Public Company News

Estrella Resources says it remains on target to kick off full-scale mining of the company’s 5A resource in early 2023 after further high-grade assays at its Spargoville nickel project near Kambalda in WA. With drilling coming to an end, Estrella will now move to extract between 2000 and 4000 tonnes of material for metallurgical testing. The company says plans to calculate a revised mineral resource estimate will feed into ore reserve and pit optimisation modelling.

Image Resources has tabled a successful quarter of operations at its Boonanarring mineral sands project in WA despite rising costs. The company posted revenue of $54.6 million, up 46 per cent from the previous period. Image ended the financial year with a net cash position of $47.9 million. The mineral sands producer also expanded its total mineral resource to 6.4 billion tonnes after expanding its Eneabba tenement deal.

Lithium Australia continues to grow its revenue stream after recording almost $1m in receipts from customers for the June quarter and finishing the financial year with $4.8 million in the tin. The company recorded $994,000 in revenue for the June quarter that has increased from $575,000 in the March quarter that in turn grew from $488,000 for the December quarter.

Helped by rising oil prices, Buru Energy has tabled its record price for an oil shipment yet, bringing in about $5.7 million from its 50 per cent share in 76,000 barrels of crude from its joint venture Ungani oilfield near Broome in WA. The shipment by a tanker through Wyndham port raked in $1 million above the company’s previous high in February.

Podium Minerals has confirmed the presence of high-value rhodium and iridium in its maiden drilling campaign for platinum group metals at Parks Reef in WA as the company pushes towards production. Shallow drill results were headlined by 27m at 2.34 g/t 5E PGM from 9m including 7m grading 6.11 g/t from 17m. 5E PGM represents a combination of platinum, palladium, gold, rhodium and iridium.

Oil producer Triangle Energy has navigated an evolving commodity landscape, locking away $13.8 million in cash at the end of June – a leap of more than $11 million above its previous quarter. Oil revenue from its Cliff Head JV was $21.3 million for the period, courtesy of 148,000 barrels of oil sold. Receipts from customers leapt to $12.6 million up from zero in the March quarter.

Empire Energy has finished the June quarter in a strong financial position after locking in more than $3 million in sales, a successful $27.5 million capital raise and almost $5.5 million in exploration grants. The ASX-listed oil and gas company closed the financial year with more than $45 million in the tin, with the goal of becoming the first commercial producer in Northern Territory's Beetaloo sub-basin.

JV partners DiscovEx Resources and Carnaby Resources have added another riveting chapter to the duo’s Queensland copper story, with the explorers intersecting 110m of visual sulphide mineralisation at the base of a hole at their Lady Fanny South prospect. The exploration target was defined last month through an induced polarisation survey and forms part of the larger Greater Duchess project near Mt Isa.

The latest round of diamond drilling at Legend Mining’s Mawson nickel, copper and cobalt discovery in Western Australia’s Fraser Range has hauled in massive nickel sulphides from a suite of prospective host rocks. A drilling program is chasing up a swag of valuable targets identified from a recently completed detailed 3D seismic survey that covered a 6.5 square kilometre area of the prospect.

Lithium Australia subsidiary Envirostream has added more than 100 spent battery collection sites across the nation after signing a battery recycling services agreement with Battery World Australia. The deal allows Envirostream to collect spent lithium batteries from Battery World’s 110 franchises nationally. The latest partnership gives Envirostream access to more than 800 collection points throughout Australia after similar collaborations with retailers such as Bunnings and Officeworks.

Strickland Metals has been named the manager of the Iroquois zinc-lead project in Western Australia’s Earaheedy Basin after the company completed a formal joint venture agreement with Gibb River Diamonds. The new joint venture supersedes an historical option agreement from 2012. Strickland says a native title heritage survey will be requested for next month. The company is planning a 5000m drilling program with a further 5000m in the works, subject to positive results.

Ora Banda Mining’s strategy to simplify mining, raise plant efficiency, cut costs and improve cash generation has stabilised performance and delivered a timely boost as the company heads into the new financial year. The June quarterly report has marked the first time the gold producer has delivered a positive cash flow since inception. The $3.8 million net operating position came on the back of the sale of 15,060 ounces of gold during the period.