Tony Sage\u2019s European Lithium completes Sizzle merger that sees new entity CRML list on Nasdaq
\nIron ore player Fenix Resources enters into funding agreement with magnetite junior Athena Resources
\nSyrah Resources, Iceni Gold and Metals X also trading in the right direction\u00a0<\/p>\n
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Here are some of the biggest resources winners in early trade, Friday March 1.<\/em><\/p>\n \u00a0<\/p>\n This story here has grabbed a few headlines today. Former Perth Glory owner Tony Sage seems to have kicked a goal by successfully steering European Lithium to a Nasdaq listing \u2013 via a neat 1-2 combo up the sideline, teaming with acquisition SPAC Sizzle.<\/p>\n This comes just weeks after Perth Glory\u2019s receivers KordaMentha took control of a large amount of his holdings in the company.<\/p>\n Today, the company\u2019s announcement has hit the ASX confirming the completion of the merger that forms Critical Metals Corp (CRML), which actually commenced trading on February 28.<\/p>\n Critical Metals is formed to advance the construction and commissioning of the Wolfsberg lithium project. Located in Carinthia, 270km south of Vienna, Austria, the mine\u2019s future construction and commissioning is now CRML\u2019s entire focus.<\/p>\n As reported by Stockhead<\/em> yesterday<\/a>, the CRML listing injects value into European Lithium with the upcoming issue of US$750m worth of CRML shares.<\/p>\n And a major stake in CRML ensures that EUR retains exposure to any Wolfsberg upside.<\/p>\n According to the EUR company release this morning, the CRML closing price on 29 February 2024 was $US12.38 per share reflecting a value for EUR shareholders of US$839,220,182 ($1.3 billion).\u00a0 Sizzle raised funds totalling US$10 million from PIPE (private investment in public equity) investors (including up to US$20 million in total if warrant is fully exercised).<\/p>\n Critical Metals Corp. Completes Business Combination<\/p>\n https:\/\/t.co\/2AYLhaqBwz<\/a>$EUR.ax<\/a> #Lithium<\/a> pic.twitter.com\/RRY7NC9Ovt<\/a><\/p>\n \u2014 European Lithium (@EuropeanLithium) February 29, 2024<\/a><\/p>\n\n \u00a0<\/p>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Minnow explorer for diverse minerals Athena is well up this morning, trading on good volume.<\/p>\n News? It has some, courtesy of funding from high-grade WA iron ore mining company Fenix Resources (ASX:FEX)<\/strong><\/a>, which operates the Iron Ridge project in the state\u2019s mid-west and boasts a healthy market cap of more than $177 million.<\/p>\n Fenix has agreed to subscribe for up to 100 Convertible Notes in Athena Resources, with a collective face value of A$1,000,000 convertible at $0.002\/share.<\/p>\n Consistent with Fenix\u2019s strategic mission to unlock value from the rich but stranded resources of WA’s Mid-West, #FEX<\/a> has entered into an funding agreement with Athena Resources Ltd (ASX:AHN) where FEX will subscribe for up to A$1M of convertible notes. https:\/\/t.co\/KYz7MOQwks<\/a> pic.twitter.com\/BN67UUwhmY<\/a><\/p>\n \u2014 Fenix Resources Limited (@Fenix_Resources) February 29, 2024<\/a><\/p>\n\n If all this goes through as planned, it will make Fenix the largest shareholder in Athena, with an approximate 31.8% shareholding, and will provide Fenix with exposure to Athena\u2019s Byro magnetite project \u2013 also in WA\u2019s mid west region, about 340km north-east of Geraldton.<\/p>\n The funding will reportedly assist Athena in completion of the pending Scoping Study of the Byro project, for the production of a high grade, low impurity magnetite concentrate that Athena says would demand a premium price and could be hauled to Geraldton for export. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Graphite player Syrah is up a stonking 60% so far this month.<\/p>\n The $456m market capper has announced a binding offtake agreement with Posco Future M Co for natural graphite fines, from Syrah\u2019s Balama graphite operations in Mozambique.<\/p>\n Key terms of the offtake agreement include: volume of up to 2kt per month (24kt) in the year following commissioning, and from 2kt per month (24kt per annum) to 5kt per month (60kt per annum) at the option of Posco Future M from the second year to the end of the term. The whole term of the deal is for six years.<\/p>\n Posco Future M is one of the largest active anode material (AAM) producers globally and is planning to significantly increase its natural graphite AAM production capacity for the remainder of this decade.<\/p>\n The company notes that the agreement highlights increasing demand for Balama natural graphite in ex-China anode and battery supply chains.<\/p>\n We’ve signed a binding offtake agreement with Posco Future M Co., Ltd for natural #graphite<\/a> fines from our Balama Graphite Operations in Mozambique. This highlights the growing demand in ex-China battery supply chains.https:\/\/t.co\/9rg5xyjUfE<\/a> $SYR<\/a> pic.twitter.com\/e2BdeyLBdF<\/a><\/p>\n \u2014 Syrah Resources (@SyrahResources) February 29, 2024<\/a><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Tin and copper producer Metals X is nicely up today after announcing its intention to undertake an on-market share buy-back for up to 10% of the company\u2019s issued capital, as part of its capital management strategy.<\/span><\/p>\n The board took into account the current tin price, the company notes, along with MLX\u2019s future expected operational and cash requirements.<\/span><\/p>\n The buy-<\/span>back will begin on or around March 19 and will be undertaken over a 12-month period. <\/span><\/p>\n As of December 31, the company had a healthy cash balance of $143.04m. A buy-back of 10% of the company\u2019s <\/span>issued capital would cost about $26.76m at the closing share price of $0.295 on February 29.\u00a0<\/span><\/p>\n<\/div>\n Metals X has a 50% equity interest in the Renison tin operation in Tasmania through its 50% stake in the Bluestone Mines Tasmania Joint Venture (BMTJV).<\/p>\n Per the Metals X website:<\/p>\n Renison is the largest tin producer in Australia, one of the world\u2019s largest and highest-grade tin mines and through the Metals X equity interest, one of the few publicly held tin projects in the world.<\/em> \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n \u00a0<\/p>\n Goldie ICL is gleaming hard on the bourse right now, bursting to a +26% gain at time of writing.<\/p>\n There\u2019s no major fresh news we\u2019re seeing from the $6m market capper, a Perth-based explorer that operates the 930km2 14 Mile Well gold project in the Laverton Greenstone Belt.<\/p>\n That said, it did have news earlier in the week, delivering an RC drilling update from its flagship asset.<\/p>\n Results were recorded from 33 holes across gold and lithium targets comprising Claypan, Breakaway, Monument Area, and Guyer Well.<\/p>\n Those results included:<\/p>\n \u2022 Guyer Northwest: 4m at 0.37g\/t from 80m including, 2m at 0.62g\/t from 80m Drilling is currently being considered to test beneath the RC intercepts to assess the potential for basement sulphide mineralisation, and Iceni notes it\u2019s in the process of selling surplus assets to raise funds for further exploration. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n At Stockhead we tell it like it is. While European Lithium is a Stockhead advertiser at the time of writing, it did not sponsor this article.\u00a0<\/em><\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Resources Top 5: European Lithium kicks merger goal; Fenix funds minnow magnetite player Athena<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"European Lithium (ASX:EUR)<\/strong><\/a><\/h2>\n
EUR share price<\/h2>\n\n
\n\u00a0<\/p>\nAthena Resources (ASX:AHN)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nAHN share price<\/h2>\n\n
\n\u00a0<\/p>\nSyrah Resources (ASX:SYR)<\/strong><\/a><\/h2>\n
SYR share price<\/strong><\/h2>\n\n
\n\u00a0<\/p>\nMetals X (ASX:MLX)<\/a><\/span><\/h2>\n
\n\u00a0<\/p>\nMLX share price<\/h2>\n\n
Iceni Gold (ASX:ICL)<\/strong><\/a><\/h2>\n
\n\u2022 Guyer Northwest: 4m at 0.11g\/t from 46m
\n\u2022 Monument North: 12m at 0.16g\/t from 28m
\n\u2022 Monument South: 2m at 0.38g\/t from 14m<\/p>\n
\n\u00a0<\/p>\nICL share price<\/h2>\n\n