News and Media

The Market Herald

• Primero Group (PGX) has said no deal to its proposed purchase of Bryah Resources' (BYH) 70 per cent stake in the Bryah Basin Manganese Joint Venture
• Just last week, Bryah gave the all-clear for Primero to purchase the interest
• However, Primero has now dropped the deal, as some "outstanding conditions on the deal not been met"
• While initially all for the deal, Bryah said it was "happy to retain" its 70 per cent interest
• On the market today, Bryah is down 6.25 per cent and trading at 6 cents per share, while Primero is up 1.77 per cent and trading at 57.5 cents each

Business News [subscription]

Bryah Resources will hold on to its 70 per cent stake in a Mid West manganese project, after joint buyers Primero Group and investment firm AMCI withdrew their $5 million offer.

Stockhead

Bryah is retaining its interest in the Bryah Basin Manganese Joint Venture after an acquisition offer fell over, but the company is happy to retain the project.

And it is not hard to see why.

Manganese has received a lot of love recently as the industrial metal, which is typically used in the manufacture of steel, is increasingly being seen as a low-cost solution for the manufacture of batteries for the growing electric vehicle sector.

This has been sparked in large part by Tesla’s introduction of a new battery with a cathode that is 33 per cent manganese.

Stockhead

Gold has been uncovered at the Gabanintha project in central Western Australia, where Bryah Resources (ASX:BYH) holds a suite of mineral rights. 

Up to 3 grams per tonne (g/t) gold were recorded in the latest assay results from an initial selection of historical drill samples from Australian Vanadium’s (ASX:AVL) namesake project within Gabanintha.

Additionally, a review of metallurgical test work undertaken by AVL showed the presence of gold along with cobalt, nickel and copper in the non-magnetic tail after separation of the vanadium, titanium and magnetite.

Stockhead

Stock analysis veteran and lover of the resources game, Peter Strachan, is back for another instalment of the Rock Yarns podcast.

In this episode Peter chats with Neil Marston, managing director and company secretary of Bryah Resources (ASX:BYH).

Bryah is a Perth-based mineral exploration company with a focus on exploration for high-grade copper-gold and manganese resources located in its two projects areas in the Bryah Basin and at Gabanintha in the Meekatharra region of Western Australia.

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.

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.

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

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.

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.