Lotus Resources Ltd has completed its merger with A-Cap, resulting in a substantial increase in its uranium reserves to 241 million pounds of U3O8. The merger positions Lotus Resources as the third-largest uranium company listed on the ASX and opens up opportunities for market re-rating. The company now has a significant presence in Botswana, with mining projects in Kayelekera and Letlhakane. Lotus Resources plans to leverage its expertise in uranium to enhance operations at the Letlhakane project. The consolidation of uranium assets in Botswana allows the company to capitalize on the favorable mining conditions in the country.
In other mining news, Apollo Minerals, a mining company, has announced plans to raise over AU$3 million through a placement [56598b1e]. Euroz Hartleys Group Limited, a diversified financial company, will facilitate the placement. This fundraising initiative will provide Apollo Minerals with additional capital to support its mining operations and future growth. The placement is expected to strengthen the company's financial position and enable it to pursue new opportunities in the mining sector.
Furthermore, Euroz Hartleys Group Limited has also announced dividend payments for the first and second halves of the 2023 financial year. This demonstrates the company's commitment to delivering value to its shareholders and highlights its positive financial performance. The dividend payments reflect Euroz Hartleys' strong financial position and confidence in its business prospects.
ATHA Energy Corp. has completed its acquisition of Latitude Uranium, expanding its asset portfolio in Canada. The acquisition adds Nunavut's Angilak project and Labrador's Central Mineral Belt (CMB) operation to ATHA's portfolio, which collectively hold over 57 million pounds of yellowcake uranium. Latitude shareholders will receive 0.27 common shares of ATHA for each stock they hold. ATHA is also set to acquire six other exploration-stage assets in the region through its pending acquisition of 92 Energy Limited's Gemini project. The company is actively involved in a joint venture with Stallion Uranium Corp. in Saskatchewan and benefits from a 10% carried interest on certain portions of IsoEnergy's land package in the Athabasca Basin. Global uranium production is expected to rise by nearly 12% this year [8130dd44].
Celsius Resources Ltd has reported significant progress across its global portfolio in a half-year trading report for the six months ending 31 December 2023. In the Philippines, Celsius's affiliate Makilala Mining Company (MMCI) advanced the permitting process for the Maalinao-Caigutan-Biyog Copper-Gold Project, securing approvals for all technical, social, and environmental plans. Celsius's wholly-owned subsidiary, Tambuli Mining Company (TMCI) reported positive exploration outcomes for the Sagay Copper-Gold Project in Negros Island. In Namibia, the Opuwo Cobalt Project received a two-year renewal of its exclusive prospecting licence. In Australia, Celsius continues to assess the viability of the Cullarin West Project. Celsius Resources had $2.05 million (£1.6 million) in cash at the end of the period.
ATHA Energy Corp. is completing its most significant exploration program to date this year. The uranium prospector will be conducting diamond drilling, airborne geophysical surveys, and more in Nunavut. The company's goal in Nunavut is deposit expansion and discovery, with a 10,000-meter drill program and other work aimed at identifying top-tier targets. ATHA also announced the expected closing of its acquisition of 92 Energy by April 11. The company will further advance its projects in the Athabasca Basin through ground and airborne geophysical surveys. ATHA has a land position spanning over 7.1 million acres in some of the world's best uranium mining jurisdictions. The uranium market is poised for continued growth, with the price of uranium rising by over 100% in the past year. Global uranium production is predicted to rise by nearly 12% this year, and a significant supply deficit is anticipated. ATHA Energy is a sponsor of Mugglehead news coverage.
These developments in the mining sector, including the merger of Lotus Resources and A-Cap, the fundraising efforts of Apollo Minerals, the acquisition of Latitude Uranium by ATHA Energy, and the progress reported by Celsius Resources, indicate the ongoing activity and growth in the industry. The consolidation of uranium assets and the injection of capital through the placement and acquisition will contribute to the expansion and advancement of mining projects, further solidifying the companies' positions in the market.
Overall, the mining sector continues to evolve and attract investment, driven by the demand for essential resources and the potential for significant returns on investment.