Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for Jan. 19, 2024:
1. The boron and lithium company 5E Advanced Materials, Inc. (NASDAQ: FEAM) announced that it selected Fluor Corporation as its engineering, procurement and construction services provider.
The company will lead 5E’s FEL-2 and the upgrade of its current S-K 1300 technical document into a Pre-feasibility Study upon completion.
CEO of 5E Advanced Materials Susan Brennan said, "We are thrilled to engage a world-class EPC firm like Fluor, as their extensive track record will serve to be invaluable to 5E throughout this next phase of execution. Additionally, the work being conducted by Fluor will play an important role in ultimately getting our 5E Boron Americas complex to the planned PFS-level study."
"With 5E’s recent successful recapitalization, and commencement of mining operations earlier this year, this relationship further advances 5E into the next stage of project development as we continue to work towards our vision of successfully building a large-scale Boron and Lithium operations," she added.
2. GoldMining Inc. (NYSE: GLDG) completed the sale of Nutmeg Mountain to NevGold Corporation (OTCM: NAUFF) for 10 million shares of NevGold, valued at $3 million.
The project was acquired by GoldMining in 2020 for $1.15 million, but the company’s total consideration for the project was $9 million.
GoldMining now has $132 million of equity holdings in NevGold, U.S. GoldMining Inc. (NASDAQ: USGO) and Gold Royalty Corp. (NYSE: GROY), with a 29.4% stake in NevGold, making it the largest shareholder.
GoldMining CEO Alastair Still said, "By completing this transaction, the NevGold team benefits from synergies with their projects in neighboring Nevada and has completed the required expenditures and advanced the Project. Additionally, GoldMining retains future upside from the Project through the success-based contingent payments of up to $7.5 million on NevGold reaching certain milestones."
"With many high-priority untested drill targets, we are excited to see NevGold continue to advance Nutmeg Mountain, as well as their other projects in Nevada and British Columbia. For GoldMining, the transaction allows us to remain focused on our strategic initiatives, while bolstering our balance sheet through our strategic investment in NevGold," he added.
3. The shareholder rights law firm Bragar Eagel & Squire, P.C. is encouraging investors to contact the firm as it investigates claims against Ramaco Resources, Inc. (NASDAQ: METC) to determine whether they violated federal securities laws.
Ramaco Resources was recently criticized in a Wolfpack Research report for overhyping the potential of its Brook Mine, claiming unprofitable mining prospects and possible negative extractability test results, impacting its stock value.
4. The national metals service center Olympic Steel Inc. (NASDAQ: ZEUS) promoted Anthony G. Dominic to vice president of Safety, Health and Environment, in which role he will lead Olympic Steel’s safety programs and teams across all locations.
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