Proactiveinvestors Australia

The 28Mt upgrade in the measured and indicated category, that can be converted into proven and probable reserves, at the Mbila anthracite project is significant not only in terms of the absolute tonnes but also their related confidence level. 

After settling all outstanding legal disputes with the Mbila project vendors and transferring its current interest in the project to the Mbila vendors, ZYL has placed 68 million shares to Prestige Glory at $0.02 to raise $1.4 million.  Further capital raisings provides a path to recapitalise ZYL and the development of its anthracite projects in South Africa.

ZYL Limited stands to gain control of the Kangwane Central Anthracite Project for a reduced upfront payment ZAR40 million, from the original ZAR100.5 million. The restructuring simplifies funding and increases the likelihood of securing funding.

The Bankable Feasibility Study results provide strong financial returns for the Kangwane Central anthracite project, enabling ZYL to neatly tap the predicted significant global shortfall in the availability and supply of seaborne anthracite to India, Brazil and Europe in the next few years.

ZYL announced three key pieces of news: the drawdown of the $2 million bridging loan is completed and FIRB approval is granted for the bridging facility and larger convertible note facility. The Kangwane Central BFS is also on track for completion and release in mid-November.

The completed Scoping Study for the Mansa manganese project has demonstrated positive project economics as the project moves closer to production in a matter of weeks. Budgeted costs of delivering a CIF product are between $190 and $210 per tonne, in line with its expectations.

The start of the second phase drilling at Mt Forrest iron project puts Mindax on the path to potentially expand both the iron base as well as life of the mine. Importantly, it also has promise for the proposed partnership with Hong Kong-based Perpetual Mining, that could see the company invest $52 million.

The $5.1 million received is part of a planned $10 million investment by Owen Hegarty's EMR Capital in Highfield Resources to develop its advanced potash projects in Spain.

Having made inroads to access the eastern area of the high grade silver Bonanza Zone at the New Departure project in Montana, Black Mountain is on the cusp of first cash generative silver production.  

Cougar Energy has started the Phase 1 drilling program at its Mackenzie PCI grade coal tenement that will unlock the value of the asset by helping define a maiden JORC Resource.