Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Cinovec Lithium/Tin Project
Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.47% Li2O and 0.08% Sn, Indicated Mineral Resource of 361.9Mt at 0.45% Li2O and 0.04% Sn and an Inferred Mineral Resource of 295Mt at 0.39% Li2O and 0.04% Sn containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and 263kt of tin (refer to the Company's AIM release dated 13 October 2021) (Resource Upgrade at Cinovec Lithium Project). This makes Cinovec the largest hard rock lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource.
On 19 January 2022, EMH provided a PFS Update which indicates a return post tax NPV8 of USD1.938B and a post tax IRR of 36.3% and confirmed that the Cinovec Project is a potential low operating cost, producer of battery grade lithium hydroxide or battery grade lithium carbonate as markets demand. It confirmed the deposit is amenable to bulk underground mining. Metallurgical test-work has produced both battery grade lithium hydroxide and battery grade lithium carbonate in addition to high-grade tin concentrate at excellent recoveries. Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit and an active 22 kV transmission line running to the historic mine. As the deposit lies in an active mining region, it has strong community support (refer to the Company's AIM release dated 13 October 2021(PFS Upgrade Delivers outstanding results).
Oxford Biomedica broadens leading viral vector offerings by incorporating Homology's established AAV capabilities into a newly-formed AAV Manufacturing and Innovation Business in the US with Homology as 20% owner
Proposed Placing to raise total gross proceeds of approximately £80 million
Official Namibian Papers
BOOM
Global oil and gas company, Royal Dutch Shell Plc (Shell), has reportedly made a massive oil discovery off the coast of Namibia worth an estimated N$334 billion. buff.ly/3rQmTsz
https://twitter.com/thenamibian/status/1486341920452395020?s=21
Highlights
The first of the three veins in the Serra Zone intersected by underground development at the Company’s Coringa Gold Project. The sampled vein recorded assays of 2.94 g/t over 3.63 metres including 12.44g/t over 0.86 metres, using results from Serabi’s in-house laboratory.
This initial area of the vein, will form the ramp pillar and was not expected to deliver the same grade and widths as other parts of the vein. This initial intercept is therefore highly encouraging..
As anticipated the vein is sub-vertical, which is highly beneficial for mining.
The detailed engineering design of the Coringa process plant is advancing well with Brazilian engineering consultants, Icone Technology & Engineering, expecting to compete their work in Q2.
The process plant is already at the Coringa site and ready for installation following completion of the detailed engineering and award of the Installation License (“LI”) which is expected imminently.
The application for the LI has been submitted and is being reviewed by the State Environmental Agency (SEMAS). In parallel, the Company has been working with Brandt Environmental to complete an Indigenous Study, which the Company expects to have concluded early Q2, coincidental with the award of the Installation License.
Highlights
· 169-line kilometres ('km') of ground-based total field magnetics and airborne hyperspectral imaging completed for the entirety of the Navarre Creek claim block
· Two distinct intrusive bodies identified, partially concealed below glacial till showing strong magnetic signatures which complement the existing jasperoid outcrops
· A northeast trending, approximately 2.3-mile-long by 1-mile-wide corridor of hydrothermal alteration also identified, consistent with the gold and silver bearing Carlin-style epithermal deposits
· Markers for Carlin-style gold deposits are the presence of jasperoids, and the association of gold, antimony, silver and zinc. These markers are found at Navarre Creek and may signify the potential for this style of deposit
· The results of these surveys, together with the results of previous exploration, highlight the prospectivity of the claim block. These positive results will drive further exploration and drill targeting in 2022
Operational
· Noting the recent unrest in Kazakhstan and the evolving environment, we confirm no Group employees were harmed and our operations continued undisrupted. We will continue to monitor the situation and any potential future impact on the business.
· Average daily production after treatment for 2021 totalled 17,032 boepd with average daily sales volumes for the year of 15,330 boepd. Condensate is sold when there are sufficient volumes to fill a cargo and inventory builds in the absence of a sale. There was approximately 268,000 boe of condensate in inventory at the year end.
· We continued our well and reservoir management activities that are supported by well workovers and interventions. These are generally not capital intensive and offer reasonable risk / reward. These activities will continue in 2022.
· We continue our focus on pursuing ways to monetise spare capacity in the gas treatment facility through processing third party volumes.
· We remain extremely vigilant in respect of COVID-19 and the latest Omicron variant. We continue to implement stringent precautionary measures and we believe we have the systems in place to monitor and manage the risks presented by the pandemic in west Kazakhstan. To date, no production has been lost because of COVID-19.
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to provide details of the sale of a 24MW electrolyser to Linde Engineering contained in the Company's Half Year Report issued yesterday. The electrolyser is to be installed at a site operated by Yara Norge AS ("Yara") located at Herøya outside Porsgrunn, about 140 km southwest of Oslo. The site covers an area of approximately 1.5 square kilometres and is the largest industrial site in Norway. The Porsgrunn site produces 3 million tons of fertiliser per year.
The hydrogen required for ammonia production is currently produced from SMR (steam methane reforming). Yara intends to start replacing this grey hydrogen with green hydrogen produced from renewable energy and electrolysis. The 24MW system supplying 10,368 kg/day of hydrogen will account for approximately 5% of the plant's consumption and serve as a feasibility study for future upscaling. Yara has received a grant of up to NOK 283m (£23.6m), pending ESA approval, from Enova SF, a Government funding body to invest in green solutions for hydrogen used for industrial purposes in Norway.
The electrolyser equipment is due to be ready for shipment from ITM Power in Q4 2022 with revenue realised in the Company's 2022/2023 financial year.
The Porsgrunn plant is one of Norway's largest sources of CO2 emissions outside the oil and gas industry, emitting around 800,000 tonnes per year. The electrolysis plant will be powered by renewable energy and provide enough hydrogen to produce 20,500 tonnes of ammonia per year which can be converted to between 60,000 and 80,000 tonnes of green fertiliser. This will reduce the plant's CO2 emissions by approximately 41,000 tonnes. The site is expected to supply its first green ammonia-based products in mid-2023.
The opportunities the Company is assessing are suitable for debt or vendor financing, and the Company is currently -funded to mature these options.
· The Board has implemented measures to reduce the Company's cost base by over 50%
· CEO Leslie Peterkin to leave the Company to support cost cutting measures
· Larry Bottomley to assume Interim CEO role to drive new ventures
· The Company remains fully funded for the current calendar year with no debt
· The Board has refocused the strategy for the Company and is actively progressing a pipeline of value accretive opportunities within this new strategy
IDE Group Holdings plc, the mid-market network, technology outsource partner is pleased to announce a trading update for year ended 31 December 2021.
The results reflect the continuing business only. Revenue growth in 2021 was over 20% that of 2020 on a like for like basis and will not be less than £14m. EBITDA will not be less than £2.5m.
The financial year 2022 has begun well with several new contracts already won and due to be implemented. We expect double digit revenue growth in 2022, of which 85% is from existing contracted customers.
Andy Parker said "Last year's results are the result of three hard years' work by all of the team at IDE. The Company is well placed to build upon the 2021 results. The board are exploring resolutions for the Shareholder loan notes (the only debt the business has), which would be the final stage of the restructuring, and which would allow the Company to grow organically and possibly through acquisition should the right accretive opportunities become available
Highlights
· 2022 Abu Sennan drilling campaign has commenced with the spud of the ASD-2 development well
· ASD-2 is the first well in a fully funded four well drilling campaign
· The well is a follow-up to the commercial discovery that was made by the ASD-1X exploration well in 2021
· It will target potential gross upside volumes of 5.5 mmbbls STOIIP (operator's estimate) in the Abu Roash C reservoir