Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Reach out to NL...
Bottom drawer...
The revenue share arrangements under the Agreement give Edenville US$10 per tonne of washed coal sold at a minimum price of US$35 per tonne, plus 60% of any sales revenue above US$35 per tonne of washed coal. The global thermal coal price has reached new highs since entering into the Agreement and the Company is witnessing a knock-on positive effect on the domestic thermal coal price in Tanzania. The previously reported 'at gate' sales price range of US$35-50 per tonne for washed coal from Rukwa therefore appears robust. Once consistent production is established and Rukwa becomes a reliable source of coal for its clients, the Company anticipates its position in offtake negotiations is likely to be strengthened further.
Following extensive servicing and repairs on the main machinery and wash plant at the Rukwa site, and the purchase of two additional trucks, final works are expected to be completed shortly, with production recommencing sufficient to achieve up to 4000 tonnes by the end of October 2022. The targeted production and sales increase to 6,000 tonnes per month of washed coal is expected to take place after the rainy season ends in March/April 2023.
Edenville will continue to manage the Rukwa project and fund its corporate operational costs from its existing cash resources. Edenville, at its sole discretion, can also deploy additional capital to expedite production ramp up; any such capital deployed is to be repaid to Edenville before any profit share is paid.
Edenville and Brahma continue to work closely to ensure maximum efficiency and whilst Brahma have only been on site for a limited time, we are encouraged by their performance. We look forward to reporting on production levels and offtake contracts in due course.
Financial results
For the six month period ended 30 June 2022 the Company had revenue of £56,146 (H1 2021: £27,752).
The Group made a total comprehensive loss for the period of £196,429 (H1 2021 loss of £513,497), which included a gain of £624,211 arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.
The net assets at 30 June 2022 amounted to £6,926,616 (30 June 2021 £7,842,563). In addition, post period end, the Company reached agreement for certain costs, amounting to £180,000, to be recouped following an earlier aborted acquisition process, which will strengthen the Group's working capital position pending revenue from coal sales in the coming months.
Noel Lyons
Chief Executive Officer
29 September 2022
EDENVILLE ENERGY PLC
("Edenville", "Company" or the "Group")
Interim Results for the six months to 30 June 2022
Edenville Energy Plc (AIM: EDL) announces its unaudited interim results for the six months ended 30 June 2022.
CEO's report
Operational overview
The six month period to 30 June 2022 was one of transition for the Company and prior to the significant management and operational changes that took place post period end, as further detailed below.
On 3 February 2022 the Company's subsidiary Edenville International (Tanzania) Limited ("EITL") entered into a contract with Nextgen Coalmine Limited ("Nextgen") for the operation of the Company's Rukwa Coal Project ("Rukwa" or the "Project") in Tanzania. The agreement with Nextgen was subsequently terminated on 31 May 2022 following a lack of progress by Nextgen, allowing the Company to resume full control of the Project site and seek alternative arrangements for the operation of Rukwa in light of the macro changes that made the economics of the Project significantly more attractive.
Following a period of consultation with several key shareholders, a number of significant changes took place post period end. CEO Alistair Muir, Non-executive Chairman Jeff Malaihollo and Non-executive director Franco Caselli all resigned from the board and were replaced by Noel Lyons as CEO, Paul Ryan as Executive Director and Andre Hope as a Non-executive Director. Nick von Schirnding assumed the role of Non-Executive Chairman. In addition, there were several personnel changes within the Tanzania based team, leading to a more coordinated and dedicated team fully focused on stabilising output and striving to grow the monthly output.
Following their appointment, the newly appointed executive team signed an initial 12-month agreement (the "Agreement") with Brahma Energies Limited ("Brahma") on 16 August 2022, commencing immediately, to secure production and sales of a minimum of 4,000 tonnes of washed coal per month at the Company's Rukwa Project, with the potential to increase to a minimum 6,000 tonnes thereafter. Brahma are a local mine operator and commercial and logistics specialist having up to 70 transport vehicles on the roads of Tanzania. Their team is experienced in all aspects of operations, mine management and coal commercial sales. One of the significant attractions of Brahma to Edenville was an offtake which will enable Edenville to sell any of its washed coal produced to parties introduced by Brahma, as required.
Since the signing of the Agreement, Brahma have assumed full day-to-day operational management and control of the Rukwa mine, including covering all operational costs, with ultimate oversight continuing to be provided by Edenville. Given local demand, sales are currently expected to take place to customers in Tanzania and adjoining neighboring countries....
Interims and news update next week per Noel this week. Am confident this team is turning things around.
And more trolls on ****ter popping up...
Mineral Beast
@mineralbeast
·
10m
#arcm Looks like the local Zambian arm of AA negotiated the original agreement, then took it up to 'head office' so to speak...and imo they've looked at it and gone 'nah' or suchlike. Highly unlikely imho the original agreement or 'deal' goes through...all IMHO DYOR
One more thing to note.. advertising the job is typically a legal (as well as corporate) requirement, even if you already know who's going to fill (or has already started) the role...
Cadastre is the final hurdle; would be surprised if the rest of the machine isn't already prepped and ready to go.
Good start so far.
FIRST LIGHT Europa Metals (EUZ) – Corporate – High-grade drill from Toral zinc-lead-(silver) deposit in Spain Market Cap £2.5m Share Price 3.1p Europa today reports on its latest drill hole deep into its 100% owned Toral zinc-lead(silver) deposit in Spain. The drill hole reveals very high-grade intersections crucially in part of the model where these grades were expected but which lie outside of the current Indicated resource – in our opinion this bodes well for an increase in resource and we are impressed that these high-grades are still open at depth; the Toral deposit still has much to offer in our view.
The drill hole (TOD-041) drilled an intersection of 3.2m grading 9.4% zinc, 5.1% lead and 48g/t silver from a depth of 799m which equates to 15.2% zinc equivalent*. Within this was a higher-grade zone of 1.1m grading 19.8% zinc, 10.8% lead and 108g/t silver for a zinc equivalent grade of 32.0%. This is a high grade intersection by any standards and shows the potential to increase the resource size significantly at depth. We anticipate that from this one drill hole alone Europa will be able to increase the size of its Indicated resource. Europa continues to drill at Toral with the hole “TOD-042” well underway.
WHI View: Todays news just confirms that the large Toral project could get bigger – with it already one of the largest, highest grade undeveloped zinc-lead projects in Europe. The project already benefits from its location with available infrastructure and its position close to one of the biggest zinc processing complexes in the world at Glencore’s San Juan de Nieva. We recently (25.07.2022) initiated on Europa seeing fair value at 11.7p/sh, today’s news confirms our understanding that Toral is a robust resource and that it is conservatively priced against its European peers.
* Europa calculates zinc equivalent grade as Zn + Pb*0.926 + Ag*0.019). Zn equivalent calculations are based on 3-year trailing average price statistics obtained from the London Metal Exchange and London Bullion Market Association giving an average Zn price of US$2,680/t, Pb price of US$2,100/t and Ag price of US$16.2/oz.
Alistair and Jeff have only been gone a month.
Noel / NvS have provided a clearer of the picture of the actual financials and opportunities in 6 weeks than the previous pair had done in 6 years.
20 trades’ worth is nothing and the only winners are the MMs.
Holding and hoping, but this time with more confidence.
GLA. T
This is firmly bottom drawer but I haven’t given up all hope (or my £30-40k) yet. Yet.
Hoping new mgmt will turn this around. It’s what was needed and we now have it. NvS especially.