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![MOAB Minerals](https://investingnews.com/media-library/moab-minerals.png?id=34004793&width=1200&height=800)
Quarterly Activities Report for the Period Ended 30 June 2024
Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to provide an overview of activities for the period ending 30 June 2024 (Quarter or Reporting Period).
Highlights:
- On 9 July 2024 Moab completed the acquisition of 81.85% of the shares of Linx Resources Pty Ltd (Linx). Subsequently, Moab converted its loan to Linx of $521,000 to equity in Linx, bringing Moab’s ownership of Linx at 30 June 2024 to 89.6%. Subsequent to the Quarter end following participation in the rights issue, Moab’s ownership of Linx is 94.00%.
- Linx boasts a diverse portfolio of advanced, large-scale uranium projects in Tanzania including the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources.
- The Manyoni Uranium Project was previously explored, and extensively drilled, by Uranex Ltd from the early 2000’s until 2013.
- Drilling to commence at the Manyoni project in August or September 2024. Objective is to verify historical drill results and obtain additional geologic and bulk density information and carry out comprehensive metallurgical test-work to ascertain the optimum processing pathway for the project.
- At the Octavo uranium project in southern Tanzania work is focussed on the acquisition of high quality airborne radiometric and magnetic survey data which are expected to deliver uranium targets for ground follow-up.
- The Company is still waiting for the issuance of the drilling permit for the REX uranium project in Colorado, US.
- Moab continues to monitor its 11.02% interest in CAA Mining Limited, an exploration and development company focused on lithium and gold exploration in Ghana, Africa.
Moab Managing Director, Mr Malcolm Day, commented: “During the quarter the Company focused on completing the acquisition of an 80% share in the Manyoni and Octavo uranium projects in Tanzania via the acquisition of shares in Linx Resources Pty Ltd. We plan to commence drilling the Manyoni project in August/September 2024. This drill program has been designed to verify historical drill results and to test for extensions to known mineralisation.
I would like to thank shareholders for their support to date and we look forward to providing further exploration updates.”
OPERATIONAL HIGHLIGHTS
Tanzania Uranium Projects (Moab 94.00%)
On 12 March 2024, the Company announced the acquisition of a package of advanced uranium projects in Tanzania (refer ASX Announcement 12 March 2024) (Acquisition). Subsequent to the quarter end on 9 July 2024, the Company announced the completion of the Acquisition.
- The package includes the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources. The Manyoni Uranium Project was previously explored, and extensively drilled, by Uranex Ltd from the early 2000’s until 2013.
- The Octavo uranium project is adjacent to Rosatom’s world class Nyota Uranium Deposit (formerly ASX listed Mantra Resources Ltd; A$1.02bn takeover in 2011).
Project Locations
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 1 and Figure 2 and the location of the Octavo uranium project is shown in Figure 1 and Figure 3.
Click here for the full ASX Release
This article includes content from MOAB 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.
GTI Activities Report, June Quarter 2024
- Q3 Lo Herma resource drilling funded, now commenced
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm (Table 1)
- Green Mountain drilling permit lodged
- Board appointment - Ex-Head of Cameco Australia, Mr Simon Williamson
- Board appointment - Denver-based ISR uranium specialist, Mr Matt Hartmann
- $2.25 million placement completed, and $2.155 million rights entitlement offered to all shareholders and optionholders
- GTI accepted to membership of the Uranium Producers of America – the peak industry body in the US
LO HERMA ISR PROJECT
During the quarter the Company advised that planning for the 2024 field season in Wyoming has progressed well and permitting is now in place to facilitate drilling at Lo Herma during Q3.
The Lo Herma ISR Uranium Project (Lo Herma) is located in Converse County, Powder River Basin (PRB), Wyoming (WY). The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of five (5) permitted ISR uranium production facilities. Facilities include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities & Energy Fuels Nichols Ranch ISR plant. The PRB has extensive ISR production history with numerous ISR uranium resources, central processing plants (CPP) & satellite deposits (Figure 1).
During the quarter GTI contracted its preferred Wyoming-based exploration drilling contractor, experienced and licensed in the construction of water wells, for its 2024 drill program at Lo Herma. This has allowed GTI to lock in both contract rates and a schedule in what appears to be a busy 2024 drilling season in the uranium sector across Wyoming.
The planned 2024 drilling program at Lo Herma includes 76 drill hole locations of which up to 5 will allow for construction of groundwater monitoring wells. This next phase of exploration will be focused on expanding the resource areas and where possible, upgrading the current mineral resource classification. Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.
Click here for the full ASX Release
Rights Entitlement Offers Underwritten to $1.6M
GTI Energy Ltd (GTI or Company) advises it has today lodged a supplementary prospectus (Supplementary Prospectus) intended to be read with the prospectus dated 24 July 2024 (Prospectus) for the purposes of:
(a) reducing the issue price of New Shares offered under the Entitlements Issue Offer to $0.004 per New Share; and
(b) increasing the issue price of New Options offered under the Priority Option Offer to $ 0.001.
The changes have been made to comply with Listing Rule 7.11.2 so that the fraction of the issue price of New Shares and New Options complies with the price steps set out under the ASX Operating Rules.
Shareholders will be offered the opportunity to participate in a non-renounceable pro-rata rights entitlement offer of one (1) new share for every five (5) existing Shares, held by those Shareholders registered at the relevant record date, at an issue price of $0.004 per New Share to raise up to $2,039,957.67 (before costs), together with one (1) free attaching new option for every three (3) New Shares subscribed for and issued (Entitlement Issue Offer). Each new option will have an exercise price of $0.01 and entitle the holder to subscribe for one (1) new share before their expiry at 5:00 pm (WST), four (4) years from their date of issue (New Option).
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 $0.001 per New Option to raise up to $115,596.79 (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 the prospectus dated 24 July 2024 and subsequent Supplementary Prospectus 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.
Click here for the full ASX Release
Supplementary Prospectus
This is a supplementary prospectus (Supplementary Prospectus) which is intended to be read with the prospectus dated 24 July 2024 (Prospectus) issued by GTI Energy Limited (ACN 124 792 132) (Company).
This Supplementary Prospectus is dated 29 July 2024 and was lodged with the Australian Securities and Investments Commission (ASIC) on that date. Neither ASIC nor ASX take any responsibility as to the contents of this Supplementary Prospectus.
This Supplementary Prospectus should be read together with the Prospectus. Other than as set out below, all details in relation to the Prospectus remain unchanged. Terms and abbreviations defined in the Prospectus have the same meaning in this Supplementary Prospectus. If there is a conflict between the Prospectus and this Supplementary Prospectus, this Supplementary Prospectus will prevail.
The Company has issued electronic versions of this Supplementary Prospectus and the Prospectus. Electronic versions may be accessed at www.gtienergy.au.
This Supplementary Prospectus and the Prospectus are important documents that should be read in their entirety. If you are in any doubt as to the contents of this Supplementary Prospectus or the Prospectus, you should consult your stockbroker, lawyer, accountant or other professional adviser without delay.
Click here for the full ASX Release
Australian Government Denies Lease Renewal for Jabiluka Uranium Project
Australia's federal government has denied Energy Resources of Australia's (ASX:ERA,OTC Pink:EGRAF) application for a 10 year lease renewal for the Jabiluka uranium project, located in the Northern Territory.
The decision was announced in a July 26 press release by Mark Monaghan, the Northern Territory's minister for mining.
“The Federal Government advice, along with the wishes of the Mirarr people, were critical to this process and outcome,” he said, adding that stakeholder views were also considered in the decision.
Energy Resources, a subsidiary of major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), filed for the renewal in March of this year, hoping to extend the 42 year lease for another decade.
However, in May, the Northern Territory's government declared that a "reserved land" area would be established, preventing any applications for mineral title grants over the area at the end of the current lease.
The company's existing lease is due to expire on August 11 of this year.
Australia is a top producer of uranium, but the energy fuel is a contentious issue in the country. Uranium mining is only allowed in some areas, and at this time the country doesn't use nuclear power.
Energy Resources expressed disappointment with the decision and said it will assess its options. The company, along with Rio Tinto, previously said it wouldn't move forward without approval from the Mirarr Indigenous community.
The Australian Conservation Foundation said the federal government's choice is a “huge win” for traditional owners, as it separates the site from the “divisive era of uranium mining in Kakadu.”
“This is a responsible decision that ends the threat that has hovered over this very special place for four decades,” it states. The uranium deposit is beneath Kakadu National Park, a 20,000 square kilometre biodiverse nature reserve.
Opposition to mining at Jabiluka dates back to the late 1990s and early 2000s, when thousands of people travelled to the area to protest. The Mirarr have been active in speaking out against plans for the property this year as well.
Australia's federal government will now be in charge of decisions about the site, in consultation with key stakeholders.
Energy Resources was previously one of the nation’s largest uranium producers, operating Ranger, Australia’s longest continually producing uranium mine. Ranger ceased operations in 2021 after the traditional owners of the land it covers said they didn't support an extension to activity; Energy Resources is now rehabilitating the site.
According to the Financial Times, the cost of restoring the Ranger area now stands at more than AU$2 billion, but Energy Resources will run out of money by the end of the year if it doesn't raise funds.
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.
Transformational Acquisition of Portfolio of Advanced Uranium Assets Located in Tanzania
Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to announce that it has entered into a binding share sale agreement for the acquisition of 81.85% of the shares in Australian proprietary company Linx Resources Pty Ltd (Linx), 80% owner of certain mineral licenses comprising the Manyoni Uranium Project and the Octavo Uranium Project, both located in Tanzania.
HIGHLIGHTS:
- Moab is set to acquire 81.85% ownership of Linx Resources Pty Ltd, which boasts a diverse portfolio of advanced, large-scale uranium projects in Tanzania.
- The Asset portfolio includes the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources.
- The Octavo uranium project is adjacent to Rosatom’s world class Nyota Uranium Deposit (formerly ASX listed Mantra Resources Ltd; A$1.02bn takeover in 2011).
- Moab is committed to expediting exploration and development efforts across the Manyoni and Octavo projects.
- With approximately $3.2 million in cash and equivalents, Moab is well equipped to fund exploration and development initiatives.
The Manyoni and Octavo Uranium Projects
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 2 and the location of the Octavo uranium project is shown in Figure 3.
Figure 1. Location of Manyoni and Octavo Uranium Projects
Figure 2. Location of Manyoni Tenements
Figure 3. Location of Octavo Tenement
Tenement Information
The Manyoni and Octavo tenements are Prospecting Licences that are granted for an initial period of 4 years, renewable for further periods of 3 years and then 2 years.
Click here for the full ASX Release
This article includes content from MOAB 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.
Quarterly Activities Report - For Period Ended 30 June 2024
C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to provide an overview of activities for the period ending 30 June 2024 (the “Quarter”, the “Reporting Period”) to accompany the Appendix 5b.
June 2024 Quarter Activities
- The Company approved the acquisition of the Ulytau Uranium Project in Kazakhstan
- Subsequent to the quarter two additional license applications were lodged for the surrounding areas of Ulytau Uranium Project – combined size of the tenement application is ~252km2
- Exploration drilling approvals for Ulytau Uranium Project progressed during the Quarter
- Tranche 2 Placement completed – C29 raised $1.93m in the current quarter (before costs)
- Extraordinary General Meeting of Shareholders held on the 6 May 2024, with all resolutions carried by vote
- Appointment of Chief Financial Officer and Company Secretary, Ms Ailsa Osborne
- Appointment of Company’s Geological Competent Person, Mr Alan Marlow
Commenting on the Quarter, C29 Metals Managing Director, Shannon Green, stated: “The June Quarter of 2024 was transformational for C29, seeing us approve the acquisition of a new Uranium asset in Kazakhstan – the world’s top Uranium producer.
The Ulytau Uranium Project, situated near Lake Balkhash and close to the well-known Bota-Burum Mine, presents a new opportunity for C29 to to explore in a world leading Uranium production region , as well as the cornerstone for our ambitious growth strategy.There was a fantastic effort by the C29 team to bring the acquisition across the line, and we have already sought to expand our reach in the region with two new applications going in for surrounding areas with a combined size of approximately 252km2 to the northeast and southeast of Ulytau.
We were also pleased to have had the opportunity to consult with the local community in the village of Aksuyek, who have shown their support for the Companys proposed exploration programs. A social support agreement was signed on the 9 July 2024 with the district government providing the framework for the Company to assist the village of Aksuyek with projects aligned to the social development of the community.
At the same time, back home following a General Meeting, we saw a successful capital raise to assist as we start our exploration project at Ulytau, where the resource is open in almost all directions.”
Media, Marketing and Investor Roadshows
During the quarter the Company undertook extensive investor roadshows and marketing campaigns encompassing presentations across the country and internationally including the Singapore Future Facing Commodities Conference held at the end of March 2024 and the Sydney Resource Round-up held in April 2024. The Company is committed to promoting stakeholder engagement, this commitment extended beyond the quarter attending the Noosa Mining Investor conference in July 2024.
Corporate
As at 30 June 2024, the Company held cash on hand of $2.233m.
The Company raised $1.93 million in the current quarter (before costs) via a placement of shares at 7 cents per share.
Click here for the full ASX Release
This article includes content from C29 Metals 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.
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