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Key Leadership Appointments
Avenira Limited (ASX: AEV) is pleased to announce a restructure of its leadership team in line with previous announcements regarding investment by Hebang Biotechnology1, marking a pivotal step in the company's strategic direction and project development growth. Avenira is a pivotal project developer with a Yellow Phosphorous project at Wonarah and a Lithium Iron Phosphate project in Darwin, Northern Territory.
Appointment of Mr. Mo Yang as Chairman and CEO
Avenira is pleased to announce the appointment of Mr. Mo Yang as Chairman and Chief Executive Officer (CEO). Mr. Yang brings extensive experience in strategy, business performance and funding that aligns with Avenira’s objectives in developing the Yellow Phosphorous project at Wonarah. Mr. Yang holds a Master’s Degree in Accounting and is a Certified Practicing Accountant (CPA) with CPA Australia.
A summary of the material terms of Mr. Yang’s appointment are as follows:
- Role: Mr. Yang will undertake the role of Chairman and Chief Executive Officer providing strategic funding, managerial operation and technical expertise and knowhow to the company including performing all duties from time to time vested in or assigned to him by the Board.
- Remuneration:
- Annual Salary: $250,000 AUD
- Short-term Incentives:
- Annual Performance Bonus: Up to 50% of the annual salary, contingent on achieving pre-defined company objectives and individual performance metrics.
- Long-term Incentives:
- Share Options: A grant of 24 million share options, subject to shareholder approval
- Strike price of $0.02 for 12 million options
- Strike price of $0.03 for 12 million options
- Exercisable over a period of 3 years
- Share Options: A grant of 24 million share options, subject to shareholder approval
- Termination: The company may terminate Mr. Yang’s employment on six months’ notice and Mr. Yang may terminate his employment on three months’ notice.
Leadership Transition: Mr. Brett Clark
In conjunction with Mr. Mo Yang’s appointment, Mr. Brett Clark, who has successfully led the company as Chairman and CEO, will transition to the role of Deputy Executive Chairman. With Brett’s background of project development including Project Owner’s key representative for Marandoo (Rio Tinto) development, construction and operations of first mine; Board Director (Oakajee) and Project Director (Murchison) for multi $billion Oakajee Port and Rail project, a Mitsubishi/ Murchison JV; and CFO / Financial Controller Tethyan Copper Company, Reko Diq Project Development (Barrick Gold/ Antofagasta Limited), the worlds 4th largest Copper/ Gold discovery2 places Avenira in good stead with respect to project development.
Click here for the full ASX Release
This article includes content from Avenira Limited, 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.
Mandrake Resources Secures US$1 Million DoE Grant for Utah Lithium Project
Mandrake Resources (ASX:MAN), in partnership with Idaho National Laboratories (INL), the National Renewable Energy Laboratory (NREL) and the University of Utah, announced the receipt of US$1 million in grant funding for the Utah lithium project from the US Department of Energy (DoE) on Monday (August 5).
According to the company, the money will come through the DoE’s Geothermal Technologies Office, which is under the Office of Energy, Efficiency and Renewable Energy. It will be used to characterise and estimate reserves of lithium and other critical minerals in Utah's Paradox Basin, located in the state's "lithium four corners" area.
“Grant funds are always welcome, but of most importance to the company is the building of strong partnerships with leading US government agencies and leveraging those partnerships to progress the Utah Lithium Project,” said James Allchurch, managing director of Mandrake. He sees the grant as a strong vote of confidence from the US government.
Allchurch added that Mandrake's partnerships with INL, NREL and the University of Utah open up opportunities for the company to work with US scientists and sophisticated US-funded laboratories. INL and NREL also have “a deep understanding of the critical minerals space,” and are expected to bring an immense skillset related to lithium brines.
The company confirmed partial acquisition of the Utah lithium project in May 2023, securing over 80,000 acres prospective for lithium brines in the Paradox Basin. It now fully owns 93,755 acres, or 379 square kilometres.
In January, Mandrake announced "exceptional lithium concentrations" at the asset as part of a preliminary lithium brine sampling program, reporting 147 milligrams per litre. Two months later, the company shared a maiden lithium exploration target for the site, ranging from 1.7 million to 5.6 million tonnes of contained lithium carbonate equivalent.
Work has commenced on potentially converting the exploration target to a mineral resource estimate.
Mandrake said it has applied for three other DoE grants, with results expected in the months to come.
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.
Chariot CEO Bares US Lithium Strategy
In a recent interview with the Investing News Network, Shanthar Pathmanathan, CEO of Chariot (ASX:CC9), shared his company's strategic direction and its position within the rapidly evolving lithium-mining industry.
As the largest landholder of lithium in the US, Chariot is committed to establishing a strong foothold in the US lithium market, positioning the company to capitalise on growing demand for this critical resource.
“We want to be an America-focused lithium company … We want to have American-made lithium for the American market,” Pathmanathan said. “We think the US will decouple from the broader global lithium market and become a subsector unto itself, largely because of the geopolitical issues that you see around the world at the moment.”
Chariot is focused on two of its lithium assets in the US — Black Mountain in Wyoming and Resurgent in Nevada — both top-tier jurisdictions and highly prospective for lithium. The company plans to initiate small-scale mining operations at Black Mountain to generate immediate cashflow and manage dilution, focusing on shallow resource estimation.
Watch the full interview with Shanthar Pathmanathan, CEO of Chariot, above.
Disclaimer: This interview is sponsored by Chariot (ASX:CC9). This interview provides information which was sourced by the Investing News Network (INN) and approved by Chariot in order to help investors learn more about the company. Chariot is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Chariot and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
At-The-Market Raise
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has utilised its At-the-Market Subscription Agreement (ATM) with Acuity Capital (see announcements on 12 April 2024, 14 May 2024, 11 June 2024, 12 July 2024 and 15 July 2024) to raise $650,000 (inclusive of costs) by agreeing to issue 4,750,000 fully paid ordinary GLN.ASX shares to Acuity Capital at an issue price of $0.137 per share.
The 4,750,000 Galan shares will be issued out of the Company’s LR7.1A capacity. The issue price of $0.137 represents a discount of 11.5% to the 15-day VWAP of $0.155 to Friday 2 August 2024 (inclusive).
The funds raised will be put towards working capital.
An Appendix 2A will follow.
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.
White Cliff Successfully Concludes Maiden Canadian Field Programs
Widespread Uranium, Copper, Silver & Gold Mineralisation Visually Confirmed at Surface at Great Bear IOCG-U and Rae Cu-Ag-Au Projects
White Cliff Minerals Limited (“WCN” or the “Company”) is delighted to announce the conclusion of phase 1 of the 2024 work programs at Great Bear IOCG-U Project in the Northwest Territories and the Rae Cu-Ag-Au Project, Nunavut. The programs, completed on time and on budget with no lost time to injury, were designed to verify field locations of historical high-grade results and to define priority targets for drilling later in the September quarter. The dual program airborne MobileMT geophysical survey has also been completed for both projects.
Highlights
- At the Great Bear IOCG-U Project:
- 4 separate IOCG systems have been identified and sampled
- The Glacier IOCG target hosts chalcopyrite-bornite cemented breccias and veining within strong potassic alteration over more than 1100m of identified strike length
- The Cleaver IOCG target hosts widespread & fresh chalcopyrite mineralisation covering an area of 785m x 460m including Uranium recordings of up to 4,000 counts per second within earthy hematite structures
- Extensive native silver veining and crystals observed <500m NW of the historic Bonanza and El Bonanza silver mines that historically produced >34,000,000 ounces of refined silver
- Historic mineralisation confirmed at Thompson & Spud Bay, with visible uranium and cobalt observed. ±700m of mineralised outcrop sampled
- More than 175 samples collected from the greater Great Bear Project area
- Follow up campaigns being prepared for Q3 at Sloan, Mariner and Doghead - the northern part of the project area not visited during the first phase
- Multiple styles of copper mineralisation observed at the Rae, Cu-Ag-Au Project:
- Vertical broad shear zones with extensive quartz veining and semi massive to massive copper sulphides identified at HALO, Cu-TAR, DON and PAT, with follow up sampling extending the strike length at HALO to more than 800m
- Evidence of sedimentary hosted copper mineralisation at the CALMAL and HALO targets
- Widespread native copper “replacement style” mineralisation at Kilauea
- Approximately 100 samples collected from the Rae Project.
- Assays expected in two to three weeks for Great Bear with results for Rae following in two to three weeks thereafter
- A total of 3,573 line-km heliborne MobileMT geophysical survey completed across both projects Results and interpretations are due in two to three weeks
“A safe and successful program has been delivered at both of our highly prospective Canadian projects from a standing start in February, on time and on budget. A fantastic achievement and testament to the capability of the Whitecliff team and a great result for all shareholders. All objectives were completed in phase 1 for 2024. Pleasingly, all historically identified mineralisation across the projects has been extended laterally, highlighting the scale potential at Great Bear and Rae. I look forward to assay results confirming what our onsite visual assessments have concluded and to the commencement of drilling later this quarter. We are at the first and most exciting stage in the identification of what we believe are multiple, district scale mineralised complexes at both projects.
Over the next two months, we expect assays and the finalisation of drilling plans for Great Bear subject to ongoing permitting requirements. Receipt of assays and geophysics from both projects will strength our understanding and confidence for the upcoming drilling campaign.
What we are seeing here is only the beginning at Great Bear. This area is still untapped with several further high priority and highly prospective areas yet to be visited as part of the next onsite campaigns in the coming months.”
Troy Whittaker - Managing Director
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, 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.
June 2024 Quarterly Activities Report
Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan”, “BMM” or “the Company”) provides the Company’s quarterly activities report for the three months ended 30 June 2024 (“Quarter”).
HIGHLIGHTS
- Balkan Mining and Minerals (BMM) has received binding commitments for $750,000 via private placement to advance project generation opportunities and Canadian exploration activities
- Experienced corporate executive Mr Fadi Diab appointed to the BMM board of directors as NED
- BMM continues to leverage the deep experience of the board and key staff to assess potential new mineral exploration projects
Balkan Mining and Minerals, Managing Director, Ross Cotton commented:
“The BMM team has been energised by recent renewal of the board and share register in recent months and is busily working behind the scenes to consider potential business development opportunities.
The Company is very fortunate to have world recognised mining industry professionals such as BMM Chairman and Sandfire Resources founder Karl Simich involved with this process, which we are hoping will deliver exciting new projects.
We look forward to advising our shareholders of any new potentialities if and when appropriate.”
Capital Raising Activities and Board Changes
As reported to the ASX on 27 June 2024, BMM received binding commitments for $750,000 via private placement to new and existing institutional and sophisticated investors through the issue of 15M new ordinary fully paid shares. Subscribers to the placement received 1 unlisted option for every 2 placement shares. The options have an exercise price of 7.5c each and have an expiry date of 3 years post issue. Sixty Two Capital Pty Ltd acted as the Lead Manager to the placement. On 16 June 2024, BMM advised of the retirement of Non-Executive Director Mr Luke Martino and the appointment of experienced corporate professional Mr Fadi Diab as Non-Executive Director. Mr. Diab was the former Head of Global Payroll at Commonwealth Bank of Australia where he managed the global payroll team who are responsible for 55,000 employees across 15 countries.
Click here for the full ASX Release
This article includes content from Balkan 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.
Diamond Drilling Program Commences at Caladão
Axel REE Limited (ASX: AXL, “Axel” or “the Company”) is pleased to advise the commencement of a robust drilling program at its 100% owned and highly prospective, but yet underexplored Caladão Project (Caladão). Caladão is located in a region known as the Lithium Valley in Minas Gerais, Brazil, where many major lithium discoveries have been made, including Sigma Lithium Corp’s Grota do Cirilo LCE mine. Axel is the first company to realise the area's potential for high-grade REE mineralisation in the well-known mining region and with excellent access to infrastructure.
HIGHLIGHTS:
- Phase 1 exploration program to commence at the Caladão REE Project as part of the 20,000m drill campaign planned over the next 2 years
- Aggressive diamond drilling aims to extend the open REE mineralisation at two prospects (Area A and Area B) that previously uncovered 25km of mineralised strike, including a large radiometric circular structure at Area B
- Phase 1 program will also test the depth of the clay profile with diamond drilling the most effective method to drill to bedrock. Previous auger drilling (to average 15m depth) indicated REE mineralisation is open at depth
- This first program will include 52 holes and is anticipated to total ~2,600 metres of diamond drilling
- Phase 1 program at Caladão opens Axel’s aggressive IPO exploration strategy, with Caldas (Poços de Caldas REE) and Itiquira (Mato Grosso REE/Nb) Phase 1 campaigns to follow in the coming weeks
Axel holds ~400km² in exploration permits and applications at Caladão, which is one of four prospective rare earth elements (REE) and niobium (Nb) projects 100% owned by the Company that covers over 1,100km².
Managing Director, Dr Fernando Tallarico, said:
“Having successfully completed Axel’s IPO, we are now in the position to immediately embark on our strategy to unlock value in our highly prospective Caladão Project, in the Lithium Valley, by launching our Phase 1 2,600m diamond drilling program. This program holds immense potential as the historical auger results defined two target areas that spanned a combined strike length of 25km with mineralisation open at depth, laterally, and along the strike.
Diamond drilling will cross the entire regolith profile, and only cease once the bedrock is reached. This approach will enable us to comprehensively examine the entire clay profile, map the zoning of the clay horizons, and determine the true thickness of the potentially REE-bearing clay zone. We are also targeting a large circular radiometric structure at Area B and have planned our program to be fluid where we will follow the richest areas as results progressively return.
This Phase 1 program forms part of our 20,000m program planned at Caladão and aligns with our IPO strategy to aggressively work our projects. Our Caldas Project in the world-class Poços de Caldas Alkaline Complex and Itiquira REE/niobium project will progressively follow and we are excited for the continuous newsflow to come.”
Figure 1 – Map of the Axel REE’s 100% owned projects in Brazil.
Previous geochemical and shallow auger drilling programs completed by the Company in 2023 that covered only ~20% of the Project, determined two highly prospective targets (Area A and Area B), with elevated soil samples up to 3,547 ppm TREO and auger drill intercepts up to 2 metres @ 7,612 ppm TREO, with the thickest intercept including 18 metres @ 2,678 ppm TREO. All mineralised auger holes ended in mineralisation denoting that the true thickness of the REE mineralisation is yet to be determined. The prospective area is large-scale, covering more than 400km2 with Area A and Area B both open in all directions (along-strike and laterally).
Click here for the full ASX Release
This article includes content from Axel REE, 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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