Kodal Minerals is rising once again — long term investors will now wait patiently. Here’s why.
In the junior resource sector, there are a handful of simple investing ‘rules’ that are easy to follow. One of these is to buy shares in companies that have a solid investment case but are not currently in the headlines. The reason for this is simple; when a stock is taking up headlines, it’s generally going to soar on the day.
Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, its pleased to announce the Company has formed a new subsidiary in Zimbabwe; Kavango Mining (Pvt) Limited (“Kavango Mining”). Kavango Mining will become the Company’s mining arm in Zimbabwe and will move into revenue this month.
Ben Turney, Chief executive of Kavango Resources, commented: From this month, Kavango moves into revenue through gold production at Hillside. Following announcement of our maiden gold resource estimate at Nara, this is a second major milestone for the Company this week. Current revenue at Hillside amounts to around $30,000 per month and the operation there is already profitable. Continuous production at Zimbabwe gold projects secures the ground and forms an important part of any long-term development plan.
Strategic Minerals PLC (AIM:SML, OTC:SMCDF) reported a significant increase in sales from its Cobre iron ore tailings operation in New Mexico in February, reaching a six-year monthly high. To meet the rising demand, SML’s subsidiary, Southern Minerals Group, is acquiring a Caterpillar Excavator (Trackhoe 320).
Contrary to reports, Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) has denied any intention to go private, affirming its commitment to remain listed on the London Stock Exchange to support its business growth. Additionally, the company provided a general update, stating its ongoing efforts to secure additional funding to meet its working capital requirements for production targets.
Artemis Resources‘ update on the Mt Marie prospect highlighted significant lithium values in rock chip samples, with some containing up to 4.7% Li2O. The presence of large spodumene crystals, reaching lengths of up to 30cm, was noted by WH Ireland.
Thor Energy’s updated 3D model for the Alford East In-Situ Recovery (ISR) copper-REE project in South Australia is expected to enhance the project’s economic potential. WH Ireland highlighted the delineation of low-velocity zones correlating with zones of alteration and mineralization, offering promising exploration targets.
Eurasia Mining PLC (AIM:EUA) reported that an agreement for the issuance of replacement share certificates has been temporarily halted. The agreement, subject to court proceedings since December 2021, aims to replace certificates for Queeld Ventures and Mispare, pending resolution of any third-party claims or interests in the shares.
Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) provided a cautiously optimistic outlook on prospects, anticipating volume growth from its mining projects contributing to income streams. Additionally, the company highlighted significant de-risking events expected for near-term development royalties.
Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) officially inaugurated the Vares Project in Bosnia and Herzegovina at the Vares Processing Plant, attended by key dignitaries including the Prime Minister and Mayor.
Bens Creek Group PLC (AIM:BEN, OTC:BENCF) secured additional working capital and amended a previous loan note agreement with its largest shareholder, Avani Resources, to support ramping up operations. CEO Adam Wilson emphasized the positive impact of these measures on the company’s operations.
Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) utilized Ambient Noise Tomography (ANT) surveys to refine exploration strategies for the Alford East copper-REE Project in South Australia. The surveys identified deeply weathered troughs associated with faulting and oxidation, guiding future exploration efforts.
Marula Mining (AQSE: MARU), an African focused mining and development company, is delighted to announce the appointment of Mr. James Mugambi as the Community Relations and Development Manager at the Larisoro Manganese Mine (“Larisoro” or the “Mine”) and the commencement of community engagement programs and activities in Samburu County, Kenya.
This follows the recently signed binding terms sheet (“Term Sheet”) with Kenyan manganese mine operator Gems and Industrial Minerals Limited (“GIM”), under which the Company will secure a 60% commercial interest in Larisoro, located in Samburu County in Northern Kenya.
Precious metals stocks were bid higher in early trade as the spot gold price continued to hover around its all-time high at $2,119 (up $5.50), driven by hopes of a US interest rate cut this summer after disappointing economic data.
The surge, reaching new peaks after weeks of steady gains, reflects investor optimism for the Federal Reserve’s potential rate reduction in June.
In early trading in the week, precious metals stocks experienced a rise as the spot gold price maintained its near all-time high at $2,119, marking a $5.50 increase. This surge, which comes after weeks of steady gains, is fueled by anticipation of a potential US interest rate cut later in the summer following disappointing economic data.
Investor optimism surrounding the Federal Reserve’s possible rate reduction in June is driving this upward trend to new peaks.
Greatland Gold PLC (AIM:GGP, OTC:GRLGF) reiterated its unwavering commitment to unlocking the potential of the Havieron gold deposit in Western Australia, a discovery attributed to the company. Notably, in February, Greatland’s joint venture partner Newmont announced the sale of its 70% stake, alongside the nearby Telfer mine, which could potentially receive ore from Havieron.
Empire Metals Ltd (AIM:EEE) released preliminary results from mineralogical and metallurgical studies on the high-grade titanium discovery at the Pitfield project in Western Australia. The findings suggest a significant opportunity for onsite processing to yield a valuable titanium dioxide (TiO2) product.
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) successfully raised £5 million through a placing (£4.5 million) and retail offer (£495,000) at 0.6p per share. An additional £500,000 worth of shares will be issued to directors and advisers, pending shareholder approval.
Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) has provided reassurance by stating that production and costs at its 64%-owned Blanket mine for the current year align with expectations, as noted by Liberum, a house broker. The company, with a focus on Zimbabwe, has already projected production figures for the year to range between 74,000 to 78,000 ounces (on a 100% basis) at on-mine costs of US$870-970 per ounce and all-in sustaining costs (AISC) of US$1,370-1,470 per ounce.
Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) has successfully completed the refinancing of its US$2 million short-term loan facility, potentially extending the facility up to US$10 million. The new arrangement with Riverfort Global treats the initial $2 million as the first drawdown, convertible into new shares at a price of 20p each, representing a 70% premium over the current share price. Any future additional drawdowns will be contingent upon Phoenix receiving some $25 million under a separate proposed corporate copper bond financing.
Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) has informed investors of amendments made to its secured convertible debenture with G2 Energy Corp (CSE:GTOO, OTC:GTGEF). The new terms extend the maturity date and grant Cloudbreak discretion to convert the principal into new equity. CEO Andrew Male expressed satisfaction with the agreement.
However, Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) cautioned investors about potential reductions in profits for the year due to one-off costs, despite a robust production performance from its Blanket gold mine in Zimbabwe. While production in 2023 met expectations with 75,416 ounces of gold and revenues aligned accordingly, increased costs and significant one-off charges in the final quarter of the year have impacted profits negatively.
Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) has expedited refurbishment plans for the New Cooks Kitchen (NCK) shaft at the South Crofty mine in Cornwall following an assessment of timber conditions. Consequently, funds raised in a May 2022 fundraiser will be redirected to facilitate this work, enabling earlier access for larger machinery during the mine’s development phase.
Bradda Head Lithium has relocated equipment to its Basin Project in Arizona to commence a six-hole expansion drilling program aimed at enhancing the mineral resource at the deposit. Notably, a sonic drilling campaign in 2023 resulted in a three-fold increase in BHL’s Inferred and Indicated Mineral Resource Estimate (MRE) at Basin
