Following the successful completion of its recent fundraising, Asiamet (ARS) provided a further update on optimisation works being completed in preparation for project financing on the BKM Copper Project located in Central Kalimantan, Indonesia. The Company’s core focus is delivery of key milestones to enhance project economics and drive shareholder value. ARS said with substantial progress made on the optimisation of the BKM copper project, it remains on track to complete the revised capital and operating cost estimate before year-end. The refinement of its project economics, bolstered by targeted cost reductions and streamlined construction planning, positions BKM as a competitive copper project as it leads into project financing.
Comment: ARS does well in this update to narrow the time window on its funding requirement to the end of this year. One would expect the run up to this news to focus investors on the company and its current modest valuation as compared to BKM.
Power Metal Resources (POW), the London-listed exploration company with a global project portfolio, reported on results from the uranium-focused joint venture with UCAM Ltd involving Power Metal’s portfolio of uranium licences. This release details the results from the recently completed helium, hydrogen, radon and soil geochemistry surveys from the Perch River Uranium Project, Saskatchewan, Canada. POW said following immediately on from our update on Badger Lake and the upcoming work planned there, it is also very pleasing to be able to further inform shareholders about the identification of another significant uranium target area. The results of the next round of surveying will determine next steps in respect to drilling, and it looks forward to updating shareholders on that in due course.
Comment: POW continues to be one of the most active exploration companies, with the latest focus in the newsflow concentrating on the hot uranium space, something which could be significant contributor over the near future.
Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, provided an update regarding the US$80 million corporate copper bond subscription, originally announced on 15 May 2024, of which an initial tranche of US$5 million was drawn down in June 2024. PXC said that it remains committed to arranging further funding through the placement of its corporate bonds and that it currently retains sufficient working capital to meet ongoing obligations into Q2 2025. Although there can be no certainty, the Directors remain confident that additional bonds will be placed. The Company looks forward to providing shareholders with further updates relating to bond financing as appropriate.
Comment: The market has been on the edge of its seat regarding the funding position at PXC, and with the latest update it can be seen that the company maintains its optionality in this respect between the current funder and fresh players.
Ondine Biomedical (OBI), a Canadian life sciences company, announces an update to its Private Placement announced on 24 September 2024 and the Fundraising announced on 1 November 2024. The settlement of the Private Placement with a Canadian private investor has been delayed due to their unavoidable personal circumstances and will require additional time to complete. In light of this, settlement of the Fundraising scheduled for Nov 11 will also be delayed coinciding with the Private Placement settlement. Further updates will be provided in due course.
Comment: Given the way that OBI have already raised a decent chunk of change in fundraises already this year, the bump in the road regarding the latest one should not be material as far as the all important Steriwave rollout.
Deltic Energy (DELT), the AIM quoted natural resources investing company, is pleased to provide the following update in relation to the recent drilling operations at the Selene prospect in the UK Southern North Sea. DELT said it was pleased to report that the Selene discovery well was completed safely and within the carry resulting from the farm-outs to Shell and Dana. Getting JV agreement on moving into the Second Term of the licence is another key milestone on the journey from discovery to development for Selene. It also reflects the high quality nature of Selene’s reservoir and the expectation of a low cost development with enhanced production and economic potential from the asset.
Comment: Shares of DELT have spiked well so far today, and deserve to given that with the new Net Zero tyranny we are living under, doing anything in the North Sea deserves a medal.
Global Petroleum (GBP) announced further to the announcement on 7th October and 9th October 2024, results of an Airborne Aeromagnetic Survey at Juno. The Company’s main focus at Juno is targeting Intrusion Related Gold Systems (IRGS) similar to Havieron and Telfer. Havieron and Telfer are large gold and copper deposits located in the north of Western Australia. GBP said it was very much looking forward to the additional ongoing exploration programmes which we will integrate with this new aeromagnetic data. It was pleasing to see it has made rapid progress at Juno over recent months and we aim to continue at this pace going forward.
Comment: GBP is clearly keen on tantalising the market with its comparisons to Havieron and Telfer. Although ironically of late, such glitz has not helped the Greatland Gold (GGP).
Kodal Minerals (KOD), the mineral exploration and development company, provided an update on the progress of construction of the Stage 1 Dense Media Separation processing plant and mining at the Ngoualana open pit mine at its flagship Bougouni Lithium Project in Southern Mali. KOD said the acceleration in the Bougouni Lithium Project development is very pleasing. The crushing circuit and the DMS processing plant is rapidly taking shape and the commissioning of the crushing circuit will commence in December 2024 followed by the DMS units.
Comment: Given the progress at Bougouni, and perhaps even more importantly, the funding, one would have expected the share price of KOD to be rather higher in the range than it is now.
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