Jim's Mining Letter - June 29, 2024

Robex Resources (RBX.V RSRBF RB4A.F) announced that it has closed its public offering of 58,294,880 units of the company at a price of C$2.17 per unit for gross proceeds of C$126,499,889.60. Each unit is comprised of one share and one share purchase warrant, which will entitle the holder to acquire one share of the company at an exercise price of $2.55 per share for two years. If the shares trade at a volume weighted average price of $3.50 or higher over a period of 10 consecutive trading days, the company can accelerate the exercise of the warrants to 10 days post provision of notice, which shall be not less than 30 calendar days following delivery of such notice. Following the successful closing of the equity offering, Matthew Wilcox is appointed Managing Director and Chief Executive Officer. He will lead the company as it becomes a new Guinean pureplay development in order to accelerate the development of the Kiniero gold project with expected first gold poured in Q4 2025…more

Bannerman Energy (BMN.ASX BNNLF) announced that it has received firm commitments for a two-tranche placement of approximately 25.8 million new fully paid shares to new and existing institutional and sophisticated investors at an issue price of A$3.30 per share to raise gross proceeds of approximately A$85.0 million. The placement was supported by both new and existing domestic and international institutional and sophisticated investors. Funds raised from the offer are to be applied towards development of the Etango-8 project, including detailed design, early works (including construction infrastructure, earth works and selected long-lead items) and general working capital. Upon completion of the placement, the company expects to have cash reserves of approximately A$100 million. Activities are all directed towards advancing Etango to a targeted positive final investment decision during H2 2024.

De Grey Mining (DEG.ASX DGMLF DGD.F) announced that it has received credit approved term sheets from a range of leading domestic and international commercial banks. These contain competitive terms, reflecting the Tier-1 nature of the Hemi Gold project in Western Australia. Australian government credit agencies, the Northern Australia Infrastructure Facility and Export Finance Australia are in the final stages of considering their participation in the lending syndicate. In total, the commercial banks and potentially government agencies are expected to provide a A$1 billion senior debt facility and A$130 million cost overrun facility to finance the development of the project. Once finalised, when combined with De Grey’s existing cash balance exceeding A$850 million, the debt facilities are expected to provide the balance of funding required for the project. The company expects to finalise formal documentation in the second half of 2024.

Delta Lithium (DLI.ASX) announced a major mineral resource estimate upgrade for gold at Mt Ida: inferred and indicated mineral resources of 6.6 million tonnes @ 3.5 grammes/tonne Au for 752,000 ounces. The upgrade represents an 82% increase in contained gold for the Mt Ida project with a new mineral resource estimate prepared by external consultant, Snowden Optiro. There is an increase in the Baldock deposit to 4.8 million tonnes @ 4.4 grammes/tonne gold for 674,000 ounces and a maiden mineral resource estimate for the Golden Vale prospect of 27,000 ounces @ 1.7 grammes/tonne Au. Significant potential for further resource growth is being tested now with drilling underway at Mt Ida. The Baldock deposit becomes one of only a handful of high-grade gold deposits exceeding 500,000 ounces in Western Australia. A scoping level gold development study for Mt Ida is expected to be released within the coming months. All mineral resources at the Mt Ida project are located on granted mining leases, with granted mining approval received late in 2023. This allows the company to start mining immediately if studies support this outcome.

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