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09:30 Sat 19 Mar 2022
A snapshot of the mining stories making the headlines this week
CentralNic PLC has raised gross proceeds of £3mln from the open offer that accompanied its acquisition of German group VGL.
The offer was part of a funding package by the internet registry and marketing group that included a £42mln share subscription and €21mln senior bond issue.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF)’s entry into the FTSE 100 on 21 March should be a positive catalyst for the shares, according to Berenberg.
The broker has a price target of 2,600p/C$44 and highlights the dividend potential with a yield of 2.4% on a minimum payout this year of US$150mln, though the broker thinks it can do more than this.
BATM Advanced Communications Ltd (LSE:BVC, OTC:BTAVF) announced a strategic partnership for its Edgility virtual networking and edge compute solution with NEXCOM International Co Ltd.
Under the agreement, Edgility will be pre-installed on NEXCOM’s 5G network appliance, BATM said in a statement. Purchasers of the NEXCOM appliance will contract directly with BATM if they choose to use Edgility. 
W Resources PLC (AIM:WRES) said it has restarted operations at its La Parrilla tungsten mine in Spain after a maintenance shutdown.
There was no production in February other than small quantities of work in progress that were reprocessed early in the month, it added.
Bezant Resources PLC (AIM:BZT) said authorities in the Philippines have renewed the mineral production sharing agreement for the Mankayan Project for a further 25 years, calling it a “catalyst” for the development of the copper-gold property.
Crescent Mining is developing the porphyry-hosted deposit. It has begun the feasibility study process and has engaged contractors to complete the scoping phase. The next step is a drill campaign that will assist with the geotechnical studies.
Cenkos Securities PLC (AIM:CNKS) said it has made a strong start to the current year as it unveiled 2021 results that showed robust growth across all its key financial metrics.
Operationally geared, the independent institutional stockbroker posted a 47% increase in underlying profits to £5.9mln on revenues of £37.2mln, up 18% year-on-year.
This year, 2002, will provide more reasons to be optimistic about Ceres Power Holdings PLC (AIM:CWR, OTC:CPWHF)’s future in the clean energy transition space says broker Berenberg.
“With £250mln  of  cash  on  the balance sheet, Ceres has few capital constraints and there will be a further step-up  in  investment  in  2022,  particularly  into  its  electrolysis  business where  a  1MW-scale  demonstration  unit  will  be  launched  later  this  year.”
City broker SP Angel has teamed up with Digbee to bring environmental, social and governance (ESG) accreditation to its mining clients.
Digbee’s online platform allows mining companies of all sizes to disclose their ESG activities, which are then analysed by an independent third party that assigns a score and delivers a qualitative ESG assessment.
Union Jack Oil PLC (AIM:UJO) said it has received approval from the East Riding Planning Committee for an expansion of drilling and production at the West Newton A site.
Separately, Union Jack added that an extension has been granted to allow further exploratory drilling at the West Newton B site.
Play-to-earn games have increased in popularity over the last few years as the possibilities surrounding blockchain technology have exploded.
Esports teams, such as Semper Fortis Esports PLC (AQSE:SEMP), are beginning to launch specific divisions and teams focused on play-to-earn games.
Harbour Energy (LSE:HBR) PLC today predicted it will clear its US$2.3bn debt pile by next year, underlining the buoyant conditions currently for oil producers as the crude price surges ahead.
North Sea-focused Harbour was formed a year ago by a merger of debt-laden Premier Oil with privately-owned Chrysaor in what was seen by many as the last gasp attempt to save the listed business from failure.
Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) said it has generated five drug candidates targeting cancer from its fourth and latest proprietary platform – GlyMab.
The anti-glycan monoclonal antibodies (mAb) created will target specific tumours such as those associated with pancreatic, small cell lung, colorectal and gastric forms of the disease.
CleanTech Lithium PLC (AIM:CTL) shares received a warm welcome as they started trading on AIM after a £5.6mln fundraising to enable the development of two battery-grade lithium projects in Chile.
The company received a net £4.8mln from the initial public offer and had an initial market capitalisation of £23.7mln at the 30p placing price.
Empire Metals Ltd (AIM:EEE) said an initial reverse circulation (RC) drilling programme at the Eclipse gold project in Western Australia was successful and it announced the start of a follow-up diamond drill (DD) programme.
The DD programme will continue over the next few weeks. 
Bushveld Minerals Ltd (AIM:BMN, OTC:BSHVF) has announced chairman Ian Watson is to stand down with two other long-standing directors, Jeremy Friedlander and Anthony Viljoen, also to retire.
Watson will not stand for re-election at the forthcoming AGM with Michael Kirkwood, the company’s senior independent NED to be interim chair until a replacement is appointed.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) said that the Merlin-2 surface hole has been successfully completed (to 2,005 feet) and safety systems put in place ahead of drilling to its target depth of 8,000 ft.
This is expected to be reached in two weeks with all target zones anticipated to be intersected, said the statement.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) profits jumped 79% in 2021 on record gold production following the acquisition of new mines and said it was confident for the current year.
“We have entered 2022 with considerable momentum and we expect to deliver another strong year for the group,” said president and chief executive Sebastien de Montessus.
Frontier IP Group PLC (AIM:FIPP) reported interim profits ahead of management expectations and has continued to make progress in the second half.
The intellectual property commercialisation specialist posted a £10.3mln pre-tax profit for the half-year to 31 December, an increase of 239% on a year earlier reflecting a higher gain on revaluation of investments.
DeepVerge PLC has acquired engineering services company Glanaco Limited for £1.08mln, payable in a mixture of cash (£430,000) and shares.
The acquisition brings the testing, assembly and commissioning of a new generation of MicrotoxPD (real-time pathogen detection in wastewater) in-house, DeepVerge said.
Semper Fortis Esports PLC (AQSE:SEMP) announced the launch of its new blockchain-based play-to-earn gaming division, SMPR Guild.
Play-to-earn is a new category in video gaming that rewards players for winning and completing tasks with game-based tokens which are free to use in-game or convert into cryptocurrency and then into fiat currency.
Guild Esports PLC (LSE:GILD, OTC:GULDF) has signed a two-year global sponsorship deal with Razer, the gaming-focused computer gear company.
Razer has made the cut and been unveiled as Guild’s official gaming chair partner.
Synairgen PLC (AIM:SNG, OTC:SYGGF) said America’s National Institute of Allergy and Infectious Diseases has halted a phase II/III COVID-19 trial that included the UK group’s lead asset, SNG001.
It said the development was due to the “significant shift in the nature of the pandemic which would necessitate a substantial modification of the study design not feasible in this multiple treatment-arm, platform trial”.
OptiBiotix Health PLC (AIM:OPTI) has unveiled plans to list its ProBiotix Health arm on the Aquis Growth Market, raising £2.5mln in the process for the newly independent business.
The spin-off is being done to exploit the “multiple opportunities” identified by management.
Ariana Resources PLC (AIM:AAU) said it expects a 20% jump in gold production this year from the Kiziltepe mine in western Turkey.
The gold output guidance for Kiziltepe is expected to be about 25,000 ounces of gold, which is 2.5 times greater than the feasibility plan for this stage of mine life, and an improvement on its 2021 production of 20,737 ounces.
Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) said 2021 was a turning point for the Zimbabwe-focused group after the completion of a new central shaft at its Blanket gold mine.
Revenues rose 21% to US$121mln in 2021, helped by a strong gold price and flat costs of production.
With a rise of 73.4% since the start of the year, The Royal Mint Physical Gold ETC (LSE:RMAU) reached its highest level of assets under management (AUM) last week, two years after its launch.
HANetf, which manages the exchange-traded commodity, which is backed by responsibly sourced Good Delivery bars accredited by the London Bullion Market Association, said its AUM surpassed US$486mln on 8 March.
Ceres Power Holdings PLC (AIM:CWR, OTC:CPWHF) said it intends to increase its spending on R&D and capital investment significantly to take advantage of the opportunities in the growing fuel cell markets and especially hydrogen.
This requirement for hydrogen is predicted to double each decade between 2030 and 2050, said Ceres chief executive Phil Caldwell, and be worth US$2.5trn eventually, according to consultant McKinsey.
Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) announced further significant gold intersections from drilling at its Diba & Lakanfla project in western Mali.
Drilling results from the Lakanfla Central prospect include 0.90 grammes per tonne (g/t) gold over 66 metres (m) from a depth of 41m, 1.32 g/t gold over 26m, 2.21 g/t gold over 12m and 4.37 g/t gold over 6m.
Paradigm Biopharmaceuticals Ltd (ASX:PAR) has secured regulatory and ethics approval to clinically trial its lead treatment candidate on osteoarthritis patients in the UK.
The green light represents the last in a series of approvals Paradigm needed to get the Phase 3 PARA_OA_002 trial off the ground.
Kinetiko Energy Ltd (ASX:KKO) has been given final South African consent and regulatory approval for its acquisition of Afro Energy (Pty) Ltd.
KKO is now free to complete the acquisition, after the Director-General: Department of Mineral Resources and Energy in South Africa consented to the transfer of a controlling interest in Afro Energy – a holder of exploration rights and applications totalling approximately 7,000 square kilometres with a certified gas resource (2C) of 4.9Tcf.
South Harz Potash Ltd (ASX:SHP) has kicked off work on its second confirmatory drill hole at the Ohmgebirge mining licence within its namesake German potash project.
The potash exploration and development company expects to complete work on the drill hole in early May.
Sunstone Metals Ltd (ASX:STM) has determined that the Alba gold-copper porphyry discovery within the Bramaderos Project in southern Ecuador extends to 1-kilometre deep through data collected from geophysical surveying and drilling at the target.
These geophysical results have also indicated that several Alba-style deposits may be hosted nearby, which Sunstone is now preparing to drill.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has announced the appointments of Srinivasan Venkatakrishnan as the new chair of the company’s board of directors, as well as an independent non-executive director, and Ian Cockerill as a senior independent non-executive director, effective May 24, 2022.
Venkatakrishnan succeeds Michael Beckett, who is retiring from the board after 12 years as its chair.
Power Metal Resources said its 83.33%-owned subsidiary First Development Resources (FDR) has identified several priority targets at its Selta uranium and rare earths project in Australia.
Four targets have been identified as containing possible uranium mineralisation and three for rare earth elements.
Peel Hunt has kept its rating on Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) at buy, with a target price set at 14p, after the junior announced the closing of its senior debt facility.
The nickel company announced earlier today it had closed its senior debt facility and cost overrun facility, which will contribute to the US$633mln funding package to build a ferronickel mine at Araguaia in Brazil.
Rishi Sunak’s budget delivery next week comes under the shadow of war and a hastening cost of living crisis.
He will have to contend with a tight balance sheet and a legacy of high spending during Covid, with unpopular tax hikes, and perhaps a few rabbits, coming out of his hat next Wednesday.
Scotgold Resources Limited (AIM:SGZ) has announced board changes that include the appointment of Sean Duffy as its new chief financial officer and Evan Spencer as non-executive director.
The company, in a statement, said that the appointments further develop its leadership team formed to deliver on long-term strategy and near-term objectives to optimise the Cononish project, Scotland’s first commercial gold mine, up to a 23,500 ounce per year run-rate.
European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTC:EMHLF) reported narrower interim losses as the company continued to advance the Cinovec lithium/tin project in the Czech Republic.
It noted that the Coronavirus (COVID-19) pandemic had a negative impact on the project’s timelines.
Eco (Atlantic) Oil & Gas Ltd chief Gil Holzman said acquisitions have enabled the company to have at least four wells that will be drilled in Guyana, South Africa and Namibia in the next 18 to 24 months.
Through a series of acquisitions, the company has created “a string of catalysts to our investors”, Holzman said in an interview with Proactive Investors.
Excitement and anticipation continue to build for 88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF)’s new well in Alaska, as the company shared a video of the exploration manager arriving to site by plane.
The video shows the drill rig in operation at the Merlin-2 site where the exploration company is testing large targets, estimated at some 652mln barrels, which were identified in the prior Merlin discovery well.
Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) said it signed the final documentation required for a US$346.2mln (£265mln) senior debt facility and US$25mln cost overrun facility for the construction of its Araguaia ferronickel project in Brazil.
The first drawdown under the senior debt facility is expected to occur in the fourth quarter of 2022, subject to certain conditions.
PYX Resources Ltd (LSE:PYX, NSX:PYX) said the current surging price of zircon had set the base for strong growth in business for years to come.
Prices for the industrial metal have more than doubled over the past 12 months and revenues at the UK-standard listed miner jumped 39% to US$12.4mln in the year to end-December 2021.
Genflow Biosciences PLC (LSE:GENF), which is carrying out research into healthy ageing, has secured up to €3.375mln in non-dilutive funding.
It comes in the form of a grant from the regional government of Wallonia, in southern Belgium, and was awarded to the company’s local subsidiary that will be paid in half-yearly tranches starting with  €767,253. 
Caerus Mineral Resources PLC and Bezant Resources PLC said Phase 2 drilling at Troulli, one of their copper-gold joint venture projects in Cyprus, has been completed on schedule and within budget. 
Assay results received for one drill hole included peak intercepts of 1.25 grammes a tonne gold over 12.9 metres (m) from surface, 1.84% copper over 5m from 12.9m, 1.26% copper over 5.2m and 1.3% copper equivalent over 16.5m.
Aquis Exchange said it will assume the business activities of UBS MTF, the non-displayed matching pool of UBS MTF Ltd, a subsidiary of UBS Group AG (NYSE:UBS).
For members of the pan-European equities trading arm of Aquis Exchange PLC (AIM:AQX), the shift in ownership should not cause any disruption to the service as no immediate regulatory or technical changes are needed, the company said.
Atlantic Lithium Limited (AIM:ALL) said it has promoted Amanda Harsas to the board as finance director with immediate effect.
She had previously had the title of chief financial officer and company secretary.
Surgical endoscopy specialist Creo Medical Group PLC (AIM:CREO) hailed the success of its Albyn Medical acquisition after the first tranches of the deal’s earn-out agreement were triggered.
Creo paid an upfront €24.8mln for the sales operation and offered its former owners the chance to earn a further €2.7mln over two years. Creo also agreed to acquire the remaining 10% of Albyn still held by the original owners.
Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF) has received conditional permission to begin drilling at its Eureka project in Nevada.
The permission is for a 23-hole programme, pending a 30-day bond payment adjudication with the money already posted by Bradda Head, the company said in a statement.
Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) said it was pleased with its progress across its projects during the past half-year, with buoyant commodity prices supporting the outlook for 2022.

The company’s two capital raisings during the period have put it in a “strong position to deliver’’ on its drill programmes this year, it said in a statement on Tuesday.
Cash and cash equivalents rose to £1.58m at the end of December from £685,000 a year earlier.

“Commodity prices have performed well during the period and forecasts are favourable that these conditions will continue further into 2022,’’ said Managing Director Nicole Galloway Warland.
Capital risk management company KRM22 PLC (AIM:KRM, OTC:KRMCF) will integrate two of its products into Trading Tecnologies’ trading platform.
Trading Technologies’ TT is a futures, options and cryptocurrency trading platform.
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