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Marimaca, the Chilean-focused copper developer, has announced a C$20 million equity investment by Mitsubishi Corporation. Proceeds from the Strategic Investment will be used to advance and accelerate the development of the Marimaca Copper Project This is unequivocal good news particularly given the fact they paid an 11% premium to the VWAP (7.8% to last night's close). They will hold a c.5% stake including issued and outstanding shares – Mitsubishi will receive one common share and one warrant e
Companies: Marimaca Copper Corp.
Marimaca has released a Mineral Resource Estimate (“MRE”) for the Marimaca Oxide Deposit located in the Antofagasta region of northern Chile. This updates the MRE released in October last year and incorporates 28,374m of new drilling data. The MOD database now consists of 139,164m of drilling completed since discovery in 2016. The new drilling data was largely targeted at conversion of Inferred Resources to the Measured and Indicated categories and, as such, can be considered successful – see ta
The Marimaca copper project sits at low altitude, 25km from the Chilean port of Mejillones, with easy access by road to the port and to the bigger town of Antofagasta c.40km away. The company has been working on the project for several years and have already released one BFS. They are now updating this following the publication of a MRE in November last year detailing a 140Mt measured and indicated resource grading 0.48% CuT with a further 83Mt of inferred resource at 0.39% CuT containing a tota
Marimaca has announced a significant drill hole result which intersected high grade primary sulphide mineralization down-dip of oxide mineralization at Marimaca Oxide Deposit (MOD). Full drill hole intersection of 240m at 1.01% CuT from surface in two separate zones of oxide and primary sulphide.
The true width of the mineralisation is unknown at this stage. However it is a step in the confirmation of an large scale potentially economic ore body below and adjacent to the current c.1Mt of co
Marimaca has just announced its new Mineral Resource Estimate for the Marimaca Oxide Deposit located in the Antofagasta region of northern Chile, 22km inland from the Port of Mejillones. The 2022 MRE demonstrates significant resource growth over the 2019 MRE and marks an important step‐change in the scale of the Project, supporting a potential production rate higher (50-60kt pa) than proposed in the Preliminary Economic Assessment released in August 2020 (35-40kt pa).
Marimaca, the Chilean-focused copper developer, today announced that is has intersected near-surface copper oxide mineralisation at its Mercedes target located 1km north of the main Marimaca Oxide Deposit (MOD). The intersections are from 8 holes as part of a 17-hole shallow RC discovery drilling program at Mercedes. This is a continuation of the company's broader exploration strategy on multiple targets on the company's license area which is approximately 20km from the coastal port of Mejillon
Marimaca, the Chilean-focused copper developer, yesterday announced that is has intersected near-surface copper oxide mineralisation at its Cindy target located 5km north of the main Marimaca Oxide Deposit (MOD). The intersections are from two holes as part of a nine-hole shallow RC discovery drilling program at Cindy. This is a continuation of the company's broader exploration strategy on multiple targets on the company's license area which is approximately 20km from the coastal port of Mejill
Marimaca, the Chilean-focused copper developer, today has announced the extension of the mixed oxide-secondary sulphide zone below the PEA pit limits at the Marimaca Oxide Deposit (MOD). We believe these extensions have the potential to increase the size of the leachable resource at the MOD which may support a larger/longer operation than the 40ktpa proposed in the PEA for which we have an NPV of US$515m (equivalent to C$7.2/sh) at $3.15/lb copper price. The company is currently progressing towa
Marimaca, the Chilean-focused copper developer, today has announced the definition of a new, large scale, copper geochemical anomaly at the Roble Target, which it plans to drill test over the coming months. The key asset remains the 40kt pa Marimaca oxide deposit which is progressing towards a fresh PFS for which we have an NPV of US$515m at $3.15/lb copper price. There is no value being accorded by the market to the exploration upside from results such as these today. We remain buyers of high c
Marimaca, the Chilean-focused copper developer, today announced assay results from the first hole of a five hole drilling program to test the limits of mineralisation at the Marimaca Oxide Deposit (MOD) as well as targeting sulphide mineralisation below it. The results from this first drill hole encountered a larger-than-anticipated zone of sulphide mineralisation (chalcopyrite and minor chalcocite). The assay results on the remaining four holes are expected by the end of this month. To refresh;
Marimaca, the Chilean-focused copper developer, yesterday announced results from a rock geochemistry and reconnaissance mapping program its Cindy Target, which is located 5km to the north of the company’s flagship Marimaca Copper Project. This is a continuation of their broader exploration strategy on multiple targets on the company’s license area just over 20km from the coastal port of Mejillones in Chile. We see Cindy as currently the most prospective of the 7 targets; all of which showed up u
Marimaca, the Chilean-focused copper developer, today has announced results from an induced polarisation (IP) survey at its Marimaca Copper Project. This is part of their broader exploration strategy on multiple targets on its license area just over 20km from the coastal port of Mejillones in Chile. The core of the company still comprises the Marimaca project which the company is developing into 40kt pa mine with an NPV of US$518m at $3.15/lb copper. However there is huge potential being reveale
Marimaca has announced the results of its latest magnetic survey. Following on from the success of its magnetic exploration efforts at Marimaca, where a large scale anomaly was discovered below the oxide ore body, the company has flown a drone across the northern part of its license area. The results have been startling with four large scale anomalies identified of a similar size or larger than the Marimaca Sulphide Target (175 million m3 or c. 475Mt according to company estimates) – see Figure
Marimaca, the Chilean-focused copper developer, today has announced results from its Phase 4 metallurgical testing which confirm the assumptions used in the recently published PEA (4th August 2020) and have identified areas for optimisation.
Following our note on Marimaca’s publication of its PEA (4 th August 2020) we have had time to look at how the Marimaca Project compares with other greenfield copper projects whilst finessing our model to reflect the findings of the PEA more accurately. These exercises reveal that whilst Marimaca is small it is “well formed”, potentially delivering one of the highest, if not the highest, returning copper projects (IRR of 33.5%) in the world. The ore body is also favourable from a financial aspec
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Good news for Reabold, which is set to receive £5.2m of the second tranche payment from Shell imminently for the Victory gas field it acquired last year. The final £4.4m payment is due once the development approval for the field is received from the NSTA in the coming months. These funds will allow RBD to progress its two onshore gas developments in the UK and Italy and consider further distributions to shareholders. Partner funding of these projects remains an issue, but RBD’s risk/reward profi
Companies: Reabold Resources plc
88 Energy, Falcon Oil & Gas, Trinity Exploration & Production, Plexus Holdings, Baron Oil, Harbour Energy, EnQuest, Capricorn Energy, Arrow Exploration, Southern Energy, Serinus Energy, SDX Energy, Panoro Energy, Eco (Atlantic) Oil & Gas, OKEA ASA, Equinor Source: FactSet, weekly change 27/11/23-1/12/23 Oil extended declines, closing out a sixth straight weekly drop, as the OPEC+ output cuts announced Thursday failed to dispel the market’s gloom over swelling global supplies. West Texas Intermed
Companies: BOIL POS TRIN 88E
On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit
Companies: Pan African Resources PLC
Companies: HHR CLBS SND
Last week we attended a site visit to i3’s assets in central Alberta in Canada – the company’s largest producing area. We were left with a favourable impression of the magnitude of the company’s operations in the region, of the professional operational running of these, and of the overall level of opportunity in this well-established oil and gas province.
Companies: i3 Energy Plc
We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.
Companies: Trident Royalties Plc
Hartshead has secured a funding solution with partner Rockrose Energy to fund 100% of the Phase I development costs. Under the agreement, Hartshead has the option to exchange an additional 20% licence interest for an uncapped free carry, thereby covering the total cost of the Phase I development project (financing backstop). Importantly, Hartshead maintains at its election the option not to proceed with the RockRose financing solution, and introduce other financing solutions (eg project debt, pr
Companies: Hartshead Resources NL
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Southern Energy delivered solid 3Q results with the focus of attention now turned towards the completion of 4 drilled uncompleted wells (“DUCs”). We see our investment thesis for Southern Energy – premised on the scale, location, quality, deliverability, low-cost nature of the company's Gwinville gas field in Mississippi, USA – very much strengthening based on our structural commodity price outlook and our growing confidence in the highly prolific Gwinville gas field, sharpening our interest in
Companies: Southern Energy Corp.
Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.
Companies: TRIN LBE JOG
The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.
Companies: TLOU PTAL HTG ENW ITM BLVN RKH HBR UJO GMS JOG MATD CEG GENL AXL
DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha
Companies: Diversified Energy Company PLC
Companies: CPH2 TIDE MRL BRCK JNEO
Thor today announces the final downhole gamma results for the reverse circulation drill programme undertaken at the Wedding Bell and Radium Mountain projects in the USA. Downhole gamma readings are a commonly used proxy for physical uranium assays.
Companies: Thor Energy Plc