Share Talk Weekly Mining Sector News Round-Up, 20th March 2022

The backlash against London Metal Exchange reaches fever pitch after nickel trading halted for the third day in a row. After heavy selling at the opening bell, nickel dropped by 12 per cent to hit $36,915 a tonne yesterday morning – triggering the circuit breaker.

 The move provoked a furious backlash from traders, hedge funds and manufacturers who have experienced two weeks of chaos on the exchange.


Thor Mining PLC (ASX:AIM: THR) Nicole Galloway Warland, Managing Director Interview

Bushveld Minerals Limited (AIM: BMN), Mustang and Bushveld have agreed to a further extension of the Notice Date to close of business on Wednesday, 23 March 2022, to allow for time to enter into agreements to extend the maturity date of the Mustang convertible loan notes (“CLN”). Further details are contained in Mustang’s announcement released on Friday.

W Resources PLC, (AIM: WRES), stated that it has reopened operations at its La Parrilla mine of tungsten in Spain following maintenance shut down. It was not possible to produce anything in February, except for small amounts of work in progress which were reprocessed in the early part of the month.

Goldplat plc (AIM: GDP) Video – Interim results six-months ended 31 December 2021

Bezant Resources PLC, (AIM: BZT) stated that authorities in the Philippines renewed the mineral production sharing arrangement for the Mankayan Project for another 25 years. They called it a “catalyst for the development” of the copper-gold property. Crescent Mining is currently developing porphyry-hosted deposits. It has started the feasibility study and engaged contractors to finish the scoping phase. Next is a drilling campaign to support geotechnical studies.

Power Metal Resources plc – Annual Report – Q&A – March 2022, Paul Johnson – Chief Executive Officer

Power Metal Resources plc (LON: POW), update in respect of the Selta Project (“Selta” or the “Project”) held by Power Metal’s 83.33%-owned subsidiary First Development Resources Limited (“FDR”). Selta is situated approximately 230 km northwest of Alice Springs in the Northern Territory, Australia.

Empire Metals Ltd. (AIM: EEE) announced that the initial reverse circulation (RC), drilling program at the Eclipse Gold Project in Western Australia was a success and announced the launch of a follow-up diamond drill (DD). Over the next few weeks, the DD program will be in full swing.

Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) announced that it has signed binding loan documentation. Including a comprehensive inter-creditor agreement and loan agreements with two export credit agencies (“ECA”) in relation to its previously announced senior secured project finance debt facility of US$346.2 million.

PYX Resources Ltd, (LSE: PYX). stated that the current surge in zircon prices had created the foundation for continued strong business growth for many years. The prices for industrial metal have increased more than twice in the past 12 months and the revenues of the UK-standard-listed miner rose 39% to US$12.4mln by the end of December 2021.

Bushveld Minerals Ltd, (AIM: BMN), announced that Chairman Ian Watson will be stepping down along with two other long-standing directors, Jeremy Friedlander, and Anthony Viljoen. Watson will not be standing for re-election at this AGM. Michael Kirkwood, the company’s senior independent NED, will serve as interim chair until a successor is chosen.

Bezant Resources (AIM: BZT), and Caerus Mineral Resources (LON: CMRS) the exploration and resource development companies with a Joint Venture (“JV”) focused on the Troulli Mine Development Project and other copper-gold JV targets in Cyprus, provide Shareholders with a further Joint Venture update.

Endeavour Mining PLC, ( LSE:TSX: EDV) profit jumped 79% in 2021 due to record gold production. The company said that it is confident for the future. Sebastien de Montsus, president and chief executive of the group, stated that “We entered 2022 with considerable momentum” and that he expects to deliver another strong year.

Scotgold Resources Limited, (AIM: SGZ) has announced changes to its board. These include the appointment of Sean Duffy and Evan Spencer as chief financial officers and non-executive directors. According to the company, the appointments will further strengthen its leadership team, which was formed to deliver long-term strategy as well as near-term goals to optimise Cononish, Scotland’s first gold mine. The Cononish project is expected to produce up to 23500 ounces per year.

Cora Gold Limited, (AIM: CORA) announces that further to the announcement of 17 February 2022, resource drilling has now commenced at the Company’s Sanankoro Gold Project (‘Sanankoro’ or the ‘Project’) in southern Mali.

European Metals Holdings Ltd. (AIM:ASX: EMH). reported smaller interim losses due to the company’s continued development of the Cinovec lithium/tin plant in the Czech Republic. It was noted that the Coronavirus (COVID-19), a pandemic, had a negative effect on project timelines.

Ariana Resources PLC(AIM: AAU). stated that it anticipates a 20% increase in gold production from the Kiziltepe Mine in western Turkey this year. The Kiziltepe gold output guidance is about 25,000 ounces. This is 2.5 times more than the feasibility plan and a significant increase in its 2021 production, 20,737 ounces.

The Directors of Thor Mining plc (AIM, ASX: THR) announce the Company’s results for the six months ended 31 December 2021. Stated that it was happy with the progress made across its projects in the past half year, and that buoyant commodity prices support the outlook for 2022. It stated that the company’s capital raisings over the past two years have placed it in a strong position to deliver on its drill programs this year.

From £685,000 one year ago, cash and cash equivalents increased to £1.58m by December 31st. “Commodity prices performed well over the period, and forecasts suggest that these conditions will continue into 2022,” said Nicole Galloway Warland, Managing Director.

Caledonia Mining Corporation PLC, (AIM: CMCL). stated that 2021 marked a turning point in the Zimbabwe-focused group’s focus after the completion of a central shaft at the Blanket gold mine. Due to a strong gold price, and flat production costs, revenues rose 21% to US$121mln by 2021.

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, informs that Kurt Budge, Chief Executive Officer, has written to Minister Thorwaldsson, Ministry of Enterprise and Innovation, The Government of Sweden.

Altus Strategies PLC, (AIM: ALS) has announced additional significant gold intersections from drilling at the Diba & Lakanfla Project in western Mali. The drilling results for the Lakanfla Central prospect include 0.90 grams per tonne of gold over 66 meters (m) at a depth 41m, 1.32g/t Gold over 26m, 2.21g/t Gold over 12m, and 4.37g/t Gold over 6m.

Sovereign Metals Ltd (AIM: SVML) Spectacular Rutile Drill Results See Mineralised Footprint Increase By 28%. The latest drill results increase the drill-defined rutile mineralised envelope by 28% to 165km2.  Kasiya and Nsaru deposits have now coalesced into the Kasiya-Nsaru rutile deposit – a single, very large, coherent, high-grade body of near-surface rutile and graphite mineralisation.

Endeavour Mining PLC (LSE:TSX: EDV) announced that Srinivasan Venkatakrishnan has been appointed as the new chair and Ian Cockerill as senior independent non-executive directors. This appointment will take effect on May 24, 2022, Venkatakrishnan will succeed Michael Beckett as chair. He has been with the board for 12 years.

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce an update on the Moydow Holdings Limited (Moydow) restructure and planned activity at the Labola Gold Project (Labola or the Project).

In August 2021, the Company announced that it had entered into definitive agreements to restructure its ownership interests in Moydow and its underlying assets. Importantly, the proposed transaction will see Diamond Fields Resources Inc (DFR) provide funding to the Labola Project of up to US$18 million.

Atlantic Lithium Limited, (AIM: ALL), announced that Amanda Harsas has been promoted to the board of directors as finance director. Her previous titles included chief financial officer and secretary of the company.

Bens Creek (AIM: BEN), the owner of a recently re-opened metallurgical coal mine in North America supplying the steel industry, is pleased to announce an update on coal production and deliveries. On 10 February 2022 the Company completed the first purchase order from Integrity Coal Sales Inc (“Integrity”) of 17,000 raw tonnes, equivalent to approximately 9,000 clean tonnes. A second purchase order for a further 23,000 raw tonnes, equivalent to approximately 12,000 clean tonnes, was completed on 10 March 2022.

Having supplied raw coal to Integrity since the commencement of production, Bens Creek intends to now supply them with 264,000 tonnes with a minimum monthly consignment of 22,000 clean tonnes, commencing with a first clean coal delivery in April 2022. The expected selling price of this consignment and monthly thereafter.

Mkango Resources Ltd. (AIM/TSX-V: MKA) announced that its 100% owned subsidiary, Mkango UK. ls collaborating with B&W Group, EMR, GKN Automotive, HyProMag, Jaguar Land Rover and UoB in a £3.4 million magnet recycling project, SCREAM, of which £2.4 million or 71% will be funded by Driving the Electric Revolution, an Industrial Strategy Challenge Fund challenge delivered by UK Research and Innovation (UKRI).

ECR Minerals plc (LON: ECR), announced a current update on drilling at HR3 including results and geological interpretation completed for BH3DD012, current drilling activities and future drilling plans within EL5433. ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) and contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated under ECR Minerals plc Australian wholly-owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).


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