Proactive - Interviews for investors

Panthera Resources PLC (AIM:PAT) managing director Mark Bolton takes Proactive's Stephen Gunnion through the latest metallurgical test results from Kalaka gold project in Mali.

Bolton shared insights on the extensive test work that began several months ago, following earlier promising results. He explained that the Kalaka project is a large, low-grade gold system with potential high-grade zones. The test work primarily focused on the K1A target, one of many targets within the extensive project area.

Bolton emphasised the potential for a bulk tonnage, low-grade operation near the surface with strong metallurgy. He detailed the steps taken to confirm the project's viability, including tests to see if the material would work as a heap leach operation. Encouragingly, both sulfides and oxides responded well to these tests, confirming the potential for large tonnage and economic viability with a favourable gold price.

Additionally, Bolton discussed Panthera's strategic options for their West African portfolio, noting ongoing discussions with third parties for joint ventures and spin-outs. He also provided an update on the arbitration process with the Indian government, highlighting the ongoing consultation period and the potential for an amicable resolution.

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ETC Group CEO Tim Bevan talked with Proactive's Stephen Gunnion about recent trends and developments in the cryptocurrency market. Bevan discussed the implications of the US policy reversal and the approval of the Ethereum ETF, which had initially boosted market sentiment. However, subsequent regulatory actions tempered this enthusiasm, highlighting the controlled and slow approach the US is taking towards crypto regulation.

Bevan noted, "The improvement in the regulatory political environment is going to be a slow one," reflecting on the tempered euphoria in the market. He also emphasized the current range-bound nature of Bitcoin, oscillating between the mid-$60,000s to the low-$70,000s, attributing recent volatility to macroeconomic factors and mixed economic data.

Furthermore, Bevan shared his long-term bullish outlook on crypto adoption among institutional investors, despite the slow pace. He predicted that towards the end of the year, there might be significant upward pressure on Bitcoin and Ethereum prices, driven by increased adoption and acceptance.

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NetScientific PLC CEO Dr Ilian Iliev joined Proactive's Stephen Gunnion with details of the company’s achievements in 2023 and its future goals.

Iliev highlighted NetScientific's strong portfolio and significant revenue growth despite challenging market conditions. The company successfully raised around £60 million for its portfolio companies, pushing its assets under management (AUM) to the £100 million mark. This milestone represents a significant leap from three years ago when the AUM was just £8 million.

Iliev explained the company’s strategy of building a resilient venture capital (VC) platform focused on deep tech and life sciences. The addition of a fund management function aims to scale the capital available to their companies.

A recent partnership with Cambridge-based Martlet Capital has added 50 companies to NetScientific's portfolio. He emphasised the goal of making the company financially autonomous after reducing losses from £3.7 million to £2.9 million year-over-year.

Looking ahead, Iliev outlined a pragmatic goal of doubling their AUM to £200 million through strategic investments and efficient management. He stressed the importance of profitable exits and the continued growth of their portfolio value.

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Discovery Alaska Ltd (ASX:DAF, OTC:DRVYF) managing director Jerko Zuvela joins Proactive’s Elisha Newell to walk through a recent review of the Vinasale gold project in the Tintina Gold Province of Alaska, US.

The project, 310 kilometres northwest of Anchorage, spans about 6,500 hectares on lands owned by Doyon Ltd, an Alaska native regional corporation.

The Vinasale project hosts a historical inferred resource of 22 million tonnes at 1.53 g/t for 1.08 million ounces of gold and an indicated resource of 2.29 million tonnes at 1.84 g/t for 135,000 ounces at the Central Zone prospect.

After securing a mining lease agreement with Doyon, Discovery Alaska has reviewed the historical resource block model, identified follow-up target areas from historical datasets, and planned a forward work exploration program. A technical consultant has been appointed to drive exploration efforts.

Initial work involved auditing the existing resource block model against drill hole data, confirming the correlation between block model and drilling results. The company identified additional targets from existing drill and geophysical data, which may expand the current resource in the Central Zone and to the south and east of previous drilling.

These targets, supported by previous drill and geophysical information, align with regional fault zones and vein systems. Further desktop evaluations and planning for site ground-truthing works are underway for these prospective areas.

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Triangle Energy (Global) Ltd (ASX:TEG) CEO Conrad Todd joins Proactive’s Elisha Newell to discuss a pivotal carbon capture and storage approval for its Cliff Head Project in WA’s Perth Basin.

This morning, TEG announced that its oilfield joint venture with Pilot Energy (ASX:PGY) has received the Commonwealth green light for its declaration of greenhouse gas storage formation (DoSF).

This approval, granted by the Minister for Resources, Madeleine King, enables Triangle to receive $15 million in payments from the sale of its 78.75% interest in the Cliff Head project to Pilot Energy.

The approval of the Cliff Head carbon capture and storage (CCS) project, located on the WA 31-L licence area, marks a significant milestone.

Following the news, Todd expressed satisfaction with the approval, highlighting that it results from extensive efforts by Triangle over the past two years to streamline its portfolio.

This transaction allows Triangle to focus on its conventional oil and gas activities, particularly upcoming wells in the Perth Basin.

The transfer still requires regulatory approval, during which time Triangle will continue to operate the Cliff Head field.

The consideration to be paid by Pilot Energy will include $3 million in cash, $4.5 million upon issuance of a Greenhouse Gas Injection Licence by the National Offshore Petroleum Titles Administrator (NOPTA), and up to $7.5 million in royalties from the CCS project.

Finally, Todd notes that the sale removes associated liabilities from its balance sheet, positioning the company to concentrate on its Booth-1 and Becos-1 wells in the Perth Basin.

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Lithium Australia Ltd (ASX:LIT) CEO and managing director Simon Linge sits down with Proactive’s Elisha Newell to discuss the three-year offtake agreement subsidiary Envirostream has signed with South Korean battery recycler SungEel HiTech Co., Ltd.

Effective from July 1, 2024, SungEel HiTech will purchase at least 60% of Lithium Australia's annual Mixed Metal Dust (MMD) production, contingent on quality standards. This agreement follows a Memorandum of Understanding from March 2024 and underscores the strategic importance of Lithium Australia's high-quality MMD.

Linge expressed satisfaction with the swift transition from MoU to a formal agreement. He highlighted the agreement's role in the company’s recycling growth strategy, especially with increasing large-format lithium-ion battery (LIB) collection volumes and MMD production.

The agreement sets MMD pricing based on prevailing metal prices from agreed indices. If the agreement had been active since July 2023, FY24YTD MMD sales would have generated approximately A$514,000 in revenue.

SungEel, a long-standing customer since 2020, has purchased more than 300 tonnes of MMD and recently opened the world’s largest lithium-ion battery recycling plant in South Korea. The facility can process 20,000 tonnes of MMD using hydrometallurgy. SungEel operates recycling plants globally and plans further expansions.

The MMD market is growing, evidenced by Lithium Australia’s FY24YTD MMD sales of 256 tonnes, up from 139 tonnes the previous year. This growth is supported by increasing large-format LIB collections, driven by securing recycling agreements with OEMs and battery manufacturers.

Following the offtake agreement, SungEel and Lithium Australia are discussing a joint development agreement (JDA) to upgrade recycling equipment and expand processing capacity, subject to negotiation and approvals.

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Race Oncology Ltd (ASX:RAC, OTC:RAONF) CEO Dr Daniel Tillett speaks to Proactive about the potential clinical utility of its lead asset, bisantrene.

The biotech this week reached a new 12-month high following strong preclinical findings on the efficacy of bisantrene in treating multiple myeloma. Shares increased by 7.95% to A$2.04, with the company's market capitalisation around A$339.25 million.

Multiple myeloma, a dangerous blood cancer more common in men over 60, accounts for 10% of blood cancers with a five-year survival rate of 55.6%. Carfilzomib, a drug used for relapsed or refractory multiple myeloma, carries known cardiotoxicity risks, particularly in patients with pre-existing heart conditions.

Preclinical studies performed by Labcorp USA indicated that bisantrene, both alone and in combination with carfilzomib, slows disease progression and enhances carfilzomib's efficacy. Bisantrene killed human multiple myeloma cells at clinically relevant concentrations in both cell cultures and mice, and in combination with carfilzomib, showed enhanced activity, suggesting a potentially safer treatment.

In 2021, Race discovered that bisantrene could protect human heart muscle cells from carfilzomib's toxicity. Mouse model studies showed that bisantrene significantly slowed multiple myeloma progression, while carfilzomib alone, at its maximum tolerated dosage, showed no single-agent activity. The combination of bisantrene and carfilzomib proved more effective than bisantrene alone, indicating a synergistic effect.

Race plans further preclinical studies to investigate the cellular mechanisms of the delayed progression of multiple myeloma and to confirm bisantrene's cardioprotective properties. The company also intends to explore clinical studies to evaluate the combination treatment for multiple myeloma patients.

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Corazon Mining Ltd (ASX:CZN) managing director Brett Smith joins Jonathan Jackson in the Proactive studio to discuss an agreement to expand its landholding in Manitoba, Canada, by acquiring three drill-defined zinc-copper-gold deposits near its flagship Lynn Lake nickel-copper-cobalt sulphide project.

This strategic acquisition increases Corazon’s portfolio within the Lynn Lake region to seven zinc-copper-gold deposits and enhances the potential for Lynn Lake to become a regional polymetallic processing hub, focusing on critical minerals like zinc and copper.

The MacBride deposit, the highlight of this acquisition, features significant historically published metal endowment with continuity from the surface to approximately 300 metres. Drilling results include 10.7 metres at 9.98% zinc and 0.56% copper from 32.9 metres and 4.9 metres at 9.86% zinc and 0.20% copper from 119.8 metres.

The Wellmet Prospect shows numerous surface copper occurrences and electromagnetic conductors. Notable drill results include 4.2 metres at 6.20% zinc and 0.91% copper from 36.1 metres. The Barrington Prospect has shown copper mineralisation in sparse exploration drilling.

Corazon’s strategy includes potentially restarting mining at Lynn Lake with a focus on low operational costs and leveraging high-grade zinc-copper deposits. Historical mining in the Lynn Lake region dates back to the 1940s, focusing on nickel sulphide, volcanogenic zinc-copper-gold massive sulphide and orogenic gold.

Corazon will acquire the mineral tenure for C$153,600 (~A$168,000) with the vendor, PC Dunlop, retaining a 2% net smelter royalty. Corazon retains the right to purchase up to 1% of this royalty. Initial due diligence of the project areas has been completed.

U.S. Gold Corp Vice President of Exploration and Technical Services Kevin Francis joined Steve Darling from Proactive to share significant news about the company's recent approval of a key water discharge permit. This permit, granted by the Director of the Wyoming Department of Environmental Quality, satisfies one of the conditions associated with the recently granted Surface Gold Mine Permit for the CK Gold Project.

Francis explained that the Water Discharge Permit meets one of the three conditions required for the Mine Operating Permit. This achievement marks a major milestone as U.S. Gold progresses toward development. The company is now focused on completing the remaining conditions, including the acceptance of the already submitted reclamation bond and the Air Quality Permit, which are anticipated shortly. The Air Quality Permit is currently under review by the WDEQ Air Quality Division, and the company remains on track to receive unconditional approval to proceed with the Mine Operating Plan around mid-year.

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Coniagas Battery Metals CEO Frank Basa joined Steve Darling from Proactive to announce that the company is actively applying for permits to expand the near-surface mineral resources at the Graal project in Quebec. This expansion aims to further delineate the resource potential and enhance the project's economic viability.

The Graal project has confirmed an open-pit deposit model along a 6 km strike length, featuring high-grade nickel and copper with cobalt, platinum, and palladium byproducts. The company plans to conduct additional drilling in the near term, leading to the production of a NI 43-101 resource report.

Basa shared that the company is building on the excellent drilling results reported from the MHY and Gravi zones, which confirm shallow, near-surface mineralization. Significant drill intercepts include 28.90 meters of 2.28% CuEq, including 0.73% Nickel, 0.41% Copper, 0.09% Cobalt, 0.04 g/t Platinum and 0.05 g/t Palladium

These results reinforce the significant potential of the Graal property to host valuable nickel, copper, and cobalt mineralization. The ongoing and planned exploration activities aim to enhance the resource base and support the project's economic feasibility, positioning Coniagas Battery Metals for future growth and development.

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