Nickel Industries enters into agreements to acquire interests in two producing nickel assets and announces a US$471 million capital raise
Nickel Industries Limited has signed an Electric Vehicle Battery Supply Chain Strategic Framework Agreement with Shanghai Decent Investment (Group) Co., Ltd.
Nickel Industries and Shanghai Decent have also entered into binding agreements to acquire 10 per cent interests in PT Huayue Nickel Cobalt and Oracle nickel assets.
In addition. Nickel Industries also purchased options to partner with Shanghai Decent on future battery nickel potential for US$40 million (collectively Acquired Options):
- DAWN HPAL+ Project: Participation in the design and construction of a nickel sulphate and electrolytic nickel plant employing the HPAL method (DAWN HPAL+ Project);
- Future nickel matte conversion opportunity: opportunity to invest in and build a low-grade to high-grade nickel matte converter at ONI for US$40 million.
High-grade zone in Felix discovery at Blue Spec Project
Calidus Resources Limited announced positive assay results revealing a high-grade zone inside the recently discovered Felix zone at the Blue Spec project.
The drilling effort began with 19 widely separated scout holes to examine a zone of strong gold-in-soil anomalies related to the Blue Spec Fault Zone and extending for more than 3km. Following the reception of the first two holes’ results, another 12 holes were added to the programme. Because of the mountainous terrain, a small-footprint rig was employed for the first program.
According to Calidus Resources, the drilling results indicate the possibility of two mineralisation styles: high-grade shearhosted gold similar to the one ounce per tonne Blue Spec and lower-grade, broad zones of gold hosted in sandstone. Notably, the bonanza-grade intercept in hole 22GORC016 is barely 25m below the surface.
Limon delivers porphyry discovery
A well-mineralized gold-copper porphyry system was found at the Limon target inside the Bramaderos project in southern Ecuador, according to a report from Sunstone Metals Ltd.
In a statement, Sunstone Metals said the discovery emphasises the potential for significant increase of mineral resources at higher grades and supports the idea that there are multiple gold-copper porphyry systems inside the 50km2 Bramaderos concession.
ANTAM, PLN inked a Power Purchase Agreement for ANTAM’s Ferronickel Plant operations in Southeast Sulawesi
PT Aneka Tambang Tbk (ANTAM) announced the signing of a Power Purchase Agreement with PT Perusahaan Listrik Negara (Pereso) (PLN) to supply the electricity needed to run ANTAM’s Ferronickel Plant in the Kolaka Nickel Mining Business Unit, Southeast Sulawesi.
The deal is a follow-up to the Memorandum of Understanding between ANTAM and PLN for the Electric Supply and Distribution for ANTAM’s Ferronickel Plant, which went into effect on June 3, 2022.
Gold mineralisation expands north at Erayinia-King Project
Image Resources NL has reported that its Erayinia tenement and King Prospect have received additional encouraging, thick, gold mineralisation drill intersections that extend the mineralisation to the north.
According to Image Resources, the most recent infill drill program produced several noteworthy gold intersections, mostly in the previously poorly explored core region of the northern mineralised zone.
Perseus’ drilling demonstrates potential for additional gold resources at Yaouré Gold Mine
Perseus Mining Limited has provided an update on ongoing exploration at its Yaouré Gold Mine in Côte d’Ivoire, where drilling has produced high-grade gold results from CMA NorthWest and CMA North Targets, down dip from the recently disclosed Underground Ore Reserves, demonstrating the potential for further underground resources growth.
Perseus’ Managing Director and CEO Jeff Quartermaine said with Perseus’ three gold mines, Yaouré, Edikan, and Sissingué, producing at an annualised rate of over 500,000 ounces of gold per year, Perseus hopes to keep up this pace of production through the rest of the present decade and beyond.
The company is growing more confident that these Mineral Resources and Reserves will increase due to Perseus’ most recent infill and step-out drilling findings from beneath Yaouré’s CMA open pit and the recently disclosed Underground Reserve, which have validated earlier drilling results, Quartermaine added.
Transition to nickel matte and continued ramp-up of ANI underpins strong December quarter
Nickel Industries Limited presents a preliminary update on its operational and financial performance for the December quarter.
Nickel Industries has reported that nickel metal production climbed 13.8 per cent yearly to 23,072 tonnes (100 per cent basis), with HNI producing 4,743 tonnes of high-quality nickel matte. Due to stronger contract pricing and decreased cash operating costs, EBITDA margins increased significantly from US$2,261/t in the September quarter to US$4,146/t. Lower operating costs were driven by ANI’s power plant functioning at full capacity, which reduced electricity costs for the operation. The contribution of HNI was particularly pleasing, with margins increasing from US$2,000/t in the September quarter to US$5,950/t in the December quarter, confirming the Company’s decision to diversify HNI’s production into nickel matte for delivery into the EV battery supply chain.
As a result, EBITDA from RKEF operations (on a 100 per cent basis) was US$90.0M in the December quarter, surpassing the Company’s previous quarterly record of US$84.9M (recorded in the June quarter of 2022) and representing a considerable improvement over the September quarter of US$45.3M.
Drilling success continues at the El Guayabo Gold Project in Ecuador
Challenger Exploration (CEL) has unveiled the results of the remaining Phase 1 drilling campaign, which targeted eight of the nine remaining regionally important Au-Ag-Cu soil anomalies in the El Guayabo Project area.
CEL has also received findings from its first four Phase 2 drill holes on the GY-B Anomaly on the 100 per cent owned El Guaybo concession. The findings support the broader El Guayabo project’s potential to yield one of South America’s next significant gold finds.
More silver in Paris South drilling
Investigator Resources Limited has reported preliminary assay results from its 4,800m drill program on its Paris Silver Project in South Australia.
According to Investigator Resources, the Paris Silver Project is a shallow high-grade silver deposit suitable for open pit mining and has a JORC 2012 resource of 18.8Mt @88g/t silver and 0.52 per cent lead for 53.1Mozs silver and 97.6kt lead. This gives it outstanding exposure to a metal with strong commodity, renewable energy, and manufacturing demand.
As a result of the Pre-Feasibility Study’s encouraging findings, which were released in November 20212, the company is working on finishing a Definitive Feasibility Study while advancing exploration over nearby large ground holdings in South Australia.
EKF issues financing Letter of Interest
The Export Credit Agency (EKF) of Denmark has sent Technology Metals Australia Limited a Letter of Interest (LoI) regarding prospective financial support for the Murchison Technology Metals Project (MTMP).
The MTMP is being developed in Western Australia by Technology Metals to produce high-purity vanadium pentoxide (V2O5) and a high-value ilmenite by-product.
Technology Metals and EKF have had a pleasant and solid partnership for several years as the Company has advanced the development of the MTMP, with this LoI from EKF marking an essential milestone in the growth of this relationship, according to Technology Metals. The EKF LoI proposes A$150 million in financing support, subject to, among other things, adequate Danish economic interest in the MTMP, approvals, satisfactory documentation, and routine due diligence.
