Caspin Resources in Agreement with ASM to Evaluate Mt Squires REE Potential

THE BOURSE WHISPERER: Caspin Resources (ASX: CPN) has struck a deal with Australian Strategic Materials (ASX:ASM) to enter a Joint Venture of the rare earth element (REE) rights on Caspin’s Mount Squires project in Western Australia.

Under the terms of the agreement Caspin is to retain a 25 per cent free carried interest in the Mount Squires REE potential and receive milestone payments of up to $1.5 million.

Caspin explained the deal will enable it to maintain focus on nickel, copper and gold at Mount Squires whilst retaining a ‘free carried’ interest (to decision to mine) in the project’s REE potential.

Australian Strategic Materials is lined up to carry out REE metallurgical test work and drilling at Mount Squires over the next 3-9 months, with minimum expenditure commitments to be met by ASM thereafter to progressively earn up to 75 per cent interest in the REE rights.

“We’re excited to be collaborating with ASM on the rare earth opportunity at Mount Squires, a reputable and specialist REE company,” Caspin Resources managing director Greg Miles said in the company’s ASX announcement.

“Caspin will retain exposure to the REE potential without any funding obligation and potentially receive milestone payments.

“This will allow Caspin to maintain its focus on the nickel, copper and gold potential at Mount Squires and other acquisition opportunities.

“We believe that the high proportion of high-value, heavy rare earths, close to surface in an area with no previous exploration for rare earths, sets the Mount Squires REE project apart from its peers.”




Carnaby Resources and Hammer Metals Ink Mt Hope Mining Lease Deal

THE BOURSE WHISPERER: Carnaby Resources (ASX: CNB) has struck a deal with Hammer Metals (ASX: HMX) that will result in Carnaby expanding its footprint adjacent to and surrounding the company’s 100 per cent-owned Mount Hope Mining Lease in Queensland.

Carnaby Resources explained the acquisition of three Sub-Blocks surrounding its Mount Hope mining lease ML90240 will allow it to optimise the Mount Hope Central and Mount Hope North open pits to their full extents, unrestricted by the current mining lease boundary.

The Mount Hope mining lease ML90240 currently contains a Mineral Resource of 10.3 million tonnes at 1.7 per cent copper equivalent (CuEq) for 173,000 tonnes CuEq.

Carnaby considers the benefits of being able to mine these larger open pits will be important to the Mount Hope development in respect to scheduling, capital expenditure and life of mine cashflow.

“This is a great transaction for both companies and their shareholders,” Carnaby Resources non-executive chairman Peter Bowler said in the company’s ASX announcement.

“For Carnaby it ensures we now have the unfettered ability to develop the Mount Hope Central and Mount Hope North deposits in the most optimal and unconstrained manner.

“We look forward to advancing the Mount Hope development and the broader Greater Duchess Scoping Study which is expected to highlight the significant value our projects can deliver to Carnaby shareholders.

“We are also highly encouraged by the exploration potential along the Mount Hope corridor both in the near mine environment for direct extensions of the lodes into the area acquired and for mineable satellite deposits like South Hope and The Stubby where significant historical drill results have been recorded.”

Hammer Metals does alright from the deal as well with total consideration payable by Carnaby Resources being up to $20 million.

Hammer will retain 30 per cent equity and to be free-carried by Carnaby to production from the three Sub-Blocks.

The initial tranche of payments comprises $4 million in cash and $5 million in Carnaby shares.

Hammer indicated this will provide funding for exploration drilling with a view to increasing its Mount Isa regional copper resource inventory.

A further $5 million in cash will be payable to Hammer upon a Mount Hope open pit decision to mine.

A final payment of $6 million in cash will be made upon a final investment decision for any separate new development on the Sub-Blocks (which could include prospects such as South Hope, Mount Hope U/G Extensions and The Stubby).

“We are extremely pleased to have realised this strong valuation outcome of up to $20 million for the three Sub-Blocks as part of this landmark transaction with our neighbour, Carnaby Resources,” Hammer Metals managing director Daniel Thomas said in his company’s ASX announcement.

“We see this as a good example of the emerging mining sector working collaboratively to deliver value to shareholders through a pragmatic and commercial approach to the advancement of copper-gold assets.

“With a material equity position in these Sub-Blocks, Carnaby will be well placed to progress the Scoping Study for the Greater Duchess project, without the previous constraint of the lease boundary at Carnaby’s key Mount Hope Central tenement.

“Importantly, Hammer shareholders maintain upside exposure to the future development of the three Sub-Blocks through the equity we will retain as well as the potential to receive future cash payments linked to a decision by Carnaby to mine at the Mount Hope Central and Mount Hope North deposits (part of Carnaby’s Greater Duchess project) and a decision to progress open cut or underground operations from within the Sub-Blocks themselves.

“Hammer will now use its enhanced cash position to intensify our exploration efforts both at Kalman as well as at our other exciting copper prospects such as Hardway, Bullrush and Mascotte, as we look to add to our existing copper inventory strategically located in the Mt Isa district of North Queensland.”






Corazon Mining Divests Miriam Lithium Rights to Future Battery Minerals

THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) is to boost its coffers via divestment of the lithium and industrial minerals rights and tenement title for the Miriam nickel sulphide and lithium project in the Eastern Goldfields of Western Australia.

Corazon Mining has struck a sale agreement with Future Battery Minerals (ASX: FBM) that will result in the latter company, through its wholly owned subsidiary Eastern Coolgardie Goldfields Pty Ltd, acquiring 85 per cent of Coolgardie Nickel Pty Ltd, a wholly owned subsidiary of Corazon.

Corazon will utilise the funds received from this sale and the funds previously allocated to drilling at the Miriam lithium anomaly to advance activities at the Lynn Lake nickel-sulphide project in Canada and the Mt Gilmore copper-gold-cobalt project in Australia.

Future Battery Minerals likes the location of the Miriam project as a strategic acquisition that consolidates its landholding in the region being immediately north of the company’s Kangaroo Hills lithium project (KHLP).

“Given our strong belief in the Kangaroo Hills lithium project, this acquisition represents an opportunistic and logical move to further consolidate our landholding in the region,” Future Battery Minerals managing director Nicholas Rathjen said in the company’s ASX announcement.

“The Miriam project offers a highly prospective, drill-ready opportunity.

“This strategic addition is on ground endowed with confirmed outcropping spodumene lithium-bearing pegmatites and we look forward to commencing work at Miriam immediately, conducting detailed target generation with first drilling to commence during Q3 CY24.”








Brightstar makes Recommended Takeover Offer for Linden Gold

THE BOURSE WHISPERER: Brightstar Resources (ASX: BTR) approached Monday with a sunny disposition following the announcement of the impending acquisition of unlisted private company Linden Gold Alliance Limited.

Under the terms of the off-market scrip takeover offer, Linden securityholders are to receive 6.9 Brightstar shares for every one Linden share held and 6.9 Brightstar options for every one Linden option held, equating to an implied offer price of 11.04 cents per share.

Linden is a public unlisted Western Australian gold mining and exploration company, with operations located 220km northeast of Kalgoorlie and 109km south of Laverton.

The company holds a combination of gold producing and near-term producing assets which are nice and close to the processing facility owned by Brightstar in Laverton.

“This is an outstanding transaction for both Brightstar and Linden shareholders and aligns with our strategy of becoming a mid-tier gold producer in the near term,” Brightstar Resources managing director Alex Rovira said in the company’s ASX announcement.

“This combination will create a gold producer and development company with a material resource base, synergistic operations, strengthening in-house operational expertise and a strong balance sheet that will drive development and growth.

“We would like to thank the Linden Board and their major shareholders for their support and note the Board of Linden unanimously recommends this compelling offer in the absence of a superior proposal.”

Linden’s Directors have unanimously recommended shareholders accept the offer, in the absence of a superior proposal.

Major shareholder St Barbara Limited (ASX: SBM) has signed a pre-bid agreement with Brightstar to accept the offer in the absence of a superior proposal.

Brightstar sees the merger with Linden being aligned with its strategy to become a mid-tier gold producer from two of WA’s most prolific regions, Laverton and Menzies.





Venture Minerals Makes Strategic Landholding Acquisition Adjacent to Jupiter REE Discovery

THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) has acquired what it has described as being a “key landholding” alongside the company’s Jupiter rare earths discovery.

Venture Minerals explained the new tenure is located between the large-scale, clay hosted Jupiter prospect and Venture’s northern tenure, which already hosts healthy rare earth mineralisation only 10 kilometres from the Jupiter discovery.

The company explained the landholding is part of a 361 square kilometres strategic tenement package acquisition that complements the existing tenure and expands the project by 36 per cent and secures the remaining priority clay hosted, rare earth targets within the immediate vicinity of the Jupiter discovery.

“This strategic acquisition strengthens the company’s land position around Jupiter and facilitates unencumbered access across the project,” Venture Minerals managing director Andrew Radonjic said in the company’s ASX announcement.

“It provides a potential extension of high-grade, clay-hosted rare earth mineralisation to the north of Jupiter and secures the remaining priority clay-hosted rare earth targets around the discovery.

“Jupiter is emerging as a major, rare earths discovery that is ideally located between Lynas’ existing plant and Iluka’s planned rare earth processing facilities in the tier one jurisdiction of the Mid-West region Western Australia.”




iTech Minerals Expands Critical Minerals Portfolio

THE BOURSE WHISPERER: iTech Minerals (ASX: ITM) has inked two binding Tenement sale and Purchase Agreements (SPA) with Prodigy Gold (ASX: PRX).

The deal will result in iTech Minerals acquiring 100 per cent of Prodigy Gold’s interest in three tenements in the Reynolds Range area of the Northern Territory

The tenements will be held by iTech Minerals wholly owned subsidiary iTech Energy Pty Ltd.

The company believes the acquisition fits neatly into its portfolio of critical minerals projects.

Previous exploration on the tenements has focussed on copper, gold and silver, but iTech has signalled its intent to also focus on REE and lithium mineralisation.

“The acquisition of these highly prospective tenements in the mining friendly Northern Territory, boosts iTech’s exposure to copper, gold, REE and lithium prospectivity at a time when the exploration team is handing over the Lacroma Central resource data to our independent consultants in preparation for the maiden mineral resource estimation,” iTech Minerals managing director Mike Schwarz said in the company’s ASX announcement.

“Our exploration team plans to build on the excellent exploration work already undertaken by Prodigy Gold, to quickly generate new critical minerals targets within the Reynolds Range project.”

The Reynolds Range project consists of three Exploration Licenses of which Prodigy Gold holds 100 per cent of two licences and 80 per cent of another, the 20 per ent of this license is owned by Select Resources.




American Rare Earths Raises $13.5M to Advance Halleck Creek Project

THE BOURSE WHISPERER: American Rare Earths (ASX: ARR) reported receipt of firm commitments via an institutional placement to raise $13.5 million.

American Rare Earths raised the cash by way of a placement to existing shareholders and new institutional investors of 45 million new fully paid ordinary shares at an issue price of 30 cents per share.

The funds have been earmarked to continue development of the company’s Halleck Creek rare earths project in Wyoming, USA.

Work will entail mineral resource and extensional drilling, PFS, metallurgical test work and process development, heritage / permitting / environmental activities.

“I am thrilled to announce the successful completion of our institutional placement, which has raised $13.5 million,” American Rare Earths CEO Donald Swartz said in the company’s ASX announcement.

“The overwhelming support from both existing shareholders and new institutional investors underscores the confidence in our vision and the potential of our projects in particular the Halleck Creek rare earth project.

“This Placement provides us with the capital to advance our flagship project, Halleck Creek, towards delivering a secure supply of critical minerals to the North American supply chain.

“We are committed to executing on our project development milestones and are grateful for the support that enables us to further our mission.

“With a focus on environmentally friendly and cost-effective extraction methods, we are well set to meet the escalating demand for resources essential to the clean energy transition and US national security.

“This milestone marks a pivotal moment in our journey, and we are excited for the opportunities that lie ahead as we continue to drive value for our shareholders and stakeholders alike.”





Charger Metals’ Deal with Lithium Australia Opens Door for Rio Tinto Farm-In

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) and Charger Metals (ASX: CHR) signed a binding agreement for the sale of Lithium Australia’s remaining interest in the Lake Johnston lithium project in Western Australia.

The deal will entail Charger Metals parting with a $2 million cash consideration for Lithium Australia’s remaining 30 per cent holding in the project.

Lithium Australia, however, will not vacate the project entirely with part of the acquisition agreement ensuring it will also receive a conditional first right of refusal over the lithium product produced from the tenements.

This first right of refusal covers lithium product equal to the lower of:

• 30% of the lithium product produced on the relevant tenements for the term of the agreement reached for offtake, should a binding agreement be reached; and

• The lithium product required by Lithium Australia to produce lithium metal phosphate product through a commercial facility(s) in which Lithium Australia has an ownership interest of 25% of more.

A smart move considering Charger immediately announced a binding farm-in agreement with Rio Tinto Exploration (RTX), a wholly-owned subsidiary of Rio Tinto (ASX: RIO) for the Lake Johnston lithium project.

The terms of tis agreement include:

o RTX to pay Charger $500,000 and invest $1.2 million in Charger prior to commencement of farm-in; o RTX to spend minimum $3 million exploration expenditure over the first 12 months;
o RTX can earn 51% by sole funding $10 million in exploration expenditure and paying Charger minimum further cash payments of $1.5 million;
o RTX can earn 75% by sole funding $40 million in exploration expenditure or completing a Definitive Feasibility Study.

“The Rio Tinto Exploration farm-in agreement is an excellent result for Charger and its shareholders and reaffirms our belief that the Lake Johnston project has potential to host a large-scale lithium deposit,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“The planned significant investment by RTX will allow thorough systematic exploration over all of the project tenure, with initial exploration focused on fast-tracking the Medcalf spodumene prospect as well as progressing the Mt Day and Mt Gordon lithium prospects.”







Asra Minerals Raises $2.5M to Accelerate Exploration

THE BOURSE WHISPERER: Asra Minerals (ASX: ASR) has secured $2.5 million in funding by way of a share placement to accelerate exploration activities across its portfolio of prospective Western Australia projects.

Asra Minerals the funding will be used to fast-track activities across its projects, including exploration, geochemistry, and further expansion of its highly prospective Lake Johnston and Lake Cowan lithium projects in the southern Yilgarn region.

Asra is currently evaluating potential additions to its Lake Johnston lithium portfolio and has teams in the field now looking at both existing and new opportunities.

The new cash will also be splashed on metallurgical testwork and orebody modelling at the company’s Yttria rare earth project as well as evaluation of scandium potential at Yttria.

Asra will also progress exploration work at its gold projects at the Mt Stirling project, as well as sites in Leonora and Kookynie.

“Asra is strategically establishing a significant exploration portfolio in Western Australia, while building a highly competent field and technical team to deliver value on these assets to shareholders,” Asra Minerals executive chairman Paul Summers said in the company’s ASX announcement.

“This has generated significant demand for this Placement from existing and new supportive shareholders, and I thank them for their ongoing support.

“I also welcome the new institutional and sophisticated investors to the company’s register.

“This Placement provides a strong balance sheet that allows the company to accelerate exploration activities and technical studies across our lithium, rare earth and gold projects in the highly prospective and richly endowed Goldfield’s region of Western Australia.”





Impact Minerals Releases ‘Positive’ Lake Hope Scoping Study

THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) released, what it declared as being, “positive results” of a Scoping Study for the company’s Lake Hope high purity alumina (HPA) project in Western Australia.

Impact Minerals explained the Scoping Study had been carried out, “based on realistic production and capital expenditure estimates”.

The Lake Hope project contains a substantial alumina (Al2O3) resource, which the company believes could become a major global supplier of HPA due to the unique nature of the deposit that allows very cost-effective mining and processing.

By combining the Scoping Study results with other published data, Impact come to believe the Lake Hope project could be one of, if not the lowest-cost producer of HPA globally, possibly by a healthy margin of up to 50 per cent.

“This Scoping Study demonstrates the world-class potential of the Lake Hope project and supports what we first thought was possible when we came across it and the work already done by Roland Gotthard and the Playa One team,” Impact Minerals managing director Dr Mike Jones said in the company’s ASX announcement.

“If you are playing in the industrial minerals space, at least one of four things has to be true about your mine otherwise you will not make it through the market cycle: the deposit has to be either the biggest, have the highest grade, be the first to market or, preferably, be the lowest cost producer.

“The unique characteristics of the Lake Hope deposit, both in terms of mining and processing, look like they could possibly deliver HPA at the lowest cost globally by a significant margin.

“Even though we are only at the Scoping Study stage, with all its inherent uncertainties, the financial model demonstrates the world-class economics of the project, which has an NPV of more than $1 billion, very large operating margins and significant after-tax earnings of $174 million per year.

“The ability to deliver sub-US$4,000 per tonne HPA is an extraordinary competitive advantage that Impact will continue to leverage in the current Preliminary Feasibility Study, due for completion in 2024.”