Description
The suspension of trading in the securities of Wide Open Agriculture Ltd (‘WOA’) will be lifted from the commencement of trading tomorrow, 3 September 2024 following lodgement of its 2024 Preliminary Final Report.
Issued by
ASX Compliance
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Australian Prime Minister Anthony Albanese yesterday inspected the Collie processing and R&D facility of International Graphite’s (ASX:IG6) to see first-hand the contribution the Company is making to the development of Australia’s critical minerals industry.
The Collie facility, located 200 kilometres south of Perth, is the first downstream graphite pilot and product qualification plant in Australia and a key link in the Company’s mine-to-market development strategy, which includes downstream processing at Collie and development of one of the nation’s largest graphite resources at Springdale, also in Western Australia.
International Graphite has secured $13.2 million1 in funding from the Australian and Western Australian Governments for its role in building the nation’s battery minerals capability and supporting Collie’s economic transition.
Prime Minister Albanese was accompanied by Federal Minister for Climate Change and Energy Chris Bowen, and Assistant Minister Josh Wilson. They were joined by Western Australia’s Minister for Energy, Environment and Climate Change, Reece Whitby, Member for Collie-Preston MLA Jodie Hanns, and WA Government representatives.
IG6 Chairman Phil Hearse applauded the Government’s strategy which recognises the national benefits of building Australia’s critical minerals capability, and the importance of adding value to the nation’s raw materials.
“Hosting the Prime Minister and Ministers Bowen and Wilson, and WA Minister Whitby, was a great privilege and illustrates the commitment and interest Government is bringing to our industry,” Mr Hearse said.
“We are seeing growing demand for Australian product, particularly in allied markets like the US, Europe, Japan and Korea.
“The knowledge International Graphite is acquiring from its qualification plant operations here in Collie, along with valued support from both the Commonwealth and State, has been critical in helping to develop our downstream processing strategy.”
The Collie facility is home to International Graphite’s pilot scale graphite micronising and spheroidising equipment and a qualification-scale micronising plant that is producing product for customer acceptance testing.
Sample graphite product is currently being transported to potential customers in the battery materials, defence, plastics, lubricants, and aerospace industries worldwide.
Since its commissioning earlier this year, 2,000 person hours have been successfully completed with no lost time incidents recorded. An ISO 9001:2015 audit has also been completed confirming that appropriate quality management systems are in place to support the operation.
Plans are underway to expand the Collie facilities to achieve nameplate capacity of 4,000 tonnes of micronised products per annum, following the award of $4.5 million in Western Australian Government funding in April 2024.
The plant will be tailored to process graphite mined at the Company’s 100% owned Springdale Graphite Project, on the south coast of WA, establishing one of the first fully integrated mine-to-market graphite operations in the western world. International Graphite plans to develop one of Australia’s first anode production facilities for the lithium-ion battery industry.
As well as being the first stage in the production of graphite for lithium-ion battery anodes, and a critical conductive additive in battery cathodes, micronised graphite is widely used in many defence, electronics and industrial products, such as plastics, ceramics, refractory items, adhesives and lubricants.
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Sigma Lithium (TSXV:SGML,NASDAQ:SGML) announced on Thursday (August 29) that a development loan of 487 million Brazilian reais will allow it to double the production capacity of its Grota do Cirilo lithium operation.
The National Brazilian Bank for Economic and Social Development has made a binding commitment to provide Sigma with the funds, which will allow the company to build a second Greentech carbon-neutral plant.
With the new plant, Sigma will be able to boost it annual output of Quintuple Zero Green Lithium from 270,000 metric tons to about 520,000 metric tons. ‘Quintuple Zero’ refers to the product’s five key environmental attributes: zero carbon emissions, zero use of potable water, zero hazardous chemicals, zero tailings dams and zero use of dirty power.
Located in Minas Gerais, Brazil, Grota do Cirilo is already considered one of the largest lithium operations in the world. Phase 1 operations began commercial production in the second quarter of 2023.
The expansion is expected to enhance the company’s ability to meet growing demand for lithium, particularly from the electric vehicle sector, while maintaining its alignment to global standards for sustainability.
The existing Greentech plant uses 100 percent renewable energy. Additionally, the company has implemented a dry stacking method for tailings management, eliminating the need for a tailings dam. Water used in the production process is sourced from sewage treatment to further reduce environmental impact.
Sigma was recognized at COP28 for its clean technology and environmental sustainability practises.
The expansion project, which was approved by the company’s board in April, is expected to be completed within a 12 month period, with commissioning scheduled for mid-2025. Construction activities have already been initiated.
Sigma recently reported its second quarter results, outlining revenues of US$45.92 million for the quarter, driven by the sale of 52,572 metric tons of Quintuple Zero Green Lithium.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Leading chipmaker NVIDIA (NASDAQ:NVDA) is reportedly one of several tech giants considering a significant investment in OpenAI’s latest funding round, Bloomberg said on Thursday (August 29).
The funding round, led by Thrive Capital, is expected to value the artificial intelligence (AI) startup at over US$100 billion. NVIDIA is said to be eyeing a US$100 million stake in OpenAI as companies race to get exposure to the AI sector.
Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) are also believed to be interested in the capital raising. Microsoft, currently OpenAI’s largest backer, has invested about US$13 billion in the company to date.
The companies haven’t confirmed their involvement yet, but if a deal materializes it would mark a major collaboration between three of the most valuable companies in the tech industry and one of the most prominent AI firms.
Thrive Capital will also reportedly contribute about US$1 billion to this funding round, which comes as OpenAI aims to upscale its operations as a direct response to growing global demand for AI technologies.
OpenAI’s flagship product, ChatGPT, has been at the forefront of the AI revolution, transforming interactions with technology and sparking a competitive race among tech companies to integrate AI across their products.
Crucially, NVIDIA’s interest in OpenAI is aligned with its broader strategy of dominating the AI hardware market.
The company’s GPUs, which are critical for developing and running generative AI models, have seen soaring demand as AI-powered technologies continue to expand. On Wednesday (August 28), NVIDIA reported strong quarterly results, revealing that its revenue more than doubled to reach US$30.04 billion for the period.
NVIDIA briefly became the company’s most valuable company this past June, leapfrogging past Microsoft and Apple as it was propelled by the growing market for AI chips. An investment in OpenAI would further entrench NVIDIA as a key player in the AI sector, reinforcing its position at the center of AI development.
Apple’s involvement in this funding round leans more toward enhancement of its current AI capabilities.
The company has been integrating AI more deeply into its ecosystem, with new features being rolled out under the banner of Apple Intelligence. Bloomberg said in early July that Apple’s Phil Schiller was slated to take a board observer seat at OpenAI, allowing him to attend meetings, but this plan was reportedly abandoned later that month.
Microsoft’s deep ties with OpenAI position it as a central player in this latest funding round. The company has closely integrated OpenAI’s technology into products such as its Windows operating system and its Copilot AI platform.
However, Microsoft’s relationship with OpenAI has also attracted regulatory scrutiny, particularly in the EU and the US, where there are concerns about the concentration of power within a few large tech companies in the AI space.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Prismo Metals Inc. (the ‘Company’) (CSE:PRIZ)(OTCQB:PMOMF)(FSE:7KU) is pleased to announce that it has updated the mineralization model for the Hot Breccia project in Southern Arizona based on important historical information recently acquired from a third party. The information includes historic Bear Creek Mining Company (then a subsidiary of Kennecott Copper Co. (now part of Rio Tinto, ASX: RIO) exploration data, gathered between the completion of a masters thesis by Larry Barrett (1972) (1) through the completion of their first drill hole on our Hot Breccia property between 1972 and mid-1974. The recently acquired information includes a complete log and assays for hole OC-1 and a geological interpretation after holes OC-1 to OC-3 were completed(2
An important portion of the acquired data shows the distribution of post mineral quartz diorite dikes containing fragments of copper bearing mineralization brought up from depth (Fig 2), as well as the location of shallow and deep IP anomalies compiled from several different sources. The shallow IP anomaly follows the orientation of the swarm of quartz diorite dikes, probably reflecting pyrite bearing alteration associated with it. The deeper IP anomaly covers much of the central portion of the claim block and may be related to alteration around a mineralized intrusion or a related sulfide body. Bear Creek’s interpretation of the IP data indicates that mineralization is present over a larger area than they had previously recognized. Notably, their deep IP anomaly, as well as the distribution of copper bearing xenoliths in quartz diorite dikes, correspond closely to the area of the conductive anomaly identified in Prismo’s 2023 ZTEM geophysical survey (Fig. 2) (see News Release of February 9, 2024).
Also, included in the Bear Creek data is the complete description and assay data for hole OC-1, drilled to a depth of 733 meters in early 1974 (Fig 2), as well as an interpretation of the results by Barrett (1974)(2) (Fig 3). Hole OC-1 was collared in the area of one of the property’s namesake breccias that hosts copper skarn fragments sourced from deep below the surface. A Prismo sample of one of these fragments assayed 5.7% copper, as reported in the Company’s News Release dated March 26, 2024.
Prismo Metals previously possessed only a portion of the OC-1 drill log to a depth of 295 meters, all in volcanic rocks, with only summary assay data that indicated a mineralized interval deeper in the hole. According to the new data, hole OC-1 cut 403 meters of Cretaceous volcanic and volcano-sedimentary rocks as expected from the geology in the area, followed by an interval of 330 meters of quartz diorite porphyry including a pyritic and copper-bearing stock not exposed at the surface. Bear Creek suggested that this quartz porphyry includes an intrusive phase interpreted to be associated with mineralization, cut by later dikes that include fragments of previously formed skarn. The mineralized porphyry includes a 23.5-meter pendant of skarn mineralization averaging 0.54% Cu including 1.8 meters of 1.81% Cu. The hole was strongly copper-anomalous to the bottom and ended in mineralization.
Exploration Geologist Dr Linus Keating, Manager of Walnut Mines LLC the optionor of Hot Breccia, reviewed the Bear Creek core in the 1990’s before it was subsequently disposed of. He stated ‘I viewed the collection of core and recall seeing, beneath the overlying volcanics, long intervals (500 to 700 plus feet) of retrograde skarn mineralization. Alteration consisted of garnet, amphibole, quartz and calcite veinlets, and widespread chlorite and pyrite, together with scattered chalcopyrite and sphalerite. I remember being impressed with the intensity and extent of the alteration and mineralization and was surprised that it repeated in several holes.’
Steve Robertson, President, commented ‘We take a very thorough, scientific approach to exploration, using all information that we can gather to inform our modelling. This includes data produced and interpreted by previous generations, often by very talented geologists. We view the acquisition of the 1970’s data as equally important as fresh data and interpretation. This will have a strong influence on our exploration program in 2024.’
Robertson added ‘With this new data incorporated, our Computing & Artificial Intelligence partners at ExploreTech in California (see Prismo’s news release dated March 4th, 2024) have completed the preparation phase for the probabilistic ZTEM inversion and drilling optimization. The computation phase has commenced, and it is expected that this inversion and target processing will take approximately 7 to 10 days on ExploreTech’s high-performance computing system.’
Figure 1. Location ofthe Hot Breccia Project in the Arizona Copper Belt.
Figure 2. Plan view of Hot Breccia showing surface geology by Barrett (1972), the areas where
Cu bearing skarn is present in quartz diorite dikes, outlined in yellow, and an area of >0.5% Cu
in skarn fragments, in red, from a newly acquired report by Barrett and Anderson (1972).
The surface projection of the conductive body is also shown in magenta.
Figure 3. Schematic cross section at Hot Breccia showing interpretation by Barrett (1974).
The Company has established a budget of $3.0 million to complete the proposed five drill hole, 5,000 metre program. Each drill hole is intended to drill through the entire prospective Paleozoic carbonate stratigraphy. Prismo anticipates 1,000 to 1,200 metres per drill hole, although the exploration team will take advantage of the geological information provided by each drill hole to determine if any holes require extended drilling.
Note:
Barrett, Larry Frank (1972): Igneous Intrusions and Associated Mineralization in the Saddle Mountain Mining District Pinal County, Arizona. Unpublished Masters Thesis, University of Utah.
Barrett, Larry Frank (1974): Diamond drill hole OC-1, O’Carroll Canyon, Pinal County, Arizona, unpublished internal report, Bear Creek Mining.
About Hot Breccia
The Hot Breccia property consists of 1,420 hectares in 227 contiguous mining claims located in the world class Arizona Copper Belt between several very well understood world-class copper mines including Morenci, Ray and Resolution. (Figure 1) Hot Breccia shows many features in common with these neighboring systems, most prominently a swarm of porphyry dikes and series of breccia pipes containing numerous fragments of well copper-mineralized rocks mixed with fragments of volcanic and sedimentary derived from considerable depth. Prismo ran a ZTEM survey last year that identified a very large conductive anomaly directly beneath the breccia outcrops.
Sampling at the project has shown the presence of copper mineralization associated with polymictic breccia that has brought fragments of sedimentary rocks and mineralization to the surface from depths believed to be 400-1,000 meters below the surface, so drilling of deep holes, possibly including a twin of an historic hole, is planned.
Assay results from historic drill holes are unverified as the core has been destroyed, but information has been gathered from memos, photos and drill logs that contain some, but not all, of the assay results and descriptions.
The newly acquired information is historical in nature and has not been verified, is not compliant with NI 43-101 standards and should not be relied upon; the Company is using the information only as a guide to aid in exploration.
QA/QC
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release.
About Prismo Metals Inc.
Prismo (CSE: PRIZ) is mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube
Prismo Metals Inc.
1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer alambert@cpvcgroup.ca
Steve Robertson, President steve.robertson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. This information and these statements, referred to herein as ‘forward‐looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Hot Breccia.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Hot Breccia.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the ability to raise capital to fund the drilling campaign at Hot Breccia and the timing of such drilling campaign.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Prismo Metals Inc.
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With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
The Company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits – Onedin, Sandiego and Emull.AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8
Mkuju project location
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.
Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to announce that it has entered into a binding tenement sale agreement to acquire 100% of tenement E57/1045 known as the Penny South Gold Project.
HIGHLIGHTS
Binding Tenement Sale Agreement to acquire 100% of the Penny South Gold Project (E57/1045) to bolster West Australian Gold exploration portfolioPenny South Gold Project located in world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1, the Penny West/North Gold Mine (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s2.The initial Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to a takeover by Ramelius for >$200M during 20203, with the deposit now being mined and extended.The Penny West Shear, which hosts the Penny deposits, continues south into the Penny South Project (E57/1045) with ~2.5km of strike contained in E57/1045.Average historical drill hole depth across E57/1045 is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m4 5, with no diamond drilling.Historic drilling within E57/1045 has encountered various significantly anomalous intersections of gold mineralisation5.Review of all available data to generate high priority drill targets underway.
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have reached an agreement for the acquisition of the Penny South Project. The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio. Given the minimal deeper drilling and lack of diamond drilling, it is the Company’s view there may be substantial value to be unlocked at depth and we are eager to execute a path forward to test the theory as the momentum for gold continues.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”)6. NKL’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
On 13 June 2024, the boards of Deterra Global Holdings Pty Ltd (‘Bidco’) and Trident Royalties PLC (‘Trident’) announced that they had agreed the terms of a recommended cash acquisition of Trident by Bidco pursuant to which Bidco will acquire the entire issued and to be issued share capital of Trident (the ‘Acquisition’) to be effected by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the ‘Scheme’). The circular in relation to the Scheme was published on 4 July 2024 (the ‘Scheme Document
Further to the announcement made by the boards of Bidco and Trident on 2 September 2024 that the Scheme has become Effective in accordance with its terms, the boards of Bidco and Trident today announce that, following an application by Trident, the London Stock Exchange has cancelled the trading of Trident Shares on AIM, with effect from 7.00 a.m. today, 3 September 2024.
Unless otherwise defined, all capitalised terms in this announcement shall have the meanings given to them in the Scheme Document.
All references to times in this announcement are to London time, unless otherwise stated.
Enquiries:
Bidco / Deterra
+61 8 6277 8880
Julian Andrews, Managing Director
Bronwyn Kerr, General Counsel and Company Secretary
J.P. Morgan(Financial adviser to Bidco and Deterra)
+44 (0) 20 3493 8000
Mathew Hocking
Jamie Riddell
James Robinson
Jonty Edwards
Gresham(Financial adviser to Bidco and Deterra)
+61 2 9224 0210
Neville Spry
Michael Smith
Tom Waddell
Trident
Adam Davidson, Chief Executive Officer
+1 (757) 208-5171
Richard Hughes, Chief Financial Officer
+44 (0) 7967 589997
BMO (Rule 3 adviser and financial adviser to Trident)
+44 (0)20 7236 1010
Gary Mattan
Tom Rider
Andrew Cameron
Nick Macann
Grant Thornton (AIM Nominated Adviser)
+44 (0)20 7383 5100
Colin Aaronson
Samantha Harrison
St Brides Partners Ltd (Financial PR & IR)
+44 20 7236 1177
Susie Geliher
Charlotte Page
Important Notices Relating to Financial Advisers
J.P. Morgan Securities Australia Limited, together with its affiliate, J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove (‘J.P. Morgan Cazenove’) and is authorised in the United Kingdom by the Prudential Regulation Authority (the ‘PRA’) and regulated by the PRA and the Financial Conduct Authority, (together, ‘J.P. Morgan’) is acting as joint financial adviser exclusively for Bidco and Deterra and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Bidco and Deterra for providing the protections afforded to clients of J.P. Morgan or its affiliates, nor for providing advice in relation to any matter or arrangement referred to herein.
Gresham Advisory Partners Limited (ABN 88 093 611 413) (‘Gresham’) is acting as joint financial adviser for the Wider Deterra Group only in Australia, in connection with the matters set out in this announcement. Gresham is authorised to provide financial services to wholesale clients in Australia only, under Australian Financial Services License no. 247113.Neither Gresham nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Gresham in connection with this announcement, any statement or other matter or arrangement referred to herein or otherwise.
BMO Capital Markets Limited (‘BMO’), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as Rule 3 adviser and financial adviser for Trident and for no one else in connection with the matters set out or referred to in this announcement and will not be responsible to anyone other than Trident for providing the protections offered to clients of BMO nor for providing advice in relation to the matters set out or referred to in this announcement. Neither BMO nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of BMO in connection with this announcement, its contents and/or any matter or statement set out or referred to herein or otherwise.
Grant Thornton UK LLP (‘Grant Thornton’) is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is acting as nominated adviser for Trident and for no one else in connection with the matters set out or referred to in this announcement and will not be responsible to anyone other than Trident for providing the protections offered to clients of Grant Thornton nor for providing advice in relation to the matters set out or referred to in this announcement. Neither Grant Thornton nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Grant Thornton in connection with this announcement, any matter or statement set out or referred to herein or otherwise.
Further Information
This announcement is for information purposes only and is not intended to and does not constitute, or form any part of, an offer or invitation to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise.
The Acquisition will be subject to English law and to the applicable requirements of the Code, the Panel, the AIM Rules, the London Stock Exchange and the FCA.
The Acquisition is being made solely by the Scheme Document (or, in the event that the Acquisition is to be implemented by means of a Takeover Offer, the Offer Document), which, together with the Forms of Proxy, will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any voting decision or response in relation to the Acquisition should be made solely on the basis of the information contained in the Scheme Document (or, in the event that the Acquisition is to be implemented by means of a Takeover Offer, the Offer Document). Trident Shareholders are advised to read the formal documentation in relation to the Acquisition carefully once it has been published. Each Trident Shareholder is urged to consult their independent professional adviser regarding the tax consequences of the Acquisition.
This announcement does not constitute a prospectus or a prospectus equivalent document.
If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or from an independent financial adviser duly authorised under the FSMA.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Trident Royalties PLC
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Airlines that spent years clamoring for new jets are changing their tune.
Cash-strapped, low-cost and deep discounter airlines are putting off spending billions of dollars on new aircraft to save money as they try to return to steady profitability and face the impact of engine repairs.
Airlines flooded the U.S. with flights this year, driving down fares particularly in the domestic market, where low-cost carriers concentrate, and weighing on carriers’ revenue while costs have gone up. Spirit Airlines, JetBlue Airways and Frontier Airlines last posted annual profits in 2019, while larger carriers have returned to profitability.
Lower prices on plane tickets are noticeable: Fare-tracker Hopper estimates “good deal” airfare in September is going for $240 for roundtrip U.S. domestic flights, down 8% from last year.
Now, some of those same airlines are dialing back their growth plans and deferring deliveries of new aircraft. The bulk of the price of an airplane is paid upon delivery.
“You have too much supply, so it’s natural for us as an industry to reduce the supply,” Frontier CEO Barry Biffle said. Frontier earlier this month said it is is deferring 54 Airbus aircraft to at least 2029.
Part of the problem is that years of aircraft delivery delays mean carriers don’t want to add too many planes too quickly, Biffle said.
“Because they delayed a bunch, [the order] got piled up,” he said. “So we had to smooth that out”
Frontier’s revenue rose 1% from last year in the second quarter despite carrying 17% more passengers, with average fare revenue falling 16% to just shy of $40.
JetBlue Airways is estimating it will save about $3 billion by deferring 44 Airbus A321 airplanes through 2029, opting to extend some aircraft leases. The New York carrier posted a surprise profit in the second quarter but is scrambling to reduce its costs through the deferrals and steps like exiting unprofitable routes — and it wants to do that quickly.
The airline and others are also grappling with grounded jets from a Pratt & Whitney engine recall.
Deferring so many aircraft even while the carrier is short on planes because of the engine recall is a “double-edged sword,” JetBlue CEO Joanna Geraghty said in a note to employees on Aug. 19.
“We need planes to grow, but taking delivery of aircraft that end up sitting on the ground after we’ve paid for them significantly worsens the problem,” she said. “In addition, given our growing debt, we just can’t afford to buy so many planes.”
Spirit Airlines — which had planned to get acquired by JetBlue until a judge blocked the deal in January — has also deferred aircraft as it fights to turn the company’s deep losses around.
Spirit earlier this month reported an 11% drop in revenue and a $192 million loss, compared with a roughly $2 million loss a year earlier, and said it would furlough some 240 pilots in the coming weeks. The airline has been especially hard hit by the Pratt & Whitney engine recall.
The airline said it was deferring all the Airbus planes it has on order from the second quarter of next year through the end of 2026 until at least 2030.
Aircraft leasing firm AerCap said earlier this month that it will assume 36 of Spirit’s Airbus A320neo family aircraft from the carrier’s order book. CEO Gus Kelly called it a “win-win” transaction for the airline and AerCap.
Even with the moves from low-cost carriers, most of the global airline industry is still in a scarcity mindset, with new fuel-efficient planes in short supply.
Lease rates for new Airbus A320s and the larger A321s hit fresh average records in July of $385,000 a month, and $430,000 a month, respectively, according to Eddy Pieniazek, head of advisory at aviation consulting firm Ishka. Meanwhile, leases for new Boeing 737 Max 8 aircraft, the most common model, are near a record at $375,000 a month, Pieniazek said.
Airlines can buy aircraft directly from suppliers or lease them from companies like Air Lease or AerCap, paying monthly rent. Some airlines, like Frontier, have been active in sale-leasebacks, in which they sell planes to generate cash and lease them back.
Boeing and Airbus, the world’s two main suppliers of commercial aircraft, are struggling to increase output as a post-Covid hangover lingers in the form of skilled worker shortages and supply shortfalls. Airbus recently cut its delivery target for the year, while Boeing is limited from ramping up output as it tries to work through a safety crisis.
Despite the deferrals from budget airlines, an Airbus spokeswoman said the company isn’t seeing any slowdown in demand for airplanes in the A320 family, for which it has more than 7,000 unfilled orders. Boeing has nearly 4,200 orders for its competing 737 Max planes.
“We offer a full range of aircraft to meet our customers’ needs and maximize their flexibility with fleet decisions,” the Airbus spokeswoman said in a statement.
But airlines are feeling the strain. Executives have said delayed deliveries of new planes have forced them to slow, if not halt, hiring and other growth plans.
“We are urgently and deliberately pursuing opportunities to mitigate cost pressures, including the drag from overstaffing related to previously reported Boeing delivery delays,” Southwest Airlines CFO Tammy Romo said on an earnings call last month. The all-Boeing 737 airline has offered some staff voluntary leave programs.
When asked about Southwest’s fleet plans, Romo said the airline has “a lot of flexibility with our order book from Boeing. Boeing didn’t comment for this article.
“We’re not ready yet to lay out all of our plans,” Romo said, adding that the company would provide more details at a Sept. 26 investor day. “But we have ample flexibility to reflow the order book to ultimately meet our needs.”
For the first time since 1945 a German far-right party is projected to win in regional elections, exit polls show.
Founded in 2013, far-right Alternative für Deutschland – or Alternative for Germany (AfD) – is on track to claim victory in state parliamentary elections in the country’s eastern region of Thuringia, initial exit polls by German state broadcaster ZDF show.
AfD is projected to get 33.5% of the vote, well ahead of the conservative party Christian Democrats (CDU) with 24.5%, according to ZDF.
In Saxony, which also held a regional election Sunday, the two parties are neck and neck, according to state broadcaster ZDF.
Newly founded left-wing party, the Sarah Wagenknecht alliance – or BSW – looks to be coming in third in both Thuringia and Saxony, where roughly 1.7 million people and 3.3 million were eligible to vote, respectively.
German Chancellor Olaf Scholz’s Social Democratic Party (SPD) is projected to get disappointing results in both states.
The local elections results in Thuringia and Saxony are seen by many as a litmus test for Scholz and his coalition partners ahead of next year’s general elections. While the AfD has put immigration front and center of its agenda, the coalition built by Scholz is creaking, with infighting, disagreements about policy and accusations that elected officials no longer represent the values they were initially elected for.
AfD co-chair Alice Weisel called the results in Thuringia a “historic success,” reflecting the people’s “rejection” of Scholz’s coalition government.
“This is an even stronger result than in the last elections and, accordingly, we will of course emerge stronger from the elections,” she said.
“It is a rejection of this coalition and they should ask themselves whether they can continue to govern at all. The question should be raised for new elections. Because it can’t go on like this,” she added.
AfD would very unlikely be able to form a regional government, struggling to find allies in other parties.
Branches of the AfD are classified as suspected right-wing extremist by Germany’s intelligence agency and the party’s top candidate in Thuringia, Björn Höcke has been fined twice for using a Nazi slogan.
Regional elections take place every five years in Germany and each state can have their election at various dates. The German state of Brandenburg is set to head to the polls on September 22.