shares jumped after it updated investors on its progress with the La Parrilla tungsten mine in Spain.
The AIM listed miner said that all components of the concentrator plant have been commissioned, with over 5 tonnes of tungsten concentrate produced, to be purified and tin separated next week.
The company also told investors that it was at ‘advanced stages’ of finalising its finance facilities and additional investment from local Spanish investors, including Chairman Michael Masterman who is expected invest at 0.5p per share after the closed period.
Shares jumped 11.59% to 0.385p during early Friday morning trading
W Resources said that Tungsten concentrate production for the T2 phase at La Parrilla will be underway during November.
The company also expects that its 2.5 tonnes of tin concentrate will be built up to a 10 tonne stock before shipment.
The T2 phase was funded with a $35m loan from Blackrock, the American global money manager.
Follow News & Updates from W Resources here:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Majid Shafiq, CEO of i3 Energy (AIM:I3E), and CFO, Graham Heath, discuss today’s follow-on deal to sell the Gain assets to Harvard Resources which will occur following the completion of the group’s previously announced C$80 million reverse takeover .
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, Final Results for the year ended 31 December 2019 show significant operational progress for the pre-revenue company with net loss of £10.8m. To fund the Gain acquisition announced post period end in 2020, i3 is proposing to raise £30 million at a price of 5 pence per share, an 18% discount to the closing mid-price at which i3's shares suspended on 23 June 2020.
Oilex, the Operator of the PSC and on behalf of the JDPA joint venture, has reached amicable settlement with JPDA in East Timor with a settlement of US$0.8m payable in 2021 and 2022 financial years. The settlement amount is fully provided for in the FY19 accounts.
Shield Therapeutics said a reanalysis of the AEGIS-H2H study for its iron deficiency lead product Feraccru®/Accrufer® has confirmed the product as a credible alternative to IV therapy for patients with iron deficiency anaemia.