Public Company News

The board of Azumah Resources’ has successfully held out for more money as Ibaera Capital’s increased takeover offer of 3.3 cents a share finally gets the nod from Directors. The new offer represents a 136% premium to the company’s closing price before the original offer was made in September and an 18% premium to the 2.8c per share offer made by Ibaera at that time.

Norwest Energy has upgraded the prospective gas resources at its Lockyer Deep and North Erregulla Deep prospects to 1,122 billion cubic feet, just 10km north of Strike Energy’s exceptional West Erregulla-2 gas discovery in the Perth Basin. The company holds a 20% stake in the associated gas permit with operator Energy Resources and the JV partners will shortly decide on the location of a well at the project.

Great Southern Mining is set to launch its maiden drill program at the historical Cox’s Find gold project near Laverton in WA. The historical mine produced some 76,000 ounces of gold at an absurdly high 22.6 grams per tonne for WMC, close to 80 years ago. The program forms the first substantial exploration in 25 years and the first drilling below 60m depth.

Cloud-based telecommunications pacesetter, Vonex, this week banked $630,000 in rebates from the Australian Government’s Research and Development Tax Incentive Program for eligible R&D activities conducted during the 2018-19 financial year. The company’s retail business is expanding rapidly, with 34,000 users registered for its core, cloud-based, PABX telephony business as the company muscles its way in amongst the majors, courtesy of the market disruption caused by the NBN.

Strike Energy has produced some outstanding initial flow test results from the Kingia Formation within its exciting West Erregulla-2 gas discovery well in the Perth Basin of WA. The numbers are consistent with other high rate gas wells in the region. Strike recently provided an update and strategy to begin unlocking value from the surrounding gas field, with a schedule developed to begin producing gas by early 2022 and fast-track cash flows.

Kingwest Resources is rapidly making its newly acquired Menzies gold project its own with ounce plus hits rolling off the drill bit. Thirty six grams per tonne gold over a metre intersection is a good start to what is shaping up to be an action-packed drill program across this exciting project that is littered with historic workings and old shafts.

Adriatic Metals’ maiden high-grade resource of 9.4 million tonnes grading 5.1% zinc, 3.3% lead, 1.8g/t gold and 183g/t silver at the Rupice deposit and positive metallurgical test work results will flow into the company’s Vareš project scoping study, due to be tabled by 2020. The company has entered into a partnership with base metals miner, Sandfire Resources, who owns 12.8% of its stock and is entitled to representation on the board.

Middle Island Resources has completed a re-optimisation mining study at its Sandstone gold project in WA and with elevated gold prices and new pit wall parameters improving on the 2016 PFS results, the updated work now captures 75% of the global mineral resources in proposed pits. The company is also looking to recommission the Sandstone plant on a standalone basis after studies confirmed it could be refurbished over 16 weeks for only $10.3m.

Infinity Lithium has applied for EU funding from the European Battery Alliance’s private investment company, InnoEnergy, to support the development of a pilot plant for the production of lithium hydroxide that will then be tested and validated by lithium end-users in Europe. The funds would be utilised by Infinity and its partners to advance a pilot plant at Infinity’s San José Spanish lithium project.

St George Mining has raised $5.7m to underpin its comprehensive exploration programs at the emerging Mt Alexander nickel-copper-PGM project located near Leonora in WA. The company has unearthed more than 30 regional EM conductors for drill testing and several new high-priority targets from down-hole EM surveying in the Cathedrals Belt and many of these will feel the drill bit in 2020, with the new funding now confirmed.

Lithium Australia’s ongoing review and consolidation of its business into four operational divisions; raw materials, lithium chemicals, batteries and recycling is progressing well. The company is looking to create a separate and distinctive identity for each division with one eye on potentially listing each of them in the future or at the very least, attracting investment directly into each entity.

ASX-listed Volt Resources is in the final stages of securing approval from the Stock Exchange of Mauritius for a USD$40m note issue that will underpin the stage 1 development of its Bunyu graphite project in Tanzania. The note will support the Stage 1 development of the project that has an ore reserve of 127 million tonnes grading 4.4% TGC, most of which is in the Super Jumbo and Jumbo flake categories.