(MENAFN- ProactiveInvestors)INTRODUCTION In the news: Peninsula Energy (ASX:PEN) Burey Gold (ASX:BYR) & Global Petroleum (LON:GBP) Quarterly reports are out for Peninsula Energy†† Burey Gold†† and Global Petroleum*†; they're coming thick and fast. The quite excellent Peninsula Energy†† told us that construction at the Lance ISR Uranium Project is on schedule. RFC Ambrian was instrumental in raising A$69m in cash for this so it's always heartening to see money being spent well. Gus Simpson is also working towards listing Peninsula on the NYSE in a clear attempt to get some US institutions and retail investors on its shareholder register. Global's news was not dramatic as observed by Stuart Amor below. Burey Gold†† is also out with its 2Q15 report. You can read more about Peninsula and Burey in Jim Taylor and Imogen Whiteside's comments below. If you want to go further and see Burey face-to-face I'd suggest you rock over to the Sprott Symposium in Vancouver. I have been sent a wonderful picture of Mark Gasson and Klaus Eckhof manning the stand there. This team is relentless in getting its story in front of investors. It also helps that Klaus is able to hypnotise potential investors into buying shares by placing them into some sort of 1960's psychedelic trance with his Austin Powers-like shirt and tie combination. METALS & MINING EQUITIES Peninsula Energy†† — June Quarterly Report — The ASX-listed company advancing uranium projects in Wyoming and South Africa has released operating and financial reports for the June quarter. The report reflected the progress that the company is making towards bringing its Lance Project in Wyoming into production and the ongoing exploration at its Karoo Project in South Africa. Key items in the report included the fact that construction of the plant at Lance and the wellfield development remain on schedule deep disposal well test results were very positive aquifer pump tests were successful for Mine Unit 1 and the resulting wellfield data package was submitted to the State and Federal regulators for final production authorisation. Corporately the company stated that it is continuing to work towards listing on the NYSE and that it is working on securing additional term sales contracts. The project is being constructed using the A$69m cash raised during 4Q14. A total of A$12m was spent during the quarter on exploration development and associated capex. Total cash outflows during the quarter were A$13m which reduced the cash balance to A$36m at the end of June 2015. Debt was limited to A$1m. It expects development expenditures to increase to A$15m during 3Q15. RFC Ambrian Comment: As we have commented on the developments noted in the quarterly previously we are taking this opportunity to recap on the project's background and its outlook. At 54Mlb U3O8 the resource at Lance is the largest in North America. The company plans to develop the project in three stages to a production rate of 2.3Mlb pa potentially by 2020. Stage 1 is based on the development of the Ross Permit Area and is planned to ramp up to a nominal production rate of 0.7Mlb pa. The total development cost of the project was estimated to be US$54m of which US$43m remained to be spent at the end of 2014. Construction of Stage 1 commenced at a low level in 4Q13 and ramped up in 4Q14 following the completion of the project funding package. Plant construction is planned to be completed in August and the planned wellfield development should allow production to commence in September 2015 (subject to timely final production approvals from State and Federal authorities). In turn this would allow first sales of uranium from the project to be made in 1Q16. We maintain our BUY rating and target price of A$0.04. Our TP is derived from a risked SOTP NAV assuming a long-term realised uranium price of US$60/lb a discount rate of 8% and a 0.9x multiple of the NAV for the Lance Project to account for the risks associated with project delivery. We also note that the planned completion of a listing on the NYSE in 4Q15 would coincide with the expected commencement of production of Lance which should help to increase the visibility of the company. Burey Gold†† — 2Q15 Report and Positive IP Survey at Giro — The ASX-listed gold exploration company that is conducting a successful exploration programme at its 55%-owned Giro Gold Project in the north-eastern DRC has announced its June quarterly activities and cashflow report and also the results of an Induced Polarisation (IP) survey at the project. As we have commented on the operational developments during the quarter we focus on the results of the IP survey which was conducted over an area of 4km by 2km covering the Giro prospect. The results of the survey indicate the presence of a 3km-long chargeability anomaly that is coincident with and larger than the area of significant drill results drilled at the Giro Prospect. The figure below shows the processed data over an area of 3km by 2km and the insert in the top right of the figure shows the raw data over the full 4km by 2km survey area. The survey was also reported to have been successful in mapping NW-orientated structures that host high-grade gold veins; these have been the subject of historic and current mining activity in the area. RFC Ambrian Comment: The results of the IP survey clearly indicate an anomaly over an area of 3km by 0.3km. IP surveys are used to map the resistivity and chargeability of the subsurface; they are particularly useful in identifying massive sulphide deposits and are also sensitive enough to detect disseminated sulphide occurrences. This anomaly is generally coincident with the drilling undertaken to date on this area of the licence. Drilling has been seen on six main drill lines covering a strike length of 1.2km for which results are available on four lines (over a strike length of approximately 800m) with results on Lines 8 & 9 to the north pending. Therefore the suggestion that the main zone of mineralisation extends to the south beyond the current area of drilling over a strike length of 3km is significant for the potential of the project. Also we note that Burey has undertaken a significant amount of drilling on Lines 1A 2 5 & 9 that are to the north east of drilling to date and the IP anomaly; if positive this would open up a significant area of additional potential that may not be hosted in the same sulphide mineralisation as that suggested by the IP anomaly. Further work is being done to process the data from the survey which should help to confirm dip direction and structural controls on mineralisation. Once completed this will allow a follow-up drill programme to be designed to test mineralisation further. The company acquired a 55% indirect interest in this project in October 2014 from third parties and has a first right over a further 10% interest. The remaining 35% is held by the state-owned Sokimo organisation. The project covers an area of 610km2. At a price of A$0.025 the company has a market cap of A$17m/US$13m. At the end of June it had net cash of A$0.4m (cash of A$0.8m and debt of A$0.4m) having had cash outflows before finance of A$2.2m and having added A$2.7m net cash from finance during the quarter.
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