Gladiator Resources inks agreements for capital raise

Gladiator Resources (ASX:GLA) has received firm subscriptions for the placement of just over 133.333 million ordinary shares at $0.03 to raise $4 million.

Funds raised will be used towards the drilling program at Mkuju South West Corner, Tanzania commencing in May 2024.

Completion of the placement is expected to take place on 8 March 2024

This follows results reported on 10 January 2024, whereby the re-analysis of the samples that were ‘above detection’ limit of 4245ppm U3O8 have returned final grades as high as 7139 ppm U3O8 for the Southwest Corner Trench samples.

Gladiator Chairman Greg Johnson says the backing from Ian Stalker and his colleagues allow the company to progress drilling exploration in Tanzania.

“Particularly at South West Corner which has provided some outstanding trench assay results from the work completed late 2023. Apart from the financial backing, we are looking forward to drawing on Mr Stalker’s 45 years of hands-on experience in resource development, and particularly his background in Uranium gained during his time as CEO of Uramin before it was acquired by Areva S.A for US $2.7 billion in 2007.

We are particularly pleased that Mr Stalker and his colleagues have recognised the potential of this project and have the confidence in the company to back us with such a substantial injection of funds at this early stage of our exploration activities.”

Write to Adam Orlando at Mining.com.au

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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.

Dreadnought ‘significantly’ advances Mangaroon

Junior explorer Dreadnought Resources (ASX:DRE) has pocketed $2.1 million from the Australian government under its research and development (R&D) tax incentive scheme for the 2023 financial year.

The scheme is designed to support companies completing R&D work in the critical metals space, and Dreadnought says it emphasises the ‘vital’ work being completed at its Mangaroon Gold-Rare Earth Elements (REE) Project in Western Australia.

Further, the $66.1 million market capitalisation company says the incentive ‘significantly’ advances Mangaroon as a long-life and strategic tier-one critical minerals project. 

The R&D incentive payment comes just one day after Dreadnought expanded its Star of Mangaroon prospect in the project area through fresh soil sampling work. 

Shares in Dreadnought Resources were up 21.05% to $0.023 at 1:20pm AEDT.

The Mangaroon resource — comprising both Yin and the Gifford Creek Carbonatite — sits at 40.82 million tonnes @ 1.03% total rare earth oxides (TREO).

Dreadnought says alongside its exploration work, it’s undertaking ‘extensive’ metallurgical research and development studies to optimise on concentrates at Yin and Gifford Creek. 

Further, these studies are looking at optimising how rare earths will be extracted into an intermediate product for further midstream refining. 

Dreadnought says it’s based on this metallurgical work that it lodged its FY23 R&D tax incentive application. 

Alongside Mangaroon, Dreadnought also owns the Kimberley Nickel-Copper-Gold Project, the Central Yilgarn Gold, Base Metals, Critical Minerals, and Iron Ore Project, and the Bresnahan Heavy REE, Gold-Silver-Antimony, and Uranium Project, all in Western Australia. 

Dreadnought ended 2023 with roughly $2.8 million cash at hand, according to its latest quarterly report. 

Write to Joshua Smith at Mining.com.au 

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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.

True North set for first US$18 million loan drawdown

True North Copper (ASX:TNC) has met all tranche one conditions precedent of the 4-year US$28 million ($42 million) senior secured loan with Nebari Natural Resources Credit Fund II LP. 

True North, which has a $52.79 million market capitalisation, says drawdown of tranche one of the loan facility (US$18 million), is scheduled for 9 February 2024. 

As part of the trance one facility True North will hold about $13.47 million on a term deposit paying about 5% per annum interest, with bank guarantees to be issued to satisfy its obligations with respect to rehabilitation bonding requirements, regarding the Cloncurry rehabilitation bond. 

Other terms of the tranche one payment include a fully repaid short term working capital loan of about $5.32 million to Dyda Property Management. 

Settlement of the initial payment is managed by True North’s legal representation, Holding Redlich and Steinepreis Paganini. All parties have agreed to the settlement. 

Managing Director Marty Costello says having ‘top-tier’ funding partners in the company’s corner is a ‘strong’ vote of confidence in its flagship Cloncurry Project.  

“We are looking forward to partnering with Nebari as we bring our Cloncurry Copper Project into production. We are incredibly proud to be working alongside international top-tier funding partners like Nebari and Tembo Capital and our toll processing and offtake partner Glencore International AG (LON:GLEN), who are all global leaders in their field. 

Their expertise and support have been crucial in our development and demonstrate what I believe is a strong vote of confidence in our Cloncurry Copper Project and its potential. We’re excited about restarting mining at the Cloncurry Copper Project, at a juncture when the global market is facing a looming copper supply gap.”

On 31 January 2024, True North Copper executed binding agreements and obtained Nebari Investment Committee clearance for the US$28 million senior secured loan with Nebari, as reported by Mining.com.au.

Costello said the company will utilise funds to “refinance the environmental bond, as the key step in our mining restart at the Cloncurry Copper Project, as well as provide working and restart capital”.

True North aims to start copper metal production at Cloncurry with mine plans combining the Great Australia Mine reserve and Wallace North resource into a single mining operation. 

Yesterday, the company announced it had defined a maiden ore reserve at its Wallace North Project, as part of Cloncurry, of about 700,000 tonnes grading 1.01% copper and 0.46 grams per tonne gold for 6,800 tonnes of copper and 10,000 ounces of gold. 

True North Copper is a precious metals-focused explorer headquartered in Cairns, Queensland. The company has assets across Queensland that are prospective for precious and critical minerals.

Write to Adam Drought at Mining.com.au

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Yandal turns to investors for top-up

Gold explorer Yandal Resources (ASX:YRL) has launched its second capital raise in just over 2 months, this time tapping investors for $2.5 million via a share placement. 

It’s a ‘top-up’ of the $4 million placement undertaken in November 2023, according to Yandal, and comes on the back of the ‘positive’ drill results from the company’s Ironstone Well-Barwidgee Gold Project in Western Australia announced on 12 January

Given the quality of the drilling results, Yandal has now made the call to raise extra funds to accelerate and expand its drilling work in the area. 

The $2.5 million top-up will help fund reverse circulation (RC) and diamond drill testing, as well as mineral resource estimate (MRE)-related work, at exploration targets within the Ironstone Well-Barwidgee area. Yandal also plans to put a portion of the funding towards work at its Mt McClure and Gordons projects. 

Under the placement, Yandal will issue 31.2 million new shares to professional and sophisticated investors, as well as existing shareholders, at $0.08 per share to raise $2.5 million. 

This offer price marks a 5.9% discount to Yandal’s 5-day volume-weighted average price and an 11.1% discount to its last trading price. 

MST Financial acted as lead manager to the placement.

And it seems investors are supportive of the move; not only has the placement been oversubscribed, but shares in Yandal Resources were up 22.22% to $0.11 as of 12:45pm AEDT on 2 February 2024. 

Yandal Managing Director Tim Kennedy says the placement is evidence that investors are keen to see the company have a ‘solid funding runway’ to expand and accelerate exploration at its key targets. 

“We are in the advanced planning stage of our forthcoming drilling program at Ironstone Well-Barwidgee in the Northern Yandal Belt, which will include RC and diamond drill testing of key targets including Oblique, Quarter Moon, and New England Granite. 

Weather permitting, we expect to mobilise in early March and look forward to reporting progress as results come to hand.”

Following the settlement of the new placement, Yandal expects to have around $7.7 million cash at hand to fund its exploration work. 

Write to Joshua Smith at Mining.com.au 

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Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.

Basin Energy taps investors for $3.3 million 

Basin Energy (ASX:BSN) has received firm commitments to raise $3.3 million through a share placement of 20.9 million shares at $0.16 per share. 

Canaccord Genuity, Discovery Capital, and Cumulus Wealth Management are acting as joint lead managers to the offer.

Basin, which has a $15.44 million market capitalisation says the placement has received ‘exceptional’ support from existing and new domestic and offshore institutions. 

Funds will be used towards a proposed maiden drilling program at the North Millenium Project about 7km north of Cameco’s (NYSE:CCJ) Millennium uranium deposit, which holds about 104.8 million pounds of triuranium octoxide at an average grade of 3.76%. 

They will also be used to complete Q1 ground geophysics at North Millenium and the Marshall Project, Q1 drilling at the Geikie Project, and Q2 drilling at North Millenium. 

Managing Director Pete Moorhouse says: “Basin is delighted by the support received by the offer, and the exceptional standard of institutional investment we now add to our existing quality register. Basin controls a premium land package with multiple exceptional uranium exploration prospects.

On behalf of the Basin board, I would like to thank our existing shareholders for their ongoing support and welcome new holders as we continue to explore in the heartland of the world’s premier uranium district.”

The placement represents a 13.5% discount to the last-close on 31 January 2024 ($0.185) and a 10.4% discount to the 15-day volume weighted average price ($0.179). 

Basin Energy is a uranium explorer and developer with an interest in 3 ‘highly prospective’ projects positioned in the southeast corner and margins of the Athabasca Basin. 

As of 30 December 2023, Basin Energy had $3.4 million cash and cash equivalents at hand, according to its latest quarterly report. However, the company is looking to add an extra $3.3 million through today’s (2 February 2024) placement.

Write to Adam Drought at Mining.com.au

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Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

BCI Minerals secures $150 million debt approvals

BCI Minerals (ASX:BCI) has received approvals for $150 million of project finance debt for the Mardie Salt Project in Western Australia from 2 commercial bank debt providers. 

The $351.92 million market capitalisation company notes the project finance debt includes all components of the Mardie Project other than the sulphate of potash (SOP) plant. 

These credit approvals are in addition to the recently announced debt funding approvals from federal government bodies Northern Australia Infrastructure Fund (NAIF) and Export Finance Australia (EFA). 

BCI says a total of $650 million of Australian federal government funding has been approved via a $490 million, 15-year facility from NAIF and a $160 million, 11-year facility from EFA for the Mardie Project. 

The commercial bank funding is proposed to include a $180 million, 7-year construction facility, an $81 million cost overrun facility, and a $70 million bank guarantee facility for bonds required under construction or operating contracts. 

BCI says the lending approvals from the 2 leading commercial banks, for a minimum of $150 million, will provide part of these requirements. 

Commenting on the debt funding, BCI Minerals Managing Director David Boshoff says: “Project finance is gaining momentum, with ongoing support from key lenders indicating strong confidence in BCI’s Mardie Project. 

The participation of 2 leading commercial banks, alongside NAIF and EFA, brings us closer to completing the project finance debt package and acquiring the funding needed to complete the project.”

All facilities remain conditional on formal documentation, securing required tenure and approvals for the optimised feasibility study area, equity funding, offtake arrangements, and satisfying other customary conditions associated with the loans. 

The participation of 2 leading commercial banks, alongside NAIF and EFA, brings us closer to completing the project finance debt package and acquiring the funding needed to complete the project

The company is targeting completion of formal debt documentation in the first half of 2024 and the first drawdown of debt in the second half of 2024, subject to satisfying all relevant conditions precedent. 

BCI Minerals is an Australian-based mineral resources company that is developing an industrial minerals business, with salt and potash as its initial focus. The company is currently developing the Mardie Salt and Potash Project in the Pilbara coast in the centre of Western Australia’s key salt production region. 

As of 30 June 2023, the company had $109.5 million cash at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au  

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Piedmont pockets US$31.6 million lithium prepayment

Piedmont Lithium (ASX:PLL) has received a partial prepayment of US$31.6 million for a September shipment of 15,000 dry metric tons of lithium concentrate to a ‘major’ international trading company. 

Piedmont, which has a $1.26 billion market capitalisation, says as production continues to ramp up, it expects to receive its full 2023 offtake allocation of 56,500 dry metric tons of lithium concentrate, with the balance to be sold by its joint venture (JV) arm. 

As previously announced, the North American Lithium (NAL) project, owned in a JV between Piedmont and Sayona Mining (ASX:SYA), began commercial production in March 2023 and delivered its first JV shipment of 20,500 dry metric tons to a third party in August. 

Sayona earlier this week announced its Managing Director and CEO, Brett Lynch, was stepping down from his post for personal reasons, with Non-Executive Director James Brown taking on the role of Interim CEO.

Commenting on the new prepayment, Piedmont Lithium Chief Executive Officer (CEO) and President Keith Phillips says: “This is a significant day for Piedmont Lithium as we announce the first shipment of lithium concentrate under our offtake agreement with NAL and the receipt of a prepayment, which significantly increases our cash position. 

we expect sales from Piedmont shipments to help fund our strategic initiatives while reducing our need to raise equity in the market

We look forward to the additional Piedmont shipments and JV shipments planned for 2023, and we expect sales from Piedmont shipments to help fund our strategic initiatives while reducing our need to raise equity in the market. 

Additionally, we acknowledge the board-level changes of our partner, Sayona Mining (ASX:SYA). We would like to thank Brett Lynch for his vision, which enabled Piedmont and Sayona Mining to successfully acquire and restart the NAL operations, and we look forward to continued success as we welcome James Brown as the interim CEO of Sayona Mining.”

Piedmont notes that the partial prepayment has increased the company’s cash position to roughly US$100 million. 

Piedmont Lithium is a lithium company situated in the US. The company’s portfolio of assets includes the Carolina and Tennessee lithium projects, alongside its partnerships in Quebec with Sayona Mining and in Ghana with Atlantic Lithium (ASX:A11).

Write to Aaliyah Rogan at Mining.com.au     

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Rumble extends $3 million SPP

Rumble Resources (ASX:RTR) has extended the closing date of its $3 million share purchase plan (SPP) to 5:00pm AEST on Thursday 28 September 2023. 

The $89.87 million market capitalisation company says its board has resolved to extend the SPP closing date to provide eligible shareholders with additional time to review the SPP offer documentation and make an informed decision on their application to participate. 

The SPP was initially slated to close on Thursday 31 August.

Under the SPP, eligible shareholders can subscribe for $30,000 worth of new shares in Rumble at  $0.135 per share. It was launched in tandem with an $8.1 million share placement at the same price, which Rumble completed earlier this month. 

The company notes shareholders who have already applied for shares under the SPP are not required to re-submit their application form unless they wish to apply for additional shares up to the $30,000 maximum.

If all goes according to plan, new shares issued under the SPP will now begin trading on 6 October.  

Rumble Resources is an Australia-based exploration company focused on advancing the ‘emerging world-class’ zinc-lead-silver discovery at the Earaheedy Project in Western Australia.

Write to Aaliyah Rogan at Mining.com.au    

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Black Cat taps investors for $8.3 million

Black Cat Syndicate (ASX:BC8) has received firm commitments from institutional and sophisticated investors to raise $8.3 million through a share placement. 

The $70.72 million market capitalisation company says its directors have applied for $680,000 in the placement, subject to shareholder approval, bringing their investment to the company to $8.7 million to date. 

The placement involves the issue of just under 36.9 million new fully paid ordinary shares at an issue price of $0.225 per share. This price represents a 15.1% discount to Black Cat’s last closing price on 24 August 2023 and a 23.2% discount to its 5-day volume weighted average price (VWAP). 

Black Cat will also issue around 18.45 million attaching options on the basis of one new option for every 2 shares issued pursuant to the placement, subject to shareholder approval. The options will be exercisable at $0.3375 per option and will expire in 2 years. 

The proceeds from the placement will be used for drilling and evaluation activities at the Paulsens Operation in Western Australia, where there remains ‘significant’ untapped potential, according to Black Cat. 

These activities will target a substantial increase in cashflow over the Paulsens Restart Study. In addition, the funds will also be used to advance discussions with a number of debt providers. 

Commenting on the placement, Black Cat Syndicate Managing Director Gareth Solly says: “We are excited to continue to explore at Paulsens. The recent studies we have undertaken give us an enviable baseline for the further optimisation of production outcomes and operating cashflow. 

We are excited to continue to reinvent this iconic mine, where projected future cashflow is expected to increase substantially, together with a reduction in upfront capital expenditure

We are excited to continue to reinvent this iconic mine, where projected future cashflow is expected to increase substantially, together with a reduction in upfront capital expenditure. 

This potential is reinforced by the recent discovery of the main zone extension, and the bonanza grades that we are seeking immediately adjacent to areas of the current mine plan.”

Black Cat says it has received indicative term sheets from numerous debt financiers for the restart of Paulsens, with these discussions continuing. 

The company adds the placement proceeds will generate a ‘strong stream’ of newsflow for the coming period. 

Black Cat Syndicate is a mineral exploration company focused on its 3 wholly owned operations, namely the Paulsens, Coyote, and Kal East gold projects.

Write to Aaliyah Rogan at Mining.com.au    

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Tambourah rakes in $607,000 from SPP

Western Australian explorer Tambourah Metals (ASX:TMB) has finalised a share purchase plan (SPP) and raised $607,000 from eligible shareholders. 

The $18.08 million market capitalisation says the funds, combined with the $2.5 million recently raised from a private share placement, will be used to fuel ‘aggressive’ drilling at its Pilbara lithium portfolio, as stated in an announcement earlier this month (2 August).   

Tambourah reports 2.5 million new shares were applied for under the SPP and, subject to shareholder approval, will include a one-for-one free-attaching unlisted option exercisable at $0.30 and expiring 24 months from the date of issue. 

This SPP was undertaken by Tambourah following the private share placement and was aimed at raising $1.2 million. 

These new shares are expected to be issued on 28 August 2023, and the additional free attaching options will be subject to shareholder approval at an upcoming General Meeting to be held in early October 2023. 

The company also notes that at the upcoming meeting, investors under the SPP will be invited to apply under a separate option offer prospectus for one free attaching option for every one new share subscribed for in the SPP. 

These options will have an exercise price of $0.30 and expire 2 years from date of issue. 

Commenting on the share purchase plan, Tambourah Metals Executive Chair Rita Brooks says: “The board welcomes our new shareholders and thanks those shareholders who participated in the SPP. The recent placement and this SPP provides the company with funding to commence advancing our lithium exploration projects in the Pilbara. We look forward to commencing drilling at the Tambourah project shortly. 

We look forward to commencing drilling at the Tambourah project shortly

Tambourah has planned lithium exploration programs at Tambourah Gold and Lithium project (“Tambourah Project”) Shaw River and Russian Jack project (“Russian Jack”) in the Pilbara.” 

Tambourah Metals is an ASX-listed explorer established in 2020 to develop gold and critical mineral exploration projects in Western Australia. 

The company’s portfolio of projects includes the Russian Jack, Nullagine, Tambine, Cheela, Achilles, Adam Range, and Julimar North projects.

Write to Adam Drought at Mining.com.au

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.