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Statement from Minerals Council Australia – More mining exploration good news for Victoria’s regions and jobs
Statement from James Sorahan, Executive Director MCA Victoria
Victoria’s strong upward trajectory in minerals exploration and production has been confirmed by the latest Victorian Resource Indicators Report, highlighting the drive by the state’s mines and minerals explorers to support more local jobs and small businesses.
The report notes new minerals exploration spending of $135.8 million in 2019-20 and metres drilled increased to 388,662 in 2019-20.
In the March 2021 quarter, ABS data shows a record $51.5 million was spent on minerals exploration in Victoria.
(pictured ECR Minerals #ECR CEO Craig Brown with MCA Director James Sorahan at Minerals Week 2021)
Victoria produced 792,267 ounces of gold in 2019-20, including from Australia’s third largest and highest-grade gold mine in 2020 at Kirkland Lake’s Fosterville Mine near Bendigo.
The report notes that in 2019 the industry added 23,500 full time indirect jobs across all sectors of the economy and 49 per cent of Victoria’s resources jobs are in rural and regional areas.
While mining has been important in Victoria’s past, modern mining is a critical growth industry with the potential to build more diverse regional economies and create the highly paid, highly skilled full time jobs needed to sustain regional Victorian economies and communities.
A recent MCA Victoria survey of local mines and exploration companies in Central Victoria found that the region’s mines and exploration companies employ almost 1,000 locals directly, paying $115 million in wages and spending $48 million in the last year with 590 local businesses – more than half their total Australian supplier spend.
Victoria’s growing gold mining sector and exploration spending in base metals and mineral sands is employing workers in other regions including Ballarat, Stawell and East Gippsland.
The report identifies that Victoria has 16 major projects in the pipeline with a value range of $3.1 to $6.6 billion.
Exploration and investment in minerals projects is creating a pipeline of new projects in gold, base metals, mineral sands, rare earths and potentially lithium to supply inputs for modern technology in an environmentally sustainable way.
Victoria’s mining industry helps secure the state as a hub for mining equipment, technology and services and Melbourne’s role as a global mining capital.
Victoria has a bright future and an industry committed to supporting more diverse regional economies and local jobs.
Mosman Oil & Gas #MSMN – Increase in Working Interest in US
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, has agreed to acquire an additional 25% working interest (“WI”) in the Falcon lease (including the Falcon-1 well) and 25% of the adjacent Galaxie lease. Mosman will acquire these WIs from Baja Oil and Gas LLC, for a cash consideration of USD 160,000 and the effective date is 1 July 2021.
Since the recent recompletion, production at the Falcon-1 well has been steady with the recent average flow rate of circa 112 boepd of gas and 7 bopd of oil condensate for a total of 119 boepd. Unaudited gross revenue from Falcon-1 in June is estimated to be circa USD$40,000 after royalties.
This acquisition means Mosman’s share of production increases by circa 30 boepd from 60 to circa 90 boped (as of the effective date of 1 July). Mosman also has more control of the timing of technical work and operations with the increase from 50% to 75% WI at Falcon the lease and increasing to 85% ownership at the Galaxie lease, where Mosman will become Operator. There is not currently any independent report to quantify resources or reserves on the Falcon on Galaxie leases.
As previously announced in the Company’s interim results for the six month period to 31 December 2020 (“H1 2021”), with the Falcon-1 well only coming on production in December 2020, there was no revenue recognised by the Company until cash for hydrocarbon sales was received in January 2021 and thus there was no revenue recognised during H1 2021. Similarly all costs prior to January 2021 have been capitalised so there was no accounting profit or loss for Falcon in H1 2021.
The consideration will be paid from the Company’s existing cash resources and the transaction is due to complete on 30 July 2021. Baja has agreed to use part of the USD 160,000 consideration to repay an existing debt to Nadsoilco; monies owed by Baja for work at the Falcon-1 well, and a prepayment towards the drilling of the Stanley-5 well. The AFE (“Authorisation For Expenditure”) for the Stanley-5 well has been issued and drilling is scheduled to take place after the Winters-2 well is drilled.
John W Barr, Chairman, said:
“The Board is delighted to yet again increase its production portfolio in Eastern Texas, and to increase ownership and control of additional acreage.”
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Updates on the Company’s activities are regularly posted on its website:
Mosman Oil & Gas #MSMN – Winters Lease and Winters-2 well update
Winters Lease and Winters-2 well update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the Winters lease in Polk County, East Texas including increasing its Working Interest in the lease and the timing of drilling the Winters-2 well.
Winters Lease
Mosman acquired a 23% interest in the Winters lease as part of its recent purchase of Nadsoilco LLC, (“Nadsoilco”) in June 2021. Nadsoilco is now a subsidiary of Mosman and is the Operator of the Winters lease. The Winters lease is held by production with circa 969 bbls of oil sold in the last 12 months from the Winters 1 well.
Mosman has now agreed to farm-in to acquire an additional 6% working interest in the Winters lease. The key terms are payment of US$12,000 for past costs, and Mosman to pay 8% of the next well costs. This will increase Mosman’s interest in the lease (including the Winters-1 well) from c23% to c29% (before royalties).
Winters-2 well
Nadsoilco is now preparing to drill the Winters-2 well on the Winters Lease. Due to the well location, the Winters lease holders have agreed to share the participation in the Winters-2 well (not the lease) with the adjacent lease holder (“Arcadia”). The Winters lease holders will have 78% and Arcadia will have 22% of the well. Therefore, Nadsoilco will have a c29% x c78% = c23% working interest in this well.
Winters-2 is a development well targeting the Wilcox formation, the same zone that is producing in adjacent wells (on other leases not held by Mosman). The well will be drilled as soon as site preparation has been completed, and the drilling rig is available, which Mosman anticipates will be in a few weeks’ time. The Budget to drill and case the Winters-2 well has been set at cUSD600,000.
Funding of the farm-in and the drilling costs of c USD 150,000 will be from existing cash resources. A positive drill result, in line with an existing adjacent well which is producing at c190bopd,should result in the well costs being recovered from production this calendar year.
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Andrew Hore – Quoted Micro 19 April 2021
AQUIS STOCK EXCHANGE
NFT Investments (NFT) is a shell that intends to invest a portfolio of non-fungible tokens (NFTs). An NFT is a digital file with a unique and verified identity held on a digital ledger or blockchain. The tokens can be bought with cryptocurrency and resold. Ownership of NFTs can be tracked and they can be set up so that the original owner gets a cut of any subsequent sale. NFT Investments will apply to be a small registered UK AIFM. NFT Investments raised £35m at 5p a share and it has net assets of 3.7p a share. The shares ended the first day of trading at 4.95p (4.8p/5.1p) after a significant number of trades.
Apollon Formularies (APOL) has completed its reversal into AfriAg Global via an all share offer. The business holds medicinal cannabis licences in Jamaica. Interim regulations allow the export of medicinal cannabis. Medicinal cannabis oils are being sold and medically supervised treatments provided. Management intends to use £1.1m of the funds raised to finance research and development. The rest of the cash raised will go on developing product sales, operating costs and market research.
Good Energy (GOOD) increased revenues by 5% to £130.6m in 2020. Gross margins declined and higher bad debts and increased depreciation meant that underlying pre-tax profit was £400,000, down from £2.1m. Net debt was £34.6m at the end of 2020. Dividend payments will resume this year.
Gunsynd (GUN) had net assets of £4.94m at the end of January 2021. That was before the flotation of spirits company Rogue Baron (SHNJ), which has increased the value of the shareholding. There was £1m in the bank prior to the recent sale of part of the Rogue Baron stake.
KR1 (KR1) has invested $250,000 into Equilibrium in return for 595,238 EQ tokens.
Eastinco Mining (EM.P) is conducting test work on orebody samples. Discussions continue with Noble Group about an offtake agreement for tantalum and tine from the Musasa project. There is $325,000 in the bank.
Clean Invest Africa (CIA) subsidiary CoalTech has signed development agreements to identify opportunities in China and Indonesia. It will own 20% CoalTech Far East and Daniel Lee the rest.
Love Hemp (LIFE) has increased the amount raised in the recent placing from £5m to £7m.
Chris Akers has increased his stake in Quetzal Capital (QTZ) from 12.3% to 14.1%. Sebastian Marr has taken a 3% stake in Rogue Baron (SHNJ).
AIM
AdEPT Technology (LON: ADT) has acquired Datrix for an initial £9m, with potential deferred consideration of up to £7m based on the growth of the business. The business provides cloud-based networking and cyber security services, and the two firms already work together. In the year to March 2021, Datrix is estimated to have generated revenues of £10.7m and pre-tax profit of £600,000. There should be £400,000 of annualised cost savings.
A £10m placing at 10p a share by Helium One Global (HE1) was oversubscribed. There was enough cash in the bank to drill three exploration wells at the 100%-owned Rukwa helium project in Tanzania in the next few months. The additional funds will enable the drilling rig to be retained for additional appraisal and more 3D seismic can be acquired.
Open Orphan (ORPH) is planning to demerge HVO-001, which is a small molecule, immunomodulator drug that could become a treatment for severe flu, and other non-core assets inherited from the merger with hVIVO. Shareholders will receive shares in the new vehicle which could be quoted on AIM.
Franchised lettings agency Belvoir (LSE: BLV) improved 2020 revenues from £19.3m to £21.7m, while pre-tax profit rose from £6.2m to £7.5m. Net debt was £3.7m at the end of 2020, although £4m has since been spent on the Nicholas Humphreys business. The property market remains buoyant.
Steel structures supplier Billington (LSE: BILN) still has a strong balance sheet with net cash of £13.9m. Last year, revenues slumped from £104.9m to £66m, while pre-tax profit dipped from £5.9m to £1.7m. The final dividend is 4.25p a share. There is a significant order book, but costs are increasing.
Gaming machine monitors and consoles supplier Quixant (QXT) returned to profit in the second half of 2020. Full year revenues fell from $92.3m to $63.8m, while pre-tax profit dipped from $10.7m to $1.3m. The Densitron displays business did well due to demand from medical and broadcast customers.
Iodine producer Iofina (IOF) says that quarterly production fell 17% to 108.2MT and the first half production is likely to be around 250MT. This is due to the cold weather and the lower than expected production is offset by higher iodine prices.
GYG (GYG) says that a German shipyard has gone into administration with more than £2m of invoices outstanding. This was announced after Harwood Capital said it is considering a bid for the superyacht painting and maintenance services provider of 92.5p a share.
For the first time since April 2017, Immunodiagnostic Systems Holdings (IDH) has published a trading statement at 7pm on a Friday rather than after 4.30pm.
MAIN MARKET
Mast Energy Developments (MAST) intends to develop a portfolio of reserve power assets. The first projects should be up and running this year. AIM-quoted, Africa-focused power projects developer Kibo Energy (KIBO) set up Mast Energy to buy and develop flexible power plants that will supply the reserve power market in the UK. A placing raised £5.54m at 12.5p a share when Mast joined the standard list on 14 April. Kibo still owns 55.4% of Mast.
NMCN (NMCN) has agreed a new £8.9m facility with Reflex Bridging Ltd. This is secured on property developments. The overdraft has been extended by Lloyds Bank.
BATM Advanced Communications (BVC) has secured a strategic partnership with albis-elcon, which will jointly offer the company’s network function virtualisation technology NFVTime.
Andrew Hore
Kavango Resources #KAV raises £75,000 from warrant exercises
Exercise of Warrants
Kavango announces it has received notices to exercise warrants over 7,500,000 new ordinary shares of £0.001 each in the Company (the “Warrant Shares”).
The Warrant Shares are being issued pursuant to the exercise of warrants granted and announced on 15 April 2020. Subscription monies of £75,000 have been received by Kavango in respect of these exercises.
Admission and Total Voting Rights
Application will be made for the Warrant Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Warrant Shares will commence at 8.00am on or around 26 January 2021.
Following Admission, the total issued share capital of the Company will consist of 302,791,264 Ordinary Shares. Therefore, the total number of voting rights in the Company is 302,791,264 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Michael Foster
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
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#KAV @KavangoRes Warrant Exercise:
~ Warrants exercised over 7,500,000 new ordinary shares
~ £75,000 monies received
~ 302,791,264 shares now in issue
#nickel #copper #basemetals #mining #naturalresources
~ Warrants exercised over 7,500,000 new ordinary shares
~ £75,000 monies received
~ 302,791,264 shares now in issue
Open Orphan PLC #ORPH – Venn Life Sciences contract wins
Open Orphan plc (ORPH), a rapidly growing specialist CRO pharmaceutical services company which is the world leader in the testing of vaccines and antivirals using human challenge clinical trials is pleased to announce its subsidiary Venn Life Sciences (“Venn”) has been awarded two new contracts.
The first contract, which will commence immediately, is a COVID-19 study for a European pharmaceutical company which involves 200 patients in 50 sites across 5 countries around the world. Venn’s Paris team will manage the randomisation and supply management for this randomised, double-blind, placebo-controlled Phase 2 Clinical Trial to evaluate the safety and efficacy of a combination treatment of two drugs, and the best supportive care for patients with moderate and severe COVID-19 in a hospitalised setting.
Venn’s team based in the Breda office, in the Netherlands has also signed a contract with a European pharmaceutical company. The contract will see Venn assist with project management, design and implementation of new processes related to clinical development and use its expertise to deliver process improvement. The contract, which starts immediately, will run until December 2021 delivering significant revenues for Venn.
This contract builds on Venn’s existing relationship with this European pharmaceutical company whom Venn currently provides a variety of services to including IMPD writing, regulatory briefing book writing, preclinical and clinical consultancy.
Cathal Friel, Executive Chairman, Open Orphan, said:
“As we come towards the end of 2020, it’s wonderful to see all the elements of the Open Orphan business are delivering substantial revenues and both new contract wins and renewal of existing long-term customer contracts. The merger and integration of Open Orphan, Venn and hVIVO is very much now complete, and having become profitable in Q4 2020, we now have a very valuable, fast growing and secure business on our hands. Both Venn and hVIVO are converting their substantial pipeline of work whilst providing a high-quality service to their customers. The Paris team’s contract is a further demonstration of our work in the fight against COVID-19 and the contract win by our Dutch Breda team shows how we continue to generate repeat business through our expertise.
I am very excited by the momentum in the business and look forward to providing further updates in the weeks and months ahead of what is going to be a very exciting 2021″.
ENDS
Interested in becoming a volunteer?
If you are interested in being contacted and provided with details about future COVID-19 human challenge study research, please leave your contact details at www.UKCovidChallenge.com .
hVIVO recruits many of its volunteers for its challenge study clinical trials through its dedicated volunteer recruitment website, www.flucamp.com. hVIVO welcomes volunteers to take part in our clinical trials under expertly supervised conditions, to further medical research, and help us to take the understanding of respiratory illnesses to a new level. Volunteers are central to the work that we do; our studies focus on testing new treatments on real people, in a safe, controlled, clinical environment.
Further details on all aspects of our volunteer programs including testimonials from previous volunteers can be found at www.flucamp.com.
For further information please contact
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Open Orphan plc |
+353 (0)1 644 0007 |
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Cathal Friel, Executive Chairman |
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Arden Partners plc (Nominated Adviser and Joint Broker) |
+44 (0)20 7614 5900 |
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John Llewellyn-Lloyd / Benjamin Cryer / Dan Gee-Summons |
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finnCap plc (Joint Broker) |
+44 (0) 20 7220 500 |
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Geoff Nash / James Thompson/ Richard Chambers |
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Davy (Euronext Growth Adviser and Joint Broker) |
+353 (0)1 679 6363 |
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Anthony Farrell |
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Camarco (Financial PR) |
+44 (0)20 3757 4980 |
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Tom Huddart / Hugo Liddy |
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LinkedIn/Facebook:
#ORPH @OpenOrphanplc subsidiary @VennLifeSciences contract wins
~ The first contract is a #COVID19 Phase 2 Clinical trial involving 200 patients in 50 sites across 5 countries.
~ The second contract will see #Venn assist a project related to clinical development, delivering significant revenues and running until Dec 2021.
~ Cathal Friel “I am very excited by the momentum in the business and look forward to providing further updates”
#pharma #testing #placebo
Open Orphan PLC #ORPH – Venn Life Sciences contract wins (branduk.net)
Twitter:
~ COVID19 Phase 2 Clinical trial involving 200 patients
~ Venn to assist clinical development project, delivering significant revenue
Power Metal Resources #POW – Haneti Nickel PGM Project – Drilling Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update regarding the maiden rotary air blast (“RAB”) drill programme targeting the discovery of nickel and platinum group metals (“PGM”) at the Haneti Nickel PGM Project (“Haneti” or the “Project”) in Tanzania.
Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold plc (LON:KAT)(“Katoro”).
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“We are delighted to report that following receipt of the results from the recently completed RAB drill programme a decision has been made to advance the Haneti Nickel PGM Project to deep diamond drilling.
The extra geological information provided by the recent shallow drilling results and the discovery of new gossanous nickel-copper-magnetite veining at Mihanza Hill, have confirmed that we should proceed to deep diamond drilling in order to assess the potential for economic nickel sulphide mineralisation at Haneti.
With the diamond drilling programme design and drilling contractor appointment currently underway we look forward to providing further updates shortly.”
HIGHLIGHTS:
- A maiden diamond drilling programme is now planned to test for nickel and PGM sulphide mineralisation at depth following the successful completion of the shallow RAB drilling programme at Mihanza Hill and Mwaka Hill and the identification of intensely weathered nickel-copper-magnetite veins at a new outcrop at Mihanza Hill.
- Following the completion of the 50 hole (1,965m) shallow RAB drilling programme at Mihanza Hill and Mwaka Hill, announced 26 January 2021, the assay results have now been received from SGS Laboratories and a decision has been made to progress to a diamond core drilling programme in order to test for nickel sulphide mineralisation at depth.
- The objective of the RAB drilling programme was to delimit the extent of ultramafic intrusive geology below nickel enriched laterite and regolith cover, on two approximately 1km long transects orientated across time-domain electromagnetic (“TDEM”) geophysics anomalies previously identified at Mihanza Hill and Mwaka Hill (the “Targets”).
- The deeply weathered nature of the rocks intersected by the shallow RAB drilling meant that no fresh un-altered rock or primary nickel sulphide mineralisation was delineated though the programme has successfully allowed the determination of gneiss-ultramafic serpentinite hangingwall/footwall contacts helping to further constrain the diamond drilling target area.
- Importantly, concurrent surface mapping has identified small scale nickel-copper-magnetite gossanous veins at a new outcrop at Mihanza Hill. The geological team consider this discovery substantiates the potential for primary nickel rich sulphide mineralisation within the underlying ultramafic body, underpinning the requirement to progress to a deeper drilling programme.
- Diamond drilling is now planned to a depth of at least 400m in order to intersect the TDEM and magnetic geophysics anomalies, to test for primary sulphide mineralisation and to obtain fresh unaltered rock samples for mineralogical analysis. Further details on the planned diamond drill programme and the starting date will be provided shortly.
HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION
PROJECT OVERVIEW
The Haneti Nickel Project covers a substantial area of interest in central Tanzania approximately 88km north of the capital city Dodoma. It comprises tenements (prospecting licences, offers and applications) prospective for nickel, PGMs and gold.
One of the key exploration objectives for the JV partners at Haneti is to delineate the potential for economic nickel mineralisation on the linear dyke-like, Haneti-Itiso Ultramafic Complex (“HIUC”) which sporadically crops out over a strike length of 80 km through the centre of the tenement holding. The HIUC mainly comprises serpentinites (metamorphosed ultrabasic rocks such as dunite and peridotite), with metabasic rocks such as metagabbro and metadolerite and is being targeted for a Chonolith-Type Nickel exploration model.
RAB DRILL PROGRAMME
The RAB drilling programme focussed on the Mihanza Hill and Mwaka Hill targets which were selected based on the recommendations of the 2012 airborne electromagnetic (“AEM”) geophysics survey, the detailed field programme undertaken in 2013 and further supplementary exploration findings. Drilling was focused on Mihanzi Hill and Mwaka Hill for this campaign, as they were considered to be the priority targets at this stage. Mihanza Hill forms a discrete, coherent and robust Ni-Cu-Cr (PGE) soil anomaly.
The 1,965m RAB drilling programme consisted of 50 holes drilled on linear fences across the Targets. The programme successfully increased the geological understanding at the two localities such that the orientation and the meterage of the planned follow-up diamond drill programme can now be optimised to confirm the scale of any nickel sulphide mineralisation.
The RAB programme was conducted by an experienced Tanzanian drilling company in line with international best practice and in accordance with health and safety and COVID-19 precautions.
HISTORIC NICKEL EXPLORATION
The Haneti area was first explored in 1931 by a private prospector who collected a nickel‐rich magnetite sample at Mihanza Hill. Later trenching uncovered a few discontinuous green stained veins rich in nickel‐silicates and containing several percent nickel.
In the early 1960s the Geological Survey of Tanzania carried out mapping, pitting, soil sampling, trenching and rock chip sampling of ultramafic outcrops on the Zoani, Mindii and Mihanza hills, within the HIUC belt.
Further geological mapping and sampling was undertaken in 2006, 2007 and in 2013.
Additionally, an AEM geophysics survey was completed over the Mihanza and Mwaka Hill anomalies in 2012 with further geophysics flown in 2015.
A study commissioned with a consultant expert in ultramafic rock geochemistry in 2015 identified the nickel, copper, platinum, palladium anomaly at Mihanza Hill as a drill ready target. This report suggested that the Itiso‐Haneti Ultramafic body may fit the Chonolith-Type Nickel exploration model which would imply that the main ultramafic belt may have small discrete sulphide bodies associated with it.
In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic sub-crop (as announced by Katoro on 30 January 2019.)
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Twitter:
LinkedIn/Facebook:
Thor Mining #THR – Replacement: Managing Director Appointment
The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the appointment of Ms Nicole Galloway Warland, previously Exploration Manager, to the Board position of Managing Director with immediate effect.
Chairman, Mick Billing will relinquish the role of Chief Executive Officer, remaining as Executive Chairman.
Ms Galloway Warland, who graduated from the University of Technology, Sydney with a BSc (Hons) Applied Geology, has had a career spanning more than 25 years in the mining & exploration industry, working across a broad range of jurisdictions and geological provinces in Australia, Eastern Europe, and South America.
Her experience spans from grassroots exploration through to project evaluation, and both open cut and underground mining. Her commodity focus to date has principally been on gold, copper-gold, base metals, nickel, uranium, and lithium.
Nicole is an active member of the geological fraternity, with a Directorship on the Federal Council of the Australian Institute of Geoscientists (AIG) and Chairs the annual South Australian Exploration and Mining Conference (SAEMC). She is a Fellow of the Gemmology Association of Australia (“GAA”) and has a diploma in Gemmology from the GAA.
Mick Billing, Executive Chairman of Thor Mining, commented:
“On behalf of the board, I would like to congratulate Nicole Galloway Warland on her promotion to the position of Managing Director. Her performance, commitment, and enthusiasm as Exploration Manager has been outstanding, and we believe she is more than ready for the additional challenges of her new role.”
“Thor Mining has a diverse portfolio of high-quality projects in commodities such as copper, uranium and gold that are highly favoured by the market at the current time. These projects are now entering a very busy period of exploration activity and we look forward to the contribution of Nicole and her team.”
Nicole Marie Galloway Warland (nee Nicole Marie Galloway, aged 53) owns 250,000 shares in the Company and has confirmed that there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules.
A list of Ms Galloway Warland’s current directorships and partnerships together with those held within the last five years is set out below:
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Australian Institute of Geoscientists |
South Australian Chamber of Mines and Energy |
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Nile Exploration Pty Ltd |
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The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulation. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
– Ends –
For further information on the Company, please visit www.thormining.com or contact the following:
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Thor Mining PLC |
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Mick Billing, Executive Chairman Ray Ridge, CFO / Company Secretary |
Tel: +61 (8) 7324 1935 Tel: +61 (8) 7324 1935 |
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WH Ireland Limited (Nominated Adviser and Joint Broker) |
Tel: +44 (0) 207 220 1666 |
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Jessica Cave / Darshan Patel Jasper Berry (Corporate Broking) |
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SI Capital Limited (Joint Broker) |
Tel: +44 (0) 1483 413 500 |
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Nick Emerson |
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Yellow Jersey (Financial PR) |
thor@yellowjerseypr.com |
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Sarah Hollins / Henry Wilkinson |
Tel: +44 (0) 20 3004 9512 |
Updates on the Company’s activities are regularly posted on Thor’s website www.thormining.com , which includes a facility to register to receive these updates by email, and on the Company’s twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.
The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is planned in the first half of 2021.
At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via Insitu Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.
Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia and both considered amenable to recovery by way of ISR.²
Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.
Thor holds 100% of the advanced Molyhil tungsten project, including indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵
Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.⁶
Alan Green presents the investment case for ECR Minerals #ECR and Panther Metals #PALM on his weekly Stockbox Media Research talk
Alan Green presents the investment case for ECR Minerals #ECR and Panther Metals #PALM on his weekly Stockbox Media Research talk
Andrew Hore – Quoted Micro 23 November 2020
AQUIS STOCK EXCHANGE
Daniel Thwaites (THW) had a strong eleven months in the year to March 2020, but the final month was unsurprisingly poor for the brewer and pubs operator. Full year revenues edged up from £96.9m to £98.1m, while pre-tax profit fell from £4.5m to £3.6m. Net debt was reduced from £69.7m to £65.4m, helped by property disposals. No dividends are planned in the near future.
EPE Special Opportunities (ESO) has taken advantage of the strong Luceco (LUCE) share price and sold four million shares for total proceeds of £10m. EPE still owns a 24.9% stake.
KR1 (KR1) has participated in token generation by four platforms. There was a follow-on participation in a Plasm Network distribution event, while KR1 has also received tokens from ChainX, Edgeware and Phala Network. The Phala Network tokens have been sold for nearly $124,000.
BWA (BWAP) has given St George’s Eco-Mining Corp until 27 November to repurchase the company’s investment in Kings of the North Corp.
Tectonic Gold (TTAU) says that the first hole drilled at the Specimen Hill prospect in Queensland has signs of gold bearing mineralisation. A second hole is underway.
Evrima (EVA) and partner Power Metal Resources (POW) have published a drilling update for the Molopo Farms complex in Botswana. The first hole has been completed at the nickel sulphide and platinum project. This confirmed that it is a feeder zone. Samples will be tested. There is a four-hole drilling programme.
Cadence Minerals (KDNC) owns 30% of mining and exploration leases that form part of the Yangibana rare earth deposit. Drilling has confirmed that recent drilling results show an economic mineralised corridor 8km long.
Gledhow Investments (GDH) has taken a 4.82% stake in IamFire (FIRE).
NQ Minerals (NQMI) has raised £835,000 at 5.5p a share, which is below the 7p a share that a UK institutional investor paid last month. Early Equity (EEQP) raised £105,000 at 0.5p a share.
AIM
Trackwise Designs (TWD) is raising a further £11m at 200p in order to finance a new Improved Harness Technology (IHT) manufacturing site to quadruple capacity. That is a large discount to the market price of 320p. A further £1m could be raised via an open offer. Back in March, there was a £5.87m fundraising at 80p a share. That was at the time of the purchase of Stevenage Circuits for up to £2.457m. The rest of that cash was earmarked for capacity expansion. The subsequent orders received by Trackwise mean that further investment in capacity is required. The funding dilutes short-term earnings per share.
Agricultural supplies group Wynnstay (WYN) had a strong end to its financial year, particularly September and October. Feed sales were better than expected. There will be one-off costs for closing three sites. Shore Capital has upgraded its underlying pre-tax profit forecast from £6.7m to £8.1m. The dividend is likely to be maintained at 14p a share.
Immunodiagnostic Systems Holdings (IDH) has broken its record and published interim figures at 6.22pm on Friday. Revenues fell by 27% and the company made a bigger loss.
Staffline (STAF) is selling its apprenticeships business to Babington Business College for a nominal fee. The business was losing money in the first half of 2020, although it was a lower loss than the year before. Staffline will concentrate on recruitment and adult skills training.
Bion (BION) is establishing a biogas consortium with three other companies in Malaysia. The plan is to formalise the partnership so that a special purpose vehicle that would be 55%-owned by Bion will own and operate biogas assets of Bion and Green Lagoon Technology. The new venture would be the largest owner of biogas plants in Malaysia. Shareholders will have to approve the deal if it goes ahead. Bion will work with the other two companies to develop waste-to-energy projects.
Trading is ahead of expectations at Somero Enterprises (SOM) and this should enable a significant supplementary dividend for 2020. The concrete levelling equipment supplier is expected to end the year with net cash of $26m.
Dekel Agri-Vision (DKL) has completed the acquisition of the stake in the Cote d’Ivoire cashew nut processing project that takes its shareholding to 52%. October palm oil production was 1,818 metric tonnes and 1,843 metric tonnes was sold. The average price improved to €636/tonne.
Mirada (MIRA) has integrated Disney+ into its Iris platform for Televisa’s izzi pay TV platform in Mexico.
Invinity Energy Systems (IES) has gained a contract to deliver a 0.5MWh vanadium flow battery system to a site in California. This should generate £480,000in 2021. There is also an order for two smaller battery modules.
Three potential bidders are assessing offers for Telit Communications (TCM) and the latest is u-blox, which is considering an all-share offer worth 250p a share. DBAY Advisors and Lantronix are the other potential bidders.
MAIN MARKET
Packaging supplier Macfarlane (MACF) says that trading in the four months to October 2020 is ahead of the same period in 2019. Full year pre-tax profit is expected to be similar to last year at around £14m. It was previously expected to be more than 10% lower. Arden forecasts a total 2020 dividend of 2.4p a share.
Emmerson (EML) has completed the Environmental and Social Impact Assessment for the Khemisset potash project in northern Morocco.
Petra Diamonds (PDL) has an agreement in principle for a restructuring that involves the raising of money from a loan note issue and the remainder of the loan notes will be converted into shares equivalent to 91% of the enlarged share capital.
Thalassa (THAL) has invested £300,000 in foreign exchange and international payments firm Cornerstone FS for a 3.65% stake. This follows a £3m investment in 8% convertible loan notes in payment systems company Tappit Technologies.
Andrew Hore
