquisition-as-it-unveils-1q-highlights-220368.html Thu, 16 May 2019 16:21:00 +0100 https://www.miningcapital.com/companies/news/220419/mgx-minerals-installs-second-oil-wastewater-treatment-system-in-alberta-220419.html MGX Minerals installs second oil wastewater treatment system in Alberta https://www.miningcapital.com/companies/news/220419/mgx-minerals-installs-second-oil-wastewater-treatment-system-in-alberta-220419.html Thu, 16 May 2019 15:35:00 +0100 https://www.miningcapital.com/companies/news/220445/92-resources-to-convert-partnership-with-far-resources-to-joint-venture-agreement-220445.html 92 Resources to convert partnership with Far Resources to joint venture agreement https://www.miningcapital.com/companies/news/220445/92-resources-to-convert-partnership-with-far-resources-to-joint-venture-agreement-220445.html Thu, 16 May 2019 14:50:00 +0100 https://www.miningcapital.com/companies/news/220396/anglo-asian-mining-s-profits-surge-as-costs-tumble-at-gedabek-220396.html Anglo Asian Mining's profits surge as costs tumble at Gedabek https://www.miningcapital.com/companies/news/220396/anglo-asian-mining-s-profits-surge-as-costs-tumble-at-gedabek-220396.html Thu, 16 May 2019 14:50:00 +0100 https://www.miningcapital.com/companies/news/220440/klondike-gold-kicks-off-2019-drill-program-in-yukon-220440.html Klondike Gold kicks off 2019 drill program in Yukon https://www.miningcapital.com/companies/news/220440/klondike-gold-kicks-off-2019-drill-program-in-yukon-220440.html Thu, 16 May 2019 13:59:00 +0100 https://www.miningcapital.com/companies/news/220437/afritin-mining-happy-to-build-up-slowly-at-uis-tin-mine-220437.html Afritin MIning happy to build up slowly at Uis tin mine https://www.miningcapital.com/companies/news/220437/afritin-mining-happy-to-build-up-slowly-at-uis-tin-mine-220437.html Thu, 16 May 2019 13:40:00 +0100 https://www.miningcapital.com/companies/news/220431/cabral-gold-reports-further-high-grade-drill-results-from-brazil-gold-project-220431.html Cabral Gold reports further high-grade drill results from Brazil gold project https://www.miningcapital.com/companies/news/220431/cabral-gold-reports-further-high-grade-drill-results-from-brazil-gold-project-220431.html Thu, 16 May 2019 13:32:00 +0100 https://www.miningcapital.com/companies/news/220432/savannah-resources-steams-ahead-with-flagship-mina-do-barroso-project-220432.html Savannah Resources steams ahead with flagship Mina do Barroso project https://www.miningcapital.com/companies/news/220432/savannah-resources-steams-ahead-with-flagship-mina-do-barroso-project-220432.html Thu, 16 May 2019 13:20:00 +0100 https://www.miningcapital.com/companies/news/220422/bluerock-diamonds-unveils-strategic-changes-funding-and-expansion-plan-220422.html BlueRock Diamonds unveils strategic changes, funding and expansion plan https://www.miningcapital.com/companies/news/220422/bluerock-diamonds-unveils-strategic-changes-funding-and-expansion-plan-220422.html Thu, 16 May 2019 11:28:00 +0100 https://www.miningcapital.com/companies/stocktube/13381/ariana-resources-makes-strong-start-to-drilling-at-salinbas-13381.html Ariana Resources makes strong start to drilling at Salinbas https://www.miningcapital.com/companies/stocktube/13381/ariana-resources-makes-strong-start-to-drilling-at-salinbas-13381.html Thu, 16 May 2019 10:54:00 +0100 Ariana Resources PLC's (LON:AAU) Kerim Sener caught up with Proactive London's Andrew Scott as drilling gets underway at its Salinbas gold project in Turkey.

Among a number of positive recent developments, Ariana's also had its licence to operate at Salinbas approved for 10 years.

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https://www.miningcapital.com/companies/stocktube/13374/thunderstruck-preparing-for-a-busy-summer-and-fall-with-work-on-rama-and-liwa-13374.html Thunderstruck preparing for a busy summer and fall with work on Rama and Liwa https://www.miningcapital.com/companies/stocktube/13374/thunderstruck-preparing-for-a-busy-summer-and-fall-with-work-on-rama-and-liwa-13374.html Thu, 16 May 2019 10:52:00 +0100 Thunderstruck Resources (CVE:AWE) President and CEO Bryce Bradley joined Steve Darling from Proactive Investors Vancouver on Skype to bring the news company is planning a busy summer and fall on their projects in Fiji.

Bradley updated the work that will happen, how their JV with JOGMEC is going and why two students will be showing up at their projects very soon.

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https://www.miningcapital.com/companies/stocktube/13380/redmoor-study-confirms-its--attractive-returns----strategic-minerals--alan-broome-13380.html Redmoor study confirms its 'attractive returns' - Strategic Minerals' Alan Broome https://www.miningcapital.com/companies/stocktube/13380/redmoor-study-confirms-its--attractive-returns----strategic-minerals--alan-broome-13380.html Thu, 16 May 2019 09:30:00 +0100 Strategic Minerals PLC (LON:SML) chairman Alan Broome talks Proactive London's Andrew Scott through a recent scoping study of the company’s tin-tungsten project in Cornwall.

A preliminary assessment of the underground possibilities for the Redmoor asset have found there's scope to mine 600,000 tonnes of ore a year for the next decade.

That is based on a 7.1mln-tonne resource with a 1.09% tin equivalent grade.

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https://www.miningcapital.com/companies/news/220410/its-a-huge-result-for-us-group-elevens-bart-jaworski-on-the-significance-of-recent-drilling-at-stonepark-220410.html “It’s a huge result for us”: Group Eleven’s Bart Jaworski on the significance of recent drilling at Stonepark https://www.miningcapital.com/companies/news/220410/its-a-huge-result-for-us-group-elevens-bart-jaworski-on-the-significance-of-recent-drilling-at-stonepark-220410.html Thu, 16 May 2019 09:03:00 +0100 https://www.miningcapital.com/companies/news/220408/keller-keeps-full-year-guidance-in-place-despite-slow-start-to-2019-220408.html Keller keeps full-year guidance in place despite slow start to 2019 https://www.miningcapital.com/companies/news/220408/keller-keeps-full-year-guidance-in-place-despite-slow-start-to-2019-220408.html Thu, 16 May 2019 08:35:00 +0100 https://www.miningcapital.com/companies/news/220407/kavango-resources-pleased-with-drilling-indications-at-ditau-in-botswana-220407.html Kavango Resources pleased with drilling indications at Ditau in Botswana https://www.miningcapital.com/companies/news/220407/kavango-resources-pleased-with-drilling-indications-at-ditau-in-botswana-220407.html Thu, 16 May 2019 08:21:00 +0100 https://www.miningcapital.com/companies/news/220398/sigmaroc-profits-more-than-double-in-2018-220398.html SigmaRoc profits more than double in 2018 https://www.miningcapital.com/companies/news/220398/sigmaroc-profits-more-than-double-in-2018-220398.html Thu, 16 May 2019 07:44:00 +0100 https://www.miningcapital.com/companies/news/220403/oracle-power-says-agreement-for-thar-project-in-pakistan-remains-valid-220403.html Oracle Power says agreement for Thar project in Pakistan remains valid https://www.miningcapital.com/companies/news/220403/oracle-power-says-agreement-for-thar-project-in-pakistan-remains-valid-220403.html Thu, 16 May 2019 07:31:00 +0100 https://www.miningcapital.com/companies/news/220391/horizonte-minerals-releases-financial-results-as-investors-await-araguaia-project-news-220391.html Horizonte Minerals releases financial results as investors await Araguaia project news https://www.miningcapital.com/companies/news/220391/horizonte-minerals-releases-financial-results-as-investors-await-araguaia-project-news-220391.html Thu, 16 May 2019 06:56:00 +0100 https://www.miningcapital.com/companies/news/220386/strategic-minerals-says-early-modelling-of-its-cornish-tin-and-tungsten-project-points-to-its-world-class-potential-220386.html Strategic Minerals says early modelling of its Cornish tin and tungsten project points to its world-class potential https://www.miningcapital.com/companies/news/220386/strategic-minerals-says-early-modelling-of-its-cornish-tin-and-tungsten-project-points-to-its-world-class-potential-220386.html Thu, 16 May 2019 06:45:00 +0100 https://www.miningcapital.com/companies/news/220382/minotaur-exploration-obtains-commitments-to-raise-125-million-220382.html Minotaur Exploration obtains commitments to raise $1.25 million https://www.miningcapital.com/companies/news/220382/minotaur-exploration-obtains-commitments-to-raise-125-million-220382.html Thu, 16 May 2019 06:14:00 +0100 https://www.miningcapital.com/companies/news/220375/sarama-resources-executes-agreement-to-regain-ownership-of-south-hounde-project-220375.html Sarama Resources executes agreement to regain ownership of South Hounde project https://www.miningcapital.com/companies/news/220375/sarama-resources-executes-agreement-to-regain-ownership-of-south-hounde-project-220375.html Thu, 16 May 2019 05:18:00 +0100 https://www.miningcapital.com/companies/news/220374/galan-lithium-receives-second-stage-drilling-permits-220374.html Galan Lithium receives second stage drilling permits https://www.miningcapital.com/companies/news/220374/galan-lithium-receives-second-stage-drilling-permits-220374.html Thu, 16 May 2019 04:00:00 +0100 https://www.miningcapital.com/companies/news/220371/rox-resources-ceo-and-md-buys-10-million-shares-on-market-220371.html Rox Resources CEO and MD buys 10 million shares on-market https://www.miningcapital.com/companies/news/220371/rox-resources-ceo-and-md-buys-10-million-shares-on-market-220371.html Thu, 16 May 2019 02:57:00 +0100 https://www.miningcapital.com/companies/news/220367/metminco-in-trading-halt-with-capital-raising-and-acquisition-news-pending-220367.html Metminco in trading halt with capital raising and acquisition news pending https://www.miningcapital.com/companies/news/220367/metminco-in-trading-halt-with-capital-raising-and-acquisition-news-pending-220367.html Thu, 16 May 2019 02:23:00 +0100 https://www.miningcapital.com/companies/news/220370/chase-mining-identifies-six-high-priority-massive-sulphide-conductor-targets-shares-up-220370.html Chase Mining identifies six high-priority massive sulphide conductor targets, shares up https://www.miningcapital.com/companies/news/220370/chase-mining-identifies-six-high-priority-massive-sulphide-conductor-targets-shares-up-220370.html Thu, 16 May 2019 01:44:00 +0100 https://www.miningcapital.com/companies/stocktube/13378/ardea-resources-outlines-new-value-creation-strategy-focused-on-goongarrie-nickel-cobalt-project-13378.html Ardea Resources outlines new value creation strategy focused on Goongarrie Nickel-Cobalt Project https://www.miningcapital.com/companies/stocktube/13378/ardea-resources-outlines-new-value-creation-strategy-focused-on-goongarrie-nickel-cobalt-project-13378.html Thu, 16 May 2019 01:26:00 +0100 Ardea Resources Ltd (ASX:ARL) chief executive officer Andrew Penkethman speaks to Procative Investors about the base metals developer's new strategic focus arising from its annual general meeting in November last year.
 
The three-pronged value creation strategy focuses on Ardea's flagship Goongarrie Nickel-Cobalt Project (part of the largest nickel-cobalt resource in the developed world) and exploration programs in NSW and WA.
 
Penkethman notes the company is following on from pre-feasibility work programs with definitive feasibility work at Goongarrie.
 
"We'll be continuing to add value to Goongarrie but part of that process is tied to a strategic partner process we're also running," says Penkethman. 
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https://www.miningcapital.com/companies/news/220369/riversgold-reveals-high-grade-drill-results-confirming-potential-of-little-gold-prospect-220369.html Riversgold reveals high-grade drill results confirming potential of Little gold prospect https://www.miningcapital.com/companies/news/220369/riversgold-reveals-high-grade-drill-results-confirming-potential-of-little-gold-prospect-220369.html Thu, 16 May 2019 01:25:00 +0100 https://www.miningcapital.com/companies/news/220366/alliance-mineral-assets-ltd-enters-strategic-placements-with-galaxy-and-jiangte-to-raise-325-million-220366.html Alliance Mineral Assets Ltd enters strategic placements with Galaxy and Jiangte to raise $32.5 million https://www.miningcapital.com/companies/news/220366/alliance-mineral-assets-ltd-enters-strategic-placements-with-galaxy-and-jiangte-to-raise-325-million-220366.html Thu, 16 May 2019 00:54:00 +0100 https://www.miningcapital.com/companies/stocktube/13377/theta-gold-mines-confirms-commercial-viability-of-theta-project-with-positive-feasibility-study-13377.html Theta Gold Mines confirms commercial viability of Theta project with positive feasibility study https://www.miningcapital.com/companies/stocktube/13377/theta-gold-mines-confirms-commercial-viability-of-theta-project-with-positive-feasibility-study-13377.html Wed, 15 May 2019 23:56:00 +0100 Theta Gold Mines Ltd (ASX:TGM) chairman Bill Guy updates Proactive Investors on the gold developer's positive feasibility study recently completed for its Theta project in South Africa. 
 
The study confirms the project's economics and commercial viability, supported by a global mineral resource recently updated to more than 6 million ounces.
 
"During the resource conversion we discovered two new reef systems ... these two reefs add a lot of gold content to the project," Guy says.
 
He continues, "Historically the grade of Theta was 7 g/t ... we're going to deliver over 2.7 g/t so we feel there's a lot of upside there with the grade."
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https://www.miningcapital.com/companies/news/220364/theta-gold-mines-surpasses-6-million-ounces-of-gold-and-releases-feasibility-study-220364.html Theta Gold Mines surpasses 6 million ounces of gold and releases feasibility study https://www.miningcapital.com/companies/news/220364/theta-gold-mines-surpasses-6-million-ounces-of-gold-and-releases-feasibility-study-220364.html Wed, 15 May 2019 23:33:00 +0100 https://www.miningcapital.com/companies/news/220363/salt-lake-potash-non-executive-director-makes-300000-share-purchase-220363.html Salt Lake Potash non-executive director makes $300,000 share purchase https://www.miningcapital.com/companies/news/220363/salt-lake-potash-non-executive-director-makes-300000-share-purchase-220363.html Wed, 15 May 2019 22:45:00 +0100 https://www.miningcapital.com/companies/news/220336/maverix-metals-posts-record-income-and-higher-revenue-during-first-quarter-220336.html Maverix Metals posts record income and higher revenue during first quarter https://www.miningcapital.com/companies/news/220336/maverix-metals-posts-record-income-and-higher-revenue-during-first-quarter-220336.html Wed, 15 May 2019 19:40:00 +0100 https://www.miningcapital.com/companies/news/220349/arizona-silver-hits-high-grades-with-first-three-holes-at-philadelphia-property-220349.html Arizona Silver hits high grades with first three holes at Philadelphia property https://www.miningcapital.com/companies/news/220349/arizona-silver-hits-high-grades-with-first-three-holes-at-philadelphia-property-220349.html Wed, 15 May 2019 16:44:00 +0100 https://www.miningcapital.com/companies/stocktube/13368/mawson-resources-releases-impressive-number-from-new-target-at-rajapalot-project-13368.html Mawson Resources releases impressive number from new target at Rajapalot Project https://www.miningcapital.com/companies/stocktube/13368/mawson-resources-releases-impressive-number-from-new-target-at-rajapalot-project-13368.html Wed, 15 May 2019 15:23:00 +0100 Mawson Resources (TSE:MAW) President and CEO Michael Hudson joined Steve Darling on Skype from the Arctic Circle at their project Rajapalot to share results from a new target they have tested. This target is about 100 metres to the south of where they started exploring.

Hudson also told Proactive what is planned on the site after the snow melts which is currently happening.

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https://www.miningcapital.com/companies/news/220337/african-battery-metals-acquires-additional-interest-in-katoro-gold-and-haneti-nickel-project-220337.html African Battery Metals acquires additional interest in Katoro Gold and Haneti Nickel project https://www.miningcapital.com/companies/news/220337/african-battery-metals-acquires-additional-interest-in-katoro-gold-and-haneti-nickel-project-220337.html Wed, 15 May 2019 14:39:00 +0100 https://www.miningcapital.com/companies/news/220333/leading-edge-materials-achieves-milestone-at-woxna-as-demonstration-plant-is-set-to-be-installed-220333.html Leading Edge Materials achieves milestone at Woxna as demonstration plant is set to be installed https://www.miningcapital.com/companies/news/220333/leading-edge-materials-achieves-milestone-at-woxna-as-demonstration-plant-is-set-to-be-installed-220333.html Wed, 15 May 2019 13:55:00 +0100 https://www.miningcapital.com/companies/news/220331/europa-metals-zips-higher-as-it-kicks-off-drilling-at-toral-zinc-project-220331.html Europa Metals zips higher as it kicks off drilling at Toral zinc project https://www.miningcapital.com/companies/news/220331/europa-metals-zips-higher-as-it-kicks-off-drilling-at-toral-zinc-project-220331.html Wed, 15 May 2019 13:25:00 +0100 https://www.miningcapital.com/companies/news/220326/ceylon-graphite-encouraged-by-new-graphite-discovery-in-sri-lanka-220326.html Ceylon Graphite encouraged by new graphite discovery in Sri Lanka https://www.miningcapital.com/companies/news/220326/ceylon-graphite-encouraged-by-new-graphite-discovery-in-sri-lanka-220326.html Wed, 15 May 2019 13:25:00 +0100 https://www.miningcapital.com/companies/news/220327/rnc-minerals-ceo-says-2019-operations-have-begun-strongly-as-the-company-positions-itself-for-production-growth-220327.html RNC Minerals CEO says 2019 operations have begun strongly as the company positions itself for production growth https://www.miningcapital.com/companies/news/220327/rnc-minerals-ceo-says-2019-operations-have-begun-strongly-as-the-company-positions-itself-for-production-growth-220327.html Wed, 15 May 2019 13:20:00 +0100 https://www.miningcapital.com/companies/stocktube/13363/tharisa-plc-books-good-cash-and-profit-despite--tough--first-half-13363.html Tharisa PLC books good cash and profit despite 'tough' first half https://www.miningcapital.com/companies/stocktube/13363/tharisa-plc-books-good-cash-and-profit-despite--tough--first-half-13363.html Wed, 15 May 2019 12:57:00 +0100 Phoevos Pouroulis, chief executive of Tharisa PLC (LON:THS), tells Proactive London's Andrew Scott that while the first half of the company's financial year presented a few challenges with lower chrome prices and reduced sales he's confident of a strong operational performance for the remainder of the year.

He says the benefits of the pit redesign should become evident in the second half and they're on track to achieve their FY2019 guidance of at least 150 koz PGMs and 1.4 Mt chrome concentrates.

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https://www.miningcapital.com/companies/stocktube/13346/barksdale-s-strong-management-team-has-a-plan-to-move-sunnyside-project-forward-13346.html Barksdale's strong management team has a plan to move Sunnyside Project forward https://www.miningcapital.com/companies/stocktube/13346/barksdale-s-strong-management-team-has-a-plan-to-move-sunnyside-project-forward-13346.html Wed, 15 May 2019 12:51:00 +0100 Barksdale Capital (CVE:BRO) President and CEO Rick Trotman sat down with Steve Darling from Proactive Investors to talk about the junior mining company that is working a project in Arizona.

Trotman telling Proactive about the Project and what work is expected this year. He also discussed an investment from Osisko and what that means for the company.  

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https://www.miningcapital.com/companies/news/220320/fura-gems-inc-to-raise-over-30m-in-a-placing-to-advance-assets-in-colombia-and-mozambique-220320.html Fura Gems Inc to raise over $30M in a placing to advance assets in Colombia and Mozambique https://www.miningcapital.com/companies/news/220320/fura-gems-inc-to-raise-over-30m-in-a-placing-to-advance-assets-in-colombia-and-mozambique-220320.html Wed, 15 May 2019 12:50:00 +0100 https://www.miningcapital.com/companies/news/220315/thor-mining-highlights-positive-arizona-lithium-results-220315.html Thor Mining highlights positive Arizona lithium results https://www.miningcapital.com/companies/news/220315/thor-mining-highlights-positive-arizona-lithium-results-220315.html Wed, 15 May 2019 11:48:00 +0100 https://www.miningcapital.com/companies/news/220310/mandalay-resources--first-quarter-shows-strengthening-finances-uplift-of-bjrkdal-output-220310.html Mandalay Resources' first quarter shows strengthening finances, uplift of Björkdal output https://www.miningcapital.com/companies/news/220310/mandalay-resources--first-quarter-shows-strengthening-finances-uplift-of-bjrkdal-output-220310.html Wed, 15 May 2019 11:46:00 +0100 https://www.miningcapital.com/companies/news/220280/savannah-resources-hints-at-significant-resource-increase-at-mino-do-barroso-220280.html Savannah Resources hints at “significant” resource increase at Mino do Barroso https://www.miningcapital.com/companies/news/220280/savannah-resources-hints-at-significant-resource-increase-at-mino-do-barroso-220280.html Wed, 15 May 2019 11:45:00 +0100 https://www.miningcapital.com/companies/stocktube/13362/savannah-resources-reports--world-class--lithium-hit-at-mina-do-barroso-13362.html Savannah Resources reports 'world-class' lithium hit at Mina do Barroso https://www.miningcapital.com/companies/stocktube/13362/savannah-resources-reports--world-class--lithium-hit-at-mina-do-barroso-13362.html Wed, 15 May 2019 11:44:00 +0100 Savannah Resources PLC's (LON:SAV) David Archer says they're continuing to get excellent results back from the drilling programme at Mina do Barroso in Portugal.

''We've now reported the best overall lithium result we've recorded to date - 45 metres at 1.67% Li₂O - that's an outstanding result''.

He adds: ''There's a particularly high grade component to that intersection of about 22 metres at 2% - that's a world-class intersection''.

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https://www.miningcapital.com/companies/news/220281/tharisa-expects-a-stronger-second-half-performance-220281.html Tharisa expects a stronger second half performance https://www.miningcapital.com/companies/news/220281/tharisa-expects-a-stronger-second-half-performance-220281.html Wed, 15 May 2019 11:40:00 +0100 https://www.miningcapital.com/companies/news/220355/international-cobalt-growing-footprint-in-world-class-idaho-belt-as-it-looks-to-feed-future-electric-vehicle-demand-220355.html International Cobalt growing footprint in world-class Idaho belt as it looks to feed future electric vehicle demand https://www.miningcapital.com/companies/news/220355/international-cobalt-growing-footprint-in-world-class-idaho-belt-as-it-looks-to-feed-future-electric-vehicle-demand-220355.html Wed, 15 May 2019 10:00:00 +0100 https://www.miningcapital.com/companies/stocktube/13359/alba-mineral-resources-releases-maiden-resource-for-thule-black-sands-project-13359.html Alba Mineral Resources releases maiden resource for Thule Black Sands project https://www.miningcapital.com/companies/stocktube/13359/alba-mineral-resources-releases-maiden-resource-for-thule-black-sands-project-13359.html Wed, 15 May 2019 09:22:00 +0100 Alba Mineral Resources plc's (LON:ALBA) chairman George Frangeskides talks Proactive London's Andrew Scott through a maiden resource that's been released for the Thule Black Sands (TBS) project in north-west Greenland.

The study reveals a 19mln tonne inferred resource comprising 43.6% ‘total heavy minerals’.

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https://www.miningcapital.com/companies/news/220292/alba-reveals-maiden-resource-for-greenland-project-220292.html Alba reveals maiden resource for Greenland project https://www.miningcapital.com/companies/news/220292/alba-reveals-maiden-resource-for-greenland-project-220292.html Wed, 15 May 2019 08:46:00 +0100 https://www.miningcapital.com/companies/news/220300/eurasia-mining-posts-maiden-gross-profit-during-key-2018-220300.html Eurasia Mining posts maiden gross profit during “key” 2018 https://www.miningcapital.com/companies/news/220300/eurasia-mining-posts-maiden-gross-profit-during-key-2018-220300.html Wed, 15 May 2019 08:16:00 +0100 https://www.miningcapital.com/companies/news/220298/crest-nicholson-maintains-full-year-guidance-after--resilient--first-half-220298.html Crest Nicholson maintains full-year guidance after 'resilient' first-half https://www.miningcapital.com/companies/news/220298/crest-nicholson-maintains-full-year-guidance-after--resilient--first-half-220298.html Wed, 15 May 2019 08:08:00 +0100 https://www.miningcapital.com/companies/news/220299/premier-african-minerals-negotiating-over-zulu-drilling-programme-220299.html Premier African Minerals negotiating over Zulu drilling programme https://www.miningcapital.com/companies/news/220299/premier-african-minerals-negotiating-over-zulu-drilling-programme-220299.html Wed, 15 May 2019 08:08:00 +0100 https://www.miningcapital.com/companies/news/220297/afarak-issues-profit-warning-for-first-quarter-of-2019-220297.html Afarak issues profit warning for first quarter of 2019 https://www.miningcapital.com/companies/news/220297/afarak-issues-profit-warning-for-first-quarter-of-2019-220297.html Wed, 15 May 2019 07:46:00 +0100 https://www.miningcapital.com/companies/news/220286/bushveld-minerals-signs-off-the-first-quarter-on-a-high-220286.html Bushveld Minerals signs off the first quarter on a high https://www.miningcapital.com/companies/news/220286/bushveld-minerals-signs-off-the-first-quarter-on-a-high-220286.html Wed, 15 May 2019 07:00:00 +0100 https://www.miningcapital.com/companies/news/220272/pnx-metals-completes-rights-issue-to-progress-hayes-creek-zinc-gold-silver-project-220272.html PNX Metals completes rights issue to progress Hayes Creek zinc-gold-silver project https://www.miningcapital.com/companies/news/220272/pnx-metals-completes-rights-issue-to-progress-hayes-creek-zinc-gold-silver-project-220272.html Wed, 15 May 2019 04:45:00 +0100 https://www.miningcapital.com/companies/news/220271/australian-vanadium-appoints-experienced-industry-expert-todd-richardson-as-coo-220271.html Australian Vanadium appoints experienced industry expert Todd Richardson as COO https://www.miningcapital.com/companies/news/220271/australian-vanadium-appoints-experienced-industry-expert-todd-richardson-as-coo-220271.html Wed, 15 May 2019 04:09:00 +0100 https://www.miningcapital.com/companies/news/220269/ora-gold-confident-of-extending-gold-mineralisation-at-abbotts-project-220269.html Ora Gold confident of extending gold mineralisation at Abbotts project https://www.miningcapital.com/companies/news/220269/ora-gold-confident-of-extending-gold-mineralisation-at-abbotts-project-220269.html Wed, 15 May 2019 03:52:00 +0100 https://www.miningcapital.com/companies/stocktube/13355/bardoc-gold-s-new-ceo-focused-on-growing-gold-resource-inventory-at-flagship-project-near-kalgoorlie-13355.html Bardoc Gold's new CEO focused on growing gold resource inventory at flagship project near Kalgoorlie https://www.miningcapital.com/companies/stocktube/13355/bardoc-gold-s-new-ceo-focused-on-growing-gold-resource-inventory-at-flagship-project-near-kalgoorlie-13355.html Wed, 15 May 2019 03:14:00 +0100 Bardoc Gold Ltd (ASX:BDC) chief executive officer Robert Ryan updates Proactive Investors on his recent appointment to the company's leadership role and his plans to advance the gold developer's flagship Bardoc Gold Project. 
 
Ryan says the company has increased their Kalgoorlie land position around the Bardoc Gold Project, which already hosts a 2.6-million-ounce resource, by 20%.
 
The company will use new exploration techniques to target high-grade gold mineralisation within the highly-prospective mineralised corridor.
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https://www.miningcapital.com/companies/news/220267/fe-limited-to-receive-iron-ore-royalty-payment-from-new-deception-mine-220267.html Fe Limited to receive iron ore royalty payment from new Deception mine https://www.miningcapital.com/companies/news/220267/fe-limited-to-receive-iron-ore-royalty-payment-from-new-deception-mine-220267.html Wed, 15 May 2019 02:49:00 +0100 https://www.miningcapital.com/companies/news/220265/azumah-resources-hits-bonanza-gold-grades-of-up-to-168-gt-at-wa-project-220265.html Azumah Resources hits bonanza gold grades of up to 168 g/t at Wa project https://www.miningcapital.com/companies/news/220265/azumah-resources-hits-bonanza-gold-grades-of-up-to-168-gt-at-wa-project-220265.html Wed, 15 May 2019 02:33:00 +0100 https://www.miningcapital.com/companies/news/220261/blackham-resources-strong-golden-age-results-likely-to-boost-production-levels-220261.html Blackham Resources strong Golden Age results likely to boost production levels https://www.miningcapital.com/companies/news/220261/blackham-resources-strong-golden-age-results-likely-to-boost-production-levels-220261.html Wed, 15 May 2019 01:51:00 +0100 https://www.miningcapital.com/companies/news/220264/saturn-metals-secures-funds-to-accelerate-gold-exploration-at-apollo-hill-220264.html Saturn Metals secures funds to accelerate gold exploration at Apollo Hill https://www.miningcapital.com/companies/news/220264/saturn-metals-secures-funds-to-accelerate-gold-exploration-at-apollo-hill-220264.html Wed, 15 May 2019 01:29:00 +0100 https://www.miningcapital.com/companies/news/220262/element-25-progressing-pfs-on-budget-and-on-time-drilling-underway-220262.html Element 25 progressing PFS on budget and on time, drilling underway https://www.miningcapital.com/companies/news/220262/element-25-progressing-pfs-on-budget-and-on-time-drilling-underway-220262.html Wed, 15 May 2019 00:32:00 +0100 https://www.miningcapital.com/companies/stocktube/13353/gold-road-resources-on-cusp-of-pouring-first-gold-at-gruyere-project-13353.html Gold Road Resources on cusp of pouring first gold at Gruyere project https://www.miningcapital.com/companies/stocktube/13353/gold-road-resources-on-cusp-of-pouring-first-gold-at-gruyere-project-13353.html Tue, 14 May 2019 23:57:00 +0100 Gold Road Resources Ltd (ASX:GOR) investor relations manager Duncan Hughes tells Proactive Investors the company is getting ready to pour first gold at its flagship Gruyere project in Western Australia.
 
Construction is 97% complete, with final items now being commissioned on site.
 
The company is also forging ahead with exploration across its 6,000-kilometre holding in the Yamarna greenstone belt to tap into the potential value there.
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https://www.miningcapital.com/companies/news/220260/pantoro-does-transformational-deal-for-44-million-ounce-gold-project-220260.html Pantoro does transformational deal for 4.4-million ounce gold project https://www.miningcapital.com/companies/news/220260/pantoro-does-transformational-deal-for-44-million-ounce-gold-project-220260.html Tue, 14 May 2019 23:42:00 +0100 https://www.miningcapital.com/companies/news/220258/cobalt-blue-raising-funds-to-support-large-scale-test-work-at-thackaringa-project-220258.html Cobalt Blue raising funds to support large-scale test work at Thackaringa project https://www.miningcapital.com/companies/news/220258/cobalt-blue-raising-funds-to-support-large-scale-test-work-at-thackaringa-project-220258.html Tue, 14 May 2019 23:04:00 +0100 https://www.miningcapital.com/companies/news/220256/metalla-royalty--streaming-bolsters-board-with-law-appointee-220256.html Metalla Royalty & Streaming bolsters board with law appointee https://www.miningcapital.com/companies/news/220256/metalla-royalty--streaming-bolsters-board-with-law-appointee-220256.html Tue, 14 May 2019 21:37:00 +0100 https://www.miningcapital.com/companies/news/220250/pure-gold-mining-receives-approval-to-list-on-the-london-stock-exchange-220250.html Pure Gold Mining receives approval to list on the London Stock Exchange https://www.miningcapital.com/companies/news/220250/pure-gold-mining-receives-approval-to-list-on-the-london-stock-exchange-220250.html Tue, 14 May 2019 18:39:00 +0100 https://www.miningcapital.com/companies/news/220249/pacific-empire-minerals-options-topley-richfield-property-in-central-british-columbia-220249.html Pacific Empire Minerals options Topley Richfield Property in central British Columbia https://www.miningcapital.com/companies/news/220249/pacific-empire-minerals-options-topley-richfield-property-in-central-british-columbia-220249.html Tue, 14 May 2019 18:37:00 +0100 https://www.miningcapital.com/companies/news/220239/blackrock-gold-appoints-mining-executive-andrew-pollard-as-ceo-220239.html Blackrock Gold appoints mining executive Andrew Pollard as CEO https://www.miningcapital.com/companies/news/220239/blackrock-gold-appoints-mining-executive-andrew-pollard-as-ceo-220239.html Tue, 14 May 2019 16:15:00 +0100 https://www.miningcapital.com/companies/news/220245/newrange-gold-revitalizing-historic-good-hope-mine-with-encouraging-gold-results-220245.html Newrange Gold revitalizing historic Good Hope Mine with encouraging gold results https://www.miningcapital.com/companies/news/220245/newrange-gold-revitalizing-historic-good-hope-mine-with-encouraging-gold-results-220245.html Tue, 14 May 2019 16:10:00 +0100 https://www.miningcapital.com/companies/news/220242/ecr-minerals-mercator-gold-subsidiary-receives-171k-rd-refund-from-australian-government-220242.html ECR Minerals’ Mercator Gold subsidiary receives £171k R&D refund from Australian government https://www.miningcapital.com/companies/news/220242/ecr-minerals-mercator-gold-subsidiary-receives-171k-rd-refund-from-australian-government-220242.html Tue, 14 May 2019 14:44:00 +0100 https://www.miningcapital.com/companies/news/220240/92-resources-names-geologist-as-vice-president-of-exploration-220240.html 92 Resources names geologist as vice president of exploration https://www.miningcapital.com/companies/news/220240/92-resources-names-geologist-as-vice-president-of-exploration-220240.html Tue, 14 May 2019 14:25:00 +0100 https://www.miningcapital.com/companies/news/220241/petra-diamonds-sells-425-carat-legacy-diamond-for-us15mln-220241.html Petra Diamonds sells 425-carat Legacy diamond for US$15mln https://www.miningcapital.com/companies/news/220241/petra-diamonds-sells-425-carat-legacy-diamond-for-us15mln-220241.html Tue, 14 May 2019 14:15:00 +0100 https://www.miningcapital.com/companies/news/220235/great-panther-mining-set-to-increase-gold-production-at-brazil-mine-after-plant-upgrade-220235.html Great Panther Mining set to increase gold production at Brazil mine after plant upgrade https://www.miningcapital.com/companies/news/220235/great-panther-mining-set-to-increase-gold-production-at-brazil-mine-after-plant-upgrade-220235.html Tue, 14 May 2019 13:35:00 +0100 https://www.miningcapital.com/companies/news/220193/sunrise-resources-gets-the-go-ahead-for-work-programme-at-newperl-220193.html Sunrise Resources gets the go-ahead for work programme at NewPerl https://www.miningcapital.com/companies/news/220193/sunrise-resources-gets-the-go-ahead-for-work-programme-at-newperl-220193.html Tue, 14 May 2019 13:30:00 +0100 https://www.miningcapital.com/companies/stocktube/13341/nano-one-ramping-up-strategic-relationships-on-the-road-to-commercialization-13341.html Nano One ramping up strategic relationships on the road to commercialization https://www.miningcapital.com/companies/stocktube/13341/nano-one-ramping-up-strategic-relationships-on-the-road-to-commercialization-13341.html Tue, 14 May 2019 13:28:00 +0100 Nano One Materials (CVE:NNO-OTCMKTS:NNOMF) CEO Dan Blondal joined Steve Darling from Proactive Investors Vancouver to talk about the company's recent news they have 6 new patents. That brings their total to 13.

Blondal also gave Proactive an update on the relationship with Pulead and what he sees at the drivers for future growth.

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https://www.miningcapital.com/companies/stocktube/13340/newrange-gold-bringing-life-back-to-good-hope-mine-with-encouraging-gold-results-13340.html Newrange Gold bringing life back to Good Hope Mine with encouraging gold results https://www.miningcapital.com/companies/stocktube/13340/newrange-gold-bringing-life-back-to-good-hope-mine-with-encouraging-gold-results-13340.html Tue, 14 May 2019 13:21:00 +0100 Newrange Gold (CVE:NRG) CEO Bob Archer joined Steve Darling from Proactive Investors to talk about the latest results from the Good Hope Mine at the Pamlico Project. Archer is very happy with the results so far considering they had no historical data to go on.

Archer also telling Proactive about the complexity of the Good Hope and how they plan on tackling this old mine with modern technology.

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https://www.miningcapital.com/companies/news/220232/arctic-star-exploration-unveils-encouraging-preliminary-sampling-results-from-timantti-project-finland-220232.html Arctic Star Exploration unveils encouraging preliminary sampling results from Timantti project, Finland https://www.miningcapital.com/companies/news/220232/arctic-star-exploration-unveils-encouraging-preliminary-sampling-results-from-timantti-project-finland-220232.html Tue, 14 May 2019 13:15:00 +0100 https://www.miningcapital.com/companies/news/220186/ariana-up-as-it-secures-permits-all-set-to-drill-at-salinbas-220186.html Ariana up as it secures permits; all set to drill at Salinbas https://www.miningcapital.com/companies/news/220186/ariana-up-as-it-secures-permits-all-set-to-drill-at-salinbas-220186.html Tue, 14 May 2019 13:10:00 +0100 https://www.miningcapital.com/companies/news/220251/orsu-metals-has-the-ambition-funding-and-geology-to-grow-the-sergeevskoe-resource-220251.html Orsu Metals has the ambition, funding and geology to grow the Sergeevskoe resource https://www.miningcapital.com/companies/news/220251/orsu-metals-has-the-ambition-funding-and-geology-to-grow-the-sergeevskoe-resource-220251.html Tue, 14 May 2019 13:00:00 +0100 https://www.miningcapital.com/companies/stocktube/13334/caledonia-mining-reports-strong-cash-generation-as-it-mulls-options-around-electricity-supply-13334.html Caledonia Mining reports strong cash generation as it mulls options around electricity supply https://www.miningcapital.com/companies/stocktube/13334/caledonia-mining-reports-strong-cash-generation-as-it-mulls-options-around-electricity-supply-13334.html Tue, 14 May 2019 11:48:00 +0100 Caledonia Mining Corporation Ltd's (LON:CMCL) Mark Learmonth talks Proactive London's Andrew Scott through their first quarter update.

Caledonia produced 11,948 ounces in the first quarter of 2019, approximately eight per cent below the first quarter of 2018.

Production was adversely affected by lower grade, although this was anticipated as part of the mine plan.

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https://www.miningcapital.com/companies/news/220223/the-new-kincora-copper-reveals-funding-for-porphyry-discovery-drilling-220223.html The “new” Kincora Copper reveals funding for porphyry discovery drilling https://www.miningcapital.com/companies/news/220223/the-new-kincora-copper-reveals-funding-for-porphyry-discovery-drilling-220223.html Tue, 14 May 2019 11:33:00 +0100 https://www.miningcapital.com/companies/stocktube/13333/digbee-aiming-to-transform-mining-research-sector-with-launch-of-new-platform-13333.html Digbee aiming to transform mining research sector with launch of new platform https://www.miningcapital.com/companies/stocktube/13333/digbee-aiming-to-transform-mining-research-sector-with-launch-of-new-platform-13333.html Tue, 14 May 2019 11:31:00 +0100 Jamie Strauss tells Proactive London that Digbee's an alternative research platform specialising in the mining space which he says will transform the industry.

''Initially we're going to launch a database, completely free, covering 3200 economic studies and 1700 projects going back to 2003''.

''Then, in November, we're going to launch a new type of research which will be immediately on-demand and will focus on risk as opposed to valuation ... looking at typical mining risk, geology, metallurgy and engineering at a cost available to everybody''.

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https://www.miningcapital.com/companies/news/220220/ashanti-gold-receives-shareholder-approval-for-desert-gold-deal-220220.html Ashanti Gold receives shareholder approval for Desert Gold deal https://www.miningcapital.com/companies/news/220220/ashanti-gold-receives-shareholder-approval-for-desert-gold-deal-220220.html Tue, 14 May 2019 11:30:00 +0100 https://www.miningcapital.com/companies/news/220204/savannah-resources-welcomes-franco-german-initiative-to-develop-electric-vehicle-batteries-220204.html Savannah Resources welcomes Franco-German initiative to develop electric vehicle batteries https://www.miningcapital.com/companies/news/220204/savannah-resources-welcomes-franco-german-initiative-to-develop-electric-vehicle-batteries-220204.html Tue, 14 May 2019 07:38:00 +0100 https://www.miningcapital.com/companies/news/220199/strategic-minerals-books-profits-on-cobre-production-continues-to-fund-development-internally-220199.html Strategic Minerals books profits on Cobre production, continues to fund development internally https://www.miningcapital.com/companies/news/220199/strategic-minerals-books-profits-on-cobre-production-continues-to-fund-development-internally-220199.html Tue, 14 May 2019 07:30:00 +0100 https://www.miningcapital.com/companies/news/220198/scotgold-resources-chairman-transfers-option-rights-to-jersey-based-group-220198.html Scotgold Resources chairman transfers option rights to Jersey-based group https://www.miningcapital.com/companies/news/220198/scotgold-resources-chairman-transfers-option-rights-to-jersey-based-group-220198.html Tue, 14 May 2019 06:58:00 +0100 https://www.miningcapital.com/companies/news/220188/gold-production-from-caledonias-blanket-mine-dips-as-per-plan-220188.html Gold production from Caledonia’s Blanket mine dips, as per plan https://www.miningcapital.com/companies/news/220188/gold-production-from-caledonias-blanket-mine-dips-as-per-plan-220188.html Tue, 14 May 2019 06:53:00 +0100 https://www.miningcapital.com/companies/news/220178/hawkstone-mining-extends-lithium-mineralisation-in-recent-drilling-at-big-sandy-lithium-clay-project-220178.html Hawkstone Mining extends lithium mineralisation in recent drilling at Big Sandy Lithium-Clay Project https://www.miningcapital.com/companies/news/220178/hawkstone-mining-extends-lithium-mineralisation-in-recent-drilling-at-big-sandy-lithium-clay-project-220178.html Tue, 14 May 2019 05:11:00 +0100 https://www.miningcapital.com/companies/stocktube/13330/base-resources-begins-toliara-dfs-and-kwale-mining-transition-amid-strong-mineral-sands-prices-13330.html Base Resources begins Toliara DFS and Kwale mining transition amid strong mineral sands prices https://www.miningcapital.com/companies/stocktube/13330/base-resources-begins-toliara-dfs-and-kwale-mining-transition-amid-strong-mineral-sands-prices-13330.html Tue, 14 May 2019 01:37:00 +0100 Base Resources Limited (AIM:BSE) (ASX:BSE) chief financial officer Kevin Balloch updates Proactive Investors on the mineral sands producer's March quarterly highlights, including development of its Toliara Mineral Sands Project in Madagascar.
 
A pre-feasibility study for Toliara confirmed its status as one of the best undeveloped mineral sands deposits in the world, with the company immediately beginning a definitive feasibility study. 
 
Balloch says the company's Kwale mine in Kenya has seen good production levels over the quarter as it plans to transition mining from the central orebody to the southern.
 
He also says the company is receiving an increasing level of customer enquiries to provide ilmenite and that the price environment is good, with prices moving up.
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https://www.miningcapital.com/companies/stocktube/13327/infinity-lithium-sees-strong-long-term-fundamentals-for-lithium-as-it-develops-san-jose-in-spain-13327.html Infinity Lithium sees strong long-term fundamentals for lithium as it develops San Jose in Spain https://www.miningcapital.com/companies/stocktube/13327/infinity-lithium-sees-strong-long-term-fundamentals-for-lithium-as-it-develops-san-jose-in-spain-13327.html Mon, 13 May 2019 23:48:00 +0100 Infinity Lithium Corporation Ltd (ASX:INF) managing director Ryan Parkin and executive director Vincent Ledoux Pedailles update Proactive Investors on global battery trends and demand for lithium.
 
Pedailles says it's been tough for lithium but that this sentiment is changing now - the long-term fundamentals for lithium are good and demand is strong on the back of electric vehicles. 
 
Parkin says the lithium developer's next steps are to complete a pre-feasibility study and continue its financing discussions for its San Jose Lithium Project in Spain. 
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https://www.miningcapital.com/companies/stocktube/13313/trigg-mining-to-list-on-asx-with-fresh-ipo-for-wa-potash-13313.html Trigg Mining to list on ASX with fresh IPO for WA potash https://www.miningcapital.com/companies/stocktube/13313/trigg-mining-to-list-on-asx-with-fresh-ipo-for-wa-potash-13313.html Mon, 13 May 2019 17:23:00 +0100 Trigg Mining Limited (ASX:TMG) chief executive officer Keren Paterson speaks to Proactive Investors about the Perth-based potash explorer's initial public offering to list on the ASX.
 
The company aims to raise $4.5 million ahead of its planned June 28 debut, with shares being issued at 20 cents each and the IPO closing May 31.
 
Paterson said the first attempt to list last year was during tougher market conditions, but with the current market the timing was now right.
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https://www.miningcapital.com/companies/stocktube/13319/global-atomic-corp-begins-trading-on-toronto-stock-exchange-13319.html Global Atomic Corp begins trading on Toronto Stock Exchange https://www.miningcapital.com/companies/stocktube/13319/global-atomic-corp-begins-trading-on-toronto-stock-exchange-13319.html Mon, 13 May 2019 13:50:00 +0100 Global Atomic Corporation's (TSE:GLO) Merlin Marr-Johnson dropped into the Proactive London studio to mark the start of the firm's trading on the Toronto Stock Exchange.

Previously, the Toronto-based resource firm had been on Toronto's venture exchange.

It group operates a uranium division and a base metals division.

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https://www.miningcapital.com/companies/stocktube/13318/african-battery-metals-acquires-stake-in--exciting--new-botswana-opportunity-13318.html African Battery Metals acquires stake in 'exciting' new Botswana opportunity https://www.miningcapital.com/companies/stocktube/13318/african-battery-metals-acquires-stake-in--exciting--new-botswana-opportunity-13318.html Mon, 13 May 2019 11:23:00 +0100 African Battery Metals PLC's (LON:ABM) Paul Johnson talks Proactive  London's Andrew Scott through their decision to acquire an 18.26% stake in Kalahari Key Mineral Exploration Ltd.

Kalahari Key owns the Molopo Farms Complex project in south-west Botswana, known to be highly prospective for nickel and platinum group metals.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30899/vsa-capital-market-movers---columbus-energy-resources-30899.html VSA CAPITAL MARKET MOVERS - Columbus Energy Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30899/vsa-capital-market-movers---columbus-energy-resources-30899.html Mon, 13 May 2019 08:26:00 +0100

VSA Morning Flow Test, 13/05/19

Click here for PDF version

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

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Columbus Energy Resources (LON:CERP)

Columbus Energy Resources (LON:CERP)  has announced it has been granted a Private Petroleum Licence for the Bonasse Licence Area in the South West Peninsula of Trinidad.  The licence, which includes the Bonasse field is granted by the Trinidad Ministry of Energy and Energy Industries and formally recognises that Columbus has the right to exploit any oil and gas in the licenced area. Having previously announced that a well location had been chosen this is an important step in terms of regulatory clearance and confirms that the well will be drilled in 2019.

CERP is undertaking the necessary pre-drill activities to commence drilling in Q3 2019 and this continues to be one of the key catalysts for the stock.  Drilling does however remain subject to obtaining Governmental approval; however, the grant of the Private Petroleum Licence is an important step towards this.

The granted licence has a term of 20 years and can be renewed upon an application by the Company for further periods of 20 years. As part of the requirements of the licence, the minimum work obligation includes the workover of three existing wells, with the addition of the drilling of one well in 2019. This confirms that the exploration of the SWP will commence in 2019,  funded by existing cash resources which is a major step, in our view, in the development of CERP.

We reiterate our Buy recommendation and 21.4p target price.

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30897/vsa-capital-market-movers---tectonic-gold-30897.html VSA CAPITAL MARKET MOVERS - Tectonic Gold https://www.miningcapital.com/columns/vsa-capital-market-movers/30897/vsa-capital-market-movers---tectonic-gold-30897.html Mon, 13 May 2019 08:19:00 +0100

VSA Morning Miner, 13/05/19

Click here for PDF version

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

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Tectonic Gold (LON:TTAU)

Tectonic Gold (LON:TTAU) has announced that it has restructured the previously announced alluvial diamond mining joint venture with VAST Mineral Sands Pty Ltd and has taken a 100% economic interest in the diamond mining contract. VAST remains a partner via the equity consideration in TTAU and has a production royalty contract (3% on gross diamond sales). VAST continues to have a significant local presence given its broader local interests in mineral sands and will be able to provide additional support as a result.

As of May 1 2019, TTAU has operational control of the VAST land mining contract and the rationale for the transaction continues to be utilising cash flows derived from diamonds to fund gold exploration at the company’s core Australian gold exploration assets. Equipment leases and the onsite mining team have now been transferred to TTAU. In addition, TTAU will reimburse VAST for provision of ongoing support and provision of rehabilitation, security and health and safety services given their significant local presence.

Initially production is anticipated at a run rate of 950 carats per month with a second phase to ramp up to 1,500 carats per month. TTAU is in discussions with equipment lease finance providers whilst initial bulk sampling indicated grade and average stone size in excess of expectations.

We reiterate our Speculative Buy recommendation.

 

 

 

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https://www.miningcapital.com/companies/stocktube/13312/ausmex-mining-group-begins-drilling-for-massive-sulphides-at-mt-freda-in-qld-13312.html Ausmex Mining Group begins drilling for massive sulphides at Mt Freda in QLD https://www.miningcapital.com/companies/stocktube/13312/ausmex-mining-group-begins-drilling-for-massive-sulphides-at-mt-freda-in-qld-13312.html Mon, 13 May 2019 00:38:00 +0100 Ausmex Mining Group Ltd (ASX:AMG) managing director Matt Morgan updates Proactive Investors on the company's 15,000-metre drilling program now underway at its Mt Freda Complex in Cloncurry, QLD.
 
Morgan says that the program will include both reverse circulation and diamond drilling, designed to identify massive sulphides and further delineate the large iron-oxide copper-gold (IOCG) target.
 
The company has also appointed Kieren Whittock as its Queensland exploration manager to the manage the extensive drilling program.
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https://www.miningcapital.com/companies/stocktube/13307/medallion-resources-reveals-plans-for-rare-earth-processing-plant-13307.html Medallion Resources reveals plans for rare-earth processing plant https://www.miningcapital.com/companies/stocktube/13307/medallion-resources-reveals-plans-for-rare-earth-processing-plant-13307.html Fri, 10 May 2019 16:26:00 +0100 Medallion Resources Ltd (CVE:MDL) (OTCMKTS:MLLOF) CEO Don Lay tells Proactive Investors the Vancouver-based mineral-processing company has begun talks with engineering groups to determine the capital and operating costs for its proposed monazite rare-earth processing plant.

Lay is in New York to to meet with investors interested in the company's cost-efficient process for this material

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https://www.miningcapital.com/companies/stocktube/13304/hannan-metals-about-to-start-a-5-month-program-on-intriguing-new-project-san-martin-13304.html Hannan Metals about to start a 5 month program on intriguing new project San Martin https://www.miningcapital.com/companies/stocktube/13304/hannan-metals-about-to-start-a-5-month-program-on-intriguing-new-project-san-martin-13304.html Fri, 10 May 2019 15:26:00 +0100 Hannan Metals (CVE:HAN) Chairman and CEO Michael Hudson joined Steve Darling from Proactive Investors on Skype to talk about their summer program at their newest project San Martin which is located in Peru.

Hudson tells Proactive move about the project and what work is being done this summer. He also talked about the recent raise they had which sets up this work.

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https://www.miningcapital.com/companies/stocktube/13301/arctic-star-exploration-prepares-for-summer-work-at-timantti-property-in-finland-13301.html Arctic Star Exploration prepares for summer work at Timantti Property in Finland https://www.miningcapital.com/companies/stocktube/13301/arctic-star-exploration-prepares-for-summer-work-at-timantti-property-in-finland-13301.html Fri, 10 May 2019 15:16:00 +0100 Arctic Star Exploration (CVE:ADD) President and CEO Patrick Power sat down with Steve Darling from Proactive Investors Vancouver to talk about their groundwork program that will begin at the end of May.

Power telling Proactive about the program and what it will consist of, He also talked about the area around the project and how that makes it much easier and less expensive for the company. 

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https://www.miningcapital.com/companies/stocktube/13294/group-eleven-anticipating--significant-interest--after-positive-drill-results-at-stonepark-13294.html Group Eleven anticipating 'significant interest' after positive drill results at Stonepark https://www.miningcapital.com/companies/stocktube/13294/group-eleven-anticipating--significant-interest--after-positive-drill-results-at-stonepark-13294.html Fri, 10 May 2019 10:53:00 +0100 Mining Capital's Alastair Ford discusses latest developments at Group Eleven Resources Corp (CVE:ZNG).

The explorer's unveiled encouraging new drill results from Ireland where it has found significant new mineralization along the Pallas Green corridor.

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https://www.miningcapital.com/columns/jackhammer/30895/deal-or-no-deal-either-way-the-market-may-be-getting-ready-to-move-on-30895.html Deal or no deal? Either way, the market may be getting ready to move on https://www.miningcapital.com/columns/jackhammer/30895/deal-or-no-deal-either-way-the-market-may-be-getting-ready-to-move-on-30895.html Fri, 10 May 2019 10:35:00 +0100 https://www.miningcapital.com/companies/stocktube/13292/corazon-mining-to-further-delineate-multi-element-geochemical-anomalies-at-mt-gilmore-project-13292.html Corazon Mining to further delineate multi-element geochemical anomalies at Mt Gilmore Project https://www.miningcapital.com/companies/stocktube/13292/corazon-mining-to-further-delineate-multi-element-geochemical-anomalies-at-mt-gilmore-project-13292.html Fri, 10 May 2019 05:22:00 +0100 Corazon Mining Ltd (ASX:CZN) managing director Brett Smith speaks to Proactive Investors about multi-element geochemical anomolies recently discovered at the explorer's Mt Gilmore Cobalt-Copper-Gold Project in NSW.
 
The large anomalies display cobalt, copper and silver/gold and are about 10 kilometres to the north of Mt Gilmore. 
 
Smith says the company is delighted with the discovery, which creates a new exploration district spanning several kilometres. 
 
While the anomalies are too big to drill, the company is focusing on collecting detailed geophysics over the next months to delineate specific targets.
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https://www.miningcapital.com/companies/stocktube/13291/comet-resources-discovers-two-new-high-grade-graphite-zones-at-wa-project-13291.html Comet Resources discovers two new high-grade graphite zones at WA project https://www.miningcapital.com/companies/stocktube/13291/comet-resources-discovers-two-new-high-grade-graphite-zones-at-wa-project-13291.html Fri, 10 May 2019 00:15:00 +0100 Comet Resources Limited (ASX:CRL) chairman Hamish Halliday updates Proactive Investors on two new high-grade graphite zones discovered at its 100%-owned Springdale Graphite Project in Western Australia.
 
Halliday says the new zones are significant, with both high-grade and near-surface mineralisation.
 
The company is planning to upgrade its resource to the indicated category through infill drilling, and combined with metallurgy, take the project through to a pre-feasibility study. 
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https://www.miningcapital.com/companies/stocktube/13290/emmerson-resources-completes-1-million-second-tranche-placement-expands-gold-royalty-funding-13290.html Emmerson Resources completes $1 million second tranche placement, expands gold royalty funding https://www.miningcapital.com/companies/stocktube/13290/emmerson-resources-completes-1-million-second-tranche-placement-expands-gold-royalty-funding-13290.html Fri, 10 May 2019 00:03:00 +0100 Emmerson Resources Limited (ASX:ERM) managing director Rob Bills updates Proactive Investors on the company's $1 million share placement with joint venture partner Territory Resources at 10.35 cents a share.
 
The placement finalises conditions of the companies' exploration earn-in joint venture and the small mines joint venture agreements. 
 
Bills also notes the addition of further gold royalty payment funding, to further exploration success at Mauritania.
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https://www.miningcapital.com/companies/stocktube/13286/arizona-silver-exploration-completes-first-round-of-drilling-on-philadelphia-project-13286.html Arizona Silver Exploration completes first round of drilling on Philadelphia project https://www.miningcapital.com/companies/stocktube/13286/arizona-silver-exploration-completes-first-round-of-drilling-on-philadelphia-project-13286.html Thu, 09 May 2019 16:44:00 +0100 Arizona Silver Exploration (CVE:AZS) Chairman Mike Stark joined Steve Darling from Proactive Investors Vancouver to talk about the completion of their drill program on their 100 percent owned Philadelphia Project in Arizona.

Stark, who just returned from the drill site, tells Proactive how the program went and what the next step will be. Stark also talked about their other projects and when the drills will be turning there.

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https://www.miningcapital.com/companies/stocktube/13276/jubilee-metals-delivers--exceptional--first-quarter-with-significant-earnings-growth-13276.html Jubilee Metals delivers 'exceptional' first quarter with significant earnings growth https://www.miningcapital.com/companies/stocktube/13276/jubilee-metals-delivers--exceptional--first-quarter-with-significant-earnings-growth-13276.html Thu, 09 May 2019 11:26:00 +0100 Jubilee Metals Group PLC's (LON:JLP) Leon Coetzer updates Proactive London's Andrew Scott on the firm's performance during the first quarter of 2019.

The group posted a 54% year-on-year (YOY) increase in revenue to £6.56mln and a 57% YOY gain in operational earnings to £3.22mln.

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https://www.miningcapital.com/companies/stocktube/13275/premier-african-s-george-roach-welcomes-rha-funding-deal-13275.html Premier African's George Roach welcomes RHA funding deal https://www.miningcapital.com/companies/stocktube/13275/premier-african-s-george-roach-welcomes-rha-funding-deal-13275.html Thu, 09 May 2019 11:01:00 +0100 Premier African Minerals PLC's (LON:PREM) CEO George Roach speaks to Proactive London's Andrew Scott after announcing they've signed an agreement with Zimbabwe’s indigenisation agency that will see the RHA tungsten mine re-open.

The agreement includes a US$6mln funding commitment for the project from the Zimbabwe government.

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https://www.miningcapital.com/companies/stocktube/13284/bacanora-lithium-ltd---mining-capital-conference-may-2019-13284.html Bacanora Lithium Ltd - Mining Capital Conference May 2019 https://www.miningcapital.com/companies/stocktube/13284/bacanora-lithium-ltd---mining-capital-conference-may-2019-13284.html Thu, 09 May 2019 07:04:00 +0100 Peter Secker, chief executive of Bacanora Lithium Ltd (LON:BCN), presents to investors at the Proactive Mining Capital Conference in London.

For more information visit www.bacanoralithium.com

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https://www.miningcapital.com/companies/stocktube/13283/anglo-asian-mining-plc---mining-capital-conference-may-2019-13283.html Anglo Asian Mining PLC - Mining Capital Conference May 2019 https://www.miningcapital.com/companies/stocktube/13283/anglo-asian-mining-plc---mining-capital-conference-may-2019-13283.html Thu, 09 May 2019 07:03:00 +0100 Anglo Asian Mining PLC's (LON:AAZ) Bill Morgan presents to investors at the Proactive Mining Capital Conference in London.

For more information on the company visit:  www.angloasianmining.com

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https://www.miningcapital.com/companies/stocktube/13282/orsu-metals-corp---mining-capital-conference-may-2019-13282.html Orsu Metals Corp - Mining Capital Conference May 2019 https://www.miningcapital.com/companies/stocktube/13282/orsu-metals-corp---mining-capital-conference-may-2019-13282.html Thu, 09 May 2019 07:02:00 +0100 Orsu Metals Corporation's (CVE:OSU) Dr Alexander Yakubchuk presents to investors at the Proactive Mining Capital Conference in London.

More more information visit: www.orsumetals.com

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https://www.miningcapital.com/companies/stocktube/13280/oriole-resources-plc---mining-capital-conference-may-2019-13280.html Oriole Resources PLC - Mining Capital Conference May 2019 https://www.miningcapital.com/companies/stocktube/13280/oriole-resources-plc---mining-capital-conference-may-2019-13280.html Thu, 09 May 2019 07:01:00 +0100 Tim Livesey, chief executive of Oriole Resources PLC (LON:ORR), presents to investors at the Proactive Mining Capital Conference in London.

For more information visit: www.orioleresources.com

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https://www.miningcapital.com/companies/stocktube/13279/chaarat-gold---mining-capital-conference-may-2019-13279.html Chaarat Gold - Mining Capital Conference May 2019 https://www.miningcapital.com/companies/stocktube/13279/chaarat-gold---mining-capital-conference-may-2019-13279.html Thu, 09 May 2019 06:59:00 +0100 Chris Eger, CFO at Chaarat Gold Holdings Ltd (LON:CGH), presents to investors at the Proactive Mining Capital Conference in London.

For more information visit www.chaarat.com

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https://www.miningcapital.com/companies/stocktube/13278/baker-steel-resources-trust---mining-capital-may-2019-13278.html Baker Steel Resources Trust - Mining Capital May 2019 https://www.miningcapital.com/companies/stocktube/13278/baker-steel-resources-trust---mining-capital-may-2019-13278.html Thu, 09 May 2019 06:55:00 +0100 Baker Steel Resources Trust PLC's (LON:BSRT) Trevor Steel presents to investors at the May Mining Capital Conference in London.

For more information visit: www.bakersteelcap.com/en/baker-steel-funds/

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https://www.miningcapital.com/companies/stocktube/13270/west-wits-mining-expects-witwatersrand-mining-right-to-be-granted-by-september-13270.html West Wits Mining expects Witwatersrand mining right to be granted by September https://www.miningcapital.com/companies/stocktube/13270/west-wits-mining-expects-witwatersrand-mining-right-to-be-granted-by-september-13270.html Thu, 09 May 2019 02:58:00 +0100 West Wits Mining Limited (ASX:WWI) executive chairman Michael Quinert updates Proactive Investors on the gold company's development of its Witwatersrand Basin Project in South Africa.
 
The project's scoping study was recently approved by the mining regulator, putting the company "in the last lap" to obtain a mining right which it expects to receive in August or September. 
 
West Wits also holds several Australian exploration projects, with the company entering into a farm-in agreement with First Au Ltd (ASX:FAU) for the Pilbara-based Tambina project in March.
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https://www.miningcapital.com/companies/stocktube/13269/fyi-resources-continues-to-engage-traditional-and-new-hpa-markets-starts-pilot-plant-project-13269.html FYI Resources continues to engage traditional and new HPA markets, starts pilot plant project https://www.miningcapital.com/companies/stocktube/13269/fyi-resources-continues-to-engage-traditional-and-new-hpa-markets-starts-pilot-plant-project-13269.html Wed, 08 May 2019 23:39:00 +0100 FYI Resources Ltd (ASX:FYI) managing director Roland Hill tells Proactive Investors the high purity alumina developer's advances in market engagement is paying dividends, through identifying key players in the growing alumina market.
 
The company is hoping to revolutionise the traditional bauxite-derived HPA market towards electrical vehicles.
 
FYI also began a key pilot plant project to provide assurance the company can produce HPA in upscale versions, further assisting in market engagement.
 
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https://www.miningcapital.com/companies/stocktube/13268/blackstone-minerals-acquires-shuttered-nickel-mine-in-vietnam-to-leverage-asian-battery-demand-13268.html Blackstone Minerals acquires shuttered nickel mine in Vietnam to leverage Asian battery demand https://www.miningcapital.com/companies/stocktube/13268/blackstone-minerals-acquires-shuttered-nickel-mine-in-vietnam-to-leverage-asian-battery-demand-13268.html Wed, 08 May 2019 23:18:00 +0100 Blackstone Minerals Ltd (ASX:BSX) managing director Scott Williamson updates Proactive Investors on the explorer's 90% acquisition of the Ta Khoa Nickel Project in Vietnam.
 
Williamson said the Ta Khoa acquisition includes the Ban Phuc Nickel Mine, which successfully operated as a mechanized underground mine from 2013 – 2016 but closed due to the falling cost of nickel at the time.
 
The project will boost the battery metals focus for the company, enabling it to focus on nickel sulphides as demand for batteries in Asia leads the market into an upswing.
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https://www.miningcapital.com/companies/stocktube/13265/great-bear-resources-releases-more-compelling-results-from-dixie-project-in-red-lake-13265.html Great Bear Resources releases more compelling results from Dixie Project in Red Lake https://www.miningcapital.com/companies/stocktube/13265/great-bear-resources-releases-more-compelling-results-from-dixie-project-in-red-lake-13265.html Wed, 08 May 2019 18:24:00 +0100 Great Bear Resources (CVE:GBR) President and CEO Chris Taylor dropped into the Vancouver studio of Proactive Investors to talk about more interesting results from their Dixie Project in Red Lake, Ontario. These results deal with the Hinge Zone.
Taylor telling Proactive about the great numbers they are seeing with these holes and one number that has set a record for the Hinge Zone.

 

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https://www.miningcapital.com/companies/stocktube/13264/enertopia-sees-a-path-forward-for-extracting-lithium-at-an-extremely-low-capex-13264.html Enertopia sees a path forward for extracting lithium at an extremely low CapEx https://www.miningcapital.com/companies/stocktube/13264/enertopia-sees-a-path-forward-for-extracting-lithium-at-an-extremely-low-capex-13264.html Wed, 08 May 2019 18:11:00 +0100 Enertopia Corporation (CSE:TOP) President and CEO Robert McAllister sat down with Steve Darling from Proactive Investors to provide a lithium project and synthetic solution testing update.

McAllister discussed the process for testing and what their technical team feels they may have to do with the technology.

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https://www.miningcapital.com/companies/stocktube/13240/group-eleven-resources-encouraged-by-new-drill-results-at-stonepark-13240.html Group Eleven Resources encouraged by new drill results at Stonepark https://www.miningcapital.com/companies/stocktube/13240/group-eleven-resources-encouraged-by-new-drill-results-at-stonepark-13240.html Wed, 08 May 2019 14:08:00 +0100 Bart Jaworski, chief executive of Group Eleven Resources Corp (CVE:ZNG), tells Proactive London they've found significant new mineralization along the Pallas Green corridor in Ireland.

The results are from a preliminary 2,700 metre drill program at the Stonepark zinc-lead project, where it has a 76.56% stake, and the adjacent 100% owned PG West project.

Ballywire intercepted 36.5 metres of intermittent, high-grade zinc mineralization, while a new periphery Zone at Kilteely's been uncovered - thought to be the outer margin of potential new Irish-Type zinc system.

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https://www.miningcapital.com/companies/stocktube/13253/mkango-s-will-dawes-updates-as-songwe-hill-advances-towards-production-decision-13253.html Mkango's Will Dawes updates as Songwe Hill advances towards production decision https://www.miningcapital.com/companies/stocktube/13253/mkango-s-will-dawes-updates-as-songwe-hill-advances-towards-production-decision-13253.html Wed, 08 May 2019 08:40:00 +0100 Will Dawes, chief executive of Mkango Resources Ltd’s (LON:MKA), caught up with Proactive London's Andrew Scott to discuss progress at its flagship Songwe Hill rare earth project in Malawi.

Commodities trader Talaxis has committed £12mln at the project level, with a view to supporting further exploration and to hitting certain development milestones.

That investment as it stands will net out at a 49% interest for Talaxis once the project is taken through the bankable feasibility stage.

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https://www.miningcapital.com/companies/stocktube/13260/apollo-minerals-ltd---mining-capital-conference-may-2019-13260.html Apollo Minerals Ltd - Mining Capital Conference May 2019 https://www.miningcapital.com/companies/stocktube/13260/apollo-minerals-ltd---mining-capital-conference-may-2019-13260.html Wed, 08 May 2019 07:33:00 +0100 Apollo Minerals Limited's (ASX:AON) Hugo Schumann presents to investors at the Proactive Mining Capital Conference in London.

Apollo's continuing to progress restart work at the Salau Tungsten Mine within its Couflens project in southern France.

For more information visit www.apollominerals.com

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https://www.miningcapital.com/companies/stocktube/13251/cassini-resources-optimistic-for-pfs-after-promising-west-musgrave-drilling-and-metallurgy-results-13251.html Cassini Resources optimistic for PFS after promising West Musgrave drilling and metallurgy results https://www.miningcapital.com/companies/stocktube/13251/cassini-resources-optimistic-for-pfs-after-promising-west-musgrave-drilling-and-metallurgy-results-13251.html Wed, 08 May 2019 05:27:00 +0100 Cassini Resources Ltd (ASX:CZI) managing director Richard Bevan tells Proactive Investors the company is optimistic for positive pre-feasibility study results after promising metallurgy and drilling from its West Musgrave Nickel-Copper Project in WA. 
 
Bevan said some good quality investors had also come on board after Cassini's April capital raising, which he sees as a great endorsement of the company and its strategy.
 
The most notable of the new investors is Chinese-backed batteries manufacturer Tinci Materials which will provide invaluable support to move the company into production.
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https://www.miningcapital.com/companies/stocktube/13248/cape-lambert-resources-posts-maiden-jorc-resource-for-kipushi-cobalt-copper-tailings-project-in-drc-13248.html Cape Lambert Resources posts maiden JORC resource for Kipushi Cobalt-Copper Tailings Project in DRC https://www.miningcapital.com/companies/stocktube/13248/cape-lambert-resources-posts-maiden-jorc-resource-for-kipushi-cobalt-copper-tailings-project-in-drc-13248.html Tue, 07 May 2019 23:35:00 +0100 Cape Lambert Resources Ltd (ASX:CFE) executive director Tony Sage updates Proactive Investors on the company's maiden JORC-compliant resource for its Kipushi Tailings Project in the Democratic Republic of Congo.
 
Sage says the maiden resource "validates" the company's entry into the DRC and it now will significantly boost the next phases of the project, including financing.
 
Cape Lambert also added about 25,000 tonnes of zinc to the Kipushi cobalt-copper resource, aiming to reduce overall project costs due to strong zinc prices of $12,000-$15,000 a tonne.
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https://www.miningcapital.com/companies/stocktube/13247/drdgold-sees-gold-production-climb-in-1q-13247.html DRDGOLD sees gold production climb in 1Q https://www.miningcapital.com/companies/stocktube/13247/drdgold-sees-gold-production-climb-in-1q-13247.html Tue, 07 May 2019 20:51:00 +0100 DRDGOLD Ltd (NYSE:DRD) CEO Niel Pretorius tells Proactive Investors the South African miner boosted gold production in the most recent quarter.

Pretorius says gold production increased by 15% to 41,120 ounces, compared to 35,732 ounces, in the previous quarter. Pretorius says he attributes the increase to output from its Far West Gold Recoveries project.

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https://www.miningcapital.com/companies/stocktube/13245/anson-resources-reports-high-brine-flow-rate-at-paradox-project-in-utah-13245.html Anson Resources reports high brine flow rate at Paradox project in Utah https://www.miningcapital.com/companies/stocktube/13245/anson-resources-reports-high-brine-flow-rate-at-paradox-project-in-utah-13245.html Tue, 07 May 2019 20:25:00 +0100 Anson Resources Ltd (ASX:ASN) CEO Bruce Richardson tells Proactive Investors the lithium exploration company has recorded extremely high brine flow rates during down hole geophysical surveys at its Paradox Brine Project in Utah, which allows brine to flow without the need for extraction pumping.

Richardson, who is in New York for the lithium-focused Benchmark World Tour Summit, says these flow rates will be used in the company's JORC resource calculation.

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https://www.miningcapital.com/companies/stocktube/13243/american-battery-metals-ceo-updates-drilling-progress-at-railroad-valley-13243.html American Battery Metals CEO updates drilling progress at Railroad Valley https://www.miningcapital.com/companies/stocktube/13243/american-battery-metals-ceo-updates-drilling-progress-at-railroad-valley-13243.html Tue, 07 May 2019 18:22:00 +0100 American Battery Metals Corp (OTCMKTS:ABML) CEO Doug Cole offered investors a drilling update in its 4th week into its lithium project in Railroad Valley, Nevada.

In addition, Cole says the company has added a new chemist to the team.

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https://www.miningcapital.com/companies/stocktube/13239/salazar-resources-announces-pea-on-its-el-domo-vms-deposit-13239.html Salazar Resources announces PEA on its El Domo VMS deposit https://www.miningcapital.com/companies/stocktube/13239/salazar-resources-announces-pea-on-its-el-domo-vms-deposit-13239.html Tue, 07 May 2019 12:50:00 +0100 Salazar Resources' (CVE:SRL) Merlin Marr-Johnson introduces the company to Proactive London's Andrew Scott and talks through the highlights of their just-released PEA on the El Domo VMS deposit in Ecuador.

The company currently has a 25% interest in the project.

''It's a 15,16 year mine life with a 40% IRR and a payback in less than two years - the reason the IRR is so high and the payback so short is that it's an open pit with an average grade of 4.9% copper-equivalent''.

''It's a cracking project''.

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https://www.miningcapital.com/companies/stocktube/13232/cabral-gold-sees-more-impressive-results-from-machichie-target-at-cuiu-cuiu-13232.html Cabral Gold sees more impressive results from Machichie target at Cuiu Cuiu https://www.miningcapital.com/companies/stocktube/13232/cabral-gold-sees-more-impressive-results-from-machichie-target-at-cuiu-cuiu-13232.html Mon, 06 May 2019 17:46:00 +0100 Cabral Gold (CVE:CBR) President and CEO Alan Carter dropped into the Vancouver studio of Proactive Investors to tell Steve Darling about the interesting results from channel sampling on the Machichi target In Brazil. 

Carter telling Proactive what those numbers were and also results from another area about 100 metres to the east. 
 

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https://www.miningcapital.com/companies/stocktube/13224/global-atomic-on-track-with-zinc-plant-expansion-as-it-advances-flagship-uranium-asset-13224.html Global Atomic on track with zinc plant expansion as it advances flagship uranium asset https://www.miningcapital.com/companies/stocktube/13224/global-atomic-on-track-with-zinc-plant-expansion-as-it-advances-flagship-uranium-asset-13224.html Fri, 03 May 2019 13:36:00 +0100 Global Atomic Corporation's (CVE:GLO) executive vice president Merlin Marr-Johnson speaks to Proactive London's Andrew Scott following the release of their 2018 results.

Consolidated net income for the company was C$7.4 million in 2018, up from $5.1 million a year prior.

Global Atomic has a 49% interest in the Befesa Silvermet zinc concentrate production facility in Turkey while work continues to advance its DASA uranium deposit in Niger.

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https://www.miningcapital.com/columns/jackhammer/30878/americas-economy-is-powering-away-but-in-other-ways-the-nation-is-increasingly-divided-30878.html America’s economy is powering away, but in other ways the nation is increasingly divided https://www.miningcapital.com/columns/jackhammer/30878/americas-economy-is-powering-away-but-in-other-ways-the-nation-is-increasingly-divided-30878.html Fri, 03 May 2019 11:19:00 +0100 https://www.miningcapital.com/companies/stocktube/13222/strategic-minerals-kicks-off-first-sales-from-leigh-creek-in-australia-13222.html Strategic Minerals kicks off first sales from Leigh Creek in Australia https://www.miningcapital.com/companies/stocktube/13222/strategic-minerals-kicks-off-first-sales-from-leigh-creek-in-australia-13222.html Fri, 03 May 2019 11:11:00 +0100 Strategic Minerals PLC's (LON:SML) John Peters speaks to Proactive London's Andrew Scott as first sales of copper cement from the Leigh Creek mine in Australia are confirmed.

An initial shipment of five tonnes came from the Mountain of Light processing facility.

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https://www.miningcapital.com/companies/stocktube/13221/vanchem-deal-takes-bushveld-minerals-to-another-level---ceo-fortune-mojapelo-13221.html Vanchem deal takes Bushveld Minerals to another level - CEO Fortune Mojapelo https://www.miningcapital.com/companies/stocktube/13221/vanchem-deal-takes-bushveld-minerals-to-another-level---ceo-fortune-mojapelo-13221.html Fri, 03 May 2019 07:48:00 +0100 Bushveld Minerals Ltd (LON:BMN) CEO Fortune Mojapelo speaks to Proactive London's Andrew Scott after announcing a major new acquisition - Vanchem.

For a total of US$68mln Bushveld will acquire the business which has producing vanadium assets in South Africa.

Mojapelo says the deal's consistent with the company’s long-term strategy of acquiring existing, low-cost scaleable brownfield operating assets in South Africa to help with the development of its significant and high-grade resource base.

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https://www.miningcapital.com/companies/stocktube/13220/metal-tiger-s-michael-mcneilly-encouraged-as-projects-continue-to-impress-13220.html Metal Tiger's Michael McNeilly encouraged as projects continue to impress https://www.miningcapital.com/companies/stocktube/13220/metal-tiger-s-michael-mcneilly-encouraged-as-projects-continue-to-impress-13220.html Fri, 03 May 2019 07:06:00 +0100 Metal Tiger PLC's (LON:MTR) Michael McNeilly updates on developments across the portfolio including the recent infill drilling done at the T3 copper project in Botswana.

T3 is owned by MOD Resources (LON:MOD), in which Metal Tiger holds a 10.48% stake.

He also adds some detail around a recent drill programme at their Logrosán project in Spain.

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https://www.miningcapital.com/companies/stocktube/13219/argosy-minerals-focuses-on-rincon-development-to--buck-the-trend--of-recent-share-price-pressure-13219.html Argosy Minerals focuses on Rincon development to "buck the trend" of recent share price pressure https://www.miningcapital.com/companies/stocktube/13219/argosy-minerals-focuses-on-rincon-development-to--buck-the-trend--of-recent-share-price-pressure-13219.html Fri, 03 May 2019 00:19:00 +0100
Argosy Minerals Limited (ASX:AGY) managing Director Jerko Zuvelo updates Proactive Investors on the lithium company's development work at its Rincon Lithium Project in Argentina, after a successful quarter in which the company signed a sales agreement with Mitsubishi for its pilot plant production. 
 
"We've been working with them for over 18 months, not just on this initial offtake arrangement but also looking at strategic investment [and] commercial-scale offtake as well," says Zuvela. 
 
He continues, "They add credibility to our business, to our production strategy of producing lithium carbonate ... we're always looking to secure good partnerships and further progress our business down the development pathway."
 
Zuvela says the recent share price trend is disappointing, but the company is working hard to buck that trend, boosted by a $9 million injection to fund Rincon development for the year ahead.

 

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https://www.miningcapital.com/companies/stocktube/13208/lithium-ore-changes-name-to-american-battery-metals-and-has-new-ticker-abml-13208.html Lithium Ore changes name to American Battery Metals and has new ticker ABML https://www.miningcapital.com/companies/stocktube/13208/lithium-ore-changes-name-to-american-battery-metals-and-has-new-ticker-abml-13208.html Thu, 02 May 2019 17:45:00 +0100 American Battery Metals (OTCMKTS:ABML) CEO Doug Cole spoke with Proactive Investors at the ThinkEquity Conference in New York. The company formally know as Lithium Ore is a resource exploration and development company. The Company currently has 26,000 acres in the area called the Western Nevada Basin, situated in Railroad Valley in Nye County, Nevada 

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https://www.miningcapital.com/companies/stocktube/13194/ecr-minerals-hails-significant-new-gold-discovery-at-blue-moon-in-victoria-13194.html ECR Minerals hails significant new gold discovery at Blue Moon in Victoria https://www.miningcapital.com/companies/stocktube/13194/ecr-minerals-hails-significant-new-gold-discovery-at-blue-moon-in-victoria-13194.html Thu, 02 May 2019 10:57:00 +0100 ECR Minerals PLC's (LON:ECR) exploration manager Rodney Boucher speaks to Proactive London's Andrew Scott following news this week they've classified the Blue Moon prospect in Victoria, Australia as a gold discovery.

Boucher says drilling results indicate gold mineralisation intensifies further west and they're keen to follow the system.

Blue Moon lies within the Bailieston gold project which is 100%-owned by ECR’s Australian subsidiary Mercator Gold Australia.

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https://www.miningcapital.com/companies/stocktube/13193/galileo-resources-begins-off-take-talks-with-jubilee-metals-for-star-zinc-ore-13193.html Galileo Resources begins off-take talks with Jubilee Metals for Star Zinc ore https://www.miningcapital.com/companies/stocktube/13193/galileo-resources-begins-off-take-talks-with-jubilee-metals-for-star-zinc-ore-13193.html Thu, 02 May 2019 10:30:00 +0100 Galileo Resources PLC's (LON:GLR) Colin Bird updates Proactive London's Andrew Scott after announcing talks are soon to begin with Jubilee Metals PLC (LON:JLP) over the supply of zinc ore to the Sable refinery in Zambia.

Last month, Jubilee struck a deal to buy the Sable zinc refinery from Glencore PLC (LON:GLEN) for £9.2mln (US$12mln).

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https://www.miningcapital.com/companies/stocktube/13192/kavango-resources--michael-foster-updates-as-second-ditau-hole-completed-13192.html Kavango Resources' Michael Foster updates as second Ditau hole completed https://www.miningcapital.com/companies/stocktube/13192/kavango-resources--michael-foster-updates-as-second-ditau-hole-completed-13192.html Thu, 02 May 2019 08:46:00 +0100 Michael Foster, chief executive of Kavango Resources PLC (LON:KAV), caught up with Proactive London's Andrew Scott following the release of their 2018 results this week.

Foster confirms two holes have now been drilled at their Ditau prospect and have been sent off for assay.

Meanwhile more than 4,000 line-kilometres of airborne electromagnetic surveys have been carried out over its prospecting licences, which cover around 9,000 sq km in south west Botswana.

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https://www.miningcapital.com/companies/stocktube/13190/galena-mining-moves-abra-base-metals-project-into-development-phase-after-100-million-financing-13190.html Galena Mining moves Abra Base Metals Project into development phase after $100 million financing https://www.miningcapital.com/companies/stocktube/13190/galena-mining-moves-abra-base-metals-project-into-development-phase-after-100-million-financing-13190.html Thu, 02 May 2019 07:57:00 +0100 Galena Mining Ltd (ASX:G1A) managing director Alexander Molyneux updates Proactive Investors on the company’s development work at its Abra Base Metals Project in Western Australia.
 
Molyneux said the definitive feasibility study for the lead and silver project was on track for release in mid-2019 and work on offtaking, engineering design and long-lead items had already begun. 
 
"Because we raised the equity early, we can move forward with a number of elements of the project development even before the DFS is out," says Molyneux.
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https://www.miningcapital.com/companies/stocktube/13189/w-resources-aims-for-large-scale-production-after-first-t2-mine-blast-at-la-parilla-tungsten-project-13189.html W Resources aims for large-scale production after first T2 mine blast at La Parilla Tungsten Project https://www.miningcapital.com/companies/stocktube/13189/w-resources-aims-for-large-scale-production-after-first-t2-mine-blast-at-la-parilla-tungsten-project-13189.html Thu, 02 May 2019 06:29:00 +0100 W Resources PLC (LON:WRES) chairman Michael Masterman tells Proactive Investors about the first T2 mine blast at the La Parilla Tungsten Project in western Spain, successfully shot on April 30, 2019. 
 
Masterman said the event was significant for the company and represented the start of hard rock mining for La Parilla as part of its move into large-scale production.
 
The expansion will make W Resources one of the biggest global producers of tungsten in a market with "robust" prices and strong demand from China and the US.
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https://www.miningcapital.com/companies/stocktube/13187/saturn-metals-intersects-further-high-grade-gold-at-new-lode-adjacent-to-apollo-hill-13187.html Saturn Metals intersects further high-grade gold at new lode adjacent to Apollo Hill https://www.miningcapital.com/companies/stocktube/13187/saturn-metals-intersects-further-high-grade-gold-at-new-lode-adjacent-to-apollo-hill-13187.html Thu, 02 May 2019 04:08:00 +0100 Saturn Metals Ltd (ASX:STN) managing director Ian Bamborough updates Proactive Investors on further high-grade gold intersected in an area 150 metres east of its Apollo Hill Gold Project.
 
Bamborough said the latest intersection is one of the best ever reported at Apollo Hill, sparking a new direction for the deposit and its future growth potential.
 
The company is also further boosted its corporate snapshot, with a healthy cash position of $2.8 million recorded in the last quarter to fund ongoing drilling.
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https://www.miningcapital.com/companies/stocktube/13184/legend-mining-defines-two-new-base-metals-targets-at-rockford-south-13184.html Legend Mining defines two new base metals targets at Rockford South https://www.miningcapital.com/companies/stocktube/13184/legend-mining-defines-two-new-base-metals-targets-at-rockford-south-13184.html Thu, 02 May 2019 01:47:00 +0100 Legend Mining Ltd (ASX:LEG) managing director Mark Wilson updates Proactive Investors on two new base metals targets identified  within its Rockford Project in WA's Fraser Range.

The targets have been named Crean and Worsley, in line with Legend's naming conventions that tie in with historic exploration legends.

Wilson says the nickel-copper-cobalt prospective Crean target is similar to Nova, Silver Knight and Area D, while Worsley was a copper-zinc-gold VMS-style prospect.

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https://www.miningcapital.com/companies/stocktube/13178/great-bear-resources-discovers-a-new-gold-control-within-its-dixie-limb-zone-13178.html Great Bear Resources discovers a new gold control within its Dixie Limb zone https://www.miningcapital.com/companies/stocktube/13178/great-bear-resources-discovers-a-new-gold-control-within-its-dixie-limb-zone-13178.html Wed, 01 May 2019 19:12:00 +0100 Great Bear Resources (CVE:GBR) President and CEO Chris Taylor joined Steve Darling from Proactive Investors on Skype to discuss they're reported discovery of a new gold control within the Dixie Limb Zone target which is associated with thickened and higher-grade gold mineralization.

Taylor telling Proactive where this is located and what the next steps are in this area. Taylor also talked about West Madsen and what is happening with that project.

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https://www.miningcapital.com/companies/stocktube/13172/bezant-resources-plc-bullish-on-copper-as-it-moves-into-zambia-13172.html Bezant Resources PLC bullish on copper as it moves into Zambia https://www.miningcapital.com/companies/stocktube/13172/bezant-resources-plc-bullish-on-copper-as-it-moves-into-zambia-13172.html Wed, 01 May 2019 13:25:00 +0100 Laurence Read, chief executive of Bezant Resources PLC (LON:BZT), believes there has been a change in mood over copper assets and operating in the Philippines.
That should help it move forward with its huge Mankayan project in the country, he believes.
“It's a good asset. If it was in Utah, we would have a queue of buyers,” he told Proactive.
More mining friendly tax changes have been proposed in the Phillippines and this can help find a partner, he adds.
Meanwhile, Read is excited about the potential for the Buffalo project in Zambia, where it recently took out an option.
This is a smaller opportunity and much more in line with Bezant’s profile he says
A share capital reorganisation is planned to allow Bezant to raise funds to move all of its projects forward.

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https://www.miningcapital.com/companies/stocktube/13170/price-pullback-gives-yellow-cake-good-opportunity-to-acquire-additional-uranium-13170.html Price pullback gives Yellow Cake good opportunity to acquire additional uranium https://www.miningcapital.com/companies/stocktube/13170/price-pullback-gives-yellow-cake-good-opportunity-to-acquire-additional-uranium-13170.html Wed, 01 May 2019 12:05:00 +0100 Yellow Cake PLC (LON:YCA) chief executive Andre Liebenberg tells Proactive London's Andrew Scott the recent pullback in spot prices has presented a good buying opportunity for them as they remain confident in the long-term outlook for the metal.

He adds that their confidence in the long-term outlook for uranium is unchanged despite the short-term uncertainty created by the Section 232 investigation in the US.

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https://www.miningcapital.com/companies/stocktube/13167/peninsula-energy-presents-webcast-with-operational-and-financial-highlights-from-march-quarter-13167.html Peninsula Energy presents webcast with operational and financial highlights from March quarter https://www.miningcapital.com/companies/stocktube/13167/peninsula-energy-presents-webcast-with-operational-and-financial-highlights-from-march-quarter-13167.html Wed, 01 May 2019 05:39:00 +0100 Peninsula Energy Ltd (ASX:PEN) chief executive officer Wayne Heili provides Proactive Investors with its March 2019 quarterly results webcast, covering activities and financial highlights from the quarter.
 
Heili notes the healthy upward movement in PEN's share price during the quarter, saying the market has begun to recognise the consistent delivery of positive outcomes along with the upside potential of US-based uranium production operations. 
 
The presentation also includes comments on the successful low-pH field demonstration trials at Peninsula's Lance Projects, and their relevant permitting approvals, which has been a recent focus of the company. 
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https://www.miningcapital.com/companies/stocktube/13166/musgrave-minerals--diamond-drilling-continues-to-intersect-large-gold-system-at-cue-project-13166.html Musgrave Minerals' diamond drilling continues to intersect large gold system at Cue Project https://www.miningcapital.com/companies/stocktube/13166/musgrave-minerals--diamond-drilling-continues-to-intersect-large-gold-system-at-cue-project-13166.html Wed, 01 May 2019 04:17:00 +0100 Musgrave Minerals Ltd (ASX:MGV) managing director Robert Waugh updates Proactive Investors on the company’s latest gold assay results from diamond drilling at the A-Zone, part of the Lake Austin North gold system within its Cue Project in WA.
 
Waugh says the company is thrilled with the thick high-grade results of up to 44 metres at 2 g/t gold, with a second hole also showing favourable results.
 
Further diamond drill results from several other prospects are expected to be posted late May-early June.
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https://www.miningcapital.com/companies/stocktube/13164/alliance-mineral-assets-posts-record-quarterly-results-inks-mou-for-hydroxide-production-13164.html Alliance Mineral Assets posts record quarterly results, inks MoU for hydroxide production https://www.miningcapital.com/companies/stocktube/13164/alliance-mineral-assets-posts-record-quarterly-results-inks-mou-for-hydroxide-production-13164.html Tue, 30 Apr 2019 23:41:00 +0100 Alliance Mineral Assets Ltd (ASX:A40) managing director Mark Calderwood updates Proactive Investors on the lithium producer's record quarterly production at its Bald Hill Lithium Mine, up 68% from the December quarter last year.

"We expected this - this is nameplate production, our costs have been driven down, about a 33% decrease in cost per tonne as the production tonnages increase," says Calderwood.

He also noted Alliance's memorandum of understanding with China-based Jiangte, formed to develop the terms on which the parties will produce and sell battery-grade lithium hydroxide in a 50:50 joint venture.

The JV will enable Alliance to participate in downstream processing without any capital expenditure and will fast-track lithium hydroxide production to as early as this year.

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https://www.miningcapital.com/companies/stocktube/13157/alba-mineral-s-chairman-thrilled-with-initial-batch-of-welsh-gold-results-13157.html Alba Mineral's chairman thrilled with initial batch of Welsh gold results https://www.miningcapital.com/companies/stocktube/13157/alba-mineral-s-chairman-thrilled-with-initial-batch-of-welsh-gold-results-13157.html Tue, 30 Apr 2019 14:45:00 +0100 Alba Mineral Resources plc's (LON:ALBA) executive chairman George Frangeskides caught up with Proactive London's Andrew Scott after releasing the first batch of results from the Clogau Gold project in north Wales.

Frangeskides says they've returned multiple gold-in-soil anomalies, away from the existing mine area and separate to the historical workings.

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https://www.miningcapital.com/companies/stocktube/13154/anglo-asian-s-bill-morgan-details-2019-exploration-and-production-ambitions-13154.html Anglo Asian's Bill Morgan details 2019 exploration and production ambitions https://www.miningcapital.com/companies/stocktube/13154/anglo-asian-s-bill-morgan-details-2019-exploration-and-production-ambitions-13154.html Tue, 30 Apr 2019 12:47:00 +0100 Asian Mining PLC'S (LON:AAZ) Bill Morgan details the 2019 exploration plans for the company follolwing the release this week of the results of a helicopter-borne electromagnetic and aeromagnetic survey, completed over the Gedabek project.

The survey identified 25 targets favourable for epithermal and porphyry mineralisation and six magnetic targets consistent with porphyry systems.

The selection of the most promising targets and planning for their detailed investigation is now underway.

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https://www.miningcapital.com/companies/stocktube/13153/pensana-metals-announces-substantial-resource-expansion-and-welcomes-new-ceo-13153.html Pensana Metals announces substantial resource expansion and welcomes new CEO https://www.miningcapital.com/companies/stocktube/13153/pensana-metals-announces-substantial-resource-expansion-and-welcomes-new-ceo-13153.html Tue, 30 Apr 2019 11:38:00 +0100 Pensana Metals Ltd's (ASX:PM8) Paul Atherley speaks to Proactive London's Andrew Scott following the company's quarterly update to the end of March 2019.

The company's recently announced they've increased the mineral resource estimate more than seven-fold for the Longonjo Neodymium-Praseodymium (NdPr) Project in Angola.

This month Pensana's also appointed Tim George to the role of CEO.

He's a minerals engineer with over 30 years of experience in the mining and engineering sectors.

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https://www.miningcapital.com/companies/stocktube/13152/thor-mining-s-mick-billing-upbeat-on-bonya-results-as-financing-discussions-progress-13152.html Thor Mining's Mick Billing upbeat on Bonya results as financing discussions progress https://www.miningcapital.com/companies/stocktube/13152/thor-mining-s-mick-billing-upbeat-on-bonya-results-as-financing-discussions-progress-13152.html Tue, 30 Apr 2019 11:25:00 +0100 Thor Mining PLC's (LON:THR)(ASX: THR) Mick Billing talks through interim results from drilling at the Bonya tungsten deposits, adjacent to Molyhil, in the Northern Territory of Australia.

Three of the four targets are now available following portable x-ray fluorescence (XRF) determination ... among the highlights were 27 metres grading 0.32% tungsten trioxide (WO₃), 12 metres grading 0.70% WO₃, and 29 metres grading 0.75% WO₃.

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https://www.miningcapital.com/companies/stocktube/13151/redmoor-has-world-class--written-all-over-it----strategic-minerals--jon-reynolds-13151.html Redmoor has world-class 'written all over it' - Strategic Minerals' Jon Reynolds https://www.miningcapital.com/companies/stocktube/13151/redmoor-has-world-class--written-all-over-it----strategic-minerals--jon-reynolds-13151.html Tue, 30 Apr 2019 10:54:00 +0100 Strategic Minerals PLC's (LON:SML) technical advisor Jon Reynolds caught up with Proactive London's Andrew Scott while in the UK for a site visit at Redmoor.

''It's all looking exceptionally good ... we've now got a world-class deposit''.

The results of a scoping study on the project are imminent Reynolds says .. ''I've had a look at the numbers and they're pretty good''.

On Leigh Creek: ''We're now producing copper ... not too many mines around the world produce within the first 12 months of acquisition ... so a brilliant job by the people on site''.

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https://www.miningcapital.com/companies/stocktube/13149/bluebird-merchant-s-bishop-talks-permitting-latest-for-its-two-korea-mines-13149.html Bluebird Merchant's Bishop talks permitting latest for its two Korea mines https://www.miningcapital.com/companies/stocktube/13149/bluebird-merchant-s-bishop-talks-permitting-latest-for-its-two-korea-mines-13149.html Tue, 30 Apr 2019 08:01:00 +0100 Bluebird Merchant Ventures Ltd's (LON:BMV) Aidan Bishop updates on the permitting process for the reopening of the Gubong and Kochang gold mines in South Korea.

They've provided a proposed community development programme and also a letter, signed by a number of the local residents, supporting the reopening of the Gubong mine.

As for the application for the permit to develop the Kochang Mine, Bishop says this has progressed faster than expected.

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https://www.miningcapital.com/companies/stocktube/13145/saturn-metals--apollo-hill-gold-assays-highlight-future-resource-growth-potential-13145.html Saturn Metals' Apollo Hill gold assays highlight future resource growth potential https://www.miningcapital.com/companies/stocktube/13145/saturn-metals--apollo-hill-gold-assays-highlight-future-resource-growth-potential-13145.html Tue, 30 Apr 2019 04:46:00 +0100 Saturn Metals Ltd (ASX:STN) managing director Ian Bamborough updates Proactive Investors on high-grade drilling results from a 5,900-metre program at its Apollo Hill Gold Project near Leonora in WA. 
 
The intersections compare favourably with better historic mineralised intervals, highlighting the potential to increase the scale and quality of the current mineral resource of 20.7 million tonnes grading 1 g/t for 685,000 ounces of gold.
 
"What we really liked about yesterday's intersections was those higher grades were starting to hang together in a continuous lode system within the deposit," says Bamborough.
 
He continues, "That's a real positive change and points towards the future resource growth potential for the system."
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https://www.miningcapital.com/companies/stocktube/13144/australian-potash-develops-offtake-channels-as-trial-pond-construction-underway-13144.html Australian Potash develops offtake channels as trial pond construction underway https://www.miningcapital.com/companies/stocktube/13144/australian-potash-develops-offtake-channels-as-trial-pond-construction-underway-13144.html Tue, 30 Apr 2019 04:28:00 +0100 Australian Potash Ltd (ASX:APC) managing director & CEO Matt Shackleton updates Proactive Investors on the potash developer's trial evaporation pond construction program underway at its Lake Wells Sulphate of Potash (SOP) Project in WA.
 
The project will include more than 10 square kilometres of on-playa evaporation ponds which will promote the precipitation of halite while increasing potassium and sulphate concentrations in the brine.
 
Shackleton says the company is also endeavouring to develop formal offtake relationships with Chinese fertiliser companies. 
 
He notes that Australia has a small potash market compared to the amount of SOP Lake Wells can produce, highlighting the importance of overseas offtake channels to get the project into development. 
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https://www.miningcapital.com/companies/stocktube/13140/renaissance-gold-preparing-for-busy-summer-as-altius-minerals-increases-stake-13140.html Renaissance Gold preparing for busy summer as Altius Minerals increases stake https://www.miningcapital.com/companies/stocktube/13140/renaissance-gold-preparing-for-busy-summer-as-altius-minerals-increases-stake-13140.html Mon, 29 Apr 2019 20:53:00 +0100 Renaissance Gold(CVE:REN) President and CEO Bob Felder joined Steve Darling from Proactive Investors Vancouver on Skype to talk about his company's recent deal with Altius Minerals. That deal puts 1.4 million in the treasury at Ren Gold.

Felder also told Proactive what they have planned for the summer which looks to be very busy on a number of fronts. 

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https://www.miningcapital.com/companies/stocktube/13139/fidelity-minerals-makes-2-acquisitions-among-the-flurry-of-activity-in-ecuador-and-peru-13139.html Fidelity Minerals makes 2 acquisitions among the flurry of activity in Ecuador and Peru https://www.miningcapital.com/companies/stocktube/13139/fidelity-minerals-makes-2-acquisitions-among-the-flurry-of-activity-in-ecuador-and-peru-13139.html Mon, 29 Apr 2019 20:13:00 +0100 Fidelity Minerals (CVE:FMN) CEO Ian Graham sat down with Steve Darling from Proactive Investors Vancouver to discuss their most recent acquisitions.  Graham telling Proactive about the two new concession, one they own 100 percent, the other 25 percent.

Graham also told us about some of the interesting moves some of the majors have made in Ecuador and Peru and how that is shaking up the space.

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https://www.miningcapital.com/companies/stocktube/13138/lithiumore-drills-down-2500-feet-at-its-project-in-railroad-valley-13138.html LithiumOre drills down 2,500 feet at its project in Railroad Valley https://www.miningcapital.com/companies/stocktube/13138/lithiumore-drills-down-2500-feet-at-its-project-in-railroad-valley-13138.html Mon, 29 Apr 2019 19:24:00 +0100 LithiumOre Corp (OTCMKTS:ORRP) CEO Doug Cole tells Proactive Investors the Nevada-based lithium explorer has drilled down to 2,500 feet at its lithium project in Railroad Valley, Nevada.

Cole says the company is looking to drill to 3,000 feet by next week, and is pleased with the progress its drilling partner Welsco Drilling has made thus far.

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https://www.miningcapital.com/companies/stocktube/13134/cabral-gold-latest-drill-results-continue-to-show-promise-at-cuiu-cuiu-in-brazil-13134.html Cabral Gold latest drill results continue to show promise at Cuiu Cuiu in Brazil https://www.miningcapital.com/companies/stocktube/13134/cabral-gold-latest-drill-results-continue-to-show-promise-at-cuiu-cuiu-in-brazil-13134.html Mon, 29 Apr 2019 16:26:00 +0100 Cabral Gold (CVE:CBR) President and CEO Alan Carter dropped into the Vancouver studio of Proactive Investors to talk about their latest drill numbers from the Cuiu Cuiu project in Brazil.

Carter telling Proactive just how impressive the results were and he also gave investors an update on an interesting target Seis Irmaos or (Six Brothers)
 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30853/vsa-capital-market-movers---egdon-resources-30853.html VSA CAPITAL MARKET MOVERS - Egdon Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30853/vsa-capital-market-movers---egdon-resources-30853.html Mon, 29 Apr 2019 08:11:00 +0100

VSA Morning Flow Test, 29/04/19

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Egdon Resources (LON:EDR)

Egdon Resources (EDR LN) has provided an update on the planning inquiry for its Wressle site in North Lincolnshire. Planning consent was refused in late 2018 and the company as previously announced intend to appeal the decision. A public inquiry for the appeal will now be heard on 5 November 2019 and will likely last for up to six days. The case will be presented by a QC and with support from the Council own professional planning officer which highlights the strength of the revised application and the company continue to believe they have fully satisfied the requirements at a local and national level and therefore have a strong case.

There has also been newsflow on the unconventional side with the acquisition of Third Energy’s onshore business, Third Energy Onshore Limited. This includes the unconventional gas site at Kirby Misperton, KM8, where in 2016 the company received approval from North Yorkshire County Council to frac, test and produce for up to nine years. Although the valuation has not been disclosed, the acquisition by a subsidiary of Alpha Energy, a US oil and gas player demonstrates ongoing interest in UK shale by strategic players. The acquisition comes despite the current regulatory framework which earlier held back Cuadrilla’s recent testing while environmental protests in London have highlighted the misunderstood nature of the industry’s potential.

We also note the resignation of Natascha Engel over the weekend, from her position as the UK’s shale gas commissioner citing paralysis of central government despite nominally supportive central policies. We highlight Engel’s argument that the 0.5ML threshold for the traffic light system is “ridiculously low” and is based on “myths and scare stories”. Furthermore, one of the key advantages of natural gas is the lower level of emissions compared to other forms of energy. This therefore represents a practical and effective compromise whilst infrastructure for energy storage is developed and rolled out to make renewables viable. Indeed, despite the advances in the renewable sector gas is expected to continue to form around a third of primary energy demand in the UK in 2035.

We reiterate our Buy recommendation and 45.2p target price.

 

 

 

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https://www.miningcapital.com/companies/stocktube/13120/pacton-gold-encouraged-after-positive-magnetic-survey-at-red-lake-property-in-ontario-13120.html Pacton Gold encouraged after positive magnetic survey at Red Lake property in Ontario https://www.miningcapital.com/companies/stocktube/13120/pacton-gold-encouraged-after-positive-magnetic-survey-at-red-lake-property-in-ontario-13120.html Fri, 26 Apr 2019 14:04:00 +0100 Pacton Gold (CVE:PAC-OTC: PACXF) Executive Chairman Dale Ginn joined Steve Darling from Proactive Investors Vancouver to discuss the latest airborne results from their Red Lake, Ontario Project. 

Ginn also providing gave Proactive an update on the company's projects in Western Australia that will see work done on them in 2019.

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https://www.miningcapital.com/columns/jackhammer/30851/does-the-current-weakness-in-the-gold-price-represent-a-buying-opportunity-30851.html Does the current weakness in the gold price represent a buying opportunity? https://www.miningcapital.com/columns/jackhammer/30851/does-the-current-weakness-in-the-gold-price-represent-a-buying-opportunity-30851.html Fri, 26 Apr 2019 10:38:00 +0100 https://www.miningcapital.com/companies/stocktube/13107/mgx-renewables-sees-a-path-forward-with-silicon-and-electric-vehicles-13107.html MGX Renewables sees a path forward with silicon and electric vehicles https://www.miningcapital.com/companies/stocktube/13107/mgx-renewables-sees-a-path-forward-with-silicon-and-electric-vehicles-13107.html Thu, 25 Apr 2019 14:53:00 +0100 MGX Minerals (CSE:XMG:OTCQB:MGXMF) President and CEO Jared Lazerson sat down with Steve Darling from Proactive Investors Vancouver to talk about their unique and successful partnership with the University of British Columbia.

Through that research, the group has successfully developed a novel hybrid organic-inorganic material for use in engineering silicon interfaces. Lazerson talks about why that is so important and the potential it has for electric vehicles and cell phones.

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https://www.miningcapital.com/companies/stocktube/13103/red-rock-strengthened-by-324k-raise-as-it-pushes-ahead-with-congo-exploration-13103.html Red Rock strengthened by £324k raise as it pushes ahead with Congo exploration https://www.miningcapital.com/companies/stocktube/13103/red-rock-strengthened-by-324k-raise-as-it-pushes-ahead-with-congo-exploration-13103.html Thu, 25 Apr 2019 12:15:00 +0100 Red Rock Resources PLC's (LON:RRR) chairman Andrew Bell talks through the rationale behind the recent placing which brought in £323,750.

Bell says work on the ground in Congo is moving at pace and stresses it's important to keep that momentum going.

''If we don't, our partners will lose faith in us and our asset is getting an increasing amount of attention ... so we are anxious of course to see an increase in value and news coming out''.

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https://www.miningcapital.com/companies/stocktube/13099/anglo-pacific-group-hits-another-record-with-q1-2019-earnings-numbers-13099.html Anglo Pacific Group hits another record with Q1 2019 earnings numbers https://www.miningcapital.com/companies/stocktube/13099/anglo-pacific-group-hits-another-record-with-q1-2019-earnings-numbers-13099.html Thu, 25 Apr 2019 07:24:00 +0100 Anglo Pacific Group (LON:APF) CEO Julian Treger joined Steve Darling from Proactive Investors to share their Q1 2019 numbers that saw another healthy increase. The total portfolio seeing a 7 percent increase.

Treger telling Proactive where the company saw the biggest royalty increase and what the team has planned for the rest of 2019.

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30830/vsa-capital-market-movers---colombus-energy-resources-30830.html VSA CAPITAL MARKET MOVERS - Colombus Energy Resources https://www.miningcapital.com/columns/vsa-capital-market-movers/30830/vsa-capital-market-movers---colombus-energy-resources-30830.html Thu, 18 Apr 2019 08:38:00 +0100

VSA Morning Flow Test, 18/04/19

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Columbus Energy Resources (LON:CERP)

Columbus Energy Resources (CERP LN)# has provided Q1 2019 quarterly operational update demonstrating significant progress in progressing the SWP exploration programme with a well location chosen for Q3 2019 and advanced discussion in relation to the acquisitive growth strategy in South America.

Production for the quarter averaged 602 bopd, up 20% YoY, but down 10% QoQ to an average of 670 bopd. Although Q4 2018 had been impacted by severe weather conditions in the last quarterly update we highlighted management’s focus on producing profitable barrels. Given the production contracts under which CERP operates and relationship between the contracts, Special Petroleum Tax (SPT) and the relationship to benchmark oil prices CERP is now demonstrating this strategy effectively, in our view.     Price variation in the WTI US$50-60/bbl range is particularly important in this regard given the taxation thresholds.

In order to avoid negative impacts from this step change in taxation CERP reduced well work activity to a single workover rig being used continuously in Q1 2019 compared to up to four units being operated in Q4 2018. Gross revenues were therefore down 14% QoQ to US$2.78m (Q4 2018:US$3.23m), partly due to reduced production and a 3.3% decrease in realised sales price from operations in Q1 2019 at US$55.67 (US$57.58/bbl in Q4 2018).

However, we highlight two crucial points from this quarter; despite the decline in production and lower revenues CERP increased operating cashflow 8% QoQ to US$0.4m demonstrating the effectiveness of the strategy. Secondly, with peak production of 1,000 bopd achieved in late January and production exceeding 860 bopd on three occasions during the quarter this indicates that under more favourable economic conditions the option to increase production remains intact. Technical progress was also made with regard to the waterflood programme.

As a consequence, cash at the end of the quarter decreased to US$2.06m (Q4 2018: US$2.60m) while the Lind debt facility reduced to US$0.26m (Q4 2018: US$0.40m.  The Lind US$3.25 million loan facility which was established in July 2018, expired in early January 2019 without any drawdown as expected.

South West Peninsula

Operations in the South West Peninsula (SWP) have progressed with detailed technical studies providing information to conduct an exploratory drilling programme in the region and a well site has been identified for Q3 2019. The SWP has identified over 12 shallow and deep prospects ranging in size from 20mmbbl up to 400mmbbl with the potential for stacked vertical targets. The drilling programme will be funded from available resources and is intended to commence in Q3 2019, subject to receiving Government approvals. We previously highlighted the beneficial rig access arising from the Steeldrum acquisition which is partly why the well cost can be funded from existing cash resources. The first well will test the Middle Cruse, covered by existing environmental permits and technical consultants are supporting management with finalising preparations for the initial hole and ongoing campaign. We highlight that whilst the IPSC at Goudron has hampered recent performance, one of this management teams initial successes was to renegotiate the relevant contracts enabling more attractive returns arising from exploration success.

At the Inniss-Trinity CO2 project, the company continued to work with the relevant Trinidad authorities and partner Predator Oil & Gas (PDR LN).  Following the receipt of approval for conduct of the CO2 Enhanced Oil Recovery pilot project from Heritage Petroleum Company, PRD will commence first injections in late Q2 2019 or early Q3 2019, subject to the receipt of the remaining regulatory approvals. 

Acquisitive Growth Strategy

The company remains committed to sourcing additional M&A opportunities and CERP is in exclusive discussions for the award of a concession in a South American country, following a tender process.  The company reports the potential opportunity would involve a low cost discovered onshore oilfield in an established hydrocarbon province and management expects to be able to follow up with further detail in mid-2019. 

Although absolute production numbers have perhaps disappointed in Q1 2019, the positive QoQ impact on financials underpins our confidence in the near-term production strategy. With exploration at SWP now approaching, where the potential is significantly greater than the existing production assets, this indicates near term catalysts for the shares as this represents the realisation of the broader strategy that management has been laying the groundwork for in recent months.

We reiterate our Buy recommendation and 21.4p target price.

 

 

 

 

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https://www.miningcapital.com/columns/vsa-capital-market-movers/30825/vsa-capital-market-movers---central-asia-metals-2018-full-year-results-30825.html VSA CAPITAL MARKET MOVERS - Central Asia Metals: 2018 Full Year Results https://www.miningcapital.com/columns/vsa-capital-market-movers/30825/vsa-capital-market-movers---central-asia-metals-2018-full-year-results-30825.html Wed, 17 Apr 2019 08:04:00 +0100

Central Asia Metals#: 2018 Full Year Results

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Robust Full Year Financials

Central Asia Metals (CAML LN) having delivered on production guidance for 2018 released robust full year results underpinned by the low cost base of the group. Revenue of US$192m was up 88% YoY while Kounrad unit costs of US$0.54/lb were up 4% YoY, in line with our forecast. Sasa unit costs were 5% higher YoY. The stronger top line and low cost base meant EBITDA was up 88% YoY to US$125m. Net income from continuing operations was up 48% YoY and with EPS up 8% YoY to 31 cents per share highlighting the accretive nature of the transaction. The full year dividend of 14.5p/sh. was 5% ahead of our estimate.

Ongoing Strong Free Cash Flow Generation

We anticipate copper output of 13.4kt in 2019 with lead and zinc production of 29.4kt and 22.5kt. Although we anticipate modest inflationary pressure from higher power and pumping costs at Kounrad and rising zinc treatment charges at Sasa we expect margins to remain strong with EBITDA of US$120m in 2019. With capital expenditure expected to drop to US$11.2m following the completion of the tailings facility at Sasa, in H1 2019, levered FCF is likely to increase 15% YoY in 2019F to US$84.6m enabling a dividend of 15.7p.sh.

Sasa Mine Review

Having integrated Sasa, management is now focused on enhancing the operational efficiencies via a life of mine review covering all aspects of operations. The first step of this was an updated resource statement which included an increase in lead and zinc grades as well as the conversion of 17% of Golema Reka into the higher Indicated category. This confirms the mine’s current 19 year life although drilling new areas in 2019 offers upside potential to the current resource.   

Reccomendation and Target Price

Although the shares are up 14% YTD, trading on a dividend yield of 6% and at a 12% discount to peers this highlights the ongoing value opportunity and we expect FCF generation to continue to increase in 2019F and 2020F.

We reiterate our Buy recommendation although adjust our target price to 300p which implies 21% upside and 28% on a total return basis.

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30814/copper-price-strength-could-lie-ahead-with-upside-for-juniors-as-supply-struggles-to-keep-up-with-demand-30814.html Copper price strength could lie ahead with upside for juniors, as supply struggles to keep up with demand https://www.miningcapital.com/columns/jackhammer/30814/copper-price-strength-could-lie-ahead-with-upside-for-juniors-as-supply-struggles-to-keep-up-with-demand-30814.html Fri, 12 Apr 2019 10:33:00 +0100 https://www.miningcapital.com/columns/vsa-capital-market-movers/30802/vsa-capital-market-movers---morning-agri-comment-090419-30802.html VSA CAPITAL MARKET MOVERS - Morning Agri Comment, 09/04/19 https://www.miningcapital.com/columns/vsa-capital-market-movers/30802/vsa-capital-market-movers---morning-agri-comment-090419-30802.html Tue, 09 Apr 2019 08:18:00 +0100

VSA Morning Agri Comment, 09/04/19

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DekelOil# - Q1 Production & Sales Update

Côte d'Ivoire agricultural company DekelOil Public Limited (LON:DKL) has announced a production update for Q1 2019.

  • Fresh Fruit Bunches (FFB) Collected: 69,340t*, +16.5% YoY (Q1 2018: 59,531t)
  • Crude Palm Oil (CPO) Production: 14,921t, +9.7% YoY (Q1 2018: 13,605t)
  • CPO Extraction Rate: 21.8% (Q1 2018: 22.7%)
  • CPO Sales: 12,009t, -12.7% YoY (Q1 2018: 13,758t)
  • Average CPO Selling Price: €520/t, -5.1% YoY (Q1 2018: €548/t)

*1,050t of this total was not processed during quarter.

VSA Comment

Following last year’s disappointing harvest levels, we were hopeful of increased FFB volumes in H1. DKL has now confirmed this is indeed the case for Q1 at least, which was the second highest ever Q1 in terms of FFB collected (c.4% below FY 2017). DKL reports that its market share remained stable during the period, supporting the forecasted climate-based recovery in production levels across the region, as opposed to any market share gain. 

Encouragingly, commentary from management suggests this trend will continue into Q2. Having produced 8,637t of CPO in Q2 2018, we are hopeful of a significantly improved result this year and look forward to confirmation of this when the company releases its FY 2018 results in June.

DKL recorded a lower extraction rate than normal in the quarter due to lower levels of oil content in the FFB delivered to its mill, a trend which management believes was also seen by local competitors.    

Based on our quarterly tracking data, we believe DKL carried over c.3,600t of CPO into Q2 (c.€2m of revenues at the average Q1 selling price). Indeed, DKL confirms in this morning’s update that sales of 2,240t, for which cash was received during the quarter before customer collection had occurred, were recognised shortly after the period end. Including these sales in the Q1 figures would have delivered a c.1% increase in CPO sales compared with a similarly adjusted Q1 2018 figure, as opposed to the c.13% decrease reported.

It is also positive to note that DKL reports that the price paid to smallholders for FFB is normalising. This was a significant issue last year, as competition from mills was high, as a result of the lower harvest. With more normal trading conditions, this suggests the company’s gross margin is back at the mid-to-high 20s, which the company recorded in each of FY 2015, FY 2016 and FY 2017.

With FFB collection and CPO production accounting for c.40% of FY production historically, DKL appears to be trading c.3% off our FY 2019 FFB harvest forecast (177,441t) and c.9% off our FY 2019 CPO production forecast (40,102t) at this point. However, we are hopeful that a more normalised extraction rate and a stronger Q2 can move this run-rate back towards our forecasts. 

Impressively, for the ninth quarter in a row DKL has achieved an average selling price in-line with, or at a premium to the European benchmark CPO price. We remain bullish on CPO pricing for 2019 given that efforts to increase biodiesel consumption in South East Asia are now finally starting to have an impact on domestic consumption levels (and can now be seen in the data). In Indonesia, implementation of B30 (30% palm-based biodiesel blended with traditional diesel) has now been brought forward to start towards the end of this year.

Successful implementation of B30 could add an extra 3-4 million tonnes to the country’s domestic consumption levels, offsetting a large proportion of the total palm oil consumed in the EU for biofuel. Even if the EU does phase out palm oil as a feedstock for biodiesel by 2030, alternative sources of edible oil will need to be found to replace this, leaving a gap elsewhere, which the lowest cost edible oil, palm oil, would logically replace.

In addition, we believe that due to the massively underreported african swine fever outbreak in China, demand for soymeal will reduce and thus reduce the amount of soybean oil ‘by-product’ that is produced from the crushing of soybeans for animal feed. This should also be bullish for the edible oil pricing complex in the near-to-medium term and perhaps encourage additional Chinese purchases of palm oil as a result.

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

Harvest Minerals

12.73

6.85

0.50

+7.9%

Sirius Minerals

1,059.19

22.08

1.08

+5.1%

DekelOil

11.63

3.30

0.10

+3.1%

 

Fallers

Market Cap (£m)

Last Close (£p)

Price Movement (£p)

% Chg

Devro

304.07

182.20

(3.60)

-1.9%

Wynnstay Group

57.91

293.00

(4.50)

-1.5%

Cranswick

1,456.16

2,818.00

(36.00)

-1.3%

 

 

 

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https://www.miningcapital.com/columns/jackhammer/30795/donald-trump-takes-aim-at-the-fed-once-again-but-its-politics-not-economics-thats-at-the-forefront-of-his-thinking-30795.html Donald Trump takes aim at the Fed once again, but it’s politics, not economics that’s at the forefront of his thinking https://www.miningcapital.com/columns/jackhammer/30795/donald-trump-takes-aim-at-the-fed-once-again-but-its-politics-not-economics-thats-at-the-forefront-of-his-thinking-30795.html Fri, 05 Apr 2019 11:32:00 +0100 https://www.miningcapital.com/columns/jackhammer/30774/how-much-does-the-inversion-of-the-yield-curve-really-matter-30774.html How much does the inversion of the yield curve really matter? https://www.miningcapital.com/columns/jackhammer/30774/how-much-does-the-inversion-of-the-yield-curve-really-matter-30774.html Fri, 29 Mar 2019 12:24:00 +0000 https://www.miningcapital.com/columns/vsa-capital-market-movers/30769/vsa-capital-market-movers---egdon-resources-plc-30769.html VSA CAPITAL MARKET MOVERS - Egdon Resources plc https://www.miningcapital.com/columns/vsa-capital-market-movers/30769/vsa-capital-market-movers---egdon-resources-plc-30769.html Thu, 28 Mar 2019 09:17:00 +0000

VSA Morning Flow Test, 28/03/19

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Egdon Resources Plc (LON:EDR

Egdon Resources plc (EDR LN) has reiterated an update by the operator IGAS Energy plc (IGAS LN), regarding the Springs Road-1 (SR-01) well in which it holds a 14.5% interest.

IGAS reports that SR-01 reached a total depth of 3,500 meters and encountered the intended targets, the Bowland Shale, the Millstone Grit and the Arundian Shales.  As previously reported on 11 March 2019, preliminary analysis showed a hydrocarbon bearing shale of over 250 meters was encountered within the upper and lower Bowland Shale.  Further significant quantities of gas were observed in the Millstone Grit, Arundian Shale and lower Bowland Shale.

Petrophysical and core analysis is currently being conducted and are due for completion results are expected in Q2 2019. These results have broader significance for EDR which holds a net 82,000 acres in the Gainsborough Trough. Positive results from Springs Road would open up the play providing a catalyst for a potential rerating of the shares which remain deeply undervalued, in our view. Our conservative valuation approach based on prior transactions for UK shale US$787/acre results in a risked NAV/sh. value for the Gainsborough Trough exposure of 5.9p/sh out of our total EDR shale acreage valuation of 13.5p/sh. This, in our view, is clearly not reflected in the current share price.

We reiterate our Buy recommendation and 46.7p target price.

 

 

 

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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/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/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/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/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/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

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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/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

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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/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/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!

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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. 

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


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/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

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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/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/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

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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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