The digital-asset market has been affected by the fallout of Sam Bankman Fried’s FTX crypto empire.

The price difference between Bitcoin and wrapped Bitcoin, a derivative of the most popular cryptocurrency, has been the focus. Wrapped Bitcoin can be used on the Ethereum blockchain. Wrapped Bitcoin is 1-to-1 backed by the token. They are kept in custody by the digital-trust company BitGo. According to Kaiko, a blockchain-data firm, the token trades at par with Bitcoin. However, in mid-November, there was a “persistent discount”.

Wrapped Bitcoin is the No. Wrapped Bitcoin, which is ranked as the No. 23 cryptocurrency in total market value, gained popularity at the height of the decentralized finance boom. This version allows Bitcoin holders to trade, buy, and sell tokens in DeFi. Since Changpeng ’CZ’ Zhao, Binance chief, raised concerns about FTX three weeks ago, the Bloomberg Galaxy Crypto Index has fallen more than 25%.

Concerns that the wrapped Bitcoin may not be fully backed have prompted the discount. Alameda Research, the trading desk founded by FTX’s Bankman-Fried, was once the largest merchant to issue the offshoot. BitGo executives dismissed the speculation by tweeting that all derivatives are backed 1-to-1 with Bitcoin custodied at the firm.

Evgeny Gaevoy (founder and chief executive of the crypto fund Wintermute) stated that “Everyone is afraid about everything these days.”

BitGo, which is located in Palo Alto (California), did not respond to a request for comment.

Wrapped Bitcoin used to trade below Bitcoin’s price, so traders could take advantage of the arbitrage. Hedge funds would purchase the discounted wrapped Bitcoin on the spot market, and then redeem it for the original, more expensive cryptocurrency.

As investors and other market participants sift through the debris left by FTX’s collapse, it has been apparent that there are many disparities between Bitcoin and wrapped Bitcoin. Twitter and other social media platforms have seen a lot of unfounded speculation. Sceptics have used fear, gossip, and jokes to try and discredit the market and create chaos.

In an interview, Michael Safai, cofounder of trading firm Dexterity Capital said, “There are tons and lots of FUD”

Another reason why the discount was persistent is that many funds with money on the now-defunct FTX Exchange aren’t able to access capital right now because the trades would require borrowing Bitcoin. According to Gaevoy,

Gaevoy stated Monday that Wintermute, his fund, had executed the arbitrage trade, and received “some” Bitcoin back. Based on Binance and TradingView data, the discount between wrapped Bitcoins and Bitcoin has mostly recovered.

Dune Analytics data shows that wrapped Bitcoin was the most popular monthly redemption event in November. More than 28,000 wrapped Bitcoin were redeemed back at the original coin.

The post Bitcoin Offshoot is the latest victim of FTX’s contagion first appeared on Share Talk.

WTI (Jan) $77.24 +96c, Brent (Jan) $83.19 -44c, Diff -$5.95 -$1.40.

Author @mgrahamwood

USNG (Jan) $6.71 -31c, UKNG (Dec) 300.0p +9p, TTF (Dec) €129.5 +€7.5.

Oil price 

The fight right now is between Opec+, who meet on Sunday and China who are still shutting down, either way oil is up over two bucks today.

Jersey Oil & Gas

Jersey Oil & Gas has announced that the North Sea Transition Authority has approved an extension to the Second Term of its P2170 “Verbier” Licence.  This licence is now aligned with JOG’s P2498 “Buchan” Licence with the current phase expiring end of August 2023, in keeping with the Company’s stated strategy of developing the Greater Buchan Area as an area-wide development plan.

Following a recent period of fiscal uncertainty, confirmation of the retention of the investment allowance as part of the recent amendments to the UK’s Energy Profits Levy is welcome, as we progress advanced commercial discussions with a select number of counterparties in relation to the Company’s GBA farm out process. 

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

“We are pleased that the NSTA has agreed to extend the Second Term of the Verbier Licence in order to align it with the rest of our GBA asset base.  Although multiple fiscal changes have slowed progress with closing out commercial farm-out discussions, we look forward to a successful conclusion if not by the end of the year then certainly in Q1 2023.”

A perfectly sensible piece of house-keeping from JOG whose licences at Buchan are all now aligned as the company progresses the farm-out process. Indeed, despite the ‘multiple fiscal changes’ slowing this progress it is good to see the company upbeat about the timing of such a farm-out as it expects that a ‘successful conclusion’ looks like being not far away.

The shares have performed well on the year but have suffered somewhat recently as the market awaited details of the updated North Sea fiscal policies which understandably unnerved the market. With that now quantifiable and the company being more positive I am very happy to remain a buyer of the shares. 

Sound Energy

Sound has provided a progress update on its Phase 1 micro LNG development and announce an amendment to the project contract entered into between Italfluid Geoenergy S.r.l. (the “Contractor”) and Sound Energy’s wholly owned subsidiary, Sound Energy Morocco East Limited (“SEMEL” and together with the Contractor, the “Parties”), in respect of the design, procurement, construction, operation and maintenance of Tendrara Concession micro LNG facilities onshore Morocco. The Contractor was previously provided with ‘Notice to Proceed’ under the Project Contract, as confirmed by the Company on 16 February 2022.

Phase 1, Micro LNG Development: Progress Update

Good progress continues to be made on the Company’s Phase 1 micro LNG development, with construction of the LNG storage tank ongoing and wellhead work undertaken. Work on the LNG storage tank has included site preparation, excavation for the tank foundation, laying the concrete base for the tank foundation, laying reinforcing bar and installing the reinforced concrete columns on the base, of which there are 60 in total and each 4m high. Once complete, the tank will stand 24m high and be 22m in diameter.

Wellhead inspection and remedial well servicing work at TE-6, one of the first of two wells to be put on production in Phase 1, was also completed safely in September.

Project Contract Amendment

The amendment to the Project Contract effects a reduction of the operating day rate of the plant by US$3,000 to a revised US$38,000 per day over its 10-year term, an approximate 7% reduction. The reduction in the operating day rate represents savings of US$1.1 million per year to the project, and US$11 million over the 10-year term. Additionally, the Parties have agreed to exercise their best endeavours to execute an option agreement under which the Company will have the right (but not the obligation) to acquire the micro LNG facilities, or the entity owning and leasing the facilities, after five years of operation for a sum of c.US$9.15 million, a reduction of US$1.5 million from the previous “option to purchase” sum agreed in principle between the Parties.

In return for the Contractor agreeing a reduction in the operating day rate under the Project Contract, the Contractor will be paid by the Concession owners (Sound Energy, 75% working interest) additional staged payments of an aggregate of US$6.5 million during the construction phase, in doing so providing the Company with the right to own the permanent on-site LNG storage tank facility once the plant is commissioned and LNG production starts. These staged payments, which are intended to be borne pro rata by all of the Tendrara Production Concession JV partners, will be presented to the December Tendrara Concession Management Committee Meeting (the “TMCM”), with the initial payment likely to be advanced to the Contractor in full by the Company on behalf of the JV partners ahead of the TMCM from proceeds of the Company’s existing project debt facility which is in place with Afriquia Gaz S.A. The LNG storage tank will remain part of the Operation and Maintenance responsibility of the Contractor over the life of the Project Contract.

Graham Lyon, Sound Energy’s Executive Chairman, commented:

“We are working closely with the Contractor to ensure the project remains on track to meet the joint venture’s delivery obligations to Afriquia Gaz under the LNG sale and purchase agreement. The restructuring of the payment structure under the Project Contract increases our alignment with Italfluid during the construction and commissioning phase whilst notably facilitating a valuable reduction in the operating day rate of the facility of some US$1.1 million per annum over the 10-year contract. Additionally, under the “option to purchase” agreement, which we expect to agree and execute in the coming weeks, the proposed reduction of the purchase price of the facility (or operating company, as the case may be) provides a valuable opportunity for Sound Energy to access additional value upside from the micro LNG development.“

Continued solid growth from Sound at the Phase 1 micro LNG development and they also announce an amendment to the project contract entered into between Italfluid Geoenergy. The restructuring seems eminently sensible and the management are clearly on the case when it comes to shaving of costs where at all possible.

The project looks like it is maintaining progress and operationally on track in line with market expectations, this deal looks like an exchange of some up front phased capital support in exchange for longer term value creation.

Arrow Exploration

Arrow has announced the filing of its unaudited interim Financial Statements and Management‘s Discussion and Analysis for the quarter ended September 30, 2022, which are available on SEDAR. All dollar figures are in U.S. dollars, except as otherwise noted.

Highlights:

·   The Third Quarter has been the best quarter in the Company’s history generating record cashflow from operations and a threefold increase in production from the date of the AIM Admission. 

o  EBITDA of $4,664,345 compared to $966,234 in Q3 2021.

o  Average corporate production of 1,503 boe/d compared to Q3 2021 575 boe/d and Q2 2022 980 boe/d.

·   Operating netbacks quarter-over-quarter, increased to $56.75/boe in the third quarter of 2022 from $49.18/boe in the second quarter of 2022 due to higher crude oil production and better netbacks from natural gas sales.

·   Capital raised at the time of Admission to AIM has been deployed on a successful two well drilling campaign at Rio Cravo on the Tapir Block in Colombia, both of which were on production for most of the quarter.

·    At the end of the quarter, positive working capital position of $7.4 million and a cash position of $11 million.

·   Generation of positive cashflows in Q3 means that the Company is committing to a further drilling program.

·    Subsequent to Q3 2022, the Company also completed two workovers to the RCE-1 and RCS-1 wells and has tied in the East Pepper well.

Outlook:

·    The Company expects to commence drilling, around the end of 2022, the first of five additional wells – three wells at Rio Cravo and two wells at Carrizales Norte on the Tapir Block.

·    The Company anticipates the robust CAPEX program will be funded from cash on hand and cashflow from operations.

·    Robust operational tempo ensures that the Company is on track to achieve 3,000 bopd within 18 months of the AIM listing (H1 2023).

·    Arrow continues to focus on shareholder value, improving its strong balance sheet, and free cash flow.

Marshall Abbott, CEO of Arrow Exploration Corp., commented:

“We have initiated the largest capital program in the history of the Company. Arrow has successfully executed the two workovers with production improving daily. The plan to add further perforations to RCS‑1 provides additional and material production increase potential. The RCE infill drilling program will aid in achieving our 3,000 (net) bopd production target in H1 2023.  The low risk Carrizales Norte project has significant production and reserve potential. In addition, the West Tapir seismic project is expected to add low risk exploration prospects, which have the potential to provide material production and reserves increases in the near term.  The seismic project will highlight the reserves potential of the western section of the Tapir block.  The Company’s plans are to explore the east half of the Tapir block with a second seismic shoot in 2024. The Arrow Team continues to execute our strategy to increase shareholder value.”

Arrow is certainly delivering the promised goods and these figures prove up the numbers. As said, this is the best quarter in the Company’s history with production of 1,503 boe/d, above my expectations and as they say is ‘a threefold increase in production from date of the Aim admission’. This leads to expectations of nearly 2,000 boe/d before the year end and the target of 3,000 boe/d in 1Q 2023 being achieved. 

This has given EBITDA of $4,664,345 compared to $966,234 in Q3 2021, end quarter, positive working capital position of $7.4 million and a cash position of $11 million. This in itself means that the company is beefing up reinvestment in the drilling programme and adding to capex. The next stage we should now look forward to and expect to commence drilling, around the end of 2022, the first of five additional wells – three wells at Rio Cravo and two wells at Carrizales Norte on the Tapir Block.

When I published my target price of 50p back in September I did it on the back of good production figures and a target of 3,000 boe/d being achieved in 1Q 2023. That figure looks like it will be achieved, currently running ahead of my expectations, and the share price is continuing to perform well, it may well see a modest upgrade and this is a no-brainer in the Bucket List.

Operations Update

Canadian operations

·    East Pepper tie-in

o  The East Pepper well was put on production October 25, 2022, at 7 Mmcf/d (1,167 boe/d). As expected, initial production decline was steep and the well appears to have now stabilized and is producing in excess of 250 boe/d. 

o  The Company expects typical production declines of 2-3% per month going forward.

Colombian operations

·    RCS-1 and RCE-1 Workovers:

o  The workover of RCS-1 and RCE-1 is in progress and the wells are continuing to clean-up.  Due to electrical storms in the area causing power outages, the clean-up of the wells is taking longer than expected.

o  RCS-1, the first well to be worked over, is currently producing at 660 bop/d (gross), 330 bop/d (net) with daily decreases to water cut and corresponding increases in oil production. Prior to the workover, the well was producing 330 bop/d (gross).

o  RCS-1 has shown a 330 bop/d (gross) increase since the recompletion procedure.  The production gain results in payout of the workover cost in 17 days at current Brent prices.  

o  An upper unit in the Carbonara 7A was perforated and flowed 330 bop/d (gross) after stabilizing. Management believes a thin shale barrier bifurcates the C7A. It is apparent that a thin shale break prevents inflow from the C7A main sand, which has superior reservoir characteristics akin to RCE-2. Arrow now plans to perforate the C7A in RCS-1 as it is the highest reservoir in the pool. The Company expects that RCS-1 should have a comparable flow rate to RCE-2, where C7A is currently producing 1,025 bop/d (gross) / 512 bop/d (net) with a flat watercut.

o  RCE-1, the second recompletion, is continuing to show a high water-cut as it cleans-up.  Prior to the workover, the C7A was flowing at 110 bop/d (gross) with a very high watercut. The C7A Stringer was then perforated and is slowly recovering. Production continues to increase daily, currently at 90-110 bop/d (gross), and watercut continues to decrease daily as the well continues to clean up.

·    RCE-3, RCE-4, and RCE-5 Infill Drilling:

o  Operations remain on track for RCE-3 to spud in late December/early January 2023, and mobilization of the camp facilities is underway. Civil works on the pad are nearing completion. Subsequent to completion of RCE-3, both RCE-4 and RCE-5 will follow in sequence.

·    Carrizales Norte

o  After drilling RCE-3, RCE-4 and RCE-5, the same drilling rig will be moved to the Carrizales Norte field.

o  Currently Arrow is building a road and pad for the Carrizales Norte field.  The road and pads are expected to be completed in mid-February 2023.

o  The spud of Carrizales 1 is anticipated to begin in the latter part of Q1 2023 with Carrizales 2 expected to spud immediately thereafter, followed by a contingent Carrizales 3.

·    Tapir Seismic

o  The Company has received all commensurate approvals to proceed with the 100 km2 seismic program.

o  The Company is permitting and moving equipment and personnel to the program area on the west side of the Tapir field. 

o  The estimated cost of the seismic program is $5 million gross ($2.5 million net to Arrow) and is expected to provide multiple prospects beyond what has been identified on the coarse 2D seismic grid.

o  Processing and interpretation of the seismic will take place over Q2 2023 with drilling plans to be pursued in Q4 2023.

This robust operational tempo is expected to see the Company achieve 3,000 bop/d within 18 months of the AIM listing (H1 2023). Furthermore, the integrated seismic and geological data will provide significant running room for production growth on the Tapir Block.

Corporate Production

Corporate production in November 2022 to date ranges between 1,900 boe/d and 2,000 boe/d net. Total net production from the Rio Cravo field is 887 bop/d.  Contribution from the workover program continues to increase Rio Cravo’s production.  The Pepper Field has been producing approximately 563 boe/d net, partially curtailed by the facility operator.  The two Pepper wells, along with continuing and expected robust natural gas prices in North America, are expected to further enhance the value of the Pepper field. Arrow has 23,000 acres of contiguous Montney rights in the Pepper Area.

Eco (Atlantic) Oil & Gas

Eco has announced its results for the six months ended 30 September 2022 and to provide a corporate and operational update. 

Highlights:

Financials (as at 30 September 2022)

·    The Company had cash and cash equivalents of US$24.6 million and no debt (after paying US$11.3 million, being Eco’s cash share of the Block 2B well) as of September 30, 2022.

·    The Company had total assets of US$67.3 million, total liabilities of US$5.7 million and total equity of US$61.6 million.

·    As of November 27, 2022, the Company is expected to have approximately US$17.5 million cash and cash equivalents at the end of November 2022, following receipt of the initial proceeds from the sale of the Kozani project in the coming days referred to below.

Corporate:

·    On November 28, 2022, the Company closed the sale of its 100% interest in the Kozani Photovoltaic Development Project for total cash proceeds of €2.3 million (US$2.4 million).  US$2 million is to be received by the Company by close of business on November 30, 2022, and the outstanding balance is expected to be received by year end 2022.

·    After 12 years with the Company, Eco’s Non-executive Chairman, Moshe ‘Peter’ Peterburg has informed the Board of his plans to retire, as such, he will not stand for re-election at the upcoming Annual General Meeting on December 29, 2022, and will step down from the Company with immediate effect. The Company has commenced the process to find a replacement and, in the interim, Peter Nicol, currently a Non-executive Director, will assume the role of interim Non-executive Chairman. Further announcements will be made as appropriate.

·    With regard to the closing of the acquisition of Azinam Group Limited (“Azinam”), and in accordance with the previously announced Share Purchase Agreement, the Company will shortly issue the balance of 1,625,000 Common Shares (“Azinam Shares”) to the previous shareholders of Azinam representing the full and final number of Common Shares to be issued in respect of this transaction.  These Common Shares are subject to a restrictive hold period of four months and one day (beginning on the date of issuance).  The issuance of Common Shares is subject to approval from the TSX Venture Exchange and a further announcement will be made once such approval has been received and the Common Shares issued.

Operations:

South Africa

Block 2B (post period end)

·    In early October 2022, the Island Innovator Semi-Submersible Drilling Rig arrived on Block 2B, offshore South Africa, and operations on the Gazania-1 Exploration Well commenced.

·    The well was spudded on October 10, 2022, and reached target depth of 2,360m. However, evidence of commercial hydrocarbons was not found, and the well has been plugged and abandoned.

·    The JV Partners submitted a Production Right Application to the Petroleum Agency of South Africa (“PASA”) on November 15, 2022, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations.  Well logging has been completed and the JV Partners now have time to conduct further analysis and integrate the well data to allow them to determine the next steps on the Block.  

Block 3B/4B

·    The Company and its JV partners are progressing plans to conduct a two-well campaign on Block 3B/4B offshore South Africa.

·    As previously announced by the Operator of Block 3B/4B, a collaborative farm-out process (up to 55% gross WI), has been ongoing, and is now in a farm-out agreement negotiation stage. The JV partners will update the market as appropriate and should a farm-out agreement be concluded.

Namibia

·    Following recent significant hydrocarbon discoveries offshore Namibia, Eco continues to assess options for progressing exploration and commercial activity on its acreage.

·    Eco is witnessing considerable interest in its licences in Namibia and is currently assessing options, including a potential farm-out.

Guyana

·    As previously announced, Eco and its JV partners on the Orinduik Block, offshore Guyana, are currently drawing up plans to drill at least one well into light oil Cretaceous targets in the next Petroleum Agreement exploration phase which begins in 2023. Further updates will be made on this matter in due course.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: 

“Our main focus during the period, and through to recent weeks, was to execute a safe and environmentally friendly drilling campaign on the Gazania-1 exploration well, offshore South Africa. Although it was disappointing to not announce a commercial discovery, we can be proud of how we conducted our operations, which led to the well being drilled safely and on-time. We are now working with our JV partners on the licence to analyse the well data found and plan our next steps on the Block, which we believe contains significant untapped potential.

On Block 3B/4B, offshore South Africa, we are making steady progress towards conducting a two well drilling campaign on the licence. The drilling preparations and program are expected to commence in 2023 and, as previously announced, a potential farm-out process is also underway on the licence. We look forward to updating the market on both of these workstreams as appropriate.

In Guyana, we remain highly optimistic about the potential contained within the Orinduik Block, and we are working with our JV partners to drill another well as quickly as possible. Guyana remains one of the most exciting exploration hotspots, alongside Orange Basin SA and Namibia, where we also hold a highly strategic acreage position, and we are working hard to deliver value for all our stakeholders across our asset portfolio in the near to medium term.

Finally, on behalf of the Board I would like to thank Moshe Peterburg for his tireless efforts during his tenure as Eco’s Chairman for the past 12 years and since inception of the Company. He played a pivotal role in the development and success of the Company to date and we wish him all the best for a happy retirement and are pleased he will remain an important shareholder of Eco.”

The financial results, like for any company primarily involved in exploration is a historical document and of little importance. As for the exploration results this was a disappointing quarter with the duster at Gazania although the company remain positive.

What I am most excited about is Block 3B/4B, offshore South Africa, where the company ‘are making steady progress towards conducting a two well drilling campaign on the licence. The drilling preparations and program are expected to commence in 2023 and, as previously announced, a potential farm-out process is also underway on the licence’.

The Lord only knows what is happening at the Orinduik Block in Guyana but they say that they hope to drill sometime starting in 2023…

There is lots of upside here, obviously I like South Africa but expect farm-outs in Namibia and drilling in Guyana to add to what is a portfolio bulging with exciting upside, for the patient…

Zephyr Energy

Zephyr has announced that an updated corporate presentation has been uploaded to the ‘Investors’ section of the Company’s website: https://www.zephyrplc.com/investors/

@ZephyrEnergyPlc New Corporate Presentation #ZPHR (29/11/22) https://t.co/JkpXBctkMy pic.twitter.com/8zPwqcNq4F

— Share_Talk (@Share_Talk) November 29, 2022

I’ve taken a look and it is well worth looking at this important presentation, it might even make you invest…

And finally…

The World Cup is getting to the end of the Group stages so yesterday Cameroon drew 3-3 with Serbia, Brazil beat Switzerland 1-0, Ghana beat South Korea 3-2 and Portugal beat Uruguay 2-0.

Today we are in the final Group games, this afternoon the Netherlands play Qatar and Ecuador play Senegal whilst this evening England face Wales and Iran play the USA.

Author @mgrahamwood

Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. The writer may or may not hold investments in the companies under discussion.

The post Malcy’s Blog – Oil price, Jersey Oil & Gas, Sound Energy, Arrow Exploration, Eco (Atlantic) Oil & Gas, Zephyr Energy & finally first appeared on Share Talk.

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding.

Is pleased to provide an update on activities in respect to the Company’s West Pickle Lake Project into which Palladium One Inc (TSXV:PDM) has Earn In/Joint Venture (JV) rights, (“Pickle Lake JV” “West Pickle Lake”).

First Class Metals is delighted to report assay results form the West Pickle Lake massive sulphide discovery. The assays from drill hole TK-21-070 are of an exceptionally high grade 3.1% Nickel Equivalent (“Ni Eq”) over 10.1 meters (2.5% Ni, 1.0% Cu, 0.03% Co, 0.26 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au)) in massive and disseminated sulphide in hole TK-21-070

o  Including 12.8% Ni Eq over 2.3 metres (10.4% Ni, 3.4% Cu, 0.14% Co, 0.92 g/t TPM)

o  Including 15.0% Ni Eq over 0.9 metres (12.9% Ni, 2.7% Cu, 0.16% Co, 1.05 g/t TPM)

Highlights Reported by Palladium One

• Palladium One Reports10.4% Nickel, 3.4% Copper over 2.3 meters
• Drilling has resumed on West Pickle Lake and a second drill rig has been added
• Massive to semi massive pentlandite-chalcopyrite-pyrrhotite sulphide discovered at the 500-meter long VTEMmax Electromagnetic (“EM”) anomaly known as the ‘West Pickle Zone’:
• 20 diamond drill holes completed to date
• Two drill rigs guided by a recent borehole electromagnetic (“BHEM”) survey are now focused on infilling and expanding the West Pickle massive sulphide mineralization
• The new discovery closely resembles the Palladium One extremely high-grade Smoke Lake Zone located 20 kilometers to the east
• The West Pickle Lake Project represents a major new Nickel District which hosts five known nickel sulphide zones along a 20-kilometer trend.

FCM is pleased to report the highest-grade drill hole intercept to date on the West Pickle Lake massive sulphide discovery in Ontario, Canada. The property hosts nickel, copper and cobalt, each of which has been designated a Critical Mineral.

Assay results:3.1% Nickel Equivalent (“Ni Eq”) over 10.1 meters (2.5% Ni, 1.0% Cu, 0.03% Co, 0.26 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au)) in massive and disseminated sulphide in hole TK-21-070 including 12.8% Ni Eq over 2.3 metres (10.4% Ni, 3.4% Cu, 0.14% Co, 0.92 g/t TPM); including 15.0% Ni Eq over 0.9 metres (12.9% Ni, 2.7% Cu, 0.16% Co, 1.05 g/t TPM), see Table 1 and Figure 1

The West Pickle Lake discovery occurs on the Pezim II claim block of the larger North Hemlo claim block 100% owned by FCM, see regional map at end of this release..

To date a total of 20 holes, totalling 4,604 meters have been drilled in the vicinity of the West Pickle Lake discovery. Palladium One reports that two drill rigs guided by a recent borehole electromagnetic (“BHEM”) survey are now focused on infilling and expanding the West Pickle Lake massive sulphide mineralization. At present, West Pickle Lake mineralization has been defined over more than 500 meters of strike length (Figure 2 and 3).

Figure 1 . Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-21-070 from 165.4 to 167.1 meters down hole. Wall rock is tonalite breccia.

Figure 2. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics (“CVG”).

Figure 3. Long section looking south of the West Pickle Zone.

Table 1: Assay Results: Tyko 2022 Drill Results from the new West Pickle Zone

(1)  Reported widths are “drilled widths” not true widths.

(2)  Italicised grey shaded values are previously reported (see news release October 4, 2022 and November 21, 2022 )

(3)  * Ni_Equivalent is calculated for comparison purposes using, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium, $1,100/oz platinum, $1,800/oz gold as per Palladium One’s May 2022 NI 43-101 report on the LK Project (see news release April 25, 2022 ) and assumes 100% recovery rates of sulphides into concentrate.

Marc J Sale, First Class Metals CEO commented:

“I remain further encouraged by the recent spectacular high grade assays from hole TK21-070 which includes 12.8% Ni Eq over 2.3 metres , the size and potential of the West Pickle Lake massive nickel-copper sulphide discovery continues to expand and remains open to the west into the FCM 100% owned North Hemlo block”.

For further information, please contact:

First Class Metals PLC

First Class Metals PLC – Background

First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration.  This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s showings.

FCM has commenced exploration programmes based on the detailed historical data review of available information on and around its seven claim blocks which comprise over 180km².

Figure 5. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) are now the renamed ‘West Pickle Lake’ Palladium One JV/earn in property. 

In July 2021 FCM secured a JV with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims and the “Project”) Palladium One have the option to earn-in to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the Eastern flank of FCM’s Flagship North Hemlo Project.

Palladium One has the option to earn up to an 80% undivided working interest and a royalty Buy-Back Right, in the Earn-In Properties, over a 3-year earn-in period by incurring Canadian Exploration Expenses as follows:

Year 1 – an amount of not less than C$25,000 on or before the 1st anniversary of the Effective Date:

Year 2 – an amount of not less than C$135,000 (for an aggregate amount of $160,000) on or before the second anniversary of the Effective Date to earn a 51% interest; and

Year 3 – an amount of not less than C$165,000 (for an aggregate amount of not less than $325,000) and by preparing a National Instrument 43-101 (“NI43-101”) Technical Report with respect to the Earn-In Properties on or before the third anniversary of the Effective Date to earn an additional 29% (for a total aggregate 80% interest).

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts.  Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts.  Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning.  These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Links to External Sites

The document may contain links to other websites; these external websites are not under FCM’s control. FCM’s shall not be held responsible for such websites and do not make any warranties regarding the same. FCM’s do not endorse these websites in any manner.

*Nickel Equivalent (“NiEq”)

Nickel equivalent is calculated using US$1,700 per ounce for palladium, US$1,100 per ounce for platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound for nickel and US$25 per pound for Cobalt. This calculation is consistent with the commodity prices used in the Palladium One  2022 NI 43-101 LK resource estimate (see their news release   April 25, 2022 ).

The post First Class Metals (AIM:FCM) High Grade Nickel Sulphide Assays from West Pickle Lake first appeared on Share Talk.

Zak Mir takes a charting look at some of the most followed small caps on the London stock market. Today’s selection of charts is FTSE 100, DAX 40, Dow, Bitcoin, Ariana, Avacta, Bens, Genflow, GreenX, Caracal, Hydrogen Utopia, Kistos, Orcadian, Primorous, and Record.

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

The post Traders Cafe with Zak Mir: Bulletin Board Heroes, Tuesday 29th November 2022 via Vox Markets first appeared on Share Talk.

Energy companies have been accused of disconnection of households by moving them to smart meters for pre-payment to disconnect them “by the backdoor”.

Pre-payment installations via court orders or smart meters should be banned by the Government. This is to prevent customers from being forced to disconnect services from their existing systems after they are moved to more expensive ones.

The End Fuel Poverty Coalition is a coalition of 60 campaign groups and local officials. It warns that hundreds of thousands of households will feel the need to turn off their energy supply this winter without a ban.

The coalition warned that forcing households in debt onto PPMs will allow energy companies to bypass rules that would prevent them from disconnecting vulnerable persons from their supplies during winter.

Ruth London of Fuel Poverty Action, an advocacy group, stated that imposing PPMs onto customers is “disconnection from the backdoor” and places vulnerable households in serious danger.

“Imposing it” is violent and, in the current situation, it is likely that it will swell winter deaths,” Ms London stated.

Pre-payment meters are more costly than rolling monthly payments, and households end up using less energy.

End Fuel Poverty Coalition warned customers that energy companies are increasingly pushing them onto pre-payment meters to protect their revenue in the event of household failure to pay their bills. This newspaper has previously reported that some suppliers force customers to install PPMs remotely by switching their smart meters from credit mode to pre-payment mode.

Others have installed the devices by using court warrants. Campaigners claim that these warrants are being “rubber stamped” by magistrates’ courts, without being reviewed on a case-by-case basis.

According to Freedom of Information requests, 187,000 warrant applications were received in the first six months of 2022. End Fuel Poverty Coalition stated that this makes it difficult to believe these warrants are being individually considered.

Campaigners stated that energy firms should assess homes to ensure safety and that customers are informed of any changes.

Ofgem, the energy regulator, wrote to the suppliers earlier in November about “what appear to be serious failings in how suppliers treat vulnerable smart-meter consumers”.

Ofgem stated that smart meters switching from credit mode to prepayment mode without fully considering licence conditions has caused customers “serious harm”. It added that “most worryingly, some vulnerable customers have been cut off supply.”

Ofgem stated that prepayment meters should not have been installed or remotely switched without first assessing the vulnerability of households in accordance with suppliers’ license conditions.

However, members of the End Fuel Poverty Coalition reported that energy companies have continued to practice the practice.

Joe Cole of Advice for Renters, a tenant advocacy group, stated: “One client who has PTSD was switched from smart meter to prepayment without notice. He came close to suicide before we alerted the energy company and put his account back in credit.”

The post Energy companies accused of using smart meters for ‘disconnecting customers through the back door’ first appeared on Share Talk.

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations

ls pleased to announce that an updated corporate presentation has been uploaded to the ‘Investors’ section of the Company’s website: https://www.zephyrplc.com/investors/.

Contacts

Zephyr Energy plc

Colin Harrington (CEO)

Chris Eadie (CFO)

Tel: +44 (0)20 7225 4590

Notes to Editors

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. The Company’s mission is rooted in two core values: to be responsible stewards of its investors’ capital, and to be responsible stewards of the environment in which it works.

Zephyr’s flagship asset is an operated 45,000-acre leaseholding located in the Paradox Basin, Utah, 25,000 acres of which has been assessed by third party consultants Sproule International to hold, net to Zephyr, 2P reserves of 2.1 million barrels of oil equivalent (“mmboe”), 2C resources of 27 mmboe and 2U resources 203 mmboe. Following the successful initial production testing of the recently drilled and completed State 16-2LN-CC well, Zephyr has planned a three well drilling program – commencing in 2022 with the State 36-2 LNW-CC well – to further delineate the scale and value of the project.

In addition to its operated assets, the Company owns working interests in a broad portfolio of non-operated producing wells across the Williston Basin in North Dakota and Montana.

The Williston portfolio currently consists of working-interests in over 200 modern horizontal wells which are expected to provide US$40-45 million of revenue, net to Zephyr, in 2022. Cash flow from the Williston production will be used to fund the planned Paradox Basin development. In addition, the Board will consider further opportunistic value-accretive acquisitions.

The post Zephyr Energy PLC (AIM:ZPHR) Corporate Presentation – Video first appeared on Share Talk.

Poolbeg Pharma (POLB), a clinical stage infectious disease pharmaceutical company, announced that, further to its announcement in March 2022, the construction of the computational artificial intelligence (AI) influenza disease model has been completed by CytoReason Limited, indicating that it is on track to deliver outputs in Q2 2023.

Author @ZaksTradersCafe

The model aims to unlock clinically meaningful insights into influenza infection and recovery through the analysis of Poolbeg’s unique human challenge trial data.

In a move that could save as much as €5m as compared to its previously announced Trifols investment / Tipperary site move, Hydrogen Utopia International (HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, announced that it has entered into an agreement in relation to the proposed lease of a 2.5 acre greenfield site in the 78-acre Logeco Logistics & Energy Park at Fisherstown in County Longford, Ireland. The company said it now anticipates this will lead to its first operational full scale waste plastic to hydrogen facility in Europe. Longford is a county in the Irish Midlands and is anticipated to be one of the prime beneficiaries of the EU Just Transition Fund in Ireland.

Arrow Exploration (AXL) announced the filing of its unaudited interim Financial Statements for the quarter ended September 30, 2022. The company said that Third Quarter has been the best quarter in its history generating record cashflow from operations and a threefold increase in production from the date of the AIM Admission. EBITDA of $4,664,345 compared to $966,234 in Q3 2021. Average corporate production of 1,503 boe/d compared to Q3 2021 575 boe/d and Q2 2022 980 boe/d.

Atlantic Lithium (ALL), the funded African-focussed lithium exploration and development company, announced assay results from the resource and exploration drilling programme now completed at the Ewoyaa Lithium Project in Ghana, West Africa. The company noted multiple high-grade exploration drill intersections outside of the current MRE reported at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits. A highest grade of 6.78% Li2O was reported.

Amaroq Minerals (AMRQ), an independent mine development company, announced its Q3 financials and present its exploration and development objectives for 2023. The company said it is now the most active private investor in Greenland, and continues to make excellent strategic progress in the region. It is now focused on advancing its cornerstone Nalunaq project to the next phase of development, with an initial bulk sample expected in 2023.

NetScientific (NSCI), the active international holding company, announced that it has joined an investment round led by its subsidiary EMV Capital Ltd, together with Scottish Enterprise, Kelvin Capital Limited, and The Future Fund, in Edinburgh based Sofant Technologies Ltd. The final close took the total joint investment round to £4.2m.

Thor Mining (THR) announced a capital raise of A$2.65m to fund exploration activities at the Company’s project interests, with particular emphasis on the uranium exploration licences in Colorado and Utah in the United States. Following this placement, including existing cash and listed investments, the Company’s total liquidity position is now circa A$4.0m.

Energous Corporation (WATT), a developer of RF-based charging for wireless power networks, and CAP-XX Limited (CPX) – a manufacturer of supercapacitors – announced a partnership to develop solutions that combine Energous’ WattUp technology with CAP-XX’s high-performance supercapacitors. The companies are partnering to pave the way for battery free IoT devices powered by Energous’s wireless power technology and CAP-XX’s long life supercapacitors.

Cooks Coffee Company (COOK), the international coffee focused café chain which is new to Aquis, announced its interim results for the six months ended 30 September 2022. Revenue from operational trading increased by 37% to $1.93m versus H1 FY22 $1.41m. Profit from continuing operations increased by 14% to $146,00 versus H1 FY22 $128,000.

PYX Resources Ltd (PYX) announce that, following the company’s announcement on 3 October 2022, PYX has made its first drawdown on the £20 million capital commitment investment from GEM Global Yield LLC SCS. As previously announced, GGY intends to provide long term support to PYX in accordance with the Capital Commitment Facility.

While we all wait for the $737m damages to flow in, GreenX Metals Limited (GRX) reported the conclusion of the hearing for the international arbitration claims against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London and lasted two weeks.

Ariana Resources (AAU), the AIM-listed mineral exploration and development company, announced an update to its JORC Resource Estimate for the Tavsan Mine. The mine is currently in construction and being operated by Zenit Madencilik San. ve Tic. A.S. in partnership with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana. Global Resource increased by 22% over the previous Mineral Resource Estimate.

Karelian Diamond Resources (KDR) reported its audited accounts for the year to 31 May 2022. The profit after taxation from continuing operations for the financial year ended 31 May 2022 was €13,593 (31 May 2021: loss of €422,192) and the net assets of the company at 31 May 2022 were €9,480,803 (31 May 2021: €9,495,866). The company said the profit was also generated as a result of the movement in fair value of warrants totalling €389,904.

Jersey Oil & Gas (JOG), an independent upstream oil and gas company, announced that the North Sea Transition Authority has approved an extension to the Second Term of its P2170 “Verbier” Licence. The company said this licence is now aligned with JOG’s P2498 “Buchan” Licence with the current phase expiring end of August 2023, in keeping with its stated strategy of developing the Greater Buchan Area as an area-wide development plan.

Eco (Atlantic) Oil & Gas Ltd. (ECO), the oil and gas exploration company, announced its results for the six months ended 30 September 2022 and to provide a corporate and operational update. The Company had cash and cash equivalents of $24.6 million and no debt (after paying $11.3 million, being Eco’s cash share of the Block 2B well) as of September 30, 2022. It had total assets of $67.3 million, total liabilities of $5.7 million and total equity of $61.6 million.

It looks as though Orcadian (ORCA) has hit the big league. The company said it has entered into a binding MoU with SLB (formerly Schlumberger) to deliver core services for the wells on the Company’s Pilot project. ORCA said SLB made a compelling commercial and technical proposal with a strong focus on decarbonisation. The parties now plan to develop a comprehensive Project Agreement for provision of the services.

Oriole Resources (ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update for its 90%-owned exploration projects in Cameroon. The company said the work underway to upgrade the Bibemi JORC Exploration Target into a JORC Resource is a very significant step for Oriole and for the developing exploration sector in Cameroon. This discovery and transformation of an exploration asset into a maiden JORC MRE will be the first internationally-accredited Mineral Resource for orogenic gold targets in Cameroon.

Sound Energy (SOU), the energy transition company, provided a progress update on its Phase 1 micro LNG development. The company said it is working closely with the Contractor to ensure the project remains on track to meet the joint venture’s delivery obligations to Afriquia Gaz under the LNG sale and purchase agreement.

Caracal Gold (GCAT), the East African gold producer, announced that it has secured conditional non-dilutive financing of $10.5m through a pre-paid gold purchase agreement. Kilimapesa Gold Pty Ltd, the 100% owned Kenyan operating subsidiary of Caracal, has entered into a pre-paid gold purchase agreement with a contract price totalling up to $10.5m with OCIM Metals & Mining SA.

Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

The post RNS Hotlist with Zak Mir: POLB, HUI, AXL, ALL, AMRQ, NSCI, THR, WATT, COOK, PYX, GRX, AAU, KDR, JOG, ECO, ORCA, ORR, SOU & GCAT first appeared on Share Talk.

EasyJet PLC reported that bookings for next year are positive, reporting a substantial reduction in annual losses to £178mln, compared with £1,136mln.

The increase in capacity flown and the continued revenue generation from ancillary products led to a 296% increase in total revenue to £5,769mln for the year ended 30 September 2022, compared to £1,458mln last year.

EasyJet’s year-end results will serve as a gauge of its performance in the coming year

According to the budget airline operator, EBITDAR reached a new record of £674mln for quarter four. This is an increase from £82mln last year. The operational performance was also better than in pre-pandemic 2019, with fewer cancellations on days.

As demand returned and travel restrictions eased through the year, passenger revenue rose by 282% to reach £3,816mln, up from £1,000mln last year.

As capacity increased and EasyJet continued its rapid growth, group ancillary revenue rose by 326% to £1,953mln.

EasyJet projects quarter one RPS will increase by more than 20% year-on-year, with load factor growth exceeding 10 percentage points.

Capacity is expected to rise 25% to 38mln seats in the first half. This is expected to increase to 56mln by the end of the year. Capacity is expected to be back at pre-pandemic levels by quarter four.

Johan Lundgren is easyJet’s chief Executive Officer. He stated: “The summer saw easyJet reach its highest ever earnings for one quarter with headline EBITDAR at £674mln and ancillaries up 59% in FY19. EasyJet holidays are well on their way to reaching its £100mln target.

“EasyJet excels in difficult times.

“Consumers will look for value, not just holiday protection. EasyJet will benefit from its primary airport network as customers vote with the wallets.”

The post EasyJet is positive about 2023, as it reports a substantial fall in losses first appeared on Share Talk.

GGP shares are now fully financed to production at its flagship 30%-owned Haverion project, which is set to deliver feasibility study results early in the new year.

by: Charles Archer

Greatland Gold (LON: GGP) is a London-listed mining developer and explorer focused on precious and base metals in Australia. While the miner has interests across six projects scattered throughout Western Australia and Tasmania, its flagship is the world-class Haverion Project in the Paterson region of Western Australia, initially discovered in 2018.

Under development through its Joint Venture (JV) with Newcrest Mining, Australia’s largest gold producer, the Haverion project is ideally located just 45km from Newcrest’s existing Telfer gold and copper mine. This means that the two companies are able to develop Haverion using Telfer’s existing infrastructure, including its processing plant, which will significantly reduce the needed capex.

So far, so good.

At this point, it’s worth noting the standard advantages and drawbacks associated with this type of investment. Newcrest is an AU$17.7 billion giant, which gives it significant power in negotiations with Greatland, if not legally, then at least practically.

On the plus side, Australia is a fully developed country with dozens of exceptional gold deposits and a trusted legal system. For context, the Fraser Institute 2021 Annual Survey of Mining Companies ranked Western Australia as the best jurisdiction out of 84 worldwide based on mining investment attractiveness during the year.

Regardless, GGP maintains many of the usual hallmarks of penny mining stocks, despite being too large to qualify for the technical definition. It sports highly volatile shares and an undeveloped asset which is yet to generate any revenue. Further, the feasibility study on Haverion has not yet concluded, and Greatland has conducted multiple share placements over the past couple of years.

For perspective, it issued 82 million new shares in 2021 to bring in circa £18 million in cash. And as an explorer without a revenue-generator online, it lost £28 million in the same year.

And while GGP shares remain 290% up compared to pre-pandemic levels, the miner has also fallen by 80% from its record 37.35p in December 2020 to 7.50p today. Understandably, investors who bought in at less than 2p a few years ago and are still holding may be feeling mixed emotions.

I note this volatility both for GGP’s potential and as a note of caution: all FTSE AIM shares are subject to an element of investor bias, which often sharpens on social media. Even excellent opportunities are not risk-free.

However, the investment case is starting to crystallize. Haverion will soon be producing gold and copper: two hard commodities surfing at near-record highs.

Moreover, gold is expected to outperform during the global recession as the trusted real-asset inflationary hedge. Q3 saw central banks purchase 399 tons of gold, the most ever in a single quarter, and 160 tons more than the previous record of Q3 2018. And the year-to-date total of gold bought by central banks is 673 tonnes, more than any year since the Vietnam War.

I’ve covered the prospects for copper here, but for context, the world’s largest producer Codelco has already warned that there could be an eight-million tonne shortage by 2032.

Haverion: the road so far

Newcrest assumed management of the JV in May 2019, and owns a 70% interest, with GGP the junior partner at 30%. A small-scale, though promising, stage 1 pre-feasibility study (PFS) was conducted in October 2021.

But the gears started shifting in March 2022, when GGP announced a ‘substantial increase to the Resource and Reserve announced in the maiden PFS.’ Haverion’s resource estimate was increased by 50% to a massive 6.5 million ounces of gold equivalent and 218 kilotons of copper, with an 86% conversion of resource to reserve.

Investors are now patiently waiting for the results of the feasibility study which has been ‘extended beyond the December 2022 quarter to allow further time to maximise value and de-risk the project.’

With further optimisation work underway, the miner has promised that ‘a further update will be provided as value enhancing options are assessed.’ And as 250,000 metres of drilling are now complete, Managing Director Shaun Day enthuses that the ‘outstanding results… provides increasing confidence of the project being delivered on schedule.’

Risk-reward trade-off

As of 30 June 2022, GGP stood in a reasonable financial position, having secured a total of £11.9 million of funding for the full financial year. However, this was nowhere close to enough to fund the miner through to production. Therefore, in August 2022, it raised an additional £29.7 million through a further share placing priced at a 15.5% discount.

Then in September 2022, it executed a debt commitment letter with a syndicate of leading international banks worth £130 million at favourable interest terms. Near-simultaneously, it secured an equity investment by Wyloo Metals, comprised of an initial strategic equity subscription of £35 million plus the option to acquire up to an additional £35 million of Greatland shares at 10p per share.

Most recently, on 11 November, it conducted yet another placing, creating an additional circa 13.4 million shares to ‘pay financial advisory service fees to a third party for advice in respect of the Havieron 5% option process which culminated in Greatland retaining 30% ownership of Havieron.’

Under the original terms of the JV, Newcrest had the option to acquire an extra 5% of Haverion at ‘fair market value.’ With this process concluded, GGP becomes even further de-risked for new investors, with the board noting that ‘this outcome delivers substantial medium and long-term value to Greatland.’

This is because, by my calculations, GGP is now fully capitalised to Haverion production, significantly reducing the risk compared to the potential investor rewards.

And despite reducing their price target from 22p to 18p to reflect the dilution, Berenberg Bank analysts argue that GGP has recently ‘materially strengthened its board with (new) appointments…Mark Barnaba is deputy chair of Fortescue Metals and will join as non-executive chair, while Elizabeth Gaines was CEO of Fortescue and will join as a non-executive director and deputy chair, and James Wilson was previously president of BHP’s iron ore division.’

Better still, the connection with Fortescue doesn’t stop there. Wyloo is a subsidiary of Tattarang, the holding company of Andrew Forrest, the founder and executive chair of Fortescue and the wealthiest man in Australia. And Wyloo now holds 8.6% of GGP shares.

Overall Berenberg thinks ‘the board appointments, debt and investment by Wyloo as material as they bring in a heavyweight partner and put in place a comprehensive funding package.’

It’s hard to disagree. Of course, GGP is a volatile stock, with a history of diluting loyal shareholders. But when the feasibility study reports back in Q1, a fundamental re-rate could be in the offing.

This article has been prepared for information purposes only by Charles Archer. It does not constitute advice, and no party accepts any liability for either accuracy or for investing decisions made using the information provided.

Further, it is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

By Charles Archer
Charles Archer is an experienced financial writer specialising in monetary law. With a background in stock market and private equity analysis, he’s worked for many years as a freelance investment author, and has had articles published in a wide range of regional and national titles, both online and in print. He holds a BA (Hons) degree in History and Politics, as well as a Master’s degree in Law from the University of Law, the UK’s largest legal training institution. Charles believes the key to successful investing lies in quality research, and aims to offer a unique viewpoint that investors cannot find elsewhere.

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

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The post The 2023 investment case for Greatland Gold shares first appeared on Share Talk.

Oriole Resources PLC, the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update for its 90%-owned exploration projects in Cameroon.

The Company is focused on the Bibemi gold orogenic project (‘Bibemi’) in the north of the country and the Central Licence Package project (‘CLP’) in central Cameroon, which is prospective for gold and other valuable commodities. 

Highlights

Bibemi

· On 10 October 2022, the Company announced a JORC Exploration Target for Bakassi Zone 1 prospect of between six million tonnes and eight million tonnes at grades ranging from 1.50 to 1.70 grammes per tonne (‘g/t’) of gold (‘Au’) for between 290,000 and 440,000 Troy ounces (‘oz) Au;

· A pit optimisation study and site visit are currently underway to upgrade a portion of the existing JORC Exploration Target to a maiden Mineral Resource Estimate (‘MRE’), which is expected to be in the JORC Inferred category;

· The Company anticipates announcing the maiden MRE before the end of this year;

· An infill geophysics programme is planned for H1-2023, to aid drill targeting at the remaining three prospects on the Bibemi licence as well as future resource-expansion activities.

Central Licence Package

· Mapping and rock-chip sampling is currently under way at Mbe, one of five licences within the Eastern CLP block, where soil sampling to date has identified a c.12.5km long by 3km wide gold-mineralised corridor (announcement dated 17 August 2022) ;

· Results from mapping over former soil sampling Grid 6 at Mbe, have guided the selection of a further 495 (of a total 835) unanalysed samples that were collected during the 2021/22 field season and have the potential to extend the mineralisation at Mbe. The samples will be submitted for analysis shortly, with results anticipated in Q1-2023;

· Ground-based geophysics is planned at Mbe for Q1-2023 to help identify the structural control on the mineralisation;

· At the Ndom licence, also in the Eastern CLP, the team is currently completing a ground-truthing exercise to assess the potential for lithium-bearing pegmatites following anomalous geochemical data reported from the 2021/22 stream and soil programmes;

· A further licence, Gamboukou, immediately to the south of Ndom, has recently been secured by the Company for the exploration of gold, lithium and other elements and initial studies are underway;

· The total area under licence at the CLP now stands at 4,091km²;

· The Company is in discussion with the Mining Ministry of Cameroon in respect of temporarily suspending the three Western CLP licences, and all the Company’s operational and financial obligations thereunder, pending a resolution to the ongoing land access issues.

Oriole CEO, Tim Livesey, said:  “We are delighted to have mobilised the teams and be active again at the beginning of the field season, following the end of the rains in Cameroon. 

“The work underway to upgrade the Bibemi JORC Exploration Target into a JORC Resource is a very significant step for Oriole and for the developing exploration sector in Cameroon. To our knowledge, this discovery and transformation of an exploration asset into a maiden JORC MRE will be the first internationally-accredited Mineral Resource for orogenic gold targets in Cameroon. 

“In a previously overlooked exploration jurisdiction like Cameroon, this rapid assessment of greenfield opportunities allows first movers like Oriole the advantage of identifying and securing prime land positions, which is exactly what we have done, with our Central Licence Package now extending to over 4,000 km². 

“At the Eastern CLP licences, stream and soil sampling has already identified significant gold anomalism and this field season will be focused on targeting the source of that anomalism through mapping, sampling and geophysics. The further identification of anomalies in other commodities, such as lithium, offers the potential for value addition through diversified exploration or future partnerships with commodity-specific groups.

“At the Western CLP, as a short-term measure to address ongoing land access issues, the Ministry has suggested a temporary suspension of licence activities to allow a resolution to be found. We see this as a very pragmatic approach and welcome the Minister’s suggestions and support on this matter.

“In the meantime, our teams will continue to focus on the existing newly identified targets in the Eastern CLP, as well as the more advance Bibemi project, and we look forward to reporting on our continued activities as we progress in to the 2022/23 field season.” 

Further Details

During the 2022/23 field season, the Company will continue to focus its operations on grassroots exploration at the Bibemi and CLP projects in  Cameroon.

 Figure 1: Regional geology of Cameroon licences

Bibemi project

At the Bibemi orogenic gold project in northern Cameroon (177km² in area), the Company’s exploration to date has identified shear-hosted gold mineralisation at four main prospects – Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East – within a circa 12 km-long mineralised hydrothermal system at surface. Since Q1-2021, the Company has completed four phases of diamond drilling at the project for a total of 6,685.40m in 54 holes. The majority of the drilling has been focussed on a circa 1 km section at the southern end of Bakassi Zone 1 and has delivered best intersections of 14.80m grading 4.27 g/t Au and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031), and 9.20m grading 1.31 g/t Au (hole BBDD042) (announcements dated  20 December 2021 ,  9 February 2022  and  15 September 2022 ). The mineralised corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins.

In October 2022, the Company reported a maiden JORC-compliant Exploration Target for the Bakassi Zone 1 prospect of between six million tonnes and eight million tonnes at grades ranging from 1.50 to 1.70 g/t Au for between 290,00 and 440,000 oz Au. Within this model, prepared by independent consultant Forge International Limited (‘Forge’), mineralised zones with a true width of up to 36.32m have been reported.

The Company today reports that Forge, together with its associate Axe Valley Mining Consultants Ltd, is completing a pit optimisation study to convert the Bakassi Zone 1 Exploration Target into a maiden MRE. This is expected to be in the Inferred category and will be reported to the market later in December, following completion of the Competent Person site visit that is currently in progress.

Looking ahead to 2023, the Company anticipates completing a n infill geophysics (magnetic) survey during the first half of the year. Results of the initial survey, whilst useful for targeting holes during the Phase 4 drilling programme, showed a number of open-ended anomalies within the Lawa East and Lawa West prospects and at the margin of the Bakassi Zone 1 grid. The infill programme aims to fill the gaps in our data and provide a wider, more accurate view of the controlling structures at the remaining three prospects on the licence. It will also assist the team in developing its Resource-expansion activities.

For further information on the Bibemi project, including a JORC Table 1, please see the following page of the Company’s website: https://orioleresources.com/projects/central-licence-package/ .  

CLP project

At the CLP project, located in the centre of Cameroon, nine contiguous licences (six defined as Eastern CLP and three defined as Western CLP) cover a land package that has significant potential for orogenic and epithermal style gold mineralisation. Recently published maps by a World Bank-funded prospectivity programme, ‘PRECASEM’, have confirmed that the CLP project overlies the highest priority gold district identified by the programme.

In August 2022, the Company reported completion of semi-regional (400m x 200m spaced) soil sampling over six soil grids within the Eastern CLP, mostly designed to target the source of the previously-identified stream-sediment anomalism (announcement dated 2 November 2021). Results confirmed anomalous gold in all five licences and delineated multiple 2-3km long gold-in-soil anomalies across the Ndom, Pokor and Niambaram licences, as well as a broad anomalous zone within the Mbe licence, where en-enchelon, structurally-controlled trends are now confirmed to occupy a c.12.5km long by 3km wide corridor. Best results included 838 ppb Au (0.84 g/t Au), 520 ppb Au and 463 ppb Au.

Figure 2: Location of soil sampling grids at CLP licences

The Company today reports that 1/15,000 scale mapping and rock-chip sampling is currently underway over a c.48km² area at Mbe to help constrain the source of the gold anomalism, which appears to have an east-northeast structural control. Mapping has already been completed over former soil sampling on Grid 6 and the results have guided the selection of 495 (of a total 835) samples that were collected during the 2021/22 field season but have not yet been analysed. Given the location of Grid 6, immediately to the southwest of the 12.5km-long anomalous corridor, there is potential to further extend the gold mineralisation at Mbe. The samples will be submitted for analysis shortly, with results anticipated in Q1-2023. Once mapping is complete at Mbe, the team will move to the other targets identified within the licence package.

Figure 3: Gold-in-soil anomalism identified to date at the Mbe target within the Eastern CLP

A ground-based magnetic survey is also being planned at Mbe for Q1-2023 in order to help identify structures that could further assist in defining the geological context of the gold anomalism at the prospect. The survey will be carried out on northwest-southeast (N140 ˚ ) lines spaced 100m with survey point spacing of 20m.

As previously reported, a review of multi-element data for the Grid 1 stream sediment and soil sediment samples identified the potential for non-precious metals to occur within the Eastern CLP (announcement dated 21 July 2022). More specifically, anomalous lithium-in-soil values (up to 84 ppm) have been identified in association with a porphyritic granite. A field reconnaissance programme is underway to review whether there are pegmatite and aplite dykes within the granite that could explain the concentration of lithium. These studies are also underway at the newly-granted Gamboukou licence, immediately to the south of Ndom. Gamboukou was targeted on the basis of having similar geology and potential to Ndom and is prospective for gold, lithium and other elements. Field reconnaissance at both licences will be followed by more detailed mapping and rock-chip sampling.  

The total area under licence at the CLP now stands at 4,091km² and the application for the Maboum permit, immediately to the east of Mbe, is still awaited.

Figure 4: Lithium anomalism identified to date within the Eastern CLP

Finally, in light of the ongoing land access issues in the three Western CLP licences (announcement dated 28 September 2022), the Company is in discussion with the Mining Ministry of Cameroon in respect of temporarily suspending them, and all the Company’s operational and financial obligations thereunder, until a resolution is found.

For further information on the CLP project, including a JORC Table 1, please see   the following page of the Company’s website   https://orioleresources.com/projects/central-licence-package/.

Competent Persons Statement  

The information in this announcement that relates to the Exploration Target is based on data compiled by Mr. Robert Davies, EurGeol, CGeol, an independent consultant to Oriole. Mr Davies is a Director of Forge International Limited. Mr Davies has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Davies consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The technical information in this release that relates to Exploration Results and the planned exploration programme has been compiled by  Claire Bay  (Executive Director, Exploration and Business Development).  Claire Bay  (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information. Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.

** ENDS **

For further information please visit  www.orioleresources.com ,   @OrioleResources on Twitter,  

or contact:

The post Oriole Resources PLC (AIM:ORR) Cameroon Exploration Update first appeared on Share Talk.

Mineralisation Extended – Multiple Intersections

Highest Grade of 6.78% Li₂O reported

Ongoing Resource Extension and Infill Drilling Results

Ewoyaa Lithium Project Ghana, West Africa

Atlantic Lithium Limited (AIM: ALL, OTCQX: ALLIF, ASX: A11 “Atlantic Lithium” or the “Company”), the funded African-focussed lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce assay results from the resource and exploration drilling programme now completed at the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa .

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/8509H_1-2022-11-28.pdf

HIGHLIGHTS:

Ø Assay results reported for a further 10,679m of exploration and infill diamond drilling (“DD”) and reverse circulation (“RC”) drilling completed at the Ewoyaa Main, Ewoyaa North-East, Kaampakrom and Grasscutter West deposits, part of the now completed resource evaluation and exploration RC and DD programme.

Ø Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li₂O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate (“MRE” or the “Resource”); extending mineralisation at the Ewoyaa North-East and Ewoyaa Main deposits, defining new mineralisation from surface at the Kaampakrom North deposit and providing further confidence in Resource conversion at the Kaampakrom West deposit.

Ø Multiple high-grade exploration drill intersections outside of the current MRE reported at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of:

o  GRC0785: 35m at 1.48% Li₂O from 111m

o  GRC0760: 27m at 1.71% Li₂O from 155m

o  GRC0769: 46m at 0.96% Li₂O from 51m

o  GRC0775: 20m at 1.85% Li₂O from 72m

o  GRC0777: 24m at 1.43% Li₂O from 108m

o  GRC0763: 26m at 1.26% Li₂O from 163m

o  GRC0759A: 17m at 1.69% Li₂O from 114m

o  GRC0777: 14m at 1.89% Li₂O from 140m

o  GRC0775: 13m at 1.91% Li₂O from 117m

o  GRC0800: 23m at 1.01% Li₂O from 263m

o  GRC0759A: 18m at 1.24% Li₂O from 148m

o  GRC0779: 14m at 1.43% Li₂O from 137m

o  GRC0776: 10m at 1.96% Li₂O from 190m

Ø Broad and high-grade infill drill intersections within the current MRE, reported at the Ewoyaa Main and Ewoyaa North-East deposits, including highlights of:

o  GDD0090: 63.6m at 1.86% Li₂O from 14.3m

o  GDD0089: 68m at 1.37% Li₂O from 15m

o  GRC0756: 60m at 1.36% Li₂O from 29m

o  GDD0098: 24.4m at 1.72% Li₂O from 38.6m

o  GDD0090: 17.9m at 1.37% Li₂O from 79.5m

o  GDD0094: 21m at 0.96% Li₂O from 46m

Ø Highest grade of 6.78% Li₂O confirmed in previously reported hole GDD0071 from 31m to 32m (refer RNS of 20 October 2022), and additional high-grades of 5.14% Li₂O in hole GDD0090 from 30m to 31m and 4.78% Li₂O from 31m to 31.8m.

Ø Approximately 37,000m of results from the 47,000m drilling programme reported to date.

Ø Recently announced Pre-Feasibility Study (refer RNS of 22 September 2022) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 255,000tpa of 6% Li₂O spodumene concentrate (“SC6”) over a 12.5-year operation:

o  LOM revenues exceeding US$4.84bn, Post-tax NPV₈ of US$1.33bn, IRR of 224% over 12.5 years

o  US$125m capital cost with industry-leading payback period of <5 months

o  C1 cash operating costs of US$278 per tonne of 6% lithium spodumene concentrate Free on Board (“FOB”) Ghana Port, after by-product credits

o  Average Life of Mine (“LOM”) EBITDA of US$248m per annum

o  18.9Mt at 1.24% Li₂O Maiden Ore Reserve

o  Average annualised US$1,359/dry metric tonne SC6 pricing used

Commenting on the Company’s latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said:

“Drilling continues to deliver high-grade drill intersections both within and outside the current MRE.

“This latest batch of results has delivered multiple drill intersections outside the resource footprint at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of 35m at 1.48% Li2O from 111m and 27m at 1.71% Li2O from 155m at the Ewoyaa North-East deposit.

“Drilling has returned high-grade results at the Kaampakrom West deposit, including highlights of 20m at 1.85% Li₂O from 72m, 14m at 1.89% Li₂O from 140m, 14m at 1.89% Li₂O from 140m and 13m at 1.91% Li₂O from 117m, in addition to our highest-grade assay result of 6.78% Li₂O over a 1m interval in drilling at the Ewoyaa Main ‘Starter Pit’ for this programme.

“We have reported approximately 37,000m of the 47,000m programme to date, with 10,000m of assays pending and a Resource upgrade expected early 2023. The increased Resource estimate will inform a Definitive Feasibility Study, targeted for completion in mid-2023.

“ W ith the Pre-Feasibility Study now delivered, the Mining Licence application submitted, ongoing positive drilling results and with the support of our funding agreement with Piedmont Lithium, we feel the Company is ideally positioned to benefit from the unprecedented levels of lithium demand that are expected over the coming years.”

New Drilling Results:

Further assay results have been received for an additional 10,679m of RC and DD drilling from the recently completed drill programme at the Ewoyaa Project. Multiple high-grade drill intersections are reported for exploration drilling results outside of the currently defined Resource at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West and deposits (refer Table 1, Appendix 1 and Appendix 2).

High-grade infill drill intersections are reported within the Ewoyaa Main and Ewoyaa North-East deposits, which fall within the currently defined 30.1Mt @ 1.26% Li₂O MRE (refer Table 2, Appendix 1 and Appendix 2).

Table 1: High-grade exploration drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li₂O cut-off and a maximum of 4m internal dilution at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West deposits.

Table 2: High-grade infill drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li₂O cut-off and maximum of 4m of internal dilution at the Ewoyaa Main and Ewoyaa North-East deposits.

Exploration drilling results outside the 30.1Mt at 1.26% Li₂O Resource continue to demonstrate further resource scale potential at the Ewoyaa Project, where multiple new drilling intersections have confirmed mineralisation extensions at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West deposits (refer Figure 1, Figure 2, Figure 3 and Figure 4).

Resource infill drilling results received to date at the Ewoyaa Main and Ewoyaa North-East deposits have confirmed good mineralisation continuity and increased resource confidence on a nominal 40m x 40m Indicated grid and 20m x 20m Measured grid. Measured drilling targeted the first 1.5 to 2 years of planned production at the Ewoyaa Main deposit. Additionally, infill drilling provided further material for test-work and customer acceptance samples within the planned starter pit.

High grades were reported within the Kaampakrom West deposit including highlights of 20m at 1.85% Li₂O from 72m, 14m at 1.89% Li₂O from 140m, 14m at 1.89% Li₂O from 140m and 13m at 1.91% Li₂O from 117m.

Sample preparation was completed by Intertek Ghana and assay by Intertek Perth with all reported results passing QA/QC protocols, providing confidence in reported results.

Figure 1: Location of reported assay results with highlight drill intersections.

Figure 2: Cross-section A-A’ showing assay results received for GDD0089 at the Ewoyaa Starter Pit deposit.

Figure 3: Cross-section B-B’ assay results received forGRC0775 and GRC0777 at the Kaampakrom West target.

Figure 4: Cross-section C-C’ assay results received for GDD0090, GRC0776 and GRC0772 at the Ewoyaa North-East deposit.

Competent Persons

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists.  Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

The reported Ore Reserves have been compiled by Mr Harry Warries.  Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd.  He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia.  Mr Warries gives Atlantic Lithium Limited consent to use this reserve estimate in reports.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For any further information, please contact:

The post Atlantic Lithium Ltd (AIM:ALL) High-Grade Drill Results – Highest Grade to Date first appeared on Share Talk.

Caracal Gold plc, the expanding East African gold producer with over 1,300,000oz JORC compliant gold resources, is pleased to announce that it has secured conditional non-dilutive financing of US$10.5m through a pre-paid gold purchase agreement.

Kilimapesa Gold Pty Ltd (‘KPG’), the 100% owned Kenyan operating subsidiary of Caracal, has entered into a pre-paid gold purchase agreement with a contract price totalling up to US$10.5m with OCIM Metals & Mining SA (‘OCIM’). The total contract price will be made available to KPG, subject to conditions, in two tranches, with a 1st tranche of US$7m to be drawn on or before 31 December 2022 and a 2nd tranche of US$3.5m to be drawn down on terms to be agreed between OCIM and KPG.

Upon satisfaction of conditions, the proceeds from this financing will mean Caracal will be fully funded to continue the ongoing expansion of production at its flagship Kilimapesa Gold Mine in Kenya (‘Kilimapesa’ or the ‘Project’) to the targeted rate of 24,000oz per annum production, with final commissioning to achieve this now scheduled in March 2023. The funds raised will also be used to complete the Phase 2 exploration programme at the Nyakafuru Project in Tanzania.

Robbie McCrae, CEO of Caracal commented:

“A non-dilutive financing is a great outcome for Caracal, KPG and all of the many stakeholders of the Company and the Project. Having funding partners with the calibre of OCIM supporting Kilimapesa, the management and the vision of Caracal is a vote of confidence as we embark on the final push to deliver on our production target of 24,000oz per annum, whilst continuing to advance our regional exploration efforts in Kenya to ultimately build the life of mine and value potential. Alongside this, we are excited by the development opportunity Nyakafuru offers and look forward to progressing our targeted exploration programme to support a Preliminary Economic Assessment .”

**ENDS**

About OCIM:

The OCIM group of privately held companies has a long and successful history as a Trader and Financier of Alternative Assets. Established in Paris in 1961, OCIM is headed by a third-generation member of the founding family.

Besides its core historical business in Real Estate, OCIM has expanded into other tangible assets such as Precious and Strategic Metals, via its Geneva and Toronto based subsidiaries. As a Merchant, OCIM trades metals across the full value chain, from producers to end users.

As a Financier, OCIM provides funding to the value chain with debt instruments and structured trade finance.

To learn more about OCIM visit: www.ocim.eu

For further information visit www.caracalgold.com or contact the following:

Caracal Gold plc

Robbie McCrae

info@caracalgold.com

The post Caracal Gold PLC (LON:GCAT) $US10.5m non-dilutive financing secured first appeared on Share Talk.

CytoReason analysis of human challenge trial data on track to deliver outputs in Q2 2023

29 November 2022 – Poolbeg Pharma (AIM: POLB, OTCQB: POLBF, ‘Poolbeg’ or the ‘Company’), a clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, announces that, further to its announcement in March 2022 , the construction of the computational artificial intelligence (AI) influenza disease model has been completed by CytoReason Limited (‘CytoReason’), indicating that it is on track to deliver outputs in Q2 2023.

The model aims to unlock clinically meaningful insights into influenza infection and recovery through the analysis of Poolbeg’s unique human challenge trial data. CytoReason has now built a tailored AI model using Poolbeg’s data which will allow the team to identify novel influenza drug targets for Poolbeg.

CytoReason’s technologies are externally validated through its commercial partnerships with five of the world’s top ten global pharma companies accessing its world-leading AI models, including Pfizer, Roche, and Sanofi. CytoReason’s application of Poolbeg’s unique human challenge trial data to build and train its first AI model in infectious diseases further testifies to the value of this data.

CytoReason’s world leading algorithms and experts will enable the Poolbeg team to identify the most promising drug targets to treat disease. The Company plans to source drugs with existing Phase I safety data that, in line with the Poolbeg business model, can immediately continue clinical development to rapidly generate early human proof of concept data for influenza, with the ultimate aim of monetising the asset through partnerships and licensing deals with pharma and biotech .

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said:

“CytoReason builds world-class AI disease models and we look forward with great anticipation to the outputs from their analysis of our unique repository of clinical samples and associated data from influenza human challenge trials. Indeed this is the first time that AI is being used to analyse influenza human challenge trial data which Poolbeg is proud to be part of.”

“Completion of this first stage of development demonstrates yet another milestone reached in the Company’s stated R&D strategy and brings us one step closer to realising the significant opportunities that arise from this partnership. There is a growing focus on AI discovered drug targets within the industry and we are assessing interest in collaboration opportunities for our AI-enabled novel targets which we expect in Q2 2023 from this programme. ”

David Harel, CEO of CytoReason, said:

“Now that our influenza disease model has been enriched by Poolbeg’s unparalleled data, we are excited to evaluate the novel disease mechanisms on our platform. This will potentially identify drug targets that can be used to develop treatments for influenza, a significant global health threat, in a much shorter time-frame and more cost effectively than with traditional reductionist analysis and drug discovery techniques.”

-Ends-

Enquiries

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

+44 (0) 207 183 1499

The post Poolbeg Pharma PLC (AIM:POLB) Influenza Artificial Intelligence model build completed first appeared on Share Talk.

There is peace at BT as the telco group announces a UK Cost of Living Pay Increase that could end strike action at the company.

All employees earning less than £50,000 per year are eligible for a £1,500 salary increase from BT.

All frontline BT employees and 51% of UK managers would receive the consolidated salary rise.

We’ve today announced a cost of living pay rise that we’ve been working on with our union partners for all but our highest paid colleagues. Read about our approach here: https://t.co/5oyYQ6mOfu

— BT Group (@BTGroup) November 28, 2022

In addition to BT’s earlier increase in pay, it means that the lowest-paid would see a pay hike of more than 15% this year.

BT states that Prospect and CWU unions will hold consultative ballots recommending that people vote for them. If CWU members vote in favour, it would end The first national strike at BT in 35 years.

BT also announced that the 2023 pay review was moved to September next year and will now take into consideration the January Cost-of-living Pay Rise.

BTCEO Philip Jansen was conciliatory, saying:

“This award is based upon the principles that we have followed during this difficult time. It helps as many colleagues as possible, favours lower-paid colleagues, and provides security through a pensionable, built-in increase to your pay.

It has been developed in collaboration with the CWU. As I have said, our unions, despite our differences, are vital partners.

The post BT and unions reach pay agreement first appeared on Share Talk.

Investment Update: Ascendant Closes US$15 Million Streaming Financing Agreement with Sprott Private Resource for the Lagoa Salgada Project

HIGHLIGHTS:

· Ascendant secures Sprott Funding To Fund the Completion of Feasibility Study.

· Mine Construction Decision Expected to be made by Q2-2023.

· Provides Funding for M&FI’s US$2.5M Earn-In Payment due in December 2022.

· M&FI Secures Option to Possibly Sell Interest in Project if in the best interest of shareholders.

GEORGE TOWN, CAYMAN ISLANDS, November 28, 2022 – Mineral and Financial Investments Limited (LSE-AIM: MAFL) (“M&FI” or the “Company”) is pleased to report an investment update on a financing package for the Lagoa Salgada Project, Portugal (the “Project”). The Project is held jointly by MAFL wholly owned subsidiary Mineral and Financial Investments AG, Redcorp Empreedimentos Mineiros Lda (“Redcorp”) and Ascendant Resources Inc (“Ascendant”), who are also operating the project.

Stream Financing Agreement and Associated Secured Convertible Loan Note

Ascendant has entered into a US$15 million metals stream agreement (the “Stream Agreement”) with Sprott Private Resource Streaming and Royalty (B) Corp. (“Sprott”) for the benefit of the Lagoa Salgada VMS project located close to Lisbon Portugal (the “Project”). This obligation is undertaken by Ascendant and M&FI and Redcorp, are a party to the Stream Agreement o nly insofar as to give effect of the undertaking by Ascendant .

Ascendant intends to use the proceeds from the Stream Agreement to complete the ongoing 43-101 compliant feasibility study for the Project, advance permitting activities: and for Ascendant’s general corporate and working capital purposes, which includes the fulfillment of the earn-in.

The Stream Agreement provides for the sale and delivery to Sprott of 1.75% of all metals produced from the Project at a rate of 15% of the market price for gold until the delivery of 45,000 gold equivalent ounces. At which point the rate will be increased to 75% of the market price. Ascendant also can buy down up to 50% of the stream on or before 2 years following the date of commencement of commercial production at the Project (as further set out in the Stream Agreement) for up to US$10.5 million.

To facilitate funding in advance of commercial production, an affiliate of Sprott has also issued a US$15 million secured note (the “Note”) to Ascendant, which bears interest at a rate of 10% per annum, calculated and payable quarterly and which M&FI understands will mature on the earlier of: i) the achievement of commercial production at the Project together with certain other conditions; and ii) November 25 , 2031.

Subject to the final approval of the TSX Exchange (the “TSX”), Ascendant may elect to satisfy the payment of any accrued and unpaid interest on the Note by the issuance of common shares of the Ascendant (the “Common Shares”) at a price per Common Share equal to 95% of the volume weighted average price (the “VWAP”) of the Common Shares for the 5 trading days immediately prior to the date payment of interest is due or any combination of cash and Common Shares in the Ascendant’s sole discretion up to a maximum of 32,617,109 Common Shares (subject to customary adjustment). Pledges of shares and intercompany indebtedness were provided by Ascendant, its wholly owned subsidiary, Ascendant Resources Portugal, and Unipessoal LDA as security for the Note. In addition, Redcorp has agreed to honor any transfer of shares between Ascendant and Sprott should it occur. The Note security is intended to subordinate to future project financing for the Project.

Ascendant has provided Sprott a first right of approval to participate in any future stream or royalty type financing until certain delivery thresholds are met.

Variation to Shareholders Agreement

As part of this arrangement, M&FI and Ascendant have also amended the terms of the shareholders agreement made between (1) Ascendant; (ii) M&FI; and (iii) Redcorp in relation to the Project, to provide the following:

(a) That Ascendant shall not transfer, in whole or in part, any of its rights or obligations under the Note or the Stream Agreement to Redcorp without the written consent of M&FI; and

(b) M&FI shall have the right and option, but not the obligation, to exercise an option within 6 months (plus 10 business days) of the Stage Two Option Exercise Date (being the date when Ascendant has earned 80% of Redcorp and being no later than June 22, 2023) to require Ascendant to purchase all, but not less than all, of the shares in Redcorp at a defined price.

(c) The price would be an amount in US dollars, payable in cash, equal to 5% of the post-tax net present value of the Project provided in the feasibility study completed prior to the date of exercise using a 10.5% discount rate (the “Put Option”).

Fundamental Changes of Business

It is possible that the exercise of the Put Option could trigger Rule 15 of the AIM Rule for Companies. This would require the exercise to be conditional on the consent of its shareholders being given in a general meeting, as well as a shareholder circular and an announcement. Further updates will be provided in due course if the Put Option is exercised.

Jacques Vaillancourt, Mineral and Financial Investment Limited’s President & CEO stated – “We are thrilled to be see our partner – Ascendant, partnering with the very experienced team at Sprott Streaming and Royalty to fully finance the feasibility study at Lagoa Salgada . We believe Ascendant has made tremendous progress throughout its technical work and studies for the Feasibility Study at L a goa Salgada which leads us to expect to see a very robust outcome. This should allow Ascendant to further advance the development of the project to a construction decision .

A construction decision is expected to follow closely behind the completion of the Feasibility Study. Importantly for M&FI, this will allow Ascendant to fulfil one of its obligations under the earn-in Agreement, that of paying M&FI US$2.5m on or before December 22, 2023. Additionally, we have negotiated and agreed a sale option agreement with Ascendant. Whilst we continue to explore and consider all opportunities for our interest in the project, nevertheless, this option provides M&FI the ability of monetizing our remaining interest at a value linked to the project Net Present Value (NPV) in the upcoming Feasibility Study”.

FOR MORE INFORMATION:

Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 7 802 268 247

Katy Mitchell, WH Ireland Limited +44 207 220 1666

The post Mineral & Financial (AIM:MAFL) Investment Update: Lagoa Salgada Financing Agreed first appeared on Share Talk.

After energy prices rose amid falling temperatures, the UK’s electricity network operator is ready to activate its emergency snow plan.

National Grid suggested that it might announce Monday afternoon that it would require consumers to use its new demand flexibility service starting Tuesday. This reward system rewards households and businesses that reduce their energy usage during peak demand times.

The concern expressed by energy specialists is that Britain’s power system could be endangered by low temperatures, which increase demand; still, whether that reduces wind power or slows returns of several French nuclear reactors. These reactors have been down for maintenance.

Although the flexibility scheme of the National Grid has been tested, this will be the first time that it is being used to reduce grid pressure. The service will be available to hundreds of thousands of households. It was officially launched in October after a trial with Octopus.

The service is only available to smart meter owners whose suppliers have signed up. Despite the fact that many have signed up, they are mostly domestic or business providers, the two largest UK suppliers, British Gas, and E.ON, have joined.

On Monday morning, gas and electricity prices shot up after the Met Office issued yellow warnings about bad weather over the weekend. Some forecasters suggested that cold temperatures in Russia could reach the UK next month in an echo of the 2018 “beast of the east” snowstorms.

Next-day delivery gas prices rose to 260p from 153p on Friday night. The wholesale power prices in the UK rose to £400 per megawatt hour, an increase of about £150 MWh from last week. According to data from EnAppSys, prices for tomorrow on the N2EX (the trading place for power), hit £1066 per MWh.

Live data from National Grid’s electricity network operator (ESO), showed that 60% of Britain’s electricity was generated by gas-fired power stations, 11% from nuclear, and 7% each from wind power, imports, and undersea cables from France, Norway, and other countries.

Ministers were criticized for not including gas-fired generators in the windfall tax that was announced this month.

This sharp price rise is due to increased concerns about the security of Britain’s energy supply since Russia invaded Ukraine.

National Grid warned that in October, a combination of events (Russia cutting gas supplies to Europe, and a cold spell) could cause three-hour power outages.

Ministers tried to boost energy supplies by taking a variety of measures, including signing agreements to keep coal-fired power stations on standby throughout the winter.

Russia’s weaponization of gas supplies has caused a rush for gas this year, as European countries rush to stock up on gas. The positive developments in recent months and mild weather over recent weeks have increased the confidence that Britain will be able to meet its energy requirements this winter.

National Grid warned last week of an imminent electricity shortage and then cancelled it immediately. According to industry sources, it was just a market mechanism since electricity supplies from Europe were sufficient to meet the increased demand.

Tony Jordan, a senior associate at Auxilione said that consumers shouldn’t be worried about the immediate threat from power outages. He said that spot prices have been rising due to the cold weather. The last few months have been warm so the sudden price rise will be quite a shock for companies.

“But this is the way the system works. It will convince people to cut back on their consumption and balance out demand and supply. Although there will be some scaremongering, it seems like we should be okay.”

Martin Young, an analyst at Investec, stated that National Grid has several options for dealing with potential shortages. He said that the ESO had several tools and added more this winter to ensure the security of supply.

“Just because it’s windy doesn’t mean that there is cause to be concerned. To be able to worry about power interruptions, there must be more than one thing going on.

The post National Grid will activate an emergency winter plan tomorrow following French nuclear outages first appeared on Share Talk.

Zak Mir takes a charting look at some of the most followed small caps on the London stock market. Today’s selection of charts is FTSE 100, Dax 40, Dow, Bitcoin, Aminex, Critical, Ferro, Genflow, Horizonte, Helium One, IOG, Oxford Biodynamics, Rockfire, Scancell, Tern, Yu.

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

The post Traders Cafe with Zak Mir: Bulletin Board Heroes, Monday 28th November 2022 via Vox Markets first appeared on Share Talk.

Amendment to terms of the Mustang Convertible Loan Notes

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer and energy storage solutions provider, is pleased to announce that Bushveld Energy, its 84%-owned subsidiary, has entered into a conditional agreement to sell its entire 50.5% interest in VRFB Holdings Limited (“VRFB-H”) to Mustang Energy PLC (“Mustang”).

VRFB-H’s principal asset is a 50% interest in Enerox Holdings Limited (“EHL”) which in turn holds the entire issued share capital of Enerox GmbH (“Enerox”). Enerox is an Austrian-based vanadium redox flow battery (“VRFB”) manufacturer that has invested more than 20 years of research and development into its energy storage system, branded under the name CellCube. Its vanadium-based technology is considered state-of-the-art in the battery market and has already deployed more than 23 MWh via 130 systems across 5 continents. In the preceding 12 months Enerox has announced 5 new orders for 34 MWh, which includes a 16 MWh battery to an Australian based renewable project developer – Enerox’s largest battery order to date.

CellCube designs and delivers sustainable and cost-effective energy storage solutions for microgrid and grid scale-applications. The CellCube brand is a leader in the energy storage eco-system and has developed a reputation for client service, system reliability and technical innovation. It has a stack and system production capacity and is focused on large commercial projects using the new generation FB 500-2000 technology.

The consideration for the sale is US$19.4 million, to be converted to GBP [1] and to be satisfied by the proposed issue to Bushveld Energy of 79,353,604 new Mustang Ordinary Shares, priced at 20 pence per share.

As part of the sale, Bushveld Energy will have the right to appoint two directors to the board of Mustang and will enter into a lock-in agreement and relationship agreement, further details of which will be set out in Mustang’s forthcoming prospectus.

In addition to the proposed sale, Bushveld Minerals holds US$2.75 million in unsecured convertible loan notes in Mustang which bear 10% interest per annum and convert at an issue price of 17 pence per new Ordinary Share in Mustang (previously 18 pence). The issue of Ordinary Shares in Mustang to Bushveld Energy in relation to the convertible loan notes is conditional upon Mustang completing a reverse takeover. On the assumption that Mustang obtains the relevant approvals from its shareholders, the FCA and the Takeover Panel, Bushveld Minerals and Bushveld Energy will collectively hold 51.5% of Mustang. This will result in Bushveld Minerals having an indirect economic interest of 25.76% in Enerox.

Before the suspension, Mustang was trading at a significant premium to the 17 pence to 20 pence per Mustang share at which, respectively, the conversion of the Convertible Loan Note and the sale of the VRFB-H shares are being concluded.

Related Party Transaction

As Mustang already holds a 22.1% legal and beneficial interest in VRFB-H, a company in which Bushveld Energy has a 50.5% interest. Mustang is deemed to be a related party of Bushveld under the AIM Rules for Companies.

Accordingly, the conditional sale of Bushveld Energy’s interest in VRFB-H to Mustang is a related party transaction pursuant to AIM Rule 13.

The directors of Bushveld consider, having consulted with its nominated adviser, that the terms of the sale are fair and reasonable insofar as its shareholders are concerned.

Rationale of the transaction

§ The transaction is an important step in the previously announced process to carve out Bushveld Energy from the Bushveld Minerals Group.

§ Mustang, will have a dedicated board and management team focused on its success as an energy storage business.

§ The standalone energy storage focused company will be in a better position to attract the appropriate energy-focussed investors and market valuation.

§ The transaction will provide Bushveld Minerals with a controlling interest in Mustang and a shareholding in Enerox, allowing it to retain its vertical integration proposition.

Existing loan notes

Bushveld notes the Mustang announcement today regarding the ongoing review process of its prospectus for the readmission of its shares to trading on the London Stock Exchange. As a result, an agreement has been reached with the 2021 Noteholders and Bushveld Minerals (as the holders of the 2021 Mustang Convertible Loan Notes and the 2022 Mustang Convertible Loan Notes respectively (collectively, the “Convertible Loan Notes”)) to extend the maturity date of the Convertible Loan Notes from 28 October 2022 to 31 March 2023 (the “Extended Maturity Date”).

The 2021 Noteholders, Bushveld Minerals and Mustang have also agreed to: (a) amend the conversion price, being the price at which the Convertible Loan Notes are to be converted into ordinary shares of Mustang at the time of Readmission, from 18 pence to 17 pence; and (b) settle all accrued and unpaid interest on the Convertible Loan Notes (together with the accrued interest in respect of the 2022 Convertible Loan Notes ) up to (and including) the Extended Maturity Date regardless of Readmission occurring prior to such date.

Mustang has elected to settle the accrued and unpaid interest by the issue of its ordinary shares. Bushveld Minerals now holds a total principal amount of US$2.75 million Convertible Loan Notes (and accrued and unpaid interest thereon together with accrued interest).

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:

“I am pleased to announce today’s transaction, effectively giving Bushveld a majority stake in a London-listed energy storage business. The transaction provides Bushveld Energy access to the capital markets and will allow the company to achieve a transparent market value and attract specialist investors looking to participate in this exciting growing sector.

From our early days of investigating ways to support the development of VRFBs as a competitive long-duration energy storage (“LDES”) solution, Enerox was identified as a leader in the space with a compelling LDES proposition. The company has since gone from strength to strength with over 130 systems now deployed across five continents.

As we have communicated in recent months, we feel this is the right time for this emerging energy storage story to take on a life of its own, while still keeping an interest in the business and most importantly maintaining our vertically integrated business model.”

ENDS

Enquiries: info@bushveldminerals.com

Bushveld Minerals Limited

+27 (0) 11 268 6555

Fortune Mojapelo, Chief Executive Officer

Chika Edeh, Head of Investor Relations

The post Bushveld Minerals Ld (AIM:BMN) Conditional sale of interest in VRFB Holdings Limited to Mustang Energy PLC first appeared on Share Talk.

Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased to update shareholders of director and PDMR dealings in relation to the managed sell down of Artemis Resources Limited’s remaining shareholding in Alien Metals Ltd.

Roderick (“Rod”) McIllree, Executive Chairman, has purchased an additional 48,833,333 shares in Alien Metals Ltd. Accordingly, Rod now holds 127,404,762 shares in the Company representing 2.5% of the Company’s issued share capital which has been purchased entirely “on market”. Mark Culbert, an independent non-executive director, purchased an additional 1,666,666 shares and thereby holds 6,666,666 Shares in the Company. Dan Smith, non-executive director has purchased a further 2.5m shares and thereby holds 4,517,715 shares in the Company. Troy Whittaker, the CEO of Iron Ore Company of Australia Pty Limited (“IOCA”), the Company’s 100% owned subsidiary, has purchased a further 11,666,666 shares and accordingly now holds 18,809,523 shares in total.

In addition, a further 44,999,999 shares were acquired by the Company PDMR’s and employees. The balance went to existing shareholders of Alien Metals Ltd with the process managed by WH Ireland, the Company’s broker at a price of 0.30 pence per share.

The shares were purchased from Artemis Resources Ltd, who after being released from escrow early, have now sold the remaining balance of their holding of 215,617,818 shares, representing 4.26% of the Company’s total issued share capital.

Accordingly, Artemis Resources is no longer a shareholder in the Company.

For further information please visit the Company’s website at www.alienmetals.uk or contact:

Alien Metals Limited

Rod McIllree, Executive Chairman

Tel: +44 (0) 20 7138 3204

The post Alien Metals Limited (AIM:UFO) Director and PDMR share purchases, Holdings in Company first appeared on Share Talk.

KEFI (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that a new investor presentation has been uploaded to the Company’s website: https://www.kefi-goldandcopper.com

KEFI’s Executive Chairman Harry Anagnostaras-Adams, Exploration Strategy Advisor Jeff Rayner and Chief Operating Officer Eddy Solbrandt will speak to this presentation at the Hilton London Angel Islington Hotel (adjacent to venue for the Mines and Money London Conference) at 4pm on both Thursday and Friday 1 and 2 December 2022.

The presentation summarises the Company’s plans for the remainder of 2022 and 2023, in line with previous announcements, including:

· Over the next three years KEFI is targeting to start gold production in both Ethiopia and Saudi Arabia and to then start development of Hawiah Copper-Gold Project in Saudi Arabia, lifting aggregate production to a gold-equivalent 400,000 ounces p.a. (KEFI interest c.200,000 ounces p.a.)

· Development expenditures for all three of KEFI’s advanced projects are intended to be almost entirely financed at the project or subsidiary level

· Tulu Kapi, Ethiopia:

o Progress remains on track for definitive documentation to be signed by year-end for the Tulu Kapi Gold Project financing and project launch.

o KEFI is now targeting 70-80% ownership interest in the project.

o KEFI equity requirements for Tulu Kapi to be almost entirely funded by regional investors via convertible subordinated loans to KEFI Ethiopia, the holding company between KEFI and the operating company Tulu Kapi Gold Mines. These will be repayable or convertible at KEFI’s election at share values prevailing after production has started and details will be provided on signing of definitive documentation.

· Jibal Qutman, Saudi Arabia: Definitive Feasibility Study well advanced and completion in early 2023. Expected to start construction within six months of Tulu Kapi

· Hawiah, Saudi Arabia: Update Mineral Resource Estimate expected in December 2022 and Preliminary Feasibility Study well advanced for completion in early 2023 to reflect expanded resources

· Exploration pipeline to be progressed in-parallel to the three advanced projects

Enquiries

KEFI Gold and Copper plc

Harry Anagnostaras-Adams (Executive Chairman)

+357 99457843

John Leach (Finance Director)

+357 99208130