Orion Minerals (ORN) has announced that Independence Group (IGO), an Australian-listed base metals miner and developer, has subscribed to $5m in new equity in ORN at AUD 5c/share, a ~35% premium to the current share price. IGO, which operates the Nova nickel-copper, Jaguar copper-zinc and Long nickel mines in Western Australia, will own 11.1% of ORN post subscription, up from 4.2% prior to this transaction. We view this injection as a strong endorsement of ORN’s prospects for value-creation, bot
Companies: Orion Minerals Limited
Orion Minerals (ORN) has announced the addition of a maiden Mineral Resource of 5.2Mt for the Vardocube Prospecting Right, consisting of 253kt Zn and 67kt Cu. The Vardocube Right was granted to ORN last week and covers an area adjacent to the company’s existing Repli Right at the Prieska zinc-copper project in South Africa’s Northern Cape Province. The new Vardocube Resources are entirely in the inferred category and are primarily based on data from historic drilling by the mine’s previous owner
Orion Minerals (ORN) has announced the receipt of two new Prospecting Rights from the South African Department of Mineral Resources. The Rights, held by ORN’s subsidiaries Vardocube (70% ORN, 30% BEE) and Bartotrax (74% ORN, 26% BEE), are contiguous to the company’s existing Repli prospecting right at the Prieska Zinc-Copper Project in the Northern Cape Province. In particular, the Vardocube right covers the SE strike continuation of the existing Prieska Deep Sulphide Resource, adding ~30% to th
Orion Minerals (“Orion” or “ORN”) is an ASX and JSE-listed base metals explorer and developer. In 2017, the company completed the acquisition of prospecting licenses covering the historic Prieska zinc-copper mine in South Africa, to go alongside extensive, under-explored regional landholdings in the Northern Cape secured in 2015. The Prieska Copper Mine (PCM) was developed in the late 60s by AngloVaal, and operated from 1970 until 1991. ORN is conducting a bankable feasibility study (BFS) on res
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Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Companies: IOG PLC
GBA project update, board & management changes
Companies: Jersey Oil & Gas PLC
Wentworth Resources has announced a MOU with Vitol for the development of new community-focussed carbon credit programmes in Tanzania to partially offset the impact of its emissions footprint at Mnazi Bay. While Wentworth has one of the lowest Scope 1 and Scope 2 intensities of any UK-Listed E&P company (0.42kg/CO2 boe in 2020), it recognises that it must take continuous action to minimise its impacts for their stakeholders. Wentworth has committed to offsetting all Scope 1 and Scope 2 emissions
Companies: Wentworth Resources PLC
While the outcomes of COP26 are mixed, we think that the watering down of ambition on coal power is positive for negative emission technologies and the moves to phase-out fossil fuel subsidies potentially makes green hydrogen more competitive. Broader support for clean energy and efficiency helps and annual monitoring is likely to ensure that support develops to the benefit of the sector. Policy remains an essential part of the clean energy mix especially in its ability to create or mitigate inv
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• Current production of 11,775 bbl/d (down from ~14,200 bbl/d in early October) reflects the natural decline and potential completion flow restriction at Well-8H which had IP rate of ~7.7 mbbl/d 2 months ago).
• First oil for Well-9H has been delayed by three weeks to the first week of December due to operational issues and the need to drill a sidetrack. As a result, the 4Q21 production guidance has been reduced from 16.0 16.5 mbbl/d to 12.5-13.5 mbbl/d and the expected average production in Dec
Companies: PetroTal Corp.
Jersey Oil & Gas has announced that it has recomposed its leadership team with immediate effect. Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman. Graham Forbes has been appointed CFO. Richard Smith has been appointed Chief Commercial Officer. Les Thomas and Graham Forbes previously served, respectively, as the CEO (2013-2020) and CFO (2010-2020) for Ithaca Energy. Richard Smith spent ten years in various senior roles also at Ithaca Energy. We believe t
Initiating Coverage: Price Target 20p
Potential Beyond Tin
AfriTin Mining Limited (ATM) is one of only three listed tin producers in Western markets. It has a large (820km2) land package in Namibia comprising 5 prospective licenses of which the Uis mine is the most advanced and already in production. Near term growth is being delivered with an 80% increase in tin production between 2022 and 2024. However, this is only scratching the surface and there are more than conceptual plans being fo
Companies: AfriTin Mining Ltd.
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
Against the backdrop of the 26th UN Climate Change Conference of the Parties (COP26) we take a closer look at the rapidly developing technology and industries surrounding the evolution of the so-called hydrogen economy. Hydrogen is an energy vector or fuel that is capable of storing, transforming and transporting energy with zero emissions at the point of use. It can also be made by renewable energy sources. It is also the most abundant element in the universe accounting for some 75% of all matt
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• 3Q21 cash flow of US$7.7 mm and production were in line with our expectations. The FY21 guidance (production and capex) has been reiterated.
• 3Q21 net sales in Morocco were 5.3 mmcf/d, down from 6.2 mmcf/d in 1Q21 (in line with expectations) due to some customers completing maintenance and others customers cutting back production (and therefore gas consumption) due to the worldwide semi-conductor shortage.
• South Disouq production was 45.5 mmcf/d near the top end of the FY21 production guid
Companies: SDX Energy PLC
Companies: Atlantic Lithium Limited.
Harland & Wolff (H&W) has raised £8.2m gross through a placing and PrimaryBid at 20p to secure its next stage of growth. Over the past two years, H&W has acquired a series of strategically important assets across the UK, and is proceeding to convert its pipeline opportunities into contracts. The positive recent announcement that DAERA would award the full marine licence for Islandmagee represents a significant milestone in allowing H&W to monetise this asset, with management estimating that sale
Companies: Harland & Wolff Group Holdings PLC
Q3 2021 results
Companies: Arrow Exploration Corp.
Companies: Ferrexpo plc