Welcome to a roundup of some of our financing, exploration, and development stories on Theassay.com over the last week. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing and M&A
Over the previous week Andean Precious Metals Corp. (TSXV: APM | OTCQX: ANPMF), through its wholly owned subsidiary, Andean PM, AB, has entered into an agreement for a 12-month US$25M renewable secured revolving line of credit with Banco Santander International.
The agreement is effective as of 28 February 2024. The LOC provides for US$25M to be used for general corporate purposes and is secured by short-term investments and cash equivalents. It bears interest on any outstanding borrowings at the three-month Secured Overnight Financing Rate (SOFR) plus 90 basis points.
“While we expect to maintain a strong year-end balance sheet as at 31 December 2023 with liquid assets of approximately US$72M, including an unaudited cash balance of US$65M, this LOC provides the company with continued financial flexibility and builds on our treasury management capabilities as we pursue our vision of being a multi-asset mid-tier precious metals producer.” stated Juan Carlos Sandoval, Andean’s CFO.
KEFI Gold and Copper (AIM: KEFI) has announced a fundraising package to facilitate the full project launch at Tulu Kapi, with project launch expected to occur in mid-2024.
The fundraising package comprises:
- A firm placing of 750,000,000 new ordinary shares of £0.1 pence each in the capital of the company at a price of £0.6 pence per ordinary share to raise £4.5M (firm placing”), arranged by Tavira Financial Limited
- A conditional issue of 83,333,333 ordinary shares at the placing price, subject to approval by shareholders, pursuant to which certain directors and corporate advisers have elected to receive shares in lieu of accrued fees of approximately £0.5M
- An offer through PrimaryBid of new ordinary shares at the placing price
New exploration and development
Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA:2D9) has also announced the results of its high-resolution gravity survey completed over the Venda Nova North and South Deposits at its Lagoa Salgada VMS Project, Portugal.
Four new high priority targets have been identified near existing deposits, with the highest priority target located below and west of current high-grade North Deposit. The second priority target sits above the known copper corridor in the South Deposit.
The company has confirmed the potential to expand the known mineralization materially and rapidly at Venda Nova and enhance the value of the results of the recent feasibility study.
Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) has announced that its consultants have begun the final phase of base line environmental data collection for its exploration plan of operations (POO) at its Santa Fe Mine project in Nevada, USA.
Commencing next week, consulting biologists will complete helicopter-borne raptor surveys throughout the 12.2km2 tentative operational study area at Santa Fe.
In the following weeks, consultants will finish on-the-ground botanical surveys, the last field observations needed to proceed. The company expects that the cultural and biological resource reports will be ready for review by the Bureau of Land Management (BLM) and the Nevada State Historic Preservation Office (SHPO) in late Q2 2024.
Final review is expected in H2 2024 allowing the Santa Fe Mine project to enter the NEPA process. Eventual approval will allow more surface disturbance on the property giving Lahontan the ability to continue to explore and expand the current mineral resources as well as provide needed baseline data and analysis that can be used if Lahontan wishes to modify anything going forward.
Drilling results
Meanwhile, Peak Rare Earths Limited (ASX: PEK) has announced the next set of assay results from its critical minerals exploration programme, which is targeting the multi-commodity potential of the Ngualla carbonatite system.
Assays have been finalized for 31 RC holes across the Northern Zone, which follows the completion of drilling activities at the end of last year. The results indicate extensive high-grade and shallow mineralization of niobium, phosphate, and rare earths.
Further assay results from several key targets within the Northern Zone and Breccia Zone are expected by the end of this month.
CEO, Bardin Davis, commented, “We are extremely excited by the niobium intersections, which support the potential of a very high-grade niobium mineralization area within the Northern Zone. The extension of shallow and widespread phosphate mineralization within the Northern Zone is also very pleasing and supports the recently identified opportunity to supply phosphate into the local fertilizer market. We are eagerly awaiting the assay results from the remaining drill holes across the Northern Zone and Breccia Zone.”
Other Company News
Finally, North Arrow Minerals Inc. (TSXV: NAR) has appointed Eira Thomas as the chair of the board of directors, effective 28 February 2024. Ms. Thomas succeeds D. Grenville Thomas, who will remain as a director after 17 years as the company’s chair.
Ms. Thomas brings more than 30 years of experience in the mining industry, particularly in the diamond, gold, and energy spaces. She has held executive and board positions with a number of companies over that period, including Aber Diamond Corp., Stornoway Diamond Corp., Kaminak Gold Corp., and Lucara Diamond Corp., as well as 17 years as a director of Suncor Energy.
