Proactive - Interviews for investors

Novo Resources CDI (ASX:NVO) executive chairman Mike Spreadborough joins Jonathan Jackson in the Proactive studio to talk through the highlights of the company's December quarter and the promising initial results from the Egina project, a joint venture with De Grey Mining. The partnership has seen De Grey complete more than 10,500 metres of drilling at Becher, with a significant investment of up to A$25 million in exploration efforts to secure a 50% interest in the Egina JV.

Spreadborough shared insights into the December quarter achievements across Novo's gold and battery metals portfolio, highlighting strong exploration progress in Western Australia and Victoria, alongside strategic partnerships, including a Battery Metals JV with SQM and its Liatam JV.

Looking ahead to the first half of 2024, Novo is well-positioned with a cash reserve of A$21 million to continue its exploration endeavours across key sites and explore value-accretive mergers and acquisitions.

Accelerate Resources Ltd (ASX:AX8) CEO Luke Meter joins Jonathan Jackson in the Proactive studio to discuss extended lithium mineralisation at the Prinsep Lithium Project in Western Australia's West Pilbara region. Prinsep is near Karratha and in the same region as Azure Minerals' Andover discovery and has turned up some promising assay results from recent rock chip sampling, with assays peaking at 1.51% lithium oxide (Li2O). The results help advance Accelerate towards its maiden drilling program scheduled for early Q2 this year. They also enhance the company’s portfolio of broader Karratha lithium projects, which span some 90 square kilometres of high-potential land.

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Imugene Ltd (ASX:IMU) CEO Leslie Chong sits down with Jonathan Jackson in the Proactive studio to delve into the company’s latest milestone - commencement of dosing for the first patient in the intravenous monotherapy arm of a Phase 1 clinical trial of the CD19 oncolytic virotherapy drug candidate, onCARlytics (also known as on-CAR-19, CF33-CD19 HOV4).

Dubbed OASIS, the trial focuses on adult patients grappling with advanced or metastatic solid tumours. The trial's primary objective is to assess the safety and efficacy of two administration routes: intratumoural (IT) injection and intravenous (IV) infusion, either independently or in conjunction with blinatumomab, a CD19-targeting bispecific monoclonal antibody (marketed as Blincyto® by Amgen).

The combination arm of the study will merge onCARlytics with blinatumomab, presenting a promising avenue for patients who previously found limited benefit from Blincyto® therapy alone.

Imugene's groundbreaking work is garnering attention, with the company recently featured on Channel 7.

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Great Republic Mining Corporation CEO Fred Davidson joined Steve Darling from Proactive to share the results of the company's 2023 prospecting, sampling, and ground geophysics program on the Porcher Island Vanadium-Titanium-Iron Property in British Columbia.

Davidson highlighted that the field program successfully expanded the discoveries of Vanadium mineralization on the Porcher Island Property, which is strategically located on tidewater, just 40 kilometers from the deepwater, all-season port of Prince Rupert.

During the program, 30 rock samples were taken, with values ranging up to 0.17% V, equivalent to 0.303% V205. Additionally, the company utilized 2019 airborne magnetic geophysics data, confirming several distinct high magnetic anomalies. Ground magnetics were also conducted, covering 5 line-km in a core area, revealing numerous localized magnetic highs for future exploration.

The results from the 2023 field program confirmed the potential for mineralization of a large-scale stratified Vanadium-Iron-Titanium system on the Porcher Island Property. Historic airborne magnetics surveys also highlighted two other areas, measuring 2.5 by 4.5km and 2 by 3km respectively, which were sampled and returned anomalous vanadium values, warranting further follow-up exploration efforts.

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SSV Capital PLC founder and CEO Ankur Ghosh discussed significant advancements in the company's operations, focusing on the SmartPay launch and developments in the prop-tech and fintech sectors.

In an interview with Proactive's Stephen Gunnion, Ghosh highlighted the successful soft launch of SSV SmartPay at the House of Commons, emphasising the onboarding of merchants and customer adoption.

SmartPay, featuring a unique URL-based open banking solution, encryption, digital wallet, and cross-border payment technology, aims to significantly increase merchant transactions. The company's ambition is to bridge the transaction gap in the open banking platform, targeting a substantial portion of the market currently dominated by traditional payment facilitators.

Further, Ghosh elaborated on SSV Capital's efforts in the prop-tech space through SSV Real Estate, focusing on sustainable commercial real estate development. This initiative underlines the company's commitment to decarbonizing buildings and investing in technology that promotes sustainability and energy efficiency.

Additionally, Ghosh announced the launch of a £50 million fund dedicated to fintech and commercial real estate investments, showcasing the company's strategic direction towards integrating sustainable practices with financial growth.

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DRDGOLD Ltd CEO Niël Pretorius takes Proactive's Stephen Gunnion through the company's first-half highlights, including a 12% increase in revenue, largely supported by a firmer gold price, and its 17th year of an interim dividend.

Gold production was 7% lower on the back of a 13% drop in throughput, the result of delays in the commissioning of two high-volume sites due to community issues and delays in obtaining regulatory approvals respectively. Pretorius said the company made up tonnes from a number of legacy and clean-up sites.

Pretorius also announced significant advancements in sustainability and efficiency, including the completion of a new solar plant by March end, followed by a battery storage system in October, to enhance cost savings and supply consistency. Additionally, he detailed the next major capital investment in phase two of the Far West Gold Recoveries to double plant capacity and build the 800 million tonne Regional Tailings Storage Facility for which regulatory approvals are imminent.

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Pan African Resources PLC CEO Cobus Loots takes Proactive's Stephen Gunnion through the company's interim results to 31 December 2023.

The mining firm experienced a significant uptick in performance, driven by increased production and a favourable gold price environment, particularly in South African rand. The impact of operational enhancements at its Barberton operations and its tailings retreatment portfolio including Elikhulu saw substantial production boosts, positioning the company to meet its full-year guidance of 180,000 to 190,000 ounces of gold.

Loots highlighted the successful management of costs despite inflationary pressures, attributing part of the efficiency to the depreciation of the rand against the dollar, higher gold output reducing unit costs, and prudent cost controls. Notably, the company's investment in renewable energy and water recycling initiatives has started to pay off, with the first solar plant saving approximately $13 per ounce in all-in-sustaining costs (AISC).

Cash generation surged by 130%, enabling further investments in projects like the Mogale Tailings Retreatment project, which is on schedule and budget to enhance Pan African's production for the next two decades.

The Evander mine also reported increased output, thanks to infrastructure upgrades.

Safety improvements were emphasized as a crucial part of the company's operations, especially significant given the proportion of production from tailings and surface operations.

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KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) executive chairman Harry Anagnostaras-Adams joined Proactive's Stephen Gunnion with an update on the company's Tulu Kapi gold project in Ethiopia following stakeholder meetings at the Mining Indaba in Cape Town last week.

Anagnostaras-Adams detailed the innovative financing structure designed to progress these projects without relying on equity market capital. This approach includes utilizing conventional project finance, engaging mining and processing contractors for risk mitigation, and securing development bank support due to Ethiopia's evolving regulatory landscape.

The financing arrangement marks a pioneering effort in Ethiopia, representing the first internationally financed, bankable project development in the country's private mining sector. This development adheres to the highest International Finance Corporation standards for environmental and social governance, highlighting KEFI's commitment to responsible mining practices.

Furthermore, Anagnostaras-Adams emphasized the importance of community engagement and the meticulous planning required to ensure local support and security. With a comprehensive strategy encompassing physical, legal, and financial preparations, KEFI aims to launch the project in the first half of the year. This ambitious plan involves local capital investment, leveraging multinational subsidiaries in Ethiopia, and navigating the country's regulatory adjustments to facilitate foreign investment.

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At the Proactive One2One Investor Forum, Royal Road Minerals Ltd's CEO, Tim Coughlin, delivered a pressing message on the global copper demand for energy transition, emphasising the significant gap between current production levels and future needs.

Coughlin pointed out the necessity to increase annual copper production from 27 million tonnes to 37 million tonnes by 2031 to meet global energy transition demands, a target he deemed nearly impossible under current conditions.

Highlighting the challenges, he underscored the lack of interest in mining sector investments and the devaluation of mining stocks, particularly in Canada, despite its prominent role in global mining.

Coughlin also touched on the lifecycle of mining projects, pointing out a new "orphan period" in exploration due to economic nationalism and a focus on lower-risk development phases in traditional mining environments like the USA, Canada, and Australia. This shift has led to deeper, lower-grade copper deposits, making exploration increasingly challenging and economically unfeasible. He also criticised the misallocation of capital within the sector, especially in drilling for low-grade deposits at great depths, which requires enormous initial capital.

The CEO further discussed the mining sector's preoccupations, with ESG (Environmental, Social, and Governance) factors topping executives' concerns, despite the industry's progress in reducing its carbon footprint.

Coughlin concluded by underscoring the urgent need for new copper mines to fulfil the demands of the energy transition, advocating for a strategic shift towards mining economically viable deposits with short development timelines in supportive jurisdictions. Royal Road Minerals Ltd has adapted its strategy accordingly, focusing on high-quality copper assets in regions like Saudi Arabia and Morocco, aiming to bridge the copper supply-demand gap crucial for the global energy transition.

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Andrew Benitz, CEO of Jersey Oil and Gas PLC, highlighted key developments and strategic achievements of the company at the Proactive One2One Investor Forum.

Underlining the significant progress in the Greater Buchan Area, Benitz showcased the acquisition of an FPSO (Floating Production Storage and Offloading) unit, pivotal for the redevelopment of the Buchan oil field, marking a crucial step in de-risking the project. This FPSO, operational in the North Sea since 2017, is set to be modified for Buchan's redevelopment, emphasizing the project's scale as one of the North Sea's largest developments.

Jersey Oil and Gas has successfully farmed out the project to two major companies, enhancing its financial and operational foundation. Benitz also reflected on the company's journey, from acquiring a company out of administration in 2015 to becoming a significant player in the North Sea exploration and development sector. The company's strategy has led to a retained 20% interest in the Buchan project, with a projected net cash flow exceeding £500 million.

The presentation outlined the project's robust economics, funding arrangements, and the expected timeline towards first oil, highlighting the company's low-carbon vision and the team's entrepreneurial spirit. Benitz also addressed the disconnect between the market cap and the core NAV of the assets, presenting a compelling investment case based on high-quality development, strategic partnerships, and significant future cash flow potential.

This strategic update from Jersey Oil and Gas PLC illustrates a clear path to production, emphasising the company's resilience, strategic acquisitions, and focus on carbon-efficient operations, positioning it as a significant player in the UK North Sea oil and gas sector.

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