Cadence Minerals (KDNC) announced that it has successfully raised £625,000 at a price of 2.5 pence. In addition to the above subscription, Andrew Suckling, Kiran Morzaria, and Donald Strang have also agreed to subscribe for an aggregate of 5,000,000 New Ordinary Shares at the Issue Price, raising gross proceeds of £125,000. The net proceeds of the fundraise will be used to fund Cadence’s investment in the Amapá Iron Ore Project.
Comment: Given the significant and pleasing upgrade earlier this week to Amapa, it is logical that KDNC is raising to move the project forward. The director participation underlines both the opportunity and its attractiveness.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, is pleased to provide the fire assay gold results from the historic Duke of Cornwall Mine, Swifts Creek (Tambo), Victoria, Australia. ECR said the high grade gold results, and perhaps more importantly, the statistically significant correlation to the fire assay data has validated its decision to implement photon assaying at Tambo. A best result of 52.2 g/t Au in rock chips is an exceptional outcome.
Comment: Yesterday there was sizzle from Black Mountain, today it is Tambo. Presumably the powers that be at ECR will be hoping that the latest news gets the share price up more than yesterday’s 3% and more along the lines of the July 3 spike in the wake of the revelation of antimony results At Bailieston, Victoria. Whatever the case one presumes a fundraise at 0.4p would help the cause, if the shares can stretch there.
Metals One (MET1), which is advancing strategic metals projects in Finland and Norway, announces that, due to England progressing in the UEFA European Football Championship, focusIR’s investor webinar originally scheduled for 6.00 p.m. on Wednesday, 10 July will now take place at 6.00 p.m. on Tuesday, 23 July 2024. Chief Executive Officer Jonathan Owen will still be presenting at the webinar. Following his presentation, attendees will have the opportunity to ask questions. Register for free using the link below: https://us06web.zoom.us/webinar/register/1017206971049/WN_EVcAcrD4SLqUL6r2O7DPWQ#/registration
Comment: One presumes that England coach Gareth Southgate should be blamed for this unfortunate eventuality. Nevertheless, given recent Black Schist farm-in news this is a webinar worth waiting for.
Graft Polymer (GPL) announced that William Potts straight in on the shareholder register at 23.17%. Paul Levinson is in at 3.26%.
Comment: Apart from revealing another two keen punters in the stock, over and above the buying of Non Executive Chairman and City stalwart Nicholas Nelson. It is now apparent that the moves to file US patent applications for the treatment of substance abuse disorders and mental health disorders using depot drug delivery systems could be transformational for the company, as well as its share price. GPL shares were highlighted in the Bulletin Board Heroes charting video on Wednesday ahead of the 43% share price rise yesterday, and the TR1s. So sometimes it really is all in the chart.
Oracle Power (ORCP), an international project developer, provided an update on progress at its Blue Rock Valley Copper and Silver Project in the northwest region of Western Australia, where positive assay results have been received from the rock chip and grab samples taken during the recent site visit, ranging from 8.56% to 25.70% copper. ORCP said it was pleased to announce receipt of the copper sample assay results from Blue Rock. It will now focus on determining the most appropriate geophysical technique to advance the Project with definition for potential drilling. It will also continue to assess the Project for potential gold and uranium.
Comment: ORCP ramps up the Aussie newsflow, something to which the shares are starting to respond. The key here will be to turnaround this project, ideally in a financially beneficial way, as soon as is possible.
PipeHawk (PIP) announced that, further to the Group’s announcement on 5 July 2024, the directors of QM Systems Limited, a subsidiary of PipeHawk, have resolved to appoint RSM UK Restructuring Advisory LLP as administrators to QM. Further announcements will be made as appropriate, including following the confirmation of RSM as administrators to QM. PIP reiterates the view that the steps taken to protect the interests of QM’s creditors through placing QM into administration will not impact PipeHawk’s broader group of companies and the Board believes that the remainder of the Group will be able to continue to trade as a going concern.
Comment: It is a punchy call by the company to suggest that everything will turn out fine given the fate of QM. That said, the shares are already on the floor, so some may decide the risk / reward at 2p is worth it.
Zinnwald Lithium (ZNWD), the European focused lithium company, provided an operational update on recent activities. This follows the updated MRE published in June 2024, which established the Project as the second largest hard rock lithium project in the EU and the third largest in Europe. ZNWD said it has decided to take an interim step by producing a PFS. This will help it further develop the mine plan, optimise the processing route, and minimise its environmental impact. The PFS is expected to be completed in Q1 2025.
Comment: ZNWD shares have nearly halved over the past month, something that perhaps promising a PFS earlier next year may not be enough to quell. Nevertheless, sitting on one of the larger lithium projects in Europe probably deserves a little more love.
Author
