Edison Investment Research is terminating coverage on Volt Resources (VRC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Companies: Volt Resources Ltd
Volt has received binding commitments from sophisticated and institutional investors to raise gross proceeds of A$2m via the issue of 87m shares at A$0.023, an 8% discount to the prevailing share price. It represents c 6% of the outstanding share capital. With Volt’s eagerly anticipated Stage 1 Bunyu FS to be released and a US$40m Tanzanian Bond Issue due shortly, these funds will hopefully allow Volt to transition to the project financing stage without any further shareholder dilution.
Volt’s quarterly report provides few surprises, with all critical path work programmes and project financing requirements still in a state of progress. Unfortunately, delays getting core samples out of Tanzania has caused Volt’s management to push out deadlines for the estimation of resources and reserves, the calculation of production schedules and also revenue projections. With the much-awaited Stage 1 Bunyu feasibility study (FS) due by the end of June, as well as financing and project approv
2018 should be a pivotal year in Volt’s history, potentially seeing it migrate from graphite developer to producer. However, a number of milestones remain, including offtake agreements on commercial terms (although term sheets have been signed with certain offtakers), mining licence approval and of course the financing of Bunyu Phase 1. With Bunyu Phase 1 intended to be largely debt funded via a Tanzanian bond issue, and short-term equity funding completed for current work programmes, we see a l
Volt has secured A$3.2m via two share issues to existing and new shareholders. The two raises (A$2.3m on 1 November and A$0.9m on 3 November 2017) will allow Volt to complete the critical path revised feasibility study (FS) on its Bunyu graphite project and for working capital purposes. These fund-raises will go towards completing management’s revised FS to better tailor its Bunyu graphite project to more closely match the opportunity in the battery-anode and fire-retardant end-markets, both of
Volt Resources announced on 25 October that it has appointed Exotix Capital as lead to secure up to US$30m of a Tanzanian bond issue. Exotix Capital is a banking firm with specialist knowledge and a large network of African institutions, family offices and regional credit funds. A US$30m bond issue would satisfy the development capital required to build out Volt’s revised Phase 1 development approach to its Bunyu graphite project (previously named Namangale). Phase 1 is anticipated to produce 20
Volt Resources’ small A$1m convertible loan issue will be used for general working capital purposes. Obviously, of greater importance is the ultimate result of current proposed changes to the Tanzanian mining code. From our view of current events, this appears to relate to the issue of old highly favourable tax arrangements with gold miners. As such renegotiation of these existing agreements will not affect Volt, which does not have one as it is a pre-development mining company. Overall, the cha
Volt’s recent pre-feasibility study on Namangale outlines a 170ktpa operation feeding a high-purity graphite concentrate into the lithium-ion battery (LiB) and expandable graphite end-markets. We have compared Namangale to six of the most advanced East African graphite projects and note Volt’s high ranking in terms of estimated operating margin and concentrate purity. We note the project’s slightly above average capital intensity, but also that it is c 17% lower than Magnis Resources’ BFS-stage
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We are initiating coverage of VAST Resources (VAST), which has wholly-owned Baita Plai and Manaila polymetallic mines plus an interest in two exploration projects, all located in Romania. At this stage, Baita Plai is the main driver for our valuation as it is currently being ramped up to 14kt per month. As such, we expect Baita Plai’s Cu eq output to reach c 2.4ktpa in FY23F followed by 3.3ktpa in FY24F. This, coupled with Manaila’s potential re-start of an additional 3ktpa of Cu eq over the sho
Companies: Vast Resources plc
Phoenix copper today provides an update on its ground geophysical survey over the Red Star prospect near its Empire copper project in Idaho. The Red Star skarn mineralisation (lead and silver ± copper, zinc) is associated with magnetite; the survey just undertaken was to better understand the distribution and orientation of magnetite to find potential mineralisation and to inform the location and direction of a further drilling programme.
Companies: Phoenix Copper Ltd. (United Kingdom)
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
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Today’s IPO of Tungsten West (TUN-LON) unlocks a valuable, long term revenue stream for Hargreaves. This comprises a £1m per annum fee (first payment next month) as well as a mining services contract once the mine recommences production. The resulting EPS upgrades are 6% and 7% in FY22 and FY23 respectively, followed by 9% in FY24 with the first partial contribution from the mining services contract. This continues Hargreaves’ impressive recent run of forecast upgrades and reinforces our convict
Companies: Hargreaves Services plc
Companies: Shanta Gold Limited
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
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Shanta Gold (AIM: SHG) has, this morning, announced its production and operational results for the quarter ended 30th September 2021 – see Fig 1. Operationally this was a slightly weaker than expected quarter but very promising from the corporate side with a new five-year plan announced, an 0.10cps interim dividend announced and a resource update at the West Kenya Project (WKP).
QoQ production was flat at 14,194 oz and AISC rose to $1,480/oz caused by a temporary drop in grade as well as hig
Oil posted the longest stretch of weekly advances since 2015 as OPEC+ producers only modestly supply the market and as US crude supplies shrink.
Crude futures rose 1.5% Friday in New York, up for a ninth straight week. President Joe Biden said Thursday night that Americans should expect high gasoline prices to continue into next year because of supply being withheld by OPEC and other foreign oil producers. Stockpiles at the biggest US storage hub are draining to levels last seen when crude pr
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Anglo Asian Mining* (AAZ LN) - BUY – 180p – 4.5c special dividend
BeMetals (BMET CN) –– Drilling commences at South Mountain, Idaho
Condor Gold* (CNR LN) – BUY, valuation 102.5p – Progress of the La India feasibility study
Hochschild (HOC LN) - Hochschild to spin off rare earth assets
Rambler Metals and Mining* (RMM LN) – BUY, fair value 10.7p - Ming mine underground drilling programme demonstrates grade and width improvements at depth
SolGold* (SOLG LN) – Tandayama-America initial resour
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Trifast has released a good interim trading update ahead of its interim results due on 23 November. Overall trading has been in line with management expectations at “both revenue and profit levels” since the AGM update in July although this belies the strength of the Group's top line performance in our view. We remain buyers.
Companies: Trifast plc
Rio’s investors day was focused on two of the most critical mining industry thematics in today’s times, i.e. green and growth. The announced measures couldn’t have materialised at a better time, given the (recent) woes pertaining to governance and the iron ore market sell-off. Remember, considering Rio’s enviable balance sheet strength, it has the flexibility to pursue the targeted plans with rigorously and, at the same time, maintain ‘relative’ shareholder reward attractiveness. Hence, we reite
Companies: Rio Tinto plc
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ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas company which has incubated and financially supported ATOME to date, by way of a dividend in specie and flotation.
Devolver Digital to join AIM, an award-winning digital video games pu
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Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
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i3 Energy indicated that Q3 2021 production amounted to 13,740 boe/d (WHIe: 13,742 boe/d) and that production in September amounted to 18,985 boe/d (WHIe: 18,834 boe/d). The company indicated that it now forecasts net operating income (“NOI” = revenue minus royalties, opex, transportation and processing) to be $US 65.7m for 2021 and $US 119.1m for the next twelve months starting 1 October 2021 – in line with our assessment that i3 Energy is on the cusp of generating more than $US 100m of cash fl
Companies: i3 Energy Plc