- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Chariot Corporation
Red Metal Resources
BHP Group Ltd
Black Swan Graphene
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
EMEA (BIH) PTY LTD Transaction Update
Balkan Mining and Minerals Ltd (BMM or the Company) (ASX: BMM) announces that Sandfire Resources Ltd has advised that the Saski Do concession has been granted to a third party unrelated to Triassic Resources d.o.o. and that this condition precedent is incapable of being satisfied prior to 31 March 2022, as per the Sale and Purchase Agreement1. The parties are in discussions as to how to proceed regarding the acquisition of the Triassic Resources d.o.o company in line with BMM’s growth strategy for the region.
For further information please contact:
Ross CottonManaging Director
Tel: +61 8 6489 0600
E: Ross.Cotton@balkanmin.com
ABOUT BALKAN MINING AND MINERALS
Balkan Mining and Minerals is an ASX listed company focused on the early-stage exploration through to the development of borate and associated lithium in the Balkans. The Company’s Projects comprise the Rekovac, Dobrinja and Pranjani Lithium-Borate Projects which are located within the Republic of Serbia.
Forward-looking Statements
Certain statements included in this release constitute forward-looking information. Statements regarding BMM’s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that BMM’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that BMM will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of BMM’s mineral properties. The performance of BMM may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors.
These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of exploration sample, mapping and drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves and resources, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy.
There is continuing uncertainty as to the full impact of COVID-19 on BMM’s business, the Australian economy, share markets and the economies in which BMM conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on BMM’s business or the price of BMM securities.
Except for statutory liability which cannot be excluded, each of BMM, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission. BMM undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events other than required by the Corporations Act and ASX Listing Rules. Accordingly, you should not place undue reliance on any forward-looking statement.
Click here for the full ASX Release
This article includes content from Balkan Mining and Minerals, 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.
Balkan Mining and Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Balkan Mining and Minerals
Investor Insight
Amid a growing critical minerals sector and supportive legislative agenda, Balkan Mining offers a compelling option to participate in the growing European battery metals market.
Overview
The recent boom in electric vehicle (EV) adoption and green technologies has seen global demand for lithium skyrocket. Analysts believe EV penetration could reach 35% by 2030, which means lithium production will need to quadruple between 2020 and 2030 to satisfy this growing demand.
Lithium production is often associated with countries like Chile, Australia and Argentina — but strategic policy shifts in the European Union have led Europe to look inward for essential battery metals, placing the spotlight directly on the Balkan states. While the Balkan states, which includes Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia, Romania, Serbia and Slovenia, are best known for historic gold production — recent lithium discoveries in Serbia have renewed interest in this region.
Balkan Mining and Minerals (ASX:BMM) is focused on an early-stage exploration through the full development of lithium and boron mining in the Balkan region. The company is committed to building an ethical resource portfolio backed by strategic partnerships and guided by an experienced board and management with regional expertise.
The Balkan states, and Serbia in particular, are well-endowed with many minerals and have attracted a surge in foreign investors for the exploration of mining operations. Serbia's Vardar zone is an emerging tier 1 lithium-borate jurisdiction. Balkan Mining and Minerals is well-positioned to capture the growth of the European lithium and boron supply chain.
Balkan Mining and Minerals' flagship Rekovac lithium-borate project demonstrated two successful diamond drill holes discovering preserved lithium and borate mineralization. The company recently completed its surface mapping program. With the success of the initial drilling and exploration, Balkan is well-positioned to commence its drill program in late September 2021.
The company continues to expand its reach across Serbia with four new exploration permits recently granted. The Ursule and Siokovac licenses provide expansion of Rekovac and span nearly 200 square kilometers. The Dobrinja and Pranjani licenses provide access to Western Serbia with favorable lacustrine strata for hosting lithium and boron.
"It's the right region, it's the right commodity and the right capital structure with the right investors… the key thing to add to that is what differentiates this particular lithium project from many of the other … lithium companies, at least listed in Australia, is the borate angle… So that makes these types of things extremely economic and extremely easy to mine and process," commented Ross Cotton, managing director.
Balkan Mining and Minerals is backed by Sandfire Resources (ASX:SFR). The company's current market cap is AU$36 million with 45 million shares on issue.
The leadership of Balkan Mining and Minerals includes a highly commercial board with decades of experience. Sean Murray serves as chairman and brings executive experience from Rio Tinto and expertise in industrial minerals. General Manager Dejan Jovanovic is the Balkan region expert with over 15 years of experience as a geologist. The company has a strong combination of experience and expertise to be a leader in the lithium and boron space.
Company Highlights
- Balkan Mining and Minerals is a publicly-listed exploration and development company focused on lithium and boron mining in the Balkan region.
- The Rekovac project has demonstrated promising results in its early exploration phase and is on track for additional explorations and assessments within the Ursule and Siokovac licensed areas.
- The Cacak project provides new access to underexplored areas of the Vardar Zone, an emerging tier 1 lithium-borate jurisdiction. The company is looking to expand beyond the Rekovac project and region.
- The company is backed by leaders in the space and has performed well since its IPO. An experienced board and regional management expertise equip Balkan Mining and Mineral to be a leader in the lithium-borate space and are in the right space at the right time.
Key Projects
Rekovac Lithium-Borate Project
The flagship Rekovac lithium-borate project is located in the world-class Vardar Zone in Serbia, an emerging tier 1 lithium-borate jurisdiction. The project has easy access to the motorway and modern rail corridor, thus providing a solid infrastructure to Central and Western Europe.
The first two diamond drill holes (1,238 meters) revealed preserved lithium and borate mineralization at both sites. The second drill hole (REK-002) intercepted over 171 meters with over 10,000 ppm of B2O3 and up to 969 ppm Li2O from 35 meters including 49.6 meters with over 20,000 ppm of B2O3 and up to 624 ppm Li2O from 51.5 meters.
The success of the initial drilling and exploration has provided a solid foundation to explore additional areas of Rekovac as well as two additional adjacent areas under the Ursule and Siokovac licenses. The recently completed surface mapping of the entire Rekovac area has identified five dominating sedimentary formations. The samples will be sent to a laboratory for mineral phase determination using the X-ray diffraction method.
Balkan Mining and Minerals plans to measure magnetic properties over the entire diamond drill core. In addition to measuring magnetic susceptibility, the company will measure the bulk density of samples selected from the drill core. These two parameters will guide geophysics surveys across high-priority areas and ultimately define and commence new drilling programs.
Cacak Project
The Cacak project comprises the Dobrinja and Pranjani license and is located in Western Serbia about 90 kilometers south-southwest of Belgrade, the capital of Serbia. A database study conducted by the Yugoslav Geological Survey identified favorable lacustrine strata for hosting lithium and boron.
The project is in its early exploration phase and will focus on target generation using regional geophysics, geological mapping, and surface sampling. Upon completion of the initial assessment, drill testing of the target locations will be conducted. The licensed areas are within the Vardar Zone and present the company with another location for extracting lithium and boron minerals.
Management Team
Ross Cotton – Managing Director
Ross Cotton has over 15 years of experience in the securities and mining industries and has been instrumental in both the financing and management of mining and resource companies globally.Cottons' experience in investment banking and equity capital markets has provided him with detailed experience in corporate transaction management and execution. In these roles, Cotton has been integral in the recapitalization and restructuring of companies, including managing of initial public offerings and reverse takeovers. In addition to a number of managerial roles with ASX listed companies, Cotton has also provided corporate advisory services to listed companies on strategy, acquisitions as well as financing via both debt and equity for a number of years.Cotton currently manages a private mining strategy and finance consulting business and utilizes his networks established in investment banking, mining and management to provide solutions for the effective implementation of business strategies and management solutions.
Sean Murray – Non-executive Chairperson
Sean Murray has an Honors degree in modern languages and a post-graduate Master's Degree in Business Management and Economics from the Manchester Business School, part of the University of Manchester Institute of Science and Technology, in the United Kingdom. Murray has more than 40 years of experience worldwide in the chemicals and mining industries, including non-ferrous metals and minerals and industrial minerals. His successful executive management career includes senior roles with Australian Mining and Smelting (CRA), Pasminco Europe and Pasminco Inc and Rio Tinto plc where he became Managing Director of Borax Europe and then Deputy Chief Executive, Rio Tinto Borax in the 1990s and early 2000s.
Murray has also served on the boards of Rio Tinto operating companies either as president or as an executive director in the USA (California), Argentina, France, Germany, Holland, Spain and Italy. He has been a Vice-President of the European Zinc Institute (The Hague), and an Industry Advisor on non-ferrous metals and minerals to the UK government at the International Lead Zinc Study Group, (United Nations). He was a vice-president of the Industrial Minerals Association and president of the European Borates Association in Brussels where he became involved in Public Relations and Sustainable Development.
Since 2005, Murray has provided consulting services on marketing, planning and strategy to the industrial minerals sector in Europe, Australia and the Americas and has held non-executive directorships on the boards of AIM and ASX listed copper, gold, tungsten, potash and fluorspar companies including, Fluormin plc (formerly LSE:FLOR and Potash Minerals Ltd (formerly (ASX:POK)). He was a senior partner in a New York based LLP developing minerals businesses in the former Soviet Union. Murray is fluent in a number of European languages including German and Spanish.
Murray has British and Irish citizenship and lives in Surrey in the United Kingdom.
Luke Martino – Non-executive Director
Luke Martino is a Fellow of the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors, having worked for over 30 years with major accounting firms, where he held senior leadership positions and Board memberships including Lead Partner of Deloitte's Growth Solutions practice in Perth until 2007 when he left to establish boutique corporate advisory and accounting firm, Indian Ocean Advisory Group.
Martino has extensive experience in mining and resources, property and hospitality industries and is a specialist in corporate and growth consulting.
Martino currently acts as a Chairman of Jadar Resources Limited (ASX: JDR) and is also Executive Director of Indian Ocean Consulting Group Pty Ltd. Martino's previous roles have included acting as Non-Executive Director of Skin Elements Ltd (ASX: SKN), Pan Asia Corporation Limited (ASX: PZC), Non-Executive Chairman and Director of Central Asia Resources Limited (ASX: CVR) and former Company Secretary of Blackgold International Holdings Limited (ASX: BGG).
Milos Bosnjakovic – Non-executive Director
Milos Bosnjakovic is a lawyer by profession with strong links and experience in the Balkan countries of the former Yugoslavia Republics, Australia and New Zealand. He has been involved in the resources industry in Australia and the Balkans for almost 20 years and has considerable corporate experience within the industry.
Bosnjakovic is a dual national of Australia and Bosnia and Herzegovina and was also the co-founder of ASX-listed Sultan Corporation Limited which became Balamara Resources Limited, which held the Monty Zinc Project in Montenegro. Milos was co-founder of ASX-listed Adriatic Metals PLC (ASX: ADT) and his previous roles have also included acting as Non-Executive Director and Country Manager of Adriatic Metals PLC.
Dejan Jovanovic – General Manager
Dejan Jovanovic is a geologist with more than 15 years of experience in managing complex exploration projects and mineral deposit evaluation. He is a well-rounded exploration professional with significant commodity experience including lithium, borates, base and precious metals. Jovanovic implemented and encouraged the highest standards of technical and operational excellence across multiple project support groups. He has held numerous positions throughout his career including notable roles with Rio Tinto (Serbia) where he worked on Rio Tinto's Jadar lithium-borate deposit; senior exploration roles with Lithium Li Ltd / Pan Global Resources Inc. serving as a key leadership capacity for exploration programs in the Balkans. Jovanovic has also acted as an exploration management consultant to various clients including European Lithium and General Manager Exploration for Jadar Resources Limited (ASX:JDR).
Jovanovic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade, and a member of the Professional Geological Societies (QP), and a fellow of the European Federation Geologist (CP in accordance with the JORC Code).
Harry Spindler – Company Secretary
Harry Spindler is an experienced corporate professional with a broad range of corporate governance and capital markets experience, having held various company secretary positions and been involved with several public company listings, merger and acquisition transactions and capital raisings for ASX-listed companies across a diverse range of industries over the past 22 years.
Spindler is a member of the Institute of Chartered Accountants Australia and New Zealand and a member of the Financial Services Institute of Australia. Spindler began his career in corporate recovery and restructuring at one of Australia's leading independent financial advisory and restructuring providers Ferrier Hodgson (now KPMG) and has for the past 11 years working for a corporate advisory firm, Indian Ocean Consulting, through which he has advised a number of clients in a range of industries, as well as held positions as company secretary for a number of ASX-listed companies, including Sino Gas & Energy Holdings Ltd (ASX:SEH; ASX:300), an Australian energy company focused on developing gas assets in China.
Karl Simich - Director
As director, Karl Simich has a particular focus on strategy, corporate development and stakeholder relations. Prior to joining Balkan, Simich was the founder, managing director and CEO of Sandfire Resources for 15 years, overseeing the company's transformational growth from a junior micro-cap to a successful, global mid-tier producer. He oversaw the implementation of Sandfire's international expansion strategy, including the $1.865 billion acquisition of the MATSA copper operations in Spain. Simich has 36 years of experience with publicly listed mining and exploration companies. Throughout his career, Simich has overseen the financing and development of more than 10 mines in Australia, New Zealand and Africa.
Nenad Loncarevic – Senior Exploration Geologist
Nenad Loncarevic has 30 years of mineral exploration experience. He is highly experienced in target generation, project evaluation and exploration program implementation for gold, base metals and industrial minerals. Loncarevic possesses an outstanding knowledge of many deposit styles with particular strengths in polymetallic systems and sedimentary type deposits.
Prior to joining Balkan Mining and Minerals, Loncarevic held senior exploration roles with companies including Medgold Resources Corp. (TSXV:MED), Ultra Lithium (TSXV:ULI) & Dundee Precious Metals Inc. (TSX:DPM).
Loncarevic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade.
Successful Placement
Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce that it has received firm commitments for a placement raising A$1.618 million (the “Placement”) before costs, though the issuance of approximately 8.09 million fully paid ordinary Chariot shares (“Shares”) at a price of A$0.20 per Share on the terms set out in this announcement.
HIGHLIGHTS:
- Successful Placement: Chariot has received firm commitments for a A$1.618 million placement of 8.09 million new shares at A$0.20 per share.
- Strong Investor Support: The placement was strongly backed by a group of institutional, sophisticated and professional investors with Ignite Equity Pty Ltd acting as lead manager.
- Directors’ Subscription: The Directors have subscribed for A$150,000 under the Placement (subject to shareholder approval at the next general meeting).
- Use of Placement Proceeds: The existing cash reserves combined with the proceeds of the placement will fund (i) phase 2 drilling at the Black Mountain Lithium Project, (ii) the 4th purchase price payment to Black Mountain Lithium Corp., one of the Black Mountain Project vendors, (iii) initial execution of the pilot mine strategy, including metallurgical testing in Perth and a scoping study for a pilot mine and general working capital.
- Upcoming Activities: Chariot is progressing with the phase 2 drilling program which seeks to define a maiden resource estimate to advance the pilot mine initiative at Black Mountain.
The placement was strongly supported by a group of institutional, sophisticated and professional investors, including existing shareholders and associates of Ignite Equity Pty Ltd, which acted as the lead manager for the placement.
Placement Terms
The placement terms are as follows:
Certain members of the Company’s Board of Directors have elected to subscribe for 750,000 shares, 375,000 2025 Options and 375,000 2026 Options. The issue of the shares and options under this Placement is subject to the approval of Chariot’s shareholders at the next general meeting.
Use of Proceeds
The Placement proceeds will be used to fund (i) phase 2 drilling at the Black Mountain Lithium Project, (ii) the 4th purchase price payment to Black Mountain Lithium Corp., one of the Black Mountain Project vendors, (iii) initial execution of the pilot mine strategy, including metallurgical testing in Perth and a scoping study for a pilot mine and general working capital.
Click here for the full ASX Release
This article includes content from Chariot Corporation, 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.
GM Strengthens Lithium Supply Chain with US$625 Million Investment in Thacker Pass
General Motors (GM) (NYSE:GM) is strengthening its connection toLithium Americas (TSX:LAC,NYSE:LAC) via a joint venture centered on advancing the Thacker Pass lithium project in Humboldt County, Nevada.
In a Wednesday (October 16) press release, the companies said GM will provide US$625 million in cash and letters of credit, and will acquire a 38 percent asset-level ownership stake in Thacker Pass.
The Detroit-based carmaker emphasized to Reuters that it is keen to secure electric vehicle (EV) raw materials.
"We don't want to become a mining company," Jeff Morrison, GM’s senior vice president, told the news outlet. "Our main goal is to build out a North American based, Western-allied, reliant supply chain. To do that, we have to pick partners and assets and figure out what they need to do to industrialize and be successful.”
Lithium, a key component in EV batteries, is in high demand as automakers ramp up their EV offerings. The Thacker Pass asset is touted as North America’s largest depositary of the resource.
GM's US$625 million contribution will be divided into phases. It will provide US$330 million in cash when the joint venture closes, and US$100 million at a later stage, when a final investment decision for Phase 1 is made.
There is also a US$195 million letter of credit facility that Lithium Americas will be able to use as collateral to support reserve account requirements under its conditional US$2.3 billion loan from the US Department of Energy.
The companies note in Wednesday's release that the new joint venture builds on GM’s previous investment in Lithium Americas. In February 2023, GM invested US$320 million into the company, acquiring 15 million common shares.
This week's agreement also extends GM's current Thacker Pass offtake agreement, with the company now having the right to up to 100 percent of production volumes from Phase 1 for 20 years. Once the joint venture closes, GM will also enter into a further 20 year offtake for as much as 38 percent of Phase 2 output volumes for Thacker Pass.
In addition to the Lithium Americas deal, GM has made several other strategic investments in the mining sector.
These include agreements to purchase cobalt from Glencore (LSE:GLEN,OTC Pink:GLCNF) an investment in Queensland Pacific Metals (ASX:QPM) for nickel and cobalt and a lithium supply deal with Arcadium Lithium (NYSE:ALTM,ASX:LTM).
Thacker Pass project has faced some challenges, including protests from local Indigenous communities and environmental groups. Concerns have been raised regarding its environmental impact and proximity to culturally significant lands. Despite this opposition, the mine has received the necessary permits to proceed — Lithium Americas said in its latest quarterly update that it expects to start "major construction" by the end of the year.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Raiden Raising AU$10 Million to Expand Drilling at Andover South Lithium Project
Raiden Resources (ASX:RDN) said it has received firm commitments from various investors to raise AU$10 million to accelerate and expand drilling at the Andover South project in Western Australia's Pilbara area.
The amount will be raised via a placement of 312.5 million shares issued at AU$0.32 each; that represents a 17.9 percent discount to the last traded price of AU$0.39 for Raiden shares on October 9.
The company had initially planned a 5,000 metre diamond drill program at lithium-focused Andover South, but will now expand it to 15,000 metres. Its decision comes after receiving results from the first five holes.
“The decision to conduct the placement and expand the drill program was made after the company’s geologists (who previously worked on Azure Minerals Limited’s Andover lithium discovery) identified additional high-grade drill targets within the Andover South Project area,” Raiden said in a press release on Monday (October 14).
Andover South has seven target zones, and the AU$10 million to be raised will enable the company to look at target areas one and two at greater depths, while also covering target area seven.
Target area seven has similar fractionation rates to the pegmatites discovered in target areas one and two.
"With additional drill rigs about to be mobilised, we anticipate that the Company will be in a position to generate regular news flow once the results are received from the laboratory," said Managing Director Dusko Ljubojevic.
Raiden secured an 80 percent interest in the Andover South project in August 2023 under a binding agreement with vendor Welcome Exploration. Drilling at the project commenced in September.
A second diamond drill rig is due to arrive this week, with ongoing planning to bring on further drill rigs as required.
The placement shares are expected to be allotted on or around Thursday (October 17).
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Entitlement Offer Fully Subscribed
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that its entitlement offer closed fully subscribed. The pro-rata non-renounceable entitlement offer of one (1) new fully paid ordinary share for every four (4) fully paid ordinary shares held by eligible shareholders at the record date of 13 September 2024, at an issue price of $0.105 per share (Entitlement Offer) raised $13.3 million (before fees). The Entitlement Offer was extended by one week and closed on 10 October 2024 (Closing Date).
The Entitlement Offer was well supported by Eligible Shareholders who applied for 60,198,783 shares plus all of the shortfall offer of 66,468,031 shares.
The Company advises that the results of the Entitlement Offer were as follows:
Shares | Proceeds | |
Total number of shares offered under the Entitlement Offer | 126,666,814 | $13,300,015 |
Total number of shares applied for by Eligible Shareholders under the Entitlement Offer | 60,198,783 | $6,320,872 |
Total number of shortfall shares applied for by Eligible Shareholders under the Entitlement Offer | 66,468,031 | $6,979,143 |
TotalSharestobeissuedunderthe Entitlement Offer | 126,666,814 | $13,300,015 |
The shares under the Entitlement Offer will be issued on 17 October 2024.
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented:
“On behalf of the Board, I’d like to sincerely thank our shareholders for their continued support to achieve this outstanding result. To raise $13.3 m in a challenging market is strong validation of Galan’s HMW project in Argentina.
Galan continues to move forward with the development of HMW and remains upbeat about the future of the lithium market.”
The Galan Board has authorised this release.
Click here for the full ASX Release
This article includes content from Galan Lithium, 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.
Trinex Minerals to Expand Global Portfolio with Two Lithium Acquisitions
Trinex Minerals (ASX:TX3,OTC Pink:TDRCF) has executed binding agreements to acquire the Dudley lithium project in South Australia and the East Yellowknife lithium (EYL) project in Canada's Northwest Territories.
In a Monday (October 14) press release, the company detailed that it will be able to acquire up to a 90 percent interest in the Dudley project and a 100 percent stake in mineral claims comprising the EYL project.
The Dudley transaction involves a two stage farm-in deal with cash and share payments and expenditures. Trinex will be able to earn 51 percent in Stage 1 and an additional 39 percent in Stage 2.
"We are pleased to have been able to secure a highly prospective lithium exploration project in South Australia, one of the best mining jurisdictions in the world. Kangaroo Island is a large land mass with a history of mining and a government supportive of exploration and development of mineral resources,” Trinex Managing Director Will Dix said.
The company sees an opportunity for a lithium discovery at Dudley as it is hosted in the right geology with historic work indicating lithium mineralisation potential. Trinex said initial drilling at Dudley will begin once statutory approvals have been received. It will focus on testing pegmatites and other anomalous targets identified during the soil sampling program that is currently underway, along with targeting pegmatites below its weathering profile.
The transaction for EYL includes an issue of shares amounting to AU$100,000 and a cash payment of C$90,000 split between two vendors. EYL will further expand Trinex’s portfolio in the Northwest Territories, increasing its land position in the region to over 650 square kilometres. EYL combines three projects: Lizo, Prelude Lake and Lightning.
The overarching EYL asset covers more than 15,000 hectares in the Yellowknife pegmatite district, including similar geological settings to its Halo-Yuri lithium project, the company stated.
Detailed satellite imagery will be purchased and interpreted for the Prelude Lake and Lightning projects as a first pass, with Trinex expecting field work to ground-check interpreted pegmatites to begin in the second quarter of 2025.
The acquisition of EYL is subject to Trinex obtaining shareholder approval for the issue of shares, which it intends to seek at its next annual general meeting, scheduled on or around November 26.
Should everything go according to plan, completion of the transaction is expected in early December.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Top 5 Canadian Mining Stocks This Week: American Lithium Charges Up 78 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 1.71 percent on the week to close at 605.43 on Friday (October 11). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 1.28 percent to 24,471.17 points over the same period.
Statistics Canada released its September labor force survey on Friday. The report indicated 47,000 new jobs were added to the Canadian economy, an increase of 0.2 percent. The hiring gains helped to push the unemployment rate down by 0.1 percent to 6.5 percent, marking the first decline in the rate since January.
Increases were primarily felt in the information, culture and recreation category as well as in the wholesale and retail trade one, with both sectors gaining 22,000 jobs. Professional, scientific and technical services jobs also saw gains in September, adding 21,000 new hires.
Despite the gains, the employment participation rate fell by 0.2 percent to 64.9 percent in September, marking a year-over-year decline of 0.7 percent.
South of the border, the US Bureau of Labor Statistics released September’s consumer price index on Thursday (October 10). The data showed a monthly increase of 0.2 percent and a year-over-year increase of 2.4 percent, both 0.1 percent higher than analysts predicted.
The majority of the increase was owed to a 0.4 percent jump in food prices and a 0.2 percent increase in shelter costs. The higher figures may show that while inflation has tracked down there are still lingering pressures within the market and it could cause the US Federal Reserve to adjust its rate-cutting policy over its final two meetings of the year in November and December.
In resource sector news, Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) announced it would be acquiring Arcadium Lithium (NYSE:ALTM,ASX:LTM) on Wednesday (October 9) in a US$6.7 billion deal. Rio Tinto CEO Jakob Stausholm said the acquisition represents a long-term strategic step in the company creating a world-class lithium business. The news acted as a tailwind for many lithium companies’ share prices this week.
Markets saw gains this week with the S&P 500 (INDEXSP:INX) adding 1.35 percent to 5,815.04, the Nasdaq 100 (INDEXNASDAQ:NDX) moving up 1.59 percent to 20,271.97 and the Dow Jones Industrial Average (INDEXDJX:.DJI) climbing 1.07 percent to reach 42,863.87.
Gold recovered from a mid-week slump that saw the precious metal fall to US$2,606 per ounce, climbing to US$2,655.86 on Friday at 4:30 p.m. EDT to end the week up by 0.09 percent. Meanwhile, silver saw recent gains erased as it fell 2.06 percent on the week to US$31.53 per ounce.
Copper saw a slight rebound on Friday, but wasn’t able to fully recover from midweek losses, dropping 2.38 percent to US$4.51 per pound on the COMEX. More broadly, the S&P GSCI (INDEXSP:SPGSCI) posted a gain of 0.38 percent to close at 559.63 points.
Against that backdrop, how did TSX- and TSXV-listed resource stocks perform? Here are the top five gainers.
1. American Lithium (TSXV:LI)
Weekly gain: 77.78 percent
Market cap: C$230.61 million
Share price: C$1.28
American Lithium is an exploration and development company working to progress its advanced-stage Falchani project in Southern Peru. An updated resource estimate for the property, released in October 2023, outlines measured and indicated reosurces of 5.53 million metric tons (MT) of lithium carbonate equivalent and an inferred resource of 3.99 million MT.
A preliminary economic assessment for Falchani, released in February, estimates an after-tax net present value of US$5.11 billion and an after-tax internal rate of return of 32 percent with a payback period of three years.
On June 27, the company announced it was working to optimize the flow sheet for the project, and said that due to the low impurity content it would resemble a more conventional mining and processing flow sheet. Additionally, American Lithium said it was intending to commence piloting work during the second half of 2024.
Shares in American Lithium jumped on Thursday when the company released a letter to shareholders with an update on the state of the company and how it was navigating trends within the industry. The letter included steps American Lithium has taken to improve business fundamentals, how the company can benefit from Peru’s nuclear energy strategy and emerging support for premium prices for lithium carbonate.
2. Dore Copper Mining (TSXV:DCMC)
Weekly gain: 68.18 percent
Market cap: C$18.96 million
Share price: C$0.185
Dore Copper Mining is an exploration and development company with several projects located in the Lac Dore and Joe Mann mining camps in Québec, Canada. The company aims to become a copper producer operating with a hub and spoke model, in which its Copper Rand mill processes ore from several assets.
The company’s land package hosts 13 past-producing mines and multiple key projects, including Corner Bay, Joe Mann and Devlin. The company's resource target areas all lie within a 60 kilometer radius of its Copper Rand mill.
According to the company’s website, mineral resource estimates from four of its projects have demonstrated a combined measured and indicated resource of 198.2 million pounds of contained copper and 66,000 ounces of contained gold from 3.58 million MT of ore at an average grade of 2.51 percent copper and 0.58 grams per metric ton (g/t) gold.
The projects also contain inferred resources of 476.5 million pounds of copper and 248,000 ounces of gold from 7.01 MT at grades of 3.01 percent copper and 1.08 g/t gold.
The most recent news from the company came on September 26 when it announced it had closed a C$4.68 million non-brokered private placement. The company said it would be using the funds for exploration, development, permitting activities and feasibility study work.
3. Element 29 Resources (TSXV:ECU)
Weekly gain: 62 percent
Market cap: C$40.53 million
Share price: C$0.405
Element 29 Resources is an exploration company focused on advancing a portfolio of projects in Peru.
Its primary projects consist of the Elida copper-molybdenum-silver project in West-central Peru and the Flor de Cobre project in the Southern Peruvian copper belt.
The Elida site is composed of 29 concessions covering 19,749 hectares and hosts five distinct exploration targets within a 2.5 by 2.5 kilometer alteration system.
A September 2022 mineral resource estimate showed an inferred resource of 321.7 million MT containing 2.24 billion pounds of copper at a grade of 0.32 percent, 205.7 million pounds of molybdenum at a grade of 0.03 percent and 27 million ounces of silver at 2.61 percent.
The company’s less explored Flor de Cobre project is composed of 11 mining concessions and one mining claim covering 3,135 hectares. The company announced in March that it received environmental permitting for the site and would be partnering with the GlobeTrotters Resource Group, which discovered Elida, on exploration at For de Cobre.
Element 29’s most recent news came on September 24 when it commenced a drill program at Elida with the objective of potentially expanding its inferred mineral resource estimate and increasing grading at the site.
4. World Copper (TSXV:WCU)
Weekly gain: 50 percent
Market cap: C$19.94 million
Share price: C$0.09
World Copper is an exploration and development company working to advance its Zonia copper project in Central Arizona, US.
The property, acquired following a merger with Cardero Resources in January 2022, has seen extensive exploration dating back 100 years and hosted open-pit mining operations until 1975.
In the company’s corporate update on July 24, World Copper said it had made significant progress toward bankable feasibility and ultimately production, which it expects to begin in three to four years.
World Copper added that it has the potential for pre-production revenue through the utilization of 14 million short tons of previously stockpiled material. Additionally, it highlighted that the site hosted previous mining at the site with a low strip ratio of 1:1.
The most recent update from Zonia came on September 9, when the company produced an updated mineral resource estimate stating a total indicated resource of 686 million pounds of copper from 113.2 million short tons of ore with an average grade of 0.3 percent copper at a cutoff of 0.18 percent, and an additional inferred resource of 300 million pounds of copper from 59.2 million short tons of ore grading 0.25 percent.
5. Standard Lithium (TSXV:SLI)
Weekly gain: 47.32 percent
Market cap: C$19.94 million
Share price: C$3.30
Standard Lithium is an exploration and development company working to advance its South West Arkansas and Phase 1A projects in Arkansas and its East Texas project in Texas, US.
The projects are all located in the Smackover Formation, which extends from Central Texas into the Florida panhandle. The region hosts brines previously used to recover bromine that also host significant commercial lithium concentrations.
Standard entered into a 55/45 joint venture for South West Arkansas and East Texas with Equinor (NYSE:EQNR) in May to accelerate development of the projects.
A pre-feasibility study for its flagship project released in September 2023 demonstrated a base case after-tax net present value of US$3.09 billion with an internal rate of return of 32.8 percent and a payback period of four years. The study also produced an indicated mineral resource estimate of 269,000 MT of lithium with an inferred resource of 74,000 MT.
The company’s Phase 1A project will consist of a direct lithium extraction facility and lithium carbonate conversion facility designed to extract lithium contained in tail brine from existing bromine operations at LANXESS’ (OTC Pink:LNXSF) plant in Arkansas.
A definitive feasibility study for the project released in September 2023, demonstrated an after-tax net present value of US$550 million and an internal rate of return of 24 percent, as well as an annual production of 5,700 MT of battery-quality lithium carbonate.
Standard Lithium has seen gains since September 20 when it announced it had been selected by the US Department of Energy for an award of up to US$225 million to develop the South West Arkansas project. A few days after that, the company also released its results for its fiscal year ended June 30.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on October 11, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Dore Copper Mining and World Copper are clients of the Investing News Network. This article is not paid-for content.
Latest News
Balkan Mining and Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.