Mining companies saw a lot of movement on the Australian Securities Exchange (ASX) yesterday (10 July), including Yandal Resources (ASX:YRL), boosting its value by 75.8%.
The company saw its shares reach $0.16 as of 3pm (AEST) on Thursday, after releasing the first results from its Caldan aircore drilling program across the Arrakis prospect, which uncovered a mineralisation structure spreading 800m.
Results include 11m @ 2.1 grams per tonne gold from 90m at drillhole 25IWBAC023, including 7m @ 3.1g/t gold from 92m.
The program, still ongoing, is expected to be completed in two weeks, with remaining results to be released once made available.
Yandal will consider a follow up program after the return with an aircore drill rig scheduled to progress exploration at the New England Graphite prospect shortly.
Moab Minerals (ASX:MOM) jumped 50% to a share price of $0.001 after announcing a commitment to raise $141,000 from European Lithium (ASX:EUR).
Moab will issue 141 million shares at an issue price of $0.001 per share via the placement, while also receiving an additional cash loan of $500,000 from the company.
Interest will accrue at 10% per annum for the loan to be repayable on 11 July 2026. Moab intends to use funds to procure new project opportunities, as well as advancing exploration activities at its Manyoni Uranium Project in Tanzania.
Chariot Corporation (ASX:CC9) made a splash in the market yesterday, rising 18.18% in value to a trading price of $0.065 with a range of capital related announcements.
The company has agreed to acquire 66.7% interest in C&C Minerals, which hosts a portfolio of lithium projects located in Nigeria, from its privately held joint venture partner, Continental Lithium. Chariot will pay US$1.5 million cash and issue 42 million shares in exchange for its stake in the projects.
The agreement sees Chariot contributing US$10 million towards funding across the four project clusters: Fonlo, Gbugbu, Iganna, and Saki.
Chariot is also refinancing its convertible note facility with Obsidian Global to a new working capital facility agreement with privately held GAM Company. The loan facility comprises $880,000, which will accrue 18% interest per annum and a default interest rate of 3% per month for overdue payments
The company is expected to pay the first $132,000 by 31 July, after raising capital, along with an arrangement fee of $58,080. Chariot will issue GAM 6 million options available to be converted as shares at an exercisable price of $0.013 per loan option.
On the downfall, Rapid Critical Metals (ASX:RCM) has seen its value drop 33.33% to a share price of $0.002 on the tail of no news. The company sold its Tin Mountain property in South Dakota to a subsidiary of Iris Metals (ASX:IR1) for US$550,000 worth in shares and a US$300,000 cash payment.
Rapid Critical Minerals is an Australian explorer focused on developing silver and gallium projects in New South Wales and British Columbia.
Australia United Mining (ASX:AYM) has also dipped 33.33% to this same share price with no recent news.
The company, which has a market capitalisation of $5.52 million, is an emerging mineral explorer, focused on the development of New South Wales and Queensland properties.
Similarly, Arcadia Minerals (ASX:AM7) is down 27.9% to a share price of $0.018 with no market announcements. Arcadia is a battery metals explorer focused on its portfolio of assets in Namibia.
Write to Maddison Elliott at Mining.com.au
Images: Yandal Resources & Stock
