Kodal Minerals Plc (AIM: KOD) has acquired the Fatou Gold Project in Mali. The asset already has an historic compliant NI 43-101 Resource of over 350,000oz with the expectation for it to increase based on a funded 9 month drilling programme. The acquisition provides the company with the opportunity to operate an advanced gold project with immediate drill targets for testing and complements Kodal’s existing gold project portfolio in West Africa. In conjunction with this, Kodal has received a funding proposal from Riverfort to provide up to $2,500,000 to fund part of the acquisition and implement a major exploration campaign at Fatou as well as further exploration at its additional gold projects. Although its primary focus remains establishing the Bougouni Lithium Project as its first mining operation, Fatou is part of its strategy to demonstrate the value of its gold assets.
FastForward Innovations Ltd (AIM: FFWD) has been issued £750,000 of 12 month Convertible Loan Notes in EMMAC Life Sciences Group. The further investment is part of a funding round by EMMAC to raise £15 million through the issue of unsecured CLN’s which saw strong support from existing shareholders, with Measure 8 Venture Partners LP, EMMAC’s largest existing cash investor, leading the round with a significant investment. The funds will enable EMMAC to continue to build upon its position as Europe’s largest independent cannabis company and FastForward is delighted to continue to support the company in its development as it seeks to meet the rapidly growing demands of this market.
Contango Holdings Plc (LSE: CGO) reported results of an independent technical report on the Garalo Gold Project which pointed to a potential gold resource of 1,800,000 oz at an average grade of 1 g/t. The results, which suggest a potential resource more than 460% larger than previously estimated, highlight that Garalo has the potential to become a sizeable, multi-million ounce standalone mine in a world class gold producing region. Contango now has two high quality near term production assets with the Lubu Coal Project, where mine pit construction is anticipated to begin in January 2021.
Kibo Energy Plc (AIM: KIBO) provided an update on the ongoing developments in respect of the Power Purchase Agreement with Baobab Resources Ltd. A draft PPA for the supply of c. 200MW power from the Benga Power Station to the Baobab Tete Steel Project has been submitted and is currently in progress. This represents one of a number of progressive supply agreements targeted in addition to the intended PPA with EDM. The Company is also having discussions regarding the provision of auxiliary power requirements for the first phase of a 250,000 tpa steel rolling mill of the Baobab Project on a build, own and operate basis, which could provide an ideal opportunity to leverage Kibo’s knowledge and expertise in Mast Energy Developments Ltd.
Tirupati Graphite Plc (LSE: TGR) has had an exciting week after being welcomed to the London Stock Exchange’s Main Market under the ticker TGR. This is not only a major milestone for Tirupati but also for the LSE as its first pure play graphite producer. Its ordinary shares began trading on the LSE from 14th December and has raised £6 million before expenses as part of the admission process through a placing, subscription and intermediaries offer of 13,333,334 new ordinary shares. Additionally, Tirupati has proudly received the LSE’s Green Economy Mark, recognising companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy. This presents an exciting opportunity for Tirupati to continue to expand its primary mining and processing operations in Madagascar and India to become a global leader in the graphite market, which has already risen 8-10% in the last quarter with demand continuing to rise.
Tirupati also announced it has successfully developed and commercialised technology to manufacture flame retardant polyurethane foam, which conforms to the highest level of European Standard Fire Protection on Railway Vehicles; as well as an expandable graphite based flame retardant composite for the use in manufacture of the FRF at its Patalganga Plant in India. The new products have been tested in an accredited European laboratory to meet the Standard and achieved approval and a sales contract from the Indian Railways for use in its passenger train seats and berths. This demonstrates Tirupati’s ability to develop bespoke specialty graphite products for high-tech applications at the highest regulatory standards. Tirupati will continue to expand its market reach and target new applications within its market development approach.
Keras Resources Plc (AIM: KRS) announced an update on its progress at the Diamond Creek organic phosphate mine in Utah, USA. The processing plant fabrication has been completed and has been expanded to increase total plant capital expenditure by US$225,000. The mine has progressed significantly since closing the transaction in July with an encouraging level of demand to date and the commissioning will increase its flexibility to produce different products and match sales forecasts. The plant commissioning is still on schedule to complete in Q1 2021. Keras has also raised £440,000 through a placing of 400 million new ordinary shares and Brian Moritz and Dave Reeves, both directors of the company, have conditionally agreed to subscribe for £40,000 and £70,000 new ordinary shares respectively. Moreover, CEO Russell Lamming has recently returned from his trip to the Nayega Manganese Mine in Togo and remains positive about its significant progress towards the award of the exploitation permit.
Jangada Mines (AIM: JAN) noted an announcement from ValOre Metals Corp., in which it holds a 17.68% interest. ValOre announced assay results for eight Trapia 2 core drill holes at its 100% owned Pedra Branca PGE Project in Brazil. All eight 2020 drill holes into the Trapia 2 target intercepted continuous, broad PGE-bearing UM intrusion over a strike length of 825 metres. The results, which demonstrated near-surface mineralisation at Trapia 2 building on the recent drilling success at Trapia 1, should expand the known resource at Trapia, currently at 219,000 ounces grading 1.10 g/t 2PGE+Au in 6.2 Mt. The extension of mineralised intersections to both the Trapia 1 and Trapia 2 deposits suggest the potential of a much larger ultramafic system, warranting additional resource expansion drilling in 2021.
You may have missed…
CEO of Kodal Minerals (AIM: KOD) Bernard Aylward discussed the acquisition of the Fatou Gold Project with BRR Media, and discussed the future plans for the project with Proactive Investors.
Jubilee Metals (AIM: JLP) CEO Leon Coetzer spoke with Proactive Investors on its ‘year of delivery’ of its South African chrome strategy and operations.
Read more about Tirupati Graphite’s listing on the LSE in Proactive Investors, and watch CEO Shishir Poddar catch up with Proactive on their debut. Business Development Officer Puruvi Poddar speaks to Proactive on Tirupati’s newly launched flame retardant graphite composite and sales agreement with Indian Railways here : https://youtu.be/RnFzlCrL-Ao
Carl Esprey, CEO of Contango Holdings (AIM: CGO), spoke with Total Market Solutions on the company’s outlook for 2021.
In the news this week…
PNC has published its annual price calculations of the 12 days of Christmas items, with price adjustments for 2020.
Seven things Covid can’t stop you from doing this Christmas.
Sherry is making a comeback with Christmas sales up 17.2%.
The Official Charts have seen a 51% increase in Christmas song streams and sales compared to last year and streams have started earlier than ever before.
There’s plenty of room at the inn in Bethlehem this year with no international tourists.
This is not the first time in recent history Christmas will be celebrated during a pandemic – the 1918 influenza outbreak also impacted the holiday season.
Even animals are getting in the Christmas spirit, with the London Aquarium’s penguins cosying up to watch Elf and the London Zoo’s animals have also had some festive fun, including a llama that has made the naughty list after eating the decorative wreaths.