Public Company News

Conico is set to spin the rods this week on a 5800m drilling probe at its Mt Thirsty multi-metal project as it seeks to extend Galileo Mining’s major discovery at Callisto that sits only 200m from its fence line. Conico is keen to test the underexplored mineralised horizon on its patch of dirt that has recently delivered a slew of head turning results for its neighbour, only 16km from Norseman in Western Australia.

Blackstone Minerals is quickening the pace of development of its Ta Khoa green battery metals processing project in Vietnam by focusing on critical activities, such as a review of key infrastructure and prioritising test work, piloting and approvals as it works towards starting production within three years. The company has recently held strategy meetings with prospective technology and off-take partners and has a definitive feasibility study in the works.

Middle Island Resources has revealed a strong iron oxide-copper-gold-style alteration in its first diamond drill hole at Crosswinds in the Northern Territory East Tenant region. The hole was drilled to 808.4m and intersected increasing veining, brecciation and alteration at depth. The current exploration campaign is targeting previously uncovered aeromagnetic and induced polarisation geophysical anomalies beneath a trench sample of 130m at 0.75 per cent copper.

In a transformative shift, Africa-focused bauxite explorer Lindian Resources has inked a deal to acquire the globally significant Kangankunde rare earths elements project in Malawi for US$30 million. Kangankunde has been hailed as one of the world’s largest rare earths operations outside of China. The acquisition is in line with the company’s pursuit of African projects.

Geological mapping at Galan Lithium’s Greenbushes South project in WA’s South West has led to the discovery of a significant new pegmatite outcrop that runs over 500m in strike length and alluringly remains open. The campaign follows previous exploration at the site that unveiled the operation’s first pegmatite lens in a highly prospective area coined “GS11”.

Estrella Resources says it remains on target to kick off full-scale mining of the company’s 5A resource in early 2023 after further high-grade assays at its Spargoville nickel project near Kambalda in WA. With drilling coming to an end, Estrella will now move to extract between 2000 and 4000 tonnes of material for metallurgical testing. The company says plans to calculate a revised mineral resource estimate will feed into ore reserve and pit optimisation modelling.

Image Resources has tabled a successful quarter of operations at its Boonanarring mineral sands project in WA despite rising costs. The company posted revenue of $54.6 million, up 46 per cent from the previous period. Image ended the financial year with a net cash position of $47.9 million. The mineral sands producer also expanded its total mineral resource to 6.4 billion tonnes after expanding its Eneabba tenement deal.

Lithium Australia continues to grow its revenue stream after recording almost $1m in receipts from customers for the June quarter and finishing the financial year with $4.8 million in the tin. The company recorded $994,000 in revenue for the June quarter that has increased from $575,000 in the March quarter that in turn grew from $488,000 for the December quarter.

Helped by rising oil prices, Buru Energy has tabled its record price for an oil shipment yet, bringing in about $5.7 million from its 50 per cent share in 76,000 barrels of crude from its joint venture Ungani oilfield near Broome in WA. The shipment by a tanker through Wyndham port raked in $1 million above the company’s previous high in February.

Podium Minerals has confirmed the presence of high-value rhodium and iridium in its maiden drilling campaign for platinum group metals at Parks Reef in WA as the company pushes towards production. Shallow drill results were headlined by 27m at 2.34 g/t 5E PGM from 9m including 7m grading 6.11 g/t from 17m. 5E PGM represents a combination of platinum, palladium, gold, rhodium and iridium.

Oil producer Triangle Energy has navigated an evolving commodity landscape, locking away $13.8 million in cash at the end of June – a leap of more than $11 million above its previous quarter. Oil revenue from its Cliff Head JV was $21.3 million for the period, courtesy of 148,000 barrels of oil sold. Receipts from customers leapt to $12.6 million up from zero in the March quarter.

Empire Energy has finished the June quarter in a strong financial position after locking in more than $3 million in sales, a successful $27.5 million capital raise and almost $5.5 million in exploration grants. The ASX-listed oil and gas company closed the financial year with more than $45 million in the tin, with the goal of becoming the first commercial producer in Northern Territory's Beetaloo sub-basin.