Paternoster is pleased to provide an update on its investment portfolio on the basis of the three investment categories previously set out:
Unlisted pre IPO
Andiamo continues to progress its copper and gold prospects in Eritrea, north-east Africa. Based on recent drilling at its Yacob Dewar prospect, the company believes that this deposit contains an in-situ grade of more that 4g/t of gold for currently 100,000 ounces of gold. The prospect has economic mining potential as it is amenable to open pit mining and has good infrastructure. The company is now proceeding with engineering and technical studies.
The stakeholders in Bison are currently pursuing alternatives to an IPO in order to realise value from the frac sand assets it owns in Wisconsin. It is expected that there will be a more detailed update on how this is progressing shortly.
Listed special situations
There is currently an increasing demand for AIM listed cash shells that can provide companies and businesses with access to the capital markets. Both Astar Minerals plc and Plutus Resources plc are actively considering a number of investment opportunities. Unfortunately, Brady Exploration was unable to complete the acquisition of 100% of EER as the necessary new equity funding could not be raised within the necessary time frame. However, Brady is now back from suspension and able to pursue other opportunities.