News - Market Insights

Chalice Mining has confirmed an institutional placement to raise A$100 million (reports MiningNews).

The issue price of $6 represents a 10% discount to yesterday's close of $6.67. The company will issue roughly 16.7 million shares, equating to about 4.7% of existing shares on issue. The placement, which is being managed by Bell Potter Securities and Macquarie Capital, is not underwritten. Chalice had $49 million cash at the end of April. The company owns the globally significant Julimar project, north of Perth, which is Australia's largest palladium discovery.

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Develop has completed the acquisition of the Woodlawn zinc-copper mine in New South Wales (reports MiningNews).

The company paid A$30 million up-front, comprising $15 million cash and the issue of 4.8 million shares at $3.14 each, to secured creditors of collapsed miner Heron Resources. Up to $70 million of future milestone payments will be due, including $20 million on a final investment decision and $30 million after 18 months of continuous production. Develop has also reimbursed creditor Orion for $500,000 of care and maintenance costs. The company raised $50 million at $3.30 per share in February to fund the deal.

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Bill Beament’s Develop has entered into an agreement to acquire Premium Mining & Civil and Premium Mining Personnel (reports MiningNews).

The company entered into a letter of intent to acquire the businesses for A$7.46 million less net debt, to be satisfied by $300,000 in cash and the balance in Develop shares. The Premium Group is controlled by Paul Allison though Beament is a minority shareholder of Premium Mining Personnel and will receive roughly 10% of the total consideration. No up-front cash consideration will be payable to Beament. The deal will require shareholder approval once a formal agreement is signed.

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A battery metals explorer backed by some big-name identities in the WA mining industry has defied volatile equity markets to make a strong debut on the Australian Securities Exchange (reports The West Australian).

Bellavista Resources has traded as high as 30¢, up 50 per cent on its 20¢ issue price after raising $6.5 million in a heavily oversubscribed initial public offering. The IPO was backed by Capricorn Metals executive chairman Mark Clark, chief executive Kim Massey, Bellevue Gold managing director Steve Parsons and former Alita Resources boss Mark Calderwood. The company holds the Edmund project in the Upper Gascoyne, 130km south-west of Newman, with its exploration efforts set to target four areas spanning a 130km-long corridor.

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Two leading lights of the WA resources industry have emerged as major shareholders of battery minerals explorer Bellavista Resources (BVR), which makes its eagerly-awaited share market debut today (reports Stockhead).

Capricorn Resources (ASX: CMM) executive chairman Mark Clark and Bellevue Gold (ASX: BGL) managing director Steve Parsons have each acquired a 10 per cent stake in Bellavista while Capricorn CEO Kim Massey and Bellevue non-executive director, Michael Naylor, will each have a 6 per cent stake. In addition to these high-profile shareholders, a number of globally significant institutions have invested and will own approximately 12 per cent of the company. On listing, the top 20 shareholders will account for 59 per cent of the company.

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Kerry Harmanis isn’t the first practising lawyer to throw in the towel (reports The Australian Financial Review).

But there aren’t many who quit to become a professional artist only to end up a mining prospector. It’s a twist of fate that paved the way for Harmanis to become a long-term member of the Financial Review Rich List. With a Frank Lowy-style knack for timing, Harmanis sold Jubilee Mines for $3.1 billion just as the nickel market peaked in 2007. He’d pocket around $470 million and leave corporate life to pursue his passion for surfing and tai-chi while toiling away at various equity and property investments.

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Pilbara Minerals has reinforced analysts’ bullish lithium predictions after securing a record price for 5000 dry metric tonnes of the critical battery raw material sold on its unique digital auction platform (reports The Australian Financial Review)

As investors digested several upbeat brokers notes on lithium stocks, Pilbara on Tuesday night revealed it had secured a price of $US5955 a dry metric tonne for a cargo of spodumene with 5.5 per cent lithia via its Battery Material Exchange platform. Including freight costs to China, the price for its fifth auction on the platform equates to around $US6586 a dry metric tonne for spodumene concentrate with 6 per cent lithia.

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26th May 2022

Elon Musk wants to mine it, China is scouring Tibet for it, battery makers are crying out for it (reports Bloomberg).

Lithium, the wonder metal at the heart of the global shift to electric cars, is in a full-blown crisis. Demand has outstripped supply, pushing prices up almost 500% in a year and hindering the world’s most successful effort yet to halt global warming.

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