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Auroch banks another $1.3m from Mozambique sale

Auroch Minerals have boosted their cash balance to $8m after banking another $1.3m in delayed funds from the sale of their Mozambique project to Xtract Resources last year. With only 85m shares on issue and a burgeoning bank balance, Auroch are something of a rarity in the small cap exploration space. 

MGC produces first medical marijuana extracts

Whilst many other medical marijuana hopefuls are still talking up their opportunities in the industry, Perth listed MGC Pharmaceuticals have produced their first cannabinoid extracts at the company's brand new European extraction facility. The milestone means MGC remains on track for commercial production to commence in the third quarter of this year.

Lithium Australia delivers expert counter-punch in battle for Lepidico

Lithium Australia have hit back at takeover target Lepidico with a new expert report that raises concerns about the independent expert report prepared as part of Lepidico's defence. The new report by Leadenhall Corporate Advisory is critical of the methodology used by Lepidico's independent expert and concluded that the report should have found the bid was fair and reasonable.

Neometals look to Lithium downstream opportunities with $184m pile of cash

The extraordinary deal-making skills of Neometals have been put to work once again to secure a $125 million buyout of the company's 13.8% stake in the Mt Marion Lithium project. The remarkable end to Neometals' involvement in Mt Marion means the project will have generated a staggering $213 million for the company from a total investment of just $3 million.

Countdown to blast off for Sky and Space mini satellites

Perth listed Sky & Space Global's dreams of heading into space are about to be realized, with confirmation of a late-May launch date for the company's first three telecommunications "nano-satellites". The company this week reported that the Indian Government space agency had confirmed the launch of the satellites next month, paving the way for maiden revenues to flow within months.

Connected IO launches new miniature modem for Internet of Things

ASX-listed Connected IO continues to blaze a trail in the burgeoning "internet of things" global market with the launch of a new wireless modem device designed to take advantage of the latest low latency broadband cellular network known as "Cat 1". Cat 1 has been built by major mobile service companies around the world to provide an optimized, cost effective network specifically for the internet of things.

Lithium Australia look to Tin project to uncover Lithium in Germany

Lithium Australia's multiple tentacles have found their way into Germany with due diligence now underway on a proposed European joint venture and project farm-in. Interestingly, the project has a Tin recourse however Lithium Australia believe it might also be hosting a major Lithium discovery. 

Major Chinese player in $60m off take deal with Northern Minerals

Northern Minerals look set to get Australia's first heavy rare earths mine across the line after securing an offtake agreement for all production in the first three years. The sales agreement, with a subsidiary of one of China's big rare earths companies, includes a $10 million pre-payment and has dramatically boosted the prospects of a development decision.

MGC Pharma European marijuana facility complete

Medicinal cannabis player MGC Pharmaceuticals remains on schedule for its first commercial production of medical marijuana, with the Perth-based company's European cannabis extraction facility completing construction. MGC expects the initial commercial cannabinoid extraction to commence in Q3. 

Lithium Australia drill Mexican project next to world’s largest Lithium clay deposit

Lithium Australia have kicked off a much-anticipated drill program in Mexico with hopes of a discovery to rival the massive neighbouring Sonora deposit, which already has an off-take agreement with Tesla. Drilling began this week at the Agua Fria prospect where recent work identified a thick bed of lithium clays over a strike length of 5km and returned a number of very high assays. 

Legend inches towards a happy ending for $12m Cameroon deal

Legend Mining's drawn-out settlement of the 2014 sale of a magnetite project in Cameroon is edging closer towards a happy ending. The project buyer, Jindal Steel and Power, has kept faith by making another interest payment this week. Legend reaffirmed that it believes Jindal is still committed to finalising a new payment arrangement for the final $3 million in the first half of the year.

Stargroup delivers 13th straight quarter of record revenues

ASX-listed Stargroup delivered a staggering 13th consecutive quarter of record revenue growth in the March quarter. The company is expecting further revenue increases in calendar year 2017 helped by its impending acquisition of Automatic teller machine service provider Indue.

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Runners of the week

Company NameOpenPeak
Pancontinental Oil & Gas0.00100.0020
TV2U International0.00900.0170
Vimy Resources0.12000.2000
RTG Mining0.13500.2200
Volt Power Group0.00200.0030
Syndicated Metals0.01200.0180
Enterprise Metals0.02600.0390
Hannans0.01300.0190
Thred0.01300.0190
Rey Resources0.10000.1450

Connected IO (CIO)

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Source: Morningstar

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