Hot Rocks optimistic on progress at Mendell Helium, Cobra Resources

(Alliance News) - Hot Rocks Investments PLC on Tuesday provided an optimistic update on its portfolio.

The London-based investor in natural resources noted "regular newsflow" from Mendell Helium PLC, including a recent agreement to recomplete the Schneweis Ventures 13A well in Fort Dodge, Kansas and plans for Mendell to list on London's AIM.

Hot Rocks also noted that Mendell has recently traded above 6 pence per share. Hot Rocks holds 5.1 million Mendell shares and 7.5 million warrants, half of which are exercisable at 4p per new share and half at 6p per share.

In parallel, Hot Rocks has upped its stake in Sunshine Gold Capital Pty Ltd to 49% from 25%. It is providing capital for Sunshine to secure additional exploration tenements and appoint new leadership including a chief executive. The funds are also intended for Sunshine to acquire technology systems, pay for native land title clearance, begin gold exploration at its Dexter project and plan a public float.

Sunshine in March secured a third tenement, bringing its total land holding to 696 square kilometres, and has applied for two more tenements, which would bring its total holdings to 887 square kilometres if granted.

Hot Rocks has made new investments of USD25,000 each into Central Gold Ltd and Futuro Resources Ltd, the former targeting copper and gold in the Democratic Republic of Congo, while the latter works towards a mineral resource estimate and pre-feasibility study at Brazil's Lavra Vehla gold site.

Additionally, Hot Rocks has taken part in a GBP4.5 million fundraise by Cobra Resources PLC to support its Manna Hill copper project and Boland rare earths project, which Hot Rocks sees shoreing up Cobra's position as a resource developer in South Australia. The London-based investor has bought 502,000 Cobra shares and 251,049 warrants exercisable at 6p within two years.

Hot Rocks Managing Director Gavin Burnell said the company is "excited for the potential of our various positions".

Shares in Hot Rocks and Mendell Helium were last quoted at 1.40p and 6.125p respectively on the Aquis Exchange. Cobra Resources rose 3.1% to 4.33p per share on Thursday morning in London.

By Holly Munks, Alliance News reporter

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