Mkango Resources (LON: MKA) says that the US HyProMag rare earth magnet recycling facility feasibility study demonstrates that there is a commercial project. The net present value is $262m based on current market prices and it is higher based on forecast prices. All-in sustaining cost of $19.60/kg of NdFeB, compared with the market price of $55/kg. Up front capital cost is $125m. The share price jumped 20.2% to 7.45p.
Quadrise (LON: QED) has signed an agreement with fuel supplier Auramarine to develop decarbonisation products in the marine sector. They will enable companies to comply with new environmental regulations. The share price improved 15.2% to 2.25p.
Aquaculture company Benchmark (LON: BMK) is selling its genetics business to Novo Holdings for £230m with contingent consideration of £30m based on trading in the three years to September 2027. The business generated EBITDA of £14.5m last year. Cash will be returned to shareholders and used to repay the green bond and other debt. The sale should be completed in the first quarter of 2025. Benchmark will focus on advanced nutrition and health. The share price rose 10.3% to 39p.
Symphony Environmental Technologies (LON: SYM) is launching a new biodegradable resin branded NbR. This can be used for packaging and agricultural mulch films. It reduces the fossil-derived content of plastic by one-fifth. The share price increased 7.69% to 3.5p.
Nativo Resources (LON: NTVO) owns 50% of Boku Resources, which owns the Tesoro gold mine. Boku has entered an agreement to sell vein material from the Bonanza mine to a local processing plant. It will receive the spot price minus 20-30%. Production is about to be built up and the cash from the deal will help to finance this. The share price is 3.85% higher at 0.0027p.
FALLERS
Hummingbird Resources (LON: HUM) has reached commercial production at Kouroussa, but a shortage of cash remains a problem. Four-week trailing average production was 1,900 ounces of gold and the selling price is $2,473/ounce because of current hedging contracts that expire in early 2025. Production is slightly below target because of lower grades. In 2024, Kouroussa should produce 45,000-50,000 ounces at all in sustaining costs of less than $1,500/ounce. The share price slipped 28.1% to 1.475p.
ECR Minerals (LON: ECR) is raising £950,000 at 0.33p/share. The cash will be used to advance projects in Victoria and Queensland, including completing assessment of gold production at Blue Mountain, which could be generating revenues in the near future. The cash will fund the 2025 programme of work. The share price declined 19.3% to 0.335p.
Rockhopper Exploration (LON: RKH) says Navitas, the operator of the Sea Lion prospect, offshore Falkland Islands, has published an update on the progress of development. The EIS for the Northern Development Area phases one and two has been submitted to the authorities and no further consultation is required. FEED for the FPSO commenced in November. The peak production rate will be up to 55,000 barrels/day. Gross capex required has risen to $1.4bn. The final investment decision is scheduled for mid-2025 and first oil production could be before the end of 2027. Rockhopper Exploration owns 35% of Sea Lion. The share price fell to 12.75p during the morning, but recovered to 13.95p,which is 0.36% lower.