Metals Archives - Page 33 of 36

Snow Lake Lithium Corrects the Record and Confirms Postponed Meeting Date for January 17, 2023

Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ: LITM) (“Snow Lake Lithium” or the “Company”), today corrects the record in response to misinformation perpetuated by the dissident group comprised of Kushkush Investments Pty Ltd (Alexandra Discretionary Trust), M + T K PTY LTD (MTK SUPERANNUATION FUND), Delaware IR LLC, Benjamin Abraham Fogelgarn, Nikola Najdoski, Yukor Mipoz Pty Ltd, Ozzi Pty Ltd, Deerhunter Investments Pty Ltd, and Nova Minerals Limited (collectively, the “Dissidents”).

The Dissidents have announced a purported meeting of the Company’s shareholders to take place on December 23, 2022. This meeting is invalid and will not be recognized by the Company. The Dissidents’ improper attempts to hold a shareholders meeting as well as their repeated false statements regarding management compensation and ongoing initiatives at the Company are unfortunate and serve only to mislead the markets to the detriment of shareholders.

As explained in the Company’s press release dated December 14, 2022, the annual general and special meeting of the Company’s shareholders is now scheduled for January 17, 2023 (the “Meeting”). The Meeting was postponed by the Company’s board of directors, in accordance with applicable law, as a result of concerns that the integrity of the voting process was at risk given inadequate disclosure from the Dissidents, issues with the manner in which the Dissidents solicited proxies, and a new assessment being conducted by the Australian Securities and Investments Commission with respect to an individual believed by the Company to be a joint actor of the Dissidents.

The Company again reaffirms that no meeting of shareholders will take place until January 17, 2023 and that any meeting of shareholders the Dissidents purport to convene prior to that time will be invalid, as will be any business purportedly conducted thereat.

Philip Gross, CEO and Chairman of Snow Lake Lithium, commented “There will be only one meeting at which shareholders will have the opportunity to support either current management or the Dissidents, and it will be held on January 17, 2023. We urge all shareholders to ignore any further attempts by the Dissidents to cause confusion about when and where the Meeting will occur and the issues that will be decided thereat. We also call on the Dissidents to work with management to ensure appropriate disclosure and proxy solicitation procedures are in place ahead of the Meeting, in accordance with applicable law, to prevent any further delays or erosion of shareholder value.”

In light of the Company’s concern with the proxy solicitation process, the Company is encouraging all shareholders to carefully review any proxy they have signed and to revoke any proxies inadvertently signed. As further disclosure is made, shareholders will continue to be entitled to revoke proxies or change their votes. If you have any questions related to proxies, voting instruction forms, or voting of your shares, please contact:

Alliance Advisors
200 Broadacres Drive, 3rd Fl.
Bloomfield, NJ 07003
North American toll free: 833-550-0994
Outside North America: 458-218-3345
Email: LITM@allianceadvisors.com

About Snow Lake Resources Ltd.

Snow Lake is committed to creating and operating a fully renewable and sustainable lithium mine that can deliver a completely traceable, carbon neutral and zero harm product to the North American electric vehicle and battery markets.

Our wholly owned Snow Lake Lithium(TM) Project now covers a 55,318-acre site that has only been 1% explored and contains an identified-to-date 11.1 million metric tonnes indicated and inferred resource at 1% Li2O.

Forward-looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with respect to the timing of the Meeting. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including without limitation future actions by the Dissidents. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled “Risk Factors” in our registration statements and reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law.

For more information, please contact:
Investors
ir@snowlakelithium.com

Media
media@snowlakelithium.com
www.SnowLakeLithium.com
twitter: @SnowLakeLithium
LinkedIn: https://www.linkedin.com/company/snow-lake-resources

SOURCE: Snow Lake Resources Ltd.

Palladium One Announces Increase in Brokered Private Placement Financing from C$3 million to C$4.2 million

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to announce that it has increased the previously announced brokered private placement from $3 million to $4.2 million.

The Company will issue up to 21,000,000 units on a charity flow-through basis (the “Charity FT Units”) at a price of $0.20 per Charity FT Unit (the “Charity FT Issue Price”) for gross proceeds of up to $4,200,000 (“Offering”). Each Charity FT Unit will consist of one common share of the Company (each, a “Charity FT Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Charity FT Warrant”), and each Charity FT Share and Charity FT Warrant will be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada). Each Charity FT Warrant will entitle the holder thereof to purchase one non flow-through Common Share (a “Warrant Share”) at an exercise price of $0.20 for a period of 36 months from the date of issuance thereof. The Charity FT Units will be offered for sale to purchasers in all the provinces and territories of Canada (other than Quebec) in reliance on the listed issuer financing exemption available in Part 5A.2 National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) and will not be subject to any statutory hold periods.

The Offering will be led by Echelon Capital Markets (“Echelon”, the “Lead Agent”) and along with Sprott Capital Partners LP and Research Capital Corporation (collectively “Agents”). As compensation, the Agents will be entitled to a cash fee in an amount equal to 6% of the gross proceeds from the Offering. In addition, the Agents will receive non-transferable warrants (the “Broker Warrants”) exercisable at any time prior to the date that is 24 months from the Closing Date to acquire that number of units (each comprised of one common share and one-half of one warrant with an exercise price of $0.20 for a period of 36 months) which is equal to 6.0% of the number of Charity FT Units sold under the Offering at an exercise price equal to $0.14.

In addition, the Company’s non-brokered flow-through unit financing (“FT Units”) to be issued at unit price (“FT Unit Price”) remains unchanged.

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at www.palladiumoneinc.com. Prospective investors should read this offering document before making an investment decision.

An amount equal to the gross proceeds from the issuance of the FT Units and Charity FT Units will be used to incur, on the Company’s Canadian mineral exploration properties, Canadian exploration expenses that will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) and that will also qualify as “eligible Ontario exploration expenditures” within the meaning of subsection 103(4) of the Taxation Act, 2007 (Ontario) (collectively, the “Qualifying Expenditures”). The Qualifying Expenditures will be incurred on or before December 31, 2023 and will be renounced by the Corporation to the subscribers with an effective date no later than December 31, 2022 to the initial purchasers of the FT Units and Charity FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units and Charity FT Units. In the event that the Corporation is unable to renounce the FT Issue Price and Charity FT Issue Price on or prior to December 31, 2022 for each FT Unit and Charity FT Unit purchased and/or if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Corporation will as sole recourse for such failure to renounce, indemnify each FT Unit and Charity FT Unit subscriber for the additional taxes payable by such subscriber to the extent permitted by the Income Tax Act (Canada) as a result of the Corporation’s failure to renounce the Qualifying Expenditures as agreed.

The Offering and the Non-Brokered Offering are expected to close on or about December 20, 2022, or such other date or dates as the Company and the Lead Underwriter may agree (the “Closing Date”) and are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Palladium One

Palladium One Mining Inc. (TSXV: PDM) is focused on discovering environmentally and socially conscious Metals for Green Transportation. A Canadian mineral exploration and development company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

ON BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. These forward-looking statements include, but are not limited to, statements relating to the timing and completion of the Offering, the satisfaction and timing of the receipt of required stock exchange‎approvals and other conditions to closing of the Offering and the intended use of the proceeds of the Offering. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Not for distribution to United States newswire services or for dissemination in the United States

Austral Gold Begins Drilling at Jaguelito in Argentina

Austral Gold Limited (ASX: AGD) (TSXV: AGLD) (“Austral”) is pleased to announce that it started its first drilling program on 30 November 2022 at the Jaguelito project located in the El Indio Belt, San Juan – Argentina, close to the Veladero mine and the Alturas project.

The drilling program is pursuant to the option agreement (the “Agreement”) with Mexplort Perforaciones Mineras SA (“Mexplort”) announced on 11 February 2022 whereby Austral may acquire a 50% interest in the Jaguelito project by performing the following work commitments within the next four years:

– US$2 million in exploration expenditures, including drilling a minimum of 5,000 meters on Jaguelito (the “First Stage”) by 10 August 2024, two years after the Agreement was approved by the Instituto Provincial de Exploraciones y Explotaciones Mineras de la Provincia de San Juan IPEEM.

– US$2 million in exploration expenditures on Jaguelito within two years after completing the First Stage (the “Second Stage”).

Austral Gold’s Chief Executive Officer, Stabro Kasaneva said: “As part of our strategic alliance with Mexplort, we are pleased to announce the start of our first phase of drilling at the Jaguelito project. Jaguelito is an advanced exploration project with a long history in the province of San Juan. Based on mineralisation of silver and gold intercepted in previous drilling campaigns, Jaguelito appears to have the same affected volcanic units that host a large zone of alteration having the same age as other large high sulphidation projects in the area.”

DRILLING PROGRAM OVERVIEW:

Austral plans to complete the First Stage of approximately 5,000m of diamond drilling (DDH) in 15 to 20 holes at Jaguelito Norte and Jaguelito Sur.

– At Jaguelito Norte, five drilling targets have been identified and in this stage at least three targets are expected to be tested with 3,500 meters of DDH drilling. The program intends to prioritise the Capote – Alcatraz sector under a new concept of gold ore control related to northwest direction and to drill the La Cuna maar-diatreme complex, which we recently identified as the main or major control of the hydrothermal system in the area. The third target corresponds to the satellite body of the Guanaco Breccia.

– At Jaguelito Sur, preliminary work has identified five structures related to phreatomagmatic activity that may control the alteration and possibly mineralisation in that sector. Progress is being made in the delineation process and our objective is to define drilling targets to be tested with 1,500 meters of drilling.

Casposo-Manantiales Project located in the province of San Juan, Argentina

We are finalising our second drilling campaign in 2022 as announced on 19 September 2022 and anticipate receiving and announcing assay results soon.

About the Jaguelito Project

The Jaguelito project is an advanced exploration stage project located in located in one of the main districts of precious metals worldwide; the El Indio – Pascua Lama district in the Province of San Juan, Argentina. Its deposits, of the high sulfidation epithermal type of Miocene age, include mines in production, construction and exploration.

The Jaguelito project covers an area of 11,000 approximately hectares, and over 150 holes (~30,000m) were drilled by previous owners (Minera Penoles, Minera IRL) between 1996 and 2009. It is located approximately 225 kilometers northwest of the city of San Juan in Valle del Cura, Iglesias Department, San Juan Province, Argentina. Its central coordinates are 29 46′ 20″ West Latitude, 69 38′ 15 South Longitude and a variable altitude between 3,600 and 4,300 meters above sea level. Jaguelito is a high sulfidation epithermal deposit related to a Miocene volcanism hosted in basement of Permo-Triassic age. Its mineralisation is related to a hydrothermal system controlled by northeast-southwest oriented faults and hosted in porous-permeable volcaniclastic units. These rocks allowed the circulation of precursor acidic hydrothermal fluids that strongly altered the rocks through which they circulated, generating a secondary porosity or vuggy silica, in the alteration cores. The high porosity product of the alteration served as a conduit for the posthumous hydrothermal fluids responsible for the mineralization of gold and silver.

About Austral Gold Limited

Austral Gold Limited is a gold and silver explorer and mining producer whose strategy is to expand the life of its cash generating assets in Chile, restart its Casposo-Manantiales mine complex in Argentina and build a portfolio of quality assets in Chile, the USA and Argentina organically through exploration and via acquisitions and strategic partnerships. Austral owns a 100% interest in the Guanaco/Amancaya mines in Chile and the Casposo-Manantiales mine complex (currently on care and maintenance) in Argentina, a non-controlling interest in the Rawhide Mine in Nevada, USA and a non-controlling interest in Ensign Gold which holds the Mercur project in Utah, USA.

In addition, Austral owns an attractive portfolio of exploration projects in the Paleocene Belt in Chile (including those acquired in the 2021 acquisition of Revelo Resources Corp), a noncontrolling interest in Pampa Metals and a 51% interest in the Sierra Blanca project in Santa Cruz, Argentina. Austral Gold Limited is listed on the TSX Venture Exchange (TSXV: AGLD) and the Australian Securities Exchange. (ASX: AGD). For more information, please consult Austral’s website at www.australgold.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Release approved by the Chief Executive Officer of Austral Gold, Stabro Kasaneva.

For additional information please contact:

Jose Bordogna
Chief Financial Officer
Austral Gold Limited
Jose.bordogna@australgold.com
+61 466 892 307

Ben Jarvis
Director
Austral Gold Limited
info@australgold.com
+61 413 150 448

Forward Looking Statements

All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, business integration risks; uncertainty of production, uncertainty of exploration programs, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets especially in light of the effects of the novel coronavirus,, uncertainty in the measurement of mineral reserves and resource estimates, Austral’s ability to attract and retain qualified personnel and management, potential labour unrest, reclamation and closure requirements for mineral properties; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond the Company’s control, the availability of capital to fund all of the Company’s projects, and other risks and uncertainties identified under the heading “Risk Factors” in the Company’s continuous disclosure documents filed on the ASX and on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Austral cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. Austral’s forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and Austral does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Palladium One Reports 10.4% Nickel, 3.4% Copper over 2.3 Meters and Adds Second Drill Rig at The Tyko Project, Canada

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to report the highest-grade drillhole intercept to date on the Tyko Property, from the West Pickle massive sulphide discovery in Ontario, Canada. The Tyko Property hosts nickel, copper and cobalt, each of which has been designated a Critical Mineral.

Highlights
– Assay results:
— 3.1% Nickel Equivalent (“Ni Eq”) over 10.1 meters (2.5% Ni, 1.0% Cu, 0.03% Co, 0.26 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au)) in massive and disseminated sulphide in hole TK-22-070
— Including 12.8% Ni Eq over 2.3 metres (10.4% Ni, 3.4% Cu, 0.14% Co, 0.92 g/t TPM)
— Including 15.0% Ni Eq over 0.9 metres (12.9% Ni, 2.7% Cu, 0.16% Co, 1.05 g/t TPM)
– Drilling has resumed on West Pickle and a second drill rig has been added
– West Pickle closely resembles the extremely high-grade Smoke Lake Zone located 20 kilometers to the east which has returned up to:
— 10.2% Ni Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and 0.02g/t Au) in hole TK-20-023) (see news release January 19, 2021)
– West Pickle is interpreted to be an extension of the historic RJ showing located 2.7 kilometres to the east which retuned up to:
— 1.04 % Ni and 0.23% Cu over 16.2 meters in hole TK-16-002 (see press release June 8, 2016)
– The Tyko Project represents a major new Nickel District which hosts five known nickel sulphide zones along a 20-kilometer trend and several yet to be tested Versatile Time Domain Electromagnetic (“VTEM”) anomalies

President and CEO, Derrick Weyrauch commented, “With assays of up to 12.8% nickel equivalent over 2.3 meters (Table 1, Figure 1), drillhole TK-22-070’s nickel grades exceed those of our 2020 award-winning Smoke Lake Discovery located 20 kilometers to the east. These are truly spectacular grades over minable widths. Given the spectacular grades we added a second drill rig in November to also focus on West Pickle.”

The West Pickle discovery occurs on the Pezim II claim block of the larger Tyko Project (seen new release July 27, 2022). To date a total of 20 holes, totalling 4,604 meters have been drilled in the vicinity of the West Pickle Discovery. Two drill rigs guided by a recent borehole electromagnetic (“BHEM”) survey are now focused on infilling and expanding the West Pickle massive sulphide mineralization. At present, West Pickle mineralization has been defined over more than 500 meters of strike length (Figure 3 and 5).

Figure 1. Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-070 from 165.4 to 167.1 meters down hole. Wall rock is tonalite breccia.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_001full.jpg

Figure 2. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics (“CVG”).
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_002full.jpg

Figure 3. Plan map of the West Pickle and RJ zones with airborne EM and ground EM maxwell plates showing Chonolith structures “Feeder Dykes” with Calculated Vertical Gradient Magnetics (“CVG”) as the background.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_003full.jpg

Figure 4. Long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_004full.jpg

Figure 5. Long section looking south of the West Pickle Zone.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_005full.jpg

Table 1: Assay Results: Tyko 2022 Drill Results from the new West Pickle Zone
https://www.acnnewswire.com/topimg/Low_Palladium20221129-6.jpg

(1) Reported widths are “drilled widths” not true widths.
(2) Italicised grey shaded values are previously reported (see news release October 4, 2022 and November 21, 2022)
(3) * Ni_Equivalent is calculated for comparison purposes using, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium, $1,100/oz platinum, $1,800/oz gold as per Palladium One’s May 2022 NI 43-101 report on the LK Project (see news release April 25, 2022) and assumes 100% recovery rates of sulphides into concentrate.

*Nickel Equivalent (“NiEq”)
Nickel equivalent is calculated using US$1,700 per ounce for palladium, US$1,100 per ounce for platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound for nickel and US$25 per pound for Cobalt. This calculation is consistent with the commodity prices used in the Company’s September 2022 NI 43-101 LK resource estimate (see news release April 25, 2022) and assumes 100% recovery rates of sulphides to concentrate.

About Tyko Copper-Nickel-Cobalt Project

The Tyko Copper-Nickel-Cobalt Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel-copper (2:1 ratio) project.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.

About Palladium One

ON BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Queensland Gold Hills Announces Acquisition of Mia Lithium Project in Quebec Hosting 8km Spodumene-Pegmatite Trend and Concurrent Private Placement Financing

Queensland Gold Hills Corp. (TSXV: OZAU) (OTCQB: MNNFF) (“Queensland Gold” or the “Company”) is pleased to announce that it has entered into an agreement with an effective date of November 21, 2022 (the “Purchase Agreement”) with 9219-8845 QC Inc., a private Quebec company dba Canadian Mining House (“CMH”) and certain investors in CMH (“CMH Nominees”) to acquire a 100% interest in the 86 square kilometre Mia Lithium Property (the “Property”) in the James Bay area of Quebec, Canada (the “Acquisition”).

Queensland Gold Hills Corp. (TSXV: OZAU) (OTCQB: MNNFF) (“Queensland Gold” or the “Company”) is pleased to announce that it has entered into an agreement with an effective date of November 21, 2022 (the “Purchase Agreement”) with 9219-8845 QC Inc., a private Quebec company dba Canadian Mining House (“CMH”) and certain investors in CMH (“CMH Nominees”) to acquire a 100% interest in the 86 square kilometre Mia Lithium Property (the “Property”) in the James Bay area of Quebec, Canada (the “Acquisition”).

President & CEO Alicia Milne states, “Our entry into the lithium space represents a new value creation opportunity for our shareholders. Quebec is a top global mining jurisdiction and the James Bay region is a highly attractive investment destination for lithium exploration due to its prolific hard rock lithium endowment. We are looking forward to revealing the enormous potential we see in the Mia project.”

About the Mia Lithium Property

The Mia Property is comprised of 170 mineral claims, located 62 km East of Wemindji Community in the Eeyou Itschee Territory, James Bay, Quebec. The lithium mineral showings are located approximately 10 kilometres from the nearest highway.

The Property geology is part of the Yasinski Lake area, identified by narrow greenstone belt slivers, belonging to volcanic rocks and related sediment the Yasinski Group and pierced by syn-tectonic tonalite and granodiorite suite. The Property is situated in the western extremity of this geological area, covering various lithologies and favourable structures, known to host spodumene bearing pegmatites. The southern half of the Property covers a northeast limb of the Vieux Comptoir granite and a concordant intrusive body described as a spodumene granite on SIGEOM, the Quebec provincial government’s geomining information system: https://sigeom.mines.gouv.qc.ca/signet/classes/I1108_afchCarteIntr.

Historical work by Main Exploration Company Ltd. in 1959 (GM10200) reported several spodumene-bearing pegmatites on the Property and mapped an 8.3 km trend of discontinuous pegmatite intrusions. SIGEOM lists nine metallic deposits directly on the Mia Lithium property including two for lithium, namely Mia Li-1 and Mia Li-2. Carte 1879 is listed as a spodumene mineral deposit as no assays were recorded for it.

The westernmost mineral showings Mia-Li1 and Mia-Li2 were sampled in 1997 by Quebec government geologists and assays returned grades of 0.47% Li2O and 2.27% Li2O respectively. Numerous pegmatite intrusions have been recorded along the 8.3 km long trend but were never followed up for their lithium potential. The 1959 report also details that the pegmatite dykes are as much as 100 feet (30.5 metres) in width and are commonly zoned, with spodumene crystals described as being as much as 2 feet (0.61 metres) in length.

Acquisition Terms:

Subject to TSX Venture Exchange (the “TSXV”) acceptance, pursuant to the terms of the Purchase Agreement, the Company will acquire the Property from CMH for total consideration of an aggregate of 13,000,000 common shares of the Company (the “Consideration Shares”), $500,000 (the “Cash Consideration”) and $1,000,000 in exploration expenditures as follows:

– 6,500,000 Consideration Shares and $200,000 within 3 days of TSXV acceptance of the Acquisition (the “Effective Date”);
– 6,500,000 Consideration Shares and $150,000 on the six-month anniversary of Effective Date; and
– Incur $1,000,000 in exploration expenditures on the Property and $150,000 on the one-year anniversary of the Effective Date (the “Closing Date”).

The Company will earn a 100% interest in the Property on the Closing Date.

CMH has directed that a portion of the Acquisition Shares and Cash Consideration be issued and paid to the CMH Nominees.

CMH will retain up to a maximum of a 3% net smelter returns royalty, of which up to 1% can be repurchased by the Company at any time prior to commercial production for $1,000,000. No finder’s fee is payable in connection with the Acquisition. The Property is subject to an existing 2% net smelter returns royalty granted by CMH (as assignee) in favour of Franco-Nevada Corporation on certain minerals claims forming a part of the Property as well as an existing 2% net smelter returns royalty granted by CMH in favour of Eastmain Resources Inc. on certain mineral claims forming part of the Property. On the Closing Date, the Company will assume the obligations under these existing royalties.

The Acquisition remains subject to TSXV acceptance.

Private Placement

Queensland will be conducting a non-brokered private placement of up to 12,500,000 units (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds of up to $1,250,000 (the “Offering”). Each Unit will consist of one common share of the Company (each, a “Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant exercisable into one additional Share at a price of $0.25 for two years after the date of issuance. Closing of the Offering is subject to the acceptance of the TSXV. The Company intends to use the proceeds of the Offering to commence a comprehensive review of all historical data related to the Mia Lithium Property in preparation for a field exploration campaign and for general working capital.

All securities to be issued under the Offering will be subject to a statutory hold period expiring four months and one day from the date of issuance. The Company anticipates that the majority of the subscriptions will be from arm’s length parties, although insiders may participate in the Offering. The Company may pay finders’ fees on the Offering, as permitted by applicable securities.

QP Disclosure

Neil McCallum, B.Sc., P.Geo., of Dahrouge Geological Consulting Ltd., a registered permit holder with the Ordre des Geologues du Quebec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.

About Queensland

Queensland Gold Hills is mineral exploration company currently advancing exploration of two gold projects located in the historic goldfields of Queensland, Australia: the Big Hill Gold Project and the Titan Project which collectively cover 110 square kilometers in the Talgai Goldfields of the broader Warwick-Texas District and host 54 high-grade historical gold mines.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Alicia Milne
President & CEO
amilne@queenslandgoldhills.com

Kevin Bottomley
Director
kbottomley@queenslandgoldhills.com

Telephone: 1 (800) 482-7560
E-mail: info@queenslandgoldhills.com
Twitter: @QLDGoldhills

Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Austral Gold to Sell Pinguino to E2 Metals for US$~10M

Austral Gold Limited (“Austral”) (ASX: AGD) (TSXV: AGLD) is pleased to announce that it has entered into a Share Sale Agreement (the “Agreement”) with E2 Metals Limited (“E2”) (ASX: E2M) and Austral Gold Canada Limited (“Austral Canada”), a Canadian subsidiary of Austral, pursuant to which Austral Canada has agreed to sell 100% of the common shares of SCRN Properties Limited (“SCRN”) to E2 (the “Transaction”) for total consideration of US$~10 million.

SCRN’s main asset is the polymetallic Pinguino Project, located in the Deseado Massif in the Santa Cruz Province of Argentina (please refer to About Pinguino).

SCRN is a wholly owned Canadian subsidiary of Austral Canada. Under the terms of the Agreement, E2 is to acquire SCRN for a combination of cash, shares and options and, upon completion, Austral Canada will become the largest individual shareholder of E2.

Austral Gold’s Chief Executive Officer Stabro Kasaneva said: “We firmly believe in the Pinguino project. This transaction with E2 Metals will enable us to share in the project’s potential upside and use the proceeds from the sale to fund our exploration activities in Argentina and Chile. In addition, E2 Metals’ flagship Conserrat project is close to Pinguino and upon completion, we will become the largest shareholder in an ASX-listed Company with a sound shareholder base and strong position in the mining friendly Argentine province of Santa Cruz. We will also retain our 51% interest and option to acquire an additional 49% interest in the Sierra Blanca project, which is adjacent to the Pinguino project.”

HIGHLIGHTS OF CONSIDERATION:

– CASH: US$5 million of which US$2.5 million is to be paid at Closing and the remaining 50% in three annual instalments of:
— US$0.75 million on the first anniversary of the Closing date;
— US$0.75 million on the second anniversary of the Closing date; and
— US$1 million on the third anniversary of the Closing date.

– SHARES: Issuance from treasury of such number of E2 shares as is equivalent to 19.99% shareholding in E2 on a non-diluted basis, all of which are to be held in escrow with 50% released on the first anniversary of the Closing date and 50% released on the second anniversary of the Closing date. The E2 share closing price on the day prior to this announcement was A$0.13 valuing 19.99% of Austral’s pro-forma investment in E2 at A$6.5 million (US$4.4 million). The final valuation may change as it is dependent on the share price of E2 at Completion.

– OPTIONS: Grant of 15 million options, each exercisable for one ordinary share of E2 at an exercise price of 26 cents until the third anniversary of the Closing date. The options can only be exercised to the extent Austral will not exceed voting power in E2 of 19.99%. The value of the options was calculated at US$0.6 million using the Black Scholes model. The final valuation may change as it is dependent on E2’s share closing share prices for three years prior to Closing.

– BOARD REPRESENTATION: Austral will have the right to appoint one person to the E2 Board for as long as it holds at least nine percent (9%) of E2’s outstanding shares.

– ROYALTIES: Austral Canada will also retain its option to purchase either all or half of the existing 2% net smelter return royalty on the Pinguino project.

Completion of the Transaction remains subject to the satisfaction (or waiver) of a number of conditions precedent, including, but not limited to the following:

– approval by E2’s shareholders at a Shareholder Meeting;
– obtaining all applicable regulatory approvals; and
– the absence of material adverse changes to E2 or SCRN

If all conditions precedent for completion of the Transaction are satisfied or waived, the Transaction is expected to close during February 2023 or, in some circumstances due to regulatory delay, 31 March 2023, (or such later date agreed by the parties).

E2 plans to fund the costs of the Transaction from its treasury and from future financings, if required. The three annual deferred cash payments will be secured by a share mortgage over 51% of SCRN’s common shares until the second cash installment is paid, at which time the amount of SCRN shares covered by the share mortgage will be reduced to 19%.

About the Pinguino Project

The Silver-Gold-Zinc-Lead-Indium Pinguino Project is an advanced stage development project located in the south-central part of Argentina; 300km southwest of the city of Comodoro Rivadavia and 220km northwest of Puerto San Julian. It is 30km from E2’s Conserrat project. In the last years, six mines were constructed in the Santa Cruz Province, making it one of the most prominent precious metal regions in the world, including world class deposits such as Cerro Vanguardia and Cerro Negro. The Pinguino Project is embedded in a vein field similar, but smaller to Cerro Vanguardia, some 30km north-west along the same controlling structure as the Pinguino deposit (225km strike length of veins vs 115 km strike length of veins). The project has year-round access and is close to major infrastructure.

About Austral Gold Limited

About E2 Metals Limited

E2 Metals Limited is an Australian exploration company focused on making new discoveries in the world class Santa Cruz gold and silver province, southern Argentina. It explores for gold, silver, and copper deposits. E2 Metals’ key focus is the Santa Cruz portfolio located in southern Argentina. Santa Cruz is one of the preeminent mining provinces in South America and is host to numerous intermediate and large producers such as Newmont, AngloGold Ashanti and Pan American Silver. The portfolio comprises 90,000 hectares of titles, owned 80% through the Company’s ownership in the local entity Minera Los Domos SA. The titles are within the Deseado Massif geological province and are prospective for epithermal gold and silver deposits such as the world-class Cerro Negro and Cerro Vanguardia mines.

Release approved by the Chief Executive Officer of Austral Gold, Stabro Kasaneva.

For additional information please contact:

Jose Bordogna
Chief Financial Officer
Austral Gold Limited
Jose.bordogna@australgold.com
+61 466 892 307

Ben Jarvis
Director
Austral Gold Limited
info@australgold.com
+61 413 150 448

Forward Looking Statements

Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections – statements regarding future plans, expectations and developments. Words such as “expects”, “intends”, “plans”, “may”, “could”, “potential”, “should”, “anticipates”, “likely”, “believes” and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include Austral Gold to sell the Pinguino project and become the largest shareholder in E2 Metals for ~US$10M, final valuation of the Transaction, conditions precedent including but not limited to the following: approval by E2’s shareholders at a Shareholder Meeting, obtaining all applicable regulatory approvals, the absence of material adverse changes to E2 or SCRN, the expected timeline to close the Transaction, E2’s plans to fund the costs of the Transaction from its treasury and from future financings, if required, the security to be provided for the deferred cash payments, the Transaction will enable us to share in the potential upside of Pinguino, and the proceeds from the sale will be used to fund the Company’s exploration activities in Argentina and Chile.

Minetech Records 32% Increase in Revenue for 2Q

Company’s loss before tax continues to narrow on higher revenue contribution from civil engineering and manufacturing divisions

Civil engineering specialist and bituminous products manufacturer Minetech Resources Berhad today reported that the Company recorded a 31.9% rise in revenue to RM26.9 million for the second quarter ended 30 September 2022 (2Q FY2023) compared with RM20.4 million in the corresponding quarter of the last financial year (2Q FY2022).

Matt Chin, Executive Director of Minetech

The Company registered a loss before tax (LBT) of RM1.5 million for the quarter under review compared with LBT of RM4.7 million in 2Q FY2022.

On a segmental basis, the civil engineering division recorded a 8.1% rise in revenue to RM16.1 million in 2Q FY2023 compared with RM14.9 million in 2Q FY2022. The manufacturing division, which produces bituminous products for pipe coating, waterproofing and sealing, posted a 166.7% increase in revenue to RM7.2 million compared with RM2.7 million in the same quarter of the previous financial year.

For the first-half of the financial year ended 30 September 2023 (1H FY2023), Minetech registered a 36.9% increase in revenue to RM50.9 million compared with RM37.2 million in 1H FY2022. The Company recorded LBT of RM3.1 million in the period under review compared with RM9.1 million in 1H FY2022.

Matt Chin, Executive Director of Minetech, said, “We continue to see our financial performance improve with narrower losses on higher revenue contribution from the civil engineering division’s Selinsing Gold Mine due to increase in work volume as well as from the Cheras-Kajang Highway, Wangsa Brezza Hill and GM Emerald Square.”

“We have seen a significant increase in revenue contribution from the manufacturing division mainly due to the rise in sales of coating enamel and blown asphalt products as a result of improved demand from both domestic and overseas markets.”

“While economic growth is on a stronger footing based on Malaysia’s third-quarter GDP figures, we note the increased risks of a slowdown in 2023 as global uncertainties stemming from the Russia-Ukraine conflict, China’s slowdown and inflationary pressure continue to weigh on sentiments. We continue to emphasise various cost-control measures and cash conservation and at the same time exploring opportunities that have seen us venturing into technology and innovation and penetrating into second-tier construction activities. These initiatives have helped us weather the storm and continue to create value for shareholders and other stakeholders.”

Minetech Resources Berhad: 7219 [BURSA: MINE], https://minetech.com.my/

The Logic Behind Fosun’s “Weight-loss” Actions: To Focus on the Core Businesses and Deepen Innovation and Globalization

Over the past few months, successive Weight-loss actions by Fosun International (HKG: 0656) have come under the spotlight in the capital market.

On the evening of 6 November 2022, Yuyuan Inc., a subsidiary of Fosun International, announced its proposal to transfer 654 million shares, or a 20% equity stake, in Zhaojin Mining Industry Co., Ltd. (“Zhaojin Mining”) to Jinshan (Hong Kong) International Mining Co., Ltd., a wholly owned subsidiary of Zijin Mining for a total consideration of HK$4.395 billion. In addition to Yuyuan Inc.’s previous stake reduction in Zhaojin Mining on the secondary market in September 2022, Yuyuan Inc.’s shareholding in Zhaojin Mining would be declined to 1.26%. On 19 October 2022, Fosun proposed to transfer 60% of the equity of Nanjing Iron & Steel United Co., Ltd. (“Nanjing Nangang”) to Shagang Group at a total consideration of no more than RMB16 billion.

Gearing up for Strategic Transformation
After its investment in both Nanjing Nangang and Zhaojin Mining for a long period of time, the successive proposed disposals of its equity stakes in the two companies are expected to generate a total of RMB20 billion in return of funds. Considering the proceeds from the disposals and the dividends received from the two companies over the past 20 years, the divestments have proven quite successful in terms of return on investment. However, we cannot simply explain Fosun’s recent disposal of its assets and partial equity stakes by an ordinary logic in investment.

Fosun’s divestments are aimed at effective debt control and enhanced capital security. Through an accelerating strategic business transformation and disposal of certain assets, Fosun is able to focus on its core business of fast-growing family consumption.

The market has viewed Fosun’s recent divestments favorably. A number of investment banks, including Morgan Stanley, Citi and Goldman Sachs, have issued research reports that support Fosun International in its recent moves and reiterated their “buy” ratings on the company. They expected Fosun’s disposal of its non-core assets in an effort to decrease its debt-to-equity ratio, mitigate the concerns about its liquidity, streamline its asset portfolio and focus on its core businesses. Citi mentioned in its research report that after a number of mergers and acquisitions, spin-offs and disposals of non-core assets, Fosun has become a more diversified conglomerate with an asset-light business model that is well-positioned to benefit from the increasing discretionary spending by Generation X in China. In Citi’s view, the successful disposal of shares in Nangang at the right price is the right thing to do as it will enable Fosun to redeploy its resources for better uses.

Fosun’s Successful Exit Strategy Creates “Win-Win”
The Shagang Group’s share price hike hit the limit to trigger suspension of trading on the stock market on the day when news about Fosun’s disposal of shares in Nanjing Nangang was released. Zijin Mining’s share price surge also hit the limit to trigger suspension of trading on the stock market when the word was out that it would acquire shares in Zhaojin Mining for a consideration of RMB4 billion.

According to people closed to Fosun’s disposal of Nanjing Nangang shares, there were nearly 20 prospective buyers who bid for the equity stake. Fosun gave preference to those potential partners who would facilitate the long-term development of Nanjing Nangang, hoping that the transaction would benefit all parties involved. In Zijin Mining’s public statement about its acquisition of Zhaojin Mining, Zijin Mining said that after it became the second largest shareholder of Zhaojin Mining, the two parties would be able to give their respective advantages full play, further consolidating and enhancing both companies’ positions in the global gold mining industry.

After its “Weight-loss” actions, Fosun will continue to grow and strengthen its well-established business segments, including health, happiness and wealth. For instance, Fosun will concentrate more resources on the research and development of innovative drugs by Fosun Pharma, the development of “Grand Yuyuan” and the growth of Shede Spirits, etc. In the long run, there is huge room for growth in China’s consumer market. Focusing on its main businesses and taking measures to consolidate its role in the real economy is undoubtedly a thoughtful decision made by Fosun on surmounting the volatility of an economic cycle.

Recently, Fosun Pharma, Yuyuan Inc., Nanjing Iron & Steel and Hainan Mining, which are the four listed companies under Fosun, held a joint presentation of their third-quarter results for 2022 at the Shanghai Stock Exchange. Guo Guangchang, Chairman of Fosun International, attended the presentation through a video conference and said that technology innovation and China’s opening-up to the global market at a higher level held the key to fostering a new development pattern. In order to grasp emerging opportunities, Fosun will “focus on its core businesses, deepen innovation and globalization”.

Mineral Project Source Launches as an Innovative Marketplace for Mineral-Exploration and Mining Projects

Mineral Enterprises, LLC, (the Company) is pleased to announce the launching of a new online marketplace for mineral-exploration and mining projects worldwide. The new website, www.mineralprojectsource.com, offers an innovative, low-cost platform for holders of mineral exploration and mining projects seeking to lease, joint-venture or sell to link with shoppers from mining and exploration companies.

Subscribers contact vendors and review detailed project summaries and reports at no additional cost. There are also no finder’s fees. A major and unique feature of this new platform is that projects are posted to a robust GIS-style map containing worldwide mine, mineral-occurrence, geology and claim datasets.

During the introductory period through December 31, 2022, and to grow the project portfolio, all subscriptions for vendors and shoppers for up to 12 months are free for the initial term.

Benefits for Project Vendors:
– Market projects for lease/option, joint venture or sale to an international audience
– Advertise projects of any level, from early-stage exploration to active mining operations
– Bring attention to assets on the map, even if you’re not marketing them
– Provide detailed project information to shoppers using a comprehensive fill-in form, including the option to upload images and a report
– Use the map interface with worldwide geology, mineral occurrence, mine and mining-claim datasets
– Shoppers can access project details by clicking the location icon on the map or by searching by commodity, location and deposit type
– Projects may be “Featured” for increased visibility, including a more conspicuous location icon on the map, priority appearance on searches and a project card on the home page Featured carousel
– Low fees for 6-and 12-month project postings, with the flexibility to choose different terms for each project
– Manage projects on a dashboard

Benefits for Project Shoppers and Explorationists
– Search for projects using the GIS map interface with worldwide geology, mineral-occurrence, mine and mining-claim datasets to place projects in geologic and geographic context
– Search the project database by commodity, deposit type and location in addition to using the map
– Access detailed project summaries, reports and images at no additional cost; summaries include information on owner/vendor, land tenure, location, desired deal, geology, exploration and production history, resource/reserve data and infrastructure
– Contact vendors by email directly at no additional cost
– Never pay finder’s fees to the Company
– Take advantage of the GIS map interface for your general exploration work even if you are not actively shopping for projects
– View as many projects as you like for one, low 6-or 12-month subscription fee
– Save projects of interest to your dashboard for quick access

Jake Margolis, President of the Company, stated: “Our technical team has developed MineralProjectSource.com with the aim of creating a professional marketplace suitable for all explorationists, from individual prospectors to major mining companies. It provides a unique map interface allowing projects to be placed in context geologically and with respect to other mineral deposits, mining claims and land use. We are continually adding datasets. There are currently about 1.2 million mineral occurrences, and there’s detailed geology for more than 50 countries. What’s great about the site is that the map can be used for general exploration purposes, even if someone is not actively shopping for projects.”

Mineral Project Source invites projects of all non-fuel commodities, globally. Legends for the deposit-occurrence datasets have been optimized for consistency and for highlighting commodities of current interest, such as gold, lithium, graphite, cobalt and rare earths.

For more information, to register or to become a vendor or shopper at no charge through December 31, 2022, visit www.mineralprojectsource.com. Use coupon code MPSStarter at checkout to receive the 100% discount on all project postings and shopper subscriptions. The website provides additional information for this discount on the “Announcements” page, and the “How it Works” page provides information on how to post projects and contains a sample of the project form.

About Mineral Enterprises, LLC
The Company is a private Maryland USA corporation that owns www.MineralProjectSource.com, a marketing platform for mineral-exploration and mining projects. The Company’s principal business is the development and operation of www.mineralprojectsource.com.

For further information please contact:

Jacob Margolis
President
service@mineralprojectsource.com
240-630-4548

SOURCE: Mineral Enterprises, LLC

Leon Fuat Berhad Posts 35.8% Increase in Q2 Revenue to RM250.93 Million

Leon Fuat Berhad, a manufacturer and trader of steel products specialising in rolled long and flat steel, today reported a 35.8% increase in revenue to RM250.93 million for the second quarter ended 30 June 2022 (Q2FY2022) compared with RM184.78 million recorded in the corresponding quarter of the preceding financial year (Q2FY2021).

The Group recorded profit before tax (PBT) of RM18.04 million for Q2FY2022, a 57.6% decrease from RM42.57 million registered in Q2FY2021 while recording profit after tax (PAT) of RM14.02 million, which is a 56.3% decrease from RM32.12 million reported in the corresponding quarter of the preceding financial year.

For the quarter under review, the trading segment contributed 38.4% to revenue while the processing segment contributed 61.5%.

For the six months ended 30 June 2022 (1H 2022), Leon Fuat registered a 32.2% increase in revenue to RM523.95 million compared with RM396.26 million recorded in the six months ended 30 June 2021 (1H 2021). For the period under review, the Company reported PBT of RM49.85 million, a 41.4% decrease from RM85.10 million recorded in 1H 2021 while for 1H 2022, PAT decreased 44.4% to RM37.91 million compared with RM68.23 million recorded in 1H 2021.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, “We saw higher overall revenue on the increased contributions from the trading and processing of steel products, but a combination of lower overall gross profit margin and inventories written down of RM13.88 million in the current quarter as certain inventories were measured at its estimated net realisable value weighed on PBT.”

“The outlook for the global economy remains volatile on a combination of China’s slowdown, the Russia-Ukraine war and tighter monetary policy in response to inflation. While the domestic economy has so far weathered the challenges on a combination of resilient exports and private consumption, uncertainties remain because of the potential risks from supply-chain disruptions and rising commodity prices leading to inflationary pressure.”

“We are more neutral as to the prospects for the remaining quarters of the year given these challenges especially with the softening of steel prices and the weaker ringgit. We have increased monitoring of steel prices and related currencies and continue to take proactive measures including negotiating forward contracts, where necessary, as well as prudent inventory management, to reduce any negative impact which may arise. The Group will strive to keep operating costs at manageable levels while enhancing operating capabilities and efficiencies to meet customer requirements and to ensure timely satisfaction of customer orders.”

Leon Fuat Berhad: [BURSA: LEFU] , https://www.leonfuat.com.my/