Welcome to our roundup of some of the most significant mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing and M&A
In finance news this week, Cyprium Metals Ltd (ASX: CYM) confirmed it has undertaken a capital raising via a placement and a pro rata non‐renounceable rights issue to raise up to approximately A$26M before costs.
The company has received firm commitments in respect of a placement to raise A$16M from sophisticated and institutional investors. The company is also undertaking a non-renounceable pro rata entitlement offer to raise up to A$10M.
“The board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register,” said managing director, Barry Cahill.
KEFI (AIM: KEFI) confirmed the Tulu Kapi Gold Mines Share Company (TKGM) project finance syndicate has signed a funding “Umbrella Agreement”.
The Umbrella Agreement sets out the role and contribution of each finance syndicate member in relation to the company’s Tulu Kapi Gold Project in Ethiopia and, whilst reflecting the conditionality of the plan and intended flexibility within the syndicate, it sets out a full funding package, covering historical and budgeted future expenditure.
New exploration and development
Firefinch Ltd (ASX: FFX) is bringing in new operational changes to its mine plan which it expects will result in an immediate improvement in productivity at the Morila Super Pit in Mali.
The company has revealed a drop in production for the June quarter to an estimated 13,300oz of gold. This compares to previous guidance of 17,000 to 20,000oz of gold.
The underperformance relative to guidance has been largely due to poor equipment availability which has been exacerbated by the delayed delivery of additional mining equipment. This delay is a result of the Economic Community of West African States sanctions imposed on the State of Mali restricting the movement of goods. Consequently, production ramp up is behind schedule.
Kairos Minerals’ (ASX: KAI) completed a comprehensive technical review of its Mt York Gold Project in Western Australia’s Pilbara, which identified potential to significantly increase the 873,500oz resource.
The review found that the existing resource was limited by drilling to a depth of 150 to 200m along the entire deposit, where it remained open over its strike length of 3.4km.
“The results of the review, which was conducted in conjunction with Kairos’s exploration manager Mark Falconer, are extremely compelling,” said managing director, Peter Turner.
Drilling results
There was positive drilling news for Krakatoa Resources Ltd (ASX: KTA), which completed a successful resource drilling campaign at its 100% owned Dalgaranga critical metals project located approximately 70km from Mt Magnet, Western Australia.
“The potential of the Dalgaranga project has been strengthened with rising demand and prediction of further demand and price increases of critical and strategic metals identified within this pegmatite complex,” said CEO Mark Major.
“The company recognized the projects potential, and the current drilling has highlighted this with extensions of the main pegmatite being identified and remaining open. This compliments the thick shallow pegmatite already intersected in the reconnaissance holes to the south.
“All things considered the drilling has been very successful and we now await the assay results with some excitement. We believe the project has substantial upside which could be a great result for the shareholders.”
IPO news
Red 5 Ltd (ASX: RED) made a solid start with the ramp-up of its 100%-owned King of the Hills (KOTH) Gold Project in Western Australia proceeding to plan, following the first gold pour on 5 June 2022.
The new 4.7Mtpa KOTH processing plant is performing in line with expectations, with a total mill operating time more than 84% achieved during June 2022. The SAG mill continues to deliver throughput rates more than 600tph at moderate mill loads and power draw. The open pit and underground mines are also now fully operational, with the first underground stope fired on 20 June 2022.
Also in the news
To round things up, Nova Minerals Ltd (ASX: NVA) has appointed experienced mining executive Ms Anna Ladd-Kruger, to the board of directors in the capacity of an independent non-executive chair.
Ms Ladd-Kruger will also add to the technical and corporate governance as the company progresses the development of its flagship Estelle Gold Project in Alaska.
Similarly, Rumble Resources Ltd (ASX: RTR) has also appointed a highly experienced mining executive, Geoff Jones, as a non-executive director of the company.
Mr Jones is an internationally recognized project developer in the mining industry, with a global career spanning more than 30 years.
“We are delighted to have attracted such a highly regarded mining executive like Geoff to the Rumble board, as he brings with him a wide ranging and successful global background in mine project development and construction,” said Rumble’s managing director, Shane Sikora.
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