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
Last week, KEFI Gold and Copper PLC (AIM: KEFI) received confirmation of conditional final credit committee approval from the lead lender for its Ethiopian development project, the high-grade Tulu Kapi Gold Project.
This followed the approvals from other key syndicate members including lead contractors and lead equity parties, and the previously reported actions by the government of Ethiopia during 2023.
Key government actions include the previously negotiated and reported exemptions from foreign exchange restrictions, commitments to provide permanent security protection, and the approval of additional protections for the lenders for the project. Also, the entire US$320M finance package is designed at the subsidiary level, with syndicate members who know the country well.
Golden Arrow Resources Corporation (TSXV: GRG | FSE: G6A | OTCQB: GARWF) has announced that New Golden Explorations Chile SpA (NGE), a wholly owned subsidiary of the company, has entered into an option agreement with Sociedad de Servicios Andinos SpA (SSA).
Joseph Grosso, chairman, CEO, and president of Golden Arrow commented, “We are very pleased with this arrangement with SSA as this deal represents the equivalent of approximately C$7M of non-dilutive financing for Golden Arrow, in a difficult market. The investment will allow us to complete an aggressive exploration and drilling program me to continue evaluating San Pietro’s many targets, and in support of our first NI 43-101 mineral resource estimate for the project which we are aiming to complete by the end of year.”
New exploration and development
Also, Lotus Resources Limited (ASX: LOT | OTCQB: LTSRF) has announced that post the completion of its acquisition of A-Cap, the company has now finalized the preliminary work programmes required to enable it to become a leading global uranium player, targeting a potential restart at Kayelekera in late 2025 and the optimization of Letlhakane to define a robust, economic project.
Lotus is now a leading uranium player with the third largest resource of ASX-listed peers, with mineral resources of 241Mlbs U308 at Kayelekera and Letlhakane. The company will leverage its proven uranium expertise in developing Letlhakane, in Botswana, one of the world’s top mining jurisdictions.
Lotus has further identified opportunities to add value at Letlhakane’s in the short to medium term. The company will focus on optimizing Letlhakane’s resource and targeting a higher-grade component as the basis for a value maximizing development strategy, and a resource update is planned for H1 2024.
American Lithium Corp. (TSXV:LI | NASDAQ: AMLI | Frankfurt: 5LA1) has released an updated preliminary economic assessment (PEA) for its Falchani Lithium project located in Puno, southwestern Peru. The independent, updated PEA was completed by DRA Global following the updated mineral resource estimate recently completed by Stantec Consulting Services Ltd.
Simon Clarke, CEO of American Lithium stated, “The very large increase in NPV combined with a low initial capex and robust economics in the updated PEA for Falchani are the culmination of successful work programmes at site and flow sheet optimization over the last couple of years combined with an improved lithium pricing environment.”
Meanwhile, Pan Global Resources Inc. (TSXV: PGZ |OTCQX: PGZFF |FSE: 2EU) announced results for the first drillhole in an 11-hole step out drill programme at the Cañada Honda copper-gold discovery, on the company’s wholly-owned Escacena Project.
Tim Moody, president, and CEO, commented, “These are the highest-grade drill intercepts to-date at Cañada Honda, and a very encouraging start to the follow-up drill programme that commenced in November 2023. There is excellent potential to expand the copper and gold mineralization and identify areas of higher grade at this new discovery.”
Highlights from drillhole CHD08:
– 8m at 0.12% Cu, 2.63g/t Au, 0.7g/t Ag from 178m, including 1.35m at 0.68% Cu, 12.4g/t Au, 3.1g/t Ag, 0.09% Co
– 14m at 0.77% Cu, 0.42g/t Au, 4.0g/t Ag from 199m, including 6.8m at 1.48% Cu, 0.65g/t Au, 7.2g/t Ag
Other company news
Lastly, Kuniko Limited (ASX: KNI) appointed Bruno Piranda as a non-executive director of the company. Piranda is a Doctor of Science for engineering in mechanics and vibro-acoustics. He has extensive experience in the automotive industry with more than 25 years in vehicle innovation, materials, and design within the PSA Peugeot Citroën group and now, Stellantis.
In 2020, Piranda was appointed to oversee the merger of the engineering divisions of the two car manufacturers, FCA (Fiat Chrysler Automobiles) and PSA Peugeot Citroën, as part of the creation of the automotive giant, Stellantis.
Today he supervises all Stellantis’ global technical skills in raw materials and steers the materials technical expertise to reach carbon neutrality.