Ajax (AJAX), the UK listed special purpose acquisition company with a focus on natural resources announced that the Company has agreed Heads of Terms to acquire Puna Metals S.A., which holds mining rights for the Eureka Project located in the Republic of Argentina, from Bezant Resources (BZT).
Under the HoT, the Company has agreed terms, to be formalised by way of a share purchase agreement, to acquire 100% of Puna by way of an initial US$120,000 cash payment, with deferred consideration of an additional US$100,000, to be satisfied through the issue of new shares to Bezant. The Acquisition would constitute an initial transaction under the FCA UK Listing Rules, and the Company has requested to the FCA that the listing of its Ordinary Shares on the FCA Official List be suspended with effect from 07:30 today.
Comment: AJAX finally delivers its deal, something which shareholders have been waiting on since the SPAC listed. The terms of the deal appear attractive for a drill-ready project, with the prospect of a quick path to copper / gold production.
Rome Resources (RMR), the DRC-focused tin explorer, announces further assay results from two diamond core drill holes at its Kalayi tin prospect located in North Kivu, DRC. The results confirm the presence of high-grade tin mineralisation across multiple sub-parallel ore shoots validating the Company’s geological model and reinforcing the potential of tin as the Company’s drilling campaign moves closer to the interpreted granitic source. RMR said, “With over 4,135m drilled to date, we are moving rapidly towards defining our maiden inferred mineral resource estimate, which will be a major step in demonstrating the full potential of this emerging tin asset. The combination of high tin grades, growing scale, and Rome’s strategic positioning within one of the world’s most prospective tin belts places us in a strong position to unlock further shareholder value.”
Comment: The market has been strangely reticent to appreciate the value in RMR, something which has meant that anything below the 0.3p share price level was and is essentially bargain basement territory. The closer the company gets to defining its maiden inferred mineral resource estimate, the more this would appear to be the case.
The London Tunnels will be hosting exclusive preview visits to the Kingsway Exchange Tunnels, the unique World War II tunnel complex in the centre of London. As part of the next phase in the restoration and development of the Tunnels, the Company continues to raise equity financing and is partnering with strategic organisations that help bring the unique history to life. The Kingsway Exchange Tunnels will be opened for exclusive tours in the coming weeks. Website: www.thelondontunnels.com. Professional and institutional investors can contact Oberon Capital on corporatesales@oberoninvestments.com
Comment: It seems to be a no brainer both to take the preview visits, but also that the Kingsway Exchange Tunnels will be one of London’s new major visitor attractions, alongside the likes of the Churchill War Rooms.
Georgina Energy (GEX), a helium, hydrogen and natural resources development company in Australia, published the scoping study of Hussar, completed by Duncan Seddon & Associates Pty Ltd, Australia, an Independent Consultant to the Company. The scoping study evaluates the potential commercial development of the Hussar and Mt Winter projects in Western Australia and the Northern Territory respectively, outlining key economic parameters, sensitivities, and strategic implications.
Comment: As said here on several occasions, the way forward for GEX in order to push aside the naysayers is to get on with business as usual, something which the latest scoping study of Hussar more than qualifies as.
GreenRoc Strategic Materials (GROC), a company focused on the development of critical mineral projects in Greenland, provided an operational update. GROC said “The processing of the first round of applications to become a Strategic Project under the EU’s CRMA will soon be concluded. We remain hopeful that the Amitsoq graphite mine and planned downsteam graphite anode plant will be given Strategic Project status in this round. It is anticipated that this status will help us access finance from more traditional financial institutions such as pension funds, that have been largely unavailable to us previously.”
Comment: Given that President Trump is so keen to annexe Greenland, it is surprising that stocks operating in the soon to be US territory have not already rocketed in response.
Prospex Energy (PXEN), the AIM quoted investment company focused on European gas and power projects, provided an operational update on its production, development and drilling schedules across its portfolio of three producing natural gas assets onshore Europe: Viura, Selva and El Romeral. The net production across Prospex’s portfolio of investments is now at ≈86,000 scm/d (≈3.1MMscfd), a 230% increase in production rate from January 2024.
Comment: Given that for a company such as PXEN stock market appreciation should be all about praising production, it remains somewhat strange that the shares have not been able to so far crack the all important 8p resistance zone.
Vinanz Limited (BTC), the London Stock Exchange listed Bitcoin mining company with Bitcoin miners operating in the USA (Indiana, Nebraska, Iowa and Texas) and Canadian (Labrador), announced that it has today fast tracked its expansion plans (as announced last week) for Indiana USA and immediately increased its Bitcoin mining fleet there from 20 to 120 operational miners, which is 2-3 months ahead of schedule, by acquiring 100 already hashing Bitmain Antminer S19J Pro miners.
Comment: Shares of BTC continue to build on last year’s 85% gain, something which is helped along by the ongoing increase in capacity as announced today. The benefits of this should rise incrementally, from current Bitcoin levels and above.
Cobra (COBR), the mineral exploration and development company advancing a potentially world-class ionic REEs discovery at its Boland Project in South Australia, announced that initial results from step-out drilling demonstrate mineralisation continuity and scale within palaeochannel sediments amenable to low-cost, low-disturbance in situ recovery mining. COBR said it is “well positioned to capitalise on this with our current tenure covering over 2,000km2 of the target Pidinga Formation. We are focused on building on these initial results with further drilling results imminent and sonic drilling expected to commence in late March.”
Comment: While in terms of stock market perception COBR has not entirely differentiated itself from the myriad of other earth scratchers, it is clear that the company is sitting on rather more than its peers, and should be rated accordingly.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
