Bw News

 15 November 2021 

Welcome...

 

With the days getting shorter we bring some respite as this month’s Big Picture talks through the benefits of a going to bed between 10pm and 11pm, and how the T20 Cricket World Cup has helped lighten the evenings. We also shine the spotlight on Ironveld, who announced a major investment agreement with Grosvenor Resources.

 

If there’s anything we share in the Big Picture that you’d like to know more about, please get in touch by emailing info@blytheweigh.com or contact us on Twitter - @blytheweigh.

Industry Snapshot...

A study conducted by the University of Exeter suggested that going to sleep between 10pm and 11pm can lower the risk of heart disease. The results showed that people who went to bed before 10pm were 24% more likely to develop the disease: something to keep in your locker as a retort for when people act overly smug with their pre-watershed bed routine. The study found that going to bed too early or too late (going to bed after midnight increased the risk by 25%) disrupted a healthy body clock which can have negative implications for cardiovascular well-being. 

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Another piece of news this month that may have negative implications for a healthier lifestyle is that avoiding eating the whole tin of celebrations at Christmas is going to be a lot more difficult: you can now swap the leftover lamented Bounties (that might sound dramatic, but according to research 52% of the UK population think they’re the absolute worst) for the far superior, Maltesers Teasers. The ‘Bounty Return Scheme’ is launching in January 2022 meaning you can finally clear out that celebration tin so it can be used to store miscellaneous junk, that’ll cause heartbreak in March when you go to it expecting a sweet treat.

Diving into chocolate selection boxes plus party season plus sub-zero temperatures can sometimes leave you a prime target for that winter cold. Another story from the Telegraph this week provided a breakdown of the most highly recommended vitamins and minerals that can help fend off that under the weather feeling. The research, which was carried out by BMJ Open, highlights how zinc supplements can shorten the length of a cold by up to two days and that regular consumption can in fact reduce the risk of developing a cold altogether. Other top selections were vitamin C, honey (which has antimicrobial properties) and vitamin D.

Blytheweigh zooms in… on the T20 Cricket World Cup

This month marks that dip in the year where we’ve given up hope of an endless Summer, but it’s still too early to get the mulled wine going and dust off our Mariah Carey Christmas album. For some, Halloween offers a brief respite and an excuse to purchase copious amounts of sweets and chocolate, for the trick or treaters, of course, but we don’t complain when only a handful show up and we gorge on the leftovers.

However, during this time, the world’s best have been gathering to provide some entertainment in these dark evenings, and we’re not speaking about COP26. Over the past month, the Men’s T20 Cricket World Cup has been lighting up a storm over in the UAE. For those not well versed on cricket, in this format, each team takes 20 overs (120 balls) batting to reach the highest possible total before the overs run out or they lose 10 wickets. This tournament is the quickest version of the sport and always provides fast bowling, shots being hit a hundred metres into the stands, and plenty of late game drama.

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This year has been no exception, every team that stepped onto the field came ready to compete, with both semi-finals coming down to the last 6 balls. We also saw New Zealand getting revenge from the 2019 One Day Cricket World Cup final, breaking English hearts, and Australia beating one of the tournament favourites, Pakistan, to set up a Trans-Tasmanian Final.

 

Several teams have captured fans’ attention with their tenacity and exciting style of play, including Sri Lanka, which had to qualify for the Super 12 main tournament via the preliminary groups. The Sri Lankan team, which has a strong history in the tournament, last won the tournament in 2014 but hasn’t since managed to reach its potential. With the second season of the Sri Lankan domestic T20 league, the Lanka Premier League, due to start in December, this was the perfect opportunity to showcase that Sri Lanka still held the world class quality that has made it a great cricketing nation. 


The thrilling final saw both teams vying to win their first T20 title, the resulting match reflected this with Australia and New Zealand providing fireworks on the pitch. New Zealand batted first and set a daunting prospect of 172-4, meaning Australia needed 173 runs in 120 balls to win. After a faltering start the Australian’s dominated for the rest of the night and cruised home with 7 balls to spare to join the Australian Women as T20 World Champions. 

A focus on... Ironveld announces Major Investment Agreement to raise £5.6 million for Project Funding
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October was a significant month for the Ironveld story: it shared with the market that it had received an offer of a major investment by Grosvenor Resources Pty Limited ("Grosvenor") (view release). Grosvenor offered to invest £5.6 million in the Company via a subscription for 561,505,950 new ordinary shares in the Company at 1.0p per Subscription Share. The transaction was approved by shareholders following a General Meeting on 9 November, when the company announced the transaction would be expected to close on or around 30 November 2021 when Ironveld will issue and allot the 561,505,950 new shares to Grosvenor following receipt of the subscription funds. The transaction also mean Grosvenor will nominate two non-executive Directors to Ironveld's Board.

The news came after many months of hard work behind the scenes for the Company, that is accelerating the development of its project in the Bushveld Complex, in Limpopo Province South Africa. The asset will be developed to supply the increasing demand for vanadium in steel alloys and vanadium redox batteries, both a crucial part of the emerging green economy. It hosts 80 million tonnes of magnetite ore, containing 1.6 billion pounds of vanadium, 32 million tons of high purity iron and nine million tonnes of titanium. To hear more about the asset, and plans for its future, you can watch an interview between Martin Eales and Jeremy Naylor for IG TV here.

The announcement detailed Grosvenor’s background as a newly formed South African private company formed by young black entrepreneurs who wish to expand their investments and mining operations in South Africa. The company has a background in the mining and selling of bulk commodities in South Africa and both offtake agreements and financing relationships with significant international mining and trading companies.

The announcement is a huge turning point for company as it begins to realise the potential of the asset and represents an exciting opportunity for Ironveld to bring on board a credible and serious partner to help drive its strategy. As well as providing near-term funding that will cover a substantial proportion of the overall project funding, Grosvenor will also bring expertise and access to further funding in order to progress the broader financing required to bring the Company's project into development so that Ironveld can commence mining and processing of its magnetite ore in the near term. Martin Eales said of the announcement, “Grosvenor… is focused on ensuring near-term development of Ironveld's project for the benefit of all shareholders”.

Client Reel...
 

The following updates were released from Blytheweigh clients from 15 October – 15 November.

In this period, All Star Minerals [AQSE: ASMO] provided a corporate update on its recent activities (view release). It also shared that all resolutions were passed at the Company’s AGM (view release).

Beowulf Mining [AIM: BEM] shared recent developments in Sweden regarding the completion of a concept Mining Study for Kallak, and the Company's application for an Exploitation Concession for Kallak North (view release).

A further placing was announced by Botswana Diamonds [AIM: BOD], which shared that it had undertaken a placing with existing and new investors to raise £550,000 via the issue of 55,000,000 new ordinary shares (view release).

 

Brazilian Nickel announced that Mr Guilherme Jácome has joined the Company as Piauí Niquel Metais, BRN’s local subsidiary, President (view release).

The Company also shared an update on its activities during Q3 2021 (view release).

Caledonia Mining [AIM: CMCL] announced it had filed on SEDAR a NI 43-101 technical report on Maligreen, its new exploration target (view release).

Caledonia went on to share its Q3 results (view release).

Condor Gold [AIM: CNR] kicked off the month by announcing drilling had been completed and all assay results returned from exploration drilling at the Cacao Prospect. The results identified that the epithermal gold system is fully preserved for a strike length of approximately 1,000m (view release).The Company then announced the completion of an 8,004m infill drilling programme on the La Mestiza Open Pit Mineral Resource at La India Project, Nicaragua (view release).

 

Later in the month, it announced the filing of a Preliminary Economic Assessment Technical Report for its La India Project, Nicaragua on SEDAR as per the terminology, definitions and guidelines as required by The CIM Code (view release).

 

Condor closed October by sharing the news that it conducted a private placement, issuing new ordinary shares representing 8.7 per cent of the Company's existing issued share capital, to raise gross proceeds of £4.1 million (view release).  The raise was then closed on 4 November (view release).

 

Cornish Lithium shared the exciting news that Jeremy Wrathall, Founder and CEO, will be joining the UK’s Critical Minerals Expert Committee together with a select number of industry and academic experts (view release).

Providing an update on its ongoing drill programme at the United Downs copper - tin project in Cornwall, UK, Cornish Metals [AIM: CUSN] reported assay results from two diamond drill holes, UD21-006 and UD21-008 that demonstrated the presence of multiple mineralised structures (view release).

It later reported that it had received final approval from the TSX in relation to restructuring of the deferred consideration to be paid to the Sellers on the acquisition of the South Crofty tin project (view release).

 

ECR Minerals [AIM: ECR] updated shareholders on drilling progress at its historic reserve number 4, otherwise known as ‘Cherry Tree’, part of the Company’s Bailieston Project (view release).

Griffin Mining [AIM: GFM] shared that it had received notification and signed documentation from the City and County regulatory authorities that vital operating supplies will be allowed to be delivered to the Caijiaying Mine Site until midnight on the 31st December 2021, during the winter Olympics (view release).

An exciting development for Iconic Rare Earths [ASX: IXR] was announced this month whereby the Ugandan DGSM had approved IonicRE’s application for new Exploration Licence 00257 to the northwest of the Makuutu Project (view release). The Company also shared its Q3 results (view release).

Los Andes Copper [TSX: LA] announced the appointment of Mr. R. Michael Jones, as the Company’s Chief Executive Officer (“CEO”) and President, with immediate effect (view release).

In November, the Company then shared it had commenced drilling at the Company’s 100% owned Vizcachitas Project (view release).

 

A national media campaign has been announced by Love Hemp Group [AQSE:LIFE] which includes a 30-second television advert airing on linear television on ITV, video on-demand platforms including ITV Hub, All 4 and Sky, as well as print media adverts in Metro nationwide, and multiple outdoor advertising formats. The campaign stars the Company’s investor and ambassador, two-time Heavyweight Boxing World Champion and Olympic gold medallist, Anthony Joshua OBE (view release).

Mkango Resources [AIM: MKA] reported that it had received final approval from the TSX Venture Exchange in respect of the transaction whereby the Company would acquire 100% of the Songwe Hill project in Malawi and Maginito, which holds a 25% interest in rare earth magnet recycler HyProMag Limited (view release).

 

The Company later announced that it would be increasing its interest in HyProMag from 25.0 per cent to 41.6 per cent following the exercise by HyProMag of its right to convert into shares of HyProMag the £200,000 convertible loan which formed part of the £500,000 financing package completed in January 2020 (view release).

 

At the close of this period, Mkango then shared that Government of Malawi has renewed the Thambani uranium, tantalum and niobium exploration licence and issued four retention licences covering a total of 98.4 square km, for five years (view release).

 

National Milk Records [AQSE: NMR] announced its Q1 trading update (view release).

Providing an update on its 90%-owned Central Licence Package in Central Cameroon, Oriole Resources [AIM: ORR] announced that soil sampling is to commence over high priority gold targets at the asset (view release).

 

Oriole also shared news on its 24.92% interest in Thani Stratex Resources Limited which, through its local subsidiary Thani Dubai Mining, holds a 93% interest in the Hodine exploration licence in Egypt, that Red Sea Resources had successfully renewed the Licence further to signing a binding Heads of Terms agreement with private investment company (view release).

Pharma C [AQSE:PCIL] an early-stage investor and venture builder in the medical cannabis industry with a particular focus on ancillary businesses, has announced that it has completed its first investment, investing in the UK's leading hemp and CBD trade show and exposition, Product Earth Expo UK Limited (view release).

Phoenix Copper [AIM: PXC] announced it had entered into agreements with Honolulu Copper Corporation and Mackay LLC to acquire part of the 2.5 per cent royalty payable to each of them, and the Honolulu mining claims, pursuant to the Mining Leases on the Empire Mine in Idaho, USA (view release).

 

It later announced that relevant documents have been filed with the US regulatory authorities in order to establish its ADR Program where The Bank of New York Mellon will act as the ADR depositary (view release).

Perhaps the most significant news from the Company though, was the release of findings from its Red Star Ground Magnetics Survey which significantly expands the high-grade silver / lead potential at the project (view release). The results identified the discovery of three new high-amplitude magnetic anomalies.

President Energy [AIM: PPC] announced that its green hydrogen and ammonia offshoot, ATOME Energy Plc which will be listing on the London Stock Exchange later this year, has appointed Olivier Mussat as its CEO (view release). The Company has also announced that it has signed an MOU with ANDE, the national electric power company of Paraguay, for the supply of up to 250 megawatts of power for its production facility (view release).

There were a few announcements from Walkabout Resources [ASX: WKT] this month, as the company shared that its Lindi Jumbo mine construction was on track, as well as further updates on project development activities, including the signing of an EPC contract with Yantai Jinpeng Mining Machinery (view release). It also provided another update on its activities throughout September 2021 (view release).

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