Peel Mining delivers more high-grade zinc-lead-silver ahead of pre-feasibility study Peel Mining Ltd's (ASX:PEX) most advanced asset is its Mallee Bull Project, located near Cobar in western New South Wales.

The latest resource definition drilling delivered highlights including: 9 metres at 20.82% zinc, 10.64% lead, 338g/t silver and 1.91g/t gold from 88 metres; and 9 metres at 10.80% zinc, 6.89% lead, 337g/t silver and 0.45g/t gold from 129 metres.

News flow will continue from the project, with metallurgical work continuing, and a pre-feasibility study due for completion in September.

READ: Peel Mining intersects more copper and silver at Wirlong

The study is on the high-grade, near-surface zinc-lead-silver-gold T1 lens.

The aim of the study is to investigate the conceptual development of T1 as a “dig and truck” operation, under which ore would be milled at CBH Resources’ Endeavor mine located 150 kilometres away, where surplus milling capacity exists.

A site visit is to be conducted next week by Peel and 50:50 joint venture partner CBH, with discussions focused on development scenarios and timelines.


Peel’s projects cover more than 5,000 square kilometres across New South Wales and Western Australia.

Projects include:

- Mallee Bull: An advanced copper polymetallic deposit that remains open in many directions;
- Cobar Superbasin: Farm-in agreement that offers funded strategic greenfields exploration potential along with the new Wirlong copper discovery;
- Wagga Tank: A polymetallic VHMS-type deposit with many significant intercepts;
- Apollo Hill: Exploration project that hosts a major, protruding, shear-hosted, gold mineralised system that remains open down dip and along strike; and
- Attunga: A high grade tungsten deposit.

Fri, 18 Aug 2017 14:56:00 +1000
Rox Resources reveals maiden nickel-copper-cobalt resource at Collurabbie Rox Resources Ltd (ASX:RXL) has revealed the maiden resource for the Olympia nickel-copper-cobalt deposit, at its Collurabbie project located 250 kilometres north of Laverton in Western Australia.

The maiden inferred resource includes 573,000 tonnes grading 1.63% nickel, 1.19% copper, 0.082% cobalt and 2.33 g/t platinum + palladium.

Olympia contains 9,300 tonnes of nickel, 6,800 tonnes of copper, 470 tonnes of cobalt and 43,000 ounces of platinum + palladium.

READ: Rox Resources drilling to upgrade nickel potential at Fisher East

The Collurabbie project is spread over an area of 123 square kilometres and hosts the Olympia nickel sulphide deposit and a number of other prospects for nickel sulphide mineralisation.

Rox to launch aircore drilling programme

Interestingly, Rox is having a number of key assets at various levels of development with exposure to gold, nickel, copper and platinum group elements.

This maiden resource at Olympia complements the resource of 50,000 tonnes at 2.5% nickel that was established at the company’s Fisher East nickel project only 70 kilometres away.

Rox will now embark on an aircore drilling program at Collurabbie, its first exploration programme since acquiring the project.

This drilling will test several nickel and gold targets developed along the belt over 15 kilometres of strike that have had little work for 10 years.

Fri, 18 Aug 2017 14:44:00 +1000
Cann Group responds to ASX speeding ticket; medicinal cannabis harvest beckons Cann Group Ltd (ASX:CAN) has received an ASX speeding ticket following a 16% jump in its shares to A$1.49 intra-day trading, compared to the low in trading yesterday.

Shares in Cann have tripled in two months.

Cann responded to the ASX saying it is not aware of any information to explain the recent trading.

The company recently entered into an agreement with Aurora Cannabis Inc. (TSXV:ACB), which is Canada’s second largest publicly listed medical cannabis producer and the first Canadian company to establish purpose-built cultivation facilities.

The agreement will facilitate an exchange of information and support across areas including the cultivation and processing of medical cannabis; extraction and manufacturing technology; and analysis of cannabis extracts.

Fri, 18 Aug 2017 14:27:00 +1000
Longford Resources continues high-grade zinc streak at Keel Longford Resources Ltd (ASX:LFR) has once again delivered high-rade zinc results from diamond drilling at the Keel Zinc Project, located in the Midlands region of Ireland.

The Irish Midlands ranks first globally in terms of zinc deposits discovered relative to land area.

In total results have been received from five holes, all of which returned high-grade zinc.

Best results for the last three holes include: 4.5 metres at 18.27% lead+zinc and 58.53g/t silver from 145.5 metres; 4 metres at 12.3% lead+zinc and 9.2g/t silver from 172 metres; and 1 metre at 12.10% lead+zinc and 36.6g/t silver from 150.5 metres.

These results were supported by broader intersections such as: 80 metres at 3.1% lead+zinc and 30g/t silver from 102 metres.

Two rigs are spinning onsite and a further seven holes planned, with the program to cover 3000 metres in total.

Scott Mison, interim chief executive officer, commented:

"These positive drilling results, in addition to the zinc price being at a 10 year high, positions the project for significant value potential."

Additional exploration

Other exploration currently underway includes orientation of soil sampling for Ionic Leach soil geochemistry.

Adding to this is the interpretation of the recently completed gravity survey over the main Keel structure to assist with refining the ongoing drilling program, and regional and prospect scale structural interpretation to identify further areas of exploration interest.

Keel Zinc Project

Longford has an option to acquire an 80% interest in the Keel Zinc Project, which covers 66 square kilometres over low use farmland.

Ireland has a long history of mining operations, is one of the largest exporters of zinc concentrate to European smelters and ranks ninth globally in the Fraser Institute survey for exploration.

The Keel Inlier is a large structure in the Irish Midlands, which has a reputation for being some of best zinc ground in the world.

The region is highly prospective, with six other base metal prospects and deposits located within 40 kilometres of Keel.

Europe’s largest zinc mine, Tara, where over 85 million tonnes of ore has been extracted is located 90 kilometres away in the same geological formation.

The structure is over 25 kilometres long, with a 10-kilometre strike length sitting within the Keel project area.

Fri, 18 Aug 2017 14:26:00 +1000
Corazon Mining among ASX Most Traded following transformational deal Corazon Mining Ltd (ASX:CZN) is among the top traded ASX stocks in afternoon trade, and with good reason after entering into a transformational transaction.

Corazon shares have added 50% to A$0.018, on turnover of 25 million shares.

The company has a funding agreement with the Australian investment arm of China Hanking Holding (HKG:3788).

READ NOW: Corazon Mining attracts premium investment from Australian arm of China Hanking Holding

The deal provides committed support for Corazon, allowing for the advancement of projects, and also for the potential of future funding and off-take opportunities.

Company Name Code Last Change Volume
Valor Resources Ltd VAL $0.011 57.14% 73,559,791
Lynas Corporation Ltd LYC $0.147 1.38% 48,127,139
Telstra Corporation Ltd TLS $3.865 -0.13% 42,741,079
Pure Minerals Ltd PM1 $0.026 13.04% 30,681,208
Corazon Mining Ltd CZN $0.018 50% 24,943,368
Argosy Minerals Ltd AGY $0.120 0% 22,296,763
Atlas Iron Ltd AGO $0.019 0% 21,430,647
Caeneus Minerals Ltd CAD $0.003 0% 18,452,734
AVZ Minerals Ltd AVZ $0.142 -2.07% 18,171,521
ResApp Health Ltd RAP $0.073 -2.67% 15,308,960


Fri, 18 Aug 2017 13:55:00 +1000
Empire Oil & Gas looks to restart gas production in Perth Basin well Empire Oil & Gas Ltd (ASX:EGO) is in the process of bringing its Red Gully-1 well in the Perth basin back into production, following the completion of the static pressure survey in the 2017 reserves review.

As per the review, the gas and condensate reserves within the Red Gully production area were estimated to be 6.56 petajoules and 146.5 thousand stock tank barrels respectively.

However, the liquid was held up in the production tubing when the well was re-opened to flow after the pressure survey, preventing the well from flowing at the expected rate.

READ: Empire Oil & Gas NL to update on well testing at the Red Gully

Red Gully well an important asset

The condensate, gas and water have been produced from the well over a period of 10 days, but at insufficient rates to restore normal flow conditions, despite increasing pressure and flow rates.

Empire is now planning a nitrogen gas lift to remove the liquid in the production tubing as the observed trends indicated that the well was unlikely to clean-up without additional assistance.

Hence the well has been shut-in to conserve gas and enable plant maintenance prior to commencing the nitrogen gas lift operation, which is expected to be completed by the end of the month.

The Red Gully well is an important asset for Empire, and the company is aiming to bring it back online quickly and economically.

The company’s cash balance at the end of the June quarter was circa A$2mln.

Fri, 18 Aug 2017 13:43:00 +1000
IOT Group has an acquisition on the table IOT Group Ltd (ASX:IOT) is ready to pounce on an acquisition, and the ASX has granted the company a trading halt to prepare.

The company recently entered into a deal with Telstra (ASX:TLS) to sell its AirSelfie Camera.

The halt will remain in place until the opening of trade on Tuesday 22nd August 2017, or earlier if an announcement is made to the market.

READ: IOT Group launches pocket-sized flying camera in the U.S.

Fri, 18 Aug 2017 13:27:00 +1000
iSignthis set to gain from new Australian anti-money laundering law iSignthis (ASX:ISX) is expected to gain from the proposed bill to strengthen Australia’s anti-money laundering (AML) laws, including bringing bitcoin providers under the remit of the government's financial intelligence unit.

The company’s shares were last trading 13% higher intra-day, at A$0.175.

iSignthis is an EU-regulated monetary financial institution providing AML transaction monitoring and know your customer (KYC) services for digital currency exchanges in the U.S. and the EU.

READ: iSignthis’ subsidiary granted eMoney license in Europe

New law to align Australia with Japanese and proposed EU legislations

The company is currently providing services to and and is contracted to provide services to /, and

The proposed Australian bill will align Australia with Japanese legislation and the proposed EU legislation, and is expected to support the growth of the digital currency sector.

iSignthis Paydentity™ solution allows digital currencies to be integrated into the existing financial system, whilst meeting their AML regulatory requirements in the U.S., EU, Japan and shortly Australia.

Paydentity™ has a global reach of up to 62% of the world’s population, allowing for rapid KYC on-boarding of any ‘bank verified’ financially included person.

This capability could provide Australian digital currency exchanges with global reach and scale opportunities, in the context of meeting their regulatory compliance requirements.

The company’s processed payment transaction volumes associated with digital currency have grown by more than 250% between January 1st and June 30th 2017.

Fri, 18 Aug 2017 12:00:00 +1000
Valor Resources leaps into Top 10 ASX % Gainers on copper-silver hit in Peru Valor Resources Ltd (ASX:VAL) is an ASX bolter in the first hour of trade, jumping 43% to A$0.01 on very heavy volume.

Valor delivered its first results from its drilling programme at the Berenguela Project in Southern Peru, with the highlight: 10 metres at 2.13% copper and 7 metres at 2.18% copper + 1719g/t silver.

The company also discovered zinc and manganese mineralisation across the deposit.

News flow will continue from drilling, to be followed by an updated resource.

Company Name Code Last Change Volume
Magnum Gas & Power Ltd MPE $0.002 100% 800,000
Valor Resources Ltd VAL $0.010 42.86% 50,723,739
Viking Mines Ltd VKA $0.020 42.86% 7,469,845
Kingsgate Consolidated Ltd KCN $0.305 38.64% 2,627,120
Metals Australia Ltd MLS $0.004 33.33% 392,999
Alloy Resources Ltd AYR $0.004 33.33% 150,000
Oilex Ltd OEX $0.005 25% 120,000
Ventnor Resources Ltd VRX $0.016 23.08% 925,000
Chapmans Ltd CHP $0.006 20% 153,579
Venturex Resources Ltd VXR $0.007 16.67% 1,000,000


Fri, 18 Aug 2017 11:31:00 +1000
Corazon Mining attracts premium investment from Australian arm of China Hanking Holding Corazon Mining Ltd (ASX:CZN) has boosted its cash reserves by undertaking a placement to raise circa $1.8 million at $0.014, which is a 16.7% premium to the last closing price.

The placement includes a strategic investment of $1.68 million by Hanking Australia Investments Pty Ltd, a specialist resources investment vehicle.

Hanking will now hold an 11.55% stake in Corazon.

The new funds will be allocated to accelerate exploration at the high-grade Cobalt Ridge prospect in New South Wales, which is part of the Mt Gilmore Project.

Cobalt Ridge is an advanced, drill defined, high-grade, cobalt dominant sulphide deposit.

Corazon’s work will include drilling and detailed metallurgical test work with a focus on producing battery-grade cobalt for use in the emerging rechargeable battery sector.

A drill rig is already on-site preparing to commence.

Details of the deal

Hanking will become a substantial shareholder of Corazon and its nominee, managing director Dr Mark Yumin Qiu, will join the Corazon board.

Hanking is the Australian investment arm of China Hanking Holding (HKG:3788).

The deal provides committed support for Corazon allowing for the advancement of projects, and also for the potential of future funding and off-take opportunities.

Hanking rationale for Corazon investment

Hanking considers that the new energy market is growing rapidly and that cobalt and nickel are critical components for high-quality and high-energy density batteries.

China currently imports over 90% of the cobalt concentrates for its cobalt refinery industry.

Importantly, it considers Corazon’s high-grade cobalt sulfide project as potentially beneficial.

While Hanking already owns one of the world’s largest laterite nickel resources in Indonesia, the investment in Corazon marks a strategic step in securing scarce high-grade cobalt resources in the ever-growing energy storage focused world.

Fri, 18 Aug 2017 11:25:00 +1000
Kin Mining NL's Don Harper brings imminent gold resource upgrade to Proactive's CEO Sessions Kin Mining Ltd (ASX:KIN) is developing and exploring the wholly-owned Leonora Gold Project in Western Australia.

A JORC Resource update is imminent, which will add to the current 721,000 ounces.

Also pending is a Definitive Feasibility Study and maiden Ore Reserve, based on a target production of 50,000 gold ounces a year.

Find out more from Don Harper at Proactive's CEO Sessions.

Click below to register

- Melbourne: Tuesday 12th September.
- Sydney: Wednesday 13th September.
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Carnarvon Petroleum (ASX:CVN): Adrian Cook
- King River Copper (ASX:KRC): Anthony Barton
- Kin Mining (ASX:KIN): Don Harper

Fri, 18 Aug 2017 11:19:00 +1000
Cyclopharm begins nuclear imaging trial to detect respiratory diseases Cyclopharm Ltd (ASX:CYC) is commencing a new study to assess lung function in real time, using its radioactive functional ventilation tracer called Technegas.

Technegas generators produce a gas which is inhaled by patients before taking scans, to assist in the detection of pulmonary embolism.

It is worth noting that Technegas is currently sold in 56 countries, primarily for the diagnosis of patients suspected of having pulmonary embolism.

Importantly, Technegas business generated a revenue of $14.4mln in FY 2016.

100 patients enrolled in new trial

The first patient has been enrolled this week for the new trial, which is being carried out in collaboration with the University of Newcastle and Hunter Medical Research Institute.

Study participants will breathe in Technegas and undergo three-dimensional nuclear medicine imaging in parallel with a low dose CT scan.

The combined scans will illustrate detailed images of airspaces and blood vessels in the lungs.

Of the 100 patients recruited, 30 will have a follow-up image taken to provide important insights into the early treatment response.

This initiative has the potential to lead toward new methodologies in diagnosing and managing patients suffering from a variety of respiratory diseases.

Cyclopharm recently concluded a successful trial in China for Chronic Obstructive Pulmonary Disease (COPD), confirming a significant new market opportunity for Technegas.

Fri, 18 Aug 2017 11:16:00 +1000
Argent Minerals advances three projects in tandem as news flow set to increase Argent Minerals Ltd (ASX:ARD) has a portfolio of three highly prospective projects which have all been awarded merit-based new South Wales Government funding.

All projects are leading towards key news flow, providing potential key catalysts for the company.

Loch Lilly

At the Loch Lilly project, Argent will earn an initial 51% of up to a 90% interest on the completion of a two-hole diamond drilling program.

The Netley target drill hole has been completed and core logging is nearing completion, with sampling having commenced.

Argent noted that more than 50% of the Netley drill core to be assayed based on visual observations.

Drilling has now commenced at the second target, Eaglehawk.

West Wyalong

Argent's interest has now increased to 76.7%, as drill core petrography and other advanced lab analysis continues for 3D modelling of the recent drilling.

Recent drill results confirm the intersection of multiple intrusives over a 2.5 kilometre strike length and 1.5 kilometre width, with elevated gold, copper and molybdenum as signature features of mineralised porphyry systems.


Argent is currently completing a substantial update of the Kempfield deposit Micromine model, incorporating the refined lithostratigraphic and host horizon model developed through the 2016/17 extensional drilling programs, as well as the detailed 36 element geochemical database provided by the assays.

A resource infill reverse circulation drilling program, designed from the updated Micromine model, will focus on establishing the maximum possible continuity of mineralisation within a hypothetical open cut mining area covering the potential lateral and depth extensions.

Kempfield currently hosts a 52 million silver ounce equivalent.

Fri, 18 Aug 2017 11:00:00 +1000
Draig Resources' shares trade at 12-month highs, calls halt for raising Draig Resources Ltd's (ASX:DRG) shares are trading at 12-month highs at around A$0.06, which is more than double their valuation at the start of 2017.

Driving the positive re-rating is Draig's opportunity to revisit and unlock the potential of one of Australia's historic great high grade gold mines.

The Bellevue Gold Mine was one of the country’s highest grade gold mines producing around 800,000 ounces at 15g/t gold, and was closed and forgotten for 20 years.

Shares trading halt pending details of capital raising

The project has not benefited from modern exploration and development advances.

Draig is about to change this.

This morning, the company was granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Tuesday 22nd August 2017, or earlier if an announcement is made to the market.

Fri, 18 Aug 2017 10:08:00 +1000
Sky and Space Global to reveal orbit testing details of nano-satellites Sky and Space Global Ltd (ASX:SAS) has been granted a trading halt by the ASX this morning, pending details in relation to In Orbit Testing of the 3 Diamonds nano-satellites.

Last month the company said that 3 Diamonds had successfully completed Inter-satellite links (ISL) testing between the diamonds for data rates up to 2 Mega Symbols Per Second.

The halt will remain in place until the opening of trade on Tuesday 22nd August 2017, or earlier if an announcement is made to the market.

Fri, 18 Aug 2017 09:59:00 +1000
King River Copper's Tony Barton brings copper-gold drilling to Proactive's CEO Sessions King River Copper (ASX:KRC) has some highly prospective copper-gold drilling underway on the Speewah Dome which has been attracting investor attention, and also a recent price and volume speeding ticket from the ASX.

King River also continues to advance its vanadium concept study on its Speewah Vanadium-Titanium Project.

Find out more from Tony Barton at Proactive's CEO Sessions.

Click below to register by email

- Melbourne: Tuesday 12th September.
- Sydney: Wednesday 13th September.
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Carnarvon Petroleum (ASX:CVN): Adrian Cook
- King River Copper (ASX:KRC): Anthony Barton
- Kin Mining (ASX:KIN): Donovan Harper

Fri, 18 Aug 2017 09:31:00 +1000
Segue Resources spins the drill bit at lithium-caesium-tantalum prospect Segue Resources Ltd (ASX:SEG) is now underway with its maiden reverse circulation drill program at the Reid Well lithium-caesium-tantalum (LCT) prospect at the company's wholly-owned Gascoyne Lithium Project in Western Australia.

Drilling will cover 2500 metres and take around three weeks to complete, with the assay timeline expected to be late September.

Soil sampling at Reid Well has already identified several mineralised LCT pegmatites and rock chip samples have returned peak values of 3.77% lithium oxide and 669 ppm tantalum pentoxide.

Drilling wraps up at Barlee Gold Project

Segue has completed the maiden air-core / reverse circulation drilling program at the wholly-owned Barlee Gold Project in the Southern Cross Region of Western Australia.

Drilling tested the T1a and T2 gold prospects near the historic Rainy Rocks gold workings.

A total of 199 air-core holes for 3,750 metres were completed along with eight reverse circulation holes for 965 metres.

Assays are expected to be received by the end of August 2017.

Fri, 18 Aug 2017 09:21:00 +1000
ChimpChange signs strategic deal with U.S. e-commerce store Hollar Inc. ChimpChange (ASX:CCA) has entered into a strategic partnership with U.S. e-commerce store Hollar Inc. to drive increased transaction volumes and to create additional revenue streams.

Based in Los Angeles, California, ChimpChange is a digital banking platform providing low-cost, feature-rich bank accounts for U.S. consumers.

The new agreement is intended to drive growth for both the companies’ platforms and further monetise ChimpChange’s growing customer base of over 100,000 customers.

Hollar is a popular online dollar store based in the U.S. and was recently named the ‘Number 1 Tech Company to Watch for 2017’ by The Wall Street Journal.

ChimpChange is aiming to leverage from multiple opportunities in this partnership to grow and monetise its customer base as both the companies share a similar customer demographic in the U.S.

The companies also share a close understanding that the millennial value proposition is mostly about mobile commerce, value for money, convenience and personalised experiences.

Chimpchange’s revenue increased by 36% in the June 2017 quarter compared to the previous quarter and the company has achieved an annualised $1 million revenue run rate.

Furthermore, ChimpChange finished the June quarter with its total transaction value running at an annualised run rate of US$113+ million, up from US$56 million at the end of the December quarter.

Fri, 18 Aug 2017 09:11:00 +1000
Echo Resources’ shares rise on high-grade gold results Echo Resources’ (ASX:EAR) shares closed circa 5% higher on Thursday after receiving high-grade gold results from drilling at its Zaphod gold discovery in Western Australia.

Zaphod is located 10 kilometres from the Bronzewing Processing Hub in the central Yandal greenstone belt.

Echo’s six reverse circulation drill holes followed up 13 aircore holes drilled in 2016 and have defined high grade mineralisation over 100 metres of strike.

The new results extends gold mineralisation below Echo’s 2016 drilling and includes:

- 2 metres at 15.55 g/t gold from 105 metres;
- 2 metres at 14.84 g/t gold from 89 metres; and
- 4 metres at 6.20 g/t gold from 116 metres.

Importantly, the mineralisation remains open along strike and at depth. Zaphod is the first of many structural targets identified by Echo to be drilled.

The company’s objective is to discover new gold systems in the under-explored central Yandal greenstone belt within its 1,600 square kilometres of highly prospective tenement holdings.

Echo has a large pipeline of prospective targets and will continue to test these in conjunction with resource and reserve definition drilling programs during the remainder of 2017.

Fri, 18 Aug 2017 09:02:00 +1000
Connected IO wins major order from Verizon distributor Connected IO (ASX:CIO) shares closed 11% higher on Thursday after securing an order worth $734,000 to deliver its 4G LTE router product to Verizon preferred distributor, Mach Networks.

Connected IO specialises in machine to machine (M2M) connectivity, providing hardware and software solutions to some of the world’s largest companies – including Coca Cola, Verizon and AT&T.

The company has executed an incremental revenue share agreement with Mach and has received an initial purchase order for 3,000 units of the 4G LTE router product.

Mach’s customers include leading digital signage solution providers furnishing signage to over 3,000 banking and financial service locations in the U.S.

This agreement commences with a national service bundle promotion for Connected IO’s products to be amortized into the customer's monthly bill to shorten the sales cycles.

Importantly, Connected IO’s collaboration with AT&T and Verizon continues to yield directly attributable revenue with significant receipts over the last quarter from introduced customers.

Earlier this month, the company crossed a major milestone by delivering its ER1000 routers to more than 3,000 Burger King stores across the U.S.

Burger King will use Connected IO’s ER1000 routers for in-store applications including fail-over for point of sale terminals, quality monitoring systems, sensors and security.

Fri, 18 Aug 2017 08:55:00 +1000
9 Spokes International receives Buy Recommendation from Sydney broker 9 Spokes International Ltd (ASX:9SP) has received a Buy Recommendation from Foster Stockbroking, who has allocated a $0.45 price target.

9 Spokes last traded at $0.12. The following is an extract from the report.

READ NOW: All the 9 Spokes coverage by Proactive Investors


Update post capital raising, LOI NZ Bank and proof of concept with OCBC in Singapore.

Investment Highlights:

9SP business development sales pipeline is accelerating. Recently, 9SP signed a LOI to provide a white-label version of the 9 Spokes platform to RBC, an NZ bank and has proof of concept with OCBC in Singapore.

Notably there has been increased interest from North American and Australasian banks, following Barclays having gone ‘live’.

The sales pipeline has been accelerated with two relationships, IBM in North America and another vendor in the Asia Pacific region.

We note that 9SP is in a much stronger negotiating position today than when they signed Barclays and we are optimistic that the financials of any contract will be more favourable.

Adoption rate of end-users continues to accelerate, with Barclays promotional roll-out on-going.

Previously, 9SP announced that they have likely signed up 11.5k subscribers to its platform by the end of July.

Based on current run rates of adding 1k subscribers every 5 days, and Barclays having ramped up marketing initiatives.

We believe +40k end users by Dec-17 is feasible (153 days / 5 days x 1k subscribers + 11.5k subscribers @ end of July = 42.1k subscribers).

This is across all channels, including 9 Spokes Direct.

As Barclays sign paying end users, 9SP is able to benefit financially from the uplift in subscribers.

Today, 9 Spokes is receiving c.NZ$200k per mth from Barclays (c.NZ$2.4m per year).

This equates to c.28.5k paying end users, if 1 app is utilised (NZ$0.2m x 12)/(NZ$35 per app x 12 months x 20% commission).

We anticipate an uplift in licence revenues from Barclays in Q418e to be possible.

As at 30th June, 9SP’s cash balance is approximately NZ$21.1m.

With cash receipts from all channels of NZ$1.2m+ forecasted in Q2 and expected cash outflows in the quarterly of NZ$4.9m, 9SP’s cash burn is NZ$3.7m.

Future cash burn excludes any one-off revenues that may occur from signing any new customers, such as a North American or Australasian bank.

Recommendation, Earnings and Price Target:

We maintain our BUY recommendation and our share price target is A$0.45/share.

Our earnings estimates are unchanged.

Given the breadth of the business development pipeline and progress that 9SP has made on a range of large prospects over the last quarter, we are confident that the company is likely to succeed in winning at least two channel partners in the near-term.

Catalysts for the share price include: 1) acceleration of end-user customer adoption, 2) additional channels in existing jurisdictions; and 3) additional channels in new jurisdictions.

Fri, 18 Aug 2017 08:44:00 +1000
Paradigm's drug developments sees growing market opportunities Paul Rennie, chief executive for Paradigm Biopharmaceuticals, speaks with Proactive Investors.

Fri, 18 Aug 2017 08:30:00 +1000
Carnarvon Petroleum's Adrian Cook brings North West Shelf discoveries to Proactive's CEO Sessions Carnarvon Petroleum Ltd (ASX:CVN) remains focused on Australia’s most prolific oil and gas region, the North West Shelf in Western Australia.

Utilising knowledge gained in the play opening Phoenix area, Carnarvon’s work to date has identified an estimated 1.5 billion barrels of recoverable prospective resource in this project.

Carnarvon is also advancing the wholly-owned Buffalo project, where news is pending.

Find out more from Adrian Cook at Proactive's CEO Sessions.

Click below to register by email

- Melbourne: Tuesday 12th September.
- Sydney: Wednesday 13th September.
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Carnarvon Petroleum (ASX:CVN): Adrian Cook
- King River Copper (ASX:KRC): Anthony Barton
- Kin Mining (ASX:KIN): Donovan Harper

Fri, 18 Aug 2017 08:19:00 +1000
Allegra Orthopaedics to develop a unique kangaroo tendon product Allegra Orthopaedics (ASX:AMT) has signed an agreement with Bone Ligament Tendon Pty to explore commercial opportunities to develop a tendon product derived from kangaroos.

The company already manufactures a range of orthopaedic products covering specialities from foot and ankle to the upper limb, with its principal product being the Active Total Knee.

Allegra is now aiming to provide an off-the-shelf tendon to repair torn anterior and posterior cruciate ligaments of the knee, rotator cuffs of the shoulder and tendons in the hands and feet.

Tendon and ligament reconstruction remains a persistent clinical challenge and is an extremely common problem that is faced by today’s orthopaedic surgeons.

The patients and surgeons are looking for a reliable graft, with no donor site issues and one that allows restoration of function, often with an objective of returning to sport.

The kangaroo has a reputation for strength of its tendons and its achilles tendon has impressive biomechanical abilities, rendering it a reliable graft for ligament or tendon reconstruction.

Initial studies at the Sydney Medical School, University of Sydney have proven that this kangaroo tendon is up to three times stronger and two times stiffer than that of human’s.

This tendon has morphology, collagen architecture and arrangement, and composition typical of human tendons.

It is expected that the kangaroo tendon will make a substantial penetration into the current treatment options for tendon and ligament reconstruction for surgeons and their patients.

Thu, 17 Aug 2017 14:52:00 +1000
Capital Mining outlines expected timeline to medical cannabis update Capital Mining Ltd (ASX:CMY) has requested and been granted another voluntary suspension by the ASX, pending an update on Capital Cannabis Limited.

Capital said that it anticipates the announcement will be made on or before 24 August 2017, which is expected to end the period of suspension.

Thu, 17 Aug 2017 14:47:00 +1000
Red River Resources outlines transition timeline to zinc producer status Red River Resources Ltd (ASX:RVR) is well on the way to completing the company making milestone of transitioning to producer.

The company has confirmed the that restart of its Thalanga Zinc Project in Queensland is imminent.

Commissioning will commence in the September quarter 2017 with a restart to commercial production early in the December quarter 2017.

At the end of July, around 85% of the outstanding tasks to finish the refurbishment of the plant and infrastructure had been completed.

Thalanga Plant and Site

The Thalanga Plant is designed for a nominal throughput of 650,000 tonnes per annum, using standard industry technology to produce saleable copper, lead and zinc concentrates via flotation.

Offtake agreements

Earlier in the month Red River finalised offtake agreements for zinc and lead concentrates from Thalanga.

The offtake agreements are in respect of 122,000 dry metric tons of zinc concentrate and 27,400 dry metric tons of lead concentrate.

Pricing is to be determined by reference to applicable metal prices on the London Metal Exchange at the time of shipment, with tonnage expected to be shipped in the first 36 months following commencement of commercial production.

Under the terms of the agreements, zinc and lead concentrates will be trucked circa 200 kilometres to the Port of Townsville, for onward delivery to customers.

Trafigura was founded in 1993 and is one of the largest physical commodities trading groups in the world.

Thu, 17 Aug 2017 14:38:00 +1000
Argosy Minerals ranks among ASX % Gainers after lithium off-take agreements Argosy Minerals Ltd's (ASX:AGY) is a leading ASX % Gainer with its shares soaring 41% to $0.11 in afternoon trade after signing binding investment and off-take agreements for a company-transforming transaction.

Over 26 million shares have changed hands.

The agreement will see Argosy establish a strategic relationship with one of China’s fast growing battery materials companies.

READ NOW: Argosy Minerals enters transformational binding off-take with Chinese battery company

Argosy and its partner will also consider lithium acquisition and development opportunities in China.

Company Name Code Last Change Volume
AnaeCo Ltd ANQ $0.002 100% 700,000
Volt Power Group Ltd VPR $0.003 50% 173,000
Argosy Minerals Ltd AGY $0.110 41.03% 26,577,045
Overland Resources Ltd OVR $0.007 40% 9,625,651
Lantern Hotel Group Ltd LTN $0.004 33.33% 1,690,463
Variscan Mines Ltd VAR $0.009 28.57% 641,447
King River Copper Ltd KRC $0.010 25% 7,573,769
Rision Ltd RNL $0.005 25% 1,440,000
Opendna Ltd OPN $0.170 21.43% 54,901
Pacifico Minerals Ltd PMY $0.006 20% 1,049,500


Thu, 17 Aug 2017 14:34:00 +1000
Cauldron Energy succeeds in Court of Appeal legal challenge from Forrest & Forrest Pty Ltd Cauldron Energy Ltd (ASX:CXU) has provided an update to the market today, and refers to its announcements made on:

- 29 August 2016 that the Supreme Court of Western Australia dismissed the application for judicial review by Forrest & Forrest Pty Ltd (Forrest) of the decision of the Minister for Mines and Petroleum to progress the Company’s applications for E08/2385, E08/2386 and E08/2387 through the determination processes under the Mining Act 1978 and Native Title Act 1993; and

- 16 September 2016 that Forrest lodged an appeal against this decision in the Western Australian Supreme Court, Court of Appeal.

The Court of Appeal handed down its unanimous decision today in favour of the Company.

The Court of Appeal dismissed Forrest’s appeal and ordered Forrest to pay the Company’s legal costs of the appeal.

The Company is pleased to have been successful in this litigation.

Thu, 17 Aug 2017 14:09:00 +1000
Neometals updates from Mount Marion following Mineral Resources results Neometals Ltd (ASX: NMT) currently holds a 13.8% stake in the globally-significant Mt Marion Lithium Project in Western Australia.

Minerals Resources Ltd (ASX:MIN) (43.1% stake) is the project operator and Australia’s largest contract minerals processor.

The final partner is Ganfeng Lithium (43.1% stake), which is China’s largest, most diverse lithium producer.

Neometals comments on Mineral Resources FY17 results

Neometals noted the announcement by MIN of its full-year financial results for FY17.

MIN's announcement reports EBITDA per tonne for Reed Industrial Minerals Pty Ltd (RIM), the project vehicle for the Mount Marion Lithium Project, which equates to $14 million during the second half of FY17 and forecasts approximately $72 million for the first half of FY18.

Neometals 13.8% (reflecting NMT’s shareholding in RIM) of the 2H FY17 EBITDA is circa $2 million and of the 1H FY18 forecast EBITDA would be around $10 million.

RIM has a positive obligation to distribute profits to the maximum extent.

However, the receipt by NMT of any earnings achieved by RIM will be subject to the RIM board resolving to pay dividends to its shareholders, having regard to (among other things) tax obligations, the future capital requirements of the business and the repayment of outstanding shareholder loans.

Neometals outlined that it was not involved in preparing the information regarding RIM released by MIN.

However, Neometals added that it is not aware of any reason why the information is incorrect as released by MIN, the operator of the Mount Marion Lithium Project (via its wholly owned subsidiary, Process Minerals International Pty Ltd).

Thu, 17 Aug 2017 13:56:00 +1000
Plymouth Minerals making steady progress at lithium-tin deposit in Spain Plymouth Minerals (ASX:PLH) has decided on the processing route to produce battery-grade lithium carbonate at the San Jose lithium-tin deposit in Spain.

The company has partnered with Valoriza Mineria, a subsidiary of Spanish construction and engineering major Sacyr SA (BME:SCYR) in an earn-in joint venture over the San Jose project.

Plymouth can earn up to 75% of San Jose by completing a feasibility study within four years and spending circa $6 million.

It is worth noting that the San Jose deposit contains in excess of 1.3 million tonnes of lithium carbonate (LC) and has a large component of indicated resources.

Plymouth is planning to produce battery grade LC on site by feeding into the beneficiation plant to produce circa 15,000 tonnes of LC annually.

The company has decided to use sulphate calcine/roast with water leach to produce lithium instead of acid leach.

The lithium will be leached into a solution using fresh water and this lithium-bearing liquor is then processed using evaporation, precipitation and purification to produce a refined battery-grade LC.

Processing costs forms the largest component of total operating costs and it is estimated to be in the range of US$3,600-4,400 per tonne battery-grade LC, without factoring potential tin-credits.

This is a positive result compared to similar projects and the historical studies at San Jose.

Plymouth and Valoriza Mineria are committed to an aggressive development timeframe for San Jose with the submission of the Mining Licence Application (MLA) planned for October 2017.

Thu, 17 Aug 2017 13:43:00 +1000
Kabuni's shares halted pending transaction update Kabuni Ltd (ASX:KBU) has been granted a trading halt by the ASX, pending an update on the transaction with Print the Future (PTF).

PTF is an early stage technology company being pioneered by Kabuni founder Neil Patel, with operations in Vancouver and New York City.

The halt will remain in place until the opening of trade on Monday 21st August 2017, or earlier if an announcement is made to the market.

Thu, 17 Aug 2017 13:40:00 +1000
European Metals' Keith Coughlan 'very encouraged' by first result from in-fill drilling at Cinovec Keith Coughlan, managing director of European Metals Holdings Ltd (LON:EMH, ASX:EMH) tells Proactive he's pleased with the first assay results from its infill drilling programme at the Cinovec lithium-tin project.

Infill drilling continues in the south-west section of the deposit, targeting two gaps in the resource model that could be potentially targeted for mining in the initial years.

So far, five out of six planned holes have been drilled this year, and test results (assays) have been received for the first of them, drill hole CIS-4.

Thu, 17 Aug 2017 13:27:00 +1000
Lucapa Diamond Company reveals latest large diamond recoveries from Lulo Lucapa Diamond Company Ltd (ASX:LOM) shares have gained 3.9% to $0.27 following the latest recoveries of large diamonds from the Lulo Diamond Project in Angola.

Lulo is a 3000 square kilometre concession in the diamond heartland of the country, which is the world's fifth largest diamonds producing nation.

Adding further propsectivity to the project, it is located within 150 kilometres of Catoca - the world’s fourth biggest kimberlite mine.

Lulo produced the highest $ per carat price of any run of mine diamond production in the world in 2016 and continues to produce some of the largest diamonds on record from that region.

Latest recoveries

Lucapa and its partners Empresa Nacional de Diamantes E.P. and Rosas & Petalas have revealed 83 carat and 68 carat Type IIa gems.

A further five other +50 carat diamonds also recovered from the prolific Mining Block 8, which produced Angola’s biggest recorded diamond.

Lucapa is set to monetise the diamonds quickly, as these seven +50 carat stones will be included in the next parcel of Lulo diamonds to be sold by Lulo mining company Sociedade Mineira Do Lulo (SML) (Lucapa 40% owner and operator).

The sale is scheduled for September 2017.

Importantly, global demand and prices for large and premium-quality diamonds remains robust.

Sales of all Lulo alluvial diamonds is circa US$85 million, with the total average price of US$2,133 per carat around 18 times the global average.

Strong cashflows being generated

Lucapa has previously advised the strong cash flows generated from the sale of Lulo diamonds have enabled SML to repay loan funding advanced by Lucapa to develop the alluvial exploration and mining operations, as well as pro-rata distributions to the Lulo partners.

Lucapa has now received US$3.8 million of the US$4 million loan repayment approved by SML, with the remaining amount in the process of being repatriated.

Next exploration steps

Currently an aggressive exploration program is underway with three rigs drilling kimberlite targets which were upgraded and re-classified from the results of an extensive Time Domain Electromagnetic (TDEM) survey flown over the Cacuilo Valley area, where the Lulo alluvial mining operations are focused.

Lulo's latest JORC resource maintains 4-year life with a 54% increase in modelled diamond value to around US$1,200 per carat.

Continuous exploration including the Lulo River has the potential to add to JORC resource.

Thu, 17 Aug 2017 13:10:00 +1000
Wangle Technologies to showcase protection software at Western Australian Council Wangle Technologies Ltd's (ASX:WGL) chief executive officer, Sean Smith has been invited to speak at the upcoming Western Australian Council of State School Organisations Inc. (WACSSO) conference.

Smith will be showcasing the soon to be released family protection software suite, Wangle Family Insites (WFI).

WFI monitors mobile network patterns in real time and advises parents of potential threats as well as providing greater details and resources to parents about these threats.

This will deliver peace of mind to many parents, with a very lower barrier to entry being priced at $10 per month for a family subscription.

The software is due for release in the September 2017 quarter.

Importance of WACSSO

The WACSSO influences the direction of public education via the views of parents and citizens for the benefit of students.

The annual event is the one time of year public school parents and the education community from across the whole of Western Australia, come together to learn and share experiences about education and the public school system.

WACSSO is the representative of over 650 Parent and Citizens Associations (P&Cs) throughout Western Australia.

The Minister for Education and Training, Hon. Sue Ellery, Sharyn O’Neill, Director General from Department of Education and Hon. Donna Faragher, Shadow Minister for Education will be in attendance.

How the Wangle Family Insites software will work

The ground-breaking parent protection suite utilises behavioural analysis of live mobile network traffic across Wangle’s best in class secure VPN network to help parents identify and manage online risks to their children.

The platform also provides educational resources to parents when risks are identified which has been prepared in collaboration with Telethon Kids Institute and Wangle’s newly appointed Head of Education, Robyn Treyvaud of Cyber Safe Kids.

Treyvaud is a globally recognised expert in online safety and digital citizenship.

She is an educational leader with over 40 years of experience in schools and is the founder of Cyber Safe Kids.

Cyber Safe Kids is an international organisation that assists educators, school and parent communities to understand and meet the challenges of living and working in the digital world.

She is a trusted advisor to governments, the media, industry and not for profits, nationally and internationally.

Thu, 17 Aug 2017 13:02:00 +1000
WPG Resources makes seamless change of contractor at Challenger gold mine WPG Resources Ltd (ASX:WPG) is producing gold from its Challenger gold mine in South Australia, and the company has now advised that

Pybar finalised its demobilisation from the Challenger mine site on 5 August 2017.

READ NOW: Wayne Rossiter talks growing gold guidance in Proactive Q&A Sessions™

On the same day, Byrnecut finished mobilisation to site and has now assumed responsibility for all underground mining at Challenger.

After ensuring underground conditions were to standard and employees were safely inducted operations are now gaining momentum with the first stope fired by the new contractor during the night shift on 15 August.

Stockpiled ore was treated during the changeover period.

Thu, 17 Aug 2017 12:52:00 +1000
Structural Monitoring Systems signs its first commercial deal with Delta Air Lines Structural Monitoring Systems (ASX:SMN) has executed the first commercial agreement related to its “CVM” technology for detecting fatigue in composites and metals, with Delta Air Lines, Inc (NYSE:DAL).

The 10-year aircraft component purchase agreement with Delta is non-exclusive, with rolling 10-year extension provisions.

Structural Monitoring’s CVM technology monitors the development of cracks in predefined areas on an aircraft that are deemed to have a high risk of crack formation.

The implementation of this technology can reduce the cost of structural integrity maintenance inspections, increase aircraft performance, and increase the safety of air travel.

Delta will partner with Structural Monitoring to identify CVM applications on multiple aircraft types, across Delta’s entire mainline aircraft fleet.

The revenue value associated with the initial sales of CVM equipment to Delta is expected to be in the vicinity of $US6-7 million.

Through the purchase of an initial threshold level of CVM equipment, Delta will earn the right to receive commissions on all sales of CVM equipment and technology to other global airline operators.

Importantly, a major global carrier’s adoption and fleet-wide installation of CVM technology is expected to lead to the widespread use of CVM products by the global commercial aviation sector.

Subsequent sales to the world’s remaining airline carrier fleets could generate revenues that are many multiples higher than those revenues generated with Delta.

Thu, 17 Aug 2017 12:02:00 +1000
Danakali's world-class sulphate of potash project attracts broker Buy Recommendation Danakali Ltd (ASX:DNK) has received a Buy Recommendation and valuation of $1.10 from broker Bell Potter.

Danakali last traded a $0.685. The following is an extract from the report.

World class, premium product and low cost

Economically exploitable resources of sulphate of potash (SOP) are geologically

DNK’s 50% owned Colluli project in Eritrea is the world’s largest undeveloped
SOP reserve with a mine life in excess of 200 years from first production expected in

The size and quality of the Colluli reserve give it significant strategic value.

Open pit mining of solid minerals rather than a brine allows for an easier and lower cost processing and mining path than peers.

The solid form salt removes the need for extensive evaporation ponds used in salt lake and solution mining projects thus reducing capital intensity, the environmental footprint of the project and yields.

The project has the lowest capital intensity of SOP developers globally.

The project is located close to an operating port with capacity and access to the world’s growing SOP markets.

DNK is expected to produce the world’s lowest cost SOP on an FOB basis (~US$200/t).

The end product is a high grade (53%), pure product (98%) likely to fetch a premium to peers.

We are confident that there will be significant demand for the high quality and flexible (SOP, SOP-M and MOP) product from Colluli.

SOP prices are on the rise and in excess of modelled price assumptions.

Funding and offtake represent an upcoming de-risking event

A mining license has been awarded and can be considered a key deliverable in offtake

Now it is granted, we are hopeful that DNK can progress MOU discussions towards binding offtake and potentially part funding of Colluli this year.

Investment thesis – Buy, (Speculative), valuation $1.10/sh

Our SOTP valuation consists of a risked 0.75xNAV on an NPV10 valuation of the
company’s 50% ownership of the Colluli project. Our valuation also accounts for
unpaid capital and is diluted accordingly.

We value product and reserve upside as well as cash.

DNK have a world class asset, where costs could optimize still lower (already world leading), expected near term offtake and financing should be a game changer.

We initiate with a Buy (speculative) recommendation and valuation of $1.10/sh.

Thu, 17 Aug 2017 11:46:00 +1000
Anatara Lifesciences to reveal details on animal health company Anatara Lifesciences Ltd (ASX:ANR) has been granted a trading halt by the ASX, pending the Evaluation and License Option Agreement with animal health company Zoetis Inc. for Detach™.

Detach™ has the potential to play a part as an alternative to traditional antibiotics to control infections in farm animals, as public health officials worldwide seek strategies to combat antimicrobial resistance.

The halt will remain in place until the opening of trade on Monday 21st August 2017, or earlier if an announcement is made to the market.

Thu, 17 Aug 2017 11:37:00 +1000
MetalsTech reveals high-grade cobalt samples in Ontario, Canada MetalsTech’s (ASX:MTC) sampling program has confirmed the presence of high grade cobalt mineralisation at its Bay Lake Cobalt Project in Ontario, Canada.

Bay Lake is located 10 kilometres southwest of the historical Cobalt Mining Camp in the Cobalt Township on the eastern shore of Bay Lake in Coleman Township.

Significant results from the program includes:

- 1.17% cobalt and 7.7 g/t silver recovered from a surface “dump” pile at the Van Chester (Last Chance) Prospect;
- 0.40% cobalt recovered at the historic Price Prospect exploration pit where historic sampling of a surface “dump” pile returned 2.14% cobalt and 1,740 g/t silver;
- 0.61%, 0.34% and 0.15% cobalt were recovered surrounding the historic Bay Lake exploration shaft where earlier in-vein sampling of the cobaltite vein below the ground assayed 15.36% cobalt; and
- 3.45 g/t gold and 44.5 g/t silver also recovered around the Bay Lake exploration shaft and pit suggesting the potential for copper-silver-gold in the area.

The results from MetalsTech’s recent field program has confirmed the potential for both high grade cobalt hosted within calcite veins as well as disseminated cobalt bearing mineralisation at surface.

The next stage of development includes the final interpretation of recent magnetic surveys before commencing a follow-up field program and the company’s maiden drilling campaign.

Thu, 17 Aug 2017 11:03:00 +1000
Telstra is the early ASX Volume Leader as it delivers more dings than rings in dividend disaster Telstra Ltd (ASX:TLS) has had 60 million shares change hands in the first 30 minutes of trade today, with the stock savaged 8.8% to $3.95 following its results for FY17.

Investors have dumped the stock, which is a favourite of mums and dads, after the company flagged material cuts to its dividends.

A final dividend of $0.155 was declared taking the total for FY17 to $0.31.

The problem is Telstra expects total dividends for FY18 to be $0.22.

The Net Profit After Tax from continuing operations increased 1.1% to $3.9 billion.

Company Name Code Last Change Volume
Telstra Corporation Ltd TLS $3.930 -9.24% 55,156,351
Winmar Resources Ltd WFE $0.001 0% 40,131,255
Atlas Iron Ltd AGO $0.019 5.56% 33,740,864
Emeco Holdings Ltd EHL $0.142 0% 24,013,500
Fastbrick Robotics Ltd FBR $0.285 7.55% 17,121,639
Laneway Resources Ltd LNY $0.004 0% 15,396,001
88 Energy Ltd 88E $0.033 13.79% 12,374,138
AVZ Minerals Ltd AVZ $0.140 12% 12,295,083
Lynas Corporation Ltd LYC $0.142 5.19% 11,723,202
Argosy Minerals Ltd AGY $0.105 34.62% 10,652,302


Thu, 17 Aug 2017 10:42:00 +1000
Botanix Pharmaceuticals' shares halted pending ethics approval update Botanix Pharmaceuticals Ltd (ASX:BOT) has been granted a trading halt by the ASX this morning, pending details regarding ethics approval for its BTX 1503 acne patient study.

Botanix plans to progress into patient studies in coming months.

The company is targeting the multi-billion dollar market for acne treatments, where no new products have been approved in the last 20 years.

The halt will remain in place until the opening of trade on Monday 21st August 2017, or earlier if an announcement is made to the market.

Thu, 17 Aug 2017 10:34:00 +1000
Argosy Minerals enters transformational binding off-take with Chinese battery company Argosy Minerals Ltd (ASX:AGY) has signed binding investment and off-take agreements for a company-transforming transaction.

The agreement will see Argosy establish a strategic relationship with one of China’s fast growing battery materials companies – Qingdao Qianyun High-tech New Material Co. Ltd.

The upfront transaction funds exceed the Stage 2 development expenditure budget for the Rincon Lithium Project in Argentina, securing Argosy’s foreseeable future as a commercial lithium producer.

The transaction includes A$26.4 million to be received upfront through an equity placement and prepayment under a 1-year preliminary off-take agreement

Argosy is targeting lithium carbonate equivalent production in early 2018.

Jerko Zuvela, managing director, commented:

"This transaction represents a company-transforming event and we are confident that it provides a strategy for unlocking the immediate value of our strong position in Argentina via fast-tracked development of the Rincon Lithium Project.

"On completion of this transaction, Argosy will have substantial funding (together with its technical and processing expertise), plus a strategic shareholder and customer in Qinyuan – one of China’s fast growing battery materials companies, to fully develop and maximise the potential of Rincon, and exploit the insatiable demand growth of the battery grade LCE market."

Argosy is earning up to a 90% interest through multiple stages in the Rincon joint venture, which is located in the “Lithium Triangle” of Salta Province.

Cornerstone shareholding at a premium

The placement of shares to Qianyun comprises a 19.9% stake in the company at an issue price of $0.085, raising circa A$16.9 million.

The price represents a 7.6% premium to the 30 day volume weighted average.

The transaction also includes a US$7.5 million (A$9.55 million) upfront prepayment for an agreed quantity of battery grade lithium carbonate equivalent (LCE) product during the first year of production at Rincon, under the terms of a Preliminary Off-take Agreement.

Argosy will also appoint Qianyun’s chairman, Mr Sun Qi, as a non-executive director subject to and with effect from Tranche 1 completion.

Long term off-take

There is a separate five-year long-term off-take agreement for 1,000 tons per year of potential Stage 2 product from years two to six of production of battery grade LCE product from Rincon.

The sale price is based on a formula derived from the China battery grade lithium carbonate import price.

Argosy and Qianyun have agreed for Qianyun to have a limited right to provide an offer for funding of capital expenditure for Stage 3 development of Rincon, for which potential production is currently uncontracted.

Lithium opportunities in China

A joint venture agreement is to be established for Argosy and Qianyun to collaboratively consider acquisition and development of lithium project opportunities in China during the next two years.

Timeline for Stage 2

Argosy is targeting the first set of the Stage 2 pond construction works to be completed during September.

Additional ponds are being scheduled, and pending approvals, are targeted for completion during October.

This will result in a combined total of ~10 hectares of newly constructed evaporation ponds.

The ponds are being fast-tracked to meet the commencement of the peak solar evaporation season, which usually begins during September and continues until April.

Thu, 17 Aug 2017 10:05:00 +1000
Australian Pacific Coal takes time to consider offer Australian Pacific Coal Ltd (ASX:AQC) has been granted a trading halt this morning by the ASX.

The company requested the halt pending details on a material funding offer.

Australian Pacific said that it has received a binding written offer for the provision of funding and will consider whether to accept or reject the offer.

Earlier in the year the company completed its acquisition of the Dartbrook Coal Mine from Anglo American and Marubeni.

Dartbrook is a tier 1 asset located in New South Wales, and has a total coal Resource Estimate of 2.5 billion tonnes, comprising 588 million tonnes Measured, 850 million tonnes Indicated and 1097 million tonnes Inferred Resources.

The halt will remain in place until the opening of trade on Monday 21st August 2017, or earlier if an announcement is made to the market.

Thu, 17 Aug 2017 10:01:00 +1000
Hastings Technology Metals to boost cash kitty after off-take with Baotou Sky Rock Hastings Technology Metals Ltd (ASX:HAS) signed a Memorandum of Understanding with Baotou Sky Rock Rare Earth New Material Co. Ltd earlier in the month,

The agreement outlines the companies intent to enter into a binding commercial offtake agreement for the sale by Hastings and purchase by Sky Rock of Mixed Rare Earth Carbonate (MREC).

This will be produced Hastings’ Yangibana project, which is located in Western Australia.

Hastings estimates an annual production quantity of 15,000 tonnes of MREC, which it will sell to offtake partners, with production projected to commence in the second half of 2019.

The company has now been granted a trading halt by the ASX to prepare details regarding a capital raising.

The halt will remain in place until the opening of trade on Monday 21st August 2017, or earlier if an announcement is made to the market.

Thu, 17 Aug 2017 09:50:00 +1000
Corazon Mining to lift cash for one of Australia's highest grade cobalt deposits Corazon Mining Ltd (ASX:CZN) has a dual exploration focus, which includes the Mount Gilmore Project located in New South Wales, which hosts one of the highest grade cobalt deposits in Australia.

The project has a large hydrothermal alteration system, with extensive occurrences of mineralisation and very little modern exploration.

Corazon also has 100% control of the Lynn Lake Project in Canada where the focus in nickel-copper-cobalt.

The company is now heading to market to lift its cash position, with the ASX granting a trading halt to prepare.

The halt will remain in place until the opening of trade on Monday 21st August 2017, or earlier if an announcement is made to the market.

Thu, 17 Aug 2017 09:41:00 +1000
Lawson Gold gets ready to pounce on asset Lawson Gold Ltd (ASX:LSN) is preparing to reveal details of a proposed business acquisition, and the ASX has granted the company a trading halt to prepare.

Recently the company reviewed resource projects, none of which it found suitable.

Lawson held $735,000 in cash at the end of June 2017.

The halt will remain in place until the opening of trade on Monday 21st August 2017, or earlier if an announcement is made to the market.

Thu, 17 Aug 2017 09:35:00 +1000
Crater Gold Mining's raising to re-invigorate gold strategy in Papua New Guinea Crater Gold Mining Ltd (ASX:CGN) is raising up to $15 million from its renounceable rights issue priced at $0.01 to fund a re-invigorated strategic plan in Papua New Guinea.

The closing date of the offer has been extended by a week to the 28th August 2017, with the new shares expected to start trading on the 5th September 2017.

The highly-experienced Alexander Molyneux is the company's proposed chairman, and has personally sub-underwritten $530,000 of the raising.

LATEST VIDEO - Alexander Molyneux speaks to Proactive Investors

Gold hunt in Papua New Guinea

Crater Gold is focused on resuming technical work on the development of the Nevera Gold Mine, located within the company's Crater Mountain Gold Project.

Through circa 14,500 metres of drilling from 2010-2013, Inferred Resources of 800,000 ounces gold were established at Crater Mountain.

The existing gold resources are open at depth and in various directions laterally.

Furthermore, prior drilling evidenced the presence of a copper-gold porphyry system.

The company aims to resume drilling with two drill rigs on site and quickly ramp up to a drilling rate in excess of 10,000 metres per year.

Thu, 17 Aug 2017 09:25:00 +1000
Prima BioMed gets research cash rebate from the French Government Prima BioMed (ASX:PRR) has received a cash rebate of circa $1.3 million from the French Government under its Crédit d’Impôt Recherche scheme (CIR).

The company is currently developing immunotherapeutic products for cancer and autoimmune diseases.

Immunotherapy, also called biologic therapy, is a type of cancer treatment that boosts the body's natural defences to fight the cancer.

Prima’s IMP321 is an immunotherapeutic product, based on the LAG-3 immune control mechanism which plays a vital role in the regulation of the T cell immune response.

Through CIR, the French government reimburses companies for undertaking research and development activity in France by up to 30%.

Prima BioMed has qualified to receive CIR credits via its subsidiary Immutep by conducting research and development in its laboratory at Châtenay-Malabry in Paris last year.

Importantly, the company has decided to utilise this fund for the development of its IMP321 clinical trial programs in Europe and Australia.

Prima BioMed is well funded to progress its clinical trials with a cash balance of circa $12.3 million as at 30 June 2017.

Incidentally, the company recently got a second undisclosed significant clinical milestone payment from Novartis, based on the collaboration and licensing agreement between the companies.

The collaboration relates to Prima’s IMP701 LAG-3 antibody which is currently being evaluated in clinical trials together with Novartis’ PD1 inhibitor for the treatment of cancer.

Thu, 17 Aug 2017 09:16:00 +1000
Covata acquiring U.S. data security company to enhance its platform Covata (ASX:CVT) has undertaken a major initiative by entering into an agreement to acquire U.S. data security company CipherPoint, to enhance Covata’s existing data security platform (DSP).

CipherPoint’s data security suite ‘CipherPoint Eclipse’ allows organisations to locate sensitive data, encrypt that information and log all access requests to secure sensitive data.

The potential benefits of this transaction include extensive data discovery tools, protection of SharePoint files and Microsoft integrations that will form part of Covata’s DSP.

The acquisition will also result in an additional pool of customers, including the U.S. army, Arthur J. Gallagher & Co., DARPA, a space agency based in the U.S. and a Singaporean government agency.

Covata also intends to enhance its data security offering by building and deploying an integrated data security platform or data-centric audit and protection platform.

The expanded offering will include features like sensitive data discovery, access and policy control, data loss prevention and user behaviour analytics.

The new platform is likely to be deployed in the Microsoft Azure public cloud, in private and hybrid clouds, and on-premises.

By 2020, data-centric audit and protection products are likely to replace disparate data security tools in 40% of large enterprises, up from less than 5% today.

Covata’s pedigree as a data security company with a well-developed intellectual property is expected to help it advance from a secure collaboration product company to becoming a DSP leader.

The company’s share price more than doubled during the last one month and closed at $0.068 on Wednesday.

Thu, 17 Aug 2017 09:06:00 +1000
Wolf Minerals working on reducing the tin din Wolf Minerals PLC (LON:WLFE, ASX:WLF) is making progress in its ambition not to be a noisy neighbour down in Devon.

In an operational update on its Hemerdon tungsten and tin project, the company said it is making progress on the implementation of a turnaround plan, designed to achieve a sustainable production platform by the final quarter of the year.

The company has voluntarily shut down the vibrating screens in the processing plant on weekends, while it has continued to develop technical solutions with its lead construction contractor to speed up a comprehensive low frequency noise (LFN) damping solution.

Wolf has assessed the costs of ongoing LFN rectifications and has decided to notify its lead construction contractor of its intention to recover these costs from the £7.5 million performance bond under the construction contract.

Wolf said it is confident that the performance bond will be sufficient to cover the costs of implementing the technical solutions required to deliver a successful LFN outcome.

"We are encouraged by the progress being made on the operating turnaround plan at this early stage, with further improvements planned for the coming months to achieve a sustainable production platform before the end of the year,” said Richard Lucas, interim managing director of Wolf.

“We are also encouraged by an improving tungsten price which supports the opportunity for Drakelands to be an important part of the global supply chain for such a critical industrial metal.

Shares in Wolf were up 3.6% at 3.625p in the first hour of trading.

Thu, 17 Aug 2017 08:55:00 +1000
Berkut Minerals raises $1.5M to accelerate Scandinavian cobalt projects Berkut Minerals (ASX:BMT) has raised circa $1.5 million via a share placement to new institutional and sophisticated investors to accelerate exploration at its Scandinavian cobalt projects.

Interestingly, the placement price of $0.23 represents a 19% premium to Berkut’s 30-day volume weighted average share price.

Berkut had recently acquired three highly prospective cobalt projects in the Scandinavian region, viz. the Skuterud project in Norway and the Gladhammar and Tunaberg projects in Sweden.

Additionally, Berkut won the Lainejaur cobalt mine licence in Sweden in July.

The company’s ground holding now includes 96.6 square kilometres in Sweden and 19 square kilometres in Norway.

Berkut’s initial field samples from the Skuterud cobalt project in Norway returned up to 0.8% cobalt and 0.5% copper from the historical ‘Middagshville Cobalt Mine’ rock dump.

Following the recent field mapping and sampling, Berkut is currently planning a drill program at the Skuterud cobalt project to commence in Q4 2017.

The company is well funded to continue to advance these projects with a cash balance of circa $6 million.

Thu, 17 Aug 2017 08:51:00 +1000
Auscann Group Holdings positioned to be a leading supplier of Australian cannabinoid Elaine Darby, managing director for AusCann Group Holdings, speaks with Proactive Investors.

Thu, 17 Aug 2017 08:30:00 +1000
88 Energy to restart testing of key Alaska well next week Shares in 88 Energy Limited (LON:88E, ASX:88E) advanced 13% after it said it is ready re-start flow testing its latest well on Alaska’s North Slope.

Work on the Icewine-2 well was suspended for six weeks to allow pressure to build and imbibition (soaking) to occur.

The process has been effective in other plays by allowing frack fluid to be absorbed, displacing water that may be blocking oil and gas molecules from being able to flow through the reservoir.

88 Energy will recommence testing of the HRZ shale on August 21.

In the same announcement, the company said expanding its gross acreage position increased by 76,996 to 348,116 acres, or 259,114 net to the firm.

Connected zones

Prior to the fracking programme at Icewine-2 well, 88 Energy had thought it was addressing two separate shale reservoir zones. However, a slow rate of frack fluid recovery led it to believe the two zones were in fact connected.

Since then, the company has continued the process of recovering fracking fluid. As at the last update only 16% had been recovered, and no hydrocarbons were measured.

It remains to be seen whether the delay is a red-flag against the project, or whether in the passage of time it will be chalked up as part of the learning process in what remains an unchartered shale play.

The project, if it eventually proves successful, remains in its infancy, and plainly the company has much to learn as it tries to unlock an estimated 1bn-plus barrel prize.

Confirmation sought

The Icewine-2 appraisal well was designed to confirm the geological findings of the first hole, which had confirmed the presence of hydrocarbon bearing HRZ shale.

Success with the Icewine-1 well provided the basis of some big and potentially valuable resources.

That first well had laid out a whole new US shale play and, buoyed by this success, 88 Energy moved quickly to significantly expand its footprint in the surrounding area.

With Icewine-2, the idea was to take the important next steps of fracking and flow testing the HRZ shale. The intention was to prove that the potentially vast oil resource could be accessed and extracted at commercially viable rates. It was a litmus test for the HRZ’s future.

The shares were up 0.24p, or 13%, final hour of trading, valuing the business at £94mln.

Thu, 17 Aug 2017 07:31:00 +1000
Intermin's Jon Price outlines the company's cash generating gold projects and expansion plans Jon Price, managing director for Intermin Resources, speaks with Proactive Investors.

Wed, 16 Aug 2017 19:12:00 +1000
Vivid Technology begins the year with $3M worth of recent orders Vivid Technology (ASX:VIV) has had a great start to FY18 after securing orders worth $3 million recently, of which $1.7 million are from new customers in the health and facilities management sector.

Vivid is a provider of "internet of lights" and energy efficient cloud based solutions for industrial and infrastructure clients.

The recent orders include hospitals being retrofitted with the company’s energy efficient lighting systems.

Vivid’s ongoing focus is to concentrate on converting near term sales opportunities, with significant opportunities from additional sites for existing customers.

The company also continues to focus on formalising and enhancing its partnership model with local and multinational companies.

Vivid has gained popularity for its unique smart lighting technology, coupled with its differentiated service approach to deliver quantifiable and measurable energy savings.

The company’s Israeli subsidiary, NewCO2Fuels, is making progress with partners in Asia, Europe and Australia for the global commercialisation of its unique CO2-to-fuels technology.

NewCO2Fuels technology converts CO2 and H2O into syngas (synthesis gas) and from it synthetic transportation fuels or chemicals using presently available technologies.

The uniqueness of the technology lies in the conversion efficiency of the process, enabling competitive prices without any governmental incentives for end product fuels while recycling CO2 emissions.

Wed, 16 Aug 2017 15:52:00 +1000
Oklo Resources' Seko discovery, six months on gold source is found Oklo Resources Ltd (ASX:OKU) has been a top performer on the ASX since the Seko discovery earlier this year, with shares in the company more than doubling over that time to A$0.29.

Oklo is focused on the Kenieba Inlier of western Mali, where it's Dandoko and adjoining Moussala Projects are located.

The area has a rich endowment of gold, with Oklo's projects located 30 kilometres to the east of B2Gold’s 5.15 million gold ounce Fekola Project, and 50 kilometres to the south-southeast of Randgold’s 12.5 million gold ounce Loulo Mine.

Importance of the Seko prospect

Oklo's exploration strategy across its projects included a 74,000 metre auger program, which has all been modelled, and provided the Seko target.

This year Oklo has drilled into Seko 16,700 metres of air-core and 960 metres of diamond.

The importance of the Seko prospect is that within each hole the company noted lots of alterations, which is indicative of a large gold system.

Latest assays

Assays have now been received from the stratigraphic diamond drilling program at four of the Seko gold trends.

The previously announced reverse circulation pre-collar intersection of: 65.6 metres at 2.20g/t gold; has been extended by the diamond tail to: 74 metres at 2.12g/t gold from 85 metres.

Another hole intersected: 73 metres at 1.02g/t gold from 94 metres, including 17 metres at 2.01 g/t gold; and 19 metres at 1.10 g/t gold.

Wide zone of anomalous gold mineralisation were intersected at Anomaly 2.

More assays are pending from a further 33 shallow air-core holes.

Wed, 16 Aug 2017 13:46:00 +1000
Calidus Resources, Fastbrick Robotics, AVZ Minerals sit on ASX Most Traded podium The small-cap market is experiencing some frantic trading today, as companies deliver some positive news to the market.

Calidus Resources Ltd (ASX:CAI) is the most traded with 48 million changing hands.

Buyers jumped into Calidus following a bonanza grade intercept of: 6 metres at 63.31g/t gold from the Warrawoona project, located in the Pilbara of Western Australia.

Shares have jumped 44% to $0.036.

Next up is Fastbrick Robotics Ltd (ASX:FBR) with 46 million traded and a gain of 40% to $0.245, on the back of Memorandum of Understanding with Saudi Arabia.

Fastbrick's has a globally patented 3D robotic bricklaying system known as Hadrian X, with the agreement to potentially build a minimum of 50,000 new homes by 2022.

This would help the Kingdom with its housing shortage.

Coming in third most traded is AVZ Minerals Ltd (ASX:AVZ) with 35 million, and a 9% gain to $0.12.

AVZ is receiving investment from the largest cobalt chemicals producer in China.

Company Name Code Last Change Volume
Calidus Resources Ltd CAI $0.036 44% 48,301,770
Fastbrick Robotics Ltd FBR $0.245 40% 45,194,906
AVZ Minerals Ltd AVZ $0.120 9.09% 34,089,072
Force Commodities Ltd 4CE $0.049 -5.77% 25,686,911
Transaction Solutions International Ltd TSN $0.010 0% 24,790,078
Telstra Corporation Ltd TLS $4.290 1.18% 21,893,033
Eve Investments Ltd EVE $0.005 25% 19,415,319
Golden Rim Resources Ltd GMR $0.002 -33.33% 18,357,300
Atlas Iron Ltd AGO $0.018 0% 18,131,603
Vector Resources Ltd VEC $0.012 9.09% 17,266,587


Wed, 16 Aug 2017 13:22:00 +1000
Actinogen Medical enrols first UK patient in Alzheimer’s therapy trial Actinogen Medical (ASX:ACW) has enrolled its first UK patient into XanADu, its international Phase II efficacy and safety trial of Xanamem therapy in patients with mild Alzheimer’s disease.

Xanamem has been specifically designed to block the excess production of cortisol, the stress hormone, in the areas of the brain most affected by Alzheimer’s disease.

The patient in UK was enrolled at St. Pancras Clinical Research in London. This is the sixteenth patient to be enrolled globally across the eighteen research sites currently open.

Actinogen’s trial will enrol 174 patients at 20 research sites across Australia, the U.S. and the UK.

To-date, over 50 patients have been screened for the study, with at least half expected to progress to enrolment into the trial.

The first XanADu patient will complete the study next month, having reached the end of the 12-week dosing period, and now entering the 4-week follow up phase of the trial.

It is estimated that there are nearly 50 million people with Alzheimer’s disease worldwide, increasing to 131 million by 2050, making it critical to find effective new drugs to treat the disease.

The progress in the development of Xanamem is expected to provide an opportunity for Actinogen to make a profound difference to Alzheimer’s patients and their carers worldwide.

Actinogen ended the June quarter with $3.98 million in cash.

Wed, 16 Aug 2017 13:11:00 +1000
Mustang Resources boosts ruby inventory ahead of October's inaugural auction Mustang Resources Ltd (ASX:MUS) continues to swell its ruby inventory, which now stands at 147,000cts, placing the company on-target for 200,000cts for the inaugural rough ruby auction.

The auction has been scheduled for 27 - 30 October 2017 in Port Louis, Republic of Mauritius, and leading global ruby buyers have already confirmed their attendance.

Mustang said that Mauritius was selected above other short-listed global locations as the most suitable jurisdiction for the auctions owing to its proximity to both the Montepuez Project in Northern Mozambique as well as key customer locations in Asia.

Added to this is its favourable taxation regime and the natural lighting conditions in the conference centre where the auction will be hosted.

Mustang has also leased a 100 metre square safehouse and sorting facility adjacent to the conference centre where final grading and parcelling of the stones will take place prior to the auction ensuring simple and efficient logistics.

Christiaan Jordaan, managing director, commented:

"We are highly encouraged by the positive responses and support received from customers to date.

"Mustang’s management team is confident of delivering a strong inaugural auction and continuing to advance towards our goal of establishing the company as a globally significant ruby supplier.

"We are very pleased with the current performance of our processing plant after solving the remaining water challenges and now achieving good daily recoveries of high quality rubies."

Ruby demand

Outlining the demand for rubies, Mustang’s neighbour Gemfields latest June 2017 auction netted a record US$54.5 million for 895,848cts of commercial, medium and high-quality rubies (no corundum) for an average of US$61.13/ct.

Mustang’s planned auction will define the value range for rubies within each of its grading categories and be a key indicator of the long-term commercial viability of the Montepuez Ruby Project.

Mustang’s discussions with key rough ruby buyers were based predominantly in Thailand, India and Hong Kong.


The auction is expected to produce significant cashflow for Mustang, which can be used to assist in funding the project’s future working capital requirements and potential expansion plans.

Mustang has also been receiving some broker attention recently, with Hartleys assigning a Speculative Buy and a 12-month target of A$0.085 per share.

Wed, 16 Aug 2017 13:09:00 +1000
Optiscan Imaging shares ride higher after securing first U.S. order Optiscan Imaging (ASX:OIL) has secured its first order into the U.S. market for its new generation ViewnVivo Preclinical System through its North American distributor, Scintica Instrumentation Inc.

Scintica has agreed an indicative minimum number of ViewnVivo systems which would deliver a revenue in excess of $1 million in the next 12 months.

Optiscan’s shares were last trading 12.5% higher intra-day, at $0.09.

The company manufactures high-resolution miniaturised confocal endomicroscopes (instrument to view submicron resolution images in detail) for clinical and preclinical research markets.

In September 2017, Optiscan and Scintica will have a major presence at the World Molecular Imaging Congress to be held in Philadelphia, U.S.

It is the leading global imaging conference for senior academic and industry professionals.

This is the optimal target group to benefit from the use of the ViewnVivo system and represents a significant opportunity to influence senior academic professionals.

Incidentally, Optiscan is expected to shortly execute an exclusive distribution agreement in China with its preferred distribution partner.

The company already has received confirmation from leading Chinese research institutes regarding their intent to purchase ViewnVivo systems.

Optiscan’s direct activity with distributors and potential customers in China indicates that it would receive confirmed ViewnVivo orders in the 2017 calendar year and beyond.

Wed, 16 Aug 2017 12:47:00 +1000