Public Company News

ASX-listed ‘software-as-a-service’ provider, K2fly, said this week that it expects to be cash flow-positive for the first time in the current quarter as the total contract value of its multi-year, mining client contracts hike by a spectacular 793% year on year. The rapidly growing tech company has seen its quarterly invoicing almost double, year-on-year whilst this year’s invoicing has already surpassed its total FY19 invoices.

Australian Potash is moving to the due diligence phase of its application for federal funding through the Northern Australia Infrastructure Facility to support the DFS for its Lake Wells SOP fertilizer project near Laverton in WA. Whilst there are no guarantees, the company said the transition from the strategic assessment phase to due diligence was a positive step in its plans for funding support at Lake Wells.

Venus Metals and its JV partner Rox Resources have produced some exceptional gold grades from the Grace prospect at the Youanmi project near Mt Magnet WA including 7m grading 54.6g/t gold from just 8m downhole. The Grace prospect sits neatly between the old Youanmi pit and the mothballed mill and is shaping up as a standalone deposit in its own right. Other exceptional results tabled this week include 6m grading 5.7g/t from 24m.

Adriatic Metals has systems kept its foot on the gas at its remarkable poly-metallic Vareš project in Bosnia with the ASX listed company continuing to successfully manage the global coronavirus pandemic right across its operational areas and only experiencing minor delays as a result of some border closures. Adriatic has already drilled 2,800 metres this year of a planned 20,000m program between an impressive five drill rigs.

Terrain Minerals has offloaded its Great Western gold project near Leonora to ASX-listed Red5 under an option agreement that will see Terrain receive $2.2 million worth of Red5 scrip. The company has already pocketed $300k from Red5, who purchased the option for the Great Western project in November last year. Terrain will use the funds to launch exploration programs at its Wild viper and Smokebush projects.

Neometals has completed pilot plant testing on its potentially lithium-ion battery recycling technology with the work pointing to high recoveries of nickel, cobalt and other valuable battery materials such as lithium from spent and scrapped batteries. The company’s proprietary hydrometallurgical process can then turn the metals into a host of chemicals for re-use within the lithium supply chain. Commercial-scale feasibility studies and demonstration trials in Europe are next.

Lithium Australia will focus on ramping up revenues from its Envirostream battery recycling plant in Melbourne whilst implementing targeted austerity measures to preserve as much of its $3.3m cash balance as it can throughout the global COVID-19 crisis. The company also said it is expecting Soluna Australia to generate revenues from battery sales during the current quarter whilst exploration and technology development expenditures are deferred.

Impact Minerals has been awarded a $75,000 grant from the New South Wales Government in a nod to the company's technical accomplishments at its Broken Hill project. The windfall was awarded by the New Frontiers Cooperative Drilling grants programme and Impact will use the money to explore its NSW play for nickel-copper-platinum group metal deposits.

With the world crying out for non-fossil fuels and the uranium supply and demand curves predicted to cross over soon, Deep Yellow is sitting on a veritable powerhouse of uranium assets in Namibia that are moving rapidly towards being production ready ahead of an expected uranium price hike. In recent drilling at the Tumas 3 deposit, 85% of drill holes returned a result greater than 100ppm eU3O8 over 1m.

ASX-listed St George Mining’s latest geophysical program has identified potentially game changing new areas at depth along the Cathedrals Belt, some of which are untested for nickel-copper-cobalt-PGM mineralisation. The surveys were conducted to give the company an insight into the geological structure to depths of more than 5km. The surveys lit up multiple areas of interest that may either play host to nickel-copper sulphide mineralisation or show where faults are hiding.

Anglo Australian Resources has managed to get a drilling program going at its Mandilla project near Kalgoorlie in WA as many mining and exploration companies come to terms with operational restrictions as a result of COVID-19. The company has started on a program of three diamond drill “tails” that will test the extents of gold mineralisation at Mandilla East to 200m. It will also drill 27 RC holes at the project.

Venus Metals has completed a heliborne EM survey over its Bellchambers gold project east of Sandstone in WA. The company has zeroed in on ten new high priority targets that are sitting on the Western Ridge ‐ Mickey Well gold mineralised trend. It has identified 25 new targets in total at Bellchambers as a result of a recently completed “Xcite” airborne electromagnetic survey.