Public Company News

ASX-listed K2fly management has smashed its year 2 recurrent revenue targets just 9 months after picking up its “RCubed” mining software business for around $450k plus some delayed payments on the back of revenue targets being achieved. The rapidly growing ASX-listed software company said this week that its annual recurrent revenues have now hit $1.83m, representing a spectacular 247% compound annual growth rate.

Legend Mining has kicked off its planned diamond and air core drill campaign at the Rockford Project in the Fraser Range of Western Australia, where drilling late last year hit a near 15-metre long zone grading 1.07% nickel, 0.75% copper and 0.06% cobalt from 114 meters downhole. Legend has outlasted a swag of other juniors in the Fraser Range and is now well blooded for the hunt.

ASX-listed smart home product supplier, Quantify Technologies, says it is well placed to face the Coronavirus-inspired market headwinds after raising A$1.75m back in February and a number of previously placed orders are now starting to be delivered. The Perth-based company has also managed to slash $1m off its annual cash burn as it focuses on its manufacturing and distribution deals in the East coast.

ASX-listed Hot Chili cant put a foot wrong, with its ongoing drill program continuing to deliver blistering numbers at the Cortadera project in Chile. Latest results include 542m grading 0.5% copper and 0.2 grams per tonne gold from 422m at the Cupero 3 deposit. The most recent drill hits have extended the deposit’s high grade core to well over 500m in length and 200m in width.

Neometals has stunned the market by delivering another cash windfall to its shareholders with a 2 cent, partially franked dividend set to hit their bank accounts on April 3rd. The ‘mine to market’, battery metals innovator will pay out A$10.9m of its December 31st cash balance of over $100m to fund the dividend which comes on top of $45m worth of cash returns paid in the last four years.

Lithium Australia looks set to drill test an exciting swarm of stacked pegmatites at Lake Johnston that outcrop over 450m x 100m. The company previously said it is looking at an exploration target at its Medcalf project in the Lake Johnston region of between 5 million tonnes and 8 Mt at between 0.8% lithium oxide and 1.2% Li2O. Lake Johnston is exquisitely located near three major lithium deposits.

Ramelius Resources’ takeover bid for ASX-listed Spectrum Metals has gone unconditional after Ramelius’ relevant interest in Spectrum surpassed 50 per cent. The cash and scrip offer by Ramelius, announced on February 10th and quickly endorsed by the Spectrum board, implied a 50 odd per cent premium to Spectrum’s closing share price at the time.

Blina Minerals’ new Barkly project near Tennant Creek in the NT has taken on a new complexion after the Perth ASX-listed company tabled some exciting drill results from its maiden drill program at the project. Best numbers include 20m grading 1.67% copper and 1.79g/t gold from 156m at the Bluebird prospect and 15m going 3.46% copper and 0.61g/t gold including 1m grading 4.8% copper and 3.9g/t gold at the end of hole.

Local heavy rare earths developer, Northern Minerals, has sold its second shipment of the year to trading company, Thyssenkrupp, with 114 tonnes exported from Darwin and bound for separation facilities in China. Northern also sold 22 tonnes of heavy rare earth carbonate back in January this year from its pilot plant in north-eastern WA, signalling an increase in output from its Browns Range project.

Venus Metals has entered into a binding term sheet with ASX-listed eMetals for the sale of its Nardoo Hill lithium exploration tenement in WA’s Gascoyne region. Under the terms of the deal, Venus will receive $15,000 in cash, 25 million shares in eMetals priced at $0.014 cents per share and it will retain some upside to the project courtesy of a $0.50 cent per tonne royalty for any ore extracted from the tenement.

The total contract value of all current clients on the books at ASX-listed K2fly, utilising its “Infoscope” and “RCubed” mining software products is up 41 per cent quarter on quarter to over A$4.7 million. In a positive sign this week, mining giant and foundation K2fly client, AngloGold Ashanti, re-signed with K2fly for another three years with a total contract value in excess of A$240,000.

Buru Energy has received $1.9m cash for its share of the latest sale of crude oil from its Ungani oil field in Western Australia’s Canning basin. The sale rounds out a solid quarter of oil sales for Buru who previously predicted it would achieve $5.4m in oil sales for the March quarter – a prediction that is looking good despite the recent drop in oil prices.