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
This week, Paladin Energy (ASX: PDN | OTCQX: PALAF) and Fission Uranium Corp. (TSX: FCU | OTCQX: FCUUF | FSE:2FU) have entered into a definitive arrangement agreement, pursuant to which Paladin will acquire 100% of the issued and outstanding shares of Fission by way of a court approved plan of arrangement under the Canada Business Corporation Act.
Fission shareholders will receive 0.1076 fully paid shares of Paladin for each Fission share held at the closing of the Transaction.
The offer consideration represents:
- An implied value of C$1.30 per Fission share
- An implied equity value of C$1.14B
- A 25.8% premium to the closing price of the Fission shares on the TSX (C$1.03) on 21 June 2024
- A 30.0% premium to the 20-day volume weighted average price of the Fission shares on 21 June 2024
Peak Rare Earths Limited (ASX: PEK) has announced the approval of its binding offtake agreement with Shenghe Resources (Singapore) Pte. Ltd. by the Tanzanian Mining Commission. This follows the approval of the offtake agreement by Peak shareholders at a general meeting on 17 June 2024. All conditions precedent within the offtake agreement have now been either satisfied or waived.
Bardin David, CEO, commented, “This marks yet another major de-risking milestone and further strengthens Ngualla’s position as one of the world’s most attractive and advanced rare earth projects. Our offtake agreement with Shenghe delivers a higher level of payability and is supporting our rapidly advancing debt financing process.”
New exploration and development
Steppe Gold Ltd. (TSX: STGO) has announced that the company has filed an amended and restated technical report for the Boroo and Ulaanbulag Gold Project entitled, “Boroo and Ulaanbulag Gold Project NI 43-101 Technical Report”, and is issuing the following news release regarding its disclosure on the Boroo and Ulaanbulag Gold Project technical report.
The revised report addresses comments raised by the Ontario Securities Commission related to the author of the amended report and the associated certificate of qualified person. The report also removes references to use the technical report for internal purposes only and restates the mineral resource and mineral reserve estimates as rounded numbers (as opposed to precise calculations).
Additionally, the rounding of the mineral resource and mineral reserve estimates to the nearest significant number do not otherwise alter the results included in the initial technical report that was filed on the company’s profile on SEDAR+. The amended report does not otherwise contain any material revisions.
Meanwhile, Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has filed on SEDAR the technical report for the updated mineral resource estimate for its copper/nickel MM Project in Project in southeastern Manitoba, prepared in accordance with CIM (2019) Best Practice Guidelines.
The MM Project resource comprises two separate deposits, located approximately 35km apart, and approximately 145km from Winnipeg, the capital of Manitoba. Makwa is a nickel dominant resource with palladium, platinum, and copper credits while Mayville is a copper dominant deposit with significant nickel content as well as platinum group metals. Contained metal content in the indicated open pit category includes 317Mlbs of copper, 263Mlbs of nickel, and 452,000oz of precious metals (palladium, platinum, and gold).
Drilling results
Silver Storm Mining Ltd. (TSXV: SVRS | OTCQB: SVRSF | FSE: SVR) has announced further drill results from its Phase 1 diamond drilling programme at the company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico.
Greg McKenzie, president, and CEO, commented, “We are pleased with the strong drill results from the San Marcos Mine, where we have intersected high-grade mineralization in both the South & North Zones approximately 100m below the last mined stopes. In particular, the South Zone appears to be getting wider at depth where hole SM-24-011 intersected 319g/t Ag.Eq over 11.8m compared to 2.4m within the last mined stope 100m higher.”
Finally, Terra Metals Limited (ASX:TM1) has announced that results from a further 14 wide-spaced, first-pass reconnaissance drill holes at the Dante Reefs has confirmed the discovery of multiple Platreef-style copper-PGE sulphide reefs only 15km from BHP’s Nebo-Babel mine development.
Defined over 4.5km so far across Reef 1 and Reef 2, mineralization remains open along strike and downdip, with assays pending from a further 16 drillholes covering an additional 4.5km of strike at Reef 2.
The drilling results to date have confirmed that the Dante Reefs have the potential to host a large sulphide deposit containing copper, gold, PGEs, vanadium, and titanium, the first of its kind in Australia.
Highlights of the drill results include:
- 6m @ 0.40% Cu, 0.79g/t PGE3, 0.66% V2O5, & 19.9% TiO2 from 4m (HRC004), including:
- 2m @ 0.62% Cu, 0.85g/t PGE3, 0.71% V2O5 & 22.3% TiO2 from 6m
- 5m @ 0.34% Cu, 0.84g/t PGE3, 0.81% V2O5, & 21.2% TiO2 from 21m (URC005), including:
- 3m @ 0.43% Cu, 0.94g/t PGE3, 0.88% V2O5 & 24.1% TiO2 from 23m
- 7m @ 0.31% Cu, 0.61g/t PGE3, 0.71% V2O5, & 20.7% TiO2 from 17m (URC011)
