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#TM1 Technology Minerals – UK EV battery recycling hots up with Technology Minerals
15 years from now, it is estimated there will be some 250,000 tones of spent EV battery packs, and they all have to go somewhere.
Thankfully, EV batteries aren’t nuclear waste; we can recycle them to extract raw materials and reuse those materials to make more batteries.
Like the plastic trays and milk bottles you throw in the bin, used EV batteries are recycled to separate the useful minerals from the chaff. This not only reduces our dependency on virgin materials but slashes carbon emissions in the supply chain.
The recycling process shreds the EV batteries, creating a black mass, which consists of high amounts of lithium, manganese, cobalt, and nickel metals. Those metals are refined further to create a fresh supply of rare and uncommon metals.
Battery recycling for electric vehicles includes both the main battery pack and the 12V battery, which can be lead-acid or lithium-ion.
The ultimate goal is to create a closed-loop manufacturing process. In November, Northvolt announced the world’s first 100% recycled EV battery.
UK EV battery recycling
In the UK, battery recycling facilities are relatively common, but facilities that recycle EV batteries are not. You see, EV batteries are enormous, and they have a different chemical composition to the batteries in your smartphone, requiring different recycling and refinement processes. The process is expensive and difficult.
Technology Minerals PLC, a British company, aims to change this as the UK’s first listed company to create a circular economy in the battery metals sector.
They aim to achieve this with proprietary recycling technology and a partnership agreement with a leading hazardous waste company, working closely with them to design and develop recycling facilities that can recycle EV batteries at scale.
The deal will see Recyclus Group, a 49% Technology Minerals owned company, partner with hazardous waste management and service delivery provider Slicker Recycling. The partnership will boost recycling output for lithium-ion batteries with a high level of refinement, preserving the quality of the extracted metals with great efficiency.
“There is a clear demand building as a result of this quantum shift to electrification,” says Alex Stanbury, CEO of Technology Minerals.
“We are focused on extracting raw materials required for lithium-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers.”
The demand for electrification is only going to increase, and we have to come to terms with the battery waste this will create.
The move by Technology Minerals is the first of its kind in the UK and a welcome step in the right direction for EV battery recycling.
#KAV Kavango Resources – Option to acquire up to 51.15% of Molopo Farms
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce it has entered an exclusive, three month option (the “Option”) to acquire 85.23% of Kalahari Key Mineral Exploration Proprietary Limited (“KKME”) in a proposed all share-transaction (the “Proposed Acquisition”). Kavango can exercise the option at its sole discretion.
KKME is a privately owned company, which currently owns 100% of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively known as the “Molopo Farms Project” (“MFP”). KKME holds no other interests and is debt free. Power Metal Resources plc (LSE:POW – “Power Metal”) has an effective 40% project in the MFP, which it will convert into equity on a pro-rated basis in KKME should the Proposed Acquisition complete.
Following the Proposed Acquisition, Kavango would hold an interest of between 50.74% and 51.15% in KKME, Evrima Plc (“Evrima” – a currenty shareholder in KKME) would hold between 9.26% and 8.86% of KKME and Power Metal would own the remaining 40%. Power Metal and Evrima intend to retain their shares in KKME and will continue as project partners. Kavango would be the operator.
Rather than pay an option fee, Kavango will complete a work programme on the MFP (the “Work Programme”). This will enable the Company to complete technical due diligence, including fieldwork, prior to deciding whether to exercise the Option. As part of the Work Programme, Kavango will perform a review of all geological and geophysical data gathered from previous exploration of the MFP.
Highlights
Ø About the Molopo Farms Project:
– KKME owns 60% of the MFP, which is a Nickel/Copper/Platinum Group Elements (“PGEs”)exploration project in sourthern Botswana
– The MFP covers 1,723km2
– Exploration targets lie under Kalahari Cover
– Primary exploration strategy led by advanced geophysics
– Spectral Geophysics (“Spectral”) historically engaged to complete surface surveys
– KKME drilled 3 boreholes in October 2020 (“Targets 1, 2 & 3”), each of which encountered ultramafic rocks
– Nickel sulphides were identified in Borehole K1-6 (“Target 2”)
– Power Metal to continue as project partner, with a 40% stake in the MFP
Ø The Work Programme will commence immediately, to include:
I. Spectral to perform a single “moving loop” survey over Target 1
II. Kavango to perform soil geochemical analysis over Target 2
III. Kavango to cut cores and send select samples from Target 3 for assay testing
IV. Kavango to create a unified regional 3D model of MFP using all available borehole data
V. Kavango to send thin sections of core samples, taken from Targets 1, 2 & 3, for university analysis
VI. Kavango to contract Bell Geophysics to perform gravity data analysis over the northern part of the MFP
Ø Acquisition Terms, should the Company exercise the Option:
– Value of the Proposed Transaction estimated to be between £1.17m & £1.875m (payable in stock), depending on the performance of Kavango’s share price
– The Company anticipates closing the Proposed Transaction through the issue of 21,307,500 shares, pro-rated, to certain KKME shareholders (the “Vending Shareholders”) at an issue price of 5.5p (the “Acquisition Shares”), valuing KKME at £1.375m
– Half the Acquisition Shares will be locked in for 6 months & the other half locked in for 12 months
– Kavango to issue 1-for-1 two-year warrants to the Vending Shareholders on the same terms as the 05 July placing (the “Acquisition Warrants”). The Acquisition Warrants are transferrable between the Vending Shareholders.
Ø Kavango CEO Ben Turney will host a live shareholder webinar via Twitter Spaces through the Company’s Twitter account at 1900GMT on Monday 29 November to discuss the Proposed Acquisition and how it fits with Kavango’s strategy (visit https://twitter.com/KavangoRes or use the handle @KavangoRes for more information)
Ben Turney, CEO of Kavango Resources, commented:
“Our vision is to build a world-class minerals exploration firm in Botswana. Our business model is based on making multiple, large-scale metal discoveries, which we can sell to major international mining firms.
Over the course of this year we’ve recruited senior technical staff, deployed the latest technologies into the field, invested heavily in our local operations and significantly increased exploration activity. The Kavango team has now put in place a strong foundation, upon which we can confidently grow the company.
The next important element in our strategy is to have a pipeline of high-quality projects we can acquire or earn into. In this respect, Molopo Farms could be a perfect fit. The fact that our close strategic partners, Power Metal Resources and Spectral Geophysics, are already heavily involved is potentially a big advantage. We look forward to working with Evrima too.
The terms of the deal are also appealing. An all-share transaction makes sound commercial sense, enabling us to preserve cash resources to use in the field. The structure of the Work Programme Option, means we can immediately start moving the project forward, while also performing detailed due diligence,
I look forward to reporting on our progress. “
About the Molopo Farms Project
KKME is a privately owned company, which owns 100 per cent of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively known as the “Molopo Farms Project” (“MFP”). The MFP is highly prospective for Nickel/Copper/PGE deposits and covers 1,723km2 . All exploration targets lie under Kalahari Cover. The primary exploration strategy is the use of advanced geophysical surveys, data interpretation and modelling to identify drill targets.
Power Metal Resources (LSE:POW) owns 40 per cent of the MFP earned by financing part of the exploration work.
Evrima Plc currently owns 15.43% of KKME, which will dilute to an interest of between 9.26% and 8.86% on completion of the Acquisition.
KKME has engaged Spectral Geophysics to conduct geophysical surveys over the MFP. Spectral has specialist knowledge and expertise in mapping subsurface geology beneath Kalahari cover. Kavango separately entered into a strategic partnership with Spectral on 20 April 2021, for the Company’s Kalahari Suture Zone (“KSZ”) Project. The exploration challenges in the KSZ and MFP are notably similar.
In October 2020 KKME completed an initial drill campaign, which targeted three separate geological structures, with one borehole in each (Targets 1, 2 & 3).
Drilling at Target 1 appears to have closely missed the main conductive anomaly, but Kavango’s team is encouraged by geophysical survey data. Spectral Geophysics will complete a “moving loop” survey over Target 1, with the aim of producing a more defined model of the conductive target.
Core retrieved from Target 2 (“Hole K1-6”) contains visible nickel sulphides. A soil-sampling programme over Target 2 has been designed to test the surface extent of any possible underlying mineralisation, with a view to preparing future follow-up drilling.
The latest assay results from Hole K1-6 can be viewed in the announcement made by Power Metal on 24 September 2021 below;
Cores from Target 3 will be cut and sent for laboratory testing at the University of Witswatersrand.
The Work Programme Option
In return for being granted the Option, Kavango proposes to complete the following work programme (the “Work Programme”)
I. Spectral to perform a single “moving loop” survey over Target 1, to be paid for by Kavango
II. Kavango to perform soil geochemical analysis over Target 2. KKME to provide details of an outline soil-sampling programme, to be signed off by Kavango’s Exploration Manager. Kavango to provide a maximum of 2 teams for a maximum of 1 calendar month to perform the soil sampling programme.
III. Kavango to arrange for the remaining core from Target 3 to be cut and sent for analysis. KKME to provide confirmation of the quote received for lab analysis
IV. Kavango to input the regional borehole data from Targets 1, 2 & 3 into a unified 3D model. KKME has indicated this data is in Microsoft Excel. KKME to provide Kavango with said data.
V. Kavango to send thin sections of core samples taken from the 3 bore holes drilled at Targets 1, 2 & 3 for university analysis
VI. Kavango to fund a contract agreed with Bell Geophysics for a reinterpretation and inclusion of gravity data for the northern part of the licence block
In the event that Kavango does not exercise the Option, Kavango may elect to turn over to KKME all data gathered from the Work Programme, which will then become the property of KKME.
Proposed Acquisition Terms
The Option has a 3-month term, valid commencing 25 November 2021, which gives Kavango the exclusive right (at its sole discretion) to acquire between 50.74% and 51.15% of the fully diluted share capital in KKME from the Vending Shareholders, in exchange for:
– 21,307,500 million shares in Kavango, issued at a price of 5.5p per share and credited as fully paid, with half the shares subject to a 6-month lock-in and half the shares subject to a 12-month lock-in (the “Acquisition Shares”)
– If at the time of exercising the Option, the Kavango share price has traded below 5p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Lower Price”), then Kavango will issue £1,170,000 worth of shares at the Lower Price to the Vending Shareholders.
– If at the time of exercising the Option, the Kavango share price has traded above 8.8p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Upper Price”), then Kavango will issue £1,875,000 worth of shares at the Upper Price to the Vending Shareholders.
– 1-for-1 two-year warrants exercisable at 8.5p per share, which are subject to an acceleration clause, whereby if the Company’s shares close above 17p for 5 trading days, the Company may write to warrant holders at any time providing 10 working days’ notice of accelerated exercise, with 10 working days thereafter for payment (the “Acquisition Warrants”)
– Kavango will issue the Acquisition Shares and Acquisition Warrants directly to the Vending Shareholders, prorated in their respective allocations
– The Acquisition Warrants will be transferable between KKME shareholders, with the written permission of Kavango
– No cash fee is payable in connection with the Option
Upon Option exercise:
Kavango will, if necessary, issue a prospectus as soon as is practicable and (if Kavango considers the same to be necessary or desirable) call a general meeting to seek shareholder approval for the Proposed Transaction, should Kavango exercise the Option.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#POW Power Metal Resources – Kavango Option – Kalahari Key Botswana
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a 3 month option has been signed (the “Option”) whereby Kavango Resources plc (LON:KAV)(“Kavango”) may acquire up to 51.15% of the issued share capital of Kalahari Key Mineral Exploration Pty Limited, Botswana (“Kalahari Key”) (“KKME”) (the “Acquisition”).
Kalahari Key, which would be restructured on Option exercise as outlined below, currently has an effective 60% interest in the Molopo Farms Complex Project (the “MFC Project” or the “Project”) after Power Metal completed the earn-in to an effective 40% direct Project interest announced 22 April 2021 (the “Earn-In”).
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“It has been clear for some time that the ownership structure of Kalahari Key needed to be streamlined and that we needed to ensure a heightened level of operational efficiency on the ground in Botswana.
We are therefore pleased to see Kavango demonstrate an interest in the MFC Project through this Option announced today which helps achieve both outlined objectives.
Power Metal has an existing working relationship with Kavango in the Kanye Resources joint venture covering a number of projects in Botswana and we are confident that should Kavango exercise the Option, we look forward to a positive working relationship with them as MFC Project partners going forward.
Notably the Option fee is covered by an immediate Option work programme that will provide valuable additional information about the MFC Project and whatever the Option outcome will move the Project considerably forward from a technical perspective.
We believe that the MFC Project is a considerable opportunity based on real world evidence already secured from Project exploration to date, including assay samples of up to 1.7% nickel sulphides in the second drill hole, KKME1-6. Now is the time to accelerate the MFC Project and we look forward to getting on with that.”
TRANSACTION HIGHLIGHTS
Should Kavango exercise the Option it will acquire the majority of Kalahari Key shares in issue including the 5,313 shares currently held by Power Metal, but excluding the 3,802 shares held by one shareholder, Evrima plc (LON:EVA).
Power Metal will retain its 40% Project interest secured through the Earn-In. This interest will not be at Project level, but through a 40% shareholding in Kalahari Key which will be restructured following the Kavango Option exercise.
Following Option exercise and restructuring the new ownership structure of Kalahari Key is expected to be as follows:
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Kavango Resources |
51.15% |
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Power Metal Resources |
40.00% |
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Evrima Plc |
8.85% |
CONSIDERATION RECEIVABLE BY POWER METAL
On Option exercise Power Metal will sell its 5,313 Kalahari Key shares to Kavango and will receive Kavango new ordinary shares of 0.1 pence each (“Kavango Shares”) and warrants with an exercise price of 8.5p and a life to expiry of 2 years (“Kavango Warrants”).
The number of Kavango Shares to be paid is variable and dependent on the price of Kavango Shares at the time of Option exercise – but Power Metal expects to receive as payment approximately 5,162,500 Kavango Shares equating to disposal consideration of between £283,938 (at 5.5p per Kavango Share) and £454,300 (at 8.8p per Kavango Share), plus 5,162,500 Kavango Warrants.
Further detailed consideration terms are provided below.
THE KAVANGO OPTION WORK PROGRAMME
In return for being granted the Option, Kavango proposes to complete the following work programme at the MFC Project (the “Work Programme”):
I. Spectral to perform a single “moving loop” survey over Target 1, to be paid for by Kavango.
II. Kavango to perform soil geochemical analysis over Target 2. KKME to provide details of an outline soil-sampling programme, to be signed off by Kavango’s Exploration Manager. Kavango to provide a maximum of 2 teams for a maximum of 1 calendar month to perform the soil sampling programme.
III. Kavango to arrange for the remaining core from Target 3 to be cut and sent for analysis. KKME to provide confirmation of the quote received for lab analysis.
IV. Kavango to input the regional borehole data from Targets 1, 2 & 3 into a unified 3D model. KKME has indicated this data is in Microsoft Excel. KKME to provide Kavango with said data.
V. Kavango to send thin sections of core samples taken from the 3 bore holes drilled at Targets 1, 2 & 3 for university analysis.
VI. Kavango to fund a contract agreed with Bell Geophysics for a reinterpretation and inclusion of gravity data for the northern part of the licence block.
In the event that Kavango does not exercise the Option, Kavango will turn over to KKME all data gathered from the Work Programme, which will then become the property of KKME.
TRANSACTION HIGHLIGHTS
– Kavango has signed a 3 month Option commencing 25 November 2021 to acquire all the shares of Kalahari Key excluding the 3,802 shares which will be retained by existing holder Evrima plc.
– On a fully diluted basis Kalahari Key will have 25,733 shares in issue (assuming 1,100 Kalahari Key share options are exercised) and, assuming all Kalahari Key options are exercised, 21,931 Kalahari Key shares would be acquired by Kavango.
– Power Metal holds 5,313 shares (or 20.65% of Kalahari Key on a fully diluted basis, or 24.23% excluding the Evrima holding) and this Power Metal holding will be sold to Kavango as part of the transaction.
– Following Option exercise the capital structure of Kalahari Key will be restructured.
– Power Metal will exchange its 40% direct MFC Project interest for a 40% shareholding in the restructured Kalahari Key.
– Following Option exercise and restructuring the new ownership structure of Kalahari Key will be as follows:
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Kavango Resources |
51.15% |
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Power Metal Resources |
40.00% |
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Evrima Plc |
8.85% |
– The Option has been secured by Kavango in exchange for completion of a Kavango funded defined Option exploration work programme at the MFC Project.
– The consideration for the Acquisition will be satisfied through the issue of new ordinary shares of Kavango (“Kavango Shares”) at a price to be determined as detailed further below and the grant of Kavango warrants with an exercise price of 8.5p each with a 2-year life to expiry (the “Consideration”).
– Should Kavango exercise the Option the number of Kavango Shares to be issued is variable. However, should the Kavango price remain in the range of 5.0p to 8.8p, the Consideration will comprise 21,307,500 Kavango Shares and 21,307,500 Kavango Warrants. Full details of the calculation method is outlined below.
– The Consideration value is between £1,170,000 and £1,875,000 (dependent on the price of Kavango Shares at the time the Option is exercised), plus the value of the Kavango Warrants awarded.
– Should Kavango exercise the Option, on a fully diluted basis as described above, and assuming the share price of Kavango remains in the 5.0 – 8.8p range Power Metal expects to receive 5,162,500 Kavango Shares equating to disposal consideration of between £283,938 (at 5.5p per Kavango Share) and £454,300 (at 8.8p per Kavango Share). In addition Power Metal expects to receive 5,162,500 Kavango Warrants as described above.
– Should the Kavango share price on a volume weighted average share price in the ten days prior to the Option exercise fall below 5.0p or rise above 8.8p the number of Kavango shares to be issued would change but the Consideration value would remain unchanged. Please see below for further information in respect of the disposal consideration and the calculation of Kavango Shares and Kavango Warrants that could be issued.
– Further transaction information is available below and in the Kavango market news announcement released today and below.
CONSIDERATION SHARES/WARRANTS CALCULATION
The Option has a 3-month term, valid commencing 25 November 2021, which gives Kavango the exclusive right (at its sole discretion) to acquire 100% of the fully diluted share capital in KKME, in exchange for:
– 21,307,500 million Kavango Shares, issued at a price of 5.5p per share and credited as fully paid, with half the shares subject to a 6-month lock-in and the remaining shares subject to a 12-month lock-in, both from the Option exercise date (the “Acquisition Shares”).
– If at the time of exercising the Option, the Kavango share price has traded below 5p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Lower Price”) in the ten trading days immediately preceding the Option exercise date, then Kavango will issue the Acquisition Shares at the Lower Price for a total consideration of £1,170,000.
– If at the time of exercising the Option, the Kavango share price has traded above 8.8p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Upper Price”) in the ten trading days immediately preceding the Option exercise date, Kavango will issue Aquisition Shares at the Upper Price for a total consideration of £1,875,000.
– 1-for-1 two-year warrants exercisable at 8.5p per new Kavango Share, which are subject to an acceleration clause, whereby if Kavango’s shares close above 17p for 5 trading days, Kavango may write to warrant holders at any time providing 10 working days’ notice of accelerated exercise, with 10 working days thereafter for payment (the “Acquisition Warrants”).
– Should Kavango exercise the Option, on a fully diluted basis as described above, and assuming the share price of Kavango remains in the 5.0 – 8.8p range Power Metal expects to receive 5,162,500 Kavango Shares equating to disposal consideration of between £283,938 (at 5.5p per Kavango Share) and £454,300 (at 8.8p per Kavango Share). In addition Power Metal expects to receive 5,162,500 Kavango warrants as described above.
– Kavango will issue the Acquisition Shares and Acquisition Warrants directly to KKME shareholders, pro-rated in their respective allocations.
– The Acquisition Warrants will be transferable between KKME shareholders, with the written permission of Kavango.
– Kavango will complete the Work Programme in exchange for the Option
MOLOPO FARMS PROJECT – FURTHER INFORMATION
– KKME has a 60% interest in the MFC Project, which is a nickel/copper/platinum group elements exploration project located in southern Botswana
– The MFC Project covers 1,723km2
– Exploration targets lie under Kalahari Cover
– Primary exploration strategy led by advanced geophysics
– Spectral Geophysics (“Spectral”) historically engaged to complete ground-based surveys
– KKME drilled 3 boreholes in October 2020 (“Targets 1, 2 & 3”), each of which encountered ultramafic rocks
– Magmatic nickel sulphides were identified in Borehole K1-6 (“Target 2”; https://www.londonstockexchange.com/news-article/POW/botswana-molopo-farms-complex-further-assays/15148836
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#KAV Kavango Resources – KCB: MoU to accelerate 90% ownership of the LVR JV
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Company has signed a Memorandum of Understanding (“MoU”)to accelerate its 90 per cent (“90pc”) ownership of the LVR Joint Venture (the “LVR JV”) in the Kalahari Copper Belt (the “KCB”).
The LVR JV incorporates prospecting licences PL082/2018 & PL 083/2018, which cover 1,091km2 of prospective ground the KCB (the “Project”). Under the original terms of the LVR JV, the Company had been earning into 90pc ownership of the Project, through a pre-agreed spending programme.
However, results from field exploration have increased the Company’s confidence in the Project. Consequently, Kavango made a proposal to LVR GeoExplorers (Pty) Ltd (“LVR”) to accelerate its 90pc ownership.
Kavango and LVR have now signed the MoU to the effect that in return for Kavango taking an immediate 90pc stake in the LVR JV, the Company will issue to LVR 2,000,000 Ordinary Shares (at an issue price of 5.5p per share) and 2,000,000 warrants, exercisable at 8.5p per share for a period of two years (the “Warrants”)
The Warrants are subject to an acceleration clause, whereby if the Company’s shares close above 17p for 5 trading days, the Company may write to warrant holders at any time providing 10 working days’ notice of accelerated exercise, with 10 working days thereafter for payment
Kavango CEO Ben Turney will host a live shareholder webinar via Twitter Spaces through the Company’s Twitter account at 1900GMT on Monday 29 November to discuss the 90pc ownership acceleration in the LVR JV and how it fits with Kavango’s strategy (visit https://twitter.com/KavangoRes or use the handle @KavangoRes for more information)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The LVR JV is perhaps our “forgotten” project. However, this does not reflect the exploration potential of the two prospecting licences held within it. PL082 is particularly encouraging, with what appears to be a conductor target, analogous with the Banana Zone deposit on the other side of Ghanzi Ridge.
To simplify the JV arrangement and accelerate our direct 90% direct interest in the joint venture, we made an offer to LVR GeoExplorers, which I am very happy to report they accepted. Since Kavango was already going to carry significant exploration expenditure under the original terms of the earn-in, doing this deal at this stage makes sense.
We now need to finalise the terms described in the memorandum of understanding to conclude the deal. In the meantime, field work will continue across both prospecting licences and we expect to release further updates in the near future. “
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#POLB Poolbeg Pharma – Shares Spotlight
Take a look at this issue of shares spotlight which features Poolbeg Pharma on page 14-15.
#POW Power Metal Resources – FDR – Paterson Region Update
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, provides an update to shareholders in respect of its interests in the Paterson Region of Western Australia (the “Paterson Interests”).
The Paterson Interests are held by First Development Resources Limited (“FDR”) which now has a 100% interest in local Australian operating company First Development Resources Pty Limited (“FDR Australia”). FDR Australia’s licence interests are outlined below.
Power Metal has an effective interest of 83.33% in FDR, with a 16.67% effective interest held by the shareholders of URE Metals Pty Limited (“URE”) which was acquired outright by FDR in an all share purchase announced on 19 November 2021. Further details of the acquisition of URE and its uranium and rare earths interests may be viewed in the Company’s announcement:
HIGHLIGHTS
– Completion of the 100% acquisition of FDR Australia, the Australian operating company with the Paterson Region interests.
– Braeside West Licence application (E45/5854), covering 137km2 of strategic ground neighbouring Rumble Resources, now granted.
– Heritage Agreements with Native Title Holders signed across Paterson Region properties.
– Planning for deep drill programmes progressing well at the Wallal Project focused on magnetic bullseye targets.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“We now hold granted licences across all Paterson Region properties and have fully completed the acquisition of the local operating company. Combined, the five granted licences represent a significant opportunity for a major discovery.
Our technical work continues in parallel to define drill targets including those within the Wallal triple licence package where we are investigating drill targets with interpreted geological and geophysical similarities to the Paterson Havieron discovery.
The aim of our work is to expedite the route to drilling of key targets, and further information with regard to our plans will be released in the near term.”
PATERSON REGION PROJECTS – BACKGROUND
FDR Australia holds the following exploration licence interests:
Wallal Project (Wallal Main-E45/5816 – 390km2 – granted), (Wallal West 1-E45/5853 96km2 – granted) and (Wallal West 2 – E45/5880 86km2 – granted).
A comprehensive desktop study completed by the Company over the Wallal Project identified three prospective magnetic bullseye targets. These include the Western, Eastern and Border anomalies which, based on geophysical interpretation, have estimated dimensions of 5km x 5km, 2.5km x 2.5km and 1km x 1km respectively.
Further analysis has determined that the Eastern and Border anomalies are located at depths similar to Greatland Gold’s Havieron discovery. Greatland Gold’s Havieron was discovered by blind drilling a magetic bullseye anomaly through circa. 420m of post-mineral sedimentary cover.
The latest exploration update focused on the Wallal Project and released by the Company on 13 September 2021 may be viewed through the following link:
Braeside West Project (E45/5854 – 137km2 – one granted licence)
In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources has enhancesd the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 – 42km2 – one granted licence).
The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic expooration data is currently underway over the Project.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Alan Green discusses news released by #ESC Escape Hunt, #DEST Destiny Pharma & #KDR Karelian Diamonds on the Vox Market Podcasts
Alan Green discusses news released by #ESC Escape Hunt, #DEST Destiny Pharma & #KDR Karelian Diamonds on the Vox Market Podcasts
#KAV Kavango Resources – Drilling commencement & upgraded target motivation
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce commencement of drilling of the Company’s B1 Conductor Target (the “B1 Conductor”, announced 02 July) with Hole KSZDD002.
The B1 Conductor is a cross-formational, strongly conductive geophysical anomaly that has a conductance reading of 8,200 Siemens. Part of Kavango’s exploration model in the Kalahari Suture Zone (“KSZ”) is based on identifying sub-surface conductors with conductance readings greater than 1,000 Siemens. According to the Company’s model, the B1 Conductor is 475m by 550m in size, exhibits a decay constant in excess of 350ms and dips at a 60-degree angle.
Conclusion – Kavango believes the position, size, shape, orientation and conductance of the B1 Conductor suggest this target may have the potential to be a large-scale, Karoo-age nickel/copper/platinum group element (Ni/Cu/PGE) mineralisation.
Objective – Hole KSZDD002 has been designed to intersect the B1 Conductor, to give us the best possible information from a single hole regarding the presence or otherwise of metal sulphides (or whatever else could be the source of such a highly conductive zone).
Drill Motivation – The B1 Conductor was identified through two surface Time Domain Electromagnetic (“TDEM”) surveys, performed by the Company’s strategic partner Spectral Geophysics (“Spectral”) in Q2 this year.
The Company believes the B1 Conductor was emplaced within a Karoo gabbro, which sits above the “Great Red Spot” magnetic anomaly, at a depth of 550m from surface. Lithological logging of the core from Hole KSZDD001 (announced 16 November) shows a thick 70m Karoo gabbroic sill is at a similar depth to the B1 Conductor. KSZDD001 was drilled 1km away from the collar location of KSZDD002.
If Kavango is correct about the nature of the possible relationship between the B1 Conductor and the local Karoo gabbro intrusive, this would suggest the B1 Conductor may have been emplaced during the Karoo (c.180 million years ago), by a magmatic event that intruded the existing flat lying Karoo sediments.
Preliminary structural interpretations, combining the geology intersected in KSZDD001 with updated inversion models of the “Great Red Spot” magnetic anomaly, indicate that Karoo aged intrusives may have intruded upwards along structures that controlled the emplacement of the underlying Proterozoic gabbros (c.1.1 billion years ago). One of these structures could be the host lithology of the B1 Conductor.
Kavango’s updated inversion model of the Company’s aeromagnetic data indicates that the 60-degree dip of the B1 Conductor is aligned directly towards one of flanks of the magnetic high of the underlying Great Red Spot.
The Company is currently exploring the possibility that the Great Red Spot area has potential to host two separate, distinct mineralised systems; one younger Karoo-age system (prospective for Ni/Cu/PGEs), and another older Proterozoic-age system (mineralisation model in the process of being confirmed). Kavango anticipates that drill core from Hole KSZDD002 should help it test its theory of the potential for a stacked exploration play in this area.
Kavango expects to drill Hole KSZDD002 to a depth of 650m.
Risk Assessment – Kavango has already paid the cash element of the drilling costs for Hole KSZDD002, with the balance to be paid in stock. The Company’s working capital position is £2.1million. The Company is confident the outcome of Hole KSZDD002 will have no bearing on its planned other work programmes in 2022 in the KSZ, the Kalahari Copper Belt or Ditau.
To date Kavango has only performed nine surface TDEM surveys across the northern “Hukuntsi” section of the KSZ. From results gathered so far, the Company is convinced this geophysical technique is the right technology to identify future conductive Ni/Cu/PGE drill targets, should they exist within drilling range.
Kavango’s geophysical team is in the process of drawing up a phased campaign of follow up TDEM and downhole electromagnetic (“DHEM”) surveys over the Great Red Spot and Target Area A. If successful, the Company will then roll this campaign out to other target areas in the KSZ. The objective will be to identify conductor targets at representative depths of potential Karoo-age gabbros (searching primarily for possible Ni/Cu/PGE deposits) and conductor targets set within Proterozoic-age gabbros (searching both for possible Ni/Cu/PGE deposits & an alternative as yet unspecified mineralised deposit model that fits the increasing range of geological and geophysical data Kavango has obtained).
Kavango’s geophysical team is in the process of drawing up a phased campaign of follow up TDEM and downhole electromagnetic (“DHEM”) surveys over the Great Red Spot and Target Area A. If successful, the Company will then roll this campaign out to other target areas in the KSZ. The objective will be to search for conductive targets that primarily fit a Ni/Cu/PGE deposit model, at the depths of both Karoo-age gabbros and the deeper Proterozoic-age gabbros.
Further, Kavango has obtained geological and geophysical evidence for an alternative, and as yet unspecified, mineralised deposit model in the Proterozoic.
Hole KSZDD002 is the fourth borehole of the current KSZ drilling campaign. Despite its status as an extremely high priority target, Kavango left drilling of the B1 Conductor until last, to enable the Company to learn as much about the local ground conditions and stratigraphy as possible. Kavango is aware of the challenges posed by drilling in this area and has, in collaboration with Equity Drilling & Mindea Exploration and Drilling Services (Pty), made a number of changes to the engineering design of Hole KSZDD002.
As with other boreholes in this year’s KSZ drill campaign, the priority of Hole KSZDD002 is to reach target depth and recover as much drill core as possible for future analysis. However, given what is known about the structural composition of commercial Ni/Cu/PGE ore bodies (i.e. they can be relatively discrete and exist in clusters), Kavango is mindful of the importance of being able to conduct DHEM on this hole. The Company has taken steps to maximise its chances of being able to complete DHEM on Hole KSZDD002, but is aware the precise geology of the rock formations the drill will encounter is unknown at this stage. This geology has the potential to limit the ability to carry out full a DHEM survey.
Latest Update – Drilling commenced on Friday 19 November, in 12-hour double shifts. By the end of the night shift on Monday 22 November Hole KSZDD002 was 60.79m
Online Presentation and Shareholder Q&A
Kavango Chief Executive Ben Turney and Consulting Geophysicist Jeremy Brett will present the Company’s latest interpretations of the B1 Conductor at the Proactive One2One Forum on 25 November at 1800GMT. To participate in this event please visit the following link:
https://event.webinarjam.com/register/1344/lxxzghmzw
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“This is the most important exploration hole ever drilled in the Kalahari Suture Zone.
It is up to the drillers and our team on the ground to deliver another successful hole. They’ve all done fantastic work for us already this year and I hope their efforts are richly rewarded.
On a personal note, I am particularly encouraged by the B1 Conductor crosscutting the flat-lying Karoo formation sediments. The fact our modelling suggests it dips towards the Great Red Spot’s probable intrusive centre could prove to be significant. If our theory is correct, vast amounts of Karoo-age magmas could have exploited the same pathways to surface as the Proterozoic magmas c.920million years before. Such conditions could well have led to the creation of Ni/Cu/PGE sulphide ore bodies.
The only way to test this theory is to drill the B1 Conductor. With its 8,200 Siemens modelled conductance reading and probable position within Karoo-age gabbro, it could be Ni/Cu/PGE mineralisation.
However, as optimistic as we feel, it is premature to get too excited. Although we believe the B1 Conductor holds considerable potential, which we may be able to identify through Hole KSZDD002, we have not gambled Kavango’s future on its outcome.
We’ve already paid the cash element for drilling upfront and have £2.1million in working capital. This will see us comfortably through our next phases of exploration across our project portfolio, including drilling targets in Ditau and the Kalahari Copper Belt. With over 15,000km2 of highly prospective ground to cover and the series of strong hires we’ve made over recent months, Kavango is well positioned to make multiple metal discoveries.
In terms of this drill, all I can do now is wish everyone the best of luck. I hope it works out for all of us.”
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#MNRG MetalNRG Plc – Goldridge Update
MetalNRG (LON:MNRG), the natural resources and energy investment company, announces an update on its Arizona based Gold project, GoldRidge.
Following on from our previous announcement, regarding GoldRidge on 6th September 2021, in which we gave an overview of work completed, Bart Stryhas Phd CPG, the Company’s Senior Geologist, has made solid progress on the project.
In preparation for site work in Q4, MetalNRG’s project team has acquired 35 new additional and extremely relevant, public domain documents describing historic mining operations and geologic descriptions of several previously un-recorded mines located within the ownership of the GoldRidge property. This new information hosts a large portion of the data and information that our planned site work was originally designed to obtain and, as a result, we are now able to accelerate to the next phase of work.
A 1940 Master’s Thesis on the Dives Mine, which also host details of the Gold Ridge Mine, has provided considerable insight on the structural geology of the operations.
Data and information were also obtained for the First Chance Mine, Arizona Klondike Mine, Leroy Mine and Elma Mine all owned by MetalNRG.
This new detail is being incorporated into the current geologic and structural model of the project rather than completing repetitive site work.
Work will now be directed toward initiating the soil geochemical sampling program at the project. MetalNRG’s Mining Consultants based in the U.S.A have been contracted to collect more than 1000 samples on a 75m grid spacing.
The reports have help us focus our next phase of work which will cover the South-eastern portion of the claim block where most of the historic mining has occurred.
The soil exploration will provide detailed, multi-element chemical analysis which will be instrumental in refining the mineralogic and structural interpretation of the project. Work is expected to commence shortly and be completed by the beginning of Q1 2022, with results anticipated for late Q1 2022.
Chief Executive, Rolf Gerritsen, commented “The documents found have enabled us to get more clarity of the area to focus on and has added substantially to our confidence in the area as a real opportunity.”
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014:
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.
END
Contact details:
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MetalNRG PLC Christopher Latilla-Campbell
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Corporate Broker Duncan Vasey |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500
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Andrew Hore – Quoted Micro 30 August 2021
AQUIS STOCK EXCHANGE
Capital for Colleagues (CFCP) has sold its investment in Ecomerchant Natural Building Materials for £250,000, which is a 150% profit on the initial investment. There is a management buyout. An initial £100,000 will be received and the rest will be
paid over five years. The valuation is already reflected in the NAV of the group. Space software supplier Bright Ascension Ltd is raising a further £1m. Capital for Colleagues invested £250,000 in 2016 and
2017. The A shares acquired had preferential participation rights. Capital for Colleagues has retained the A shares and swapped the associated preferential rights for 50,000 ordinary shares valued at £1.75m. That is equivalent to a 2.6p a share uplift in NAV.
Cadence Minerals (KDNC) had cash of £1.39m at the end of June 2021. In the first half of 2021, there were realised gains of £423,000 and unrealised gains of £3.12m. Net assets are £25.2m. Cadence is reviewing its privately held assets.
Holiday resort developer Belvedere Leisure (BL03) has exercised its option to acquire Barnsoul caravan park via a joint venture with Apple Invest. The site occupancy has recovered to more than 90% in August. New lodges will commence construction during September and there should be 25 by the end of 2021. Landal Barnsoul will take over the management of the site at the beginning of 2022. More lodges will be added.ularly lithium assets in north Australia. The Amapa iron ore project is the main focus.
Sativa Wellness Inc (SWEL) has signed a distribution agreement with Germany-based Lexamed. This will help to build sales of the Goodbody CBD brand in Germany and nearby markets. Their joint venture company will be transferred to Lexamed.
Eight Capital Partners (ECP) has acquired €40m of secured bonds from a company controlled by its chairman Dominic White. They have been bought for par plus unpaid interest of €151,000 and payment is a vendor loan. After the cost of the loan, the net interest income will be €400,000. The bonds were issued by 1AF2, a subsidiary of The Avantgarde Group, an Italian fintech company. There is an equity linked element for the redemption payment. The maturity date is 30 June 2024. New capital will be raised to pay off the vendor loan.
Steve Xerri has taken a 4.81% stake in Oscillate (MUSH). DXS International (DXSP) chairman Bob Sutcliffe bought 10.156 shares at 12.8p each.
AIM
Rail and traffic software and consultancy services provider Tracsis (TRCS) has benefited from the easing of lockdown improving demand for the traffic data and events division. Group revenues for the year just ended have been upgraded from £49m to £50m. Cash will be better than expected at £25.4m.
CPP Group (CPP) is paying a 5p a share interim dividend. The personal protection and insurance products provider increased revenues from continuing operations by 10% to £66.4m despite the Covid-19 restrictions in the important Indian market. There was a small improvement in underlying pre-tax profit to £800,000. Cost cutting will help to improve profitability. There are 12.3 million Cash was £19.6m at the end of June 2021.
Ireland-based industrial property and offices investor Yew Grove REIT (LON: YEW) spent €900,000 on moving to the main Euronext market in Dublin, which was required by REIT regulations. The AIM quotation is being retained. After that additional cost the interim pre-tax profit before property gains was still €2.52m on revenues of €6m. NAV edged up to €1.0064 cents a share. Loan to value is 29.6%. The annual rent roll is €12.8m. Life sciences, government and multinationals account for 97% of this.
Building materials sector consolidator SigmaRoc (SRC) has completed the acquisition of Finland-based limestone supplier Nordkalk. Interim revenues, prior to the acquisition, increased from £54.5m to £84.8m and underlying pre-tax profit improved from £5.3m to £8.7m.
City of London Group (CIN) is raising £11.4m through a share subscription and up to £6.9m via an open offer at 60p a share. Warrants are also being issued that are exercisable at 69p a share. The cash will be used to finance the development of Recognise Bank and enable it to gain full authorisation to offer savings products. Recognise has already started to offer loans. The bank’s focus is small businesses. Further cash should be raised through the disposal of Milton Homes.
Science Group (SAG) has increased its stake in TP Group (TPG) to 23.2%.
MAIN MARKET
BATM (BVC) sparked a forecast upgrade when it published its interims. Both the biomedical and networking and cyber divisions are making strong progress. The latter’s revenues were flat after adjusting for the sale of the NGSoft business, but the launch of the Edgility will enable the division’s revenues to grow over the medium-term. The Biomedical division continues to benefit from demand for Covid-19 diagnostic products, but that should not mask the progress of the rest of the business. Shore Capital has increased its 2021 revenues forecast by 5% to $138m and pre-tax profit to $23m, including the $13m gain on the NGSoft disposal.
Tirupati Graphite (TGR) generated revenues of £1.12m in the year to March 2021, up from £794,000 the year before. That was despite the effect of Covid-19 restrictions.
Oxford Cannabinoid (OCTP) had £14.6m in the bank at the end of May 2021 and since then £1.15m has been spent on R&D.
NMCN (NMCN) Has agreed an extension to its £10m convertible bridging facility until 1 November. The annual report should be published before the end of September.
Andrew Hore