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Simply the Best Economic Metrics

Firebird Metals Ltd (ASX:FRB) is a mineral resource company based in Australia focused on the development of two key manganese projects to meet the growing demand of high purity manganese sulphate monohydrate (MnSO4 or HPMSM) for Lithium Manganese Iron Phosphate (LMFP) batteries: a processing facility fed by Oakover concentrate and/or third-party manganese concentrate in China where resides both the expertise and most of the demand for HPMSM and a mine and treatment plant at Oakover in Australia...

Delineation of a Significant New Silver-Indium Deposit in the Making

Iltani Resources Ltd (ASX: ILT) is a minerals exploration and development company. The Herberton key project covers 300 km2 and consists of 4 granted Exploration Permits for Minerals: EPM 27168 (Herberton), EPM 27721 (Isabel), EPM 27223 (Orient) and EPM 27331 (Wade Creek) and one application EPM 28899. The project area is located approx. 100 to 150km inland from Cairns in Far North Queensland. Other projects include the Northern Base Metal, Southern Gold and Rookwood projects in Queensland and i...

One of the Cheapest and Quickest Pathways to Cash Generation

$5 million placement: on 27th Nov 2023, BTR announced a share placement. The proceeds combined with the expected cash flow from the Selkirk JV in early 2024 will see the acceleration of exploration activities and the completion of the Pre-Feasibility Study for the Menzies & Laverton gold projects restart.Selkirk Production JV: mining operations are progressing ahead of schedule and with some upside at the Selkirk Deposit within the Menzies Gold Project. Haulage and processing at the Genesis ...

Innovative Process is a Game Changer

Scoping Study Update: on 9th November 2023, INF released the results of an Updated Scoping Study for the fully integrated production of battery grade lithium hydroxide monohydrate (LHM or LiOH) at the San José project in Spain. San José Lithium Project: With 1.6 million tonnes of Lithium Carbonate Equivalent (LCE) in mineral resources, the San José Lithium Project is the second largest JORC defined hard-rock mineral resource in the EU and is strategically located to benefit from booming ...

New Dawn Project Acquisition Next to A$1.0 billion Bald Hill Mine

Hot Lithium: the lithium sector has been heating lately in Western Australia. Firstly, after multiple increased offers ($2.20, 2.35 and $2.50), the Liontown Resources (ASX: LTR) is unanimously recommending the latest offer of $3.00 cash valuing the company at $6.6 billion (see LTR ASX announcement 4th Sep 2023 - Revised Proposal from Albemarle). Liontown Resources flagship asset is the Kathleen Valley project currently in construction. Then, Mineral Resources (ASX: MIN) appears to...

De-risked Quality Lithium Asset Development Ready

Ewoyaa lithium: A11’s flagship project, the Ewoyaa Lithium Project, is set to become Ghana’s first lithium-producing mine, has reached Definitive Feasibility Study stage as announced on 29 June 2023. The project is located close to the coast, about 100km west of Accra, Ghana. Several high voltage powerlines traverse or run nearby to the Project site, facilitating connection to the existing power grid and power supply. Existing port facilities are available at Takoradi (deep-sea port), approx...

Central Lime Project Equity Funded with Debt to Follow

Update: this short note is an update on recent developments and funding for Mayur Resources. Please refer to our research report dated 26 April 2023 for complete analysis.Equity Funding: today, MRL announced it had executed a Term Sheet with Vision Blue Resources (VBR), a clean energy related investment firm led by Sir Mick Davis, ex-CEO of Xstrata, for an investment of US$40 million for a 49% equity share in the Central Lime Project (CLP, project level Phase 1 only investmen...

Exploring a Greenstone Belt District for Significant Discoveries Next Drilling Focus: Nickel

Background: Nimy Resources Ltd (ASX: NIM) listed in November 2021 on the Australian Securities Exchange. The company portfolio consists of a district scale land holding consisting of 15 approved tenements and 1 in the approval process, over an area of 2,564km2 covering an 80km north/south strike of mafic and ultramafic sequences. Mons is located 140km north-northwest of Southern Cross and covers the Karroun Hill district on the northern end of the world-famous Forrestania belt. Mons fe...

Significant Lithium Project Strategically Located

San José Lithium Project: With 1.6 million tonnes of Lithium Carbonate Equivalent (LCE) in mineral resources, the San José Lithium Project is the second largest JORC defined hard-rock mineral resource in the EU and is strategically located to benefit from booming demand from the emerging gigafactories in the region.Ownership: INF maintains 75% project ownership through wholly owned Spanish subsidiary Extremadura New Energies with a call option to acquire the balance of 25% and theref...

Cuba Drilling Beats Expectations, More to Come....

We initiated on Melbana Energy Ltd (ASX: MAY) on 6th June with a Speculative Buy rating and valuation of $0.21/share. At that time MAY was gearing up for its drilling campaign in Cuba targeting the Amistad, Alameda and Marti Reservoir in Block 9.Since then, Melbana has been running full tilt achieving significant milestones in a short period of time and seeing positive price movement based on stellar drilling results. Since our initiation Melbana has:1)  Bulked up its management team;2...

Focus on High Grade Gold in a Prime High Grade Location

Torque Metals Ltd (ASX: TOR) is a minerals exploration and development company. The Paris Gold Project (200 km2 of tenements including 9granted mining licences) is located on the Boulder-Lefroy Fault 12km along strike from the highly successful St Ives Gold Mine currently producing 350,000 ounces per annum and having produced in excess of 10 million ounces of gold since the mid-1980s. The mine is operated by Goldfields Ltd (listed on JSE: GFI with a $19 billion market capitalisation)....

Strategic Iron Ore Soon to be in High Demand

Massive Mineral Resource: the Razorback Iron Ore Project combines a globally significant mineral resource with enviable characteristics: 6.0 billion tonnes inclusive of Ironback Hill and Muster Dam with low deleterious elements (silica, alumina and phosphorus).Ore Reserve: based on the Razorback and Iron Peak deposits, the Ore Reserve has been updated to 2 billion tonnes. Overall, this massive ore reserve translates to a mine life in excess of 90 years (5 Mtpa product capacity Base Case) or 39 y...

High Grade Copper Project with DSO from Ore Sorting

Background: American West Metals Ltd (ASX: AW1) listed in December 2021 on the Australian Securities Exchange. The company portfolio consists of three base metals projects: Storm (Cu)/Seal(Zn) in Canada and West Desert (Zn, Cu, In, Ag, Au) Copper Warrior (Cu) in the USA. This short note is solely focused on the Storm copper project, for which AW1 has the option to earn 80% of the project.Geology: The Storm prospect comprises favourable host lithologies, regional setting and visual occurrences of...

Initiation: A lot ahead – But Cuba drilling steals the show

We initiate coverage of Melbana Energy Limited (ASX: MAY) with a Speculative Buy rating and positive outlook for the future. MAY has been stalwart in its dedication to Cuba, entering negotiations in 2013 with Block 9 PSC awarded in September 2015.Cuba is open for business and in need of more production. Currently the country, primarily through its national oil company, CUPET, produces approximately 36,000 barrels of oil per day and ~32 billion cubic feet of gas. Oil production meets just 24...

Kangankunde: Truly A World Class Rare Earths Project

Acquisition: on 1st August 2022, LIN announced the acquisition of 100% of the shares in Rift Valley Resource Developments Ltd, the owner of the Kangankunde Project, for a total purchase price of US$30 million. US$10m has now been paid and US$20m is payable in two equal tranches (August 2023 and August 2026 or start of commercial production). Lindian currently holds 33% of the Rift Valley shares with 33% and 34% of the shares to be transferred in line with the payments of the remaining ...

Sustainably Leveraging PNG’s Natural Resources Endowment

Projects Portfolio: Mayur Resources’ strategy aims to deliver shareholder value while becoming a significant partner in the nation building of Papua New Guinea (PNG). The portfolio consists of the Central Cement and Lime (CCL) project, the Orokolo Bay magnetite and mineral sands project and three renewable projects. Mayur has prioritised coastal regions for ease of development and future access to sea borne markets. As well as reducing material imports and developing export revenues, the vario...

Update on Key Positive Project and Markets Developments

Iron Peak Game Changer: the well-received by the market mineral resource update regarding the Iron Peak deposit represents significant improvements affecting the Razorback Iron Ore Project. Beyond the increase in tonnage to 503 million tonnes (up 20%), the increased mass recovery of 19.4% (up 15%) makes it the highest grade deposit available to the Project. Metallurgical testwork completed to date indicated that the Project is able to produce DR-grade products attracting higher price premiums.Ne...

A Globally Significant Mineral Resource in an Ideal Location

Massive Mineral Resource: on 21st Feb 2023, Aston Minerals Ltd released a maiden mineral resource estimate for the Boomerang deposit: 1,044 Mt at 0.27% Ni, 0.011% Co (0.30% Ni equivalent) containing 2.82 Mt of nickel and 115,000 t of cobalt.Ideal Location: The Edleston project (which includes the Boomerang deposit) is located 60 km by road south of Timmins, or 245 km north of Sudbury, Ontario, a region with a strong mining history (gold, nickel, zinc, lead, etc.), and a Canadian province favoura...

Adding a High Value Development Asset to the Portfolio

Prairie Lithium: The acquisition significantly increases the size of Arizona Lithium’s lithium resource (from 0.3 Mt LCE to 4.4 Mt LCE) and diversifies the type of resource (brine added to sedimentary hosted) and geographical location (Canada added to USA). Post close the combined entity will have a resource in Arizona, a resource in Saskatchewan and a prospective resource in New Mexico. The acquisition also brings with it a North American based technical management team, which includes geolog...

Two High Quality Assets with Falun Mine Acquisition

Further to our initiation report published in July 2022 and a visit to site, we include an update on developments at Falun as well a potential development scenario for the Sala project with the following key assumptions: ϕ an increased mineral resource to 22 Mt (from the 9.7 Mt maiden resource) with same grades: 3.20% Zn, 47.3 g/t Ag and 0.50% Pb. κ a mining inventory of 13.9 Mt (corresponding to a mineral resource to mining inventory conversion of 63% or about 3 times the high grade portion o...

Iron Ore to Match the Green Economy Agenda

Massive Mineral Resource: the Razorback iron ore magnetite project combines a globally significant mineral resource with enviable characteristics: 3 billion tonnes with a Davis Tube Recovery (DTR) of 15.8%, a very low strip ratio of 0.13 (with no pre-strip) and low deleterious elements (silica, alumina and phosphorus). With the addition of Ironback Hill and Muster Dam, the mineral resource amounts to 5.7 billion tonnes.Competitive Advantages: the results of our benchmarking indicate that the Raz...

Compelling Financial and Environmental Characteristics

Definitive Feasibility Study (DFS): On 17th October 2022, MNB released the results of a DFS for the Cabinda phosphate project (85% MNB) in Angola. NPVs of US$203m (base case price) and US$399m (spot price) versus a low capex of US$49 million highlight the quality of the project economics. Short Timeline to Production: First production is expected in Q4 2023, with fabrication of key major equipment from FEECO now completed. Ideal Location: The World Bank recognises Angola...

On Track to Deliver Innovative Commercial LIB Solutions

Technology: from a prospective graphite miner, Magnis has evolved into a technology company about to deliver innovative commercial Lithium-Ion battery (LIB) solutions to the electric vehicle and energy storage industries. Investments and Partnerships: MNS has now strategic assets, investments and technology partnerships in vital components of the global Lithium-Ion Battery value-chain. Magnis’ technology partner, Charge CCCV (C4V) is a cutting-edge LIB technology company based i...

Pioneer Dome following the development path of Finniss

Tier-2 Pioneer Dome Mineral Resource: On 29th September 2020, ESS released a mineral resource estimate (MRE) of 11.2 Mt @ 1.21% Li2O. Both the resource tonnage and the contained lithia (Li2O) increased by 33%. More importantly 5.4 Mt or 51% of the contained lithia is classified as an Indicated mineral resource hence supporting the economic evaluation of the project through a scoping study. We assumed 7.5 Mt of mining inventory. Great Location and Access: The project is located 10k...

New Producer to Benefit from Surging Lithium Prices

Update: thanks to surging lithium products’ prices and the construction of the 2,000 tpa lithium carbonate production operation, AGY share price has reached our valuation of $0.60 dated 14th March 2022. In parallel, AGY is now part of the ASX300 index (from 19th Sep 2022). 2,000 tpa operation: as at 1st Sep 2022, the project development works are 95% complete, with first product targeted in October. The development works continue to be on budget but experienced so...