Welcome to a Weekend Markets interview special where Steve and Zak discuss all ECR, Helium and basketball with ECR Minerals CEO, Mike Whitlow.
ECR Minerals plc (LON: ECR), Exclusivity agreement signed for the potential sale of non-core assets in Victoria, including A$75 million of tax losses. The potential sale would include the Company’s circa A$75 million of tax losses. This follows the Company’s announcement of 2 July 2024 and subsequent announcements in relation to the potential sale of the Company’s tax losses.
By way of an indicative guide to investors, current tax rates for companies in Australia vary between 25 per cent. and 30 per cent, depending on circumstances, meaning that ECR’s tax losses could have a theoretical value to a prospective buyer in the range of approximately A$18 – 22 million.
Kodal Minerals (AIM: KOD) has finalized the transfer of its mining license for the Bougouni lithium project in Mali, resulting in the Mali government holding a 35% stake in the joint venture. This includes a 10% free carry and the acquisition of an additional 25% stake for $4.3 million. This government-held stake will remain undiluted even as additional capital is raised. Kodal Minerals will retain a 49% share of the remaining 65% in the Bougouni project.
Emmerson (AIM: EML) has informed the Moroccan government of an investment dispute, claiming that the government is breaching an agreement between the UK and Morocco. The company has the option to bring the dispute before the International Centre for the Settlement of Investment Disputes. Meanwhile, Emmerson is pursuing cash compensation from the government.
Altona (LSE: REE), a resource exploration and development company focused on diversified critical raw materials in Africa, is pleased to announce its audited results for the year ended 30 June 2024, and give notice of its 2024 Annual General Meeting (AGM).
The Report and Accounts for the year ended 30 June 2024, are now available on the Company’s website at https://investors.altonare.com/, a copy will also shortly be made available on the FCA’s National Storage Mechanism (‘NSM’) in electronic format, as required under DTR obligations.
Marula Mining (AQSE: MARU) provided an update on its ongoing mining and exploration activities at Kinusi Copper Mine (“Kinusi”) located in the Mpwapwa District of Tanzania’s Dodoma Region. Conventional open pit mining of the No. 4 Pit has been ongoing throughout the current quarter, with shallow drilling and blasting of the exposed high-grade copper mineralisation by the Company’s partner Takela Mining Tanzania Limited.
Three samples, each of 10kg, have been taken following a recent site visit by the Company’s executive management, with these samples to be sent to South Africa for test work. The results from this test work will be used to optimise the design of the Phase 1 gravity concentrate, coarse jigging and fines dewatering circuit that is designed to produce 24,000 tonnes per annum (“tpa”) of a high-grade saleable copper concentrate.
Hummingbird Resources (AIM: HUM) is currently in discussions with its main lender and largest shareholder, Nioko Resources, which shares ownership with the lender, regarding liquidity and short-term waivers. The company aims to partially restructure its debt and reschedule upcoming payments. A $30 million payment due on October 31 has been deferred, with an anticipated restructuring agreement by November 6. As of the end of September 2024, Hummingbird’s net debt stood at $155 million.
A geophysical assessment revealed anomalies, suggesting strong IOCG (iron oxide copper gold) mineralization potential, aiding target planning for further exploration. With reprocessed data, Altona aims to define initial drilling targets, using detailed magnetometer surveys to understand subsurface structures and guide precise drilling by Q1.
Alien Metals Ltd (AIM: UFO), a minerals exploration and development company, provided an update covering recent activities and planned exploration works for the next six months at its Pinderi Hills silver and precious metals project (“Project” or “Pinderi Hills”) in Western Australia.
Initial works will involve ground geophysics, downhole geophysics, soil sampling and detailed geological interpretation over two key high-grade areas of the Munni Munni +2Moz PGM resource. These works have commenced with results to follow within two months.
Rome Resources (AIM: RMR), Bisie North tin project in the DRC shows potential to become a venture comparable to Alphamin’s C$1 billion operation, according to broker Oak Securities. The project shares several notable similarities with Alphamin, including the involvement of its original geologists.
The research note can be found at:
https://romeresources.com/investor-centre/research-notes/
Drilling at Bisie North is currently in progress to establish an initial resource, but Oak highlights that its proximity to Alphamin’s operations and the presence of the original discovery team make the project particularly compelling.
Thor Energy PLC (AIM: THR, OTCQB: THORF, ASX: THR) has finalized a binding agreement for the acquisition of an 80.2% stake in Australia-based natural (white) hydrogen and helium exploration company, Go Exploration. The acquisition will be settled through the issuance of 466 million shares, valued at £3.7 million at 0.8p per share, with 70% of these shares subject to a six-month voluntary lock-in.
European Green Transition (AIM: EGT), report positive results of the first four drill holes from its drill programme at the Olserum Rare Earth Element (“REE”) project in Sweden. EGT has received assay results for the first four diamond drill holes drilled as part of a 13-hole scout drill program to test the district scale REE potential at the Olserum REE project in August 2024. The first four holes were collared close to small-scale historic iron workings and dumps and targeted an interpreted REE-mineralised structure beneath the workings.
Aiden Lavelle, Chief Executive Officer of European Green Transition, said:
“The objective of our drill programme at the Olserum REE project was to derisk the Project and support the monetisation of the Project in the near future. The initial results provide strong validation of the Project’s district scale REE potential. We look forward to receiving the remainder of the results later this year, which will be crucial as we look to realise value through a sale or partnership of the Project, enabling EGT to direct its focus towards revenue generating opportunities in the green energy transition.”
Anglesey Mining PLC (AIM: AYM) announced that feedback from statutory and specialist consultees regarding the Parys Mountain Mine Environmental Impact Assessment (EIA) Scoping Report aligns broadly with the company’s expectations.
The North Wales Minerals and Waste Planning Service, responsible for evaluating mineral planning applications for the Isle of Anglesey County Council, will consider these responses in forming their formal Scoping Opinion, which the company expects to be issued in due course.
