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8-Jan-2021

Mining Weekly

A subsidiary of ASX-listed OM Holdings, OM Manganese, has waived its pre-emptive rights to match a A$5-million conditional cash offer for ASX-listed Bryah Resources interest in the Bryah Basin manganese joint venture (JV).

Bryah last year announced a A$5-million transaction with ASX-listed Primero Group and natural resources specialist investor AMCI Group to divest of its manganese rights over the JV tenement package, allowing Bryah to maintain exposure to all other commodities within the licence.

8-Jan-2021

Stockhead

The $5m cash windfall will enable Bryah Resources (ASX:BYH) – which recently raised another $1.3m — to more aggressively focus on its gold-copper assets in WA as well as evaluating other opportunities, it says.

In November, Bryah received a $5 million cash offer for its interest in the Bryah Basin Manganese Joint Venture with OM Holdings (ASX:OMH).

The bid came from well-funded mining services play Primero Group (ASX:PGX) and natural resources specialist investor, AMCI Group.

OMH – which holds a 30 per cent interest and is funding further exploration to earn up to a 51 per cent from Bryah — had a pre-emptive right to match the cash offer.

OMH has now advised Bryah that it will not match the offer, which allows the explorer to finalise the $5m deal.

Importantly, Bryah retains rights to all commodities other than manganese over the joint venture area, which is highly prospective for copper and gold.

8-Jan-2021

The Market Herald

 

  • Bryah Resources (BYH) is now free to proceed with selling its 70 per cent joint venture interest in the Bryah Basin Project in WA
  • The joint venture is held with OM Holdings' (OMH) subsidiary, OM Manganese (OMM)
  • While OMM is funding exploration to increase its interest, Bryah received a $5 million bid from Primero Group and ACMI Group in November last year
  • Before it formally accepted, Bryah checked if OMM would want to match the offer
  • However, its former joint venture partner has now waived its pre-emptive right which means Bryah can sell its interest to Primero and ACMI
  • Despite the sale of its manganese interest, Bryah retains the right to explore for other commodities, such as copper and gold, within the Bryah Basin
  • Bryah is trading grey at 7.6 cents
5-Jan-2021

Stockhead

Bryah Resources’ Bryah Basin joint venture has hit high grade manganese while drilling the historic Horseshoe South mine, as it works towards a maiden resource estimate for the project.

The latest results from the Bryah Basin manganese joint venture – owned 70% by Bryah Resources (ASX:BYH) and 30% by a subsidiary of OM Holdings (ASX:OMH) – are the last to come of a program carried out in October and November last year to allow improved geological modelling of the historic mine site.

They did just that, with Bryah stating the latest results confirmed the presence of high-grade manganese mineralisation beneath the existing main pit floor and provided an increased geological understanding of the area.

5-Jan-2021

Stockhead

Stockhead’s Top 10 at 10, published at 10.15am each trading day, highlights the best (and worst) performing ASX small caps in morning trade using live data.

It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has commenced trading.

Bryah Resources (ASX:BYH) jumped on a market-moving announcement, after announcing a high-grade manganese strike at its Meekatharra project in central Western Australia.

5-Jan-2021

Stockhead

  • Coal explorer Prairie could score big payday if it wins legal battle against Polish government
  • Red Mountain Mining has rare earths and gold exploration results pending
  • Bryah Resources hits high grade manganese under historic Horseshoe Lights mine
5-Jan-2021

The Market Herald

  • Bryah Resources (BYH) has intersected high-grade manganese mineralisation at the Horseshoe South Manganese Mine in Western Australia
  • Reverse circulation (RC) drilling was recently completed to update the geological model ahead of a mineral resource estimate
  • 40 holes were drilled across the Main Open Pit and the Extended Open Pit areas
  • At the Main Open Pit, grades peaked at 44.3 per cent manganese while at the Extended Open Pit grades peaked at 33.8 per cent manganese
  • Bryah is up a healthy 25.7 per cent on the back of this news with shares trading at 8.8 cents
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