Asiamet Resources (ARS) updated across various workstreams for the development of the Company’s wholly owned, feasibility stage, BKM copper project located in Central Kalimantan, Indonesia. The financing workstreams with senior bank debt and prepayment finance through copper cathode offtake are progressing on schedule and to expectations. ARS said it continues to actively explore options for project delivery, engaging in discussions with Chinese EPC contractors, dedicated design groups from China and Indonesian EPCM companies. During Q4 2023, it anticipates making a final decision on the project delivery model for BKM and appointment of its execution partners.
Comment: Alas in current stock market conditions a “steady as she goes” RNS is perhaps not enough to cut the mustard. Nevertheless, with ARS shares near the bottom of the range, an assurance that everything is on track may be enough to steady the stock.
Plexus Holdings (POS), the AIM quoted oil and gas engineering services business, announced that it has successfully completed its work for the Plug and Abandonment equipment and services campaign for Oceaneering International Services Limited, a division of Oceaneering International Inc., a subsea engineering and applied technology company. POS said it was delighted that Oceaneering is pleased with Plexus’ offshore service and onshore technical support, and that its equipment worked well, especially given the uncertain nature and variability of tackling multiple P&A wells in a single campaign.
Comment: Shares of POS delivered one of the biggest share price rises of the year off the back of the summer’s contract value jump. It is now a matter of consolidating the breakthrough, and the £20m plus market cap.
Haydale Graphene Industries (HAYD) Directors final participation was announced yesterday for and aggregate 8m shares worth £40k. In late September its placing closed with £5m raised at 0.5p and over half the funding going to EIS and VCTs mainly Octopus who own 23%. HAYD have had extraordinary long commercial development cycle for its graphene-based materials. A new promising development could be the ‘holy-grail’ as it is being used in Ford Motor’s hydrogen fuel cell E-Transit trial. On its way to being commercialised the graphene enhanced material offers the prospect of a significant weight reduction by removing the need an inner lining. There is a list of exciting prospects of materials in the process of being commercialised in range of sectors, such as aerospace, automotive, medical, sports marine and printing & coatings.
Comment: HAYD have sufficient funding for another chance to find a killer app for its graphene materials and the shares are less than 0.5p with a £7.64m mkt cap.
Power Metal Resources (POW), the AIM listed exploration Company, announced an exploration update from its Molopo Farms Complex Project where the Company is targeting a district-scale nickel and platinum group element discovery in southwestern Botswana. POW said historical exploration work at Molopo Farms has been multi-year, extensive and absolutely necessary in order to narrow down key targets for exploration drilling within a very large licence footprint. The Company is targeting major discoveries and the work completed to date has confirmed that the MFC has the required geological ingredients to host a significant nickel deposit as found in other mafic/ultramafic belts worldwide.
Comment: Perhaps rather surprisingly after a solid summer of newsflow, POW shares are back near the lower levels. Having uranium and helium in the mix, as well as Rick Rule on the shareholder register suggests that even in current stock market conditions POW is the wrong price.
Kazera Global (KZG), the AIM-quoted investment company, provided an update on operations at its Walviskop Heavy Minerals Sands project in Alexander Bay, South Africa. KZG said this has been a busy period for the team, during which it has focused on optimising the various aspects of the plant to ensure it can commence production and deliver the best results possible as soon as it receives the National Nuclear Regulator permit anticipated Q1 2024. This strategically important HMS project is expected to produce circa 6Kt HMS per month at full production, which given the strong demand will at current prices achieve an estimated gross profit of +US$300k per month.
Comment: A gross profit of $300k a month is certainly nothing to be sniffed at for any small cap, especially one which has a market cap of £6m. It looks as though Walviskop could turn the tide for KZG.
Vast Resources (VAST), the AIM-listed mining company, announced that it has raised £1,819,350 at a price of 0.195p. The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd. The net cash raised from the Placing will be used for working capital and to ensure the Company can meet its current corporate obligations both in Romania and at a corporate level. At the Baita Plai Polymetallic Mine in Romania funds will also be applied to bridging any unforeseen operational related costs due to the recent protest action as well as to funding further expansion capital costs, the ongoing drilling programme and mine development costs.
Comment: It may feel that VAST has raised enough cash this year to send a man to the moon, let alone fund Baita Plai. The word “costs” seems to be peppered all over the RNS. But at least our friends at Axis managed to step up to the plate as far as the fund raise.
Serabi Gold (SRB), the Brazilian focused gold mining and development company, announced updated Mineral Resource estimates for its Palito Complex (being the Palito deposit and the Sao Chico satellite deposit). Measured and Indicated resource of 377,800 ounces of contained gold, an increase of 50% compared with December 2021, at the Palito Complex (1,166,300 tonnes at an average in-situ grade of 10.08 g/t). Further Inferred resource of 153,900 ounces (682,400 tonnes at an average in-situ grade of 7.01 g/t). Significant increase in average reported grade of the M&I resources at Palito Complex by 93% from 5.23 g/t to 10.08g/t.
Comment: Of course, in current stock market conditions the kind of jump in MRE reported today by SRB may not move the dial in terms of the share price, but it is at least it is worth a strong mention.