Welcome to our roundup of some of our investment, exploration, and development stories on Theassay.com over the last seven days. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing news
This week’s news kicked off with Arafura Rare Earths Ltd (ASX: ARU) appointing KfW IPEX-Bank as an additional Nolans Project Mandated Lead Arranger and Bookrunner (MLA).
KfW will help arrange and syndicate the debt financing facility and provide Export Credit Agency (ECA) structuring advice as the ECA Structuring Bank for the development of the company’s wholly owned Neodymium Praseodymium Nolans rare earth project which is located 135km north of Alice Springs in the Northern Territory, Australia.
KfW will work in conjunction with Société Générale and National Australia Bank who were appointed as initial MLAs to arrange the debt financing facility for the project.
Cyprium Metals Limited (ASX: CYM) commenced fixed income investor calls with international debt capital market investors. The issue of a US dollar-denominated senior secured bond with a five-year tenor may follow, subject to inter alia market conditions.
The net proceeds from the contemplated bond issue together with the Offtake Prepayment Facility comprises the targeted A$240M to A$260M debt funding package to finance the restart of the Nifty Copper Project.
“We are very pleased to have finalised due diligence and documentation to commence fixed income investor calls for a contemplated Senior Secured Bond Issue with Pareto Securities as the manager. The contemplated Bond Issue is part of the full finance package for the restart of the Nifty Copper Project,” Managing Director, Barry Cahill said.
Development news
There was plenty of development news this week, starting with Grid Metals Corp (TSXV: GRDM) acquiring mineral rights comprising the Falcon West Lithium Property, which is located approximately 110km east of Winnipeg, Manitoba and 100km south of the company’s Donner Lake lithium property.
The property covers 61,268ha and ~70km of strike length of a highly prospective geological contact zone that features several drill intersected spodumene-rich pegmatites featuring highly anomalous lithium grades. The initial focus of exploration will be the ADL (the ArtDon and Lucy pegmatites) TargetArea, which comprises an ~1.25km trend of outcropping lithium bearing pegmatites.
Hot Chili Limited (ASX: HCH | TSXV: HCH) commenced drilling across the recently secured western extension to its Cortadera copper-gold discovery, the centrepiece of the company’s low-altitude, Costa Fuego senior copper development in Chile.
One diamond drill rig (operating on a double-shift basis) and one reverse circulation drill rig (operating on a single-shift basis) are in operation, testing the potential for Cortadera to host a much larger copper porphyry cluster than currently defined.
The initial programme, comprising approximately 10,000m of drilling, will test four porphyry targets (including three targets on the recently optioned AMSA landholding) added to Cortadera through successful consolidation efforts announced in late November 2022.
Nova Minerals (ASX: NVA) confirmed further broad surface gold zones across the Estelle Gold Project in Alaska.
The high-grade rock samples outside of the current 9.6Moz Mineral Resource at Estelle, continue to unlock the district’s potential.
“These results continue to prove the exceptional exploration upside that remains across the Estelle Gold Project,” CEO, Christopher Gerteisen, said.
Drilling results
Major drilling news centred around Roscan Gold Corporation (TSXV: ROS) obtaining positive drilling results from an additional programme consisting of 41 Reverse Circulation (RC), 14 Air Core (AC) and two Diamond Drilling holes totalling 6,153m at the Southern Mankouke Zone within its Kandiole Project in Mali.
The results confirm additional mineralization and the continuity of mineralization between the main mineral resources of MS1 and its satellite at MS3. In addition, significant mineralization near the surface and in the fresh rock at depth, allows for a southern pit shell extension with the capturing of these potential additional ounces.
Production updates
In production news, Mongolian specialist Steppe Gold Limited (TSX: STGO) has provided a positive operations update for the final quarter of 2022.
Gold production was approximately 5,600oz in the fourth quarter for a total of 33,500oz for 2022, and sales for the year was 33,700oz. We expect 2023 production to come in at a similar level to 2022 with some potential for upside. First quarter production is expected to be approximately 6,000oz.
The new boiler house has been working effectively through the winter to keep the solution above freezing and this has allowed for cold weather production to continue through the quarter.
Also in the news
To round this week’s news up, Argentina Lithium & Energy Corp. (TSXV: LIT) has appointed the highly experienced Martin Burian to its board of directors.
Mr Burian holds ICD.D (Institute of Corporate Directors) and Chartered Professional Accountant designations. He has a 30-year career in investment banking to the mining sector, is currently Managing Director at RCI Capital Group and held similar senior positions at Haywood Securities, Bolder Investment Partners and Canaccord Capital. He is an independent member of several other public company boards. Mr Burian’s early career was with KPMG where he obtained his CPA and CBV designations.
“We are extremely pleased to welcome Martin to Argentina Lithium’s board of directors,” President and CEO, Nikolaos Cacos, said.
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