Aura Energy Ltd’s Tiris uranium project has undergone a significant increase in its average steady-state production, as per its enhanced feasibility study. The project has also seen an improvement in its post-tax net present value, 10-year average earnings, and all-in sustaining costs. First Class Metals PLC has received a grant of CAD140,000 from Ontario’s Ministry of Northern Development, Mines, Natural Resources & Forestry for exploration work at North Hemlo property. Kistos Holdings PLC is excited to announce that the Benriach exploration well located on block 206/05c west of Shetland in Scotland is underway, in which it holds a 25% stake. Additionally, Kistos Holdings is considering future work at Zechstein in the Netherlands, following mixed results.
AFC Energy Delivers its First High Power Density Liquid Cooled Fuel Cell to ABB E-Mobility
AFC Energy, a provider of hydrogen power generation technologies based in Surrey, England, has delivered and validated its first high power density liquid cooled fuel cell to ABB E-Mobility. The company has also received a follow-on investment of GBP2 million from ABB E-Mobility, which will be used to develop the S+ Series fuel cell system.
AFC Energy’s new S+ Series fuel cell stacks exceeded a cumulative 100-kilowatt target output. The investment from ABB E-Mobility will be made into a GBP2.0 million subscription through the issue of 10.0 million shares at 20 pence each. AFC Energy’s Chief Executive Officer, Frank Muehlon, expressed his pleasure at reaching this milestone and stated that the company is working on the transformation towards a sustainable mobility infrastructure.
African Pioneer and Galileo Resources Await Assays for Soil Survey at Kalahari Copper Belt Licenses
African Pioneer PLC, an exploration company with projects in Namibia, Botswana, and Zambia, and Galileo Resources PLC, a mining company focused on Zambia, Zimbabwe, Botswana, South Africa, and the US, have noted that assays are pending for a soil survey at Kalahari copper belt licenses in Botswana. Further surveys are planned over copper surface sample anomalies over the Kuke prospect. African Pioneer Chair, Colin Bird, stated that the Sandfire option licenses and the licenses operated by African Pioneer are all located in ground with high potential. Sandfire is about to commence drilling on its option targets, and they look forward to the results.
Applied Graphene Materials Receives UK Legal Approval to Delist and Register as a Private Company
Applied Graphene Materials PLC, a graphene materials manufacturer based in Cleveland, England, has received UK legal approval through the National Security & Investment Act 2021 to delist and register as a private company. The company agreed to sell the entirety of its shares in Applied Graphene Materials UK Ltd and Applied Graphene Materials LLC, its main operating subsidiaries, to Universal Matter UK Ltd for USD1.3 million. Universal Matter UK is a London-based developer and supplier of graphene-based solutions. Applied’s shares will be cancelled on Friday.
Aura Energy’s Tiris Uranium Project Sees Significant Improvement in Financial Metrics
Aura Energy Ltd, a minerals company with projects in Mauritania and Sweden, has reported that the average steady-state production at the Tiris uranium project in Mauritania has jumped to 2.0 million pounds of triuranium octoxide in the base case of its enhanced feasibility study. This is a significant increase from the 800,000 pounds reported in its 2021 definitive feasibility study. The post-tax net present value has surged to USD226 million from USD79.7 million, while the average all-in sustaining costs slimmed by 3.5% to USD28.77 per pound of triuranium octoxide, from USD29.81. The 10-year average earnings before interest, tax, depreciation, and amortization at full production has also improved to USD72 million from USD19.9 million, while capital expenditure has increased to USD178.2 million from USD74.8 million.
Dave Woodall, the Managing Director of Aura Energy, said that the enhanced feasibility study confirms the strong financial case for the Tiris uranium project. The project has low capital intensity, low operating costs, competitive all-in-sustaining costs, and key regulatory approvals in place. Aura Energy is now focused on the consideration of a final investment decision as early as Q4 2023, which would see commissioning in late 2024 for commercial production in early 2025.
First Class Metals Receives Grant for Exploration Work at North Hemlo Property
First Class Metals PLC, a metals exploration company seeking large-scale metal discoveries in Canada, has received a CAD140,000 grant from Ontario’s Ministry of Northern Development, Mines, Natural Resources & Forestry. The grant was for work carried out on the North Hemlo property and assisted with exploration expenditure costs incurred from high definition low-level magnetic survey and fieldwork across the North Hemlo property.
Kistos Holdings Updates on Benriach Exploration Well and Zechstein Project
Kistos Holdings PLC, an energy industry investor with licenses in the Netherlands, has reported that the Benriach exploration well located on block 206/05c west of Shetland in Scotland, in which it holds a 25% stake, has been spudded by operator Transocean Barents. Kistos Holdings anticipates that the well will complete in the third quarter of 2023, with a dry hole post-cost net of around GBP2.5 million. The company’s tax-paying position “and the enhanced investment allowances from the energy profits levy” are cited as reasons for the anticipated post-cost net.
Kistos Holdings is also considering future work at Zechstein in the Netherlands, following mixed results. The company holds a 60% stake in the Q10-A gas field. Andrew Austin, the Executive Chair of Kistos Holdings, says that the company is excited that the Benriach well is underway.
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