It has been a week punctuated with festivities to break up the monotony of week who’s-counting-anymore of staying safely inside, with Sunday bringing us Valentine’s Day which was swiftly followed by Pancake Day. With a trusty frying pan and our favourite toppings, this Shrove Tuesday brought some much needed excitement to our normal work week and a chance to show off your flipping skills (leading to inevitably scraping the failed results off the ceiling). Whether you prefer a classic sugar and lemon, or the avant-garde mix of syrup and bacon, or even a controversial savoury pancake, the annual tradition marks the start of the Christian period of Lent. Dating back to the 15th century, it is a time to give up our temptations in a test of self-discipline – be that no chocolate ahead of gorging on creme eggs, or aiming to eat healthier, all in honour of Jesus’ sacrificial time in the desert.
Although Shrove Tuesday is a time typically spent indoors, Sunday’s celebration of Valentine’s Day is usually filled with pre-booked plans and overpriced set meals, but that is all a distant memory. However, what is usually considered the most commercialised holiday felt like a truer celebration of love. The spotlight on love has expanded past just romance to appreciating our close loved ones, as well as to our other fellow humans; from the local essential worker checking out our weekly shop, to the nurse giving soothing words whilst administering a Covid test (or vaccine!). The Ancient Greeks had six distinct words for love and the term ‘agape’, which refers to the love for everyone, is particularly fitting as we continue to protect one another in our daily lives. So even though this year’s Valentine’s Day may have lacked its usual novelty, the feeling of love for each other was definitely not missing – and, as one of the most renowned sappy films of all can attest, we will find that “love actually is all around”.
Jangada Mines Plc (AIM: JAN) announced the results of a Preliminary Economic Assessment on its 100% owned Pitombeiras Vanadium Project in Brazil. The assessment, which was prepared by GE21 Cosultoria Mineral, confirmed that Pitombeiras has robust economics, including $106.5m NPV and 317.8% IRR, and excellent potential to become a profitable producer of Ferrovanadium concentrate. A revised PEA is expected to be delivered by the end of Q2 2021, which will incorporate the results of the current ongoing drilling programme, which is focused on expanding the Project’s mineral resource base, and the completion of metallurgical testing, which will provide the basis for product placement discussions with potential traders and off-takers. The Company also noted that ValOre has issued 27,758,334 shares at a price of $0.30 per share raising gross proceeds of $8.33 million. Finally, Jangada announced that it has raised £1.25 million through a placing of 13,888,888 new ordinary shares in the Company at a price of £0.09 per placing share, the proceeds of which will be used for the continued development of the Pitombeiras Vanadium Project. A new corporate presentation is available to view on Jangada’s website.
FastForward Innovations Ltd (AIM: FFWD) invested £62,500 as part of a £6 million oversubscribed placing undertaken by Kanabo Group Plc, further developing FastForward’s exposure to the medicinal cannabis industry. Kanabo commenced trading on the London Stock Exchange on 16 February 2021 (LSE: KNB), following a reverse takeover of Spinnaker Opportunities Plc. Additionally, FFWD’s investee company Little Green Pharma, in which it holds a 0.9% interest, announced that it will be exclusively supplying medicinal cannabis oil products to enrolled patients and providing funding for study costs for the QUEST Initiative. The QUEST Initiative, which is being conducted by researchers at the University of Sydney, aims to be one of the world’s largest longitudinal studies investigating the quality of life and health economics on patients with chronic disease prescribed medicinal cannabis.
Emmerson Plc (LSE: EML) is in the process of assessing a conceptual, staged, development for its 100% owned Khemisset Potash Project, with the aim to reduce upfront capital costs and incorporating expansion options in the its development plan. The mine plan presented in the Feasibility Study is currently based on less than 50% of the total mineral resource estimate and therefore has the potential to be expanded and improved upon. The updated development strategy is focused on fast-tracking SOP development, MOP expansion by up to 50%, and salt sales expansion up to 4Mtpa, particularly for the US market. The project’s development can be achieved through a staged approach due to its capital cost benefits as Emmerson grows it to its full potential.
Empire Metals Limited (AIM: EEE) announced further assay results from the second phase of RC drilling at the Eclipse Gold Project in Australia. The drilling confirmed the existence of various additional parallel vein systems, including a different stock work style of near surface mineralisation in the vicinity of the Jack’s Dream old workings. This extends the potential strike length and width of the multiple vein systems at Eclipse by over 300m and 250m respectively. Additional intersections of potentially economic mineralisation within 80m of surface further strengthen the Company’s view that there is clear potential for a profitable open pit operation at Eclipse and the next phase of work will likely include the preparation of a JORC compliant resource estimate and pit optimisation studies.
Cora Gold Limited (AIM: CORA) has been re-awarded the Farassaba III permit for a new nine year term. The new permit covers the same area of the expired permit and is part of the group of four permits that form Cora’s Yanfolila Project Area, and are within possible trucking distance if economic discoveries are proven. Further exploration on the ground is planned for 2021 across this portfolio of permits.
Tirupati Graphite Plc (LSE: TGR) announced the commencement of its Stage II exploration and drilling programme across its primary flake graphite projects in Madagascar and will be overseen by SRK Mining Services. SRK will also update and upgrade the current MRS for both Vatomina and Sahamamy Projects in Madagascar. Tirupati is confident that these results will build upon the previously identified exploration targets and open extensions to establish additional mineral resources. In line with Tirupati’s strategy, it continues to multitask work programmes and progress the development timelines of its Madagascar projects.
You may have missed…
Executive Director of Dekel Agri-Vision (AIM: DKL) Lincoln Moore spoke with IG UK on its expansion beyond palm oil ahead of the commencement of production at the Tiebissou cashew project.
Watch Mining Capital’s Alastair Ford discuss Emmerson Plc with Proactive following the recently granted mining licence for the Khemisset potash project.
Have a listen to Tirupati Graphite’s chief financial officer Kien Huynh discuss the next stage of its exploration and drilling programme with Proactive.
In the news this week…
Nasa’s Perseverance rover successfully landed on Mars.
Europe’s most active volcano, Mount Etna, erupted earlier this week.
A calf of one of the world’s most endangered whale, the North Atlantic right whale, was spotted off the coast of the Canary Islands, where the species has been considered extinct for the last century.
Valentine’s spending is set to fall by 36% this year.
The Independent’s roundup of best pancake recipes.
Although this year’s annual Olney Pancake Race (the birthplace of the tradition since its first in 1455) was cancelled, Deirdre Bethune ran the route as the only entrant to raise money for charity.