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Power Metals Resources PLC, Red Rock Resources PLC, Jubilee Metals Group PLC,


It was a busy time for Power Metals Resources PLC () this week, with a number of corporate releases.

On Tuesday, the company revealed that drilling has started at the Silver Peak silver project in Canada, at a lower cost than initially planned after changes were made due to bad weather initially.

Portable drill equipment is being used for 120m of drilling at the British Columbia project, compared to the proposed 500m of diamond core drilling that had been announced last month. This will result in a significant reduction in programme cost, the company said.

Then on Wednesday, Power Metal provided an update on drilling progress by Kalahari Key, a company in which it has an 18.26% interest. Kalahari Key is currently drilling the Molopo Farms project, and has reached depth of 445 metres, where it is now approaching the target zone.

Power Metals has elected to earn-in to a direct 40% interest in Molopo Farms by spending US$500,000 on exploration in 2020.

Meanwhile, back on Tuesday, Power Metal and () on Tuesday said that Red Rock Australasia Pty Ltd, a company jointly owned by the two firms, has been notified that a further seven of its license applications have been accepted and have been given highest ranking, following the notification in respect of the first three applications received in early July.

Red Rock Australasia will now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.

There were a plethora of financial results published from the junior miners this week.

PLC () on Tuesday reported a 132% rise in total revenue for the twelve months ended June 30, 2020, up to £54.8mln from £23.6mln.

The group’s underlying earnings (adjusted EBITDA) also increased sharply, it noted, rising by 132% to £22.6mln whilst earnings per share was marked at 0.94p, up 96%. Cash flow from operating activity was described as strong, reported at £19.4mln versus £4.76mln in 2019.

“This reporting period again showcases the strength and resilience of Jubilee’s business strategy with sustained, strong growth in all aspects of the company despite the unprecedented challenges faced as a result of the COVID-19 pandemic,” chief executive Leon Coetzer said in the results statement.

() third-quarter results highlighted a strong cash position as the company continues to advance the La India project, in Nicaragua.

The company told investors it had £5.5mln at the end of September. Operationally, the company said it has seen significant progress de-risking La India and has secured important land acquisition in the vicinity of the project.

() saw its quarterly results confirm a continuing strong performance for the Blanket gold mine in South Africa.

Some 15,155 ounces of gold were produced in the quarter, taking the nine-month tally to 42,887 ounces – which compares to 13,646 and 38,306 ounces in the corresponding periods in 2019.

() () said it remains well-funded to advance its Araguaia ferronickel mine in Brazil towards being construction-ready and highlighted a strong cash position of £13.6mln.

In its results for the three months to September 30, 2020, the nickel developer also said that the project financing process is continuing to progress with a number of key milestones delivered. These included a syndicate of five international financial institutions being mandated for a US$325mln senior debt facility to part-fund the development of Araguaia.

And recently-listed Wheaton Precious Metals () () generated just over US$228mln in operating cash flow in the third quarter to September 30, 2020, an increase of 60% relative to the corresponding quarter in 2019.

During the period, Wheaton’s net debt was reduced by US$231mln, resulting in an overall net debt position of $278mln. Attributable gold equivalent production was…



Read More: Power Metals Resources PLC, Red Rock Resources PLC, Jubilee Metals Group PLC,

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