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#SVML Sovereign Metals Ltd – ASX Trading Halt

Sovereign Metals Limited advises that the Company announced a voluntary trading halt to the Company’s securities on the Australian Securities Exchange (“ASX”), pending an announcement regarding a response to an ASX price query.

The Company requested that the trading halt remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 31 January 2023.

The Company also notes the recent share price rise in the trading of its securities on AIM, and observes that on 26 January 2023, Mkango Resources Limited (AIM/TSX-V: MKA) (“Mkango”) announced the receipt of Environmental Social Health Impact Assessment (“ESHIA”) approval from the Malawi Environmental Protection Authority (“MEPA”) for their Songwe Hill Rare Earths Project. The approval of the ESHIA is a significant milestone in the Mining Development Agreement (“MDA”) approvals process as it is a fundamental requirement for obtaining a mining licence, and while not directly associated with Sovereign’s Kasiya Rutile Project (“Kasiya”) in Malawi, could be perceived as an encouraging regulatory sign.

The Company also notes that it intends to release infill drilling results at Kasiya shortly, which would be incorporated into the next iteration of Kasiya’s Mineral Resource Estimate, and the impending release of the Notice of Meeting for the demerger of its standalone graphite projects (see RNS dated 7 December 2022).



Dylan Browne
Company Secretary

+61(8) 9322 6322


Nominated Adviser on AIM


RFC Ambrian


Bhavesh Patel / Andrew Thomson

+44 20 3440 6800



Joint Brokers



+44 20 3207 7800

Matthew Armitt


Jennifer Lee




Optiva Securities

+44 20 3137 1902

Daniel Ingram


Mariela Jaho


Christian Dennis




Stockhead: LionOre founders among the canny investors climbing aboard at Salt Lake Potash (SO4)

Salt Lake announced this morning that it had received binding commitments to place 37.5 million shares at $0.54 each to raise $20.25 million, with the funds to be used to advance construction of its Lake Way Sulphate of Potash (SOP) Project near Wiluna in the WA goldfields.

The company said the placement was led by a consortium of cornerstone investors, including the LionOre founders, which had agreed to subscribe for shares worth $14.25 million.

The consortium also includes investors that took early positions in African-focused uranium explorer Mantra Resources. Mantra, which was listed on the ASX, was taken over by Rosatom for $1.02 billion in 2010.

Salt Lake managing director Tony Swiericzuk said the company was “delighted to have attracted such a group of investors at a pivotal time in the rapid development of the Lake Way Project”.

“We intend to collaborate closely with the consortium and expect to benefit substantially from the advice of its members,” he said.

“These are individuals that possess a wealth of management, global finance and project development expertise and bring access to very well established commodities marketing networks.”

The Williamson Pit at Lake Way hosts the highest grade brine resource in the country (Supplied).

The balance of the placement was taken up by Salt Lake’s largest shareholder, Swiss private bank and asset manager Lombard Odier, which subscribed for shares worth $6 million.

The placement was completed at the same price, $0.54, as Salt Lake shares last traded on the ASX before a trading halt was requested before the market opened on Wednesday.

Upon the resumption of trading this morning, the stock gained 7.4 per cent to $0.58.

At this price, the company has a market capitalisation of about $120 million.

Leading the potash pack

Salt Lake is one of a handful of ASX-listed companies seeking to pioneer the production of SOP, a premium grade potassium fertiliser, from Western Australian salt lakes.

It is well placed to take honours as the first to achieve commercial production, with construction well underway at Lake Way on the country’s first commercial scale on-lake evaporation ponds.

Construction of the evaporation ponds at Lake Way is nearly complete (Supplied).

These ponds will have a capacity of 1.8 gigalitres, enough to capture the total measured brine resource in the nearby Williamson Pit.

At 1.2 gigalitres grading 25kg/m3, this is the highest grade brine resource in the country.

Once construction of the ponds is complete, they will allow for the dewatering of the Williamson Pit, a process that will accelerate first production at Lake Way.

Salt Lake owns nine large salt lakes in the northern goldfields and has a long-term plan to develop an integrated SOP operation, producing from several, or all, of the lakes.

Specific uses for the funds from the latest raising include the development of on-lake infrastructure at Lake Way, paying deposits on process plant long-lead items, completion of feasibility studies and general working capital.

This story was developed in collaboration with Salt Lake Postash, a Stockhead advertiser at the time of publishing.
This advice has been prepared without taking into account your objectives, financial situation or needs. You should, therefore, consider the appropriateness of the advice, in light of your own objectives, financial situation or needs, before acting on the advice. If this advice relates to the acquisition, or possible acquisition, of a particular financial product, the recipient should obtain a disclosure document, a Product Disclosure Statement or an offer document (PDS) relating to the product and consider the PDS before making any decision about whether to acquire the product.

Salt Lake Potash (SO4) – ASX Trading Halt

Salt Lake Potash Limited (“Salt Lake” or “Company”) advises that trading in the shares of the Company have been halted on the Australian Securities Exchange (“ASX”) effective from Wednesday 7 November 2018. The halt was requested by the Company pending an announcement regarding a capital raising.

The trading halt will remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 9 November 2018.

Trading in the Company’s ordinary securities will continue on AIM during this period.

For further information please visit www.saltlakepotash.com.au or contact:


Clint McGhie

Salt Lake Potash Limited

Tel: +61 8 9322 6322

Colin Aaronson/Richard Tonthat/Ben Roberts

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0)207 383 5100

Apollo Minerals (ASX:AON) – June 2018 Quarterly Report

Received government approval for 100% ownership of the Couflens Project whilst finalising drill programs and strengthening management team


  • Received approval from the French Ministry of Economy and Finance of the proposed acquisition of the remaining 20% interest in the Couflens Project
  • Completed the initial phase of health and safety risk assessments within the historical Salau tungsten mine, focused on geotechnical stability, air quality monitoring, ventilation tests and water quality
  • Tests confirmed excellent infrastructure servicing the historical mine and excellent ground conditions within competent granite or marble host rock
  • Submitted a proposed program of works to the French authorities for the restoration of mine services including ventilation
  • Ranked and prioritised numerous drill targets for gold and tungsten based on historical drilling data and 3D modelling completed by Company geologists
  • Submitted applications for an extensive airborne geophysics survey at the Couflens Project
  • Submitted applications for a drill program at the Aurerene Project in Spain as part of the application for an Investigation Permit
  • Strengthened management team with the appointment of Mr Hugo Schumann, an experienced European mining executive, as Executive Director
  • Co-founded the Club de Mécènes Mines du Salat to support the cultural and historical heritage of the Couserans province of France
  • Completion of A$6 million placement leading European Institutional Investors
  • Completed the listing of the Company’s former subsidiary Constellation Resources Limited, which holds Fraser Range nickel-copper and gold assets, via an Initial Public Offering (IPO) on the Australian Securities Exchange (ASX) in July 2018
  • Tungsten prices continued to strengthen, rising 6% during the quarter and ending at US$347 per mtu, the highest level since 2014

LOOKING AHEAD                             

Salau Mine Area:

  • Finalise and submit applications for drill programs for gold and tungsten within the Salau mine area
  • Final round of health and safety risk assessments to be completed in the coming months
  • Planning geotechnical stability tests and additional sampling programs at the tailings disposal areas outside the Salau mine where gold grades of up to 8.94 g/t were recorded and tungsten grades averaged 0.49% WO3

Within the broader ground holding including the Couflens Project (France) and the adjacent Aurenere Project (Spain):

  • Extensive airborne geophysical surveys to refine regional targets and enhance understanding of regional geological structures
  • Based on the results of the airborne surveys, complete drill program applications to assess the identified tungsten and gold prospects


  • Appointment of Mr Dylan Browne as Chief Financial Officer and Company Secretary
  • The Company held A$5.5 million in cash and no debt at the end of the quarter

Executive Director Hugo Schumann commented:

“Our geological team has successfully digitised the assay results of more than 650 historical drill holes at the Couflens Project and constructed 3D geological models focused on the historical Salau mine. Using this 3D modelling, we have now developed multiple drill targets for gold and tungsten and will be advancing planning and applications for drilling in the coming quarter.

The historical Salau mine has been closed for more than 30 years and we have been working closely with the authorities on health and safety risk assessments to ensure safe working conditions for our exploration campaigns. These assessments have so far confirmed excellent infrastructure and ground conditions within the mine, with wide development drives and competent host rock as well as shown numerous visible areas of mineralisation prospective for gold and tungsten.

As we look ahead we plan to finalise the risk assessments, re-establish mine services, and then commence an extensive exploration program including underground drilling and channel sampling. In the wider region across our large licence holding we have planned an airborne geophysics program which will assist with drill targeting across where high-grade gold and tungsten have been identified from field campaigns.”


For further information please contact:

Hugo Schumann                                                         Robert Behets

Tel: +44 207 478 3900                                              Tel: +61 8 9322 6322  

Email: info@apollominerals.com.au

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