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Australia

Emmerson Resources implements cost-saving measures in response to COVID-19

Emmerson Resources Limited (ASX:ERM) has implemented cost-saving measures in response to the impact of COVID-19 on operations with directors, management and staff reducing fees and salaries by up to 50%. The pandemic has resulted in the company ceasing exploration activities at its projects in the Northern Territory and in Central West NSW, including high impact drilling planned for the Kiola project. Emmerson managing director Rob Bills said: “We have prudently implemented cost-saving measures across our business to help weather the challenging economic conditions we currently face.” Incentive Option Scheme[hhmc] The company intends to issue options to employees and directors under its Incentive Option Scheme. Directors consider that options provide an effective form of compensation that allows the company to conserve cash and incentivise employees. The options offered to employees will have an exercise price of 14 cents, a premium of 70% to last weeks VWAP, and will expire on De..

Australia

Regency Mines acquires Resource Mining Corporation debt at significant discount

Regency Mines PLC has purchased part of the corporate debt of Resource Mining Corporation Pty Ltd (ASX:RMI), the owner of the WoWo Gap nickel-cobalt project in Papua New Guinea. Regency has purchased A$1.7mln of debt in RMI for £178,096 cash and 13.3mln shares, representing a 62% discount to the face value of the debt or at full face value an effective issue price of RGM shares of 5p. Regency has also taken a six-month option to buy the balance of RMI debt at the same proportional terms. The deal also involves the introduction of the Chinese-owned Sinom Group as a new locked-in cornerstone investor in Regency, with an initial 7.97% equity position. Regency, in its new role as lender to RMI, plans to initiate constructive discussions with RMI management regarding synergies between its Mambare project and the WoWo Gap nickel-cobalt project in PNG. To implement the transaction and despite volatile markets, Regency has completed a gross fundraising of £470,000 "Despite recent market ..

Australia

Perseus Mining assists in combating COVID-19 with donation to host communities in West Africa

Perseus Mining Limited (ASX:PRU) is donating a total of US$387,500 (A$646,000) to assist host governments and host communities in Ghana and Côte dIvoire in efforts to fight the spread of COVID-19. As of April 6, 2020, there have been no cases of COVID-19 infection reported by any Perseus employees or contractors operating at its Edikan and Sissingué gold mines or at the Yaouré gold mine construction site. From the company's knowledge, this also extends to the residents of host communities located adjacent to those operations – as far as we know. Perseus is hopeful that the assistance it is providing in cash and goods, particularly that to be delivered to local health service providers, will help in maintaining the status quo. Chief executive officer and managing director Jeff Quartermaine said: “Prior to the onset of the COVID-19 contagion, a great deal of commentary was made by market commentators on the importance to investors of the ESG (environmental, social and governance..

Australia

Blackham Resources hits high-grade gold and extends Golden Age underground deposit

Blackham Resources Ltd (ASX:BLK) has received high-grade gold results in reserve extensional drilling at Golden Age underground mine near Wiluna in Western Australias Mid-West. Results are from a further 15 holes for 1,201 metres drilled at underground mine extension targets. The drilling is aimed at extending and improving high-grade free-milling mine life and improving transitional cashflows for the next 12-18 months. Intersections demonstrate the continuity of high-grade mineralisation above the upper-most mine levels with better results including: 2.7 metres at 4.02 g/t gold from 30.7 metres, including 0.3 metres at 13.4 g/t and 0.7 metres at 6.71 g/t; 6.6 metres at 8.24 g/t from 46.6 metres, including 0.6 metres at 82.2 g/t; 10.6 metres at 3.45 g/t from 62.1 metres, including 5.2 metres at 5.45 g/t and 3.8 metres at 8.14 g/t from 88.1 metres; and 7.1 metres at 6.31 g/t from 65.7 metres. “Excellent results”[hhmc] Executive chairman Milan Jerkovic said: “These excellent results..

Australia

Strategic Elements turns primary focus to robotics, AI and automation, shares up

Strategic Elements Ltd (ASX:SOR) is increasing its focus on opportunities in robotics, artificial intelligence (AI) and automation, which are likely to see a big increase in commercial and investor interest. As the coronavirus pandemic impacts all countries, governments are increasingly focusing communications on the importance of protecting critical infrastructure that provides essential services. The shutdown of any of these facilities, which include energy, communications, water, transport, health, food, banking and finance, would affect hundreds of thousands of people. Protecting critical infrastructure[hhmc] Evidence of this focus can be seen in the major investments being made by governments and business in securing and protecting critical infrastructure. According to a report from Marketsandmarkets, the global CIP (Critical Infrastructure Protection) market is expected to grow to $153.16 billion by 2022. SOR has an opportunity in this sector with its 100%-owned Stealth Tech..

Australia

Blackham Resources substantial holder Delphi lifts stake to 39.03%

Blackham Resources Ltd (ASX:BLK) (FRA:NZ3) (OTCMKTS:BKHRF) substantial shareholder Delphi continues to show confidence in the companys gold strategy, lifting its stake to 39.03%. The German-based prolific Australian junior resources sector investor and related entities now hold more than 3.3 billion Blackham shares. Despite difficult market conditions, Blackhams recent non-renounceable pro-rata entitlement offer received strong support from large institutions and cornerstone investors (including Delphi) and the company's chairman Milan Jerkovic. Blackham raised about $26.15 million before costs from the offer. Sulphide Expansion Project[hhmc] Jerkovic said after the raising: “Blackham is fortunate to have Delphi and a number of significant global institutions that stepped up during the past months market turmoil. “We take that as a real show of support not only for the Wiluna project but for the current management team and our staged strategy to becoming one of the largest si..

Australia

Euro Manganese closes first tranche of C$1 million non-brokered private placement

Euro Manganese Inc (ASX:EMN) (CVE:EMN) has closed the first component of a non-brokered private placement which is expected to raise in excess of C$1.005 million in two tranches. Tranche-one comprised 4.47 million shares and 227,273 CHESS Depositary Interests (CDI) at a price of C11 cents per share and A13 cents per CDI for aggregate gross proceeds of C$517,489. The second tranche of the offering, consisting of subscriptions by related parties of the company of 4.26 million shares at the same prices for aggregate gross proceeds of C$487,780, is expected to close on or about May 5, 2020. Tranche-two is subject to approval by the companys shareholders as required by Listing Rule 10.11.5 of the Australian Securities Exchange and EMN has called a special meeting of shareholders for May 1, 2020, for this purpose. Funds to advance manganese project[hhmc] Placement proceeds will be used to further advance the Chvaletice Manganese Project in the Czech Republic, including advancing the feas..

Australia

Blackstone Minerals surges on $6.8 million investment from cathode materials manufacturer EcoPro

Blackstone Minerals Ltd (ASX:BSX) has attracted a $6.8 million investment at a substantial premium after signing a binding share purchase agreement with EcoPro Co Ltd, the worlds second-largest and Koreas largest nickel-rich cathode materials manufacturer. Securities surged more than 52 per cent on the news to an intra-day high of 16 cents, up from 8 cents at close on March 19. The binding share purchase agreement outlines a firm commitment to raise $6.8 million before costs through a placement of 40 million shares at an issue price of 17 cents per share, which represents a 62% premium to Blackstone Minerals last traded price on Monday. It also outlines an alliance structure whereby EcoPro and Blackstone Minerals will work in partnership, through additional investment by a joint venture, to develop a downstream processing facility in association with Blackstone Minerals Ta Khoa Nickel-Platinum Group Elements (PGE) Project in northern Vietnam. “Strengthens alliance with EcoPro”[hhmc..

Australia

88 Energy to wrap-up Charlie-1 testing due to “mixed” results

88 Energy Ltd (LON:88E) (ASX:88E) told investors that it has proved movable hydrocarbons in the Charlie-1 well, with sampling confirming a large condensate discovery in the Torok formation. In a statement, however, Dave Wall, the explorers chief executive, described it as “a mixed result”. The main Charlie target could not be tested because the formation was found to be “poorly developed” and was therefore not sampled. Oil shows previously noted in Charlie are now deemed to be residual, the company said. READ: 88 Energy to host AGM online[hhmc] Some secondary targets were sampled for analysis, others werent successfully sampled. Joint venture partner Premier Oil PLC (LON:PMO) has decided to withdraw from the project as the drill results did not meet their expectations. 88 Energy noted that the well costs are within the expected budget, and, as a result, the AIM-quoted firm is not expected to incur any costs – they will be covered by the farm-out deal with Premier, which committed ..

Australia

Perseus Mining has target price raised by Canaccord; Macquarie maintains outperform

Perseus Mining Limited (ASX:PRU) recently updated the life of mine plan (LOMP) for its Edikan Gold Mine in Ghana, West Africa. Annual gold production is now averaging 212,000 ounces with the expected production of around 231,000 ounces per annum on average over the next four years. Importantly, the total estimated gold production of 1.307 million ounces over the life of mine is 95% higher than the amount estimated in the previous LOMP. Canaccord Genuity has increased its target price for Perseus by 19% to $1.90 on account of updating its Edikan model assumptions for the new LOMP. Macquarie Research expects Edikan production to peak at close to 270,000 ounces in FY24 and group production to reach the companys +500,000 ounces per annum aspiration in FY23. Following are extracts from Canaccords and Macquaries research updates: Canaccord Step change – updated Edikan[hhmc] LOMP Higher-grade UG provides kicker to updated Edikan LOMP: PRU's updated Life of Mine plan (LOMP) for Edik..

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