Natural gas prices in the US at highest levels since 2008

PRM and GLV   Apr 19, 2022


The impacts of the Russia/Ukraine conflict on oil & gas supply chains seem to be getting worse by the day - natural gas futures in the US trading as high as ~US$8.05/MMBtu overnight - the highest level seen since 2008.

The following article published by CNBC titled “Natural gas surges to highest level since 2008 as Russia’s war upends energy markets” highlighted the fact that US natural gas prices are now up ~108% for the year.

More importantly though, the article made mention of the U.S now exporting record amounts of liquefied natural gas (LNG) to Europe.

The key takeaway for us was that there is now a battle developing between Asia and Europe for spare LNG cargoes - the two continents are locked into a bidding war for whatever spare capacity is available in the market.

With China being a net energy importer and Europe now trying to diversify away from Russian gas (which accounts for ~40% of natural gas usage inside the EU), we suspect that this will create upwards pressure on gas prices globally.

All of this means that demand for new gas supplies globally has never been higher.

Just last week we announced the two latest additions to our Catalyst Hunter portfolio, which are only a few weeks away from drilling one one of the largest oil & gas wells being drilled by an ASX junior in decades.

Our investments Prominence Energy (ASX: PRM) and Global Oil and Gas (ASX: GLV) have a combined 37.5% interest in the Sasanof Prospect located in the North West Shelf, offshore WA. The North West Shelf is home to ~47mtpa of LNG processing capacity and a supply source for global LNG markets.

The Sasanof Prospect has a prospective resource of 7.2 trillion cubic feet and 176 million barrels of condensate on a 2U basis (unrisked mid case). The prospect therefor has the potential to host a resource larger than, or at least rival, the size of discoveries made by oil and gas majors like Exxon, Chevron and Woodside in this part of WA.

To see the key reasons we invested in PRM and GLV, what we want to see from the upcoming drilling program, the risks to our investment thesis and our investment plan check out our launch note here.

Read More: Introducing Our new Catalyst Hunter Portfolio additions PRM and GLV

US to invest US$6 billion to keep nuclear power plants open

ASX:GTR   Apr 19, 2022


Overnight we read the following article on Bloomberg which mentioned the US Department Of Energy preparing to launch a US$6 billion program aimed at keeping uneconomical nuclear plants in service:

US nuclear power plants stand at ~93 reactors which combined provide ~1/5th of the country's electricity. More importantly though, the reactors supply more emission-free power than all other renewable energy sources combined.

The issue for these reactors is mostly centred around the reactors inability to compete with modern/cheaper sources of electricity generation mostly due to age. As a result, a lot of these were being considered for early shutdowns primarily related to the economics of keeping them open.

If the US government intervenes, these plants could stay in operation for longer and in turn ensure that there is more demand for the raw material which powers them being Uranium.

It’s long been our view that future electricity grids of countries all around the world will need to have some mix of nuclear energy, given it is one of the lowest carbon emission sources of baseload electricity generation.

As exposure to the sector, we hold uranium explorer GTI Resources (ASX: GTR) which is targeting Uranium discoveries in Wyoming, USA & Utah, USA. GTR’s projects in Wyoming specifically are strategically located with ~80% of domestic production coming out of this region.

Next: We are looking forward to GTR announcing its planned follow up drilling programs across its Wyoming projects and the completion of the recent acquisition which will almost double GTI’s project area in this part of the USA.

To see why we continue to hold GTR in our portfolio, check out our 2022 Investment Memo here.

Litigation with Regis settled, ONE to receive $2M

ASX:ONE   Apr 19, 2022 Announcement


Last week, our 2021 Tech Pick of the Year Oneview Healthcare (ASX: ONE) announced that litigation against Regis Healthcare had been settled, with ONE due to receive $2M within ~30 days.

The $2M will add more firepower to ONE’s already really strong balance sheet given ONE had ~€15.1M cash in the bank as at the 31st of December 2021.

As part of our 2022 ONE Investment Memo, we set most of our objectives around ONE increasing its sales capabilities to try and land more deals with major hospital networks and in turn increase revenues.

With the added cash in the bank and any distractions from the litigation gone, ONE now has even more cash to fund the growth of the company.

Next: We expect to see the March quarterly report before the end of this month. We are hoping to see increased revenues and updates on any new deals that have been added to the sales pipeline.

Below is a screenshot from our 2022 ONE Investment Memo, which details why we invested, what we want to see the company achieve in 2022 and the key risks to our investment thesis.

Check out our memo by clicking the image below.

Texas Oil and Gas production assets update

ASX:88E   Apr 13, 2022 Announcement


Yesterday, our oil and gas investment 88 Energy (ASX:88E) put out an update on its newly acquired production assets in the Permian Basin, Texas, USA.

88E holds a ~73% non operated interest in the project meaning that the JV partner who owns the remaining ~27% of the project handles all of the operations, 88E only shares in the financial commitments for the project as well as the rewards.

In today’s announcement, 88E confirmed that the project is producing at ~300 barrels of oil equivalent per day (net to 88E), a ~30% increase in production since 88E first announced the acquisition.

At 300 barrels of oil equivalent per day (net to 88E) at the current oil price of US$95/barrel, that means ~US$28,500 in revenue per day or ~US$10.4M in revenues/year.

Given that the total cost to acquire the project was ~US$9.7M, the increased production rates will mean 88E’s payback period is improved. A first sign of this was the AU$600k in net cash received from the projects during March which is a relatively good return for less then a few months of ownership.

88E also hinted at seven capital development activities for 2022 which it expects could lead to a doubling in the current production rates by the end of CY2022.

The positive for 88E from its ownership of this project is that whilst the company is in between different exploration programs the cash flow producing assets can help to decrease cash burn in the interim periods.

We are still waiting on 88E to detail its forward plan with respect to its exploration projects. Just like we saw last year, we want to see all of the analysis and data interpretation works from the Merlin-2 appraisal well.

Once we have the final results and management interpretations from the Merlin-2 appraisal well, we will look to put together our revised Investment Memo.

Zinc price going ballistic, great time to drill

ASX:BPM   Apr 13, 2022


Our exploration investment, BPM Minerals (ASX:BPM), is getting mighty close to drilling its main project in the Earaheedy basin.

The zinc market is currently straining under the pressure of high prices:

Drilling at the Hawkins project is scheduled to begin in “mid-April” and BPM is looking to find a lead-zinc deposit similar to Rumble’s Chinook discovery.

It’s been a long time coming, but as investors we are excited to see what BPM might turn up.

Importantly. BPM will be using a portable X-Ray Fluorescence (XRF) Analyser which will give them much needed optionality in their 7,500m AC/RC drill program.

If the XRF picks up anomalies in the drill cores, BPM will be able to respond immediately with infill and deeper RC drilling.

Should BPM produce good lead-zinc grades, we think that they will be well received by the market.

This particular Reuters article caught our attention recently:

Key takeaways:

  • A raid on LME zinc stocks has seen available tonnage fall to two-year lows
  • The exchange's European warehouses hold just 500 tonnes and the US just 550 tonnes
  • Could replicate what happened with the nickel contract in March if upwards price pressure continues

Here is why we invested in BPM and what we expect them to achieve in 2022 - BPM Investment Memo.

Battery grade graphite just as important as lithium

ASX:EV1   Apr 11, 2022


Lithium is taking centre stage in the electrification thematic, but the markets seem to be missing that in producing electric vehicle (EV) batteries, several other commodities are just as important.

One of those is graphite, which comprises over 50% of the raw materials in every lithium-ion battery (and over 95% of every battery anode).

As is the case for lithium, there is an abundance of graphite deposits all across the world. And again like lithium, despite the abundance of resources there just isn't enough graphite being produced (specifically battery grade graphite) to meet future demand.

The article from the South China Morning Post titled “Shortage of EV battery raw material graphite could delay global drive to go green” details this problem and is definitely worth a read.

With consultants Wood Mackenzie estimating that graphite demand is set to double by 2035, mainly due to the increase in demand by battery producers, there is a real risk that the graphite market becomes structurally short, just like the lithium market is right now.

This is why late last year we announced Evolution Energy Minerals (ASX: EV1) as our 2021 Wise-Owl Pick of the Year.

EV1’s project is shovel ready with a DFS already completed in Jan 2020 showing a low capex requirement of US$87M and an NPV of US$323M. EV1 is looking to make a final investment decision by the end of this year and will then look to get its project into construction.

EV1’s project differentiates itself with 31% of its resource in the extra large/jumbo category giving it the optionality to either sell it at high margins or use it in downstream opportunities in the battery manufacturing space.

On top of all of this EV1 is committed to achieving best in class ESG credentials which we think will be the key differentiator for its product when its product is being marketed to EV battery makers.

Below is a screenshot from our 2022 EV1 Investment Memo, which details why we invested, what we want to see the company achieve in 2022 and the key risks to our investment thesis.

To check the memo out, click on the image below.

Strategic alliance with helium offtake partner

ASX:GGE   Apr 11, 2022 Announcement


Just days out from drilling its pure play helium well Jesse#1, Grand Gulf Energy (ASX:GGE) has entered into a strategic alliance with helium refiner and seller Paradox Resources.

Paradox owns the advanced Lisbon Valley Helium Plant that’s located 20 miles north of GGE’s Red Helium Project in Utah, USA. Today’s agreement comes on the back of a recent offtake agreement with Paradox, which provides a low cost, quick path to monetisation for GGE for its Jesse#1 well.

This strategic alliance is designed to fast-track and optimise commercial opportunities in the current buoyant helium market. It sees GGE become the priority raw gas helium supplier to Paradox’s liquefaction plant and to the high-purity helium market, which is now commanding prices of around US$1,000/mcf.

A specialist helium consultant with considerable experience in helium processing, sales and marketing has been appointed to facilitate and drive the strategic alliance, which includes a number of key items, as follows:

Restart of Paradox Resources’ Helium Liquefier:

  • At present, Paradox is producing gaseous helium via its purification plant.
  • A helium discovery at GGE’s project could provide the needed supply for Paradox to restart its liquefaction plant and produce high purity helium (99.9995% helium) that can be sold into markets where prices are fetching upwards of US$1,000/mcf.

Collaborative Marketing to High Purity End Users:

  • The two parties will together market helium to high-purity helium end-users in the semiconductor, medical, research, space and defence industries.
  • The key takeaway from this is that GGE will become the supplier direct to the buyers meaning it will sell at the highest possible price the buyer is willing to buy at. Generally producers of raw materials would be selling to someone like a Paradox and leaving a lot of the margin on the table for the processor to take up.

Expansion of Existing Offtake and Commercial Alignment:

  • Recognising synergistic commercial benefits, the parties will assess and jointly pursue corporate opportunities.
  • The key point is that the offtake agreement (signed 16 March 2022) is limited to the Jesse #1 well. After today’s announcement Paradox have effectively expanded the relationship beyond just the single well.

Explore Options for CO2 Disposal - Enhanced Oil Recovery and Carbon Sequestration:

  • Explore pathways to dispose of, and derive revenue from, the Red Helium residual gas stream (primarily carbon dioxide and nitrogen) including enhanced oil recovery at Paradox-owned oil fields and carbon sequestration. Two potentially revenue-generating CO2 disposal options have already been identified and will be more fully developed in the short term.
  • With CO2 being sold for US$1.50/mcf, this could potentially add additional revenues to GGE’s project via the processing of a by-product.

The upcoming drilling event at Jesse#1 is the primary reason why we invested in GGE and is the main objective that we want to see it achieve in 2022. You can see our other objectives and reasons for investing in our GGE Investment Memo here.

Paradox’s Lisbon Valley Helium Plant

Elon Musk weighs in on lithium prices

ASX:EMH   Apr 11, 2022


Elon Musk had something to say about sky-high lithium prices over the weekend.

Musk dropped a comment in on Twitter:

All of this feeds directly through to the prospects of our lithium investments across our Next Investors, Catalyst Hunter, and Wise Owl portfolios, more specifically:

Vulcan Energy Resources (ASX:EMH)

Latin Resources (ASX:LRS)

European Metals Holdings (ASX:EMH)

Each of these three companies is at a different stage in their life cycle. Vulcan has multiple offtakes secured, Latin Resources is an exploration stage company hunting a JORC resource in Brazil and EMH is working on a DFS and offtake negotiations.

Which means different styles of advancing the company’s business.

For example, we note that Vulcan CEO Francis Wedin also took the Musk comment as an opportunity to make a pitch.

Below is the lithium price chart, which is starting to level off after a meteoric rise:

This run up in price has raised the spectre of demand destruction, and the potential for a 25% increase in the cost of an EV according to Morgan Stanley.

In this context, we think Musk’s comments indicate that Tesla and other EV manufacturers may look to take equity stakes in lithium companies to secure their access to the battery metal supply chain.

We also note that EMH in particular could stand to benefit from consistently elevated lithium prices as it makes their deposit more economic.

The EMH share price is in a consolidation phase and we think this is indicative of market sentiment towards lower grade lithium deposits - no matter how ideal their location (EMH is based in the Czech Republic).

Musk made a follow up comment regarding lithium processing as well, saying “We have some cool ideas for sustainable lithium extraction & refinement.

If Tesla or other companies can make a breakthrough in processing technology or alternatively, lithium prices go even higher, we expect companies with well-defined resources (like EMH) to garner additional attention.

What’s next: We expect more EV battery makers to consider taking stakes in lithium companies, and with regards to EMH we’re looking forward to the completed DFS, progress on financing and potentially a positive surprise in the form of offtake agreement.

Positive lithium drilling results from Salinas Lithium Project

ASX:LRS   Apr 11, 2022 Announcement



Latin Resources (ASX:LRS) came out with a new batch of lithium assays from their diamond drill program in Brazil today.

We think they’re very good.

The intercepts made to the south of its first two holes have returned more high grade lithium pegmatites.

The more outstanding assay results include a peak of 2.0m @ 3.07% Li2O. All results remain open along strike and down dip.

Here’s are the intercepts from the two holes:

Importantly, both of the new assays were on intercepts >17m and well above economic lithium grades. This provides LRS with the confidence to expand the drilling team to facilitate the fast tracking of systematic mineral resource definition drilling.

In today’s announcement LRS also put out the results from some drilling ~350m to the north of the two confirmed lithium bearing zones with a spodumene bearing pegmatite intercept of ~8.4m.

If we continue to see these type intercepts that far to the north then we think we could see the ~500m strike length almost double.

In our 2022 LRS Investment Memo, we set the JORC resource estimate as Objective #1 for what we wanted to see LRS achieve this year and we hoped that with a bit of luck it could be something LRS ticked off later in the year.

With today’s announcement, LRS is now looking to bring all of this forward by adding drilling rigs to its current drilling program which could potentially mean we see this objective achieved much earlier in the year.

We think it’s an aggressive approach but appropriate given the strong results.

What’s next:

Assays pending from other drillholes 🔄

LRS is now up to the 12th drillhole of its current drilling program. Holes five and six both intercepted between 10m and 32m of spodumene bearing pegmatites so we will be watching to see the assays from both those holes.

LRS expects to receive these in the “coming weeks” and we will be hoping that the assays are indicative of even more high grade lithium mineralisation.

Below is an image of the spodumene crystals from drillhole 6 (assays pending).

Drilling at the newly acquired Monte Alto prospect 🔄

Mobilisation of one drill rig to the newly acquired Monte Alto tenement to the east — a newly acquired tenement that delivered strong rock chip grades.

Additional drill rig being added to do infill resource definition drilling 🔄

LRS will now be drilling on “two fronts”. One drill rig will chase higher risk exploration targets aimed at making new discoveries, the other rig focusing on drilling the current discovery with infill and step out drilling to fast track the resource definition process.

Here is why we invested in LRS and what we expect them to achieve in 2022 - LRS Investment Memo.

Icewine resource update due soon, farm-in partners show interest

ASX:88E   Apr 08, 2022 Announcement


This morning our oil and gas exploration investment 88 Energy (ASX:88E) confirmed that mapping works were almost complete and that an independent resource update for its Project Icewine acreage in Alaska was now scheduled for Q2-2022.

The company also said it is currently in discussions with potential farm-in partners that have shown interest in the acreage.

All of this comes off the back of the recent drilling program completed by 88E’s neighbour, ~£1.1 billion capped London-listed Pantheon Resources.

Three of the wells Pantheon has drilled in its acreage have confirmed reservoir deliverability oil — the main reason for 88E to be reviewing its acreage.

Only recently Pantheon completed the Talitha-1 well, ~4.5km to the north of 88E’s project boundary. That well was production tested and it looks like there is a chance that the reservoir extends directly into 88E’s grounds.

We touched on the activity of 88E’s neighbour Pantheon Resources in a previous note, which you can read here.

We suspect that farm-in interest is coming from either Pantheon Resources itself or other explorers who have been following the Pantheon story. 88E has confirmed that it is now negotiating terms with these parties, so we expect to see some more news in the near future.

AKN delivers 30% upgraded JORC resource at base metals flagship

ASX:AKN   Apr 07, 2022 Announcement


Today our Catalyst Hunter junior base metals investment Auking MIning Ltd (ASX:AKN) announced a substantially upgraded mineral resource estimate (MRE) at its flagship Koongie Park copper / zinc project in Western Australia.

Following last season’s drilling program, AKN delivered a 30% increase to the MRE, which now stands at:

8.9Mt @ 1.01% Cu, 3.67% Zn, 0.16g/t Au, 32g/t Ag and 0.77% Pb

This ties in with the #1 Objective we wanted to see AKN deliver this year, as per our Investment Memo.

The initial market reaction to today’s news has been lacklustre, given AKN is down ~20% to be trading at ~ 17 cents per share. Despite the resource upgrade being positive, we suspect that the touted upcoming capital raise to fund AKN’s move to full ownership of Koongie Park could be holding the share price back.

We suspect once that transaction is completed and all new shares are issued, it will provide the AKN share price a base to hopefully start moving upwards as AKN kicks more goals.

We like that the upgrade to the JORC resource has been substantial - furthermore, almost all the MRE is now in the Indicated classification (97%), improving the confidence level of the resource estimate.

The new MRE also indicates a seriously large deposit, especially for such a small company, currently capped at $15.8M.

AKN’s flagship copper project comprises several mining, exploration and prospecting licences covering over 500 km2 in the highly mineralised Halls Creek region of Western Australia.

AKN’s Koongie Park project


AKN’s JORC resource sits across two deposits:

  1. the “Sandiego” deposit which is at depth and would be mined using underground mining methods, and;
  2. The “Onedin” deposit which is a shallow high-grade copper deposit starting basically from surface.

The resource upgrade primarily comes on the back of drilling at these two most advanced prospects, which are within existing mining licences and granted pre Native Title Act - which will be useful for fast-tracking development.

With the upgraded MRE, the new total metal values now include:

  • 90k tonnes copper;
  • 326k tonnes zinc;
  • 46koz gold;
  • 9.1Moz silver; and
  • 68k tonnes lead.

With the upgraded MRE now crossed off our list, the next key objective we’d like to see achieved are the results from stage 1 of the metallurgical test work on the Onedin prospect.

As there is a combination of oxide material and several other metals, the metallurgy at the project is complex. Hence a metallurgical solution could unlock the shallow near-surface ore at Onedin, potentially providing an early path to production and cashflow generation.

The results are expected within the next few weeks.

VUL: Heat offtake - Germany's largest municipal energy supplier

ASX:VUL   Apr 06, 2022 Announcement


Our most successful investment to date, Vulcan Energy Resources (ASX:VUL) is now not only a Zero Carbon lithium company but also a renewable geothermal energy company.

Today’s deal with MVV, Germany’s largest municipal energy suppliers, is for between 240,000MWh - 350,000MWh per year to households in Mannheim near Frankfurt, Germany.

VUL says this will be the first of many heat offtake agreements, something we flagged in our VUL Investment Memo:

As long-term holders of VUL, we’re pleased that Monday’s AFR coverage was followed up by a binding purchase agreement.

We also note that MVV is 50.1% owned by the City of Mannheim, indicating to us that VUL’s stakeholder engagement efforts in the Upper Rhine Valley may bear further fruit.

Mannheim is home to ~300,000 residents and you can see how the city is close to VUL’s string of licences in the Upper Rhine Valley:

For a quick high-level summary of our VUL investment thesis, risks and key objectives - here’s our VUL Investment Memo.

TMZ:Positive metallurgy from historic intercepts, MRE coming

ASX:TMZ   Apr 06, 2022 Announcement


Today our precious metals development investment Thomson Resources’ (ASX:TMZ) put out its updated interpretation of the historic drilling results at its Webbs silver deposit.

This news comes ahead of its final JORC 2012 mineral resource estimate (MRE), which is well advanced and due this quarter.

The newly interpreted data was used to produce a new 3D geological model of the deposit and we think it is likely to have significantly improved TMZ’s geological understanding of the deposit.

This is effectively TMZ taking all of the drilling data and putting it into a modern software suite that can model the resource based on all of the input data. This is normally then used to put together future exploration programs and try to work out which parts of a deposit should be targeted with drilling to test for extensions.

The image below really helps visualise this for us:

At the same time, TMZ also confirmed the previous metallurgical testwork done by the CORE Resources which returned a ~87.3% recovery of silver which should mean a large part of the drilling data can be put into an updated resource estimate for the project.

TMZ is now moving forward with the updated resource estimate for the Webbs project and expects to have it delivered before the end of this quarter.

We note that the previous resource estimate over the Webbs deposit which was put together by previous owner Silver Mines had a silver resource of ~16.5m silver equivalent ounces, so we will be hoping TMZ’s work will lead to an upgrade to the total silver equivalent figure.

Objective #1 of our 2022 Investment Memo is to see TMZ go on and deliver a total combined resource across its silver deposits of ~100 million silver equivalent ounces. At the moment TMZ sits at ~40.2 million silver equivalent ounces.

We will now be watching to see what number the Webbs resource estimate comes in at.

Here is why we invested in TMZ and what we expect them to achieve in 2022 - TMZ Investment Memo.

GTR: $5M raised via placement @ 2.1c and new Uranium acquisition

ASX:GTR   Apr 06, 2022 Announcement


This morning GTR announced that it had completed a placement raising $5M at 2.1c per share whilst at the same confirming that it has acquired another ~13,800 acres in grounds at its Wyoming Uranium project.

GTR now holds ~35,000 acres across the Great Divide Basin which is the capital for uranium production in the US accounting for ~80% of domestic uranium production. The new project area sits on the border of Rio Tinto’s project area and to the south of Energy Fuels’ 30mlb uranium resource.

The acquisition comes after the recent drilling results from GTR’s drilling program at the Thor project discovered a mineralised uranium system. We covered the drilling results in our last note for GTR which can be read here.

With an even bigger project area, GTR now has added even more exploration upside to follow up this drilling program with additional discoveries.

GTR has managed to pick these projects up for a total consideration of $750k in cash and 105 million shares in GTR, two thirds of which will be escrowed for ~6 months.

GTR will be funding the acquisition through the proceeds of the $5M capital raise @ 2.1c per share. The shares came with 1 free option for every 4 placement shares investors purchased, exercisable @ 3c per share with a October 2024 expiry.

With the Uranium price now trading above US$60/lb for the first time in ~11 years, GTR is starting to put together a project with some serious exploration upside strategically located in the US at just the right time.

This is one of the key reasons we continue to hold GTR in our portfolio. To see all of the reasons why we continue hold GTR and what we want to see the company achieve in 2022 check out our 2022 Investment Memo here.

Bigger fish eating smaller fish supports growth strategy

ASX:VN8   Mar 28, 2022


Our investment Vonex (ASX: VN8) has been aggressively growing its integrated telecommunications business through acquisitions, digesting four telcos over the past two years. This has led to the company posting record sales, PBX customers, and annual recurring revenue in its latest half yearly report.

This strategy is outlined in our second objective set for VN8 in our 2022 Investment Memo: “Grow users through integrated acquisitions and cross-selling opportunities”.

It is a similar blueprint to what fellow telco Uniti Wireless (ASX:UWL) has followed since its inception as a 25 cents per share IPO in 2019. Over the past two years, UWL acquired several smaller companies, including its $610 million takeover of OptiComm in late 2020. The strategy culminated last month with UWL receiving a takeover bid of $4.50 per share from NZ’s Morrison & Co, valuing the company at over $3 billion. Since then, Macquarie has also lobbed a takeover bid for UWL, demonstrating “the intense demand for telecommunications assets in a post-virus world”, as reported in today’s AFR.

As we wrote late last year, it’s a common thematic in the telecommunications industry for telcos to ultimately be acquired. Over 83% of ASX listed telcos with a market cap of between $15M to $500M have been acquired since 2010.

We like the growth trajectory of our VN8 investment, but want to see this translate into becoming both cashflow and EBITDA positive this financial year, as per our Investment Memo objectives:

Commentary on Tesorito’s new JORC resource

ASX:LCL   Mar 28, 2022 Announcement


Last week we looked at our Colombian gold investment LCL after the company reported its long-awaited maiden resource estimate at Quinchia Project’s Tesorito deposit.

The market provided a modest response to the milestone, with trading of LCL jumping slightly from 11 cents pre-announcement to about 12.5 cents today.

We noted that respected commodities analyst Warwick Grigor has since provided some insightful commentary on the LCL results in his most recent newsletter. He noted that it was still “early days” with the expectation that more would ultimately be added.

From last week’s announcement, LCL confirmed that after running pit optimisations as part of the Resource estimation process, and using a US$1,800/ounce gold price, the independent Resource Geologist determined an appropriate cut-off off 0.25g/t gold.

Using a 0.25g/t cut-off grade lifts the Resource to 134.3mt grading 0.53g/t gold for a total of 2.3 million ounces of gold, this result sits well above our “Top of the Class” mark.

Given the rise in the gold price, Grigor echoed similar sentiment to ours in regard to the cut-off grade used for the calculation. A cut off of 0.25g/t Au may appear quite low to those more accustomed to 1 g/t Au cut-off grades as typical over the past two decades. Here’s what Grigor wrote:

With five rigs continuing to drill across the Quinchia project area, we look forward to steady newsflow in the year ahead for LCL.

We’re keenly awaiting assay results next month from drilling “Jabba the Blob” – that is, the big magnetic anomaly residing deep between LCL’s Tesorito and Miraflores deposits - our next objective we’d like to see LCL deliver this year.

“Fantastic” nickel cobalt drilling results

ASX:GAL   Mar 28, 2022 Announcement


Galileo Mining (ASX:GAL) has reported high grade nickel and cobalt results from first pass aircore drilling at the Norseman Project in WA.

Drilling at the project was one of the key objectives that we set for GAL to achieve this year, as was to see progress on the project’s cobalt and palladium potential. Given today’s results, we mark this as a success.

Results included up to 1.66% nickel and 0.16% cobalt from the Jimberlana prospect add further weight to the area’s prospectivity. This is an area known to have potential as it is underlain by large and highly conductive EM targets. As mentioned in a Quick Take last week, we were particularly interested in drilling where GAL initially hit a 1m massive sulphide intercept right in between two EM conductors, which we wrote about in a longer Note here.

Additionally, palladium and platinum drill results now extend over nine kilometres of strike length along a well-defined geological trend.

Underwood explained that the high nickel and cobalt assays, combined with the elevated levels of precious metals (gold, palladium and platinum), suggest that the results may be related to basement mineralisation beneath and adjacent to the aircore drill holes.

We’ll be watching GAL’s follow up geophysical surveys and RC drilling that’s planned around and below the nickel, cobalt, palladium, and platinum drill intercepts. This will define the best positions for further drill testing.

To see the reasons why we continue to hold GAL in 2022 and all the key objectives that we set for the company to achieve this year see our 2022 Investment Memo here.

Aircore drilling in the Earaheedy near Rumble Resources

ASX:BPM   Mar 28, 2022 Announcement


BPM today confirmed that it will commence a first pass aircore drilling program at the Hawkins Earaheedy Project in mid-April. It also said that ~1,887m of aircore drilling has now been completed at the Nepean Nickel Project.

The main reason for our investment in BPM was to see it drill the Hawkins Project, which sits next door to $257M capped Rumble Resources’ Chinook discovery in the Earaheedy basin.

The Hawkins drilling program will comprise ~7,500m of aircore drilling to identify higher priority targets that can be followed up with RC/diamond drilling. Essentially, this drilling program is more about ranking follow up drill targets and less about actually making a new discovery.

Drilling will be done over the blue lines on the map below. We are particularly interested in seeing if BPM can prove up drill targets near the “Pinnacles” prospect and around the deep EM targets that sit right near the two major fault lines in the area.

BPM also confirmed today that it has completed ~1,887m of aircore drilling at the Nepean Nickel Project. Results are expected in the next 10-12 weeks. We wrote about these targets in our last note which you can read here.

As we noted above, our main reason for investing in BPM was its lead-zinc drilling at its Hawkins Project, so we are less focused on these nickel results, but if anything were to come from them it would be a pleasant surprise.

To see all of the reasons why we hold BPM and what we want to see the company achieve in 2022 check out our 2022 Investment Memo here.

Next, we will be watching to see drill rigs mobilise on site at the Hawkins project.

Trading halt for Brazilian lithium project assays

ASX:LRS   Mar 28, 2022 Announcement


LRS entered a trading halt today “pending the release of an announcement in relation to assay results from the Salinas lithium project in Brazil”.

We have been covering the drilling program over LRS’s lithium project in Brazil ever since the first two drillholes intersected multiple zones of spodumene bearing pegmatites immediately down-dip from high-grade (2.71% lithium and 1.45% lithium) outcropping pegmatites.

We looked at the first two drill holes in our first note on this drilling program, which can be read here. The assays will likely be from these two drillholes.

Since then LRS have continued to intercept spodumene bearing pegmatites along strike and down dip so any indication of lithium mineralisation could really mean LRS are onto something here.

Since drilling started the share price has gone from ~3c to now trade at ~7.6c a ~150% increase off spodumene intercepts. If the assays now come in and prove lithium mineralisation we suspect this could only be the start of a move higher.

LRS has now defined a ~500m spodumene bearing pegmatite structure in the southern part of the project. This could be the first sign of what we hope is a new lithium discovery.

As of the last drilling update, LRS released on the 16th March, LRS had completed 6 out of 14 of the planned drillholes.

With the remainder of the drilling program to focus on the northern section of LRS’s project, we expect to see if the strike length can be increased to the north and will be watching to see if LRS continue to drill out spodumene intercepts.

Of course the ultimate tell of whether or not LRS have made a new lithium discovery will depend on the assays from all those drillholes.

Gas exploration program expanded + hydrogen progress made

ASX:EXR   Mar 25, 2022 Announcement


We caught up with Neil Young, the head of our energy investment Elixir Energy (EXR), following his presentation on Wednesday at the Brisbane Mining and Energy Conference.

EXR is our 2019 Energy Pick of the Year, and has been making steady progress with its flagship Nomgon coal bed methane project in Mongolia, near the Chinese border.

This year, our #1 objective for EXR to achieve is to deliver its maiden pilot production program at Nomgon.

Neil provided an update, expanding the program to a planned ~24 wells, which should both grow and de-risk the gas resources in place.

We’re also pleased to see progress with EXR’s Hydrogen project.

Given the EXR’s team’s track record (Chairman Richard Cottee built QGC from a CSG junior capped at $20M to $5.7B takeover acquisition, Neil was formerly an executive within Santos’ coal seam gas division), as well as first mover advantage within an energy hungry region, we continue to have confidence in EXR’s capability to execute on its vision.

We found the EXR video on its H2 project useful to understand the importance of EXR's strategic location:

On the path to 100Moz Silver Eq. Resource in 2022

ASX:TMZ   Mar 25, 2022


It was good to catch up with David Williams, chairman of our silver investment Thomson Resources (ASX: TMZ), following his presentation at the Brisbane Mining and Energy Conference yesterday.

TMZ has its hands on Australia’s highest grade, undeveloped silver asset - a good place to be with positive sentiment returning of late for precious metals as a safe haven/ anti-inflationary investment.

David provided us an update on their near-term ambitions to build a 100Moz silver equivalent (AgEq) resource feeding a central processing facility in NSW’s Lachlan Fold Belt. That ties in with our main objective we’d like to see TMZ deliver this year, as per our Investment Memo.

David mentioned that TMZ recently doubled its total JORC AgEq resources to 40.2Moz. There are also over 78Moz AgEq in outdated resource estimates across several projects that they are working on bringing into JORC standard quickly. We anticipate that the 100Moz AgEq resource should be ready by Christmas this year.

We also received an updated development timeline. TMZ should commence a pre-feasibility study on their flagship project this year, with a view to a definitive feasibility study commencing later in 2023.

We look forward to seeing the first resource update in the months ahead.

Updated JORC on the cards at copper-zinc project

ASX:AKN   Mar 25, 2022


Yesterday we caught up with the CEO of our copper/zinc exploration investment AuKing Mining (ASX: AKN), Paul Williams, following his presentation at this week’s Brisbane Mining and Energy Conference.

We like that AKN’s flagship asset, the Koongie Park copper/ zinc project in WA, is well advanced.

Paul and the team echoed this, noting that Koongie Park already has a JORC resource residing across two granted mining licenses, meaning that AKN is only a few steps away from transitioning to production (and cashflow). There is a systematic approach to the further exploration, so it will be with interest that we watch for the fruits of this to flow on through more drilling and assays.

We’re keen to see how the flagship advances in the year ahead. Below are the key objectives we want to see delivered.

Objective 1 is nearing completion already, and we suspect it won’t be too long before the JORC resource update is announced to market.

Manganese on Tesla Menu?

ASX:EMN   Mar 25, 2022 Announcement


Our European battery metals investment, Euro Manganese (ASX:EMN), could be a beneficiary of a Tesla battery chemistry pivot.

Elon Musk was quoted as saying at a recent Tesla event in Germany:

I think there’s an interesting potential for manganese.

Manganese is an essential ingredient in batteries for EVs and EMN is ideally located in the Czech Republic surrounded by European gigafactories in neighbouring countries that will crank out the batteries needed to electrify transport in Europe.

EMN’s project is specifically focussed on high purity manganese suitable for EV batteries.

The potential for higher manganese content in lithium-ion batteries has also been widely discussed in both academic and industry circles.

You can see a breakdown of the current performance of various battery chemistries that use manganese below:

Musk’s comments come at a time when VW has announced that its next battery cell factory will be located in Valencia, Spain. That follows its commitment last year to build out a strong European battery supply chain by investing in six gigafactories, including one in Eastern Europe yet to be announced.

We think 2022 promises to be an exciting year for EMN under new CEO Matthew James, with a number of key milestones to come.

James said in a recent interview that,

Historically the customers have been more focused on lithium, nickel and cobalt. There’s a sense now they’re turning their attention to manganese. The perception has been that there’s plenty of manganese, but where the bottle neck is in the high purity processing capacity.

EMN recently announced a deal with the local Czech government stakeholders as well, further adding to the legitimacy of their project.

What we’re looking for next is progress across our four key objectives for EMN in 2022 :

  • Objective #1: Construction of the Demonstration Plant
  • Objective #2: Definitive Feasibility Study (DFS)
  • Objective #3: First Offtake Partner
  • Objective #4: Early Progress on Project Financing

You can get a more complete high level summary of why we invested in EMN, key risks and our investment plan in our EMN Investment Memo.

Helium well site construction underway; drilling in weeks

ASX:GGE   Mar 25, 2022 Announcement


This morning, our 2021 Catalyst Hunter Pick of the Year Grand Gulf Energy (ASX:GGE) confirmed that construction works had commenced at the site of its proposed maiden well at its US helium project.

With the works expected to be completed by next Monday and the drill rig to arrive on site by 15 April, GGE is now only weeks away from drilling the maiden (Jesse #1) well.

An offtake agreement was secured just last week (as covered in our latest GGE note) and all infrastructure is already in place.

GGE is now closing in on a milestone moment where it could make the transition from explorer to producer and start generating revenues from its helium project. Of course this is all contingent on the success of the maiden drilling program.

We set the drilling of the first well at its helium project as the primary objective we wanted to see GGE deliver in our 2022 Investment Memo. To see all of these objectives as well as why we continue to hold GGE in our portfolio, read our 2022 GGE Investment Memo here.

Trading halt pending an update regarding its permitting

ASX:IVZ   Mar 24, 2022


This morning we saw our 2020 Energy Pick of the Year Invictus Energy (ASX:IVZ) go into a trading halt pending an update with respect to the outstanding permitting of its project.

It’s difficult to say for sure what the announcement will be regarding but given the trading halt quotes that IVZ “will be providing an update in relation to finalising an agreement relating to the Company’s SG 4571 Permit with the Government of the Republic of Zimbabwe” we hope it is related to the production sharing agreement that IVZ said was nearing completion.

In our last note we said that we expected IVZ to make progress converting its Petroleum Exploration Development and Production Agreement (PEDPA) (which was signed in March 2021) into a 25 year production sharing agreement.

This would effectively be the final stage of permitting before IVZ has certainty around tenure, as well as having fiscal and legal frameworks in place, should IVZ make a large scale discovery during its maiden drilling program in ~June.

Below is an image from IVZ’s 2021 Investor Presentation, showing where a Production Sharing Agreement sits in the permitting process.

We will be watching for the announcement, which should be out on or before Monday. If the Production Sharing Agreement is finalised, then the pathway to the potentially basin opening drilling program will be much clearer.

This year’s drilling program is the main reason we are invested in IVZ.

For more on why we continue to hold IVZ in our portfolio and what we want to see the company achieve in 2022, check out our 2022 Investment Memo here.

Trading halt pending an acquisition

ASX:MAN   Mar 24, 2022


Yesterday we saw our junior exploration investment Mandrake Resources (ASX:MAN) enter a trading halt pending news of a “material transaction”.

MAN’s share price closed at 4.7c just before it entered the halt. That gives the company a market cap of $22.6M, and given MAN had ~$16.4M in cash in the bank as at 31 December 2021, MAN’s enterprise value is currently around $6.2M.

That means MAN has almost 2.5x its enterprise value in cash in the bank. Given the uncertainty in the markets at the back end of 2021 and in early 2022, we like that MAN is cashed up and ready to do some deals.

We expect MAN to come out of trading halt tomorrow. Once the acquisition is announced we will cover it on Catalyst Hunter. Subscribe here to get our take on the deal.

More high grade palladium & platinum assays from Norseman

ASX:GAL   Mar 24, 2022


Today our long term exploration investment Galileo Mining (ASX:GAL) put out some more assay results from its recent aircore drilling program at its palladium-nickel-cobalt Norseman project in WA.

The results included two of the highest grading drilling results seen to date at the Norseman project with peak intercepts as follows:

  • 8m @ 1.44g/t 2E (palladium + platinum), 0.11% nickel from 8m.
  • 4m @ 1.7g/t 2E (palladium + platinum), 0.11% nickel from 12m.

These grades are especially high for an aircore drilling program.

For context, $2.6 billion capped Chalice’s Julimar discovery has a JORC resource with a palladium grade of ~1.6g/t.

With this latest batch of results, GAL has now proved up to a ~9km strike length and will be following all of these results up with deeper RC/diamond drilling.

With more targets generated worthy of following up with deeper drilling, we think the aircore drilling program has fulfilled its purpose so far, which was ultimately to identify some high priority drill targets for follow up.

We are particularly interested in the upcoming drilling where GAL initially hit a 1m massive sulphide intercept right in between two EM conductors. We have written about this target in our previous GAL note which can be read here.

To see the reasons why we continue to hold GAL in 2022 and the key objectives we set as things we want to see the company achieve in 2022 read our 2022 Investment Memo here.

More on DRC cobalt and KNI's European Cobalt Project

ASX:KNI   Mar 24, 2022


Our Zero Carbon copper, nickel and cobalt investment Kuniko (ASX:KNI) has had a solid two weeks on the market, rising more than 150% since it announced that it had been granted a drilling permit at its Norwegian cobalt project. The current geopolitical environment and cobalt supply concerns no doubt helped too.

In our recent note on our investment KNI, we highlighted a rapidly growing need to diversify the cobalt supply chain amid increased geopolitical tensions.

KNI’s Skuterud cobalt project lies in politically stable and mining friendly jurisdiction — an area that was formerly the largest cobalt producing region of the world.

Currently, some ~70% of it is sourced from the Democratic Republic of Congo which produced 120,000 tonnes in 2021.

Recent media attention has centred on the various challenges the DRC faces in ethically mining the battery metal and their complex relationship with Chinese mine operators.

This New York Times article is of particular interest to us:

The article notes that, “Biden administration officials have been looking for ways to strengthen ties with Congo and gain access to critical resources like cobalt. A delegation of White House officials flew to Kinshasa, the capital, earlier this year for meetings with Mr. Tshisekedi and other top officials. The U.S. government is backing the review of mining contracts in Congo as part of an effort to crack down on corruption.

For us, this underscores how battery metals are taking on an increasingly geopolitical flavour.

Tshisekedi is the president of the DRC and his government has previously pitched a ban on the export of raw cobalt from the country and argued for localising the processing of the battery metal.

According to Reuters, a new local mine administrator is in place at the Tenke Fungurume mine which in 2020, produced 182,600 tonnes of copper and 15,400 tonnes of cobalt. That’s around 10% of total global cobalt production in 2021.

With European EVs needing cobalt more than ever before, we’re eagerly looking forward to KNI’s maiden drilling campaign in Norway, slated to begin in the first week of May.

Here is why we invested in KNI and what we expect it to achieve in 2022 - KNI Investment Memo.

Merlin-2 Well Reaches Total Depth

ASX:88E   Mar 23, 2022


Our oil exploration investment, 88 Energy (ASX:88E) has reached its targeted total depth at its Merlin-2 well of 7,334 feet.

To get a sense for the scale of this project, there’s a very cool drone video on 88E’s LinkedIn page (pictured above).

Being an appraisal well, Merlin-2 was targeting the N18,N19,N20 reservoir targets which we have written about extensively in our previous notes.

During the Merlin-1 drilling program 88E intersected ~41 feet of oil bearing structures across those three targets which we set as a baseline for what we wanted to see 88E achieve with Merlin-2.

Although we are yet to have it confirmed, in today’s announcement 88E did say that “initial observations collected throughout the drilling operations revealed target intervals thicker than those encountered in Merlin-1 with oil shows noted under white light across the three target reservoirs”.

We set the following expectations in our last note for what we wanted to see from the Merlin-2 appraisal well:

  • Net oil paying zones (Thickness) across the three reservoirs >41 feet (this is the reservoir thickness intercepted in the Merlin-1 well - so we want to see the same or better).
  • Drilling program is successful enough to warrant production testing.
  • Production tests confirm light oil and high flow rates.

With today’s announcement we have a sneak peek into the first of these potentially being achieved, and with 88E saying there are “oil shows” noted under white light in the three reservoirs we now know there is oil there.

The next step will be for 88E to test the reservoir quality and on that front, 88E Managing Director, Ashley Gilbert says that in 7-10 days results from the wireline program will be out.

Wireline logging is basically running a set of sensors down the drill hole to find out if there’s oil there. Think of this as the precursor to running a full production testing program.

A great result now would be for the wireline programs showing the well is IS suitable for production testing which 88E have previously said could take ~10 days to complete once started. If we see production testing commence then 88E can move towards announcing a maiden reserve figure over its project Peregrine.

This is high-risk, high-reward investing for us and there are a number of key risks - including the possibility that the drilling returns nothing.

Here is why we invested in 88E, key risks and what we expect them to achieve in 2022.

Fertiliser prices moving higher off the back of Ukraine/Russia

ASX:MNB   Mar 23, 2022


Overnight we saw reports from the Guardian and CNBC highlighting the impact the Russia/Ukraine conflict is having on the prices for the raw materials that are used in the supply chain for fertiliser markets.

The three types of fertilisers are:

  • Nitrogen fertiliser (Ammonia based) - Prices are up almost 400% from 2020 levels, MNB are working on this.
  • Phosphorus fertiliser - Prices are up almost 300% from 2020 levels, MNB are working on this.
  • Potassium fertiliser -

The standout for us was the impact the conflicts in Ukraine/Russia is having on nitrogen fertiliser prices which is an ammonia based fertiliser. With almost all of the ammonia used in nitrogen fertilisers being produced using natural gas, the recent increases in the price of gas (mostly because of supply chain scares out of Russia) has put some serious tailwinds behind the price of nitrogen fertilisers.

This is a key reason for our investment in MNB. MNB’s phosphate fertiliser project is nearing development and this is complemented by plans to build a hydro-powered ammonia plant to produce zero carbon ammonia (used to produce nitrogen fertiliser) in Angola (which has the second cheapest source of of energy because of an abundance of underutilised hydropower).

MNB is in the final stages of developing its project at just the right time, with the potential to supply competitive, zero carbon fertiliser products to both Africa and the rest of the world.

To see all of the reasons why we invested in MNB, and what we want the company to achieve in 2022, check out our 2022 Investment Memo here.

Metwork drilling leading up to maiden trial mining program at it

ASX:LRS   Mar 22, 2022


This morning our investment Latin Resources (ASX:LRS) announced that it had commenced a 10 hole diamond drilling program at its WA halloysite project with the ultimate aim of:

  1. Upgrading its 207mt JORC resource.
  2. Obtaining core samples from the existing JORC resource footprint, so they can be used in upcoming metallurgical testing programs.

At the same time LRS also confirmed that permits have been submitted for a small scale test pit where a pilot mining run would take place.

Today’s announcement will directly contribute to objective #2 of “What we want to see LRS achieve in 2022” as part of our 2022 LRS Investment Memo - which is to see LRS secure offtake agreements for its halloysite project.

With the drilling program designed so that product qualification work can be done through metallurgical testing and the permitting commenced on a pilot mining run, the upcoming drilling program is just a precursor to producing some of the end product that LRS will be hoping to sell to customers.

Also, given that the program is made up of diamond infill drilling we don't expect the JORC resource to get too much bigger. Instead, we expect to see some of the inferred resources move into the measured/indicated category.

Maiden resource expands Quinchia gold project to 2.6Moz

ASX:LCL   Mar 22, 2022


Our Colombian gold investment Los Cerros (LCL) today announced its highly anticipated maiden resource at its Tesorito prospect, coming in at 1.3Moz Au, at a grade of 0.81g/t Au.

This takes the total resources for the Quinchia Project to 2.6Moz gold @ 1.02g/t Au, with potential for a high-grade starter pit of 540koz Au at 1.23 g/t Au.

This was the #1 Objective that we set for LCL to achieve this year in our 2022 Investment memo. As per the Memo, we consider the size of the Tesorito maiden resource estimate as a pass mark.

We note also that the grade is decent for a shallow gold porphyry deposit and that there are currently five rigs at the project — meaning that this is just the starting mark for the total project gold resources.

LCL is now examining the prospects of a Tesorito-Miraflores (where most of the 2.6Moz are located) development optionality, through metallurgical test work and a Preliminary Economic Assessment (similar to a scoping study).

We were pleased to also get an update on Central Target, or what we’ve previously referred to as ‘Jabba the blob’ that may connect the Tesorito deposit and Miraflores brescia pipe. LCL reports that the first drill hole here was terminated at 1,205m downhole due to “rig depth capability”. We look forward to seeing the full assay suite, expected in April, which will show the significance of intersected hydrothermal alteration, veining and breccias. A second drill hole at the same site has commenced.

We like that LCL retains a very strong cash position of $17.8M, meaning that it is well funded to keep growing its gold resources at Quinchia.

We will cover today’s announcement in more detail later this week.

Significant palladium & platinum results out of Norseman

ASX:GAL   Mar 21, 2022


GAL today announced that it has received further positive palladium and platinum assay results from aircore drilling at its Norseman Project in WA.

Six out of seven holes drilled on a single line returned significant results with maximum grades of four metres at 0.69 g/t 2E (palladium plus platinum). The location of the aircore results extends the known strike length of anomalous palladium and platinum to over eight kilometres.

At the very beginning of the air core drilling program GAL hit a 1m massive sulphide intercept and then after running EM surveys in the area found that the intercept sat right in the middle of two large EM conductors.

The primary reason for air core drilling was to set up new drill targets that could be followed up with RC drilling. These results have now identified a new target for follow up RC drill programs, with the aim of locating potentially economic mineralisation.

With GAL confirming PGE’s across a ~8km of potential strike length and the high priority EM targets (Jimberlana) found, we think the air core drilling program has been relatively successful and are looking forward to seeing the follow up drilling across GAL’s Norseman project.

The current and planned drilling sees GAL meet the third objective that we set for it in our 2022 GAL Investment Memo.

While progressing its palladium exploration program, GAL is also working to meet the first two objectives that we identified for the year relating to its Fraser Range nickel project. Having undertaken its first drill program of the year at the Fraser Range project, GAL confirmed that it plans to increase its activities here and continue to develop more targets for drill testing during the year.

Lead-silver exploration now underway

ASX:PFE   Mar 21, 2022


Pantera Minerals has commenced field exploration at its Frederick lead/silver project. This comes after PFE last week completed a comprehensive ground gravity survey and an in-depth review of all available surface sampling. Survey results are expected in four weeks.

PFE’s lead/silver projects (the Frederick Project and the nearby Hellcat Project) are located in WA’s Gascoyne region, which is in a similar geological setting to Galena Mining’s globally significant lead-silver project Abra Pb-Ag deposit.

While we didn’t state an objective in our 2022 Investment Memo for PFE to achieve with this project, the field work aligns with its strategy of year round exploration and complements work at the PFE’s other projects — including its main Iron Ore project.

Drilling of the flagship Yampi Iron Ore project remains our main objective for PFE this year. Here we want to see the company delineate a large, high grade iron ore resource, which might one day attract the attention of a bigger company as a takeover target. As mentioned in our last note on PFE, the team is keen to commence the next drill campaign here once the wet season passes, likely in Q2 2022.

Our other objectives for the company this year, along with the risks involved and our own investment plan for the stock see our Investment Memo, here.


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