Platina Resources Sells Scandium Project to Rio Tinto for up to US$14 million

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THE BOURSE WHISPERER: Platina Resources (ASX: PGM) is set to bank up to US$14 million (approx. A$21 million) in cash from the sale of the company’s wholly-owned Platina scandium project after signing a binding sale agreement with a subsidiary of Rio Tinto (ASX: RIO).

Platina Resources’ Scandium project hosts one of the largest and highest-grade scandium deposits in the world and has the potential to be Australia’s first scandium producer of scandium oxide over a 30-year mine life.

The company views the sale of the scandium project to finalise its transitioning away from platinum and speciality metal projects allowing it to focusing on gold projects.

Platina said the sale unlocks value in the project where it has made a considerable investment advancing the project through exploration to the Definitive Feasibility Study stage.

“The transaction with Rio Tinto is congruent with Platina’s strategy of advancing projects along the value chain and monetising when a new combination of technical, market or financial capability is required,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.

“This enables projects to achieve optimal scale, minimises Platina’s capital outlay and accelerates returns to investors.

“Platina discovered the scandium resource in 2011 as part of an exploration program for platinum and nickel/cobalt.

“Platina has advanced the project over the last 12 years through geological, metallurgical and engineering studies to the point where its value has been recognised by one of the world’s largest and leading natural resource companies.

“This transaction with Rio Tinto will also allow Platina shareholders to benefit from an injection of new funding to advance its extensive gold portfolio and pursue other more advanced project opportunities without shareholder dilution.”

 

 

 

Azure Minerals Welcomes $20M Investment from SQM

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THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) has welcomed a new $20 million cornerstone investor to the company register.

Azure Minerals announced the investment by global lithium company Sociedad Química y Minera de Chile S.A., via its wholly-owned subsidiary SQM Australia to acquire a 19.99 per cent interest in Azure in a two-stage transaction.

Azure declared the investment by SQM as a strong endorsement of the lithium potential of the company’s Andover project (60% Azure / 40% Creasy Group) while highlighting the upside potential for Andover.

Having SQM on board in the form if its funding and technical expertise provides essential support to Azure as it looks to accelerate its lithium exploration and development program.

Needless to say, Azure is now well-funded to progress the Andover project.

“Azure is using the funds raised under the transaction to undertake an accelerated growth strategy to advance the company’s multi-commodity opportunity on the Andover project,” Azure Minerals said in its ASX announcement.

“Lithium exploration is being fast-tracked with substantial diamond and Reverse Circulation drilling being carried out to determine the scale of the high-grade lithium mineralisation already mapped and sampled at surface.

“Nickel exploration and mine development studies on the Andover and Ridgeline deposits will also continue through 2023.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Neometals Highlights Vanadium Recovery from Feasibility Study Results

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THE BOURSE WHISPERER: Neometals (ASX: NMT) has completed a Feasibility Study on recovery of high-purity vanadium pentoxide (V2O5) from waste high-grade vanadium-bearing steel by-product material, known as slag.

Neometals announced completion of an Association for the Advancement of Cost Engineering (AACE) Class 3 Feasibility Study on V2O5 recovery that was completed with assistance from leading Nordic engineering group Sweco Finland Oy (Sweco).

Assuming a 300,000 tonnes per annum feed rate, the study determined average annual production of 19.1 million pounds per annum (approx. 8,655tpa) of potentially carbon negative high-purity V2O5 secured by 10-year supply agreement with Scandinavian steelmaker SSAB.

Neometals is a 50 per cent shareholder in an incorporated Joint Venture company, Recycling Industries Scandinavia AB (RISAB), which is evaluating the feasibility of constructing a facility to process and recover high-grade V2O5 from vanadium-bearing steel making by-product generated by SSAB.

Under a binding feedstock supply contract with SSAB, that company will supply two million tonnes of slag with RISAB having the first right to purchase additional tonnes on an as available basis.

“Neometals is encouraged by the outcomes of the FS,” Neometals managing director Chris Reed said in the company’s ASX announcement.

“Importantly, increased evaluation detail and cost accuracy has not seen a significant departure from prior cost studies.

“VRP1 remains in the first quartile of the operating cost curve and since the historical PFS, the sector tailwinds behind this project have increased markedly.

“With our newly expanded 300,000 tonnes per annum feed rate and some updated data since the last cost study, the FS highlights the significant opportunity that exists.

“Specifically, that opportunity is to deliver some of the highest-grade, lowest-cost vanadium chemicals globally with a carbon-negative footprint.

‘Security of supply is a key issue globally, particularly so in the EU where battery material resilience is the topic du jour.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Dreadnought Resources Set for Exploration Plunge After $20M Placement

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THE BOURSE WHISPERER: Dreadnought Resources (ASX: DRE) has raised $20 million to advance the company’s Rare Earth Element (REE) project in Western Australia.

Dreadnought Resources said the funds will be spent on accelerating drilling activities at the company’s 100 per cent-owned Mangaroon REE project where the range and scale of minerals have seen Mangaroon emerge as a world-class critical metals province.

Dreadnought will also advance its other projects, including Mangaroon Gold, Tarraji-Yampi, Central Yilgarn and Bresnahan.

On top of the $20 million placement, the directors of Dreadnought have made commitments to invest $1.4 million at the same price of 10 cents per share (subject to shareholder approval at a general meeting in March 2023) and will have a pro-forma ownership of approx. 13 per cent, with a total investment of approx. $4.5 million.

“The range and scale of minerals we have identified have seen Mangaroon emerge as a world-class critical metals province in about six months,” Dreadnought Resources managing director Dean Tuck said in the company’s ASX announcement.

“We have already identified a source of the regional rare earths at the C3 carbonatite with potentially more to come.

“These funds will allow for further rapid progress on rare earths and a range of other critical metals at Mangaroon.

“The company will also progress activities at its other projects, which are showing considerable promise as ongoing exploration continues.

“All this amounts to continuous news flow and an exciting period ahead for Dreadnought.

“Dreadnought would like to thank shareholders, new and existing, for the continued support and we look forward to delivering on our strategy to uncover the potential of our exciting portfolio of assets.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Sunshine Gold Consolidates High-Grade Gold Prospects at Ravenswood

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THE BOURSE WHISPERER: Sunshine Gold (ASX: SHN) has signed a binding Farm-In and Joint Venture agreement with London-listed Rockfire Resources to earn up to 75 per cent of the Lighthouse gold project Queensland.

The Lighthouse adjoins Sunshine Gold’s 100 per cent-owned Ravenswood West project and, subject to completion and earn-in, will expand that project by approx. 16 per cent to 1,091 square kilometres.

Lighthouse contains a JORC 2012 Inferred Resource of 961,000 tonnes at 1.66 grams per tonne gold totalling 50,000 ounces at the Plateau Breccia Prospect as well as strong pipeline of advanced gold prospects with known, high-grade mineralisation.

“The deal allows Rockfire to focus on their emerging Molaoi zinc-lead-silver-germanium deposit in Greece, while allowing us access to a number of high-quality, advanced prospects adjacent to Ravenswood West,” Sunshine Gold managing director Damien Keys said in the company’s ASX announcement.

“Lighthouse further consolidates Sunshine Gold’s holding in the prolific and highly prospective Ravenswood District.

“The initial 50,000 ounces gold Resource at Plateau gives Sunshine Gold a second Resource front (with Triumph 118,000 ounces gold Resource) with potential for rapid growth.

“In addition to Plateau, Lighthouse contains a suite of advanced prospects with strong gold and base metals results from soils, rock chips and drilling.

“Field validation of drill targets at Plateau, Double Event- Lighthouse, Cardigan Dam and Horse Creek will commence in January 2023 ahead of first drilling planned for March 2023.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Technology Metals Australia Receives Danish Letter of Interest

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THE BOURSE WHISPERER: Technology Metals Australia reported the delivery of a Letter of Interest (LoI) from EKF Denmark’s Export Credit Agency (EKF) regarding potential financing support for the company’s Murchison Technology Metals Project (MTMP).

The high-grade MTMP is located outside Meekatharra in Western Australia and consists of the Gabanintha and Yarrabubba deposits located on granted Mining Leases.

Technology Metals Australia is developing the MTMP to be a long-term supplier of critical minerals targeting average vanadium production of approx. 12,500 tonnes per annum vanadium pentoxide (V2O5) over an initial 25 year mine life as well as production of a titanium (ilmenite) by-product from mining and processing ore from Yarrabubba.

A recent Mineral Resource Estimate (MRE) upgrade delivered a global MRE for the MTMP of 153.7 million tonnes at 0.8 per cent V2O5, inclusive of a Measured and Indicated MRE of 63.2 million tonnes at 0.9 per cent V2O5, which the company expects to support an increase on the current 25 year mine life.

The EKF LoI contemplates financing support of around $150 million subject to, among others, sufficient Danish economic interest in the MTMP, approvals, satisfactory documentation, and customary due diligence.

Financing support from EKF is backed by the Danish state and as such can be considered to carry a AAA rating.

EKF has been involved in the financing of projects all over the world and has extensive and positive experience working with FLSmidth, a key equipment supplier for the MTMP.

“This is, an exciting and significant milestone alongside our partnership with FLSmidth, which places TMT in a strong position to progress the development of the MTMP,” Technology Metals Australia managing director Ian Prentice said.

“The TMT team is undertaking considerable work in progressing the MTMP funding strategy, including engagement with a range of institutions and also importantly progressing implementation of the company’s holistic ESG action plan in collaboration with WSP Golder, whilst maintaining a clear focus on the timely development of the MTMP and the supply of high purity vanadium pentoxide to play an important role in the global transition towards net zero.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Ioneer Receives US Dept of Energy Loan Offer of US$700m for Rhyolite Ridge

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THE BOURSE WHISPERER: Ioneer (ASX: INR) has received Conditional Commitment from the US Department of Energy (DOE) for a proposed loan of up to US$700 million to develop the company’s Rhyolite Ridge lithium boron project.

The Rhyolite Ridge lithium-boron project is the most advanced undeveloped lithium project in the United States, which the company has on track to provide an environmentally sustainable, long-life source of both lithium and boron for delivery into the US domestic electric vehicle (EV) supply chain.

The proposed loan is to be made under the DOE Loan Programs Office’s Advanced Technology Vehicles Manufacturing program for a term of approximately 10 years with an interest rate fixed from the date of each advance for the term of the loan at applicable US Treasury rates.

The Conditional Commitment follows nearly two years of extensive and detailed technical, legal, and market due diligence by the DOE.

The proposed DOE loan coupled with Sibanye-Stillwater’s expected equity contribution to secure a 50 per cent interest in the project, is anticipated to fund a hefty amount of preliminary capital expenditure.

The DOE’s conditional commitment reflects continued strong and dedicated support under the Biden Administration to develop a US domestic EV supply chain.

“We are pleased to have finalised the term sheet and received a Conditional Commitment from the DOE for up to a US$700m loan from the ATVM program,” Ioneer managing director Bernard Rowe said.

“The Conditional Commitment is the culmination of 23 months of discussions with and due diligence by the Loan Programs Office and it represents a significant milestone for Rhyolite Ridge.

“We look forward to working with the DOE and Sibanye-Stillwater to complete the remaining milestones to start construction of Rhyolite Ridge.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Burley Minerals to Acquire Canadian and Gascoyne Lithium Projects

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THE BOURSE WHISPERER: Burley Minerals (ASX: BUR) is set to acquire a hattrick of international and domestic lithium projects.

Burley Minerals has entered into an exclusive agreement to acquire 100 per cent of the Chubb lithium project in Quebec, Canada and the lithium-prospective Mt James and Dragon projects in the central Gascoyne Region of Western Australia.

The Chubb lithium project is made up of 35 contiguous mineral claims in the Val-d’Or Quebec region in Canada where drilling has confirmed the presence of spodumene-bearing lithium pegmatites.

The Gascoyne projects are prospective for lithium, with outcropping pegmatites knowingly mapped plus previous copper and gold anomalism has been identified on the tenements.

“We are very pleased to announce the signing of this Agreement to acquire such high-potential lithium projects in jurisdictions complemented by other major Lithium explorers and developers,” Burley Minerals managing director Wayne Richards said in the company’s ASX announcement.

“The strategic and geographic location of all three potential projects are located in world class mining provinces and in Tier 1 jurisdictions of Australia and Canada.

“The strategic geographical positioning of the Chubb lithium project with regard established infrastructure, services, and transport corridors, greatly supports the development potential of the assets.

“The presence of neighbouring mines, concentrate plants and proposed refineries likewise offers many future operational permeations for Burley.

“The exploration that has been conducted to date at Chubb has defined near surface mineralisation along a corridor of 550 metres with multiple paralleling pegmatites.

“Our research has unveiled previous drilling completed in the early 1950s, that was conducted along strike of the known body of mineralisation which intersected up to 9.4 metres of spodumene pegmatites and was not assayed.

“Whilst the acquisition is progressing the company intends on modelling the existing drilling, permitting infill and extensional drilling and tendering for diamond drilling which will commence at Chubb upon completion.

“Concurrently all data available in relation to the Gascoyne projects is being evaluated and a suitable geochemical and mapping program is being devised to rank and prioritise targets warranting further investigation.

“The acquisitions present the opportunity for value accretive exploration and the potential development of forward-looking battery minerals projects at a time of record lithium prices.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Gascoyne Resources Shuts Down Dalgaranga Gold Mine Operations

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THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) has taken the decision to close operations at the company’s 100 per cent-owned Dalgaranga gold project in Western Australia for the time being.

Gascoyne Resources said the project had been hit hard in recent times by a culmination of abnormally high rainfall, labour shortages and COVID-19 impacts.

Things haven’t improved through October and into November, leading to reduced production levels, higher production costs and negative cash-flow from operations, which the Gascoyne Board has determined is not sustainable.

And even though it considers its portfolio of gold assets in Yalgoo, Gilbey’s North and Never Never to hold lots of blue sky potential, the transition to mining this higher-grade ore is not affordable and cannot be optimised at the current time given Gascoyne’s liquidity position.

Gascoyne indicated the following steps would be implemented immediately:

• Open pit mining and ore processing operations at Dalgaranga will be suspended;
• The 2.5 million tonnes per annum Dalgaranga mill will be transitioned to operating on a care and maintenance basis over the next 2-3 weeks and maintained in a state ready for a rapid resumption of production; and
• Most of the workforce currently at Dalgaranga will be demobilised.

“It is very disappointing to have to make this decision, particularly in light of all the hard work the exceptional team at Dalgaranga has put in over the past couple of years,” Gascoyne Resources managing director and CEO Simon Lawson said in the company’s ASX announcement.

“The continued pressure of industry-wide cost inflation, approval delays and sub-par operational performance have contributed to the Board and I uniting in the view that continuing to operate in these challenging times is extremely high risk.

“We are committed to developing a sustainable +5-year solid mine plan targeting higher margin production and we strongly believe that this focus is in the best interests of the Company and our shareholders.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.gascoyneresources.com.au

 

Lefroy Exploration to Spin Out Nickel Asset

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THE BOURSE WHISPERER: Lefroy Exploration (ASX: LEX) informed the market of its plans to demerger/IPO the company’s wholly-owned subsidiary Johnston Lakes Nickel (JLN).

Lefroy Exploration explained it is targeted listing of JLN in the first half of CY23 subject to shareholder and ASX approvals.

Johnston Lakes Nickel’s nickel assets consist of Carnilya South, within the Lefroy project, and Lake Johnston, both in areas of high nickel endowment near Kalgoorlie, and the Glenayle project, located 200 kilometres northeast of Wiluna.

The demerger has been inspired by recent positive investor sentiment within the nickel sector, motivating Lefroy to assess strategies to generate value recognition for its nickel assets, with a decision ultimately being made to undertake a demerger and IPO of JLN.

Lefroy said the demerger/IPO would allow it to focus on the company’s Lefroy gold project near Kalgoorlie, within which the key Burns target is currently being drilled out with eyes on a maiden Resource estimate in March 2023.

“We are progressing the demerger/IPO for JLN, with a target of completion during H1/23,” Lefroy Exploration non-executive chairman Gordon Galt said in the company’s ASX announcement.

“We have now appointed the Directors, including the Managing Director, so we have a first-class leadership team in place to explore our suite of first-class assets as soon as the demerger/IPO completes.

“This process will crystallise the inherent value in our nickel assets for LEX shareholders and will add to the existing value of our gold assets, which include the Burns project currently being drilled out for a maiden resource statement early in 2023.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.lefroyex.com