The week belonged to Greatland Gold PLC, with the announcement of the ownership of “Watershed Moment” transferred at 8:00 am on Wednesday, 4 December 2024. Greatland has finalised its acquisition of the Havieron and Telfer projects in Pilbara, Western Australia.
This milestone comes three months after striking a US$475 million deal with US mining giant Newmont.
Greatland Managing Director Shaun Day commented: “The closing of our acquisition today is a watershed moment for Greatland. “Greatland’s discovery of the world-class Havieron orebody in 2018 established our platform for growth. Returning to 100% ownership of Havieron now gives us the opportunity and control to deliver the project’s full potential. We have a defined pathway for Havieron to become a low-cost long life gold-copper asset of significant scale.
ECR Minerals is navigating a transformative phase, with recent developments indicating a promising trajectory for the company. This update delves into the recent capital raise, the rationale behind new director options, and the strategic focus on upcoming projects, notably Blue Mountain and Tambo.
The recent capital raise at ECR Minerals has stirred some discussions, primarily surrounding the settlement date. Such occurrences are not uncommon in the industry, particularly when transactions are executed under tight deadlines. This clarification was essential to ensure all stakeholders understood the timeline. Transparency in these matters builds trust with investors and highlights the company’s commitment to clear communication.
Nativo Resources (NTVO) plans to acquire the Morrocota gold mine in Peru, located just 3km from the Bonanza gold mine, where it holds a 50% stake. The two mines share certain facilities and feature identical quartz vein systems. The acquisition will be funded through £125,000 worth of shares issued at 0.00288p per share.
Stephen Birrell, Chief Executive Officer of Nativo, commented: This is a great opportunity to accelerate gold production and cashflow, bringing two neighbouring mines together under the Nativo and Boku umbrella, with all the associated operational and financial economies of scale.
Marula Mining Quinton van der Burgh on the Value in the Company: Operational Advances Despite Delays: Marula is progressing steadily on key projects like Kinusi Copper, Larisoro Manganese, and Blesberg, with successful testing and early production underway. The delayed AUO fund remains a hurdle but hasn’t stalled smaller-scale operations.
2025 Focus: Next year is poised to be transformative, with plans to scale operations, secure new funding, and turn exploration into significant profits.
Long-Term Vision: Quinton emphasized Marula’s commitment to becoming a profitable mining company, scaling operations responsibly, and delivering sustained shareholder value over time.
CoTec Holdings Corp. (TSXV: CTH; OTCQB: CTHCF) (“CoTec”) and Mkango Resources Ltd. (AIM/TSX-V: MKA) (“Mkango”) are pleased to announce the initiation of a “Request for Proposal” process from leading Engineering, Procurement and Construction Management (“EPCM”) providers to complete the detailed engineering design, procurement and construction management phase for HyProMag USA LLC. (“HyProMag USA”) state-of-the-art rare earth magnet recycling and manufacturing project in the United States (the “Project”).
The results of the positive feasibility study for the Project were announced on November 25, 2024, which can be accessed via the following link: https://hypromagusa.com/hypromag-usa-feasibility-study-demonstrates-robust-economics-and-the-opportunity-to-develop-a-major-new-domestic-source-of-recycled-rare-earths-magnets-for-the-united-states/
Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to confirm that mining operations at its Blesberg Lithium and Tantalum Mine in South Africa (“Blesberg”) are anticipated to move to a contract mining basis in February 2025. The anticipated move to a contractor mining operation follows a successful competitive tender process completed over the past three months. The contractor is anticipated to mobilise to Blesberg in Q1 2025 and commence both the larger scale planned conventional open pit mining operations as well as the reprocessing of the existing stockpiles from February 2025
MetalNRG PLC (LON:MNRG) General Meeting update and proposed name change: The general meeting of the shareholders of the Company is due to be held at 10.00 a.m. on 5 December 2024 and contains, inter alia, a proposal for the consolidation of the existing ordinary shares of nominal value 0.01p each (“Existing Ordinary Shares”) on a 100 into 1 basis, such that every 100 Existing Ordinary Shares are consolidated into 1 new ordinary share of nominal value 1p (“New Ordinary Shares”) (the “Share Consolidation”).
The Company intends to change its name to “Atlas Metals Group plc” to be effective on 10 December 2024. The Company’s TDM will then change to “AMG”. A confirmatory announcement in respect of the name change will be made on 9 December 2024. The name change will coincide with the launch of a new website for the Company at https://atlasmetalsgroup.com.
Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), announced the successful completion of its significantly oversubscribed Fundraising as announced on 3 December 2024.
A total of 32,034,664 new common shares at a price of 86 pence (C$1.53, ISK 151 at the closing exchange rate on 2 December 2024) per new common share, raising gross proceeds of approximately £27.5 million (C$48.9 million, ISK 4.8 billion). The net proceeds raised in excess of the initially targeted £20 million will be used to accelerate growth opportunities across the Company’s portfolio of assets in Greenland and further bolster the Company’s working capital position.
The total Fundraising Shares represent approximately 8.1 per cent. of the Company’s enlarged share capital after the completion of the Fundraising. It is currently expected that Admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 16 December 2024
Oracle Power PLC (AIM: ORCP), announced an update from its Northern Zone Intrusive Hosted Gold Project (“Northern Zone Project” or the “Project”). Drill results from the recently completed 1,545m drill programme have been compiled and integrated into an updated Leapfrog gold mineralisation model. The continuation of the high-grade oxide zone within the 600m wide porphyry system has been further expanded and is open in multiple directions.
Greatland Gold PLC – A$100 million Syndicated Facility Agreement signed with ANZ, HSBC & ING, Syndicated Facility Agreement signed with leading Australian and international natural resource banks ANZ, HSBC and ING for A$100 million in Debt Facilities. Debt Facilities provide additional liquidity and flexibility for working capital requirements for the operation of the Telfer gold-copper mine, augmenting the existing equity funded working capital successfully raised in connection with the Acquisition.
Gold price downside protection secured by the purchase of gold put options for 100,000 ounces of future Telfer gold production at a weighted average price of A$3,887.50 per ounce with expiry dates variously through to December 2025. The options are a right to deliver, but not an obligation, meaning Greatland retains all gold price upside exposure across 100% of Telfer production volumes
Kavango Resources plc (LSE: KAV), announced its first multi-element assay results have identified significant concentrations of tungsten and other strategic elements across the Hillside Project (“Hillside”) in Matabeleland, southern Zimbabwe.
The Company conducted its first phase of Inductively Coupled Plasma (“ICP”) tests on core samples collected from four diamond holes drilled at Hillside. Samples from three sets of cores returned potentially economic concentrations of tungsten and other strategic elements, including bismuth, selenium and molybdenum.
Following this success, Kavango will widen its exploration focus in Zimbabwe to include tungsten and strategic elements. The Company will now arrange for further assays to test tungsten values and widths.
Condor Gold PLC (AIM: CNR, TSX: COG, OTC: CNDGF) announced it has received two non-binding takeover proposals, one from Calibre Mining Corp (TSX: CXB, OTCQX: CXBMF) and the other from Metals Exploration PLC (AIM: MTL), though only one offer remains active.
As Sky News reported over the weekend, AIM-listed Metals Exploration, backed by property financier Nick Candy, is considering a deal that would value Condor at £150 million—triple its market capitalization of £49 million as of Friday’s close.
Shuka Minerals Plc (AIM: SKA). The Company has entered into an agreement with Gathoni Muchai Investments Limited (“GMI”), its second largest shareholder, for an unsecured, interest-free and non-convertible loan of £500,000 (the “GMI Loan”).
An initial advance of £150,000 is being made immediately by GMI and will be applied to settle certain creditor balances and for general working capital purposes. GMI have confirmed further advances of the outstanding loan amount will be available during December 2024.
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