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, White Cliff Minerals Limited (ASX: WCN) has announced that it has received firm commitments to raise A$5M through a share placement to new and existing sophisticated and professional investors.
200M shares will be issued under the placement at A$2.5c per share, being a 4% premium to the company’s last closing price and a 8.5% premium to the 15-day VWAP. Shareholders will receive one free attaching unlisted option for every four shares subscribed for, exercisable at A$0.04 each on or before three years from the date of issue.
A strategic advisor of the company, John Hancock, cornerstoned A$2.5M of the A$5M raise and introduced a number of high net worth investors and international funds from the United Kingdom and the USA.
New exploration and development
Also, Atlantic Lithium Limited (AIM: ALL | ASX: A11 | GSE: ALLGH | OTCQX: ALLIF) has announced that the Minerals Commission of Ghana has issued a Mine Operating Permit in respect of the company’s flagship Ewoyaa Lithium Project.
Commenting, Neil Herbert, executive chairman of Atlantic Lithium, said, “Representing the final regulatory approval required by the company before we can commence construction, the issuance of the Mine Operating Permit marks a critical milestone in the permitting process for the Ewoyaa Lithium Project.”
The Mine Operating Permit serves as the final regulatory approval required by the company ahead of commencing construction of the project, comprising the Ewoyaa Lithium mine and processing plant, and represents an important milestone towards reaching a final investment decision.
The company currently awaits the ratification of the Ewoyaa Mining Lease by Ghana’s parliament. The company understands that parliament will resume sitting on 15 October 2024 and will provide further updates to shareholders as appropriate.
Lotus Resources Limited (ASX: LOT |OTCQX: LTSRF) has announced an accelerated restart plan for its Kayelekera Project in Malawi following completion of front-end engineering and design (FEED).
Lotus is moving into detailed engineering and onsite works for Kayelekera’s restart to ensure Lotus achieves its strategic objective of becoming the next significant global uranium producer in Q3 2025.
The accelerated restart plan reduces initial restart capital by focusing on capital items essential to the restart, with the remaining capex continuing off the critical path to optimize operations and cost structure. The initial restart capital expenditure to first uranium production was reduced to US$50M from US$88M, with an initial restart capital intensity of US$21.0/lb.
Drilling results
White Cliff Minerals Limited (ASX: WCN) has announced rock chip samples taken during the company’s 2024 maiden field programme at its Rae Copper Project have confirmed outcropping, high-grade copper, and precious metals hosted in extensive massive chalcocite vein systems of significant lateral extent.
Representative rock samples from extensive outcropping massive chalcocite veins returned exceptional copper-silver ± gold and confirm what is now believed to be the first major discovery on the company licence area.
The Vision District is a ±10km long NE/SW structural corridor which includes the Don and Pat project areas. Occurring within a “sub parallel, dilutional jog” that provided the necessary depositional environment for copper and precious metal accumulation. It is also possible, although yet to be proven, that these two project areas are contiguous, meaning the two localized ±km long zones of massive chalcocite may be one body up to ±5km in length. Recently flown geophysical surveys will confirm this either way.
Other news
Lastly, Lotus Resources Limited (ASX: LOT | OTCQX: LTSRF) has also announced the appointment of Hayden Bartrop as chief commercial officer effective from 11 November 2024, and as company Secretary with immediate effect.
Hayden has significant managerial, commercial, business development and legal experience over more than 15 years in the mining industry. This includes roles as chief financial officer at Lunnon Metals (ASX: LM8), General Manager – Corporate Development and Legal at Gold Road Resources (ASX: GOR), and numerous commercial, business development, and legal roles at Barrick Gold Corporation.
Hayden has an MBA from Curtin University and a Bachelor of Law and a Bachelor of Commerce from Murdoch University. Hayden will be responsible for leading the commercial execution, business development, and company secretarial functions of the company.
