WeCap (AQSE:WCAP) announced that it has converted all of the CLNs it holds in WeShop Holdings Limited into new ordinary shares in WeShop. As a result of the conversion WeCap will be issued with 3,208,333 shares in WeShop. This increases WeCap’s potential total holding in WeShop to 16.2%. Furthermore, WeCap has agreed the extension of the Discounted Capital Bond it has issued to Hawk Holdings by a further 18 months. The DCB will now become repayable on 24 May 2026.
Comment: We have more to chew on as WCAP gets all its ducks in a row ahead of the big “planned listing”, presumably to a place which appreciates the value of the company rather more than its current location.
CoTec and Mkango Resources (MKA) announced the results of an independent Feasibility Study for HyProMag USA, LLC, on the development of a state-of-the art rare earth magnet recycling and manufacturing operation in the United States. MKA said this was a major milestone for HyProMag, further validating the HPMS technology and opportunity to roll-out into the United States. Its strategy to develop rare earth magnet recycling and manufacturing hubs in the United States, UK, Germany and, in the future, Asia, is aligned with the evolving geopolitical environment through the development of more robust rare earth supply chains for the respective domestic markets, while catalyzing new centers of excellence in magnetic materials and cross-fertilization of skills across jurisdictions and between industry and academia.
Comment: It looks as though MKA is going for the kind of world domination that even a James Bond villain would be proud of. Nevertheless, for now it is the United States move that really catches the eye.
Great Southern Copper (GSCU), the company focused on copper-gold-lithium exploration in Chile, announced that its planned scout RC drilling programme has commenced at the Viuda prospect targeting porphyry style mineralisation. GSCU said it was very pleased to have commenced its scout RC drilling programme at Viuda. Many months of hard work in preparing the permitting and authorisations required for drilling are complete and it now looks forward to the results of this programme supporting our exploration efforts in the field.
Comment: Given that the share price of GSCU peaked last summer, it will be the case that the company needs Viuda to deliver to get the shares back on track.
Rome Resources (RMR) announced that it will host an investor webinar at 11am (GMT) on Wednesday 27th November 2024 on the Company’s high-grade Tin-Copper-Zinc ‘Bisie North’ project in the Democratic Republic of Congo (DRC). The webinar will feature a presentation from Chairman Klaus Eckhof, CEO Paul Barrett, and COO Mark Gasson, who will discuss the significant progress achieved in the ongoing 4-rig drilling campaign, alongside a detailed overview of the project’s potential and strategic importance. Registration Link: https://us02web.zoom.us/webinar/register/WN_nUuljfOHQwyqpRVrFAUFMw
Comment: The market has been somewhat harsh on RMR in the wake of the significant tin hits reported last week. That said, the company has a good opportunity now to explain itself, in the run up to the all-important assay results. It is also a positive that the company has issued its own Zoom link to its own audience, rather than paying for a 3rd party data gatherer.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia announced that it has raised £950,000 at a price of 0.33 pence. ECR said that through the Subscription it will be funded for its planned 2025 programme, meaning that whilst it seeks to conclude what could be a valuable sale of its tax losses, held in our subsidiary MGA, it can commence detailed preparations for the coming year.
Comment: Given all the efforts made by the company to sing its own praises in the recent past, there will be few who are surprised by the latest cash call. It is still perhaps a shame that the company could not raise cash at 0.4p or higher, given that the shares really were gaining traction of late.
Hummingbird Resources (HUM) announced that the Kouroussa Gold Mine in Guinea has reached commercial production. The operation’s four-week trailing average production has increased to approximately 1,900oz with an average selling price during that period of US$2,473 per oz , which is below the spot gold price as a result of the Company’s existing hedging contracts, which are expected to expire at the end of Q1-2025. HUM said it recognises that broader financial constraints may impact near-term operating performance, production consistency, and the timeline for achieving steady-state production. The Company is working constructively with the Coris Parties to address the previously announced liquidity challenges, strengthen its financial position, and establish greater stability.
Comment: Given the understandable rather painful stock market reaction, it may be that for many the outcome here at HUM is rather academic. This is however well discussions with Coris go.
Metals Exploration (MTL), a gold producer in the Philippines, provides an operational update on activities at its Runruno Project. FY2024 gold production is expected to exceed the Company’s 2024 upper guidance target of 80,000 oz, with forecast annual production of 82,500 oz. MTL said it was delighted to share that it expects to be exceeding both its 2024 upper guidance target for production of 80,000 oz, and its AISC lower guidance of US$1,175 per oz. Gold production for FY2024 is forecast to be 82,500 oz, at a lower AISC guidance of $1,125, a testament to the strong performance at Runruno that has been maintained over the past year.
Comment: MTL has been a great example of a steady ship, both in terms of its share price trend, and the production. Given the current gold price trajectory, one would expect the extended rally for the stock to continue and build on the 130% gain YTD.
Ajax Resources (AJAX), the UK listed SPAC with a focus on natural resources announced its half yearly results for the 6 months to 31 August 2024. AJAX said it has continued to perform its opportunity identification exercise for production and development opportunities in the natural resources sector. The Board has concentrated primary efforts towards evaluating gold, copper and uranium production and exploration assets located in the Republic of Argentina, Europe, and the Republic of Uganda. It is expected that there will be progress to report in due course surrounding these evaluations.
Comment: The hair shirt financials have certainly done the trick here for AJAX. It is also helpful that the company has hinted at what its eventual deals could be, at least geographically. This could inspire a would be investor or two.
Kavango Resources (KAV), the Southern Africa focussed metals exploration company, announced the commencement of a drilling programme at its Prospect 3 target at the Hillside Gold Project in Matabeleland, southern Zimbabwe. KAV said the high level of artisanal workings across Prospect 3 is strongly indicative of the area’s potential for larger scale, near surface gold deposits that Kavango can mine. The artisanal workings have focussed on higher-grade material, but to a limited and shallow extent. Its exploration team has identified much more extensive potential, which it will now test with a focussed drill campaign to develop a maiden mineral resource here.
Comment: It is a shame that despite the operational progress that KAV continues to make, such as that announced today, the company allowed the share price to halve since the summer. This is despite the strong funding position.
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