Power Metal Resources PLC (LON:POW) and Red Rock Resources PLC (LON:RRR) have begun a new joint venture partnership with the aim of building a strategic gold exploration portfolio in Australia. It sees Power taking a 49.9% interest in Red Rock Australasia, which as a joint venture vehicle will be renamed. This vehicle has now already applied for exploration license area EL007271, with Power covering the application fees (£1,125). This asset is being referred to as the ‘Blue Whale’ project. The area spans some 130 square kilometres in the south-western portion of the Victoria Goldfields.

Red Rock Resources also announced that it is to receive a final dividend payment of A0.75c per share from its stake in South Africa-based and Aussie-listed manganese miner Jupiter (ASX:JMS). The AIM-listed group holds 17.02m shares in Jupiter, which posted after tax profits of A$95mln (A$138mln) in the year to 29 February. Jupiter owns a 49.9% stake in the Tshipi manganese mine in the Northern Cape. The South African Government has authorised open pit mines including Jupiter to resume full production from 1 May after a coronavirus lockdown.

Argo Blockchain PLC (LON:ARB) has reported an eleven-fold increase in revenues for 2019 following a 306% increase in its cryptocurrency mining capacity. For the year ended December 31, 2019, the firm said that its operating loss had been reduced by 80% to £830,000 as its revenues rose to £8.62mln from £760,000 in 2018. The company also said it had mined around 1,330 Bitcoin (BTC) over the course of the year, while it had ended the period with 7,000 pieces of mining hardware which had increased to 17,000 in the first quarter of 2020.

Condor Gold PLC (LON:CNR) (TSE:COG) has landed an environmental permit for the development and exploitation of gold in the high-grade Mestiza open pit project, in Nicaragua. The pit project is host to more than 100,000 ounces of contained gold resources and it is described as complementary to the company’s flagship La India mine, also in Nicaragua.”It is a significant development, after a 15-month process, that Condor has been granted the key environmental permit to develop and exploit gold from the high-grade Mestiza open pit,” Mark Child, Condor chief executive said in a statement.

Coinsilium Group Limited (LON:COIN) said portfolio firm IOV Labs has seen its technology used to develop a recently launched decentralised finance (DeFi) platform. The RIF on Chain platform was launched on April 21 by Money on Chain (MOC) and has three main assets – RIF Dollar, RIFpro and RIFX.

Caledonia Mining Corporation PLC (LON:CMCL) (TSE:CAL) has declared a quarterly dividend of US$0.07 per share after having deferred the payment at the start of April. However, since then, the AIM-listed firm said, it has been “encouraged” by continued operations at its Blanket mine and the re-opening of important supply lines. The company said Blanket’s supply chain of consumables and spares parts was now “close to normal” and the mine was re-establishing full production after having operated at 93% of capacity during lockdown in Zimbabwe.

Falcon Oil & Gas Ltd (LON:FOG) highlighted its strong financial position as it released its results for the twelve months ended December 31, 2019. The exploration company noted that it had US$13.1mln of cash at the end of 2019 and it was debt-free. Its position was further strengthened recently by a new additional farm-out transaction with Beetaloo partner Origin Energy, which secured funding cover for an expanded phase of work. In the financial results, Falcon emphasised its continued focus on strict cost management. It also noted that general and administrative expenses decreased 7% year-on-year, to US$1.78mln.

Kavango Resources PLC (LON:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, has announced the publication of a new independent technical review on the exploration potential of its Kalahari Suture Zone (KSZ) Project. The group said the review concludes that the KSZ “is a prime setting for a magmatic Nickel-Copper-PGM deposit.” Kavango is searching for ‘Norilsk-Style’ deposits in the KSZ. The review has been completed by Dr David Holwell, of D&D Geoconsultants using a Mineral Systems Approach. Dr Holwell is a leading authority on the development of Copper-Nickel-Platinum Group Metals (PGM) sulphide deposits associated with magmatic systems.

Mkango Resources Ltd’s (LON:MKO) full-year results have confirmed it had a US$9.53mln cash position at the end of 2019, whilst the company also noted that work on the Songwe rare earth project’s feasibility study is continuing. Workstreams for the study are ongoing though the company noted that because of the impacts of the coronavirus (COVID-19) pandemic it is inevitable that some elements will be impacted and the precise extent of the delay is uncertain. Nonetheless, Mkango is presently targeting completion of the study in the second half of 2021.

Honye Financial Services Ltd (LON:HOYE), the standard market listed company, said it continues to review possible acquisitions and hopes to identify a sufficiently attractive one in the coming months as it released half-year results. It said: “There is light at the end of the tunnel as we see China beginning to return to normal after several months and there are tentative steps in Italy, Austria and Denmark to slowly lift restrictions allowing people to return to work.” Honye’s losses for the half-year to end January were £161,000, while the company had net cash of £1.7mln at the end of the period.

Digital bank Tally Ltd said it had to suspend a new subscriber drive in February because the take-up was so great. Tally offers an online bank account backed by physical gold and following the launch of its Version 2.0 in January was swamped with applications Over February 19th and 20th, there were more than 7,000 downloads of the 2.0 app it said, while account numbers jumped from approximately 1,500 to over 5,000 within two days.

Metal Tiger PLC (LON:MTR) revealed its 17.1% owned associate Southern Gold Limited (ASX:SAU) has noted that it’s South Korean team has shown it can manage its drill programme during the coronavirus (COVID-19) pandemic. In a statement, Southern Gold reported “significant levels” of field activity in South Kore. Drilling and sampling programmes are continuing, it said in a quarterly activities report, and some 758 metres have been drilled at the Beoseongpo project, across the Golden Palm, Hand of Faith and Spider prospects. Separately, Metal Tiger similarly relayed a quarterly update from 19.99% owned Cobre Ltd (LON:CBE) reflecting on a period in which the ASX-listed firm raised US$10mln via IPO. Cobre subsequently kicked off exploration drilling at the Perrinvale VHMS project in Western Australia, testing the Schwabe, Zinco Lago and Monti prospects. Surveying activity is underway to refine targets for the next phase of drilling, it said.

Westminster Group PLC (LON:WSG) has said that, due to the disruption caused by the coronavirus (COVID-19) pandemic, the release of its Annual Report and Accounts, due on April 30, 2020, has been delayed by two weeks and are now expected to be released on Thursday, May 14, 2020. The group added that it expects its accounts to show revenues of £10.9mln, an increase of 63% on 2018 and that it will be EBITDA positive, against a £0.35m EBITDA restated loss on a consistent basis in 2018.

Pembridge Resources PLC (LON:PERE) has announced the first shipment to Japan of copper concentrate from the Minto mine in Yukon Canada has now left the port of Skagway. In a statement, the group said that the news is a major landmark since the re-opening of the Minto mine last year, with the copper concentrate shipment representing mine’s production since re-opening until the end of March. Gati Al-Jebouri, Pembridge’s chief executive officer and chairman said: “This is an important event for the Minto mine, both commercially and symbolically.

Custodian REIT PLC (LON:CREI) has reported a total return of 1.1% in the year just ended but said that in the current coronavirus (COVID-19) environment its focus is on rents and cashflow. In an update, the firm said its net asset value for the year ended March 31, 2020, was 101.6p per share, albeit down from 104.4p as at end-December 2019, alongside of which the investment trust is paying a 6.65p total dividend. The company has now changed its dividend policy, however, which will be based for the time being on how much rent comes in, trust manager Richard Shepherd-Cross said in the statement.

Scotgold Resources Ltd. (LON:SGZ) said it has further renegotiated the terms of the loan facility of up to £7.5m from Bridge Barn Limited, a company owned and controlled by the explorer’s chairman Nat le Roux, obtained on May 18, 2018, and subsequently amended up from an initial £5mln facility. The group said that, with the placement of the Cononish Project on care and maintenance as per governmental guidance during the current coronavirus (COVID-19) pandemic, and with an adequate current cash balance on hand, the amendments will mean the remaining two tranches of the facility can be drawn down over a significantly longer period – up to December 31, 2021 – and in smaller sub tranches of £0.5mln. The company said this provides it with far greater flexibility to manage its cash balances in the light of the uncertainty of the impact of COVID-19 and to minimise its debt position and consequent finance costs. The company has to date drawn down the first and second tranches, totalling £4mln, and under the terms of the loan facility was required to draw down the third tranche of £2mln on or before April 25, 2020. 

Braveheart Investment Group PLC (LON:BRH) has raised £275,000 via a share placing to inject more capital into its strategic investments. The company said it had raised the funds through the placing of around 1.6mln new shares at a price of 17p each, a 24% discount to its closing price on Tuesday. Braveheart said the new funds will allow it to “continue to provide additional financial investment” into its portfolio firms, namely Paraytec, Pharm 2 Farm, Kirkstall, Gyrometric Systems, Phasefocus Holdings and Sentinel Medical.

C4X Discovery Holdings PLC (LON:C4XD) hailed a productive six months as it exited the first half in a strong financial position. Posting interim result, the group said its closely-watched NRF-2 activator programme for sickle cell disease and pulmonary arterial hypertension is “progressing” and it is down to a short-list of three molecules. Discussions with potential partners have persuaded the company to enhance its supporting data, it added.

Zoetic International PLC (LON:ZOE) has appointed Trevor Taylor and Antonio Russo as its co-chief executives as the group re-affirmed its commitment to exit natural resources and focus on its cannabidiol (CBD) business. The company said Taylor and Russo, who previously served as its chief strategy officer and chief revenue officer respectively, were “instrumental” to the success of its US CBD business and that it was “an appropriate time to implement these changes to the management structure”. Meanwhile, the company’s CEO Nick Tulloch and chairman Paul Mendell have both resigned, although Tulloch will continue to partner with Zoetic by leading a new joint venture in the UK. In a trading update, Zoetic also said it had received approval for loans from the US government totalling US$290,000 and expected to receive the funds this week. The company has also received a UK government grant of £10,000.