Kavango Resources plc (LSE: KAV), the exploration group listed on the Standard List segment of the main market of the London Stock Exchange and targeting the discovery of world class mineral deposits in Botswana, announces its audited financial statements for the year ended 31 December 2020. The full report is available on the Company’s website at www.kavangoresources.com .
- Total assets – US$ 6,845,768 (2019 – US$ 4,547,056)
- Loss – US$ 708,121 (2019 – US$ 1,472,049)
- Raised gross proceeds of £2,000,000
- The Group reports its results in US Dollars (USD). Its primary assets are in Botswana and are accounted for in Botswana Pula (BWP). Kavango Resources plc maintains its accounting records and raises funds in Pounds Sterling (GBP).
In accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority (“FCA”), a copy of the 2020 Annual Report will be submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at:
For further information please contact:
Kavango Resources plc
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to provide an exploration update for shareholders covering drilling and related activities underway across the Bailieston and Creswick gold exploration projects.
Both projects are located in the Victoria Goldfields, Australia and are 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
Craig Brown, Chief Executive Officer, commented:
“We are pleased to now have drilling underway at two gold projects in the Victoria Goldfields, and we look forward to updating the market with assay results in due course.
Our drilling at Bailieston continues successfully using our in-house diamond drill rig and we look forward to assay results of recent holes, particularly following the initial geological review of the drill core. Additionally, soil sampling from the HR3 area (see below) has identified very high gold grades in soils, further supporting the geological modelling and drill targeting.
With our strong cash position we have been able to expand drilling operations and have now commenced drilling at Creswick using external contractors. We are very excited by the potential scale of the opportunity at Creswick and a larger scale drill programme at the project is something we have been eager to undertake.
We look forward to providing further updates in due course.”
COMMENCEMENT OF DRILLING AT CRESWICK GOLD PROJECT
In 2019 exploration drilling was undertaken at Creswick targeting gold mineralisation associated with quartz veins hosted in the Dimocks Main Shale (DMS).
The DMS is the hard-rock source of much alluvial and deep lead gold, with historical alluvial and deep lead production estimated at up to 2.5 million ounces in the Creswick/Berry lead system, and up to 11 million ounces in the entire Ballarat area, of which the DMS is a significant contributor.
A 2019 drill programme conducted by the Company tested circa 300 metres of the DMS trend, which extends over approximately 15 kilometres, 7 kilometres of which is covered by MGA’s granted exploration licence and two exploration licence applications.
MGA has engaged a contractor for a minimum of 1,200 metres of diamond drilling at Creswick, and the first drill hole in this programme is now underway. It is planned to drill around 10 holes from drill sites located on State Forest land within exploration licence EL006184.
The drill sites for the current programme are approximately 2.2 km south along the DMS-trend from those used in MGA’s previous drilling programme at Creswick in 2019, individual samples from which returned assays as high as 80.97 g/t gold over one metre (announced on 5 November 2019).
PROGRESS AT BAILIESTON GOLD PROJECT
As previously announced, drilling is ongoing in the Historic Reserve #3 (HR3) area of the Bailieston project using ECR’s own diamond drill rig. Assay results from the first four holes (BH3DD001 to 4) were announced on 20 April 2021. Assay results and final geological interpretations are currently awaited in respect of four further holes (BH3DD005 to 8).
Hole BH3DD005 has targeted the Maori Reef, and holes BH3DD006 and 7 have targeted a hypothesised central anticline (as discussed in the Company’s announcement dated 20 April 2021). Hole BH3DD006 was also drilled to test the Dan Genders Reef. Initial geological interpretation of holes BH3DD005, 6 and 7 indicates that the hypothesised central anticline does exist and represents a favourable target for hosting gold mineralisation such as limb-thrust type vein systems.
MGA has received the results from laboratory analysis of 229 soil samples taken across the central and eastern part of the HR3 area. These results are currently being plotted and analysed in comparison with results from portable X-Ray Fluorescence (“XRF”) analysis. The laboratory results include gold values up to 3.75 parts per million (equivalent to grams per tonne). The results will help identify potential extensions of and potential undiscovered veins running parallel to known reef systems and further updates will be provided in due course as appropriate.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
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). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0)20 7929 1010|
|David Tang, Non-Executive Chairman|
|Craig Brown, Director & CEO|
|WH Ireland Ltd||Tel: +44 (0)161 832 2174|
Novum Securities Limited
|Tel: +44 (0)20 7399 9425|
|SI Capital Ltd||Tel: +44 (0)1483 413500|
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, and two licence applications lodged in eastern Victoria for the Tambo gold project. MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.
ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, will participate in an investor webinar on Tuesday May 18th at 5.30pm on Vox Markets.
Ben Turney, Executive Director of Kavango, will present the Company’s latest results of exploration in the Kalahari Suture Zone (“KSZ”).
As Kavango seeks to unlock the KSZ’s significant potential to host large-scale metal sulphide deposits, the Company has deployed Time Domain Electromagnetic (“TDEM”) surveying technology to identify targets, for a drill campaign later this year.
Following the success of the first TDEM surveys, Kavango recently entered into a strategic partnership with Spectral Geophysics, a highly experienced and effective operator of TDEM powerful technology, to complete a more extensive programme.
Further results are expected soon and Ben will take the opportunity on May 18th to present and provide context to the models Kavango has developed, which are guiding its exploration. Ben will be available to answer any questions webinar attendees have about the methods Kavango is using in the KSZ, how the Company has interpreted the data and the steps it is taking to de-risk this project before commencing drilling.
Please register your interest and submit your questions at https://voxmarkets.brand.live/c/vox-markets-webinar-may-18th
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500
Kavango Competent Person Statement
The information in this press release that relates to “geological and/or geophysical results” for the LVR Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.
Alan Green talks FTSE100 mining stocks, plus Cadence Minerals #KDNC, Itaconix #ITX & Mode Plc #MODE on the UK Investor Magazine podcast
Inflation has unnerved markets sending bond yields higher and shares higher. This Podcast addresses the dynamics around higher inflation and what it means for shares listed in London.
Alan Green joins us to look at FTSE 100 Bond-proxies that have the characteristics of strong cash flows and reliable shareholder distributions and explore the outlook in an environment of rising bond yields.
With multiple analysts and economists predicting a commodities super cycle, we touch on FTSE 100 mining shares and how much of a metals rally is already priced into shares.
Mode listed in London last year and investors have questioned ever since whether the Banking App company can be compared to the hugely successful Argo Blockchain. We look at this comparison and whether it would be sensible to make comparisons.
We discuss Cadence Minerals (LON:KDNC), Mode (LON:MODE) and Itaconix (LON:ITX).
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces that the relevant Minister in the Northern Territory Government has advised that Mosman’s application for a suspension and extension to the work programme conditions for EP145 has been approved.
Mosman will now engage the airborne gravity data acquisition company and as there are not currently any Covid-19 restrictions this survey is able to proceed in the near future.
This results in the suspension and extension mean that the work allocated to be completed in Permit year 3 and was previously due to be completed by 21 August 2021, is now due by 21 August 2022. Subsequent permit years work requirements have also been extended by one year.
John W Barr, Chairman, said: “All going well the gravity will be flown in June and the interpretation will be completed afterwards. The results from the gravity work will provide important details and will also affect the final Seismic programme which is currently in advanced planning stage.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Mosman Oil & Gas Limited
John W Barr, Executive Chairman – firstname.lastname@example.org
Andy Carroll, Technical Director – email@example.com
NOMAD and Broker
SP Angel Corporate Finance LLP
Stuart Gledhill / Richard Hail / Adam Cowl
+44 (0) 20 3470 0470
+44 (0) 20 3405 0205 / +44 (0) 7525 324431
Monecor (London) Ltd trading as ETX Capital
020 7392 1432
Updates on the Company’s activities are regularly posted on its website:
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an operational update on the Amapa, Iron Ore Project, Brazil (“Amapa Project”).
- Shipping continues at pace – DEV Mineração S.A. (“DEV”) has shipped and sold the second batch of iron ore from the stockpiles.
- The loading of the 48,670 wet tonnes of iron ore sinter fines (approx. 58% Fe) at Companhia Docas de Santana (“CDSA”) was carried out in record time.
- R$7.5 million deposited into the judicial account, to be utilised to pay ex-employee and small creditors
- The remainder of the profit from the first shipment is being utilised as per the Approved Court Petition
- Key personnel have been engaged, including the head of shipping operations and the previous general manager of mine operations.
- Re-instatement of operating licenses is progressing with a focus on DEV’s private port concession.
DEV has shipped and sold the second load of the iron ore stockpiles from Santana, Amapa, Brazil. The loading of the 48,670 of the iron ore sinter fines (approx. 58% Fe) at CDSA was completed in record time (60 hours), which bodes well for DEV’s plan to increase the frequency of shipping from CDSA over the coming months.
DEV worked with Indo Sino Pty Ltd (“Indo Sino”) and Cadence to carry out a competitive bid process for the cargo. The buyer is one of the world’s largest globally diversified natural resource companies and a major producer and marketer of commodities.
This shipment was approved via a court petition (“Approved Court Petition”), details of which can be found here, allowing DEV to export sufficient iron ore to realise a US$10 million profit.
Part Payment of Former Employees and Small Creditors
As part of the Approved Court Petition, DEV undertook that it would pay certain outstanding claims from former employees and small creditors from the net profit of the sale of the iron ore stockpile.
In this regard, DEV has transferred R$7.5 million to the judicial deposit account, representing some three-quarters of the amounts owed. KPMG Brasil will manage the payments to these creditors. Once fully paid, this will mark the completion of a crucial step in the Judicial Restructuring Plan (“JRP”) approved by the creditors on 29 August 2021.
The remainder of the profit from the first shipment of Iron Ore ( Sinter Fines 58% Fe) is being utilised as per the Approved Petition.
Operations have continued to progress in regard to the recommissioning of the Amapa Project,
Key personnel have been engaged. A new head of shipping operations is now responsible for the efficient and safe movement of the iron ore shipments.
In addition, DEV has engaged a former general manager of mine operations. With over 27 years of operational and managerial experience at various Brazilian iron ore and copper mines, including the Amapa Project, the manager will be responsible for day to day operations at the mine, and will oversee the recommissioning of the asset.
As the process for reinstatement of critical concessions and operational licenses progress, our current focus is on the reinstatement of DEV’s private port concession. In this regard, DEV, IndoSino and Cadence have engaged with the relevant authorities, highlighting the macroeconomics and the local and regional importance of the Amapa Project. To date, feedback has been positive, and we will update the market once further progress has been made.
Essential maintenance and security of the mine tailings dam continues, with cost-effective and incremental improvements ongoing. Having now engaged the previous general manager of mining, we expect this process to accelerate, along with the commencement of the plant engineering and conditioning study, which is an outstanding part of the scoping study on the Amapa Project.
As part of providing reliable iron ore stockpile data, SGS Brasil has been engaged to carry out a re-assay of DEV’s iron ore stockpiles. This, alongside a more accurate volumetric survey, will allow DEV to confidently market the material, and resolve any variations in historic assays results.
Cadence CEO Kiran Morzaria commented, “We are pleased and proud that the sale and shipment of the second batch of iron ore from Amapa has completed so quickly. That the customer is once again one of the world’s largest globally diversified natural resource companies is a clear signal that Amapa is very much back in business, with keen demand for its product.”
“On behalf of the Cadence board, our gratitude and appreciation goes out once again to the men and women working to bring Amapa back to life, and who have worked tirelessly to complete this second shipment in a safe and efficient manner. “
Although in line with the Approved Petition, it is nonetheless immensely gratifying to see a substantial amount of Amapa’s outstanding debts to former employees and creditors settled with the shipment sale profits, marking a small step along the road to improving prospects for employment and economic activity in the region.”
Cadence Interest in Amapa Project
In early September 2020, we announced that DEV, Indo Sino and Cadence had agreed in principle to the settlement terms proposed by the secured bank creditors (“Bank Creditors”). We understand that two of the three Bank Creditors are awaiting credit committee approval while one has already achieved this.
The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence’s remaining major precondition to make its initial 20% investment in the Amapa Project. Upon completing the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapa Project via our joint venture company, which will own 99.9% of DEV.
After this, Cadence will invest a further US$3.5 million to increase its stake to 27% in the Amapa project. Cadence’s investment is conditional on several material pre-conditions, which include the grant of key operating licences.
– Ends –
|For further information:
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identiﬁed by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reﬂect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
Open Orphan #ORPH – £3m COVID-19 challenge virus manufacturing contract for hVIVO based on new COVID-19 variants
Open Orphan plc (AIM: ORPH), a rapidly growing specialist pharmaceutical services contract research organisation (CRO) and world leader in vaccine and antiviral testing using human challenge clinical trials, announces that hVIVO, a subsidiary of Open Orphan plc, has signed a contract with Imperial College London, as part of a Wellcome Trust funded initiative to manufacture a SARS-CoV-2 challenge virus.
The contract is worth £3 million and under this agreement hVIVO will develop a new SARS-CoV-2 challenge virus based on new emerging variants of the virus, which will be used in future hVIVO run human challenge trials to allow direct comparisons of vaccines or antivirals against different COVID-19 variants.
The manufacturing project will begin immediately and is expected to complete before the end of 2021. Following completion of the manufacturing project there is the potential for a follow on characterisation study for this virus to be conducted by hVIVO in partnership with Imperial and Wellcome.
hVIVO has two decades of experience and expertise in challenge agent (virus) manufacture across a range of respiratory viruses including various strains of influenza, Respiratory Syncytial Virus (RSV), human Rhinovirus hRV (common cold virus), as well as a more recently the initial circulating SARS-CoV-2 virus. These challenge agents are then used in controlled human infection studies, an area that hVIVO has focussed on since 2001.
Open Orphan has successfully initiated the development of a number of Coronavirus challenge viruses. The Company has already developed the initial circulating COVID-19 (SARS-CoV-2) virus as part of the Human Challenge Programme in partnership with the UK Government.
Cathal Friel, Executive Chairman of Open Orphan plc commented: “This contract is a great example of how our unique abilities to provide an all encompassing solution for human challenge trials sets us apart. We are able to support our customers from the very beginning of the process by developing challenge study models, including the manufacture of the challenge virus, as well as taking responsibility for full trial recruitment and using our London based quarantine facilities to run the human challenge studies themselves.”
Dr Andrew Catchpole, Chief Scientific Officer, hVIVO commented: “We are delighted to be able to utilise our extensive experience in challenge virus production at hVIVO to aid this important programme in meeting its aims. Production of a SARS-CoV-2 variant challenge virus builds upon our knowledge and learnings from manufacturing and characterising the original Wuhan-like D614G SARS-CoV-2 virus. The availability of a variant SARS-CoV-2 virus will greatly expand the utility of the SARS-CoV-2 challenge model and allow us to answer a wider range of important scientific questions to aid control of the pandemic as well as facilitate further testing of vaccines designed against COVID-19.”
Dr Chris Chiu, Imperial College London commented: “We are pleased to be embarking on this new phase in development of the SARS-CoV-2 human challenge model with hVIVO. By keeping up with viral evolution, we will be able to address even more relevant scientific questions and test the ability of immune responses after vaccination and infection to protect against different strains of SARS-CoV-2. We are committed to enhancing collaboration through sharing of this virus with academic investigators around the world who have capacity to conduct human infection challenge for academic purposes, thus further enhancing the pandemic response.”
Interested in becoming a volunteer?
Individuals interested in taking part in COVID-19 human challenge study research can learn more 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. By volunteering to take part in one of our studies in a safe, controlled, clinical environment under expertly supervised conditions you are playing your part to further medical research and help increase the understanding of respiratory illnesses.
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”). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information please contact:
|Open Orphan plc||+353 (0) 1 644 0007|
|Cathal Friel, Executive Chairman|
|Arden Partners plc (Nominated Adviser and Joint Broker)||+44 (0) 20 7614 5900|
|John Llewellyn-Lloyd / Benjamin Cryer / Nick Wright|
|finnCap plc (Joint Broker)||+44 (0) 20 7220 0500|
|Geoff Nash / James Thompson / Richard Chambers|
|Davy (Euronext Growth Adviser and Joint Broker)||+353 (0) 1 679 6363|
|Walbrook PR (Financial PR & IR)||+44 (0)20 7933 8780 or firstname.lastname@example.org|
|Paul McManus / Louis Ashe-Jepson / Sam Allen||+44 (0)7980 541 893 / 07747 515 393 / 07502 558 258|
Notes to Editors
Open Orphan plc (London and Euronext: ORPH) is a rapidly growing pharmaceutical service/contract research company that is a world leader in testing vaccines and antivirals using human challenge clinical trials. The company provides services to Big Pharma, biotech and government/public health organisations.
Open Orphan runs challenge studies in London from both its 19-bedroom Whitechapel quarantine clinic, opened in February 2021, and its 24-bedroom QMB clinic which also has a highly specialised virology and immunology laboratory on-site. Open Orphan has a leading portfolio of eight human challenge study models for conditions such as RSV, flu, asthma and COPD. In addition, Open Orphan is also developing the world’s first COVID-19 human challenge study model as part of the Human Challenge Programme and has signed a reservation contract with the UK Government for the first three COVID-19 vaccine challenge studies.
Building upon its many years of challenge studies and virology research, the Company is developing an in-depth database of infectious disease progression data. Based on the Company’s Disease in Motion® platform, this unique dataset includes clinical, immunological, virological and digital (wearable) biomarkers. The Disease in Motion platform has many potential applications across a wide variety of end users including big technology, wearables, pharma and biotech companies. Following COVID-19 there is now a renewed interest and investment in infectious diseases.
Open Orphan’s Paris office has been providing biometry, data management and statistics to its many European pharmaceutical clients for over 20 years. For over 15 years, the Company’s Netherlands office has been providing drug development consultancy and services, including CMC (chemistry, manufacturing and controls), PK and medical writing, to a broad range of European clients. Both offices are now also fully integrated with the London office and working on challenge study contracts as well as supporting third party trial contracts.
Wellcome supports science to solve the urgent health challenges facing everyone. We support discovery research into life, health and wellbeing, and we’re taking on three worldwide health challenges: mental health, global heating and infectious diseases.