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We are more interested in the Company’s long-term prospects, and the valuation it could attract were it to successfully execute its growth strategy. Employing our internal five-year forecasts, a discount rate of 10.0% and a terminal EV / EBITDA multiple of 11.0x, our discounted cash flow modelling indicates a fair value share price of between 4.3p and 8.7p. We will detail our modelling in our second note.
#STAR #HMI #MKA #N4P #SAE
20 May 2019
KIZILTEPE QUARTERLY OPERATIONAL UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company operating inTurkey, is pleased to announce its operating results for the quarter ended 31 March 2019 for the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").
· Gross income for the quarter isUS$10.86 millionand at an average realised gold price ofUS$1,311per ounce, against an average revenue per gold ounce ofUS$1,489(due to silver credit).
· Production of 7,296 ounces of gold during the quarter ending 31 March 2019.
· Operating cash costs for the quarter are estimated atUS$399per ounce#.
· Operational mill availability running at 99% and utilisation at 95% for the period.
· 46,825 tonnes ore milled during the period ending 31 March 2019 at an average head grade of 4.83 g/t Au.
· Process recoveries of gold remain high at 93.7% at the end of the quarter.
* All figures are given gross with respect to the JV.
Dr. Kerim Sener, Managing Director, commented:
"These first quarter results for the Kiziltepe Mine reflects a solid start to 2019 and continues to demonstrate the efficiency of our JV operations. Operating cash costs per ounce continue to remain low, despite the high strip ratios incurred during the pushback of the southern pit wall at Arzu South. This was helped by the planned draw down on stockpiles, maintenance of significant by-product silver credit and high grades through the plant during the period.
"As at the end of the quarter, 60% of the JV construction capital loan ofUS$33 millionhad been repaid, and by the end of the June quarter we are expecting to be almost 70% repaid. Monthly intercompany loan repayments and dividends from the JV to our wholly owned subsidiary, Galata Madencilik San. ve Tic. Ltd., reached approximatelyUS$2.7 millionby the end of Q1 2019."
· Production of ore from the open-pit was24,686 tonnes (dry)over the period, with a peak rate of over 10,987 tonnes achieved in March.
· Gross capital loan repayments by Zenit to Turkiye Finans Katilim Bankasi A.S. have been made on their scheduled basis and have amounted toUS$19.6 millionin aggregate as at the end of March 2019 (c.US$13.4 millionremaining); c.US$3.2 millionwas repaid in Q1 2019.
· Ore production from the open pit will remain restricted during Q2 and Q3 2019 due to the continuation of work on the pushback of the southern wall of the Arzu South pit, although this is not expected to impact output significantly.
* All production figures are quoted gross with respect to the JV in this announcement.
#Operating cash costs are inclusive of on-site costs and off-site charges and royalties specific to the project. It also includes adjustments for stockpile balances at the end of each quarter, in addition to an adjustment for by-product silver. They exclude finance costs, taxes and development capital. The definition used to derive the cash costs is essentially the same as that used within the feasibility study. This cash cost was calculated based on unaudited figures obtained from Zenit.
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Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Redmoor mining scoping study leads to positive financial assessment
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that Cornwall Resources Limited ("CRL"), the joint venture vehicle developing the Redmoor Tin/Tungsten project, has received an updated scoping study it commissioned from mining consultants Wardell Armstrong International ("WAI"), following on from the recent Mineral Resource Estimate update.
On the basis of this study, CRL has carried out a preliminary assessment of the potential returns from an underground mining project at Redmoor inCornwall. This assessment suggests, based on a nominal plant feed rate of 600ktpa, an IRR of 19%, and an NPV of$94m, based on a capex of$89m. Further work will now be carried out to continue to advance and further optimise the project as it heads towards a pre-feasibility study ("PFS").
· Positive outcome from scoping level underground mining study completed by regionally based consultants WAI; resultant indicative mine schedule confirms economic potential of project.
· Study suggests an indicative production rate of 600ktpa; potential mine life of 10+ years.
· Life of Mine production schedule indicates 7.1Mt @ 1.09% tin equivalent grade.
· The results of the study have been modelled internally by CRL and already show strong positive returns, together with potential for further optimisation.
· Metallurgical testwork carried out in parallel confirms amenability of ore to gravity pre-concentration with good potential recoveries and grades.
· Significant upside has been identified with exploration target likely to extend the existing mine life as well as targeting high margin ores early in the production schedule.
John Peters, Managing Director of Strategic Minerals, commented:
"The recently completed mining study, while still based on an Inferred Mineral Resource, provides SML confidence that a major portion of the recently announced resource of 11.7Mt at 1.17% SnEq can potentially be economically mined.
"Using the results of this study, SML believes it has confirmed its view that Redmoor has the potential to be a world class tin and tungsten mine which will deliver attractive returns on investment.
"SML looks forward to continuing to add value to the project as it advances towards a PFS."
Strategic Minerals - Updated Redmoor Scoping Study #SML @SML_Minerals https://www.voxmarkets.co.uk/rns/announcement/a4406bf5-bdbc-4e8c-a61f-02da62a1dfbd #voxmarkets
@Share_Talk has come across some V exciting information concerning @GreatlandGold an update from #Geneva - We will cross check our information & update in the next couple of hours #GGP Shareholders will be happy if this data is correct.
GGP are to be included in MSCI microcap index, so it’s like a large investment fund which tracks the index, so a percentage of the fund will be invested in ggp? Good for exposure... Wonder how big the fund is and how much will be invested into GGP... This could re-rate the stock on its own ore drill results
The other thing that sticks out for me is looking at the criteria that GGP must have passed to warrant inclusion in the index.
MSCI FaCS is a standard method (MSCI FaCS Methodology) for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consists of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta) from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use. The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures of funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over the long run."
Surely this all bodes well for the foreseeable future.
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Financial Results for the Year Ended 31 December 2018
Strategic Minerals plc (AIM: SML; USOTC: SMCDY),a producing mineral company actively developing projects prospective for battery materials, is pleased to announce its audited results for the year ended 31 December 2018.
· Profit from operations ofUS$1.473m(2017: profit ofUS$1.586m).
· All project development activities in 2018 fully funded internally.
· Unrestricted Group cash position, as at 31 December 2018,US$1.840m(2017:US$3.706m).
· Robust sales at Cobre in 2018 produced net cash flow ofUS$2.163m(2017:US$3.796m), which continue funding overheads and investment into project acquisition and development.
· Acquisition of Leigh Creek Copper Mine Pty Ltd ("LCCM") and preparation for recommencement of operations. Operations successfully commenced in April 2019.
· Excellent results achieved from 12 hole, 2018 drilling programme by the Company's 50% joint venture vehicle, Cornwall Resources Limited ("CRL"), holder of the Redmoor brownfields tin and tungsten project in the historic tin mining region ofCornwall, United Kingdom.
· 200% increase in inferred tin equivalent metal at Redmoor from 4.5m @ 1.0% SnEq to 11.7m @ 1.17% SnEq, as a result of the resource update released in February 2019. This indicates the project's potentially global significance.
· The Company continued its strategy to focus on metals and minerals likely to benefit from an anticipated growth in the battery market.
Commenting, John Peters, Managing Director of Strategic Minerals, said:
"2018 has seen the Company build on the platform that sales at Cobre provide and has sought to develop a near term, second income stream at LCCM. At the same time, it has been active in driving the Redmoor Tin/Tungsten project and CARE exploration.
"The results from the 2018 Redmoor drilling programme have encouraged the Board to acquire the balance of CRL and an offer was made to our joint venture partner, New Age Exploration Limited, that was accepted in March 2019. The transaction is expected to settle on 30 May 2019. Total control of CRL will allow the Company to efficiently deploy expected future cash flows from Cobre and LCCM into the development of the Redmoor project.
"The SML team looks forward to progressing and consolidating its projects throughout 2019, increasing production at LCCM and preparing 2020 to be the year the Company sees a second, material income stream arising from LCCM."
Notice of Annual General Meeting and Shareholders' Evening
SML will hold its Annual General Meeting ("AGM"), followed by a shareholders' evening, at 6:00pm on Tuesday 18 June 2019 on the first floor of the Rutland Arms, 15 Lower Mall, Hammersmith W6 9DJ. Those wishing to attend the AGM and shareholders' evening can register by email@example.com(limit of two per shareholder). The shareholders' meeting will provide shareholders the opportunity to meet with all four Directors and will also include a presentation on the Redmoor project by our development team (Brett Grist and James Blight).
Transaction in Own Shares #SGC https://www.voxmarkets.co.uk/rns/announcement/5fc552a7-eec8-4aff-8e4e-cbdfa78e4acb
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#ANG - City AM 24/4/19
Angling Direct PLC - Replacement - New Store Opening and Trading Update https://www.voxmarkets.co.uk/rns/announcement/0b80e2e4-dba0-4bfb-a10b-0cbc3efa7e46
Central Asia Metals#: 2018 Full Year Results Robust Full Year Financials
Central Asia Metals (CAML LN) having delivered on production guidance for 2018 released robust full year results underpinned by the low cost base of the group. Revenue of US$192m was up 88% YoY while Kounrad unit costs of US$0.54/lb were up 4% YoY, in line with our forecast. Sasa unit costs were 5% higher YoY. The stronger top line and low cost base meant EBITDA was up 88% YoY to US$125m. Net income from continuing operations was up 48% YoY and with EPS up 8% YoY to 31 cents per share highlighting the accretive nature of the transaction. The full year dividend of 14.5p/sh. was 5% ahead of our estimate.
Ongoing Strong Free Cash Flow Generation
We anticipate copper output of 13.4kt in 2019 with lead and zinc production of 29.4kt and 22.5kt. Although we anticipate modest inflationary pressure from higher power and pumping costs at Kounrad and rising zinc treatment charges at Sasa we expect margins to remain strong with EBITDA of US$120m in 2019. With capital expenditure expected to drop to US$11.2m following the completion of the tailings facility at Sasa, in H1 2019, levered FCF is likely to increase 15% YoY in 2019F to US$84.6m enabling a dividend of 15.7p.sh.
Sasa Mine Review
Having integrated Sasa, management is now focused on enhancing the operational efficiencies via a life of mine review covering all aspects of operations. The first step of this was an updated resource statement which included an increase in lead and zinc grades as well as the conversion of 17% of Golema Reka into the higher Indicated category. This confirms the mine’s current 19 year life although drilling new areas in 2019 offers upside potential to the current resource.
Reccomendation and Target Price
Although the shares are up 14% YTD, trading on a dividend yield of 6% and at a 12% discount to peers this highlights the ongoing value opportunity and we expect FCF generation to continue to increase in 2019F and 2020F.
We reiterate our Buy recommendation although adjust our target price to 300p which implies 21% upside and 28% on a total return basis.
VSA Capital posted on #CAML https://www.voxmarkets.co.uk/activity/147736
WPP shares have tumbled since Martin Sorrell left unexpectedly a year ago. However, they may be worth considering now for dividend income, as the share price is back to where it was in 2012. It's still the world's largest advertising agency and is moving more into digital advertising. (Have a look too at Bidstack #BIDS for digital advertising).
Dividend yield is currently 6.5%. Ex div date 19.6.19
Recent guaranteed bonds to 2020 were issued at 6.375%
The BoD has been strengthened too.
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Bitesize briefing – Hard rock lithium production levels. Large, mid or small?
Published on 28 March 2019
Dr Ryan D Long - Director of Mining - Edison
Production levels can be difficult to interpret without the content of a wider peer group. In this video we assess the planned production levels from hard rock lithium projects, separating concentrate producers from carbonate and hydroxide producers.
#BCN #EMH #PREM
28 March 201
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
Jubilee is pleased to announce its unaudited interim results of the Group for the six months ended 31 December 2018.
· Positive earnings per share for the period0.06 pence(ZAR 0.99 cents(i)) (2017: loss of0.025 pence(ZAR 44.15cents))
· Profit for the period up 274 % toGBP 0.76 million(ZAR 13.17 million) (2017: loss ofGBP0.44 million(ZAR 7.79million))
· Revenue up 39 % toGBP 8.33 million(ZAR 143.92 million) (2017:GBP 5.99 million(ZAR 105.80million))
· Gross profit up 71 % toGBP 4.04 million(ZAR 69.85 million) (2017:GBP 2.37 million(ZAR 41.85million))
· Cash generated from operations up more than fourfold toGBP 1.17 million(ZAR 20.29 million) (2017: cash utilised in operations ofGBP0.38 million(ZAR 6.77million))
Operational and projects highlights
· PGM(ii)production up 85 % to 12 288 ounces (2017: 6 629 ounces)
· PGM revenue up 98 % toGBP 7.09 million(ZAR 130.59 million) (2017:GBP 3.59 million(ZAR 63.59million))
· PGM operational earnings up 180 % toGBP 4.09 million(ZAR 75.60 million) (2017:GBP 1.46 million(ZAR 26.06million))
· 17 011 tonnes (2017: 26 922 tonnes) of remaining saleable coarse chromite concentrate produced at DCM
Post period under review
· PlatCro Chrome operation acquired in January 2019 and already contributing to Group earnings, ahead of schedule, ofGBP 0.9 million(ZAR 16.06 million) combined for January and February 2019
· The PlatCro PGM project accelerates deliveries of PGM containing material to Northam's Eland platinum concentrator, scheduled to commence PGM recovery and refining during May 2019
· Jubilee completes commissioning and bringing into operation of the DCM fine chrome plant delivering saleable chrome concentrate to the market
· Jubilee executes share purchase agreement for the acquisition of Sable Zinc refinery in Kabwe Zambia
· The acquisition reduces construction time of zinc, vanadium and lead refinery by 18 months and project capital to belowUS$ 25 million
· Jubilee fully funded for the acquisition and completion of the project construction through a combination of project funding and equity placing
(i) Conversion rates used for revenue and earnings are at the average conversion rate for the period and for balance sheet at the spot rate at period end. Conversion rates used for capital expenditure are at current spot rates
(ii) Platinum Group Metals (6E platinum, palladium, rhodium, iridium, osmium, and gold)
INTERIM PERIOD OVERVIEW
The results for the period under review highlights Jubilee's continued growth in earnings as Hernic continues to deliver strong operational and financial results which will be further supported by the acquisition of the PlatCro Chrome operations and the commissioning of the DCM Fine chrome operation.
Further earnings growth drivers are targeted in the near term with the acceleration in deliveries of its platinum material to Northam Platinum's, Eland platinum recovery plant expected to start processing material in May 2019, as well as the significant move intoZambiathrough the acquisition of the Sable Zinc refinery for the processing Jubilee's zinc, vanadium and lead containing material at Kabwe.
The diversification of our operations and projects portfolio across borders and into base metals, underpins Jubilee's clear strategy to become a global, diversified processor of surface material.
Hernic PGM operations -South Africa
Jubilee operates a chrome and platinum recovery plant at the Hernic Ferro chrome operation inSouth Africa.
For the period under review the Hernic PGM operation achieved a unit cost per PGM ounce produced of belowUS$ 400, which makes the operation one of the lowest cost platinum producers in the industry. The operations nearly doubled its PGM ounce production to 12 288 PGM ounces from 6 629 PGM ounces for the comparative 6 month period, with revenues increasing toGBP 7.09 million(ZAR 130.59 million). Operational earnings increased toGBP 4.09 million(ZAR 75.60 million) (2017:GBP 1.46 million(ZAR 26.06million)) assisted also by increased palladium prices.
The Hernic PGM operation continued to deliver strong earnings post the period under review, despite a delayed start-up following the December break and the challenges posed by increased power outages from the South African power grid. The Company expects production to return to previous levels from March 2019. Hernic delivered operational earnings ofGBP1.10 millioncombined for January and February 2019. The Company expects to further grow the earnings potential as it targets to increase delivery of feed material to the Hernic PGM operation.
The table below presents the performance of the Hernic PGM operation for the period under review.
View attachment 8156
DCM chrome and PGM projects -South Africa
The DCM operation for the recovery of the coarse chrome from the surface material approached the project's end of life during the period under review and was replaced by the implementation and commissioning of the industry first fine chrome recovery circuit.
The DCM fine chrome plant was brought into production during January 2019 and ramped up to reach commercial production levels during March 2019. The project targets the recovery of the super fine chrome component currently lost to tails by the chrome industry. The DCM plant holds a capacity to process up to 25 000 tonnes per month of chrome containing tailings material. Jubilee will target to roll-out this process to its other operations.
PlatCro chrome and PGM operation -South Africa
Jubilee completed the acquisition of the PlatCro chrome operation in January 2019. The acquisition of this chrome processing facility provides Jubilee with a strategically placed chrome processing footprint in the heart of several established chrome mining operations in need of an efficient chrome processor of choice.
The acquisition complements the large platinum and palladium (and other PGM containing) surface tailings material (in excess of 1. 45 million tonnes) already owned by Jubilee. Jubilee plans to recover the chrome contained in this material and process the remaining platinum and palladium containing material in partnership with the nearby Eland platinum recovery plant.
Jubilee accelerated deliveries of this PGM containing material to Northam's Eland platinum recovery plant from February 2019, scheduled to commence PGM recovery and refining during May 2019. The PlatCro PGM operation targets to process up to 60 000 tonnes per month of PGM material equating to a production potential of 30 000 PGM ounces per annum which is equivalent to the targeted production levels at the Hernic PGM operation.
Kabwe Project -Zambia
Jubilee executed a share purchase agreement for the acquisition of the Sable Zinc refinery in Kabwe Zambia in March 2019. The refinery is situated immediately adjacent to the large stock piles of zinc, lead and vanadium that Jubilee has contracted from BMR Group PLC ("BMR").This transaction extended Jubilee's reach beyond the borders ofSouth Africainto both PGMs and base metals, thus leveraging off its in-house metallurgical skill, project execution track record and operational performance.
The Kabwe Project targets an initial processing rate of 20 tonnes per hour producing a zinc concentrate and vanadium pentoxide before ramping up to a targeted 40 tonnes per hour producing zinc metal, vanadium pentoxide and a lead concentrate. The Project targets to produce annually over 8 000 tonnes of zinc, 1 500 tonnes of vanadium and 15 000 tonnes of lead as it ramps up to full capacity over a 2-year period.The Kabwe Project comprises an estimated 6.4 million tonnes (3.2 million JORC compliant) of surface assets.
During the period under review and prior to the acquisition of the Sable Zinc refinery, Jubilee's agreements for the Kabwe Project were updated ("Updated Agreements") to better align with Jubilee's role to deliver a successful project. The Updated Agreements places Jubilee in full control of the execution methodology and funding requirements to bring the project to account. In return Jubilee holds a minimum of 87.5 % shareholding in Kabwe Operations Limited ("Kabwe Operations") assigned with all intellectual property developed for the execution of the Kabwe Project as well as the right to fund and execute the Kabwe Project.
Jubilee also holds a further option, at its sole election, to acquire 100% of the issued shares ofEnviro Mining Limited ("EML"), a subsidiary of BMR and the company that owns the Project through BMR's Zambian basedEnviro Processing Limited ("EPL"). BMR will hold either the remaining 12.5 % shareholding in Kabwe Operations or should Jubilee acquire EML outright a 12. 5% share of earnings generated by the Kabwe Project ("Royalty"). Such Royalty payments will only be due and payable by the Kabwe Project once Jubilee has secured a minimum of a 20 % rate of return on the investment made into the Project and only once EPL or Kabwe Operations have received all generated earnings in cash.
Jubileeis well positioned to secure a significant position in the global metals recovery market as it continues to refine its project execution schedule for various targeted pipeline surface processing projects. These pipe-line projects offer significant growth potential in the short term and we are actively in discussions to secure further such surface projects.
This interim period has delivered exceptional results with much activity settling down developed projects, negotiating new projects, raising the necessary finance and increasing production productivity.
The Hernic operation advanced very positively and the final quarter saw a production of 6 279 ounces, which was achieved taking into account the Christmas season which can be very disruptive.
The second half of 2018 showed PGM ounces being produced at less thanUS$ 400per ounce with the average of the year beingUS$ 362per PGM ounce produced. This makes the Company one of the cheapest platinum producer in the world. The Dilokong Chrome Mine ("DCM") continued to perform well whilst in the process of constructing the fine chrome recovery plant. The financial performance was slightly inhibited during this development phase and commissioning commenced during the latter part of the year. I am pleased to announce that during March 2019 the plant has reached commercial production achieving forecast recovery and concentrate grade. This fine chrome plant is a milestone for the Company and is representative of the innovative approach the Jubilee brings to all its projects.
On 10 December 2018 we announced our targeted acquisition of a major chrome operation for a consideration ofGBP 8.6 million, which was concluded on the 7thof January 2019. This operation on purchase was processing some 70 000 tonnes of material from various sources with good operational cash flow and earnings of approximatelyGBP 4.3 millionper annum. This facility was bought with the intent of expanding throughput and thereby improving financial contribution to the group.
I am pleased that at the time of writing this interim report that throughput is increasing and management has been effected seamlessly with no interruption.
On 6 August 2018 we announced that we had gained full control of the Kabwe Project increasing our interest to 87.5 % with the remaining interest being held by BMR, benefits to be received after certain schedule payments have been repaid to the Company. Jubilee also acquired a 29.01 % shareholding in BMR which took its beneficial interest up to 91.5 % of the Kabwe Project. During the period, the Kabwe Project has seen significant work aimed at design and optimisation of processing circuits employing all of the innovation that our Company is known for.
I am pleased to announce that at this stage we have a very full understanding of the Kabwe Project and are confident that revenues from Kabwe will be achieved during the fourth quarter of this year. Since acquisition from BMR and all of our development work, we are convinced that, whilst the zinc and lead project was potentially a good earnings platform, the contribution of vanadium will significantly enhance our earnings potential from the Kabwe Project.
We continue to investigate new business development concepts and are investigating a pipeline of projects, a number of which have the potential to even more significantly increase earnings and the Jubilee Metals profile. The industry is now aware of our capability and this has led to a number of approaches from major players in the industry to assist them with their tailings and other secondary deposits.
"Jubilee Metals Group - Unaudited interim results #JLP https://www.voxmarkets.co.uk/rns/announcement/b8db8e0d-fc51-4b9e-a01e-726993f0c4d2 via @voxmarkets"
A trading update from SolGold (SOLG) today reveals several bits of information: a preliminary economic analysis for the Alpala project is imminent, but has hit by delays; the bid for Cornerstone Capital is ongoing, and requires translation into French to comply with Canadian law; Cascabel extension drilling continues at a rate of 10,000 metres a month; and third party exploration initiatives “continue to reduce perceived sovereign risks in Ecuador”. The latter point is of debatable benefit to SolGold, given that one of those ventures involves BHP’s earn-in with Luminex Resources’ Tarqui copper project. Co-operation between Ecuador and Chilean mining giant Codelco, towards the development of the Llurimagua copper project 60km south of Cascabel, suggests the government recognises the potential for the copper mining industry, but does not necessarily improve financial or operating conditions for SolGold. Buy.
Investors Chronicle posted on #SOLG https://www.voxmarkets.co.uk/activity/146008
25 March 2019
Asiamet Updates Beutong Copper-Gold Resource
Asiamet Resources Limited ("Asiamet", "ARS", or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Beutong Copper-Gold Project ("Beutong") located in Nagan Raya Regency,Aceh, Indonesia. Asiamet holds an 80% interest in Beutong through its local operating subsidiary PT Emas Mineral Murni ("EMM"). The Statement of Mineral Resources in Table 1 completed by Hackman & Associates ("Hackman") is reported in accordance with the requirements of the 2012 JORC Code.
· Beutong is a large high-quality copper, gold, silver, molybdenum deposit outcropping at surface and remaining open laterally and at depth.
· Beutong 2019 Mineral Resources (JORC 2012) at a 0.3% Cu cut-off grade (on a 100% basis) comprise:
· 34Mt @ 0.67% Cu, 0.13g/t Au, 1.68g/t Ag and 90ppm Mo in the Measured category
· 56Mt @ 0.58% Cu, 0.12g/t Au, 2.07/t Ag and 104ppm Mo in the Indicated category
· 419Mt @ 0.45% Cu, 0.13g/t Au, 1.14/t Ag and 125ppm Mo in the Inferred category
· Total Resources 509Mt @ 0.48% Cu, 0.13g/t, 1.28g/t Ag and 120ppm Mo
· Contained metal in Resource on a 100% basis comprises 2.43Mt (5.3BIb) copper, 2.11Moz gold and 20.9Moz silver (1.95Mt (4.30Blb) copper, 1.69Moz gold and 16.73Moz silver on an 80% attributable basis)
· The Beutong porphyry and skarn system(s) remains open to the east, west and at depth. The deepest drilling completed to date has intersected porphyry mineralisation to around 800 metres below surface and approximately 200-300 metres below the depth of Resource delineation drilling completed to date.
· Strong copper, gold and molybdenum grades and the presence of highly mineralised chalcopyrite-bornite-magnetite bearing breccia clasts proximal to a large magnetic body modelledat depthbelow current drilling highlight excellentpotential for the discovery of a high grade core similar to that seen in world class porphyry systems such as Wafi Golpu, PNG (Newcrest) and Cascabel,Ecuador(Solgold).
A total of 167 diamond drill holes have been drilled over the life of the project in and around the Beutong deposit. The Resource has been delineated by 113 of these drill holes totalling 33,325 metres, and which form the basis of the Beutong 2019 Resource Estimate in accordance with JORC (2012).
The Beutong project represents a rare advanced development stage copper opportunity given its location close to the coast, proximity to excellent infrastructure and production licence tenure.
The 2018 infill drilling programme has further improved our geological understanding for this deposit and this new MRE confirms the integrity, size and scale of the asset with the significant upside potential that remains to be evaluated. Further drilling campaigns will be directed to growing the deposit well beyond the current Resource envelope, testing the potential for a high grade core at depth, and exploring early stage development options for the project.
The Company also continues to build on the strong working relationships it has nurtured with local communities, stakeholders and the government.
As copper demand driven by industrialisation-urbanisation inAsiaand the rapid take up of EV and Green Energy solutions continues to increase, new supply remains constrained. In a recent report (January 2019), Wood Mackenzie, a leading independent commodity analysis forecasts the copper price to average$3.28/lb in 2019 and$3.85/lb in 2020 from a weighted average of$ 2.96/lb in 2018.
Peter Bird, Asiamet's Chief Executive Officer commented:
"Junior companies with large, well located development stage copper inventories such as Asiamet are rare and extremely well positioned to benefit from widely forecast stronger copper prices. Beutong is a large high-quality copper-gold deposit well served with existing nearby infrastructure on a granted production licence. The 2018 drilling program has improved our geological understanding of the deposit and this updated Mineral Resource Estimate in accordance with JORC 2012 provides strong support for the integrity, size, scale and upside potential of the project. Future drilling campaigns will be directed to expanding the Resource, testing the potential for a high grade core at depth, and exploring early stage development options for the project"
The Beutong project covers 10,000 hectares and is located in Nagan Raya Regency,Aceh, Indonesiain close proximity to existing infrastructure and only 60 kilometres from a large power station and seaport. In January 2018, the Beutong project was granted an Izin Usaha Pertambangan Operasi Produksi "IUP-OP", the production licence required to advance Beutong to the development stage. The IUP-OP provides for an initial 20 years of licence tenure which may be extended twice, each for a period of 10 years, totalling 40 years. The Beutong license is held by PT Emas Mineral Murni ("EMM"), in which Asiamet hold an 80% interest through its Singaporean registered subsidiary Beutong Resources Pte. Limited.
"Asiamet Res Ltd - Updates Beutong Copper-Gold Resource #ARS https://www.voxmarkets.co.uk/rns/announcement/59e67b1d-0432-4ead-8f0c-6f49e774d4ec via @voxmarkets @AsiaMet_Res_ARS"
View attachment 8151
Bacanora Lithium (BCN LN)# We note the update in relation to Zinnwald and Deutsche Lithium (50% owned by Bacanora Lithium (BCN LN)) where an additional exploration license of 42km2 has been granted to the company. The initial license area of just 2.56km2 along with an additional 2.95km2 at Falkenhaim, 5km away, means this is a significant expansion in the project area since this license area surrounds entirely the existing licenses.
Based on the previously defined resource of 757kt contained lithium carbonate equivalent we attributed a value of £38m using a peer based EV/resource metric implying 10p/sh. A feasibility study remains on track for Q2 2019 and exploration of the additional license area could result in an extension of mine life to that defined in the FS. Given the proximity of the licenses and the reported geological similarity given historic workings for tin, tungsten and lithium across both areas there is potential for this to be fulfilled, in our view.
BCN is planning to produce a lithium fluoride product at Zinnwald, which is one of the most valuable lithium products with recent pricing indicated at around US$22,000/t and could be used by the local German chemical industry.
We also note the announcement in relation to recent price volatility and the changes to the share register prompted by investment strategy revisions at Blackrock and Capital Group. With this technical selling now indicated to be complete we expect stronger support for the stock ahead from a trading perspective. However, the fundamentals of the stock remain unchanged with Sonora remaining a highly attractive asset which is deeply undervalued, in our view.
We reiterate our Buy recommendation and 115p/ sh. target price.
21/3/19 VSA Capital posted on #BCN https://www.voxmarkets.co.uk/activity/145576
Russell Lamming, Chief Executive Officer of Keras, commented,"This is an exciting period for the Warrawoona Gold Project inWestern Australiaas it continues to evolve and strengthen. Calidus is hopeful that this latest drill programme, which is testing several of the large, highly prospective anomalies identified in a recently-completed soil sampling programme in the wider Warrawoona region, will expand the current 1.25Moz JORC compliant resource. While there has been little or no exploration here, Calidus' experienced team believe that it is highly prospective for large mineralised orogenic gold systems. In tandem, the pre-feasibility study is well advanced and rapidly progressing.
"On a wider level, we look forward to providing updates on our Nayega Manganese Project in northernTogo, where we recently completed a 10,000-tonne bulk sample fully funded by a major producer of manganese-based alloys. This was to prove up the internal feasibility study previously conducted ahead of commencing commercial production in the near term once relevant approval is granted.
"Keras Resources PLC - Calidus Update #KRS https://www.voxmarkets.co.uk/rns/announcement/dee41465-a91c-456e-9f18-63914cca2a80 via @voxmarkets @kerasplc"