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MetalNRG PLC (MRNG) – Result of AGM
At the Annual General Meeting of the Company held today, 20 June 2022 at 9.00 am the Resolutions set out in the Notice of Annual General Meeting were duly passed save for Resolutions 6 and 7 (Directors Remuneration Policy and Directors Remuneration Report) and Resolutions 9 (disapplication of pre-emption rights) and Resolution 10 (authority to call general meetings other than annual general meetings on not less than 14 days’ notice).
The results of the poll voting (including all proxy votes) will be available shortly on the Company’s website, www.metalnrg.com .
For further information, please contact:
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METALNRG plc |
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Corporate Adviser |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
Kavango Resources #KAV – Calling of AGM
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce the Company’s Annual General Meeting will be held at the offices of the Company’s Solicitors, Druces LLP, Salisbury House, London Wall, London EC2M 5PS at 11 a.m. on 08 July 2022 (the “AGM”).
Kavango will post a copy of the notice of its annual general meeting (the “2022 AGM Notice”) and form of proxy for the AGM, along with the 2021 annual report and financial statements to shareholders on Monday 13 June 2022, which will be available to download from the Company’s website ( www.kavangoresources.com ) on the same day.
In accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority (“FCA”), a copy of the 2022 AGM Notice and a form of proxy for the AGM will be submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
Power Metal Resources #POW – Quarterly Business Operational Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces the March 2022 quarterly business operational update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“We built our portfolio for a time when metal prices would rise, when metal supply shortages would become exposed, and when participants in the metals space would see the strategic value of a well-constructed portfolio of active mineral projects.
Power Metal has benefited from a 3-year long opportunity to build this portfolio, through challenging market conditions. With entrepreneurial hard work, our team has positioned the business with the right combination of commodity, geographical and geological diversification.
Although we face many global challenges, we find ourselves today in an environment where governments, financial institutions, large corporations and major metal producers openly recognise the importance of secure strategic metal supply. These various organisations know that the large-scale discoveries of tomorrow rely upon the gregarious and bold explorers of today.
Below you will see our highlights for the quarter to March 2022. Here we present details of Power Metal’s four operational drill programmes, four spin-out/disposal activities, an advancement of strategic uranium interests and our other various district scale mineral opportunities.
We did not build our portfolio to stay wedded to underperforming or sub-optimal projects and in the last three years the Company has taken action to cease expenditure in the Ivory Coast, Cameroon and DRC, in the latter case, on hold pending ongoing operational conditions being met. If we don’t see real value or an adequate commercial pathway for any project we will act as we always have; decisively.
I trust this quarterly report, and future reports that follow, will help investors track our operational progress and expectations. We have slimmed down the content in this report to focus on the latest project status and planned next steps for each.”
QUARTER HIGHLIGHTS:
African Exploration
– Launch and completion of deep diamond drill programme at the Haneti Nickel Project located in Tanzania, targeting nickel, copper, cobalt and platinum group element (“PGM”) mineralisation.
– Launch of diamond drill programme at the Ditau Camp Project located in Botswana, targeting multiple prospective carbonatite structures with potential for rare-earth element (“REE”) and base-metal mineralisation.
– Results from Reverse Circulation (“RC”) drilling programme at the Tati Project, Botswana, confirming prospective geological formations and near surface gold mineralisation, with additional licence application lodged to cover newly identified gold-in-soil anomalies.
Australian Exploration
– First Development Resources team conducted ground exploration and field reconnaissance completed at the Selta Project located in the Northern Territory, Australia, which highlighted multiple target areas with polymetallic potential including uranium, REE’s and lithium.
– Field reconnaissance completed at the Wallal Project located in the Paterson Province of Western Australia, Australia, confirming ideal operational conditions and access for planned deep diamond drilling programme.
– At our Victoria Goldfields joint venture continuation of diamond drilling, originally commenced in late 2021, at the O’Loughlins and Mt. Bute targets located in the State of Victoria, Australia.
Canadian Exploration
– Canada: Technical review of data in respect of the Company’s Athabasca Basin uranium interests confirms extensive uranium prospectivity across 5 of the 7 uranium properties so far, with additional ground staked to cover newly identified prospective areas.
Corporate
– Spin-out vehicles continue to make progress with First Class Metals plc and Golden Metal Resources plc targeting listings on the London capital markets in the current quarter, and First Development Resources Ltd and New Ballarat Gold Corporation plc targeting listings in the London and/or Australian markets in early Q3 2022.
– Operational working capital comprising cash and listed investments at 28/02/2022 amounted to £2.48M and unaudited total assets at 28/02/2022 of £10.93M.
– New environmental, social and governance initiative launched (the “ESG Initiative”) which will include an appointed ESG Officer for Power Metal and select associated companies. The Initiative will also involve the embedding of wide ranging ESG policies across the Company and training of all staff members.
– Capital Reduction exercise progressed with shareholder approval secured at General Meeting in March 2022. Subject to High Court approval enables the Company to consider shareholder distributions with effect from mid-2022.
Power Metal Resources #POW – Kalahari Key Update – Ditau Drilling Commences
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update in respect of certain Botswana interests.
Proposed Offer for Kalahari Key
Further to previous announcements, Kavango Resources plc (“Kavango”)(LON:KAV) has at this time withdrawn from making an offer for the entire issued share capital of Kalahari Key Mineral Exploration Pty Limited (“Kalahari Key” or “KKME”) in order to focus on its other business interests.
Kavango made a proposal that was supported by the majority of Kalahari Key shareholders, including Power Metal. It was not possible, on the timescale required, to secure unanimous support to move the proposal forward and therefore with the upcoming planned drill programme at Ditau, Kavango have decided to withdraw their proposal.
Kalahari Key has a 60% interest in the Molopo Farms Complex Project (“Molopo”). Molopo is targeting nickel sulphides, copper and platinum group elements in Botswana.
Power Metal holds 5,313 shares in Kalahari Key (circa 21.5% of the issued Kalahari Key shares) and together with an earned-in 40% direct Molopo project interest has an effective economic interest of circa 53% in Molopo.
Power Metal will now engage with Kalahari Key and its shareholders to review alternative strategies and take Molopo forward.
Ditau Camp Drill Programme
Power Metal has a 50% interest (with Kavango 50%) in the Ditau Camp Project (“Ditau”) in Botswana.
Following site preparations, a diamond drill rig is now mobilising to the first drill location, targeting rare earth elements through the drilling of potential carbonatites at Ditau.
A further update will be released by Kavango and Power Metal, providing further information with respect to key drill targets and drill plans in the coming days.
Paul Johnson, Chief Executive Officer, Power Metal Resources plc, commented:
“I would have preferred to announce that the Kavango proposal to acquire Kalahari Key was proceeding with full Kalahari Key shareholder approval. Unfortunately, corporate activities don’t always go according to expectations, particularly where ownership of a company is fragmented with varying minority interests.
Life goes on and the default position is that Power Metal retains its circa 53% effective interest in the Molopo Farms Complex Project and will now liaise with Kalahari Key to see what should be done to move things forward. Expeditious solutions are key here. Molopo is in my view a superb exploration opportunity with nickel sulphides confirmed through our first drill programme and we should look to move the project forward with due dispatch.
Turning to Ditau, I am extremely happy to see this drill programme launched, having followed the Ditau Camp project for years, I think we have real potential to make company changing discoveries. A further detailed update on the planned drill programme will be released to market shortly. Meanwhile the rig is now mobilising to site.”
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 |
ECR Minerals #ECR – Notification of Major Shareholding
 ECR Minerals plc – TR-1: Standard form for notification of major holdings – Colin Braidwood now holds 51,515,151 shares (5.06%)
TR-1: Standard form for notification of major holdings
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Kavango Resources #KAV – Operations Update
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to provide an operational update.
Highlights
Ø Recruitment of new senior commercial and exploration personnel
– Tiyapo (Tipps) Ngwisanyi is the former and founding CEO of the Government owned Botswana Geoscience Institute. Tipps has joined the Company as Managing Director of Kavango Minerals (Pty) Ltd
– John Lauderdale is a Chartered Geologist and seasoned exploration professional, who has run large-scale exploration programmes across Africa. John has joined Kavango as Senior Consulting Geologist
– Jeremy S. Brett is an internationally recognised Professional Geoscientist who has worked previously in the Kalahari Suture Zone (“KSZ”). Jeremy is now working with Kavango as a Senior Consulting Geophysicist.
Ø Updated geophysical model of Target Area B
– Target Area B covers the “Great Red Spot” magnetic anomaly, which has been subject to previous exploration
– Historic exploration of the Great Red Spot was limited by the technology available at the time
– The Company now believes the primary source of the Great Red Spot’s magnetic anomaly is towards its northern edge
– This appears to be coincidental with Target B1 (announced 2 July 2021). Planned drilling to test this assessment.
– Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms.
– Jeremy Brett and Kavango CEO Ben Turney have given a short video presentation about the updated geophysical model of Target Area B, which is available through the following link – https://youtu.be/0yQx_vLD8_Y
Ø Drilling update
– Downhole gyroscopic survey complete. TA2DD002 successfully drilled to within 1 degree of original target
– Drilling recommenced at TA2DD002, with target depth of 1,000m expected overnight on Wednesday 22 September
– On completion of operations in Target Area A, the rig will be mobilised to Target Area B
– Kavango will then drill one geological hole into the Great Red Spot and one borehole to intersect the conductor of Target B1
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Our vision is to build a world-class minerals exploration firm in Botswana. These senior appointments are a significant step on our way to achieving this vision .
I am delighted to welcome Tipps, John and Jeremy on board. Each brings valuable skills, expertise and experience to Kavango. These senior appointments are the culmination of months of hard work and reflect the significant progress we have made as a business over the course of 2021.
We still have a lot to do to make our first discovery, but it feels like the pieces are falling into place.”
Recruitment of senior team members
Over recent months, Kavango has made the following appointments:
– Tiyapo (Tipps) Ngwisanyi (Managing Director, Kavango Minerals (Pty) Ltd))
Tipps is a geoscientist, who began his career at the Botswana Department of Geological Survey. In 2010 Tipps became Director of the Geological Survey and was then appointed as founding CEO of the Botswana Geoscience Institute in 2015, a position he held until he joined Kavango at the start of August.
As Managing Director of Kavango Minerals (Pty) Ltd, the Company’s local operating subsidiary in Botswana, Tipps is responsible for in-country commercial management and liaisons with all stakeholders, from the Department of Mines to local farmers and community representatives.
– John Lauderdale (Group Consulting Geologist)
John is a Chartered Geologist and seasoned exploration professional, who has been responsible for annual budgets of up to $80million and run teams of <350 personnel. During his career John has successfully worked on projects throughout Africa, from Morocco to South Africa.
Over the last three months John has been helping Kavango implement a comprehensive overhaul of the Company’s in-country operations. John works full time for Kavango and reports directly to the board of directors.
– Jeremy S. Brett (Senior Consulting Geophysicist)
Jeremy is an experienced geoscientist, with a strong geophysical, geological and project management background. Over the last 27 years Jeremy has designed, supervised, quality assured and interpreted geophysical and geological exploration programmes across many base and precious metal projects around the world.
Jeremy has specific relevant experience in exploring for Nickel-Copper-PGEs mafic/ultramafic complexes, having previously worked on the Kalahari Suture Zone for Canadian firms in the late 1990s and early 2000s. Jeremy was responsible for the siting of Hole GRS1, which targeted the centre of the “Great Red Spot” and was drilled to a depth of 934m in 2002.
Jeremy published a paper on the KSZ in the Journal of African Earth Sciences in 2002, titled “Geophysical exploration of the Kalahari Suture Zone”. He has been assisting Kavango since March this year and is now conducting a review of the Company’s geophysical strategy.
Geophysical update on Target Area B
Once current drilling operations are complete at Target Area A in the KSZ, Mindea Exploration and Drilling Services (Pty) (“Mindea”) will immediately mobilise the rig to Target Area B to commence drilling there.
Target Area B is in a distinct geological setting to Target Area A. It covers an area that is known as the “Great Red Spot”, thanks to its physical appearance on magnetic maps. The Great Red Spot is a previously identified large-scale magnetic anomaly that has been subject to limited historic exploration.
In 2002 a Canadian junior exploration company, Opawica Exploration Inc (“Opawica”), drilled Hole GRS-1 into the centre of the Great Red Spot. GRS-1 was drilled to a depth of 934m, encountering 17m of gabbroic rocks from 917m. However, the Company believes that limitations in available geophysical technology meant that accurate profiling of the Great Red Spot was not possible at that time.
Thanks to significant advances in geophysical technology and analytical software over the last two decades, Kavango believes it has now been able to create a more accurate geophysical model of the Great Red Spot (the “New GRS Model”). The New GRS Model combines historic data with data gathered by the Company in its exploration of the KSZ.
The New GRS Model estimates that the primary source of the magnetic anomaly of the Great Red Spot is positioned much closer to its northern boundary than previously recognised. Kavango believes this magnetic anomaly could be associated with a combination of Karoo and/or Proterozoic intrusions.
According to Kavango’s analysis, Target B1 appears to be coincidental with the edge of the magnetic anomaly. The Company will seek to confirm this interpretation through drilling.
Kavango’s Consulting Geophysicist Jeremy Brett and CEO Ben Turney have given a video interview to Alan Green, CEO of Brand Communications, to provide greater context about the Company’s modelling of Target Area B.
The link to this presentation can be viewed here:
Drilling update Hole TA2DD02
Drilling at Hole TA2DD002 was temporarily halted on Tuesday 21 September at 950m to allow for the downhole gyroscopic survey. A gyroscopic survey is used to measure the angle of a borehole. This survey was successfully completed and confirms Hole TA2DD002 has been drilled to within 1 degree of the original objective. Given challenging drilling conditions closer to surface and the depth Hole TA2DD002 has been drilled to, the Company regards this as a notable technical success by Mindea and Equity Drilling Ltd.
Drilling has subsequently resumed and is expected to reach the final target depth of 1,000m overnight on Wednesday 22 September.
Kavango has used a TLB Loader to prepare a 20km roadway from Target Area A to Target Area B, so that the drill rig and accompanying equipment can be transported quickly and safely.
Kavango has also prepared drills pads and now plans to drill two boreholes:
– First, the Company plans to drill a geological hole to a depth of up to 1,000m, targeting what it believes to be the shallowest point of the magnetic high of the Great Red Spot. Kavango expects to encounter Karoo and Proterozoic gabbros in this hole.
– Second, the Company plans to drill a hole to intersect Target B1 to an estimated depth of up to 600m. Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms. Kavango’s geophysical model estimates that Target B1 is positioned at the northern edge of the Great Red Spot.
The primary objective of both boreholes is to extract core samples for full sweep rock analysis.
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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 additional information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The information in this press release that relates to “geological and/or geophysical results” for the KSZ Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.
Mosman Oil and Gas Limited #MSMN – Covid Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces operations and exploration activities continue with some minor delays due to the Covid-19 pandemic in both Australia and the USA.
In Australia, the geophysical Survey over permit EP-145 has been successfully acquired and processed following minor time delays resulting from Covid related travel restrictions. This data is currently being interpreted and integrated into the regional basin model with the now expected early in October. Once the report is received, the information will be considered and integrated with the geological model. We note that Central Petroleum has been active drilling wells in the nearby permits with positive results on the Stairway sandstone which is one of the target zones in EP-145, as well as the sub-salt helium potential. Covid related restrictions may impact the timing of the Work Area Clearance Survey by the Central Land Council, a requirement for the planned seismic survey.
In the USA, the site for the Winters 2 well is ready and waiting for the drilling rig. The rig operator has advised that the delay is due to restricted crew availability as a result of Covid issues, and the rig is now scheduled to arrive on site on 27 September 2021.
The combinations of pandemic related staffing issues and higher oil prices have also meant a shortage of workover rigs, however a workover is now re-completing a well on the Duff lease and will then move to the Stanley lease.
The delay to workovers, particularly at Stanley, has meant some reduction of short term production rates which, as noted above, should be resolved with a rig now on contract. Production at Falcon has continued to perform strongly with some natural decline from the rates notified on 29 July 2021.
The effect on revenue is currently being mitigated by the strong oil and gas prices, with the WTI oil price over USD 70/barrel and gas currently over USD 5/mmbtu, higher than prices from last quarter when the acquisition of additional interests was being negotiated.
Covid19 restrictions in NSW also mean the Company’s Sydney based accountants and Company Secretary office is currently closed and staff restricted to working from home.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |