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I am hoping that our patent able process for the refining of REE ores are such that a separate REE refining business could be set up to compete with Ucore's Rapid SX.
Yeah it is disapointing that NioCorp was not mentioned. Didn't mention Ucore's Rapid SX process either.
Well that would help explain why the price seems to go down after positive news is released.
6k Additive, LLC is an interesting company.
Thanks g_man
Merry Christmas and may the new year be a blockbuster
Slow and painful is right.
Merry Christmas and happy New Year and may the share price appreciate a litttle faster.
Ucore Completes RapidSX™ Demo Plant Commission?ing – Begins US Department of Defense Demonstration Program
Ucore announces:
Completion of its third and final stage of Commercial Demonstration Plant (“Demo Plant”) commissioning procedures
Commencement of the US Department of Defense (“US-DoD”) demonstration program
Halifax, Nova Scotia (December 21, 2023) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) announces the completion of its planned commissioning procedures for the Company’s RapidSX™ Commercial Demonstration Plant (“Demo Plant“) for the separation of heavy and light rare earth elements (“HREEs”, “LREEs”, or “REEs“). The Demo Plant is located within Ucore’s 5,000 square foot RapidSX™ Commercialization and Demonstration Facility (“CDF“) in Kingston, Ontario.
“Since early this year, the Company has been testing, adjusting, and optimizing its 52-Stage Demo Plant to meet its RapidSX™ commercialization and demonstration deployment objectives in Louisiana,” stated Mike Schrider, P.E., Ucore Vice President & Chief Operating Officer. “Ucore is very pleased to announce the completion of commissioning procedures with its third and final mixed REE chemical concentrate[ii] and the commencement of its US-DoD demonstration program. The objectives of this program are to establish a direct techno-economic comparison between conventional solvent extraction [CSX] and RapidSX™ for separating heavy and light rare earth elements and to establish RapidSX™ technology for commercial deployment in North America.”
The CDF facility is operated by Ucore’s commercialization partner, Kingston Process Metallurgy Inc. (“KPM“).
“KPM has been assisting in the development of RapidSX™ since right after Ucore acquired the technology in May of 2020,” stated Boyd Davis, Ph.D., Co-Principal of KPM. “We are very pleased to see the successful transition from the final LREE commissioning feed to the HREE demonstration feed with no operational upsets. The automated front-end leach facility has been commissioned, is running on spec, and matches the RapidSX™ throughput. During the final commissioning phase, we processed over one tonne of mixed rare earth feed in less than one week of run-time while hitting our product specification targets - it is rewarding when a technology matches and even exceeds expectations.”
KPM’s Project Leader, Jonathan Leung, M.Eng., added, “It is an exciting time for the team in Kingston. We are running 24/7 until the holidays and back at the same pace in the first week of January. All 52 stages of the Demo Plant are operational, and the mechanical and control systems have been fully tested and enhanced during commissioning. We are now focusing on the loading/scrubbing balance of the first heavy rare earth demonstration run, just like in any solvent extraction plant.”
Unfortunately that is highly probable, nicely put.
Petro Matad has provided the following operational update.
(Thanks to Malcy's blog)
Dec 19, 2023
Key Company Updates
· The Company continues to push the Government to complete the regulatory formalities to guarantee land access and allow completion operations at Heron 1 to commence. Significant progress has been made with the Matad District authorities with one outstanding issue at the Provincial level still to complete.
· The slow bureaucratic process to complete the special purpose land certification has prevented any in-field well completion operations but the winter hiatus provides time to complete the formalities which will allow operations to commence as early as possible at the start of the operational season in 2024.
· The Company has completed the restoration of the Heron-1 drilling location in preparation for mobilization of well completion equipment.
· The 2022/23 Exploration Tender Round continues with Petro Matad being confirmed as the selected contractor on the two blocks for which it submitted applications.
· The renewable energy JV, SunSteppe Renewable Energy, continues to make progress on two projects and is pursuing three others.
Operational Update
Block XX: With Cabinet approval of the special purpose certification of the Block XX Exploitation Area in early July, a number of regulatory steps were required to be completed by the Government under the 2017 legislation covering the granting and management of such areas. The Central Land Agency has completed the registration of the area and issued and signed the key Tripartite Agreement. The Ministry of Mining and Heavy Industry (MMHI) has also signed, leaving only the Governor of Dornod Province to sign. He has said he will sign once the money to make compensation payments to the 10 herder families impacted by the certification of the area has been transferred to the Provincial Government account.
In meetings facilitated by the Company, all the herders have agreed to be compensated. Under the legislation, the compensation payments should be made from the State budget but recognizing that this could be a very slow process, the Company offered and the industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) accepted that Petro Matad would make these payments. The money has been paid into the appropriate MRPAM account and is awaiting transfer to Dornod Province once the Ministry of Finance gives approval for this to go ahead. The mechanics of the transfer have taken some time for the Government to determine but we are pushing and expect this to go through soon.
The remaining steps in the regulatory process involving issuance of the special permit to MMHI and the signing of the Land Contract between the Matad District and the Company have been agreed to go ahead once the Tripartite Agreement is signed off by the Provincial Governor.
As part of our interactions with the local authorities, the Company hosted the Matad District Citizens’ Representatives Committee on a visit to the South Gobi where mining and other development projects are providing tangible benefits to the local communities in which they operate. The trip was very successful and at a meeting to conclude the trip in Petro Matad’s Ulaan Baatar headquarters the Committee thanked the Company, declared their support for the Company’s development activities in Matad and agreed the terms of the Cooperation Agreement which governs community aid expenditure during oil exploitation activities. The Cooperation Agreement is being prepared for signature and will be executed once land access has been confirmed. In a demonstration of the improved relationship, the district authorities received a presentation on a necessary amendment to the Company’s environmental plan, raised no objections and provided the necessary documentation to allow the Company to secure Ministry of Environment approval to amend its Detailed Environmental Impact Assessment.
With the necessary approvals, the Company was also able to complete the restoration of the Heron-1 drilling location in preparation for the mobilization of well completion equipment and the installation of the beam pump, tanks and generator.
New acreage: On the two blocks for which Petro Matad submitted applications, the Company has been selected as the preferred contractor. Fiscal terms have been agreed and the Company’s proposed changes to the model Production Sharing Contract are now with MMHI for review and final submission to Cabinet. The tender process has slowed in recent months, perhaps in light of political attention being diverted due to next year’s parliamentary elections. Petro Matad is happy to have been confirmed as the selected contractor for the areas it has chosen and would like to see the tender process concluded soon although operational activity will focus on Block XX in 2024.
Renewables: Our renewable energy JV, SunSteppe Renewable Energy, continues to make progress under the leadership of its CEO Ms. Zula Luvsandorj. SunSteppe is progressing several exciting opportunities including two high graded projects with three more under detailed technical and commercial review.
Mike Buck, CEO of Petro Matad, said:
“On the land issue, we feel that we are almost there, but we will keep pushing until the process is complete. In the absence of any recent precedents, every step has been something new for the Government which has caused delays. We will certainly be ready to operate at the end of the winter stand down when we expect the long running saga of land access to be fully resolved.”
Nothing to add to what Mike Buck has said, its all about delays in the system in Mongolia.
Chariot
(Thanks to Malcy's blog)
12/18/23
Chariot has announced that it has increased its stake in the South African electricity trading company Etana Energy (Pty) Limited alongside H1 Holdings (Pty) Limited (“H1”).
On completion, Chariot will own 49% (previously 25%) and H1 will own 51% (previously 26%) of Etana. This transaction involves Chariot and H1 in substance acquiring the 49% of Etana previously held by the Neura Group, on identical pro rata terms. H1 is a black-owned and managed company based in South Africa, which has a proven track record in developing and investing in large renewable projects.
· Etana holds one of the few electricity trading licences granted by the National Energy Regulator of South Africa, enabling it to buy and sell electricity through the national transmission grid.
· South Africa has the largest electricity market on the continent, but it suffers regular power outages due to insufficient supply. To combat this energy crisis, rapid market deregulation is currently taking place, facilitating the build of renewable energy projects.
· Etana’s business plan is to deliver unique renewable energy mix solutions at competitive prices to help address these significant power requirements across South Africa, with the trading licence opening up access to high-volume electricity consumers, including municipal, industrial and retail customers.
· Electricity trading will bring an additional revenue stream into Chariot and further enable Chariot’s participation in large renewable projects in Southern Africa.
Benoit Garrivier, CEO of Chariot Transitional Power commented,
“We are very pleased to be increasing our exposure to the South African energy market by acquiring this additional stake in Etana. We will not only get an increased split of future revenues, but the electricity trading business unlocks significant renewable generation capacity which we are looking to develop in South Africa. We are tapping into the future growth of an essential market, one that is rapidly transforming and expanding, and we look forward to playing a material role within this together with H1 and other major commercial partners.”
Reyburn Hendricks, CEO of H1 Holdings commented,
“As a long time independent power producer in the South Africa electricity market, we are convinced that the way to unlock project finance based power generation projects is through the utilization of privately licensed trading companies. As one of the first movers in this space, we believe that Etana is well positioned to capitalize on this exciting opportunity.”
This seems like a smart deal to me, Chariot accesses the potentially exciting and more importantly crucially and increasingly needed renewable projects.
Key deal terms:
· Chariot is acquiring 49% of Etana from the Neura Group, with H1 acquiring 25% of Etana from Chariot, contemporaneously. This transaction results in a simplified ownership structure and commercial terms are identical for Chariot and H1 on a pro rata basis.
· Upfront cash consideration is net c.US$0.3m on completion with a further c.US$0.7m payable by 31 March 2024.
· Success based contingent payments of net c.US$1.6m on financial close of a 250MW generation project and a further consideration of net c.US$2.6m payable in 2028, subject to further significant generation projects reaching financial close.
· The upfront consideration will be paid from current cash balances with success fees payable from future subsidiary level project finance.
Disclosure relating to Chariot
Adonis Pouroulis, CEO and director, of Chariot, beneficially controls 28.21% per cent. of the total voting rights in the Neura Group. The Neura Group is not considered to be a related party for the purposes of the AIM Rules for Companies and the Company confirms that the transaction was negotiated on an arms-length basis between Chariot, H1 and the Neura Group sellers.
TH I agree fully with your comments:
Excelsior Mining Announces Closing of US$5,500,000 Financing
Phoenix, Arizona--(Newsfile Corp. - December 14, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it and its wholly-owned subsidiary Excelsior Mining Arizona, Inc. ("Excelsior Arizona") have closed a $5.5 million financing (the "Financing") with Greenstone Excelsior Holdings LP ("Greenstone") and Triple Flag USA Royalties Ltd. ("Triple Flag"). The closing of the Financing was a condition subsequent to the previously announced extension of the maturity date of its existing $15 million credit facility with Nebari Natural Resources Credit Fund I LP ("Nebari") to June 30, 2026. All dollar amounts in this press release are in United States dollars.
Dr. Stephen Twyerould, President & CEO of Excelsior, commented: "Closing this transaction with such strong support from our key stakeholders demonstrates we are on the right path. We look forward to 2024 with several transformational opportunities ahead of us, and our aim, with the support of our partners, is to actualize those opportunities."
TINKA PROVIDES AYAWILCA PROJECT UPDATE
Vancouver, Canada – Tinka Resources Limited (“Tinka” or the “Company”) (TSXV & BVL: TK) (OTCQB: TKRFF) is pleased to provide an update on the Company’s exploration and development activities at its 100%-owned Ayawilca project in central Peru.
December 14th 2023
Key Highlights for 2023
11,000 metre in-fill drill program has enhanced confidence in the Zinc and Silver mineral resources:
Hole A23-216: 98 metres at 8.8% zinc including 36 metres at 19.0% zinc (news release June 8, 2023).
Hole A23-217: 71.9 metres at 5.5% zinc & 8 g/t silver including 45.8 metres at 6.4% zinc & 10 g/t silver and 4.85 metres at 15.2% zinc & 23 g/t silver (news release June 8, 2023).
Hole A23-213: 30.4 metres at 6.0% zinc including 1.2 metres at 37.2% zinc and 30.5 metres at 5.1% zinc (news release June 8, 2023).
A23-212: 145.2 metres at 10.9% zinc including 29.3 metres at 20.2% zinc, 10.6 metres at 14.9% zinc, 9.8 metres at 15.1% zinc and 25.8 metres at 13.1% zinc (news release March 6, 2023).
A22-208: 4.6 metres at 32.4% zinc, 9.9 metres at 9.7% zinc and 71.2 metres at 8.8% zinc including 37.7 metres at 12.8% zinc (news release March 6, 2023).
A23-220 (Silver Zone): 29.5 metres at 182 g/t silver, 2.4% zinc & 0.8% lead including 7.1 metres at 604 g/t silver, 2.7% zinc & 1.6% lead (news release May 2, 2023).
This successful drill program has resulted in the decision by the Company to update the Preliminary Economic Assessment (PEA) for the Ayawilca project including an update of the mineral resource estimations; the PEA is expected to be completed by March 2024.
Improved metallurgy of the Tin Zone supported by test work, with ongoing work improving the silver recovery of the Silver Zone.
Project moving forward towards decision to undertake a pre-feasibility study.
The Company is fully funded to carry out its current work plans.
Dr. Graham Carman, Tinka’s President and CEO, stated: “To continue the advancement of our flagship Ayawilca project, we believe it is a necessary next step to update the PEA and technical report on the project following the successful recent drilling campaign. An updated PEA will include a processing scenario for both the Ayawilca Zinc Zone and the Tin Zone and incorporate an update to the mineral resources.”
“We are very encouraged by the improvement in the tin recovery and concentrate grades following metallurgical test work on the Tin Zone mineralization. In addition, metallurgical test work of the Silver Zone mineralization is in progress. These final test work results, when available, will provide support for key assumptions on silver recoveries in the PEA.”
Read more at:
https://mailchi.mp/56314d1915ee/tinka-lists-on-otcqb-venture-market-under-ticker-symbol-tkrff-9555656?e=e6d14b37f4
K92 Mining: Too Cheap To Ignore
Dec. 14, 2023 8:37 AM ETK92 Mining Inc. (KNT:CA) Stock, KNTNF
(Thanks to Taylor Dart on Seeking Alpha)
Summary
- K92 Mining's resource estimate for its Kora and Judd deposits exceeded my expectations, reaching ~7.1 million gold-equivalent ounces.
- Importantly, the company achieved this resource growth with minimal share dilution, increasing its GEOs per share, yet the stock has barely moved since the news.
- With this being an exploration story sector-wide, a top-3 growth story & with K92 set to be the lowest-cost producer sector-wide, the stock is dirt-cheap at ~0.40x P/NAV.
K92 Mining (OTCQX:KNTNF) released an update resource estimate for its Kora and Judd deposits at its Kainantu Mine (effective date September 12th, 2023), and the results exceeded my expectations. As noted in a previous update in June 2023, I expected to see resource growth to 5.6 million GEOs in 2023 as I wasn't sure about the company's ability to get enough infill drilling completed in time to see the full benefit of resource growth this year, but that I expected 6.3 - 7.1 million GEOs to be proven up by year-end 2024. And as the below charts highlight, the company's new resource hit the top end of my estimate a year early, with ~7.1 million gold-equivalent ounces across all categories.
"If we combine these two resources, I see the potential for 6.3 - 7.1 million gold-equivalent ounces to be proven up in the resource category at Kainanatu (Judd + Kora) by year-end 2024 (Q1 2025) and I think there's upside to this figure longer-term once better definition drilling is complete. "
Read more on Seeking Alpha
I forwarded the article about the Resilient Resource Reserve (post #105936) to Jim Sims and received this response (within 24 hours):
Jervois (https://jervoisglobal.com) is tying to open a Cobalt mine in Idaho. They have, or have just finished, a contract with the DOD or DOE to drill to extend the Co ore body by the mine that they have on care & maintainence because of low Co prices. Seems the EXIM is also in on this program. Since we have 4 or the top 10 critical metals I would think this program might apply to NioCorp
Jervois welcomes U.S. Congressional Select Committee proposal for a reserve to sustain cobalt price
12/12/2023
Jervois Global Limited (“Jervoisâ€) (ASX: JRV) (TSX-V: JRV) (OTCQB: JRVMF) (https://jervoisglobal.com) welcomes a bipartisan proposal today of the United States Congress’ Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party (“the Congressional Select Committeeâ€) to create a critical mineral reserve (“Resilient Resource Reserveâ€) to sustain cobalt price (among other critical minerals) for U.S. producers when the price dips below a floor, and for producers to recontribute during periods of high cobalt prices.
The proposed Resilient Resource Reserve is designed to insulate U.S. critical mineral producers, including cobalt, from the current price volatility resulting from China’s dominance of global critical mineral supply chains.
The Congressional Select Committee also proposes that the U.S.’ Export-Import Bank (“EXIMâ€) would expand and extend EXIM’s risk appetite under the China and Transformational Exports Program (“CTEPâ€), including for the financing of mining and critical minerals activities, including cobalt. EXIM has previously advised Jervois that its 100%-owned Idaho Cobalt Operations (“ICOâ€) is eligible for potential financing support under CTEP (see ASX announcement titled “U.S. EXIM Bank confirms ICO’s eligibility for domestic financing initiatives†dated 24 April 2023).
These extensive bipartisan legislative proposals are included in the Congressional Select Committee’s report entitled Reset, Prevent, Build: A Strategy to Win America’s Economic Competition with the Chinese Communist Party, which will be introduced for consideration of the full U.S. Congress in 2024.
Jervois owns 100% of ICO. ICO’s mineral resource and reserve is the largest and highest grade confirmed cobalt orebody in the U.S..
Neo Performance Materials - https://www.neomaterials.com
See "Contact"
Corporate Headquarters
Suite 1740, 121 King Street West
Toronto, Ontario, Canada
M5H 3T9
Phone: (416) 367 8588
News Media Inquiries
Phone: +1 (303) 503-6203
Contact: Jim Sims
Email: media@neomaterials.com
Hmmmm We seem to share a media person or there are two Jim Sims in the same metallurgical area.
Not just management walter. L3 has been doing incredible work inventing new ore processes that will be covered by patents, per JS. These new to the world processes increase the elemental yields and put the elements into a form and purity level that move a substantial portion of our saleable product out of the commodity category into the specialty chemical product category which has the potential of higher revenue per Kg.
There has been a lot of complaining about the progress in the Canadian Demonstration plant but they have been doing a lot of very new high powered chemistry which has benefited the company.
Thanks chico for this memory refresher.
Louisiana Governor Executes Ucore’s SMC Industrial Tax Exemption Contract
December 12, 2023
Ratcliff Construction and Orbital Engineering Selected for Production Effort – Meetings Held at Kingston Demo Plant for Kick-off Program
Ucore announces Strategic Metals Complex (“SMC”) updates:
Louisiana Governor Jon Bel Edwards has executed a CONTRACT FOR EXEMPTION OF AD VALOREM TAXES as part of the broader US$15 million Louisiana Economic Development incentive package.
The selection of Orbital Engineering’s Baton Rouge, LA, Office for construction engineering services.
The selection of Ratcliff Construction of Alexandria, LA, for construction contracting services.
Halifax, Nova Scotia (December 12, 2023) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce a series of significant updates regarding the ongoing development of its rare earth element (“REE”) processing refinery, the Louisiana Strategic Metals Complex (“LA-SMC”) in Alexandria, Louisiana.
Final Industrial Tax Exemption Program Contract
The Governor of Louisiana, Jon Bel Edwards, has executed the CONTRACT FOR EXEMPTION OF AD VALOREM TAXES for Ucore’s SMC Project. This Industrial Tax Exemption Program (“ITEP”) provides up to a 10-year exemption to the Company (five-year initial term at 80 percent and five-year renewal term at 80 percent), which will result in an estimated $8.2 million in projected tax savings for the Company during the time of the exemption period on the local ad valorem property tax for the LA-SMC facility. The US$8.2 million ITEP incentive is part of the broader US$15 million incentive package offered by Louisiana Economic Development (“LED”) and previously announced by Ucore on April 6, 2023.
“Ucore is extremely grateful to the Governor and his staff at LED for guiding our project through this process,” stated Mike Schrider, P.E., Ucore VP & Chief Operating Officer. “The support shown by Louisiana and all the local entities that have come together to enable us to pursue this critical project cannot be overstated. Knowing that we have local, regional and state support, coupled with federal support through the US Department of Defense and, most recently, from the Government of Canada – truly provides a North American solution as we focus on keeping manufacturing jobs in the United States and Canada.”
Appia Announces Scandium and Cobalt Discovery at Its New Buriti Target at the PCH Project, Brazil; Reverse Circulation Drill Hole Returns 24 Metres of Mineralization Averaging 128 ppm Scandium Oxide, 272 ppm Total Cobalt Oxides and 2,106 ppm Total Rare Earth Oxides from Surface
TORONTO, ONTARIO, December 12th, 2023, - Appia Rare Earths & Uranium Corp. (the “Company” or “Appia”) (CSE: API) (OTCQX: APAAF) (Germany: “A0I0.F”, “A0I0.MU”, “A0I0.BE”) is pleased to announce the discovery of a new mineralized zone named BURITI, showcasing mineralization of Scandium (Sc), Cobalt (Co) and Rare Earth Elements (REE) in Reverse Circulation (RC) hole PCH-RC-116. This newly identified mineralized BURITI Target, located within the weathered profile southward from the current area of interest, was revealed through exploratory RC and Auger drilling conducted as part of the ongoing 2023 drill program. Of the 300-hole drill campaign, 47 holes were executed within the newly defined Buriti Target Zone.
“This discovery opens the potential of a promising new target zone for exploration and development, and represents the first time that we have intersected significant continuous levels of Scandium Oxide (Sc2O3), Cobalt Oxide (CoO), and Rare Earth Oxides (REO) mineralization in the same RC drill hole,” stated Tom Drivas, CEO of Appia. He continued, “PCH-RC-116’s average grade of 128 ppm Sc203, 272 ppm CoO, and 2,106 ppm TREO across 24 metres from surface represents an especially important new exploration target for the Company.”
Highlights:
PCH-RC-116 from 0 – 24m End of Hole (EOH):
Total Weighted Average of 128 Parts Per Million (ppm) or 0.013% Sc2O3, 272 ppm or 0.027% CoO, and 2,106 ppm or 0.21% of Total Rare Earth Oxides (TREO).
Highest-Grade Intercepts:
133 ppm or 0.013% Sc2O3, 359 ppm or 0.036% CoO, and 2,461 ppm or 0.24% TREO across 15m (from 4-19m), including:
183 ppm or 0.018% Sc2O3, 414ppm or 0.041% CoO, and 2,401 ppm or 0.24% TREO across 6m (from 10-16m).
"These are valuable elements, identifying a mineralized zone with this range of grades that remains open at depth introduces a new layer of potential value to our PCH project,” Stated Stephen Burega, President. “Appia will be conducting a thorough investigation into the extent of this significant discovery, and analytical results for the 46 pending RC and Auger drill holes from this mineralized zone will be reported once received. Metallurgical testing is planned to confirm the economic potential of the Buriti Target.”
The Buriti Target is hosted within mafic and ultramafic rock formations associated with the Tertiary-age regional alkaline complex. Despite the proximity of Target IV, where the lithology consists of granites and alkali breccias, this new target is predominantly underlain bygabbro, diorite and pyroxenite. “The high-grade intervals identified within the weathering profile, specifically in the saprolite layer, represent a supergene concentration of scandium and cobalt together with REEs within these mafic rocks,” commented Carlos Bastos, Geology Manager and Brazilian Qualified Person (QP).
Leo Fraga, Senior Geologist, observed, “The presence of consistently higher-gradeREE values throughout the entire hole PCH-RC-116 is very encouraging. The hole remains open at depth, showing a 20-metre interval with 2,421 ppm TREO, and 454 ppm Magnet Rare Earth Oxides (MREO) constituting 20% of the total TREO from 4m to 24m (EOH).”
Recent market analysis indicates that the demand for Scandium reached approximately USD 15 billion in 2022 and forecasts indicate a significant increase in this figure is expected as Scandium appears on most Critical Metals lists globally. Despite a fairly common but distributed occurrence, scandium rarely concentrates in nature, making commercial grade stand-alone resources quite unusual. The most significant forward-looking market opportunity for scandium is as an alloying agent for aluminum. When applied as an addition to certain standard aluminum alloys, scandium can produce stronger, more corrosion resistant, more heat tolerant, weldable aluminum products. This strong resistance to extreme heat that makes scandium oxide important in various applications, including high-temperature systems, electronic ceramics, aerospace alloys, and glass manufacturing. Scandium is currently trading in a substantial +/-$1000 USD per kg range.
The Company has achieved a milestone of 300 combined drill holes and is committed to keeping investors informed of the project results. Timely updates will be provided as assay results are obtained from the remaining 3 RC, 77 auger drill holes, which are located both within Target IV and various extension zones including the newly defined Buriti Zone. The Company has an ongoing auger drilling program across the entire PCH property to identify additional target zones, which further underscores our commitment to thorough exploration beyond the established Target IV and Buriti Target areas.
Thanks for the link to the article
Eco (Atlantic) Oil & Gas
(Thanks to Malcy's blog)
December 12, 2023
Eco has announced that, further to the Company’s announcement on 24 October 2023, it has posted to Shareholders a formal notice of its Annual General Meeting, explanatory circular and form of proxy. The AGM is to be held at 07:00 a.m. (Toronto time) on 29 December 2023 via teleconference. Copies of the formal notice of AGM, form of proxy, the Circular and virtual access details will be made available on the Company’s website at: https://www.ecooilandgas.com/investors/documents-circulars/.
Proposed Appointment of Non-Executive Director
The Company is also pleased to announce the proposed appointment of Mr Oliver Quinn following the AGM to be held in December. Mr Quinn will be appointed, subject to Shareholder approval, as the nominee director of Africa Oil Corp, which holds 14.84% of the Company’s issued share capital. Mr Quinn was appointed as the Chief Commercial Officer of Africa Oil in September 2023 having previously been employed as Senior Vice President, Corporate Development at Kosmos Energy Ltd. Mr Quinn started his career at Shell and has 19 years of experience in the Oil & Gas industry. He is a graduate of the University of Manchester where he studied for a BSc (Hons), Environmental & Resource Geology and a graduate of the University of Edinburgh where he completed a PhD in Petroleum Science. While Mr Quinn replaces Keith Hill as Africa Oil’s board nominee, the Board is pleased that Mr Hill has agreed to remain as a Non-executive Director of the Company.
Mr Quinn’s appointment is subject to the completion of customary due diligence required by the AIM Rules for Companies and AIM Rules for Nominated Advisers (the “AIM Rules”) to be undertaken by the Company’s Nominated Adviser, Strand Hanson Limited. A further announcement, including the requisite Schedule 2(g) disclosures required under the AIM Rules for Companies, will be made in due course.
Shareholder Approval of the Proposed Farm Out of Block 3B/4B to Africa Oil
On 11 July 2023, the Company announced that its wholly owned subsidiary, Azinam Limited, would farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa to Oil SA Corp, a wholly owned subsidiary of Africa Oil (the “Farm Out”). The Farm Out remains, inter alia, conditional on regulatory approvals from the government of South Africa and the TSX Venture Exchange (the “TSXV”). As part of the regulatory approval process, the TSXV has now advised the Company that it must obtain shareholder approval for the Farm Out from those shareholders in the Company who are not deemed to be interested in the Farm Out, primarily comprising Africa Oil. Accordingly a resolution to approve the Farm Out is contained within the Notice of AGM.
Full details of all the Resolutions to be voted on at the meeting, as well as the Circular and form of proxy can be found on the Company’s website at: https://www.ecooilandgas.com/investors/documents-circulars/.
Nothing to add to all this but useful shareholder information. The best news of all is that Keith Hill remains on the board…
Eco (Atlantic) Oil & Gas
(Thanks to Malcy's blog)
December 12, 2023
Eco has announced that, further to the Company’s announcement on 24 October 2023, it has posted to Shareholders a formal notice of its Annual General Meeting, explanatory circular and form of proxy. The AGM is to be held at 07:00 a.m. (Toronto time) on 29 December 2023 via teleconference. Copies of the formal notice of AGM, form of proxy, the Circular and virtual access details will be made available on the Company’s website at: https://www.ecooilandgas.com/investors/documents-circulars/.
Proposed Appointment of Non-Executive Director
The Company is also pleased to announce the proposed appointment of Mr Oliver Quinn following the AGM to be held in December. Mr Quinn will be appointed, subject to Shareholder approval, as the nominee director of Africa Oil Corp, which holds 14.84% of the Company’s issued share capital. Mr Quinn was appointed as the Chief Commercial Officer of Africa Oil in September 2023 having previously been employed as Senior Vice President, Corporate Development at Kosmos Energy Ltd. Mr Quinn started his career at Shell and has 19 years of experience in the Oil & Gas industry. He is a graduate of the University of Manchester where he studied for a BSc (Hons), Environmental & Resource Geology and a graduate of the University of Edinburgh where he completed a PhD in Petroleum Science. While Mr Quinn replaces Keith Hill as Africa Oil’s board nominee, the Board is pleased that Mr Hill has agreed to remain as a Non-executive Director of the Company.
Mr Quinn’s appointment is subject to the completion of customary due diligence required by the AIM Rules for Companies and AIM Rules for Nominated Advisers (the “AIM Rules”) to be undertaken by the Company’s Nominated Adviser, Strand Hanson Limited. A further announcement, including the requisite Schedule 2(g) disclosures required under the AIM Rules for Companies, will be made in due course.
Shareholder Approval of the Proposed Farm Out of Block 3B/4B to Africa Oil
On 11 July 2023, the Company announced that its wholly owned subsidiary, Azinam Limited, would farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa to Oil SA Corp, a wholly owned subsidiary of Africa Oil (the “Farm Out”). The Farm Out remains, inter alia, conditional on regulatory approvals from the government of South Africa and the TSX Venture Exchange (the “TSXV”). As part of the regulatory approval process, the TSXV has now advised the Company that it must obtain shareholder approval for the Farm Out from those shareholders in the Company who are not deemed to be interested in the Farm Out, primarily comprising Africa Oil. Accordingly a resolution to approve the Farm Out is contained within the Notice of AGM.
Full details of all the Resolutions to be voted on at the meeting, as well as the Circular and form of proxy can be found on the Company’s website at: https://www.ecooilandgas.com/investors/documents-circulars/.
Nothing to add to all this but useful shareholder information. The best news of all is that Keith Hill remains on the board…
Thanks for the additional info.
Chariot
(Thanks to Malcy's blog)
December 11, 2023
When I wrote up the Chariot/Energean deal last week I said that I would assess the market reaction, speak to the company and add more comments as pertinent. I received an interesting mix of inbound messages and accordingly decided to put those points to Julian Maurice-Williams, Chariot CFO.
I started by asking him about the deal and to deep dive into some of the details and personal thoughts gained in the months of negotiations as well as regarding costs and timings of the process?
- We are very pleased with this deal. Energean is a FTSE250 company with a strong track record of successfully developing large offshore gas projects. They are both experienced and proactive and like us, are also keen to get after it with developing Anchois.
- We have secured a great partner, that like us, believes there is significant upside potential unaccounted for with this project, and we now have a financial pathway to reaching first gas, that doesn’t see equity holders diluted further. We both have a common goal – to deliver the development of the project in a safe, cost efficient and expedited manner.
- In terms of next steps, rig negotiations are advancing, the technical teams are working collaboratively on planning, and will look to undertake an appraisal well at Anchois as soon as possible in 2024. As outlined, the appraisal well is a multi-objective well which will be a future producer. Both sides plan to optimise the development further, appraise newly discovered gas sands and drill two exploration targets, aiming to increase the resource.
- In terms of other catalysts, we will be commencing with a drilling programme on the Loukos onshore licence in the new year and our team is looking to commence this asap. In addition, we also have plans to conduct a seismic acquisition programme on Rissana.
- Possibly also worth noting the current macro environment, which for exploration remains somewhat challenging. The fact that the company received multiple offers is testament to the assets.
- All these things aside, though, we are very excited about the agreement we have struck with Energean. We are aligned in the development plans and in the view that this project could be larger than initially anticipated and we now have the financial and operational framework in place to get the project to first gas, delivering cash flows and value for all our stakeholders.
I wanted to ask Julian about the details of the carry, it seems to be different to other industry deals of late. He responded with the below points about the terms of the transaction:
- While Chariot has taken dilution, we believe we are unlocking a potentially much larger development than initially thought, with significant further upside.
- We get cash into the business upfront, retain a material stake in the project and most importantly we potentially get a full carry to first gas.
- Also, it is a non-recourse loan repaid through 50% of net revenues from the Lixus licence which only commence once we get to first gas and start generating cash flows. So there is no cost to us until all the milestones are achieved and the loan provides us with the potential to start paying dividends to shareholders once first gas is reached – which wouldn’t necessarily be the case if we decided to use other less flexible financing solutions.
- We also see 7% above SOFR as a very competitive rate – you don’t get this elsewhere – as seen with other recently announced bonds in the sector.
- Also, Chariot shareholders get a royalty and a choice between a US$50m convertible loan or 3 million ENOG shares as part of Energean opting to take the further 10% (which would include income from ENOG’s dividend programme).
I would like to thank Julian for his time, I hope that these answers go a long way to ensuring that the questions put by investors have been adequately covered. I remain a strong supporter of Chariot and believe that the assets in the portfolio are worth significantly more that the current share price and it will undoubtedly stay in the Bucket List come January.
Africa Oil Corporation Is Repurchasing Its Stock, You Should To
Dec. 11, 2023 7:03 AM ETAfrica Oil Corp. (AOIFF) Stock, AOI:CA Stock3 Comments3 Likes
(From Seeking Alpha)
The Value Portfolio
Summary
- Africa Oil Corporation has a strong portfolio of assets and is debt-free with a cash balance of over $200 million.
- The company's core oil assets have a strong outlook, and it is part of the largest oil discovery of 2022.
- The company has the potential for strong cash flow and shareholder returns, but is at risk from weak crude oil prices.
Go to Seeking alpha to read more.
Thanks for the post Gman
Pancontinental Energy
75% owned and Operator of PEL 87 in the bulleye of Namibia's Oange basin
https://pancon.com.au
https://pancon.com.au/investor-centre/asx-releases/
goto the SEPTEMBER 2023 QUARTERLY ACTIVITIES REPORT
Thanks for posting this information. Now if only Pancon would get positive info flowing.
Don't know about Santos which is big in Australia (I think). A 4/28/23 ASX announcement from Pancon mentions something bout a firm named Custos Investments.
Chariot
12/07/23
(Thanks to Malcy's Blog )
Chariot has announced that it has signed Partnership Agreements with Energean plc group, on the Lixus Offshore licence, where the Anchois gas development project is located, and on the Rissana Offshore licence in Morocco.
Partnering Rationale:
· Provides funding for both Chariot and the project through upfront consideration, deferred consideration and potentially a full carry to first gas, with Chariot retaining a material stake in the project
· Secures an experienced operator for the development of Anchois – Energean is a FTSE 250 company with a proven track record in successfully developing large offshore gas projects
· Accelerates growth from the portfolio, with the potential to significantly upscale the development and target further exploration prospectivity in the Lixus and Rissana licences
Project Development:
· Leveraging their combined expertise to co-develop Anchois, the parties are aligned on the next steps for the project development, including:
o Drill a further well, in the east of the Anchois field and conduct a gas flow test in 2024, with rig contract negotiations advanced. Multi-objective well:
§ Evaluate undrilled low-risk deeper sands, to potentially materially increase the resource base for a development above 1 Tcf
§ Optimise development scheme through a production flow test
§ Provide a future producer well
o Expansion of the existing offshore development plan, to accommodate potentially significantly higher production
o Finalise ongoing gas sales negotiations with focus on meeting Moroccan energy needs
· Progress exploration together across Lixus and Rissana, including a 2024 seismic campaign
Key Deal Terms:
· Energean to acquire 45% and 37.5% interests in the Lixus and Rissana licences respectively, and take operatorship of both licences
· Chariot will retain a 30% and 37.5% interest in Lixus and Rissana respectively, with ONHYM maintaining a 25% stake in each licence
· Chariot will receive:
o US$10 million payable on completion of the transaction
o US$15 million payable on Final Investment Decision (“FID”)
o US$85 million gross carry including:
§ All Lixus costs up to FID, including the additional Anchois well with a gas flow test
§ Planned Rissana seismic acquisition costs separately capped at US$7 million
· Following completion of the Anchois well, Energean will have the right to acquire a further 10% of Chariot’s equity in the Lixus licence for:
o US$850 million gross development carry to first gas (including the US$85m gross carry)
o US$50 million 5-year zero coupon convertible loan note with a strike price of £20 adjusted down for dividends or issuance of three million Energean shares, at Chariot’s option on FID
o 7% royalty payment on Energean’s gas production revenues in excess of a base hurdle on the realised gas price (post transportation costs)
· Energean’s carry of Chariot’s costs is non-recourse, and has a coupon of 7% over the one year Secured Overnight Financing Rate (SOFR), with the carry including interest repayable from 50% of Chariot’s future net sales revenues from the Lixus licence
· Completion of the transaction is subject to standard Moroccan regulatory approvals
Dr Leila Benali, Minister of Energy Transition and Sustainable Development commented:
“This agreement is pivotal for the wider acreage offshore Morocco, on its Atlantic coast, a key energy asset for the Kingdom. We welcome Energean on these licences as the important investments will contribute greatly to the monetisation of the country’s resources and to our ambitious energy strategy.
Mrs Amina Benkhadra, General Director Office National des Hydrocarbures et des Mines commented:
“I would like to congratulate both parties on signing this agreement. The discovery and extensive work to date has set an excellent foundation on which the project can be developed and this partnership will now be instrumental in financing and taking it through the next phase. We look forward to working alongside Energean and Chariot in bringing the project to first gas.”
Mathios Rigas, CEO of Energean commented:
“This is an exciting step in the next stage of our development, one that can only enhance our position as the pre-eminent independent natural gas producer listed in London. These assets are particularly attractive as we understand the core geological, commercial and political drivers of the region, we have a track record in developing material gas resources prioritised for the domestic market and they are a complementary fit with our broader portfolio, not least the potential for surplus supply to other markets. We look forward to working with our partners Chariot and ONHYM, and developing an outstanding resource for the benefit of all parties, including Morocco and its people.”
Adonis Pouroulis, CEO of Chariot commented:
“In Energean, we have secured a partner with a proven track record of rapidly building and delivering this kind of offshore development. Energean also shares our view that Anchois and its surrounding acreage offers significant upside potential and we are aligned with our plans moving forward. The new partnership is a key step in bringing the development of the Anchois field to reality and we are looking forward to continuing the extensive work undertaken so far to reach Final Investment Decision.”
We are excited about the next phase of drilling which has the potential to both unlock significant additional resources and upsize the production profile. It is intended that this well will be used as a producer well when development commences. We retain a material stake in this basin opening opportunity where both parties are keen to optimise the project’s fundamentals, enable expansion and undertake further exploration. We also look forward to drilling on our Loukos Onshore licence which is anticipated to commence in early 2024.”
As mentioned above I will add more to this story in due course but I have spoken to the company and I think this is the right move for them. Mainly because I feel that in Energean they have made a wise choice, and Chariot had quite a big choice to make with multiple offers on the table, as they tick a lot of my boxes as a future partner. They have significant experience in sizeable gas projects such as this and can fund this deal whichever way it goes in terms of further options.
And those options help Chariot, they have the chance to sell a piece more and are carried to first gas dependent on that option re drilling the well next year which is most interesting as it is an appraisal, development and production well all in one.
Clearly the Moroccan authorities buy into this deal big time, I would if I was them as they need domestically produced gas and the Chariot/Energean combo should be the dream team. For Chariot this is just what they wanted, shareholders can enjoy the spoils of the existing discovery along with potential for a great deal of upside.
Except it drove the price down
Agreed Gman
When the FS does come out check the list of firms and people that have to sign off on various parts of the document. Their signature is legally binding subject to financial risk.
Oh give me a break. The news was positive, maybe not all the detail that could be desired, but positive.
Thanks chico for this recap
AFRICA OIL ANNOUNCES NORMAL COURSE ISSUER BID - LAUNCH OF SHARE BUYBACK PROGRAM
VANCOUVER, BC, Dec. 4, 2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that the Toronto Stock Exchange (the "TSX") has approved the Company's proposed normal course issuer bid (referred to as a share buy-back program in Europe) (the "NCIB").
Well stated Implanting
Eco (Atlantic) Oil & Gas
Eco Atlantic has announced its results for the three and six month periods ended 30 September 2023.
Highlights:
Financials (as at 30 September 2023)
· The Company had cash and cash equivalents of US$3.85 million and no debt.
· The Company had total assets of US$51.0 million, total liabilities of US$1.71 million and total equity of US$49.30 million.
Operations:
Guyana
· On 10 August 2023, the Company signed a Sale Purchase Agreement for its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited to acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V., a wholly owned subsidiary of Tullow Oil Plc. in exchange for a combination of upfront cash and contingent consideration (the “Transaction”).
Post-period end:
· On 15 November 2023, Eco announced that the Company had received Government approval for the transfer of 60% Working Interest and Operatorship in the offshore Orinduik Block in Guyana from the Minister of Natural Resources, Cooperative Republic of Guyana.
· On 21 November 2023, the Company announced completion of the Transaction, upon which Eco became the designated Operator of the Orinduik Block and increase its aggregate Participating Interest to 75%, held via Eco Orinduik B.V. (60%) and Eco (Atlantic) Guyana Inc (15%). TOQAP Guyana B.V continues to hold a Participating Interest of 25%.
· A formal farm-out process for the Orinduik Block has commenced and the Company expects to provide further updates in due course.
South Africa
Block 3B/4B
· On 17 July 2023, the Company issued 1,200,000 shares to the Lunn Family Trust in place of the US$500,000 cash consideration due in respect of the acquisition of the 6.25% interest in Block3B/4B from the Lunn Family Trust as previously announced on 27 June 2022.
· On 11 July 2023, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash. On 14 August 2023, the parties signed the final Assignment and Transfer agreement. Additional US$2.5m cash consideration is expected to be received upon Government of SA approval of the transfer, with the initial consideration of US$2.5m already having been received.
· Government of SA approval and therefore the $2.5m cash payment from Africa Oil are expected to be received by year end 2023.
· The JV partners continue to progress a farm-out, in conjunction with preparations for a two well drilling campaign on the Block. Further updates will be made as appropriate.
Block 2B
· Eco has applied for a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, and continues to assess opportunities available to deliver value from this licence for the benefit of stakeholders.
Namibia
· Following media reports that significant multi-well drilling campaigns are about to be undertaken offshore Namibia, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.
· The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.
Board Changes:
· Post period end, on October 9, 2023, the Company announced the appointment of Miss Alice Carroll and Miss Selma Usiku as executive and non-executive directors respectively of the Company with immediate effect, with Helmut Angula retiring from the Board.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“We have made progress on all fronts across our exploration portfolio in 2023. The most notable development was the acquisition of a 60% Working Interest in the Orinduik Block, offshore Guyana, from a subsidiary of Tullow Oil Plc. This transaction made Eco the Operator of the licence and brings our total stake in the Block to 75%. We have already commenced with a farm-out process and opened a data room, receiving early interest from a number of multi-national oil and gas companies.
“Also, offshore South Africa, we continue to progress plans for a two-well campaign on Block 3B/4B in parallel to continuing farm-out discussions with various large industry partners. In Namibia, we continue to receive incoming interest with regard to our highly strategic acreage position, which has increased following recent media reports of multi-well drilling campaigns being lined up.
“In closing, the last two quarters of 2023 have been a highly active period for us, and we look forward to sharing further updates on the ongoing farm out workstreams and drilling plans with our stakeholders as and when we are in a position to do so.”
These are historic figures and show nothing that we haven’t already heard of before, specifically the numbers are of no significance for Eco Atlantic.
I am much more excited by the recent news from the company and there is clearly much going on. Obviously the fact that they have managed to get Tullow’s stake in Guyana off them is exciting and I expect a farm-down here before long.
Also I am excited about activity offshore South Africa and block 3B/4B which to me looks to have potentially huge upside. Finally in Namibia which is increasingly becoming one of the world’s highly sought after post codes eco appear to have an enviable hand in this card game.
All in all Eco are extremely well placed with their excellent portfolio and I expect the next few months to show that the share price is extremely undervalued.