Power Metal Resources PLC (AIM: POW) has entered into a preliminary Memorandum of Understanding (MoU) with the Ministry of Investment of the Kingdom of Saudi Arabia (MISA).
According to the statement, “This MoU aims to jointly explore and potentially realize valuable investment opportunities that leverage the Kingdom’s natural resources.”
Eurasia Mining Plc (LSE: EUA), the palladium, platinum, rhodium, iridium and gold mining company, is delighted to announce that its subsidiary, Kosvinsky Kamen CJSC, has won litigation in relation to a mining tax claim against the tax authorities in the Supreme Court in Moscow.
The first tranche payment of approximately £480,000 from the tax authorities has been transferred, and the Company’s cash position as of 31 December 2023 was approximately £989,000.
Caledonia Mining Corporation PLC (AIM: CMCL) anticipates a steady gold production for 2024, targeting an output of 74,000-78,000 ounces from its Blanket mine in Zimbabwe. The company achieved its production target in 2023, producing approximately 75,100 ounces of gold, following the completion of the new central shaft at the Blanket mine.
The company estimates production costs for the upcoming 12 months to be US$870-US$970 per ounce on a cash basis, and US$1,370-US$1,470 per ounce on an all-sustaining basis.
Trident Royalties PLC (AIM: TRR) continues to be a favoured choice by Liberum, which anticipates considerable growth potential as the mining capital expenditure (capex) cycle begins to rise again.
Currently, the resurgence in the mining capex cycle is primarily driven by smaller, junior companies rather than the larger, major firms.
Ferro-Alloy Resources Ltd (LSE: FAR) has successfully resumed production by acquiring additional concentrate from various suppliers, as reported by its house broker, Shore Capital.
Consequently, FAR has accumulated enough resources to sustain production for the next seven months, based on the current production rates.
Tharisa PLC (LSE: THS) has celebrated a strong beginning to its fiscal year, achieving a record in chrome production and a rise in platinum group metals (PGM) output, even amidst challenging weather conditions.
The company experienced an 8.7% growth in mill throughput, contributing to the increase in PGM production, which rose to 35.7 koz in the quarter ending December 31, up from 30.7 koz in the last quarter of the previous year. Similarly, chrome production saw a significant jump, reaching 462.8 kt, compared to 413.4 kt previously.
Central Asia Metals PLC (AIM: CAML) has announced that in 2023, copper production at its Kounrad recovery facility in Kazakhstan reached near the top of its forecasted range. Additionally, the company reported moderate levels of zinc and lead production from its Sasa zinc-lead mine in North Macedonia.
The company is set to declare its dividend and release results towards the end of March. As of the end of December, Central Asia Metals reported a cash balance of US$57.2 million, an increase from US$50.6 million recorded at the midpoint of the year.
Shanta Gold (AIM: SHG) has reported promising results from recent drilling activities at its New Luika gold mine in Southwestern Tanzania, focusing on the 2023 drilling program. The results revealed notable intercepts in three distinct areas.
Eric Zurrin, the CEO, commented, “Drilling recommenced at New Luika in July 2023, with our team’s efforts concentrated on upgrading Inferred resources to the Indicated category across several deposits. This includes the exploration of a new target at Jamhuri West, located near the NLGM Processing Plant.”
Rainbow Rare Earths Ltd (LSE: RBW) has reported positive outcomes from the pilot plant operations at Phalaborwa, conducted in Florida and Johannesburg.
In Florida, the company is engaged in the separation of rare earth oxides, utilizing a method developed by their American technical partner, K-Technologies.
ECR Minerals PLC (AIM: ECR) announced plans for additional trench sampling and drilling target determination at its Lolworth project in Queensland, following an evaluation of the exploration activities conducted over the previous year.
Key achievements in 2023 included rock chip samples yielding 22 grams per tonne (g/t) of gold and stream samples showing 205 parts per million (PPM) at Reddy Creek. Additionally, Gorge Creek revealed rock chips with 13.75g/t and stream samples of 1,395 PPM, while Butterfly Creek had stream samples containing 962 PPM.
KEFI Gold and Copper PLC (AIM: KEFI) has been granted conditional final credit committee approval from the primary lender for the US$320 million financing package dedicated to the Tulu Kapi gold project in Ethiopia.
This follows the conditional approvals already received from other crucial members of the syndicate, including leading contractors and principal equity parties.
Trident Royalties PLC (AIM: TRR) has applauded the signing of a land use agreement by Avino (TSX-V: ASM) Silver for the La Preciosa project, recognized as one of Mexico’s largest untapped silver resources.
Avino (TSX-V: ASM), the operator of the project, already manages a mining operation approximately 19km away, equipped with all the necessary infrastructure to process materials from La Preciosa.
Aura Energy Ltd (ASX: AEE, AIM: AURA) has been given a ‘speculative buy’ rating and a share price target of A$0.36 per share by Pac Partners, in light of the continued robust price performance of uranium through December.
The analyst highlights that the significant growth potential of its substantial Häggån Project has not been fully incorporated yet, along with the prospects of an expanded or extended Tiris Uranium Project.
ShoreCap, the broker for Premier African Minerals, has expressed optimism about the recent assay results from drilling at the Zulu site in Zimbabwe, particularly noting the significant findings beyond the existing mining plan.
From the surface trenches, a total of 58 meters were assayed, yielding notable results such as 6.7 meters with a grade of 1.0% Li2O, 7.5 meters at 1.8% Li2O, and 5.0 meters at 1.8% Li2O.
Cornish Metals Inc (AIM: CUSN) has announced the immediate appointment of Samantha Hoe-Richardson as an independent non-executive director.
At 52, Hoe-Richardson brings a wealth of experience as a non-executive director, with a background in global mining, infrastructure, and insurance, according to Cornish Metals.
Artemis Resources Ltd (ASX: ARV, AIM: ARV) enhanced its board’s commercial and corporate expertise by appointing Christopher Kelsall as a director, effective immediately.
Kelsall contributes over 30 years of international experience in commercial and corporate finance to Artemis. His expertise includes leadership roles in business development, finance, strategy, transformation, operations, risk management, and external stakeholder relations.
Premier African Minerals Ltd (AIM: PREM) has reported that the drilling assays from its Zulu lithium plant in Zimbabwe have revealed promising grades in areas adjacent to the ongoing mining operations.
George Roach, the CEO, noted that these areas show significant potential for rock-based lithium, as the mineralization in this pegmatite is predominantly spodumene.
Emmerson PLC (AIM: EML) has set its primary objectives for the rest of 2024 to secure the environmental permit for the Khemisset project in Morocco, establish a new agreement with its strategic investors, and complete the optimization work leading up to a bankable study, according to its house broker, Liberum.
The anticipation of having the environmental permit by this time was hindered by the severe earthquake that struck Morocco in September. This unforeseen event led to delays, resulting in the expiration of the current strategic financing arrangement, as noted by the broker.
