News Release
i3 Energy announces strategic refinancing and positive reserves update
i3 Energy PLC
i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) chief executive Majid Shafiq joins Proactive's Stephen Gunnion with details of a positive refinancing for the company. The company has entered into a reserve-based lending (RBL) facility, secured against its Canadian reserves and assets. The facility totals C$75 million, comprising a C$55 million revolver and a C$20 million operating loan, with an option to index the rate to the Canadian prime rate. This new arrangement offers a slightly better interest rate compared to the previous loan and is expected to reduce as central bank interest rates fall. It also effectively halves the company's current interest costs due to cash balances being held with the lending bank, offsetting the loan. Shafiq said the refinancing has freed up $25 million Canadian annually, previously allocated to amortising the existing loan. This amount will now be reinvested in the business. Approximately C$50 million remains undrawn from the new facility, available for future investment to grow the business. The flexibility and lower interest payments provided by this facility are highlighted as significant benefits. Shafiq emphasised the importance of partnering with a Canadian bank, noting their understanding of the Canadian oil and gas sector and the capability to assess risk accurately, leading to potentially lower capital costs. This relationship is also strategic for accessing development capital for organic growth and mergers and acquisitions (M&A). Shafiq said the company's 2023 reserves update reveals stable reserves despite production, with 93 million barrels 1P and 180 million barrels 2P. He said this stability, achieved with minimal capital expenditure due to low gas prices, underscores the quality of i3 Energy's assets and its efficient management. The company maintains a low production decline rate and a diverse portfolio, enabling flexibility in response to commodity price changes. Looking ahead, Shafiq said i3 Energy plans to use its enhanced liquidity for growth initiatives and will update the market on its capital programme. The relationship with a major Canadian bank is expected to provide significant flexibility and options for the company's growth strategy. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 27, 2024 08:12 AM Eastern Daylight Time
Video
News Release
KEFI Gold and Copper makes progress towards financial close for Tulu Kapi gold project in Ethiopia
KEFI Gold and Copper PLC
KEFI Gold and Copper PLC has made further progress on its Tulu Kapi gold project in Ethiopia, crossing another milestone with the $320 million development budget. Executive chairman Harry Anagnostaras-Adams discussed the complexities of raising substantial funds in a new jurisdiction for mining, highlighting the challenges and achievements in navigating development banking and financing in a frontier market. In an interview with Proactive's Stephen Gunnion, discussed the complexities of raising substantial funds in a new jurisdiction and mentioned the normalcy of the project's development pace, considering the pioneering nature of their work in Ethiopia, including overcoming regulatory obstacles and securing protections necessary for mobilizing the required capital and personnel. Anagnostaras-Adams also elaborated on recent regulatory changes that have positively impacted the project's finance costs by altering the debt-to-equity ratio. Initially facing a closed economy with a 50% borrowing limit, KEFI Gold and Copper secured a major concession allowing a 70:30 ratio, which was further improved to 80:20 by the National Bank of Ethiopia. This adjustment enables the use of more lower-cost capital, significantly benefiting the project. Looking forward, KEFI Gold and Copper aims to finalize agreements and refresh key components of the project by the end of May, with a final model and schedule set by the end of June. This includes updating the plant costing, property surveys for resettling communities, and adjusting the mining contractor's rise and fall clause for inflation. The company is coordinating with every syndicate party across various countries to ensure alignment and adherence to the timeline, emphasizing the collaborative effort to navigate development funding in Ethiopia. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 27, 2024 08:09 AM Eastern Daylight Time
Video
News Release
Awalé Resources unveils another high-grade gold discovery in Côte d'Ivoire
Awalé Resources Ltd
Awale Resources Ltd (TSX-V:ARIC) CEO Andrew Chubb joins Proactive's Stephen Gunnion with an update on the drilling programme at the Odienné project in Côte d'Ivoire, highlighting a particularly remarkable drill hole at the Charger target as "nothing short of spectacular." Chubb said the drill hole yielded 32 metres at 45.7 grammes per tonne of gold within a 57-metre interval averaging 26 grammes per tonne. Chubb described this find as the best drill hole of his career, noting its consistency of high-grade mineralisation without reliance on large gold nuggets, which underscores the significance of the find. Chubb also indicated that Awalé Resources has only begun to explore the project's potential and announced plans for follow-up drilling. The imminent drilling programme will target both the BBM and Charger sites, with rigs expected to commence within two weeks. The BBM target, announced last week as a new discovery, and the Charger target, known for its visible gold breccia pipe system, are areas of focus due to their previously identified high-grade intercepts. Chubb expressed enthusiasm for the future, citing the Odienné project's drilling results as among the highest-grade gold sections in Africa in decades. With 25,000 metres of drilling planned for the year, he anticipates further significant discoveries and commits to keeping stakeholders informed on the project's progress. Contact Details Proactive +1 604-688-8158 na-editorial@proactiveinvestors.com
March 27, 2024 08:05 AM Eastern Daylight Time
Video
News Release
Oriole Resources prepares for more drilling at Bibemi gold project; expands exploration in Cameroon
Oriole Resources PLC
Oriole Resources PLC CEO Tim Livesey joins Proactive's Stephen Gunnion with and update on the companhy's Bibemi orogenic gold project in Cameroon. The company is working in partnership with BCM International to expand and extend the mineral resource at the Bibemi site. Recent interpretation of geophysical data has identified several new geophysical targets, promising for the expansion of the project. This year's drill programme aims to confirm these targets, potentially adding to the existing mineral resource estimate (MRE). Livesey highlighted the distinction between January's MRE upgrade and the current targets, emphasizing the addition of brand-new areas for exploration. The 2024 drilling strategy focuses on defining resources at shallow depths and expanding the MRE, with expectations of drilling up to five new targets. Furthermore, Oriole and BCM are progressing exploration at the Mbe target, with results expected soon. The company also plans to advance exploration on its other licences in Cameroon, signalling a busy year ahead with a growing local team. Livesey expresses optimism for significant resource confirmation in 2025 and maintains a dynamic exploration schedule across their portfolio. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 27, 2024 07:58 AM Eastern Daylight Time
Video
News Release
Light Science Technologies says government grant will help advance key food production research
Light Science Technologies Holdings PLC
Light Science Technologies Holdings PLC (AIM:LST) CEO Simon Deacon joins Proactive's Stephen Gunnion with details of a £188,251 from The Department for Environment, Food and Rural Affairs (Defra) and Innovate UK, as part of a £299,748 collaboration aimed at transforming food production. The grant supports the development of sensors for monitoring soil conditions, complementing the company's existing air zone sensors. This initiative, led by Light Science Technologies in collaboration with Bridge Farms and Zenith Nurseries, aims to enhance crop yields and make agricultural practices more cost-efficient by optimising fertiliser and energy usage. The project aligns with the company's broader goal of enabling continuous crop growth in controlled environments such as glasshouses and vertical farms. Deacon also highlighted the smart agriculture market's potential, noting a global value projected at $55 billion by 2032, with a 12% growth rate. The company, which has established a global distribution network expects to integrate the new sensor technology into its SensorGrow product range for commercial sale after a 12-month trial period. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 27, 2024 07:55 AM Eastern Daylight Time
Video
News Release
Black Rock Mining says second Digbee assessment identifies areas of strength and opportunity
Digbee Limited
Digbee founder and CEO Jamie Strauss and Black Rock Mining MD John de Vries discuss the significance of the second Digbee assessment for Black Rock Mining, highlighting its utility in identifying areas of strength and opportunity from the first report, and its role as a communication tool for engaging with stakeholders such as debt financiers, internal investors, and regulators. De Vries told Proactive the assessment's independent view is increasingly valued by these groups for providing context about Black Rock's position relative to other projects. Looking ahead, he said Black Rock aims to measure and understand the impact of its development activities, especially with a final investment decision approaching. This involves assessing the socioeconomic effects of investing significant amounts in remote African locations to ensure positive outcomes and avoid potential pitfalls like wealth traps. Strauss elaborated on the evolving landscape of sustainability in mining, emphasizing the importance of transparency and continuous improvement for companies like Black Rock Mining. The influx of new funding sources, including government and private equity, along with heightened demands from consumers for traceability and risk mitigation, creates a dynamic environment. Successful companies will be those that meet the diverse requirements of financiers and consumers, thereby reducing capital costs and contributing to a sustainable economy. Contact Details Proactive UK +44 20 7989 0813 UKEditorial@proactiveinvestors.com
March 27, 2024 07:51 AM Eastern Daylight Time
Video
News Release
Lunnon Metals advances nickel and gold exploration in Australia's prolific Kambalda district
Lunnon Metals Ltd
Lunnon Metals Ltd managing director and CEO Edmund Ainscough joins Proactive's Stephen Gunnion with more on the company's exploration success at one of Australia's oldest nickel mining towns. Ainscough said the ASX-listed company is positioned on 50 square kilometres of land within the Kambalda nickel belt of Western Australia, a region with a history of 1.6 million tonnes of nickel mined since its discovery in 1966. In just over two years, Lunnon Metals has conducted 85 kilometres of drilling, leading to a discovery named Baker, and reported a mineral resource of over 109,000 nickel tonnes at 2.7% grade. Additionally, Lunnon Metals is exploring gold prospects within the same region, leveraging the 25 square kilometres of land it holds in a renowned gold belt. The company has shifted focus temporarily from nickel to explore gold targets, with positive initial drilling results. A preliminary feasibility study (PFS) for the nickel deposit is underway, with completion aimed for the second quarter of 2024 - though dependent on external factors including decisions by BHP regarding its nickel operations in Western Australia. The company also acquired nickel rights to the Silver Lake Fisher project from Goldfields, presenting additional exploration opportunities. Despite subdued nickel market sentiments, Ainscough remains optimistic about the economic viability of Lunnon Metals' high-grade nickel deposits. Upcoming milestones include on the gold exploration results and the comprehensive PFS for the nickel projects, alongside developments influenced by external factors in the nickel industry. Contact Details Proactive Australia Pty Ltd Proactive Australia Pty Ltd +61 431 597 771 writers.australia@proactiveinvestors.com
March 27, 2024 07:47 AM Eastern Daylight Time
Video
News Release
Team Internet celebrates milestone year with strong 2023 financial performance; doubles dividend
Team Internet Group PLC
Team Internet Group chief financial officer Billy Green highlights the company's significant achievements in 2023, marking it as a milestone year. Green told Proactive's Stephen Gunnion the firm reported strong growth in revenue and profit across all metrics, with an operating profit of £42.3 million, a 26% increase over 2022. Notably, Team Internet achieved a profit after tax of £24.3 million, a remarkable turnaround from a £2.1 million loss the previous year. This success reflects the company's long-term strategy to deliver real bottom-line profitability and shareholder value. Factors driving this performance include effective partnerships in the ad tech ecosystem, leveraging industry trends, and a commitment to quality in their online presence segment, leading to profitability exceeding industry standards. Additionally, Team Internet proposed doubling its dividend from one pence to two pence per share and plans to continue its share buyback programme, indicating strong financial health and a commitment to returning value to shareholders. Looking ahead, while specific forecasts for 2024 were not provided, Green expressed confidence in meeting market expectations and will release Q1 results in May, offering further insight into its performance trajectory. Contact Details Proactive UK Proactive UK +44 20 7989 0813 UKEditorial@proactiveinvestors.com
March 27, 2024 07:44 AM Eastern Daylight Time
Video
News Release
Timothy Applegate Elected as Board Chair Elect for National Contract Management Association
National Contract Management Association
The National Contract Management Association (NCMA), dedicated to advancing the contract management profession, proudly announces the appointment of Timothy Applegate as its Board Chair for Program Year 2026, that begins July 1, 2025. A retired Colonel in the United States Air Force, Mr. Applegate brings over 36 years of acquisition and contracting expertise to the role. Mr. Applegate is currently a distinguished member of the Senior Executive Service and Director of the Acquisition Management and Integration Center at Headquarters Air Combat Command (ACC), where he is responsible for overseeing a total acquisition portfolio exceeding $20 billion. A devoted member of NCMA since 1992, an NCMA Certified Professional Contract Manager™ (CPCM™) certificant, Board Member (2018- 2021 and 2023-2024), and Board Advisor (2021-2022), Mr. Applegate is a dedicated and long-standing champion of NCMA and the role it plays in the advancement of the contract management profession. "It is a privilege to serve alongside such esteemed colleagues and I look forward to working with the NCMA's dedicated members and partners,” said Mr. Applegate. Kraig Conrad, CEO of NCMA, added, "Tim's wealth of experience and expertise is truly invaluable to meet our strategic objectives. Over the past six years, he has been instrumental in fostering the growth and evolution of our association through his dedicated service. I am eager to collaborate with him to advance our Common Language Initiative and expand our partnerships to elevate the profession with international standards.” With Mr. Applegate assuming the role of Board Chair-Elect, NCMA is poised to further enhance its programs and standards, ensuring that practitioners receive unparalleled support and opportunities for professional development and certification. The entire NCMA community eagerly looks forward to the transformative leadership that Mr. Applegate will bring to the organization. The National Contract Management Association (NCMA) – www.ncmahq.org – has grown as a professional society whose mission is to collaborate towards a globally recognized contract management profession that strengthens its nexus with related acquisition communities. Serving approximately 20,000 members in both the public and private sectors, NCMA propels the growth, advancement, and impact of practitioners through a steadfast commitment to serve through the open exchange of ideas in neutral forums. Contact Details National Contract Management Assocation Holly DeHesa +1 281-865-3296 holly.dehesa@ncmahq.org Company Website https://www.ncmahq.org
March 26, 2024 06:25 PM Eastern Daylight Time
Image
