Galantas Gold Corporation aims to extend its current loans after it recorded more than a three-fold increase in losses at Cavanacaw gold mine in Omagh, Northern Ireland. FINANCES For the year ended 31 December 2022, Galantas’ financial statement showed net loss rose to C$16,633,939 due to a property, plant and equipment impairment of $10,124,920 (2021: loss […]
Finance
Capricorn to return $575m to shareholders
Capricorn Energy plc has committed to returning some US$575 million excess cash flow to shareholders. ACTIONS The company said the funds, due over the coming 12 months, were not needed for its future operational focus. A total $100m depends on negotiations with stakeholders and licence extensions in Egypt, actual oil and gas prices and the […]
Galantas raises C$749,000 via shares for creditors
Galantas Gold Corporation completed a shares-for-debt transaction announced in March with several of its arm’s length creditors for a total C$749,020 (£440,600). The company has accordingly issued a total 2,080,609 units of the company each at a deemed price of C$0.36. Each unit is comprised of one common share and one common share purchase warrant. Each […]
CRL funding bid results delayed for Redmoor
Cornwall Resources Ltd (CRL) must wait longer to hear from its application for government funding for the Redmoor tin-tungsten project in the east of the county. RESOURCE The company had hoped to receive an answer during March 2023 but the assessment body is continuing to review applications with final review now expected during June. “CRL […]
Scotgold targets up to £2m in further fundraise
Scotgold Resources Ltd aims to raise £1.5 to £2 million via an open offer and a subscription for its operations at Cononish gold and silver mine near Tyndrum in Scotland. OPEN OFFER Existing shareholders can subscribe for up to 10,065,262 new ordinary shares of 15 pence to raise up to a maximum of £1.5m. Directors participating include […]
Hummingbird progresses Yanfolila-Kouroussa
Hummingbird Resources plc maintained steady performance at its Yanfolila gold mine in Mali while remaining on schedule for first gold pour at Kouroussa, Guinea. CONTRACT Results for Q1 2023 showed production continuing from the end of the previous year with 27,262 ounces (Q4 2022: 28,264: Q1 2022: 15,548). Q1 2023 all-in sustaining cost (AISC) from […]