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S&P/ASX 200 rises 1%; material sector out-performs with 4.1% gain

S&P/ASX 200 (INDEXASX:XJO) started the week on a positive note rising 56 points or 1.03% to 5460.5 led by miners and energy stocks after prices for the underlying commodities increased in recent days.

Mining stocks witnessed solid gains today. BHP Group Ltd (ASX:BHP) climbed 4.5%, Rio Tinto Limited (ASX:RIO) gained 5.8%, and Fortescue rose 5.8% to close at a record high of $13.28.

Other mining stocks with impressive gains today include Yandal Resources Ltd (ASX:YRL) (+14%), Nelson Resources Ltd (ASX:NES) (+20%), Kin Mining NL (ASX:KIN) (+20%), Matador Mining Ltd (ASX:MZZ) (12.5%), Venus Metals Corporation Limited (ASX:VMC) (9%) and Cassini Resources Ltd (ASX:CZI) (15%).

Energy stocks including Buru Energy Limited (ASX:BRU) are also standing out following a 6.8% lift in oil prices on optimism that the easing of lockdown restrictions could mean more demand for fuel.

Positive news flow with a caveat[hhmc]
Over the last week, iron ore price increased by US$4.80 or 5.4% and the US crude..

S&P/ASX 200 (INDEXASX:XJO) started the week on a positive note rising 56 points or 1.03% to 5460.5 led by miners and energy stocks after prices for the underlying commodities increased in recent days.

Mining stocks witnessed solid gains today. BHP Group Ltd (ASX:BHP) climbed 4.5%, Rio Tinto Limited (ASX:RIO) gained 5.8%, and Fortescue rose 5.8% to close at a record high of $13.28.

Other mining stocks with impressive gains today include Yandal Resources Ltd (ASX:YRL) (+14%), Nelson Resources Ltd (ASX:NES) (+20%), Kin Mining NL (ASX:KIN) (+20%), Matador Mining Ltd (ASX:MZZ) (12.5%), Venus Metals Corporation Limited (ASX:VMC) (9%) and Cassini Resources Ltd (ASX:CZI) (15%).

Energy stocks including Buru Energy Limited (ASX:BRU) are also standing out following a 6.8% lift in oil prices on optimism that the easing of lockdown restrictions could mean more demand for fuel.

Positive news flow with a caveat


Over the last week, iron ore price increased by US$4.80 or 5.4% and the US crude oil Nymex price lifted by 19% last week.

A positive lead from Wall Street and some encouraging remarks from Chinas Foreign Ministry to defuse tensions between Australia and China on trade have also helped the market.

However, risks remain with the concerns of a second wave of COVID-19 infections globally.

Proactive news headlines:

Metro Mining unveils sustainability report for Bauxite Hills Mine


Metro Mining Ltd (ASX:MMI) adopted its positioning statement Good for the Cape – Good for the State shortly after commencing operations at the Bauxite Hills Mine in 2019. The companys sustainability practices align with this slogan and have been detailed in its first Sustainability Report. Mine site rehabilitation is a key component of this as is the effective management of water, waste and energy.

Yojee surges on signing SaaS agreement with Kuehne + Nagel in the Philippines


Yojee Ltd (ASX:YOJ) shares have doubled on news of a new 3-year services agreement with Kuehne + Nagel Logistics Inc to roll out its SaaS logistics platform in the Philippines. This agreement provides the Philippines operation of Kuehne + Nagel, a leading global freight company offering fully integrated supply chain solutions, with access to Yojees cloud-based subscription-based SaaS logistics platform.

Horizon Minerals gains new substantial shareholder in Delphi AG


Horizon Minerals Ltd (ASX:HRZ) has a new substantial shareholder in prominent junior resources investor, German-based Delphi Unternehmensberatung AG, which has accumulated a 6.39% interest. The status was achieved on May 14 with Heidelberg-based Delphi and its subsidiaries now holding almost 29 million shares.

Kin Mining up 25% after hitting more shallow high-grade gold at Cardinia project


Kin Mining Ltd intersected further shallow gold at Cardinia Hill and Helens prospects within the Cardinia Gold Project (CGP) near Leonora in Western Australia. At Cardinia Hill results of up to 7 metres at 2.44 g/t from 117 metres and 5 metres at 1.21 g/t from 13 metres were returned from one reverse circulation (RC) hole while at Helens South the best aircore result was 4 metres at 4.29 g/t from 12 metres. The latest RC and aircore results continue to define new mineralisation at these CGP prospects with assays still pending for more than 3,500 metres of drilling.

Artemis Resources testing targets at Paterson Central near Havieron gold-copper discovery


Artemis Resources Ltd has started a geochemistry program to test targets at its 100%-owned Paterson Central Project, which is next to the world-class Havieron gold-copper discovery in WA's EaRead More – Source

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Australia

Trigg Mining managing director shows faith in SOP strategy with on-market purchase

Trigg Mining Ltd (ASX:TMG) managing director Keren Paterson has demonstrated her confidence in the companys sulphate of potash (SOP) strategy with an on-market share purchase.

On June 2, Paterson acquired 52,000 shares in a direct interest.

She now holds 52,000 fully paid ordinary shares in that direct interest and another 1.45 million loan shares in the same interest, which were acquired under a Loan Funded Plan.

The MD also holds 2.498 million shares in an indirect interest.

Shares last traded at 8 cents and since the close on April 1 have traded in the range from 2 cents to 8.7 cents.

Road sealing boost[hhmc]
Last week Trigg received an infrastructure boost for its Lake Throssell SOP Project in WA with a joint State and Federal government program to seal a 41-kilometre section of the Great Central Road.

The road is a key arterial route that runs from Leonora and Laverton towards Trigg's high-grade project and the $20 million road sealing contract will assist in future pro..

Trigg Mining Ltd (ASX:TMG) managing director Keren Paterson has demonstrated her confidence in the companys sulphate of potash (SOP) strategy with an on-market share purchase.

On June 2, Paterson acquired 52,000 shares in a direct interest.

She now holds 52,000 fully paid ordinary shares in that direct interest and another 1.45 million loan shares in the same interest, which were acquired under a Loan Funded Plan.

The MD also holds 2.498 million shares in an indirect interest.

Shares last traded at 8 cents and since the close on April 1 have traded in the range from 2 cents to 8.7 cents.

Road sealing boost


Last week Trigg received an infrastructure boost for its Lake Throssell SOP Project in WA with a joint State and Federal government program to seal a 41-kilometre section of the Great Central Road.

The road is a key arterial route that runs from Leonora and Laverton towards Trigg's high-grade project and the $20 million road sealing contract will assist in future project development.

This work is expected to improve project access and future logistics in terms of the transport of people, equipment, materials and product to and from the project.

Travel restrictions eased


The WA Government also announced a further phased lifting of intrastate travel restrictions which is expected to clear the way for the resumption of field activities and for the companys maiden exploration aircore drilling program to begin next quarter.

SOP targets defined


Read More – Source

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Australian Potash adds $2.23 million to bank on completing rights issue

Australian Potash Ltd (ASX:APC) has completed its rights offer of one share for every seven shares held at an issue price of 5 cents, with applications received for over 70% of the entitlements offered.

The company raised about $2.23 million via the rights offer which complements the $2 million placement completed in April 2020.

Lake Wells Sulphate of Potash Project[hhmc]
APC holds a 100% interest in the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia's Eastern Goldfields.

Following the release of the Definitive Feasibility Study (DFS) in August 2019, APC is focused on the Front-end Engineering Design (FEED) study, finalising offtake discussions and securing financing to develop the LSOP.

Offtake deals and approvals progressing well[hhmc]
APC managing director and CEO Matt Shackleton said: “The strong vote of support shown by our shareholders through this rights issue is very encouraging.

“There is clear recognition of the continued good work the APC team ar..

Australian Potash Ltd (ASX:APC) has completed its rights offer of one share for every seven shares held at an issue price of 5 cents, with applications received for over 70% of the entitlements offered.

The company raised about $2.23 million via the rights offer which complements the $2 million placement completed in April 2020.

Lake Wells Sulphate of Potash Project


APC holds a 100% interest in the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia's Eastern Goldfields.

Following the release of the Definitive Feasibility Study (DFS) in August 2019, APC is focused on the Front-end Engineering Design (FEED) study, finalising offtake discussions and securing financing to develop the LSOP.

Offtake deals and approvals progressing well


APC managing director and CEO Matt Shackleton said: “The strong vote of support shown by our shareholders through this rights issue is very encouraging.

“There is clear recognition of the continued good work the APC team are doing on the offtake program, where just under 50% of the planned production is now contracted; the approvals pathway, where we recently received consent from the Environmental Protection Authority to commence minor works on site and our Environmental Review Document is progressing steadily through the approvals process; and financing, where we have experienced project debt providers in our data room conducting due diligence.

“The changes we have been making through the FEED program are yielding some quite outstanding results, including reducing the LSOPs already low carbon footprint and improving logistics.

30-year mine life producing 150,000 tonnes per annum


Shackleton added: “The building blocks are all here: a major JORC compliant Measured Resource estimate that is the largest in class, a methodical, thorough and detailed sequence of studRead More – Source

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Perseus Mining Exore acquisition will provide near-mine gold ounces

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) is acquiring Exore Resources Ltd (ASX:ERX) (OTCMKTS:NLIOF) which will result in Perseus gaining a gold project near its Sissingué Gold Mine in Côte dIvoire.

The parties have entered into a Scheme Implementation Deed which will see Perseus acquire 100% of Exore and the agreement provides a fully diluted equity value of A$59.8 million based on PRUs 10 trading day VWAP.

Resources near Sissingué[hhmc]
Exore will exercise its pre-emptive right to acquire the remaining 20% of the Bagoe and Liberty projects from Apollo Consolidated Limiteds in northern Côte dIvoire for US$4.5 million to obtain 100% ownership.

Bagoe has a maiden JORC-compliant indicated gold resource of 90,000 ounces with a further 440,000 ounces in the inferred category and is within trucking distance of the Sissingué Gold Mine.

“Creating value for shareholders”[hhmc]
Perseus managing director and CEO Jeff Quartermaine said: “The acquisition of Exore results in Pe..

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) is acquiring Exore Resources Ltd (ASX:ERX) (OTCMKTS:NLIOF) which will result in Perseus gaining a gold project near its Sissingué Gold Mine in Côte dIvoire.

The parties have entered into a Scheme Implementation Deed which will see Perseus acquire 100% of Exore and the agreement provides a fully diluted equity value of A$59.8 million based on PRUs 10 trading day VWAP.

Resources near Sissingué


Exore will exercise its pre-emptive right to acquire the remaining 20% of the Bagoe and Liberty projects from Apollo Consolidated Limiteds in northern Côte dIvoire for US$4.5 million to obtain 100% ownership.

Bagoe has a maiden JORC-compliant indicated gold resource of 90,000 ounces with a further 440,000 ounces in the inferred category and is within trucking distance of the Sissingué Gold Mine.

“Creating value for shareholders”


Perseus managing director and CEO Jeff Quartermaine said: “The acquisition of Exore results in Perseus gaining ownership of approximately 2,000 square kilometres of geologically prospective land in northern Côte dIvoire, close to our operating Sissingué Gold Mine.

“Sissingué has a mine life of three years from July 1, 2020, and with the acquisition of Exores land package, including defined mineral resources, we have the option of developing Bagoe into a new mine potentially using the Sissingué infrastructure, or alternatively, delineating further mineral resources that can be economically mined and trucked to our Sissingué plant for processing.

“Either option provides an opportunity to continue creating value for Perseuss shareholders.”

Exore recommendation


Exores board unanimously recommends that Exore shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to an independent experts report concluding that the scheme is in the best interests of shareholders.

Acquisition of the remaining interest in the projects will be funded by Exore from its existing cash.

Scheme consideration


The scheme consideration of A$59.8 million is calculated on a fully diluted basis applying a purchase price of A9.8 cents per share and this is based on Perseuss 10 trading day VWAP.

Consideration will be paid in the form of shares in Perseus with each Exore shareholder receiving 1 Perseus share for every 12.79 Exore shares held.

This share swap ratio is based on the 10-day VWAP of Perseus shares on June 2, 2020, and implies a price of A10.5 cents per Exore share based on Perseuss closing share price on that date.

This consideration represents a premium of:

  • • 69% to Exores closing share price of A$0.062 on June 2, 2020; and
  • • 78% to the 20-trading day VWAP of Exore of A$0.059, up to and including June 2, 2020.

Highly prospective ground


Exore holds around 2,000 square kilometres of highly prospective land in northern Côte dIvoire, near the Sissingué mine.

An 80% joint venture in exploration permits making up the Bagoe and Liberty projects, which cover 816 square kilometres, was acquired from Apollo in December 2018.

Exore then expanded this position through additional earn-in and joint venture agreements with local Ivorian groups.

This area is relatively under-explored but known to host geological structures on which several significant gold discoveries have previously been made.

JORC resource


The JORC-compliant resource at Bagoe comprises an indicated resource of 750,000 tonnes at 3.5 g/t for 90,000 ounces and inferred resources of 5.85 million tonnes at 2.3 g/t for 440,000 ounces.

Exore managing director Justin Tremain said: “The board of Exore believes the proposed transaction with Perseus represents compelling vaRead More – Source

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