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![AuKing Mining](https://investingnews.com/media-library/auking-mining.png?id=52955671&width=1200&height=800)
Quarterly Report for the Quarter Ending 30 June 2024
AuKing Mining is an exploration company focused on critical minerals, uranium, copper and zinc projects in Canada, Australia and Tanzania
Highlights
- Entered option to purchase Myoff Creek niobium/REE project in British Columbia, Canada (post 30 June 2024).
- Finalised all regulatory approvals for prior to commencement of drilling program at Mkuju uranium project in southern Tanzania.
- Continued liaison with officials in the Tanzanian Ministry of Mines in relation to the revoked Manyoni prospecting licences.
- Preparation of drilling program at Sandiego North at the Koongie Park copper/zinc project – pending access to an available drilling rig.
- Board and management changes – Mr Kabunga and Mr Wei retiring and Mr Williams appointed managing director.
- Successful completion of capital raising and short-term loan facilities during the Quarter.
Ownership – Option to purchase 100% | British Columbia, Canada
Niobium and REE project
On 22 July 2024, AuKing announced that it had entered into an option agreement for the proposed acquisition of a 100% interest in the Myoff Creek project which comprises eight mineral claims in south-eastern British Columbia. Highlights of the project include the following:
- Carbonatite Mineralisation: Near-surface carbonatite mineralisation spans an extensive area of 1.4 km by 0.4 km, based on historical exploration.
- High Grade Intercepts: Notable high-grade intercepts include 0.93% niobium (Nb) and 2.06% total rare earth oxides (TREO).
- Significant Exploration Potential: The mineralisation remains open (subject to verification) at depth and along strike, indicating significant potential for further mineral discovery and expansion. Maximum detection limits of Nb and Ce were detected in rock chips ~2km away from the historically drilled zone.
- Strategic Location: The claims are strategically situated in the South-Central mining region of British Columbia, known for its rich mineral deposits.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Upcoming Exploration: Drill targets have been identified, setting the stage for an extensive upcoming work program aimed at further exploration and development.
Myoff Creek Acquisition Terms
AuKing has entered into an option agreement to acquire all the shares in Australian- registered company North American Exploration Pty Ltd (NAE). NAE owns 100% of eight (8) contiguous claims that comprise the Myoff Creek Project. A summary of the acquisition terms is as follows:
- A non-refundable fee of A$50k was paid by AKN on signing the agreement;
- In consideration for the acquisition of all the shares in NAE, AKN is obliged to issue 57M new AKN shares at an issue price of 1.5c per share and 28.5M free-attaching options exercisable at 3c on or before 30 April 2027 to the existing NAE shareholders and their nominees. (None of the NAE holders have any existing relationship with AKN); and
- The option must be exercised by 26 July 2024, otherwise it may lapse at the election of either party.
The NAE option agreement contains the usual warranties appropriate for a sale of shares and exploration interests in Canada. During the option period, AKN has conducted a limited due diligence review, based on access to a significant data package established by NAEas well as available external search information. Unless a significant flaw is identified in the due diligence it is AKN’s current intention to proceed with the NAE acquisition as soon as possible.
Click here for the full ASX Release
This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Rights Entitlement Offers Underwritten to $1.6M
Shareholders will also be invited to apply for additional New Shares under the Shortfall Offer which will be allocated at the Company’s discretion in conjunction with the Lead Manager.
In addition, existing GTRO option holders will be offered one (1) New Option for every four (4) GTRO Options, owned on the relevant record date, at an issue price of $0.0005 per New Option to raise up to $57,798.39 (Priority Option Offer), with the issue of New Options under the Priority Option Offer subject to shareholder approval (the Entitlements Issue Offer and Priority Option Offer are together the Entitlement Offers).
Further details with respect to the Entitlement Offers are set out in a prospectus which has been lodged with ASIC and ASX today (Prospectus). The Prospectus also contains additional offers for options that are free attaching to placement shares (the placement having been announced on 19 June 2024) and options to be issued to CPS Capital Group Pty Ltd (CPS) which has acted as lead manager to the Entitlement Offers and Placement.
CPS has also agreed to partially underwrite the Entitlement Offers to $1,600,000. Pursuant to the underwriting agreement, the Company has agreed to pay CPS a fee of 6% on the amount raised under the Entitlement Issue Offers (plus GST) and the Company will also issue to CPS, or its nominee up to 336,663,139 New Options, being one (1) New Option for every three (3) Shares taken-up and/or placed in the Placement and Entitlement Issue Offer subject to Shareholder approval (Broker Options).
CPS or its nominee/s will also receive a 6% fee and 40,000,000 New Options for managing and placing the Placement securities (Lead Manager Options). CPS will receive a monthly corporate advisory fee of AUD$8,000.00 plus GST, per month, plus a one-off completion fee of $20,000, plus GST, upon completion of the Placement and Entitlement Offers. The Lead Manager and Broker Options will be issued subject to shareholder approval.
Click here for the full ASX Release
Entitlement Issue Prospectus
This Prospectus contains the following offers:
(a) a pro-rata non-renounceable entitlement issue of one (1) New Share for every five (5) existing Shares held by those Shareholders registered at the Record Date at an issue price of $0.0045 per New Share to raise up to $2,294,952.38 (before costs), together with one (1) free attaching listed New Option for every three (3) New Shares subscribed for and issued (Entitlement Issue Offer);
(b) an offer of 166,666,667 New Options to eligible sophisticated and institutional investors who participated in the Placement announced on 19 June 2024 (Placement), representing one (1) free attaching New Option for every three (3) Shares placed under the Placement (Placement Options Offer) with the issue of the Placement Options remaining subject to shareholder approval;
(c) an offer of one (1) New Option for every four (4) listed GTRO Options owned on the record date at an issue price of $0.0005 per New Option to raise up to $57,798.39 (Priority Option Offer), with the issue of New Options under the Priority Option Issue subject to shareholder approval;
(d) one (1) New Option for every three (3) Shares placed in the Placement and Entitlement Issue Offer to the Lead Manager (and or its nominee/s) issued at $0.000001 per New Option (Broker Offer), with the issue of the New Options under the Broker Offer subject to shareholder approval; and
(e) 40,000,000 New Options to the Lead Manager (and or their nominee/s) issued at $0.000001 per New Option (Lead Manager Offer), with the issue of the New Options under the Lead Manager Offer subject to shareholder approval.
The Entitlement Issue Offer and the Priority Option Offer are partially underwritten to $1,600,000 by CPS Capital Group Pty Ltd (ABN 73 088 055 636) (AFSL: 294848). Refer to Section 5.4 for details regarding the terms of the Underwriting Agreement.
Click here for the full ASX Release
Quarterly Cashflow Report for the Quarter Ending 30 June 2024
AuKing Mining Limited (ASX: AKN) has released its Quarterly Cash Flow Report.
Click here for the full ASX Release
This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Cashflow Report - June 2024
Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) has released its Quarterly Cash Flow Report.
Click here for the full ASX Release
Production Ramp-Up Proceeding to Plan with Technology Proven at Commercial Scale
Honeymoon on track to meet FY25 production target of 850,000lbs of U308 as set out in Feasibility Study; Construction of second and third NIMCIX production columns on schedule
Highlights
Honeymoon Uranium Project, South Australia
Operations
- Successful commissioning, with Boss proving its lixiviant chemistry and ion exchange technology at commercial scale
- 57,364lbs of uranium produced during the June quarter
- Ramp-up to steady-state production proceeding to plan, with key production metrics meeting Feasibility Study forecasts
- Construction of NIMCIX columns 2 and 3 proceeding to plan and on target for commissioning in Q3 and Q4, 2024 respectively
- Preliminary updates on costs to be provided once NIMCIX columns 2 and 3 are commissioned
- Boss expects production of at least 850,000lbs of U308 in FY25; This is in line with Feasibility Study forecasts
Geology
- Strong drilling intercepts confirm production potential of Gould’s Dam at Honeymoon
- A further 96 mud rotary holes were drilled for 12,911m, with uranium mineralisation highlights including (PFN results, ppm pU3O8):
Alta Mesa, South Texas (Boss 30%)
- Successful production start-up announced 13 June 2024
- Alta Mesa expected to reach full operational capacity of 1.5Mlbs a year by 2026. Boss’ share
- of Alta Mesa production is 30 per cent (450,000lbs a year at nameplate capacity)
- Alta Mesa has potential for further resource growth and additional drying capacity of 500,000lbs a year
Corporate
- As at 30 June 2024, Boss held liquid assets of A$272.5M; Boss has no debt
- Well positioned to benefit from rising uranium prices with most of Honeymoon Life of Mine (LOM) production and all of Alta Mesa production uncontracted
- Boss continues to strengthen its senior management team in line with the Company’s growing status as a global uranium producer; Highly experienced uranium exploration geologist Dr. Andy Wilde was appointed Chief Geologist
Boss Managing Director Duncan Craib said:
“Putting cake in the can with our first production at Honeymoon was a significant milestone for Boss which proved that our lixiviant chemistry and ion exchange technology works at commercial scale.
“The production ramp up at Honeymoon, including the key production metrics, is progressing in line with our Feasibility Study forecasts and therefore we are on track to produce at least 850,000 pounds of U308 in FY25.
“This strong outlook is also supported by the progress being made in the construction of the second and third NIMCIX columns which are scheduled to start operating, in line with the production ramp-up timetable, by Q3 and Q4, 2024 respectively.
“With both Honeymoon and Alta Mesa producing, Boss has become the only multi-asset uranium producer on the ASX.”
Click here for the full ASX Release
Wiluna Uranium Project Update
Pilot plant design close to completion with start-up aimed for H2 2024
Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that the Company is continuing to advance its plans to begin operation of a pilot plant for its Wiluna Uranium Project in the second half of 2024.
- Design phase for the pilot plant commissioned by Toro is nearing completion ahead of planned start-up later this year
- Sonic drill programs designed to supply material feed to the pilot plant from all three deposits approved by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS)
- Detailed reworking of the geometallurgical models for all three deposits, to ensure the drill plan is representative of all ore types likely to be mined and processed, has been initiated
- Pilot plant will test the improved beneficiation & hydrometallurgical circuit developed by Toro at closer to production scale
- Pilot plant to test potential ore from all three uranium deposits – Lake Maitland, Lake Way and Centipede-Millipede – these deposits could potentially underpin an expanded Lake Maitland operation
- Project optimisation work continues to evaluate further economic improvements driven by Lake Maitland’s close proximity to Toro’s 100% owned Centipede- Millipede and Lake Way uranium deposits within Wiluna by the potential integration of additional resources from these deposits. Strong improved financial outcomes from the updated Lake Maitland Scoping Study include:
- Pre-tax NPV8 of A$832.8M (+37% increase of A$223.20M)
- Excellent 48% IRR (+7% increase)
- Total EBITDA of $2,303.3M (+30% increase of A$534.4M)
- Total undiscounted cash flow of A$1,903.3M pre-tax – average >$2M per week (+36% increase of A$507.3M)
- Short payback period of 2.1 years
- Low C1 operating cost of US$17.28/lb U3O8 in years 1 to 7 when high grade uranium resource is being processed
- Strong life of mine C1 operating cost of only US$24.78/lb U3O8
- Low AISC cost of US$22.58/lb U3O8 in years 1 to 7 when high grade uranium resource is being processed
- Strong life of mine AISC cost of only US$30.55/lb U3O8
- Modest total CAPEX of US$149M plus 20% for contingency and 15% for EPCM over a 17.5 year mine life producing a total of 22.8Mlbs U3O8 and 11.9 Mlbs V2O5
Management Commentary
Commenting on the update Toro’s Executive Chairman, Richard Homsany, said:
“Toro continues to advance important workstreams across our flagship Wiluna Uranium Project in WA, and we are pleased to report that work on the pilot plant design is nearing completion. The pilot plant is an important step in demonstrating the potential scale and value of not only the Lake Maitland Uranium deposit, but of the entire Wiluna Uranium Project.
This latest body of work further builds upon the excellent economics resulting from the updated Lake Maitland Scoping Study which confirmed a significant uplift of 36% or A$223M in pre-tax NPV8 to A$832.8M.
It should be emphasised that the pilot plant will aim to test potential ore from all three uranium deposits – (1) Lake Maitland (2) Lake Way and (3) Centipede-Millipede – that Toro believes could contribute to an extended Lake Maitland processing operation. The proximity of Lake Way and Centipede-Millipede to Lake Maitland provides Toro with valuable optionality to substantially increase the feasibility of the broader Wiluna Uranium Project beyond the A$832M NPV8 resulting from the updated stand-alone Lake Maitland Scoping Study. Another outcome could be that Lake Way and Centipede-Millipede sustain a separate feasible mining and processing operation to that at Lake Maitland.
Toro remains committed to ensuring the Wiluna Uranium Project is ready to be brought into production when government policy aligns. Our ongoing evaluation work, in a strong global uranium market and backdrop of an evolving sophisticated nuclear energy debate in Australia, is exciting for Toro shareholders and potential investors.”
Click here for the full ASX Release
This article includes content from Toro Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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