St Brides Weekly Brief
As the temperature rises in the American presidential race and here in the UK over the European referendum (though certainly not in the north of the country where it’s snowing in the lead up to spring!), we thought we’d introduce a breath of fresh air in the form of our Weekly Brief, looking at our clients’ news over the past 5 days.
In the Brief this Week
Alecto Minerals (ALO) announced the completion its Joint Venture with Randgold Resources at its Kossanto West Gold Project in Mali and later identified significant additional gold resources at its Matala Project in Zambia; Atlas Development (ADSS) appointed a design consultant to advance development of its state-of-the-art bottling factory in Ethiopia; Bacanora Minerals (BCNI) released its PFS results, which confirmed its Sonora Project is on course to become the next major lithium producer; Challenger Acquisitions (CHAL) raised £0.5 million as it evaluates expansion opportunities in the Giant Observation Wheel sector; Europa Oil & Gas (E0G) identified 3 large prospects with gross mean unrisked prospective resources of 895 million boe; FinnAust Mining (FAME successfully raised £1 million to advance work at its Pituffik Titanium Project in Greenland; Keras Resources (KRS) announced the delivery of its mining equipment on site at its Grants Patch Gold Project in western Australia; Hummingbird Resources (HUM) optimised its mine schedule marking Yanfolila as one of the highest margin, undeveloped gold projects in Africa; Plexus Holdings (1305) won a £0.6 million purchase order from Det Norske for a well in the Norwegian Continental Shelf; Strat Aero (AERO) secured a US$375,000 contract with Readyjet for its proprietary software.
Atlas Development (ADSS) appointed leading Ethiopian firm MH Engineering to provide a full range of design services including architectural, engineering, structural and quantity surveying, to advance construction of the Chancho Project in Ethiopia into a state-of-the-art bottling facility, estimated to have yearly production capacity of 105 million 330m1 bottles.
Alecto Minerals (ALOE announced the completion of its Joint Venture with Randgold Resources in respect to its Kossanto Gold Project in Mali. The Company then followed up with news that it had identified significant additional gold resources within the Matala Project Area in Zambia. With production firmly on the Alecto’s horizons, these additional ounces identified amongst tailings dumps provide the potential for early, low cost feedstock for the Company’s future mining operations.
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Bacanora Minerals IBCN) had an exciting week, announcing the results of its PFS which confirmed it is on course to become one of the world’s next major lithium producers, which will help satisfy soaring demand for what Goldman Sachs has termed “the new gasoline”. The report highlighted the attractive economics and low opex associated with producing 35,000tpa of battery grade lithium at its Sonora Project in Mexico.
Challenger Acquisitions (CHALK raised E0.5m as it continues to evaluate expansion opportunities for portfolio of Giant Observation Wheels which currently consists of a -3% equity interest in the US$500 million New York Wheel Project, targeted to be operational in mid-2017, and its recent addition of the proposed Jakarta wheel, where land for the site has recently been acquired. Challenger plans to add one new project to its growing portfolio per year.
Europa Oil & Gas (E0G) identified three large prospects with gross mean unrisked prospective resources of 895 million barrels at its new Licensing Option, offshore Ireland. Europa has now identified 3 billion barrels across its three blocks in the Irish Atlantic Margin which is increasingly on the radar of the majors such as Exxon, Statoil and ENI as evidenced by the results of the latest licensing round.
FinnAust Mining (FAME successfully raised El million to advance work at its Pituffik Titanium Project in Greenland, where it is focussed on defining the broader development for the Project, targeting an initial 30,000 tonne proof-of-concept bulk sampling programme by 2017.
Hummingbird Resources (HUM) optimised its mine schedule and as a result significantly increased its economics at its 2.2Moz Yanfolila Gold Project in Mali. At a US$1,250 gold price the revised economics are truly impressive with an NPV of US$162m, IRR of 60%, and AISC of US$695/oz marking Yanfolila as one of the highest margin, undeveloped gold projects in Africa, leaving the Company in a stronger position to negotiate final funding for full scale construction ahead of targeted first gold pour in 2017.
Keras Resources (IRS] took delivery of its mining equipment on site at its Grants Patch Gold Tribute Project in Western Australia. This is an excellent milestone towards becoming London’s next, and possibly only listed Australian gold producer. The mining fleet precedes first gold production from two shallow laterite gold pits at the Project in the very near-term.
Plexus Holdings (POS) won on an additional purchase order worth £0.6 million from Det Norske to supply its best in class wellhead equipment for a well in the Norwegian Continental Shelf, offshore Norway. This latest order is the third the Company has won in 2016.
Strat Aero (AERO) secured a US$375,000 contract for its proprietary Digital Data Management software (DOM) with Readyjet, an industry leading service provider to the aviation sector. The contract, spanning a five year period, represents a major opportunity for the Company as the market for its proprietary software at its price range is expansive and largely untapped.
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