Traders Cafe with Zak Mir: PIRI, CDL, PUR, BMN, CCZ, REVB, UJO, PXC & AAU via Vox Markets

Pires (PIRI) underlined that even relatively small investments can go on to much greater things with its latest announcement regarding Admix, the In-Play monetisation company which Pires is invested in through its investment in Sure Valley Ventures.

By Zak Mir

Admix has raised $25 million in a Series B round to scale up its In-Play solution worldwide and establish it as the content monetisation layer for gaming worlds and the formative metaverse – the buzzword of the moment. This new funding has been raised at a valuation that represents around a whopping 1,500% of the company’s valuation at which SVV initially invested in the business in 2018.

Natural resource project generator, Cloudbreak Discovery (CDL) showed that it is continuing to do what it says on the tin. The recent stock market newcomer said that it has entered into an agreement with Moonbound Mining Ltd in respect of the Yak Project, in northwestern British Columbia, for gold mineralisation covering an area of 4,020 hectares. The geological setting is favourable for low-sulphidation epithermal gold-silver veins and mesothermal lode gold. Moonbound will issue Cloudbreak 2,700,000 common shares and make aggregate cash payments to Cloudbreak of CAD $145,000 over a three-year period. Cloudbreak said that the partnership with Moonbound represents a formalisation of longstanding relationships with the Cloudbreak team, and it is looking forward to the collaboration as much as the exploration itself.

Pure Gold Mining (PUR) once again underlined that many retail investors prefer a blue sky hole in the ground company which is not yet producing, and might never do so, than one which does in spades. It provided a third quarter 2021 update for its high-grade PureGold Mine in Red Lake, Ontario. Average daily throughput was of 685 tpd for the quarter, a 35% increase compared to the second quarter driven by increased stope access and mill upgrades. Gold production stood at 9,260 ounces, a 54% increase compared to the second quarter driven by higher grades and increased tonnage. The company is looking to a continued ramp-up of production from the East Ramp area of the mine, which has become a key production contributor and is expected to grow significantly over the coming quarters.

AIM quoted, integrated primary vanadium producer and energy storage solutions provider Bushveld Minerals (BMN) announced the final terms for the repayment of the $11.5 million unsecured convertible loan notes held by Duferco Participations Holding S.A.. Duferco will convert $9 million of the principal outstanding under the loan notes into new ordinary shares of Bushveld and the company will repay the balance of $2.5 million, together with accrued interest on the notes of approximately $0.512 million in cash, to Duferco.

Base metal explorer Castillo Copper (CCZ) announced that its geology team will undertake a field trip to the Picasso Lithium Project, near Norseman in Western Australia. The company said that this is a lithium rich region, as the Mt Marion and Bald Hill Mines are located within 120km to the north-west of the tenure. The Picasso Lithium Project is proximal to LTR’s Buldania Project which has a JORC compliant resource at 14.9Mt @ 0.97% Li2O2.

Mass beauty innovator, Revolution Beauty (REVB) said that its Revolution Beauty Holdings Limited subsidiary has acquired the entire issued share capital of Medichem Manufacturing Ltd for £23.0 million. Medichem is a long-standing supplier of haircare and skincare products to Revolution Beauty. REVB said that it is delivering against its strategy and exercising its option to acquire this highly-complementary manufacturing business.

UK focused onshore hydrocarbon production, development and exploration company, Union Jack Oil (UJO) updated on ongoing operations and landmark net revenues at the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin in which it holds a 40% interest. The company said a landmark $1,000,000 of net revenues have been generated to Union Jack since re-commencement of production on 19 August 2021. Current daily production figures well in-excess of 500 barrels of oil per day from the Ashover Grit reservoir.

AIM quoted USA focused base and precious metals emerging producer and exploration company, Phoenix Copper (PXC), has entered into agreements with Honolulu Copper Corporation and Mackay LLC to acquire part of the 2.5% royalty payable to each of them, and the Honolulu mining claims, pursuant to the Mining Leases on the Empire Mine in Idaho, USA. Phoenix has acquired 1.25% of the royalty payable to Honolulu, and 1% of the royalty payable to Mackay, for of $1.3 million payable in cash.

Ariana Resources (AAU), the AIM-listed mineral exploration and development company, announced that further to recent drilling results at the Kokkinoyia Sector of the Magellan Project , several important revisions have been made to the geological model. The Project is 100% owned by Venus Minerals Ltd. Venus is focused on the exploration and development of copper and gold assets in Cyprus and Ariana will be completing its earn-in to 50% of Venus by the end of October 2021. Detailed evaluation of recent drilling data identified a potentially economically significant metal zonation within the Kokkinoyia deposit. The company said further work will now need to be undertaken on the metallurgy of these zones of mineralisation to determine the optimal route for economic extraction of copper, gold and zinc.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.


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