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    (VAST) Vast Share Chat, Nov 26, 2020 at 7:18 PM
  1. Groucho

    LSE - VAST Resources IG Interview 26th November 2020 Notes

    Vast Resources sells first copper 26 November Transcript of IG Interview PART ONE OF TWO:

    Link:


    Explain the significance of this milestone?

    Only Producer in Romania that is not state owned.
    This is the start up phase. Obtain license in 2018 and finance earlier this year. This is commencement of production. Will be growing production end of this years quarter and into first year quarter 1 2021. This will be and ongoing producer of copper concentrate and lead and zin concentrates with Gold and Silver Credits as well as Molybdenum and Tungsten in the future. ,Its a high value mine and will continue growing.

    How did you get the mine so cheap?

    We bought the mine when it was in bankruptcy and so we acquired it very cheap. Did spend quite a bit of money on care and maintenance. Mine was built and shafts sunk in 1960s and operating until 2014 so there is $60+ million of infrastructure in there… and prob over $100m if you was to replace it today. Realistically under $15m including the recent CAPEX. Brining a Copper mine with a resource of up to 5 million tonnes (of what we know) it is only the top of the iceberg on the exploration. It has 15 year + Life of mine and potentially 25 (years). For $15mln is quite an inexpensive cost. One of the lowest cost producers of Copper Concentrate in the world.

    Whats happening with finance?
    We started due diligence for refinance and Further funding for the expansion of the mine in March this year. We received first credit committee approval in October and waiting on the final term due which is due end of this month and then final committee approval during the course of December and plan to do the drawdown. That will be a milestone as its a Tier 1 bank and a great name to attach to the company. We are still confident of that proceeding.

    Whats it like working in Romania?

    My Family origin in Romanian and I was born and raised in Australia. I class myself as a bridge builder between cultures. Romania is an EU country and fifth largest economy in Europe pre WW2. Always been abundant in natural resources going back to Roman times and is a highly educated population. Overlooked for a number of years and not an easy jurisdiction to work in. We are the only private operator in the country other that the government. This is a milestone not only for vast but also for the country to get a foreign plc to invest in the country and get mines into operation. We do believe this is the first of many investments in the country.

    Vast Resources sells first copper 26 November Transcript of IG Interview PART TWO OF TWO:

    Looking at the share price at 0.17 approx £30m MCAP what do you see priced in at these levels?

    Absolutely nothing. Is still believe just on the Baita asset alone we are close to 4 to 5 times undervalued. We have quite a few shares in issue and we have been criticised for that but that is what brought that asset into production. Getting debt is difficult we have had to prove concept which we have now done and is giving us the ability too refinance with a T1 banking institutions. I think this will be the driver the change in finance will help the share price. We have the mine in operation will be near term profitability, probably 2 or 3 months of production and we will be in profits. That is the base case in moving forward and we will have a re-rate. The issue is we have no Institutional investor and most are retail. We are planning at the moment to change our shareholder base and believe that will be the driver to discover the value of the assets.

    What does 2021 look like for the CEO of VAST?

    The company is the cleanest it has ever been. When we issued the last year results was first time in history no red flags on the accounts. We are reasonably low debt and will be a low cost producer of several commodities which are in high demand. I do believe we are due for a massive rerate shortly and are highly undervalued and are now a copper concentrate producer and hopefully a diamond producer within 2021.


    How is the recent price changes in metals affect Vast?

    We are a low cost producer for concentrates. Originally we did a feasibility study and even when copper went down to $4300 a tonne it was still economically viable (to pursue). Anything over $4300 a tonne is upside for us. It has accelerated out programme of wanting to increase volume. That is what the price of metals has done for the company. Now we have a high and EVs (Electric Vehicles) the primary driver for Copper Price and the European Directive to change to Electric Vehicles and we need the infrastructure to be able to power the electric Vehicles so we believe there will be a high demand for Copper moving forwards. So we are accelerating our expansion process in the country for Copper. So it has driven us ahead and because of the additional profits due to the increased prices it will allow us to achieve our goals a hell of a lot faster.

    How do you see your operations expanding in Romania?

    With Baita we are only mining 1 of 16 Skarns in the license area. I think about 5% of the licensed area is being mined, so there is enormous room for expansion possibility within this high grade copper skarn deposit which also comes with other mineralisations. We have Manaila which we mined for several years and have on care and maintenance temporarily. We have increase the JORC up to 5.6MT at 2.4% Copper Equivalent and a further exploration target of 15MT from historical data. Will look to reopen that in the next couple of years. Problem is the processing plant is 30km from the open pit and so 30% of production costs is transport and so became not cost effective. Will be reviewing this and re-looking at that. We also have another 2 prospecting sites which we are moving into exploration next year as well (Zagra?)

    All this will be driven by the profitability of Baita which will allow us to move into these other mines which are potentially T1 assets. A lot on the plate in Romania but the main driver will be Baita.

    Whats Happening in Zimbabwe? Does it take a backseat now Baita is open?

    Not at all. We divested Gold assets in Zimbabwe last year due to arrangement with partners who were a minority shareholder. We couldn’t see any feasibility on taking dividend even though was a successful min because on the position of the structure that was inherited. Focus is on Diamonds which VAST originally discovered in 2006. Lost the diamond assets but with change within government we re-engaged with the government and local community as its a community driven project. We almost signed this last year but there was changes on the ground and internal community issues which have now been resolved and delays with COVID. We are still very confident and believe in starting that project relatively soon. We are focussed in Zimbabwe and its a separate management team on ground highly experienced in Diamonds sector. We will be pursuing this and strongly believe we will be continuing with that project.


    ENDS

    #AIM #DYOR
  2. (JLP) Jubilee Platinum Share Chat, Nov 24, 2020
  3. Groucho


    #JLP 13m 45s onwards "... doing incredibly good things..."
  4. (TRAK) Trakm8 Holdings plc Share Chat, Nov 23, 2020
  5. (JLP) Jubilee Platinum Share Chat, Nov 18, 2020
  6. Groucho


    #JLP 2m 45s onwards - still targeting 10p
  7. (AVCT) Avacta Share Chat, Nov 16, 2020
  8. (HZM) Horizonte Minerals Share Chat, Nov 12, 2020
  9. Groucho

    NEWS RELEASE

    12 November 2020

    QUARTERLY FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2020

    Horizonte Minerals Plc,(AIM: HZM; TSX: HZM) (the "Company" or "Horizonte"), the nickel development company focused on Brazil, announces its unaudited financial results for the three month period to 30 September 2020 and the Management Discussion and Analysis for the same period. Both of the aforementioned documents have been posted on the Company's website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.

    Highlights for the Period

    · Horizonte remains well-funded to advance Araguaia towards being construction ready with strong cash position of £13.6m;

    · Project financing process continues to progress with a number of key milestones delivered;

    · A syndicate of five international financial institutions mandated for a US$325 million senior debt facility to part fund the development of Araguaia;

    · BNP Paribas, ING Capital LLC, Mizuho Bank, Ltd., Natixis (New York Branch), and Société Générale will act as the Mandated Lead Arrangers;

    · Inaugural Sustainability Report published on 17 August 2020. The Company recognises the importance of conveying its efforts and achievements around the areas of environmental stewardship, social responsibility and corporate governance to its various stakeholders as it moves towards construction at Araguaia;

    · The Company has continued to support local communities around the project through the provision of food parcels and health and hygiene guidance in response to the pandemic; and

    · Nickel market fundamentals remain strong and are expected to benefit from global stimulus measures, with nickel price returning to pre-Covid levels of approximately US$15,700/t.

    Horizonte Minerals - Quarterly Financial Results #HZM @HorizontePLC https://www.voxmarkets.co.uk/rns/announcement/73043aa4-79ed-4921-a64d-5a43bf0092da #voxmarkets

    https://horizonteminerals.com/uk/en/financial_information/
  10. SML - Strategic Minerals, Nov 10, 2020
  11. Groucho


    #LCCM update - John Peters
  12. (KRS) Keras Share Chat, Nov 10, 2020
  13. Groucho


    #KRS 28m 30s onwards​
  14. (JLP) Jubilee Platinum Share Chat, Nov 10, 2020
  15. Groucho

    10 November 2020

    Jubilee Metals Group Plc

    ("Jubilee" or the "Company")


    Audited results for the year ended 30 June 2020

    Notice of Annual General Meeting and availability of Annual Financial Statements


    Jubilee, the AIM and Altx traded metals processing company is pleased to announce its audited results for the year ended 30 June 2020.

    Financial Highlights

    · Total revenue for the year increased by a strong 132 %, to £ 54.8 million (ZAR 1.1 billion)1 [2019: £ 23.6 million (ZAR 432.6 million)]

    · Adjusted Group EBITDA increased sharply by 132 % to £ 22.6 million (ZAR 446.4 million) (adjusted EBITDA excludes depreciation, impairments and other non-cash charges and gains)

    · Earnings growth of 162 % to £ 18.3 million (ZAR 361.1 million) [2019: £ 7.00 million (ZAR 128.3 million)] and a return on equity of 21.2 %, [2019: 10.5 %]

    · Earnings per share up 96 %, to 0.94 pence (ZAR 18.47 cents) [2019: 0.48 pence (ZAR 8.75 cents)]

    · Jubilee delivered strong cash flows from its operating activities of £ 19.4 million (ZAR 415.4 million) [2019: positive cash flow of £ 4.76 million (ZAR 84.79 million)]

    · During the year under review, a total of £ 26.1 million (ZAR 557.9 million) was invested in acquisitions and purchases of property, plant and equipment, nearly doubling the previous year's total investment of £ 13.5 million (ZAR 240 million), while at the same time, a further £ 4.2 million (ZAR 89.1 million) of external debt obligations were repaid

    · Operating profit boosted by 226 %, to £ 15.9 million (ZAR: 313.2 million) [2019: profit of £ 4.87 million (ZAR89.38 million)], with an operating margin of 29 % (2019: 20.7 %)

    · Balance sheet strengthened substantially, with total assets increasing by 28 %, to £ 130.6 million (ZAR 2.8 billion) [2019: £ 102.0 million (ZAR 1.8 billion)]

    · Total equity increased to £ 94.2 million (ZAR 2 billion), from £ 78.7 million (ZAR 1.4 billion) a year earlier, maintaining a strong equity ratio of 72 % (2019: 77 %)

    · Overall, the Group's gearing remains low, with current assets* covering 92.7% (2019: 126.74 %) of total short and long term liabilities


    * current assets include inventory, trade and other receivables and cash and cash equivalents


    Operational Highlights

    • PGM2 Operations delivered a record production of 40 743 ounces (2019: 23 847 ounces) for the year, generating PGM revenue of £ 34.5 million (ZAR 681.9 million), compared to £ 15.8 million (ZAR 288.9 million) in the previous year

    · Chrome Operations delivered 377 883 tonnes of chrome concentrate (2019: 181 947 tonnes), generating chrome revenue of £ 17.2 million (ZAR 338.2 million) [(2019: £ 7.8 million (ZAR 143.7 million)]

    · Jubilee completed the acquisition of the Sable Zinc Refinery in Kabwe, Zambia for a cash consideration of £ 9.2 million (US$ 12.0 million) (ZAR 176.0 million). 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")


    Investment Highlights

    · Jubilee acquired 100 % of the rights to the PGM tailings situated at Jubilee's Inyoni Operations (previously Hernic) located in the Bushveld Complex, South Africa

    · Jubilee has also acquired 100% of all further rights to the chrome contained in all of the historical tailings at Inyoni Operations as described above

    · Jubilee implemented its option to acquire Enviro Mining Limited from BMR. Enviro Processing Limited is a subsidiary of Enviro Mining Limited that owns the small scale mining licence in Zambia

    · Jubilee has secured the rights to approximately 150 million tonnes of copper containing surface tailings, targeted to be upgraded at site and refined at its Sable Refinery in Zambia. This will be done through a joint operation with the mining rights holder. Project Elephant alone holds the potential to produce copper concentrates in excess of the total Sable Refinery capacity of 14 000 tonnes per annum of copper cathode

    · Post the period under review Jubilee secured the rights to approximately 2 million tonnes of copper run-of-mine ("ROM") material with the potential of increasing the ROM material to 4 million tonnes, as well as a targeted 2.5 million tonnes of copper containing tailings ("Project Roan")

    · Post the period under review Jubilee secured the rights to an additional 115 million tonnes of copper and cobalt tailings. This increases Jubilee's total secured rights to copper and cobalt tailings to approximately 270 million tonnes


    1= For income statement purposes conversions are at the average £:ZAR rates for the period under review and for balance sheet purposes at the spot rate as at year end. All other conversions are at rates at the time announced.

    2= 6 Element Platinum Group Metals (platinum, palladium, rhodium, ruthenium, iridium + gold).


    Operational Highlights post the period under review

    · PGM and chrome operations delivered record quarterly operational earnings of £ 15.17 million (ZAR 332.36 million), surpassing the previous operational record set during the full H1 2020period

    · Jubilee's PGM operations hit its highest quarterly PGM production, reaching 15 044 PGM ounces produced during Q3 2020

    · PGMrecordproductionsupportedby136162tonnesof chrome concentrate produced under tolling agreements from third party ore suppliers during Q32020

    · Chrome Operations improved its attributable earnings margin, achieving 23 % for Q3 2020 compared to 7 % for H1 2020


    Key financial and operational indicators
    View attachment 9305

    Chief Executive Officer's overview

    This reporting period again showcases the strength and resilience of Jubilee's business strategy with sustained, strong growth in all aspects of the Company despite the unprecedented challenges faced as a result of the COVID-19 pandemic.

    Naturally, Jubilee was not immune to the pandemic as South Africa declared a nationwide lockdown to fight the spread of the virus, forcing the temporary suspension of all operations in March, with a gradual restart of the operations permitted over the following two months. During this period, Jubilee implemented the required safety measures for the protection of all staff in strict adherence with lockdown rules and regulations as set out by the South African Government.

    For the reporting period, Group Revenue increased sharply by 132 %, to £ 54.8 million (ZAR 1.1 billion) and adjusted Group EBITDA increased 153 % to £ 22.6 million (ZAR 446.4 million) (adjusted EBITDA excludes depreciation, impairment and other non-cash charges and gains).

    Jubilee's results reinforce the Company's confidence in what it refers to as "The Jubilee Way", continuously striving to translate leading in-house processing and metals recovery excellence into industry leading operational efficiencies. Jubilee's achievements in the chrome industry in particular, with the introduction of its in-house developed Fine Chrome recovery plant and its state of the art Inyoni PGM recovery plant, are examples of "The Jubilee Way" in action.

    As a product of these achievements, Jubilee is also seeing an increase in approaches from established industry players looking to partner and work with Jubilee in order to improve overall operational efficiencies and target previously discarded metal values. This is evidence that Jubilee's brand as a leading metals recovery company has travelled across metal groups and mining jurisdictions and holds the potential to contribute significantly to future growth.

    During the period under review, Jubilee further diversified its operations across metals and mining jurisdictions. Notably, the Company added copper and cobalt to its existing chrome and PGM operations. Jubilee has set a bold target of reaching 25 000 tonnes of copper units per annum, and as such has concluded several strategic agreements in this regard.

    In Zambia, the Company is seeking to replicate the success of its PGM and Chrome operations, and this has been a significant period seeing rapid growth. Jubilee has already secured the rights to vast copper and cobalt tailings resources following its acquisition of the Sable Refinery, which are in addition to the rights that the Company holds over the Kabwe zinc, lead and vanadium tailings in Zambia. Jubilee is targeting to establish the Sable Refinery as a multi metal refinery in Zambia on the back of its surface held tailings rights.

    In August 2019, Jubilee acquired the Sable Refinery from Glencore in Zambia and commenced with the commissioning of the copper refinery circuit in December 2019. This was followed by three key transactions in Zambia, whereby Jubilee secured access to approximately 270 million tonnes of historical copper and cobalt tailings material, which will be upgraded and refined at the Sable Refinery as well as third party partnered refiners. Jubilee is committed to rapidly building its copper production profile, ensuring it is perfectly poised to take a commanding role in the copper space in Zambia.

    In June 2020, Jubilee implemented its option to acquire Enviro Mining Limited from BMR. Enviro Processing Limited is a subsidiary of Enviro Mining Limited that owns the small-scale mining licence in Zambia.

    Jubilee's South African operations continued to deliver further growth, despite the operational interruptions experienced during the lockdown period, delivering 40 743 6E PGM ounces (increase of 71 % on the previous period). During the period Windsor PGM Operations reached full operational capacity and in November 2019, Jubilee concluded the acquisition of all rights to the historical PGM and chrome tailings at Inyoni Operations. The chrome operations, which further enable the PGM business by firstly recovering the chrome from the ore to deliver a PGM rich feed stream to the PGM recovery plants, also excelled, producing 377 883 tonnes of chrome concentrate (increase of 108 % on the previous period) thanks to Jubilee's industry leading chrome recovery efficiencies. This performance facilitated Jubilee's ability to successfully contract third party run-of-mine chrome feed, coupled with secure offtake agreements for chrome concentrate, ensuring that the production capacity at its Windsor Chrome Operations will be fully utilised throughout the next three years, with the option to further extend the supply agreement. This contract alone significantly increases Jubilee's access to PGM rich chrome tailings which are in addition to the large tailing resources already owned by the Company.

    Post period end, Jubilee continued to expand its chrome operations with the addition of a further 35 000 tonnes of processing capacity through another joint operation agreement, whereby Jubilee takes control of the management of a previously under utilised chrome facility named Windsor 8. Jubilee also entered into a further management and processing agreement, under which Jubilee has been appointed to manage and operate an additional chrome beneficiation plant adjacent to its Inyoni PGM operations. This additional processing includes the processing of a minimum of 40 000 tonnes of chrome ore per month for a 3 year period, which may be extended.

    Under each of these agreements Jubilee retains ownership of the PGM containing discard from the chrome operations. While the chrome operations, on their own, now form a notable profit contributing segment of the overall business and continue to grow, at the same time, they ensure a long term, ongoing and sustainable supply of additional high quality PGM rich feed material for the PGM operations, over and above the existing tailing resource already owned by the Company.

    The continued growth in operations is further demonstrated by the unaudited operational results achieved for Q3 2020, producing record 15 044 6E PGM ounces and 136 162 tonnes of chrome concentrate for the 3 month period.

    As has been evidenced, Jubilee's South African business has matured substantially, with operations continuing to grow on the back of improved efficiencies and the full contribution of its Windsor PGM operations. The Company has shifted its focus from rapid growth to sustained performance and quality earnings through extended longevity and the strong potential to grow organically, as well as through strategic partnering and acquisitions.


    Chairman's statement

    The year under review has again been very strong, with new records being broken, productivity improvements implemented and the acquisition of major new projects in South Africa and in Zambia expanding our operational, jurisdictional and earnings footprint. We have significantly increased our portfolio of operations in Southern Africa and continue with our exposure to a broad commodity basket that includes PGMs, chrome, copper, lead, zinc, vanadium and cobalt, seeing another impressive increase in earnings of 162 % to £18.3 million (ZAR 361 million).

    With the increasing awareness globally of the need to reduce mine waste exposure and the vast amount of historic on-surface waste material globally, governments and corporate mining entities have an obligation to implement a mine waste treatment solution. There is the recognition of the potential value of such mine waste, although few companies have the abilities or expertise to implement mine waste recovery projects. This is where Jubilee, with its proven technical know-how, comes in. We turn potential waste liabilities into assets through implementing our bespoke environmentally conscious metal recovery solutions that ensure a zero-effluent policy. Importantly the projects have defined reserves with the tonnage and a grade known in advance, and do not have the expenses related to traditional mining techniques. Our specialised solutions have exceptionally low capital intensity and operating costs, which delivers robust margins that we can see this year.

    The Jubilee business has gone through a period of significant maturity during the period and in the immediate months post-period end. We have expanded our project portfolio in both South Africa and, importantly, in Zambia. The expansion into Zambia is significant for us, where we continue to establish our multi-metal recovery and refining operations, and is proof that the know-how and experience we have accumulated from operating in South Africa can be translated into other jurisdictions across the African continent, and beyond.

    Our operations in South Africa have all performed to expectation and often above, this being achieved during a period of fluctuating commodity prices where we have seen distressed chrome prices and depressed PGM prices, notwithstanding the high palladium and rhodium prices. Despite the overall lower metal prices, the Company's strategy of having a diversified commodity basket and integrating PGMs and chrome has paid off handsomely.

    The expansion of the operations in South Africa and in Zambia is testament to the team's proven technical abilities and exceptional hard work during the period. Further details of each of our projects can be found in the Chief Executive's Report, but with the exception of the Windsor PGM and Chrome projects, most of our acquisitions in South Africa have been in and around expanding existing projects, where, given our knowledge of the operational and financial risks, acquisition and implementation risks have been well managed and mitigated. The year under review, has seen the South African output of PGMs nearly doubling to 40 743 ounces on a 6E basis and reaching 377 883 tonnes of chrome concentrate.

    In Zambia, the completion of our acquisition of the Sable Refinery has allowed the Company to become a copper producer, early on after acquisition. The acquisition of the Sable Refinery, brought into operation in December and January, adjacent to our Kabwe tailings resource, has provided Jubilee with the opportunity to enter the copper arena in the country, where primary deposits are still readily available from third parties on various scales and in excess of 1 billion tonnes of dump and tailings material exists. We produced and sold our first copper cathode from tails in March 2020 and has since brought the cobalt steam on-line. The refinery has reached full operational readiness to step up production in-line with the commissioning of our copper tailings projects.

    Securing the rights to 150 million tonnes of copper containing surface tailings in June was a further significant step in Zambia for us. This project together with our Project Roan holds the potential to produce copper concentrates in excess of the Sable Refinery's capacity and the potential result of this on our earnings will be significant. In addition, the joint operation agreement signed in August this year, post period end, secures the rights to process a further feed-stock of 2 million tonnes of copper run-of-mine material. This was followed in November by the very significant agreements to collectively secure a further 115 million tonnes of copper and cobalt tailings. Jubilee has now amassed a total of 270 million tonnes of copper and cobalt tailings. This enables Jubilee to rapidly roll out its strategy of having a decentralised facility feeding capacity at the Sable Refinery and partnering with further refiners to process the quantum of copper targeted to be produced by Jubilee. This further diversifies our revenue streams and most importantly, is very profitable for us.

    The copper acquisitions described above take Jubilee into the realm of a significant Zambian producer, well in excess of the aforementioned 2021 build-up. The zinc circuit construction at the Sable Refinery has been delayed due to the COVID-19 pandemic restrictions, but we are planning to recommence construction once border sanctions are lifted. We are expecting to recommence the construction in Q1 2021.

    During the year, we have built on our local and global reputation as a maturing specialist dump recovery company and this has brought many potential opportunities to the Company. We are fully engaged in pursuing these opportunities and increasing our cashflows at a pace commensurate with our opportunities. Our brand "The Jubilee Way" is gaining respect from the trade and investment industries and over the last year our space has attracted much attention and we are well placed to take advantage of that attention. Copper prices are currently very strong and are forecasted to be even stronger in the coming years. We feel that chrome has seen an unprecedented bottom, and the fundamentals for PGMs remain good in the mid-term. Our operational, research and business development teams have shown considerable resilience and tenacity during a year of exceptional growth, accompanied by exceptional challenges and we feel well prepared to accept new challenges and increase the rate of growth of the business.

    Like most businesses, we have not escaped the challenges of the COVID-19 pandemic and I am personally saddened by the tragic consequences of this pandemic, both to individuals and business undertakings in general. Our employees are our most important asset and the management at Jubilee has applied maximum thought and implementation to schemes directed toward limiting the effect on our employees and our business overall.

    I would like to take this opportunity to thank all management and employees, who remain positive during this period of uncertainty which unfortunately is still with us. Global business resumption is likely to be stop start, and the only economy currently performing well is China. They, of course, are dependent on the rest of the world to kickstart their economies in order to have global supply demand fundamentals evident before the outbreak of the pandemic. We as a company are on a strong footing to face the challenges that the remainder of the year will present and are hopeful for an environment which is more stable and therefore more predictable.

    Finally, I would like to thank our CEO, Leon Coetzer, for his resilience for maintaining and increasing operational levels and overseeing new business acquisitions. Leon has continued to put together an excellent team of likeminded individuals, who I know will respond well to all of the challenges that our rapid growth presents.


    Colin Bird

    Non-executive Chairman
    9 November 2020



    Notice of Annual General Meeting and availability of the Group's Annual Financial Statements

    The Company also hereby gives notice of its 2020 Annual General Meeting, which will be held on 3 December 2020 at 9:00 am UK time at the Company's South African offices at Ground Floor, Support Services Place, Jigsaw Office Park, 7 Einstein Street, Highveld Techno Park, Centurion, Gauteng, South Africa to transact the business as stated in the notice of Annual General Meeting. The Group's Annual Financial Statements for the year ended 30 June 2020has been posted to the website, www.jubileemetalsgroup.com together with the notice of the Company's 2020 Annual General Meeting. Shareholders are advised that the Notice of Annual General Meeting, for the year ended 30 June 2020 has been posted to Jubilee shareholders today, 10 November 2020.

    In light of current restrictions on public gatherings and to ensure shareholders can comply with the government measures, the Company has concluded that shareholders will not be permitted to attend in person. The Company therefore requests that shareholders cast their votes by proxy to be received 48 hours (excluding non-business days) in advance of the time of the Annual General Meeting.

    Instructions on how shareholder can cast their votes for the Annual General Meeting are included in the Notice of Annual General Meeting.
    View attachment 9306
    Jubilee Metals Group - Audited results for the year ended 30 June 2020 #JLP https://www.voxmarkets.co.uk/rns/announcement/bc41bc34-850f-48ea-a6ad-472b85654d8c #voxmarkets
  16. (JLP) Jubilee Platinum Share Chat, Nov 5, 2020
  17. (ARS) Asiamet Resources Share Chat, Nov 5, 2020
  18. (JLP) Jubilee Platinum Share Chat, Nov 5, 2020
  19. Groucho

    Leon Coetzer, CEO Interview
    Leon Coetzer, CEO of @Jubilee_Metals (#JLP.L) Interview Headphone Further Key #Copper #Cobalt Tailings Transactions Nearly Doubling its Rights to Copper Tailings in #Zambia



    https://www.share-talk.com/leon-coetzer-ceo-of-jubilee-metals-group-jlp-l-interview/
  20. (GGP) Greatland Gold Share Chat, Nov 5, 2020
  21. Groucho

    5 November 2020

    Greatland Gold plc

    ("Greatland", "the Group" or "the Company")


    Final Results


    Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces its financial results for the year ended 30 June 2020.


    Chairman's Statement


    I am pleased to report on the Company's audited results for the year ended 30 June 2020.


    It has been a transformational year for Greatland Gold plc ("Greatland" or the "Group"). The Havieron gold-copper deposit, purchased as an early stage exploration project in September 2016, has been a game changer for the Company and, as we look to the year ahead, we remain excited by the exploration potential at both Havieron and our other key prospects in the Paterson region.

    Greatland completed two successful exploration campaigns at Havieron in 2018, which were instrumental in securing a US$65 million Farm-In Agreement with Newcrest Operations Limited ("Newcrest"), a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM). Since Newcrest commenced its exploration programme at Havieron in May 2019, it has completed more than 100,000 meters of drilling at the project.

    A series of excellent drill results to date from Havieron have continued to extend the footprint of mineralisation, and an initial resource is on track to be delivered before the end of calendar 2020. Subsequent to the year end, a Mining Lease was granted for the Havieron deposit and work continues at a rapid pace to support the potential commencement of early works activities at Havieron in late 2020 or early 2021.

    Our success at Havieron has not dimmed our appetite for discoveries and we are excited by our other exploration prospects, particularly in the Paterson region where Greatland has an entrenched position and is leading a wave of new investment and exploration in the region. Key developments for the year across Greatland's portfolio of exploration projects are detailed in the Strategic Report, but I would like to briefly note some further highlights.


    Havieron and the Paterson region

    Excellent progress was made at Havieron over the past 12 months, with Newcrest completing the first two stages of the Farm-in Agreement to earn a 40% interest in the project. Stage three is currently progressing with the exploration programme focused on both infill drilling to deliver an initial resource before the end of this calendar year and step out drilling to define the extent of the mineralised system.

    During the year, Newcrest reported a series of excellent exploration results from the drilling campaign at Havieron, with multiple exceptional results from infill drilling, including 109m @ 6.3g/t Au, 0.71% Cu (HAD059). By the end of the financial year, drill results from Havieron had demonstrated improved continuity in the high-grade crescent sulphide zone and extended the strike length of mineralisation to 550 metres in the upper 200 metres of that zone.

    Subsequent to the year end, Newcrest has reported three further sets of excellent drilling results which have highlighted the potential for a broad bulk tonnage target at Havieron in the new Northern Breccia zone. The latest set of drilling results included the best intercept to date at Havieron (120.7m @ 9.3g/t Au and 0.18% Cu from 1349.3m - HAD065W2) and identified a potential new target area, the Eastern Breccia. Additionally, infill drilling results since year end have continued to demonstrate geological and grade continuity within the high-grade crescent sulphide zone and surrounding breccia in the south east.

    An initial resource for Havieron is expected to be delivered in calendar Q4 2020. Results from Havieron continue to support the ongoing investigation of both high-grade selective and bulk mining methods. Environmental and baseline studies are progressing to support the potential commencement of a decline at Havieron by end of calendar year 2020 or early 2021, subject to market and operating conditions and receipt of all necessary permits, consents and approvals. Newcrest continues to investigate the potential to achieve commercial production within two to three years from commencement of decline.

    In addition to exploration activities, progress has been made towards securing the necessary permissions for the commencement of early works activities at Havieron. Notably, in September 2020, the Western Australian Department of Mines, Industry Regulation and Safety ("DMIRS") granted Mining Lease application 45/1287 for the Havieron gold-copper deposit. Subsequently, a Mining Proposal for early works activities, including the construction of a boxcut and decline at the Havieron deposit, has been lodged with DMIRS.

    The intention remains, subject to a positive Feasibility Study outcome, for the ore from Havieron to be toll processed at Newcrest's Telfer Gold Mine, 45 kilometres to the west of Havieron. There is a clear advantage here for both parties as it lowers upfront capital costs, reduces time to production, and potentially delivers a significantly higher net present value for the project.

    In addition to Havieron, Greatland holds an impressive footprint in the highly prospective Paterson region, including several other prospects that display similar geophysical characteristics to the Havieron gold-copper deposit. Our current exploration campaign in the Paterson region, which commenced in late-August 2020, is focused on drill testing high-priority targets within the Scallywag prospect area including Kraken, Blackbeard and London.


    Corporate

    Greatland continues to invest in its team and infrastructure to ensure we have the right people and processes in place, befitting of the significant leap forward that our company has taken and to match our ambitious plans as we look into the future.

    In July 2020, we appointed Berenberg and Hannam & Partners as Joint Corporate Brokers and Financial Advisers as we continue to expand our institutional investor base in line with the development of the Company.

    The Company is well capitalised to accelerate its exploration plans in the Paterson region and across its other projects, supported by both a successful fundraise in August 2019 (£3,958,672 net of costs) as well as the exercise of warrants and options through the year (an additional £3,802,724). The Group's cash deposits stood at £6,022,745 at 30 June 2020.

    Greatland is committed to safe, responsible and sustainable exploration and we continue to focus on improving health and safety training and processes, and on further strengthening our relationships with the indigenous communities in the areas that we operate.


    COVID-19

    On 11 March 2020, the World Health Organisation declared the COVID-19 Coronavirus outbreak to be a pandemic in recognition of its rapid spread across the globe, with over 200 countries now affected. Many governments are taking increasingly stringent steps to help contain or delay the spread of the virus and as a result there is a significant increase in economic uncertainty.

    For the Group's 30 June 2020 financial statements, the Directors have taken into consideration the Coronavirus outbreak and the related impacts concluded there to be no material impact on the recognition and measurement of assets and liabilities. Due to the uncertainty of the outcome of current events, the Group will continue to assess the impact on the Group's financial position, results of operations or cash flows.

    Due to the COVID-19 pandemic, the business experienced some minor delays to exploration activities in some jurisdictions during the year. All projects have followed government requirements and health guidelines while focusing on protecting the well-being of local and indigenous communities. The Company is committed to a safe working environment and has implemented monitoring and preventative measures to mitigate the impact of COVID-19 on its workforce and stakeholders to develop a COVID safe environment that adheres to health and Government advice and restrictions.

    Fortunately, Greatland benefits from the remote location of its key operations in Western Australia, where the total number of cases recorded across the entire state is less than 800 in total and daily new cases are in the single figures at present. At Havieron, Newcrest have implemented and maintained measures to reduce and mitigate the risk of the COVID-19 pandemic to its project workforce and key stakeholders, and operations have continued without interruption. Nevertheless, I would like to reiterate that the health and safety of our staff, partners and stakeholders has always been of paramount importance to the board and it is even more so in our focus now.


    Looking ahead

    Greatland today is a vastly different looking company to what it was a year ago. There is still much work to do, but at Havieron tremendous progress has been made in advancing a potential world class discovery. In addition to our cornerstone project at Havieron, we have several other excellent prospects, including an enviable footprint in the Paterson region, arguably one of the most attractive frontiers in the world for the discovery of tier-one, gold-copper deposits.

    On a macro level, strong tailwinds appear to be supporting gold prices, with the increasing uncertainty in global markets due to COVID-19 driving unprecedented fiscal and monetary stimulus. We also believe the gold price will be further supported by supply challenges, as major new gold discoveries in safe jurisdictions become less frequent and reserves at larger deposits are depleted.

    The massive strides we have taken over the past year are a credit to our management team and their strategy. With a proven expertise and track record of identifying underdeveloped opportunities in the region, we are in an excellent position to maximise shareholder value.

    I would like to end by thanking my fellow Board members, the management team and our staff, for their hard work and commitment to the Company over the past year. Finally, I would like to thank all our shareholders for their support and feedback, and we are delighted that you have been able to share in the Company's success. We promise we are working tirelessly to ensure the following year will be as successful as this last one has been.


    Alex Borrelli

    Chairman


    Strategic Report


    Principal activities, strategy and business model

    The principal activity of the Group is to explore for and develop natural resources, with a focus on gold. The Board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, and by acquiring exploration and development projects in underexplored areas.

    The Group's strategy and business model is developed by the Chief Executive Officer and is approved by the Board. The executive directors who report to the Board are responsible for implementing the strategy and managing the business.

    The Group's primary strategy is to advance projects that have potential for the discovery of large mineralised systems (typically considered to be in excess of one million ounces of gold) through the various stages of exploration and development with a view to monetising at least one or more of those projects, whether through an outright sale, joint venture, or spin-out via initial public offering, within a three to five year period.


    Business development and performance

    The financial year ended 30 June 2020 proved to be a period of exceptional progress for the Company. In particular, the outstanding exploration success at the Havieron Joint Venture in the Paterson region of Western Australia (60% Greatland, 40% Newcrest) continued with infill and step out drilling returning excellent results and expanding the known area of mineralisation.

    In addition to the success at the Havieron Joint Venture, significant progress was made at a number of the Company's other exploration projects. Most notably, a number of high-priority targets with similar geophysical characteristics to the Havieron deposit, were identified by the Company's ongoing exploration work in the Paterson region.

    Further details on the progress at the Havieron Joint Venture and at the Company's other exploration projects is provided in the "Review of key developments by project" section below.

    The Group's financial position was further strengthened during the year by the successful raise of £3,958,672 of new equity (net of costs) and a further £3,802,724 on the exercise of warrants and options. The Group's cash deposits stood at £6,022,745 at 30 June 2020 (compared to £2,755,998 at 30 June 2019). These funds will be used to accelerate exploration across key projects, particularly in the Paterson region.


    Review of key developments by project

    Havieron Joint Venture, Western Australia (60% Greatland, 40% Newcrest)

    In March 2019, Greatland entered into a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron gold-copper discovery in the Paterson region of Western Australia. Newcrest has the right to earn up to a 70% interest in a 12-block area, previously within E45/4701, that covers the Havieron target by spending up to US$65m. Newcrest may acquire an additional 5% interest at the end of the Farm-in period at fair market value. The Farm-in Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study, the resulting joint venture ore will be processed at Telfer, located 45km west of Havieron.

    During the period, Newcrest completed Stage 2 of the Farm-in Agreement. In accordance with the terms of the Farm-in Agreement, Newcrest has earned a 40% interest in the Havieron Project. Newcrest is now progressing Stage 3 work programs including ongoing exploration drilling and studies to support early development options.

    In June 2020, a series of agreements were executed in relation to the Havieron project variously between Newcrest Operations Limited, Western Desert Lands Aboriginal Corporation (Jamukurnu-Yapalikunu), the Prescribed Body Corporate for the Martu People of the Central Western Desert region in Western Australia ("WDLAC"), Greatland Gold plc and Greatland Pty Ltd ("GPL").Newcrest and WDLAC are parties to an Indigenous Land Use Agreement ("ILUA") which relates to the use of native title land across Newcrest's current operations at Telfer and its activities within a 60 kilometre radius around Telfer, which includes its exploration activities at Havieron. Under these agreements, the parties have agreed that the ILUA will apply to any future development activities of the Joint Venture Participants (Newcrest and Greatland) at Havieron. The ILUA establishes a comprehensive framework between WDLAC, acting on behalf of the Martu People, and the Joint Venture Participants (Newcrest and Greatland), in regard to any future development activities at Havieron, including mine construction and mine operation.

    Subsequent to the financial year end, the Western Australian Department of Mines, Industry Regulation and Safety ("DMIRS") granted Mining Lease application 45/1287 for the Havieron gold-copper deposit. The Mining Lease covers the 12 block area that is subject to the Farm-in Agreement between Greatland and Newcrest dated 12 March 2019. Subsequently, a Mining Proposal for early works activities, including the construction of a boxcut and decline at the Havieron deposit, has been lodged with DMIRS.

    During the year, Newcrest reported a series of excellent exploration results from the drilling campaign at Havieron, with multiple exceptional results from infill drilling, including 109m @ 6.3g/t Au, 0.71% Cu (HAD059). By the end of the financial year, drill results from Havieron had demonstrated improved continuity in the high-grade crescent sulphide zone and extended the strike length of mineralisation to 550 metres in the upper 200 metres of that zone.

    Subsequent to the year end, Newcrest has reported three further sets of excellent drilling results which have highlighted the potential for a broad bulk tonnage target at Havieron in the new Northern Breccia zone. The latest set of drilling results included the best intercept to date at Havieron (120.7m @ 9.3g/t Au and 0.18% Cu from 1349.3m - HAD065W2) and identified a potential new target area, the Eastern Breccia. Additionally, infill drilling results since year end have continued to demonstrate geological and grade continuity within the high-grade crescent sulphide zone and surrounding breccia in the south-east.

    An initial resource for Havieron is expected to be delivered in calendar Q4 2020. Results from Havieron continue to support the ongoing investigation of both high-grade selective and bulk mining methods. Environmental and baseline studies are progressing to support the potential commencement of a decline at Havieron by end of calendar year 2020 or early 2021, subject to market and operating conditions and receipt of all necessary permits, consents and approvals. Newcrest continues to investigate the potential to achieve commercial production within two to three years from commencement of decline.


    Paterson project, Western Australia (100% owned)

    The Paterson project, excluding the Havieron Joint Venture, comprises three granted exploration licences (the Havieron, Paterson Range East and Black Hills licences), and one licence application (the Rudall licence application area). The three granted licences and the licence application are located in the Paterson region of northern Western Australia and are 100% owned by Greatland. The four licences collectively comprise approximately 450 square kilometres of ground which is considered prospective for intrusion related gold-copper systems and Telfer style gold deposits.

    In June 2020, Newcrest and Greatland entered into a series of agreements in relation to the Havieron licence (E45/4701), including the Tenement Management and Re-Transfer Agreements, in order to support the lodgement of a Mining Lease application for the 12 blocks, at that time within the Havieron licence, that are subject to the Farm-in Agreement with Newcrest dated 12 March 2019. As a result, in September 2020, Mining Lease 45/1287 was granted in respect of the 12 blocks the subject of the Farm-in Agreement in which, at the date of the report is Greatland has a 60% legal and beneficial interest and Newcrest a 40% interest. Greatland retains a 100% interest over the remaining 31 blocks under the Havieron exploration licence E45/4701.

    The Havieron, Paterson Range East and Black Hills licences are subject to a right of first refusal in accordance with the Farm-in Agreement with Newcrest dated 12 March 2019. During the Farm-in and Havieron Joint Venture periods, Newcrest have a right of first refusal over the Havieron licence. During the Farm-in period, Newcrest have a right of first refusal over the Black Hills and Paterson Range East licences.

    During the financial year, Greatland continued to conduct systematic exploration campaigns across its three granted Paterson licences.

    Geophysical surveys, including ground gravity and induced polarization ("IP"), were conducted across the Scallywag prospect area within the Havieron licence (over the areas of the Havieron licence not subject to the Farm-in with Newcrest). A review of the geophysical data highlighted multiple high-priority targets for drill testing, including Kraken, London, Blackbeard and Barbossa.

    At Paterson Range East, the Company conducted aeromagnetic and ground gravity surveys which were used for detailed modelling and target generation. The results of these activities identified multiple high-priority targets identified, including several with similar geophysical characteristics to Havieron. Subsequently, a mobile metal ion ("MMI") geochemical surface soil sampling survey was also completed, with results upgrading the Goliath target and identifying three new additional targets.

    During the year, the Company also completed its first drilling campaign at the Saddle Reefs target within the Black Hills licence. Previous field exploration work at Saddle Reefs had successfully identified multiple gold nuggets at surface and established a strike length of high-grade gold mineralisation at surface of up to 800 metres. Two subsequent IP surveys identified a chargeability anomaly over 1.4 kilometres in length, part of which is spatially coincident with the surface gold mineralisation. A drill programme was subsequently designed to test the 1.4km anomaly, which commenced in July 2019. Initial results from the drilling programme confirmed the presence of gold mineralisation at Black Hills with best results including 13m @ 2.01g/t Au from 67m (SRRC012). In addition to the drilling campaign at Black Hills, a subsequent ground gravity survey conducted across the licence area identified three additional targets including the Parlay target.

    Subsequent to the financial year end, the Company commenced a drilling campaign in the Paterson, with an initial focus on high-priority targets within the Scallywag prospect area including Kraken, Blackbeard and London. In addition, the Company commenced an Airborne Electromagnetic ("AEM") survey, covering 1,033 line kilometres across the western portion of the Company's Paterson project.


    Firetower project, Tasmania (100% owned)

    The Firetower project is located in central north Tasmania, Australia, and covers an area of 62 square kilometres. Historic drilling at the Firetower prospect has identified significant gold mineralisation from surface (up to 30g/t).

    During the year, the Company completed a drilling programme at the Firetower and Firetower East prospects, which included 16 diamond drill holes for over 2,200m of drilling. At Firetower, drilling was done on north-south traverses to test a chargeability anomaly highlighted by an Induced Polarisation ("IP") survey conducted in 2018. Results from drilling at Firetower confirmed good continuity of mineralisation, with best results including 54.5m @ 1.36g/t Au from surface (2019FTD001) and 13.5m @ 2.44g/t Au from 59.5m (2019FTD011). In addition, the programme defined mineralisation over a strike length of more than 200m, which remains open along strike to the east and west, and also demonstrated a robust southerly dipping mineralised zone up to 50m wide, persisting to depths of 125m, which remains open at depth.


    Panorama project, Western Australia (100% owned)

    The Panorama project consists of three adjoining exploration licences, covering 155 square kilometres, located in the Pilbara region of Western Australia, in an area that is considered to be highly prospective for gold.

    During the period, the Company continued field exploration at Panorama which included field reconnaissance, surface geochemical work and airborne magnetics.The Company completed a systematic, grid based, surface geochemical soil sampling programme at Panorama during July and August 2019 which involved the collection of 468 samples over approximately 4.5km of strike.Results of soil sampling confirmed the presence of gold anomalism along the main mineralised trend previously identified by rock chips and coarse gold (nuggets).

    Results from the airborne magnetic survey highlighted a NE-SW oriented anomaly, clearly identifiable from magnetic derivative images, coincident with an anomalous gold trend identified from soil geochemistry.


    Ernest Giles project, Western Australia (100% owned)

    The Ernest Giles project is located in central Western Australia, covering an area of approximately 850 square kilometres. The Ernest Giles project includes two granted exploration licences (Calanchini and Peterswald Hill), and two licence applications (Westwood North and Westwood West). The eastern Yilgarn Craton is one of the most highly mineralised areas in Western Australia and is considered prospective for large gold deposits.

    During the period, Greatland carried out comprehensive geological and geophysical interpretation and targeting and ran historical diamond drill core through Minalyze© analysis. Following a comprehensive review of all data for the Ernest Giles project, the Board decided that the Company should focus on high priority targets within the project and, consequently, the Empress North (E38/3228), Empress (E38/3183) and Ida Range (E38/8134) licences were relinquished, thereby enabling work to be concentrated on higher priority targets within the retained project licences.


    Warrentinna project, Tasmania (100% owned)

    The Warrentinna project is located 60 kilometres north east of Launceston in north eastern Tasmania and covers an area of 37 square kilometres with 15 kilometres of strike prospective for gold. During the period, Greatland conducted a diamond drilling programme at the Derby North prospect. Drilling intersected high-grade gold mineralisation and increased the depth extent of known mineralization in the area. Best results included 21.7m @ 3.3g/t Au from 9.3m, including 2.2m @ 12g/t Au (2019WTD001), and 43m @ 1.5g/t Au from 10m (2019WTD003). The Company is evaluating the results to assess the project's potential, referencing Orogenic-type gold occurrences in central Victoria.


    Bromus project, Western Australia (100% owned)

    The Bromus project is located 25 kilometres south west of Norseman in the southern Yilgarn region of Western Australia. The Bromus project consists of two granted exploration licences, including a new licence, Bromus North (E63/1953), which was granted in September 2019. The two licences cover approximately 84 square kilometres of relatively under-explored greenstone and intrusive granites of the Archean Yilgarn Block at the southern end of the Kalgoorlie-Norseman belt. During the period, Greatland undertook a comprehensive data review, including reprocessing and remodelling of historic data to aide field work. In addition, resampling and analysis of historic drill samples and new soil sampling was also undertaken. Results are being interpreted to assist with future exploration targeting.

    The Final Results for the year ended 30 June 2020 will be published on the Company's website - www.greatlandgold.com, where further details regarding exploration activities during the year can also be found.


    Gervaise Heddle

    Chief Executive Officer

    Greatland Gold PLC - Final results for the year ended 30 June 2020 #GGP @GreatlandGold https://www.voxmarkets.co.uk/rns/announcement/f8e6781a-2955-489f-8073-b442f32a2e31 #voxmarkets
  22. (CPX) Cap-XX Share Chat, Nov 3, 2020
  23. Groucho


    The following amendment has been made to the 'Audited results for the year ended 30 June 2020' announcement released today at 07:00 a.m. under RNS Number: 0672E.


    In the consolidated statement of financial position as at 30 June 2020, the contributed equity figure has been amended to 108,010,106.

    All other details remain unchanged.


    The full amended announcement text is shown below.

    Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

    CAP-XX Limited - Replacement: Audited results #CPX https://www.voxmarkets.co.uk/rns/announcement/15411cf4-9930-48eb-994e-819e19a53bbd #voxmarkets

    Chairman's Report


    The Company has been working hard to ensure that the Murata production lines, purchased in November 2019, are recommissioned in Sydney on time and under budget. I am therefore pleased to report that this large and complex project has progressed well, despite the challenges posed by COVID-19 related issues. I am also pleased to report that the Board now forecasts the actual Total Project Costs to be slightly less than the A$5.3m estimate given in November 2019.


    This project comprised many facets. Four production lines comprising over 40 containers of equipment have been successfully moved from Fukui in Western Japan to Seven Hills in western Sydney without any significant damage. New premises to accommodate this additional equipment were secured, with the Company moving to its new site at Seven Hills, where a new 10-year lease, with two five-year extension options, was secured. These premises offer substantially more floor space and electrical power at a similar cost to Lane Cove. However, before the Murata equipment could be installed an extensive fit out was required. This necessitated building a factory inside a factory, with clean room type facilities, new air treatment facilities, utilities and fire services. Commissioning and factory acceptance testing for these new facilities are now in their final stages and the Board remains confident that the first manufactured supercapacitor products will be available for shipment to customers before the end of the current calendar year.


    Once the four Murata production lines are fully commissioned, the Board believes that the positive impact on the Company's sales and profitability will be transformational. At full capacity, the lines will be able to produce around 4.8 million DMF or DMT products per year and more than 2.4 million DMH products per year, all at a much lower unit cost than the prismatic parts which the Company currently manufactures in Malaysia. While full production capacity loading is not expected to be reached immediately the Board is very pleased with the demand expressed by both pre-existing Murata customers and new customers. The aggregate level of these enquiries, some of which are more advanced than others, exceeds the full capacity of these production lines with the top 10 prospects exceeding 9 million units per annum. The Board expects that in the initial phase the key markets served will be the Company's traditionally strong markets in smart meters, security products and medical devices, together with new business in consumer products and Internet of Things (IoT) sensors. As demand builds, the Board will look at how to best grow sales, potentially by adding new capacity and/or new product lines.


    Like most businesses, the Company has experienced impacts due to COVID-19. Some pre-existing Murata customers have advised the Company that, due to the combination of a short term reduction in demand for their products, coupled with large final purchases made from Murata before the production lines were closed for transfer, they have sufficient inventory of products for the next six to nine months. The Company has also seen royalty payments from AVX and Murata stagnate. Production efficiency and output from Malaysia has been impacted by the ban on CAP-XX engineers travelling to Malaysia. As previously announced, the project itself was delayed by about three months, due to various COVID-19 related delays, which have included: cancelled and delayed ships from Japan to Sydney; the inability of Japanese engineers to assist with on-site commissioning in Sydney; and delays in procuring some equipment and raw materials. Nevertheless, the Board believes that the Company has weathered these impacts relatively well. Meanwhile, revenue is 12% up on the previous year, with the sales order book as at 30 June 2020 being more than double the value at the same time in the previous year.


    Licensing is also an important revenue stream for CAP-XX and the Company continues to vigorously defend its intellectual property. During this calendar year, CAP-XX was successful in its US Court proceedings against Ioxus, Inc ("Ioxus"). The Delaware District Court found that Ioxus was liable for infringing CAP-XX's patents and awarded CAP-XX damages of US$4.95m plus legal fees. CAP-XX is pursuing Ioxus for the payment of the awarded damages. However, it remains unclear whether Ioxus will be able to pay. CAP-XX continues to pursue a similar patent infringement action against Maxwell Technologies, now a wholly owned subsidiary of Tesla Inc. with the initial discussions in front of the Court scheduled during November 2020.


    Total Company sales revenue for the year to 30 June 2020 increased by 12% to A$3.6 million (2019: A$3.2 million). Pleasingly, product sales were up 27% from FY 2019, which is a direct result of the strong pipeline of opportunities which have been commented upon in prior year reports and recent trading updates. Licensing and royalty revenue was in line with the previous year, despite the Murata plant being decommissioned in February 2020 and AVX's sales being negatively impacted by COVID-19. The Reported Net Loss for the year to 30 June 2020 was a loss of A$4.9 million (2019: loss of A$2.8 million), which includes the amortisation of share-based payment expenses. This loss also includes A$3.73 million of Murata project expenses (a net figure of A$2.11 million after the expected incremental R&D tax rebate) (2019: nil); A$0.667 million in legal expenses for patent infringement; and A$0.088 million necessitated by a new treatment of lease expenses under AASB 16. When adjusted for these one-off factors, the like for like comparison is an adjusted Net Loss of A$2.0 million (2019: loss of A$2.8 million).


    The Board is confident that the Company has sufficient cash to complete the Murata project as planned and that the commissioning of the Murata production lines will transform the Company's sales and cash flow position.



    Patrick Elliott

    Chairman

    3 November 2020


    Business Review

    Review of Operations and Activities


    The Reported Net Loss for the year to 30 June 2020 was a loss of A$4.9 million (2019: loss of A$2.8 million), which includes the amortisation of share-based payment expenses. This loss also includes A$3.73 million in Murata project expenses (a net figure of A$2.11 million after the expected incremental R&D tax rebate) (2019: nil); A$0.667 million in legal expenses for patent infringement; and A$0.088 million necessitated by a new treatment of lease expenses under AASB 16. When adjusted for these one-off factors the like for like comparison is an adjusted Net Loss of A$2.0 million (2019: loss of A$2.8 million).


    Cash reserves as at 30 June 2020 were A$2.9 million, which was up from A$2.4 million as at 30 June 2019. Not included in the FY 2020 cash reserves is the Federal Government R&D tax rebate which is expected to be approximately A$3.2 million (November 2019: A$1.6 million), with these funds expected to be received before the end of the current calendar year.


    As noted in the Chairman's statement, two accounting adjustments need to be taken into account when analysing the financial results for FY 2020. The first relates to the Company adopting AASB 16 from 1 July 2019. This standard replaces AASB 117 and for lessees eliminates the classifications of operating leases and finance leases. Straight-line operating lease expense recognition has been replaced with a depreciation charge for the right-of-use assets (included in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs). A full explanation of this adjustment can be found in the Notes to the Financial Statements at Note 1 (v). The second adjustment relates to the year on year increase in Research and Development expenditure, which is a direct result of the costs incurred in the relocation and commissioning of the acquired Murata plant and equipment. A material percentage of the expenditure incurred can be claimed as eligible Research and Development expenditure under the current Australian Taxation Office guidelines and is subject to a rebate. The amount of eligible Research and Development expenditure for FY 2020 totalled A$7.4 million (2019: A$3.7 million) which will generate an expected Government rebate of A$3.2 million (2019: A$1.6 million) which is anticipated to be received before the end of the current calendar year.


    The Company's sales pipeline is robust with many of the opportunities being converted to sales orders, with the outstanding order balance as at 30 June 2020 being more than double the level at the same time in the previous year. This is despite several material sales opportunities being pushed back to FY 2022 due to delays in product development by customers due to COVID-19 related issues. Total sales revenue for the year to 30 June 2020 was A$3.6 million (2019: A$3.2 million) which represents a 12% year-on-year increase. The contributing factors underlying this increase were the year on year increase in CAP-XX's product range and sales of cylindrical can supercapacitors, with the cylindrical can increase being generated from a modest total in the previous year. Sales of Murata products manufactured by Murata were also generated in the financial year. These increases offset the contribution from Licensing was which was down from the previous year, with consolidated royalties being on par with the previous year and no new licensing deals being completed in FY 2020.


    Operational expenditure excluding direct project expenditure, increased by 10% from A$6.1 million to A$6.7 million. The increase in expenditure is attributable to CAP-XX's patent infringement cases in the United States (A$0.667 million) which resulted in the award of damages against Ioxus plus the pending Maxwell Technologies case. In addition, operational expenditure increased as a result of the appointment of a dedicated sales representative in the United States which has already increased CAP-XX's presence in this market and increased the pipeline of opportunities.


    Research and Development expenditure has been held steady in FY 2020, with the focus being the development of new materials and chemistries which can be integrated into the Murata product lines.


    Business Environment


    The Board believes that CAP-XX's technology provides a competitive advantage over existing supercapacitor manufacturers, such as Maxwell Technologies, Skeleton, Eaton, LSMtron, Nippon Chemicon Corporation and other Chinese and Korean competitors. The Board believes that these companies are unable to match the CAP-XX technology in terms of thinness, power density, energy density and reliability. Most of the Company's competitors only manufacture higher-capacity cylindrical cells used in large package modules and focus on applications where the combination of thinness, energy density and power density are not important considerations for the customer. These competitor products usually prove unsuitable for the various markets collectively labelled the Internet of Things (IoT) market, which is the key area that CAP-XX is targeting with the former Murata products and CAP-XX's existing prismatic products.


    As reported previously, IoT applications, one of the fastest growing segments of the electronics market, provide one of the greatest opportunities for CAP-XX's products. Driven by customer requests, manufacturers are constantly moving to new wireless protocols and adding to the functions and applications available on IoT enabled devices. Some of these new functions require high electrical power within the actual IoT device. Examples are e-locks; drug dispensing; facial recognition; and haptic feedback. Other devices are powered by energy harvesting and are battery-less. Others use low power batteries such as 3 Volt coin cell batteries. All of this means that power management continues to be an increasingly important consideration. The other important factor is size, as devices have tended to become smaller whilst their electrical power demands have increased. The Company has been successful in winning new business from a range of these markets, such as industrial actuators, e-locks, agricultural sensors, wireless displays, smart-meters, payment and hand held terminals, medical wearables, automotive dashcams and communication systems.


    In the past, CAP-XX has faced competition in various markets from cheaper cylindrical supercapacitors where our thin form factor, high power and long life are not valued as highly as lower initial cost components from competitors. To counteract this, the Company released a range of cylindrical cells. Modest sales revenue for these products was first recorded during FY 2019. In FY 2020, these sales grew significantly on a year on year basis. Pleasingly, the revenues from these products in the first quarter of FY 2021 are close to the whole of FY 2020. Several new large volume opportunities are still being evaluated by customers that are currently utilising alternative cylindrical cells.


    Automotive applications such as truckStart, Stop-Start systems, regenerative energy capture or KERS (Kinetic Energy Recovery Systems), distributed power, hybrid electric vehicles and electric vehicles still present substantial opportunities for large supercapacitors. A number of CAP-XX's competitors are active in these markets, and the Board believes that the Company has significant advantages over the competition in certain applications. However, because of the significant resources that each project requires and the long time lag between product evaluation and mass production, the Board has taken the decision to focus the Company's resources on IoT applications and just a small number of key automotive projects and take a lower risk, longer-term, more patient approach to the opportunities for large supercapacitors.


    Opportunities


    The overall direct sales pipeline for CAP-XX's supercapacitors continues to be large in quantum and varied in terms of the targeted markets. The key IoT target markets remain similar to the previous year, with IoT wearables, health, automotive, security, smart-metering, energy harvesting and consumer products having the most appeal and presenting the largest volume opportunities.


    Our customers' markets are constantly evolving as new products and technologies threaten the incumbents. In this environment, CAP-XX needs to always remain alert and be flexible to changing business conditions and market needs. This creates opportunities to offer products that address what our markets want.


    CAP-XX is continuing to refine the products that it offers for the various IoT and other markets. The Company is introducing the Murata range of thin prismatic supercapacitors to address the space-constrained and/or power hungry needs of many IoT products. The Board expects the first Murata products to ship from the Company's new Seven Hills factory by the end of 2020. At a later stage, the Company plans to release the very thin DMH supercapacitor. At only 400 microns in thickness, the Board believes that this is the best performing supercapacitor in its class. The Company also plans to use its 3 Volt chemistry in all of the former Murata products. The development of the 3 Volt product has been targeted to meet demand for small, inexpensive, energy efficient power solutions for thin wearables, key FOBs and other IoT devices, especially those using 3 Volt coin cell lithium ion batteries, such as the CR2032 battery.


    In the future, there is an opportunity to migrate this same 3 Volt technology into larger prismatic supercapacitors, automotive modules and other products for high-energy, high-power applications. As already noted, CAP-XX is concentrating on a small number of automotive opportunities. To further increase the Company's likelihood of success, the Board may pursue a strategy of partnering with automotive and military Tier-1/Tier-2 suppliers, through either a new license agreement or a joint venture, to supply the automotive markets. The Board believes that such partnerships will be beneficial for all parties involved.


    CAP-XX's existing licence agreements are further endorsements of the Company's strategy to develop substantial and recurring income from its intellectual property. Several other license agreements are at differing stages of negotiation. A significant additional benefit of the existing licencing agreements is that they validate CAP-XX's technology leadership in the field of supercapacitors and energy storage, and the potential for supercapacitors as a mainstream consumer electronics technology. Our licensees' product lines and sales activities are also increasing our exposure to markets and customers that were previously beyond the Company's reach. It is also important to note that the strategy of our licensees is to offer product ranges targeted at certain end markets. As such, none of them meet the product type or size requirements for all markets and all applications, leaving room for CAP-XX to supply these other markets directly using products made by CAP-XX and its contract manufacturers.


    There remain several additional opportunities for the Company to pursue additional licencing arrangements. Some of these have and may require the Company to enforce its patent rights through court action, as already noted.


    Strategies for Growth


    Given the increasing levels of market interest in CAP-XX's technology and its high-performance supercapacitors, the Company believes that the IoT markets, in particular, offer significant opportunities for growth and to reach the key strategic objective of CAP-XX achieving profitability and positive cashflow.


    The Company continues to engage in discussions aimed at securing business in the IoT space with a significant number of global original equipment manufacturers (OEMs). CAP-XX is strengthening its relationships with these organisations and has regular engineering meetings with design teams, manufacturing groups and contract manufacturers. The Company is unable to comment on specific clients, but the Board is pleased with the overall progress and is confident that the available market for supercapacitors is increasing as manufacturers become more familiar with the technology.


    Over the last year the Company has aligned its marketing activities to specifically focus on a number of different IoT markets, such as asset tracking, automotive; e-locks, medical devices, hand held terminals, smart meters, wearables and wireless sensors. The efforts to date have produced a significant increase in visits to the Company's webpages and sales enquiries. The Board expects for this growth to continue. CAP-XX's strong environmental credentials, which have been recognised by the London Stock Exchange providing the Company with its Green Economy Mark, are consistent with this strategy


    The Company will continue to monitor new opportunities to increase its sales, through its current distributors, via direct sales to customers and new product offerings. These offerings may take the form of complementary energy storage devices and modules. The Company is also increasing the size of its own sales force and adding new distributors to ensure that global coverage and penetration is maximised.


    It is important that the Company is able to benefit from the large investment made over many years in building its patent portfolio. Where third parties are found to be infringing these patent rights, the Company has and will continue to vigorously defend its rights, even if this means pursuing legal action as it did successfully against Ioxus.


    Research and Development


    The markets in which the Company operates are competitive and are characterised by rapid technological change. CAP-XX has a strong competitive position in prismatic supercapacitors in all of its target markets as a result of its capability to produce supercapacitors with a high energy and power density in a small, conveniently sized, flat package. CAP-XX's devices are also lightweight, work over a broad temperature range and have an operating lifetime measured in years.


    To stay ahead of the competition, the Company is developing a strong pipeline of new products to follow the 3 Volt products already discussed. CAP-XX's R&D efforts are focused on a mix of short, medium and long-term opportunities, covering new products, cost reductions and improved product performance. CAP-XX has a research facility in Sydney, Australia, where a team of seven scientists work to maintain CAP-XX's leading technology position in electrodes, separators and electrolyte materials and their assembly into supercapacitor devices. This team is supported by 16 engineers. During 2020, significant progress has been made in a number of key areas including: new cell chemistries; improving the life of cells; developing new packaging concepts; reducing the cost per cell and developing new electronics to optimise the performance of the Company's modules. CAP-XX has also signed numerous collaboration agreements with leading research institutions, whilst the Company's Scientific Advisory Board provides CAP-XX with clear direction on commercially relevant technologies for its ongoing R&D programme.


    The Company's success depends on its ability to protect and prevent any infringements of its intellectual property. To protect this important asset, the Company has considerable intellectual property embodied in its patents covering the design, manufacture and use of its high-performance supercapacitors. The CAP-XX patent portfolio currently consists of nine patent families, with 21 granted national patents with an additional four patent applications pending in various jurisdictions. The Company's intellectual property strategy has been to build value by focusing on opportunities to capture market share and exclude competition, with an IP portfolio capable of generating licensing revenue. The Directors believe that comprehensive embodiments and interlocking patent groups, combined with a 'quick to file, quick to abandon' policy, have given the Company a strong and focused IP portfolio.


    Outlook


    The major focus for CAP-XX continues to become profitable and cashflow positive as soon as possible by leveraging the successful commissioning of the newly installed Murata production equipment to facilitate increased product sales.
  24. (PFP) Pathfinder Minerals, Oct 30, 2020
  25. Groucho

    30 October 2020

    Pathfinder Minerals Plc

    ("Pathfinder," the "Company" or the "Group")

    Half-year results for the six months ended 30 June 2020

    Pathfinder reports its unaudited results for the six months ended 30 June 2020.

    As announced on 3 September 2020, the Company was granted by AIM Regulation a one-month extension to the date by which it is required under AIM Rule 18 to publish its interim accounts for the six months ended 30 June 2020. Accordingly, the Company was required to announce its half-year report before 31 October 2020.

    Dennis Edmonds, Chairman, commented:

    "The May 2020 decision from the Mozambique Supreme Court that they would not recognise the decision of the UK High Court leads Pathfinder into a new phase in the strategy to seek a return of its mining licences. The Board is in the process of undertaking a review of this strategy and intends to update shareholders imminently with a clear and decisive course of action."


    Chairman's statement

    Introduction

    In May 2020, Pathfinder announced that the Mozambique Supreme Court had rejected the Company's application for recognition of a judgment by the English High Court (the "English Judgment") which gave certain declarations to the effect that Pathfinder's subsidiary, IM Minerals Limited, validly acquired its shareholding in Companhia Mineira de Naburi S.A.R.L., which previously held the Company's mining licences. This outcome has no bearing on the English Judgment, which remains in force.

    New funds for working capital

    During the period, the Company completed two new financings. The first was a convertible loan note for £175,000 (announced on 3 April 2020) ("CLN"); and the second, an equity fundraising to issue 38,461,538 new shares for gross proceeds of £250,000 (announced on 28 May 2020), which completed on 3 June 2020.

    Subsequent to period end a total of £98,000 of the CLN had been converted into equity with £77,000 outstanding as at today's date.

    Management changes

    On 3 July 2020, Peter Taylor was appointed as Chief Executive Officer, enabling me to step into the role of Chairman. John Taylor stepped down to a non-executive director role while Sir Henry Bellingham resigned to pursue new business interests. We thank Sir Henry for his commitment to Pathfinder over many years and wish him well in his future endeavours.

    As previously announced on 3 January 2020, the commercial agreement with Africa Focus Group (the "AFG Agreement") was extended a further 3 months to the end of March 2020, albeit on a non-exclusive basis. The AFG Agreement was not extended further thereafter.

    Financial results and current financial position

    The financial statements of the Pathfinder Group for the six months ended 30 June 2020 follow later in this report. The Income Statement shows a loss of £228,000 (H1 2019 - £282,000). The Group's Statement of Financial Position shows total assets at 30 June 2020 of £486,000 (31 December 2019 - £380,000). The assets are held largely in the form of cash deposits of £271,000.

    The Group remains adequately funded in the near to medium term to progress its legal remedies to regain its mining licences in Mozambique.

    Strategic review and outlook

    The May 2020 decision from the Mozambique Supreme Court that they would not recognise the English Judgment leads Pathfinder into a new phase in the strategy to seek a return of the mining licences. The Board is in the process of undertaking a review of this strategy and intends to update shareholders imminently with a clear and decisive course of action.

    Dennis Edmonds

    Chairman

    30 October 2020

    Pathfinder Minerals - Half-year Report #PFP https://www.voxmarkets.co.uk/rns/announcement/6d0e78a7-7fb0-4845-ab4f-f482148b4407 #voxmarkets
  26. (VAST) Vast Share Chat, Oct 29, 2020
  27. Groucho

    29 October 2020

    Vast Resources plc

    (‘Vast’ or the ‘Company’)

    Final Results

    Vast Resources plc, the AIM-listed mining company, is pleased to announce its audited final results for the 12 month period ended 30 April 2020.

    A copy of the annual report will be available on the Company’s website at www.vastplc.com.


    ANNUAL REPORT

    OVERVIEW OF THE YEAR ENDED 30th APRIL 2020

    Vast Resources plc (‘Vast’ or the ‘Group’ or the ‘Company’) is focused on two key mining opportunities in Romaniaand Zimbabwe. These opportunities comprise the Baita Plai Polymetallic Mine (‘BPPM’) in Romania, and the Group’s expected diamond concession in Zimbabwe. The Group continued to hold the Manaila Polymetallic Mine (‘MPM’) on care and maintenance with the expectation of a funding round at a later stage.

    The Group has arranged financing which it has prioritised for BPPM in Romania and for the Chiadzwa Community Diamond Concession in Zimbabwe. On 31st January, the Group drew down on the first tranche of the Atlas Capital Markets facility ($7.1 million principal). The first tranche has been applied to placing BPPM into production and to the repayment of financial creditors.

    Discussions continue regarding the conclusion of the Company’s diamond joint venture with its Zimbabwestakeholders. These discussions are in line with previous expectations, save on timing.

    Financial
    • Comparatives have been drawn up for the thirteen-month period to 30th April 2019 following a change of accounting reference date as announced on 8th April 2019.
    • 5.4% decrease in other administrative and overhead expenses for the twelve-month period ended 30 April 2020 ($4.1 million) compared to the thirteen-month period ended 30 April 2019 ($4.3 million).
    • Foreign exchange losses of $2.0 million for the period compared to $2.8 million for the thirteen-month period ended 30 April 2019. Included within the $2.0 million of foreign exchange losses is $0.640 million in respect of the Company’s operations in Zimbabwe.
    • 16.4% decrease in losses after taxation from continuing operations in the period ($8.3 million) compared to the thirteen-month period ended 30 April 2019 ($10.0 million).
    • Cash balances at the end of the period $0.478 million compared to $0.569 million as at 30 April 2019.

    Post reporting date:
    In September, the Group received an indicative asset backed debt financing proposal from an international banking institution with the purpose of refinancing Tranche 1 of the Convertible Bonds issued to Atlas Special Opportunities LLC (“Atlas”). The proposal has passed through the bank’s initial credit committee approval process following preliminary due diligence covering technical evaluation, environmental & social impact assessment and KYC analysis. The Group has entered into a formal agreement with the banking institution to complete due diligence and finalise terms with a view to receiving final credit committee approval.

    Operational Development
    • Concluded a joint venture with Chiadzwa Mining Resources (Pvt) Ltd, a company designated to represent Chiadzwa Community interests in the Chiadzwa Community Diamond Concession in the Marange Diamond Fields (the “Concession”).
    • Continued discussions to finalise the joint venture agreement with Zimbabwe Consolidated Diamond Company (Pvt) Ltd (“ZCDC”) which will enable the Concession to procure a special grant for the mining of diamonds. Discussions are in line with expectations, save on timing.
    • Transitioned resources from MPM to BPPM in order to continue the upgrade and development of BPPM.
    • Cold commissioning of BPPM and commencement of drilling programme to establish a 2012 JORC compliant resource estimate.
    • Revised an existing agreement with Botswana Diamonds PLC (“BOD”) resulting in BOD acquiring a 2.5% interest in the cashflows generated from Vast’s share in the Concession. In consideration for this interest BOD will provide know-how for all aspects of exploration, mining, processing and marketing in relation to the Concession.

    Post reporting date:
    • In June, the Company was granted the Manaila Carlibaba Extension Exploitation License which will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba license area. The enlarged exploitation license is 138.6 hectares in size, an increase of 410% in surface area from the existing exploitation license at Manaila (27.2 hectares). In October, the Company has also received a time extension of five years on the entire licence area in accordance with Romanian Mining Legislation.
    • In October, the Company commenced the production of concentrate at BPPM.
    • At the end of October 2020, the Company will publish a JORC 2012 compliant Measured and Indicated Mineral Resource for BPPM which covers the first four years of production. Further drilling will be conducted with the objective of publishing an expanded JORC 2012 Mineral Resource.
    Funding

    Equity:

    Fundraising share issues during the year (gross proceeds before cost of issue):

    View attachment 9294

    View attachment 9294

    Debt
    • First tranche ($7.1 million) of Atlas Capital Markets $15 million bond facility drawn on 31 January 2020
    • Debt to Sub-Sahara Goldia Investments fully repaid.
    • $1 million of prepayment advance repaid to Mercuria Energy Trading.
    Post reporting date:
    ·Repayment of $0.5 million principal of the first tranche of the Atlas Capital Markets facility.

    Management
    ·Appointment of Paul Fletcher as Finance Director on 6 November 2019.

    Post reporting date:
    • Resignation of Eric Diack as Non-executive Director on 4 May 2020.
    • Resignation of Mark Mabhudhu as Executive Director of the Company’s Diamond Division on 22 September 2020 following his appointment as Chief Executive Officer of Government owned Zimbabwe Consolidated Diamond Company (Pvt) Ltd.
    Political and Covid-19
    • Covid-19 restrictions caused some inevitable delays to the BPPM start-up, mostly due to implementing health and safety protocols which reduced productivity and travel restrictions which prevented key managers being on site at certain times. Despite these headwinds, BPPM produced its first concentrate in October 2020 which is to be sold in early November 2020.
    • Continuation of the Covid-19 lock-down in Zimbabwe has significantly slowed business activity in the country.


    CHAIRMAN’S REPORT


    We live in unprecedented times. The Covid-19 pandemic has left no community untouched and created economic, political, and social stresses that we have not witnessed in peacetime. Despite these challenges, the Group has been able to reach some notable milestones at the Baita Plai Polymetallic Mine (“BPPM”) and is well on track to realise the potential of this asset.

    Romania
    The end of January 2020 saw the Company draw down on the first tranche of the Atlas facility. While the Covid-19 pandemic brought inevitable restrictions to our operations, the Group was able to successfully work with our key stakeholders to safely minimise disruption to the start-up plan. We took delivery of our last significant pre-production capital items after the reporting period end in July 2020 and commenced concentrate production in October of this year, with BPPM scheduled to make the first deliveries of concentrate to our off-taker Mercuria in early November. We also completed the first part of a drilling program to both fine-tune the mining plan and to properly articulate the potential of the asset through a JORC 2012 compliant resource estimate which we will publish at the end of October. As stated in the Strategic Report, the drilling results have been extremely encouraging and are in line with the Company’s expectations. We intend to continue the drilling campaign with a view to extending the resource. We look forward to reporting on the continued development of BPPM and the positive impact on operating results for the current financial year.

    Zimbabwe
    While progress at BPPM is on track, there has been a delay in finalisation of the joint venture agreement with Government owned Zimbabwe Consolidated Diamond Company (Pvt) Ltd (“ZCDC”), which, amongst other matters, will enable the Group and our other Zimbabwean stakeholders to procure a Special Grant for the exploration, development, and mining of the Concession. As stated in the Strategic Report, we remain confident that we will conclude an agreement and our expectation is that this will occur once Covid-19 lock-down measures are lifted in Zimbabwe.

    Directors and management
    Executives
    Paul Fletcher was appointed to the Board as Finance Director on 6 November 2019. Paul joined the Company on 8 February 2019 as Chief Financial Officer.

    On 22 September 2020 Mark Mabhudhu, Executive Director of the Company’s Diamond Division left Vast to take up the role of CEO at the ZCDC. We were obviously saddened by Mark’s leaving but we are also excited by the prospect of continuing to work with him as he carries out his new remit to implement Joint Ventures between ZCDC and investors in the diamond sector. The Board would like to thank Mark for all his efforts and wish him all the best in his new role.

    Non-Executives
    On 4 May 2020 Eric Diack resigned from his position as a Non-Executive Director of the Company as a consequence of taking on a new role which requires his full-time attention. The Board would like to thank Eric for his contribution over the years and wishes him well in his new role.

    Funding
    In October 2019 we finalised documentation with Atlas Capital Markets (“Atlas”) for the funding of both the commissioning of BPPM and in due course the commencement of diamond mining at the Chiadzwa Community Diamond Concession. As mentioned above, we have drawn down on the first tranche of the Atlas facility in order to bring BPPM into production. We have also entered a period of due diligence with a banking institution to refinance the first tranche of the Atlas facility. This will allow us to strengthen our balance sheet and realise greater long-term returns for shareholders.

    Corporate Governance
    As stated in the Strategic Report, last year the Company adopted the Quoted Company Alliance (‘QCA’) code on Corporate Governance. The Board strives to promote a corporate culture based on sound ethical values and behaviours. The Company maintains a strict anti-corruption and whistle blowing policy and the Directors are not aware of any event in any jurisdiction in which it operates that might be considered to be a breach of this policy. Subsequent to the reporting period the Company has formally adopted Code of Conduct, Health and Safety, Environmental, and Human Rights policies which clearly articulate the Board’s expectations and strengthen the control environment of the organisation. The Company continues to operate a code for Directors’ and employees’ dealings in securities which is appropriate for a company whose securities are traded on AIM and is in accordance with the requirements of the Market Abuse Regulation which came into effect in 2016. The Company is also committed to maintaining open dialogue with shareholders, employees and other stakeholders.

    Appreciation
    The continued support and resolve of shareholders and other stakeholders through times that have been challenging is much appreciated. With the funding of BPPM, the Company has passed a significant milestone, and, with the successful start of production, the Company expects to become cash flow positive in a short period of time. To fellow directors, thank you for your advice and support, and to management and staff both in Romania and Zimbabwe for their continued effort on behalf of the Company. Above all we wish all our stakeholders well in these difficult times and remain committed to safeguarding the safety of our employees and the communities in which we operate.

    Brian Moritz
    Chairman

    Final Results #VAST @vast_resources https://www.voxmarkets.co.uk/rns/announcement/c742bdd5-667d-4b52-b480-398d6efdc123 #voxmarkets undefined
  28. SML - Strategic Minerals, Oct 15, 2020
  29. Groucho


    RNS Number : 2214C
    Strategic Minerals PLC
    15 October 2020

    Strategic Minerals plc


    ("Strategic Minerals" or the "Company")


    Replacement RNS - September Quarter 2020 Magnetite Sales and Cash Balances


    The following announcement replaces the announcement released by the Company at 7.00 a.m. on 12 October 2020 under RNS number 6875B. In the sales update section, the previous announcement incorrectly stated that sales volumes (tonnage) had increased 55% year on year, rather than the correct increase being 46%. Also, in the same section, the note to the table of results incorrectly stated that US$0.75m forfeited by CV Investments LLC had been excluded from the sales figues, when it has been included in the sales for the 12 months to September 2020. The amended text is shown below, all other details remain unchanged.

    Strategic Minerals - Replacement RNS - Q3 Cobre Sales & Cash Balance #SML @SML_Minerals https://www.voxmarkets.co.uk/rns/announcement/68882134-7bd7-4806-81df-c734b314c5e7 #voxmarkets
  30. AAZ Anglo Asian Mining share chat, Oct 14, 2020
  31. Groucho

    14 October 2020

    Anglo Asian Mining plc

    Q3 2020 Production and Operations review

    Production of 18,451 gold equivalent ounces in Q3 2020 calculated using budget metal prices

    Cash of $21.4 million and unsold gold inventory of $12.1 million at 30 September 2020



    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in western Azerbaijan for the three and nine months to 30 September 2020 ("Q3 2020" and "YTD Q3 2020" respectively).


    Note that all references to "$" are to United States dollars.


    Overview

    · Significant improvement in Q3 2020 production expressed as gold equivalent ounces ("GEOs") with a 25 per cent. increase to 18,451 GEOs compared to the previous quarter (Q2 2020: 14,819 GEOs) using budget metal prices

    · Reportable production at actual metal prices of 18,190 GEOs (Q3 2019: 20,227 GEOs)

    · YTD Q3 2020 total production of 50,702 GEOs (YTD Q3 2019: 60,122 GEOs)

    · Cash of $21.4 million at 30 September 2020 (H1 2020: $29.2 million)

    o Dividend of $5.1 million and corporation tax of $3.0 million paid in Q3 2020

    o Unsold Company gold inventory held by refiner of 6,335 ounces at 30 September 2020

    · Sale of 6,335 ounces of gold at refiner at 30 September 2020 was delayed until early October to take advantage of anticipated higher metal prices

    o 6,335 ounces sold in early October at average price of $1,910 per ounce generating proceeds of $12.1 million

    · Significant increase in average price of gold bullion sold in Q3 2020 to $1,947 per ounce (H1 2020: $1,649 per ounce)

    · Full Year 2020 ("FY 2020") production guidance is currently under review following some minor delays in the underground development arising from the effects of the Azeri and Armenian conflict due to the conscription of a number of engineering staff and some recently encountered temporary delays due to underground rock faulting

    o An estimated five to ten per cent. reduction may be required from the current guidance of 75,000 to 80,000 GEOs

    o The Company will announce revised guidance on completion of the review

    · As announced on 23 September 2020, an interim dividend of US$0.045 per share will be paid gross in respect of the year ending 31 December 2020 to shareholders on 5 November 2020


    Anglo Asian CEO Reza Vaziri commented: "I am very pleased with the better performance so far in the second half of this year with production increasing by twenty seven percent to 18,190 gold equivalent ounces compared to the previous quarter. The actions we took to improve production in the first half of the year are now taking effect. We will soon start underground mining below the Gedabek open pit which is expected to lead to a further improvement in performance.

    "We delivered 6,335 ounces of gold to the refiner in September when the gold price was below $1,900, a dip we decided was likely to be temporary. In accordance with our policy of timing gold sales this was not sold until October at an average price of $1,910 per ounce. This demonstrates our ability to generate increased revenue by timing gold sales.

    "We are very saddened by the resumption of the conflict between Azerbaijan and Armenia, especially as the country was recovering well from the COVID-19 pandemic which now seems under control. The length and final resolution of the conflict are currently unknown. The Company is operating normally but we are experiencing some operational inefficiencies due to the conflict which has required us to review our full year production guidance. It is estimated a reduction of around five to ten percent will be required from the current guidance. We will update shareholders once the review is finalised."


    Production Overview

    Q3 2020

    · Total production of 18,190 GEOs (Q3 2019: 20,227 GEOs)

    · Gold production of 15,461 ounces (Q3 2019: 17,804 ounces):

    o 14,978 ounces contained within gold doré

    o 7 ounces from sulfidisation, acidification, recycling and thickening ("SART") processing

    o 476 ounces from flotation processing

    · Copper production totalled 688 tonnes (Q3 2019: 521 tonnes):

    o 165 tonnes from SART processing

    o 523 tonnes from flotation processing

    · Silver production totalled 31,036 ounces (Q3 2019: 33,354 ounces):

    o 5,472 ounces contained within gold doré

    o 17,148 ounces from SART processing

    o 8,416 ounces from flotation processing


    YTD Q3 2020

    · Total production of 50,702 GEOs (YTD Q3 2019: 60,122 GEOs)

    · Gold production of 43,384 ounces (YTD Q3 2019: 52,198 ounces)

    · Copper production totalled 1,894 tonnes (YTD Q3 2019: 1,478 tonnes)

    · Silver production totalled 89,564 ounces (YTD Q3 2019: 117,708 ounces)


    Sales

    · Q3 2020 gold bullion sales of 6,599 ounces at an average of $1,947 per ounce (Q3 2019 gold bullion sales of 14,894 ounces at an average of $1,513 per ounce) - sales were lowered in Q3 2020 due to 6,335 ounces of unsold Company inventory held at 30 September 2020

    · Unsold inventory of 6,335 ounces of gold at 30 September 2020 sold in early October for $12.1 million

    · Q3 2020 copper concentrate shipments to the customer totalled 2,084 dry metric tonnes ("dmt") with a sales value of $3.4 million (excluding Government of Azerbaijan profit share) (Q3 2019: 2,255 dmt with a sales value of $3.4 million)


    Company financials

    · Cash and cash equivalents totalled $21.4 million at 30 September 2020 (Cash and cash equivalents of $29.2 million at 30 June 2020)

    · Cash generation in Q3 2020 of $9.5 million before payment of final dividend for 2019 in Q3 2020 of $5.1 million and including sales proceeds in October of gold inventory of $12.1 million


    Gedabek - mining, production and sales

    The Company mined the following ore in the nine months to 30 September 2020:
    View attachment 9269

    Anglo Asian Mining - Q3 2020 Production and Operations Review #AAZ @AAZMining https://www.voxmarkets.co.uk/rns/announcement/1f2b34b2-b0d2-4583-a830-a8e7c528de59 #voxmarkets
  32. Glenwick share chat (GWIK), Oct 12, 2020
  33. Groucho

    12 October 2020


    Cora Gold Limited ('Cora' or 'the Company')

    Update on Capital Structure and Granting of Share Options


    Cora Gold Limited, the West African focused gold exploration company, is pleased to provide an update on its capital structure and announce the granting of share options.


    Highlights:

    ● Aggregate proceeds of approximately £1.5m received from the exercise of warrants prior to 30 September 2020

    ● Cash of US$5m

    ● The Company has no further outstanding warrants

    ● Options granted to board, management and consultants to subscribe for 7,200,000 Ordinary Shares at a price of 10 pence per Ordinary Share expiring on 12 October 2025


    On 30 September 2019, the Company issued 30,714,285 warrants (the 'Warrants') to subscribe for ordinary shares in the capital of the Company ('Ordinary Shares') at a price of 10p per Ordinary Share as part of a £2m fundraising. The expiry date of these Warrants was 30 September 2020. Numerous Warrants were exercised and announced prior to that date and the Company confirms that in aggregate exercises were made over 14,866,989 Ordinary Shares for total gross proceeds of GBP £1,486,698.90. This means that the Company's cash balances were in excess of US$5 million at the end of September 2020. There are currently no further warrants outstanding.


    Bert Monro, CEO, comments "After strong support from existing shareholders exercising their warrants at 10p I am pleased to report that the Company's cash balance was in excess of US$5 million at the end of September 2020.

    "The Company is fully funded for its upcoming work programmes as we are focussed on resource growth at the Sanankoro Gold Project ('the Project'). The longer-term objective of delivering a Definitive Feasibility Study on the Project before the end of 2021 remains in place as we focus on proving up shallow oxide ounces. Following the appointment of Norm Bailie (RNS on 16 September 2020), who has a wealth of West African discovery and development experience, we are extremely excited about seeing the results from the upcoming drill programmes. We look forward to announcing the details of our exploration plans in the coming weeks."


    Grant of Options

    The Company operates a structure with a low corporate overhead and its Remuneration and Nominations Committee annually benchmarks executive and non-executive remuneration against its peers. That exercise has demonstrated that the pay of the Company's board and management is currently below the average of its peers. Accordingly, and as part of the Company's ongoing management incentivisation scheme, on 12 October 2020, the Company granted options ('Options') to subscribe for a total of 7,200,000 Ordinary Shares, equivalent to 3.51% of the issued share capital of the Company, to certain directors, management and consultants. The exercise price of the Options is 10 pence per Ordinary Share, representing a premium of 7.58% to the average closing mid-market price of the Ordinary Shares on the 10 trading days prior to the date of grant. The Options expire on 12 October 2025.

    The Options are not assignable or transferable and may lapse six months after the holder ceasing to be a director, employee or consultant of the Company.


    In addition, regarding vesting:

    a. One quarter of the Options vest immediately;

    b. One quarter of the Options vest on 12 April 2021;

    c. One quarter of the Options vest on 12 October 2021; and

    d. One quarter of the Options vest on 12 April 2022.


    Following the grant of the Options, the total number of share options granted to subscribe for Ordinary Shares is 15,300,000, equivalent to 7.45% of the current ordinary issued share capital of the Company. Immediately post granting of the above Options the Company's issued and outstanding capital structure comprised:

    ● 205,382,159 Ordinary Shares;

    ● share options to subscribe for 1,900,000 Ordinary Shares at a price of 16.5 pence per Ordinary Share expiring on 18 December 2022 (awarded in December 2017);

    ● share options to subscribe for 6,200,000 Ordinary Shares at a price of 8.5 pence per Ordinary Share expiring on 09 October 2023 (awarded in October 2019); and

    ● share options to subscribe for 7,200,000 Ordinary Shares at a price of 10 pence per Ordinary Share expiring on 12 October 2025.

    Cora Gold Limited - Update: Capital Structure & Grant of Share Options #CORA @cora_gold https://www.voxmarkets.co.uk/rns/announcement/2a8b8977-5b96-48fc-86b1-732dd2bc2288 #voxmarkets
  34. (JLP) Jubilee Platinum Share Chat, Oct 8, 2020
  35. (HZM) Horizonte Minerals Share Chat, Oct 6, 2020
  36. Groucho

    View attachment 9248
    #NMT Neometals presentation - Australian Nickel Conference 10-2020
    https://www.asx.com.au/asx/share-price-research/company/NMT
  37. (PREM) Premier African Minerals Share Chat, Sep 30, 2020
  38. Groucho

    30 September 2020

    Premier African Minerals Limited
    ('Premier' or 'the Company')



    Unaudited Interim Results for the six months ended 30 June 2020



    Chief Executive Statement



    Dear Shareholders,


    It is a pleasure to share with you the interim results for the six months ended 30 June 2020.


    The first six months of 2020 (the "Period") has been extensively reported as post financial year end events in our annual financial statements that were released earlier today.


    I wish to reaffirm to shareholders that the Company's ongoing focus is:

    · To continue to engage directly with MN Holding Limited;

    · Look to acquire cash generative assets;

    · Resolve the status in Zimbabwe, either that the Exclusive Prospecting Order is granted at Zulu and Tantalum Project or RHA Tungsten (Pvt) Ltd equity and funding is resolved or seek a potential disposition of these assets; and

    · Identify and secure high value exploration targets in other jurisdiction.



    Financial and Statutory Information

    The Group had an operating loss of US$0.649 million for the six months. Premier received continued financial support from a major shareholder throughout the year. Premier is committed to reduce its debts and restrict capital expenditure to our focus objectives as set out above.

    The operating loss for this period is mainly due to the costs associated with maintaining the listing status, which is made up of administrative fees, retainers to advisors and essential Premier operational expenditure.

    It is important to note that in the period post June 2020, Premier has significantly reduced its overall liabilities by US$1.4 million through a combination of debt conversion and other settlement agreements and this assists in positioning the Company to achieve the objectives set out above.


    These interim statements to 30 June 2020 have not been reviewed by the auditors.



    Mr. George Roach
    Chief Executive Officer
    30 September 2020


    Premier African Min - Half-year Report #PREM @Premafrimin https://www.voxmarkets.co.uk/rns/announcement/2253ae79-9f77-4344-a2a0-654f6894ede4 #voxmarkets


    https://www.premierafricanminerals....emier+JUNE+2020+-+Interim+Results+-+final.pdf
  39. (PREM) Premier African Minerals Share Chat, Sep 30, 2020
  40. Groucho

    30 September 2020

    Premier African Minerals Limited


    Final Results

    Premier African Minerals Limited, the AIM-traded, multi-commodity mining and natural resource development company focused in Southern and Western Africa, is pleased to announce publication of its audited Annual Report and Accounts for the year ended 31 December 2019 (the "Annual Report").

    The Annual Report is available on the Company's website, www.premierafricanminerals.com, and is in the process of being posted to Shareholders.

    The Annual Report for the year ended 31 December 2019 is set out in full below.

    This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.


    Chief Executive's Statement

    There remains no doubt in my mind that Premier African Minerals Limited ("Premier" or "Company") must diversify its exploration portfolio and identify revenue generating assets that are actually in production and profitable now. The initial part acquisition of MN Holdings Otjozondu mine in Namibiawas a significant first step in the midst of the ongoing and very disappointing delays in Zimbabwe.

    2019 has been a very difficult year. I have already indicated in various RNS's that Premier regressed into "shrink" mode. And I have equally been clear that the intention is to have this reversed. Dependency of exploration activities based exclusively in Zimbabwe where country risk and delay deny the opportunity to add value, is clearly flawed yet exploration remains the best opportunity for substantial value generation and recovery in our Company. Our original philosophy of RHA Tungsten (Pvt) Limited ("RHA") operating as a revenue generative unit facilitating exploration activities was frustrated, not in principle but in the facts of the very well documented problems at RHA and the Tungsten mining industry as a whole. Premier's focus should be on assuring cash generation on the one hand and high grade exploration on the other and your board of directors is determined to move in this direction.

    I reported in June 2019 that in a subsequent event, Zimbabwean National Indigenisation and Economic Empowerment Fund ("NIEEF") had concluded an amended agreement that, inter alia, confirmed their stated intention to fund RHA to the extent of US$6 million and thus facilitate the return to production of the mine. The adoption in 2019 of the RTGS Dollar as the official currency of Zimbabwe held both promise and benefit to RHA. Benefit in that local debt historically incurred in country and not based on foreign direct investment, was converted from US dollar to RTGS Dollar at parity. The benefit was an effective reduction in local debt whilst the registered foreign direct loan remains intact in US Dollar. Sadly, NIEEF shortly thereafter in making a payment to RHA, did so in RTGS dollar and the six million paid equated to less than US$ 1 million and was barely adequate to cover electrification costs with further in country delays and ongoing depreciation of the RTGS Dollar.

    Similar frustration on the Exclusive Prospecting Order ("EPO") application over the extended strike at Zulu Lithium and Tantalum Project ("Zulu") persists. During 2019, Premier met frequently with the Mining Affairs board, the Permanent Secretary and the Hon. Minister of Mines; Premier attended to all questions, explanations, objections and has been assured repeatedly that the process to grant the EPO is at finality and requires only signature. To date, the EPO still requires only signature.

    This experience in Zimbabwe only underlines my comments above and the need to acquire and be in control of a cash generative asset/s and country risk mitigating exploration properties.

    The acquisition of our stake in MN Holdings Limited ("MNH"), the operator of the Otjozondu Manganese Mine was driven out of this and was supported by the models and reports provided at the time. To assure our investment, Premier based the initial purchase on an independent valuation of US$10 million, undertaken by Bara Consulting of plant and equipment that on acquisition by MNH would facilitate a rapid increase in production with the attendant benefits to revenue. At present, Premier directly owns 19% of MNH. MNH has been clear and stated this in the public domain, that their intention was to be aligned with a public company and we continue to discuss our relationship with MNH. The knowledge we have gained over the past year, the understanding of MNH and the overall size of an optimised Otjozondu Manganese mine, make this a very attractive partnership with Premier and our relationship with MNH is considered extremely important for the Board of Directors.

    We continue to hold 5 010 333 shares in Circum Minerals Limited ("Circum"), currently valued in total at
    $6 262 916.25. Circum has undergone a change of management control and has undertaken a review of the previous studies with the specific intention of reducing capex, accelerating time to build and improving the internal rate of return ("IRR"). Circum has indicated that preliminary reports should be available in October 2020, final reports in Quarter 1 of 2021 and re-energised discussions targeted to a liquidity event possible from as early as October 2020, dependent on preliminary results.

    On a corporate level, I need to express my sincere appreciation to our directors and consultants who have all come to the party in supporting Premier through a very difficult year. Starting with myself and the other key management personnel, we have without exception taken cuts in our cash drawings, trimmed expenses, and costs agreed to be converted to equity.

    Michael Foster resigned from our board in September 2019 and I thank him for his assistance and guidance.

    George Roach

    Chief Executive Officer

    30 September 2020


    Premier African Min - Final Results #PREM @Premafrimin https://www.voxmarkets.co.uk/rns/announcement/ebbe93c0-60f5-4b0b-ba55-203dc9ba556d #voxmarkets


    Going Concern

    These consolidated financial statements are prepared on the going concern basis. The going concern basis assumes that the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business.

    The Directors have prepared cash flow forecasts for the period ending 31 December 2021, on the basis of the following considerations, inter alia:

    RHA

    · The Company has not funded any of the activities at RHA since 1 July 2019.

    Zulu

    · The Company will seek to secure the EPO for Zulu and thereafter fund development of Zulu on the basis of a "farm-in" or joint venture agreement with prospective partners.

    · The Company will only maintain the tenements and will not provide any further funding.

    The Group

    · The cash flow is dependent on additional capital being raised. There remains an active and liquid market for the Company's shares and the Company has historically been able to raise funding through equity placements and the Board believes that it will continue to be able secure the funds required for ongoing working capital needs going forward.

    · The Company is anticipating its investment in MNH to start yielding a cash return on investment in the last quarter of 2020.

    · The Company is seeking to diversify its operations and risk profile and limit the funds that need to be raised through equity placements to provide necessary funding for the Company's significantly reduced fixed overhead.

    In the event that the Company is unable to obtain additional equity finance for the Group's working capital, a material uncertainty exists which may cast significant doubt on the ability of the Group to continue as a going concern and therefore be unable to realise its assets and settle its liabilities in the normal course of business. Refer to note 5 for further information.

    In this regard, it should be noted that I have provided an undertaking to the Company such that I will not require any repayment in cash of any loan balance or accrued and unpaid fees if to do so means the Company would be unable to meet its debts as they fall due, and that I would undertake to provide working capital should the Company so require for that purpose and the Company is unable to secure such working capital as anticipated herein.

    George Roach

    Chief Executive Officer

    30 September 2020


    https://www.premierafricanminerals....ecember+2019+-+Draft+AFS+2020-09-30_Final.pdf
  41. (BCN) Bacanora Minerals, Sep 30, 2020
  42. Groucho

    30 September 2020

    Bacanora Lithium Plc / Index: AIM / Epic: BCN / Sector: Natural Resources

    Bacanora Lithium plc ("Bacanora" or the "Company")

    Interim Report and Financial Statements

    for the six month period ended 30 June 2020


    Bacanora Lithium Plc, (AIM: BCN) the lithium development and exploration company, is pleased to announce its interim financial results for the six months ended 30 June 2020.


    Highlights - for the six months ended 30 June 2020 and subsequent events:


    Corporate - strong cash position

    · The Company has a strong cash balance of US$44.4 million as at 30 June 2020.

    · The Company retains its US$150.0 million conditional senior debt facility with RK Mine Finance, signed in July 2018, to finance the development of the Sonora Lithium Project. US$125.0 million remains to be drawn.

    Sonora Lithium Project, Mexico ("Sonora") - work focused on finalising engineering so that construction may commence after the financing package is completed.

    · Whilst Covid-19 has impacted the Company and its partners, work to complete the front-end engineering design ("FEED") has continued throughout the period, with GR Engineering Services ("GRES") advancing the front-end concentrator and mechanical engineering and Ganfeng Lithium ("Ganfeng") undertaking a review of the hydrometallurgical engineering.

    · Pilot plant re-opened to supply test materials to support FEED testwork after Covid-related restrictions were lifted in Sonora, Mexico. All the required bulk samples were sent to the Company's relevant partners for optimisation into the final designs.

    · Post period end, GRES completed its concentrator design work and Ganfeng completed its flow sheet design testwork for the production of battery-grade lithium from samples provided by the pilot plant; Ganfeng is now integrating these results into a larger scale design, and remains on schedule to deliver its final engineering packages at the end of Q4 2020.

    · Our brokers, Citigroup Global Markets Limited ("Citi") and Canaccord Genuity Limited ("Canaccord"), continue to progress work to secure full development capital for Stage 1 construction.

    Zinnwald Lithium Project, Germany ("Zinnwald") - Bacanora announces deal securing the future of the Joint venture agreement and the Company continues to look to unlock the value of Zinnwald.

    · On 14 February 2020, Bacanora and the administrators of SolarWorld AG ("SolarWorld") agreed to cancel Bacanora's option to purchase the remaining 50% shareholding of Deutsche Lithium GmbH ("DL"), not currently held by the Company. The agreement also cancelled SolarWorld's option to buy back Bacanora's existing stake which was contingent upon Bacanora not exercising its option. Bacanora retains its right of first refusal to purchase the remaining 50% currently held by SolarWorld. Under the second supplemental agreement Bacanora committed to provide €1.35 million funding to DL over the next two years.

    · On 30 June 2020, the Board of Directors committed to pursue a plan of selling its DL investment and associated assets/liabilities into a separate vehicle. The Board actively sought interested parties. DL was deemed to meet the classification of a held for sale asset at the period end and was subject to a US$6.0 million impairment charge.

    · Subsequently, the Company announced the proposed acquisition of Bacanora's 50% shareholding of DL by AIM-listed Erris Resources Plc ("Erris"). Bacanora will contribute its 50% investment in DL and €1.35 million cash. This cash will be used to settle the commitment under the second supplemental joint venture agreement with SolarWorld and to pay for a portion of the transaction costs. Erris will contribute its remaining cash and its Irish zinc and Swedish gold assets. In exchange, Bacanora will receive 90,619,170 shares (70%) in the enlarged Erris and a net profit royalty. The acquisition constitutes a reverse takeover under AIM rules and is subject to Erris's shareholder approval. The percentage ownership will reduce as Erris will be raising additional funds as part of the process in order to accelerate the further development of the Zinnwald Lithium Project.

    Peter Secker, CEO of Bacanora, commented:

    "The last six months have clearly been challenging due to the unprecedented global covid-19 pandemic and Bacanora, along with its strategic partners, has not been immune to the effects. I have however been truly impressed by Bacanora's employees and partners commitment to delivering on their objectives. Despite the trials presented by covid-19, the Company remains focussed on achieving battery-grade lithium production at our flagship asset, the Sonora Lithium Project in 2023.This will ensure this asset's importance to the future lithium supply chain. This is a major achievement and I sincerely thank all parties involved.

    "Ganfeng's presence as a strategic investor and project partner has brought substantial benefits to Sonora's development. Over the last six months the focus has been on finalising the engineering work so that construction can start in earnest after the development capital for stage 1 has been raised. The obstacle between those two events is the publication of the final engineering packages, currently being worked on by Ganfeng, which are due by the end of Q4 2020. With Bacanora's tier 1 cornerstone shareholders, Ganfeng, M&G and Hanwa Corporation, its strong cash position (US$44.4 million at 30 June 2020) and debt facility, the Company is in a strong position to ensure the final financing package can be achieved.

    "Earlier in the year, the Board and I committed to pursuing a plan to unlock the inherent value at Zinnwald, our strategic lithium asset in Germany. Today I am delighted to announce the proposed spinout of Bacanora's Zinnwald stake to AIM-listed Erris Resources plc. Bacanora will be the largest shareholder of the enlarged Erris entity and we look forward to working with the Erris team and the administrators of SolarWorld AG to advance Zinnwald further.

    "This development importantly ensures Bacanora's sole focus is now on Sonora and all the Company's energy is directed at bringing Sonora's stage 1 into fruition. Bacanora represents one of London's few listed pure-play lithium development companies, and we are working tirelessly to unlock the substantial value for shareholders by achieving our number one goal, of becoming an international lithium production company."


    Webcast presentation

    Bacanora will be hosting a webinar on Tuesday, October 6, 2020 at 3:00 p.m. BST. The webinar will include a question and answer session following the presentation. Please submit any questions by Friday, October 2, 2020 via email to bacanora@tavistock.co.uk.

    To access the webinar please click on the link below:

    Webinar Link

    A recording of the webinar will be made available on the Company's website at www.bacanoralithium.com following the event.

    Bacanora Lithium PLC - Interim Report #BCN https://www.voxmarkets.co.uk/rns/announcement/8dff6ece-dc96-4c5a-a2bb-94e0117fab5d #voxmarkets
  43. (AAU) Ariana Resources Share Chat, Sep 30, 2020
  44. Groucho

    30 September 2020

    AIM: AAU


    INTERIM RESULTS


    Ariana Resources plc ("Ariana" or the "Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce its unaudited interim results for the six months ended 30 June 2020.


    Financial Highlights:

    · Ariana's share of profits from the Kiziltepe Mine, part of the joint venture ("Zenit" or "JV"), in the six months to June 2020 amount to £3.0m, compared to £7.9m in the year ended December 2019.

    · Profit before tax of £2.2m recorded for the period, with operating costs in line with expectations and the prior year.

    · Profit for the period of £1.9m reflects a withholding tax charge on maiden dividend distributions of £1,600,000 which were paid in March 2020 from Ariana's operating subsidiary in Turkey to its intermediate (BVI) holding company.


    Operational Highlights:

    · Gold production guidance for 2020 for the Kiziltepe Mine is c. 18,000 oz Au (gross to the JV) is expected to be met at the end of Q4 2020.

    · Gold production for H1 2020 achieved 9,808 oz Au (H1 2019: 13,734 oz Au); reduced output due to the planned progression of mining to lower grade areas.

    · During the period, 100% of Zenit's US$33 million construction capital loan for Kiziltepe was repaid to Turkiye Finans Katilim Bankasi A.S.

    · Ariana completed its initial earn-in on Cyprus-focused Venus Minerals Ltd to 9.24% and, following further expenditure, has earned an entitlement to 12%, post-period end.

    · New independent JORC resource estimates completed for Kiziltepe, Kizilcukur and Tavsan, increasing the total depleted resource inventory across the wider Red Rabbit Project Area to just over 500,000 ounces of gold.

    · An exploration drilling campaign, which commenced during the period at the Arzu South vein, identified a new high-grade vein which will become the focus of further work.


    Michael de Villiers, Chairman, commented:

    "The first half of 2020 was marked by extraordinary global developments, which will undoubtedly leave their mark on society for many years into the future. Despite this, our business has continued to progress positively under the conditions imposed by the Coronavirus pandemic and we are now drawing on this experience to further strengthen and build the Company's strategy.

    "During the period, both our operating mine and our ongoing exploration and development activities have continued to yield positive results. While we remain on track to produce c.18,000 oz (gross to the JV) of gold for the year, at an average operating cost in the region of US$580 per ounce, exploration at Kiziltepe has continued to demonstrate the opportunities to expand the resource and to identify new mining areas.

    "Significantly, the period saw the end of repayments against Zenit's US$33 million construction capital loan in April 2020. Full repayment of this loan has in turn underpinned the financial strength of our business, through cash flow arising from the repayment of debtor balances and dividends, enabling us to support various exploration and development programmes across our Turkish portfolio and the diversification of the portfolio outside of Turkey.

    "In particular we are pursuing an expanded joint venture with our current partners, Proccea Construction Co., along with a potential new partner, Ozaltin Holding A.S. The Salinbas Gold Project, which we believe has the potential to become a significant new gold mine producing at a rate of 50,000 oz per annum over a 10-year life of mine, is the focus of this enhanced joint venture.

    "Meanwhile, commodity market conditions have not been this favourable for many years, with the gold price having risen to a high of US$1,782 per ounce at the end of the period. Under the current conditions of global uncertainty and with yet more unprecedented central bank financial action, we expect that the gold market will remain strong for some time to come.

    "As always, I take this opportunity to thank the Ariana and joint venture teams for their unwavering efforts during a period of heightened uncertainty. These efforts have been reflected in a share price which climbed 56% during the period; a momentum which was maintained into the current period."


    Management Statement

    Ariana has continued to make significant progress during the period, having established itself as a profitable, cash generative exploration and development company. Our strategy of developing a pipeline of projects at the production, development and exploration phases continues to be rewarded. We remain committed to enhancing our current portfolio and continue to evaluate new projects both in Turkey, and in surrounding countries, which straddle the Tethyan Metallogenic Belt. Such projects are carefully filtered to fit our development criteria and must show capacity to enhance shareholder value.

    Production from our flagship mining operation at Kiziltepe in Turkey, which is part of the 50/50 Red Rabbit Joint Venture with Proccea Construction Co., remains fully on target. Q1 2020 gold production was 5,129 ounces, with 4,679 ounces delivered in Q2 2020, bringing H1 2020 gold production to 9,808 ounces of gold. This represents an expected decrease in mine output compared to the same period last year as a result of mining transitioning from the high-grade Arzu South pit to the lower grade Arzu North pit. Importantly, however, despite the reduction in grade, average operating cash costs for the first half of the year remain in the region of US$500 to US$530 per ounce, in line with the same period in 2019. Our strong performance in the first half of the year reflects positively on our 2020 production guidance of 18,000 ounces of gold (gross to the JV).

    Due to high commodity prices during the period, Kiziltepe achieved an average revenue per gold ounce of US$1,920 (inclusive of silver credit). This, coupled with low operating costs which have carried over into the period, have resulted in strong revenue from the operation in the range of c. US$9 to 10 million per quarter. In addition, 100% of the US$33 million JV construction capital loan was repaid to the project finance bank, Turkiye Finans Katilim Bankasi A.S. during the period.

    In terms of exploration within the Red Rabbit JV area, we continue to make significant progress across all of our projects in western Turkey, with the aim of increasing the JV life of mine and achieving a production profile of up to 50,000 ounces of gold per annum. In addition to this we have been making significant progress at the wholly-owned Salinbas Gold Project, which is located in northeastern Turkey. A revised resource estimate was completed shortly after the period end, demonstrating c.1.5 million ounces of gold. The project comprises three licences two of which were renewed as 10-year operational licences and one renewed as a 5-year operational licence. These licences areas include the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry among other prospects.


    Outlook

    While the first half of the year was impacted by the onset of the Coronavirus pandemic, mining operations at Kiziltepe continued without interruption and an exploration drilling programme proceeded at the Arzu South vein. This was achieved through the introduction of various company-wide risk mitigation measures, which have come at the cost of limiting travel and physical interaction, requiring the development of an even more atomised and autonomous approach to business. Both our team and that at the mine site have demonstrated their ability to operate under this new reality. Accordingly, our business has emphasised a remarkable resilience, a characteristic that will be further built upon and further incorporated into our strategy for the years ahead.

    Our existing joint venture with Proccea Construction Co. has proven the importance of creating strong, successful in-country partnerships. In this context, we are now looking forward to enhancing our partnership further with the addition of Ozaltin Holding A.S. as a second partner in to our current joint venture. This expanded partnership will drive the further development of the Red Rabbit assets of Kiziltepe and Tavsan, in addition to progressing the Salinbas asset through feasibility with the addition of new capital and engineering expertise.

    We strive to continue to deliver on this year's exceptional progress, through continued production and exploration success, as well as seeking new development opportunities within and outside of Turkey. Notably, our investment in Cyprus has continued to progress and we have been encouraged by the success of initial exploration on the island.

    Based on the progress of mine development we expect our production guidance for the year of 18,000 oz (gross to the JV) will be met, and operations during the third quarter continue to perform in line with expectations. We look forward to providing further updates on our progress across our projects and particularly in relation to the development of an enhanced joint venture encompassing both the Red Rabbit and Salinbas Projects.

    Ariana Resources PLC - INTERIM RESULTS #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/3cb67718-c187-4dab-aaa0-2c05a16f65d9 #voxmarkets