Share Talk Weekly Mining Sector News Round-Up, Sunday 8th May 2022

Technology Minerals (AIM: TM1) Proposed Sale of 10% Interest in US Cobalt/Copper Properties for £900,000.

Signed a Memorandum of Understanding (“MOU”) for the Proposed Sale (“Proposed Sale”) of an initial 10 per cent interest in the Company’s registered claims in its wholly-owned US cobalt/copper projects; the Blackbird Creek Project and Emperium Project (collectively “the Properties”), Lemhi County, Idaho, United States of America, to Bluebird Metals LLC (“Bluebird” or “the Buyer”) for a cash consideration of £900,000. The MOU is legally binding in certain material respects.

Endeavour Mining PLC, (LSE: EDV) reported an adjustment in net earnings to jump by 21% and stated that production is on track to meet its 2022 guidance according to its most recent quarterly results.

The company reported adjusted net earnings of US$122million, $0.49 per share for the three months ending March 31, 2022. This is 21% more than the $101 million, $0.48/share, recorded in the first quarter of 2021. The adjusted EBITDA grew 22% to $398million from $325million in the same period.

Oracle Power PLC (AIM: ORCP), announce that the Directors of the Company have purchased ordinary shares in the Company as part of the MAR compliant Director Share Purchase Plan (“Director Purchase Plan”) as previously announced.

The following share purchases were made on 5 May 2022

A large portion of Rio Tinto PLC (LSE: RIO) shareholders voted against the company’s climate action plans, but the company won the vote. 172.9mln shareholders voted against the resolution on the climate plan of the mining giant, which is 15.7% of the total votes. 84% of votes were in favour.

Thor Mining Plc (AIM, ASX: THR) announced that a ground-based electromagnetic survey over the nickel gossan now referred to as the Krona Prospect has commenced at the Company’s 100% owned Ragged Range Project, located in the Eastern Pilbara, Western Australia.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

“Thor is excited to see the geophysics crew begin work on the ground after nearly one year of waiting for this survey to commence as a result of WA border closure and high demand on geophysics crews.

Cobra Resources PLC, (LSE: COBR) claimed that rare earth elements (REEs), were interconnected across a wide region connecting the Baggy Green prospect and Clarke prospects at South Australia’s Wudinna project.

After confirming the presence of REE mineralisation in Baggy Green last month, the company has re-analyzed drillholes from historical drilling at the two prospects. Cobra revealed in February that it had intercepted REEs and Clarke’s gold mineralization.

Bens Creek Group PLC (AIM: BEN) Business update, directorate change & option grant.

Adam Wilson, CEO of Bens Creek, said: “Since our IPO in October 2021 we have made really significant progress. We have re-opened the mine and commenced the production of metallurgical coal. We have signed an off-take agreement and completed the necessary repairs to the rail spur. It is therefore appropriate that we now develop our independence from MBU. The prior investment made by MBU has enabled us to take the early significant steps required to enable us to reactivate a dormant mine to one that is now producing metallurgical coal. We look forward to them continuing to be supportive shareholders.”

Kendrick Resources (LSE: KEN) Admission to Main Market and Fundraise. Successful £3.25 million fundraising at 3.5p per share to trading on the London Stock Exchange’s Main Market for listed securities.

Colin Bird, Executive Chairman of Kendrick Resources Plc, commented: I am very pleased that Kendrick has satisfied all the requirements for an LSE standard listing.

The company has an outstanding suite of assets in Northern Europe in Sweden and Finland and has an option over three projects in Norway. The option is exercisable within 7 days from Admission, and it is currently the Board’s intention to exercise within this period. A further announcement will be made in due course. The commodities being explored and developed on nickel and vanadium, both of which will be highly sought after in tomorrow’s tv and battery storage world.

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Kavango Resources plc (LSE: KAV) has expanded the exploration programme at its Ditau project in southwest Botswana. Kavango is exploring rare earth elements (“REEs”) and base metal mineralisation at Ditau. Hole DITDD003 was drilled into the i10 Target.

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE: POW) (“Power Metal”). Kavango is the operator. Mindea is conducting the drilling.

Greatland Gold PLC (AIM: GGP) published its first Sustainability report outlining the approach of the junior mining company to environmental, governance and governance (ESG).

Greatland stated in the report that it met ESG criteria for Light Green Fund investments as part of EU sustainable finance regulations.

Power Metal (AIM: POW) Marketing and Communications Update

Caledonia Mining Corporation PLC (AIM: CMCL) announced that it has appointed Gordon Wylie to its board as an independent non-executive director with immediate effect.

His experience spans 46 years in the mining industry, including exploration geology and mining. He has worked in 40 countries on five continents.

Edenville Energy Plc (AIM: EDL) Provided an update on operations at its 100% owned Rukwa coal project in Tanzania. From 1 February 2022 to 30 April 2022, 610 tonnes of washed coal was sold and 453 tonnes of fines were sold ex-stockpile. Little Run of Mine (“ROM”) coal was mined given the period covered the end of the rainy season and delays in the full operational handover to the new contract miner.

Alistair Muir, CEO of Edenville, commented: “Rukwa has the potential to produce significant free-cash to Edenville from its operations, particularly in the global coal pricing environment. Whilst we are yet to witness the economic benefits in a material way, by entering into a contracting arrangement we have largely mitigated the direct financial liabilities during this period of transition, enabling us to conserve our cash and focus on future transactions. As we move into a long dry season, we are focused on materially increasing production and believe we will be successful in delivering on this objective.”

Artemis Resources Limited (ASX, AIM: ARV) updated on assays from its 100%-owned Paterson Central Gold and Copper Project in the Paterson Province and the Greater Carlow Project in the West Pilbara regions of Western Australia.

Assays for drill core GDRCDD004, GDRCDD005 and GDRCDD007 from the 2021 drill campaign (Atlas hole 1 and Apollo hole 2 respectively) have returned no significant gold and copper values. Paterson Central Drilling is on target to recommence in the coming week to 10 days and the Company is well funded to execute ~12,000m of drilling across all its untested priority targets as well as Apollo and Atlas. The 2022 programme is expected to continue through the year with regular updates on progress, assays and key findings.

Caerus Mineral Resources PLC (LSE: CMRS) stated that grab samples were positive at various sites in its Kalavasos project licenses in Cyprus.

Recent exploration near Platies yielded the first batch of grab samples that returned peak gold assays at 7.65 grammes per tonne (g/t), 2.83g/t, and 2.74g/t. The copper grades were at 0.48%.

Kodal Minerals PLC (AIM: KOD) Subscription and Oversubscribed Placing to Raise £3.0 million to Advance Development of Bougouni Lithium Project.

Bernard Aylward, CEO of Kodal Minerals, commented: “This oversubscribed placing demonstrates the ongoing support of our Bougouni Lithium project and the opportunity to move into the development and construction phase.

ECR Minerals plc (AIM: ECR) Drilling at HR3 with further high gold grades identified at the upper part of the Maori Anticline in hole BH3DD022. the company has 100% ownership of the Bailieston Project (EL5433) which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat.

ECR Chairman David Tang commented: “Hot on the heels of our best HR3 gold grade yet, Adam Jones and the team have reported another high-grade gold find from the Maori Reef at hole BH3DD022. As the backlog of assay results continues to arrive, our Maori Anticline target model continues to evolve.”

“I know our new CEO Andrew Haythorpe is monitoring developments very closely, and we are very much looking forward to his input as he takes the helm.”

Castillo Copper Ltd, (LSE, ASX: CCZ) has discovered a strong cobalt intersection during diamond core assays at The Sister’s prospect in Broken Hill Alliance (BHA), Project in New South Wales.

The explorer measured a 24-metre hit and graded 424 parts/million (ppm), cobalt, from 103 meters.

Sovereign Metals Ltd (AIM: SVML) Institutional Placement to Raise $15m from the UK, European and North American institutional investors.

Sovereign’s Managing Director, Dr Julian Stephens commented: “We are extremely pleased that prominent green energy investors such as Thematica see the enormous potential of Kasiya, not only to be a major world supplier of low carbon footprint natural rutile, but also a supplier of low carbon footprint flake graphite which is a vital component in lithium-ion batteries used in electric vehicles. ESG and green energy are now prominent investment themes, particularly in Europe and North America. Thematica’s investment represents a significant endorsement of Sovereign’s ESG credentials and the potential for Kasiya to deliver critical raw materials vital for the world’s energy transformation. Our focus will now turn to the updated Scoping Study which is targeted for completion in the coming months and will incorporate the significant Kasiya resource increase announced in April.”

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), announced that it has signed an important contract for the drilling of the Company’s Red Setter Gold-Copper Project in the Patersons Range area in Western Australia.

The Red Setter Project is situated on the 57.4km2 wholly owned Exploration Licence EL45/5297 and is located 13 km south-west of Newcrest Mining’s Telfer Gold-Copper Mine and 60km west of Newcrest and Greatland Gold’s Havieron gold-copper discovery.

The first phase of the drilling contract is for 3,000m of drilling at Red Setter, with the second phase of the contract for a further 7,000m of drilling split between Wishbone’s Red Setter Project and the Company’s Cottesloe Project to the south.

The track-mounted drilling rig is a multi-purpose rig, capable of 150m Reverse Circulation and diamond core to 1,200m.

Jangada Mines PLC (AIM: JAN) Q&A Following Publication of Technical Report

Vast Resource PLC (AIM: VAST) market capitalisation is less than £10mln the risk of ridicule can be high. However, no one was mocking the company this week.  After Vast joined a consortium in Tajikistan with Takob, Vast’s shares soared by 436%.

In addition, the company revealed that its revenue increased 236% to US$2.3mln during the first quarter of 2022. The underground Baita Plai mine will undergo a major overhaul in its operation, including the introduction of mechanised drilling and cleaning. According to the company, this will result in a significantly increased production of copper concentrate. This change is expected to begin in June 2022 and “will be reflected on results starting in Q3 2022.”

Vast’s incredible share price rise put Sunrise Resources PLC (AIM: SRES) 40% jump in the shade, although I doubt Sunrise shareholders will be too bothered.

Patrick Cheetham (Sunrise’s chair) met with several interested parties during a recent trip to the US. This was according to the company in an update about its CS pozzolan perlite project in Nevada.

Cheetham met multiple parties, including two cement and ready-mix companies. One major fly-ash distributor. A large building materials company. And a new cement cleantech company.

According to Sunrise, AIM-traded Sunrise, the ongoing talks take place amid a fundamental shift in cement and concrete industries driven primarily by cement industry targets for net-zero carbon dioxide emission.

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

Author @ABMckinley

The opinions expressed here are those of the author

Disclaimer: This blog is provided for general information and It does not constitute investment advice, not buy or sell shares, warrants or bonds in any companies written about within the blog. Information is taken from publicly available sources and any comment is that of the author.


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