Latest news with #Daws
West Australian
3 days ago
- Business
- West Australian
Estrella lands $5M to fuel Timor-Leste manganese exploration push
ASX-listed Estrella Resources has pulled in a hefty $5 million from a strategic Western Australian investor, who is keen to back the company's ambitious manganese and limestone exploration campaigns in Timor-Leste. The cash came after MJ Ratta Investments exercised the second tranche of an option subscription agreement, inked in September last year. Subject to shareholder approval, the investor will receive 136.76 million shares at 3.656 cents per share, which is a 20 per cent discount to Estrella's 10-day volume-weighted average price of 4.57c. The first tranche raised $350,000 from the issue of 53.3 million shares at 0.006c per share. Estrella says the move is a major endorsement of the company's fast-moving strategy in a region that, until now, has never seen modern drilling for metallic minerals. The new funding package boosts Estrella's balance sheet and also comes with attractive terms for Ratta. The investor will gain an increased gross revenue royalty from manganese production – up from 0.25 per cent to 0.5 per cent - and an extended royalty life from five to seven years if production gets up. Additionally, the company has pledged a first-ranking security interest on its Spargoville nickel mineral rights until it can confirm delivery of 20,000 tonnes of ore to port. With the blessing of local Timor-Leste communities and its nascent mining industry, Daws added that Estrella has also received staunch support from its institutional shareholders. The funds will be used to ramp up Estrella's ongoing 3000-metre diamond and 10,000m reverse circulation drilling blitz and pave the way for a follow-up 10,000m reverse circulation campaign, subject to results. The timing of the new cash has come at an exciting time for the company, which recently landed some big manganese results. Last week, the drill bit struck a standout 7.76m hit of manganese oxide from just 30 centimetres below surface at its Ira Miri project in the country's northwest. The discovery came from a diamond drill hole using an upgraded rig, which twinned the project's first hole that had earlier pulled up short in mineralisation. Fitted with an appropriate drill bit and improved drilling fluids, the rig is capable of churning through the harder material, leading to an improved core recovery. Core visuals revealed thick, high-grade manganese zones, with some sections potentially hitting 100 per cent manganese oxide. Notably, the intercepts are already rivalling Australia's renowned Groote Eylandt deposit, which averages just 3m wide. Estrella says the material appears to be in-situ supergene enrichment from the Noni Formation and looks extremely well preserved beneath ancient overburden. Drilling is continuing with step-out holes to test scale and continuity at Ira Miri, while the company pushes on with its permitting efforts to ramp up exploration at its Werumata and Lautém sites, further south. In parallel with the hunt for manganese, the company is also chasing a large limestone opportunity as part of a partnership and an offtake agreement already in place to monetise the resource. Last month, Estrella struck a binding deal with Indonesian group PT Raka Energi Mandiri (REM) to potentially export up to 500 million tonnes of high-grade limestone from Timor-Leste across the next five years. The agreement gives REM exclusive marketing and off-take rights and includes a performance incentive of up to 500 million share options at 5c each. The joint venture, dubbed Estrella Murak Rai Timor Lda, will retain all revenue from limestone sales. Estrella owns 70 per cent of the joint venture with Timor-Leste's state-owned Murak Rai Timor holding the balance. The material shows up as a clean, coral-rich layer running along the top of the dominant Baucau Formation, which stretches across the company's 195 square kilometre concession. The resource also conveniently sits above its main manganese targets, allowing for dual-resource exploration in a single drill run. Recent assays confirmed the limestone is a premium-grade calcite with minimal impurities, making it highly sought-after for use in cement, glass and agriculture. It is also the perfect neutralising agent in nickel processing and for environmental remediation. With strong backing from the investor, local communities and a budding Timor-Leste mining industry, Estrella appears well-positioned to continue blazing a trail through uncharted territory. The company has already marked itself as a pioneer in the region and now, with $5 million in the bank, it appears ready to dig even deeper. Is your ASX-listed company doing something interesting? Contact:
West Australian
23-06-2025
- Business
- West Australian
Estrella strikes near-surface manganese paydirt in Timor-Leste
ASX-listed Estrella Resources has wasted little time making its mark in Timor-Leste, after the company revealed a high-impact 7.76-metre manganese oxide hit from just 30 centimetres below surface at its Ira Miri project in the country's northwest. The discovery came from a diamond drill hole using an upgraded rig, which twinned the project's first hole. The maiden hole pulled up short in mineralisation earlier this month. Drilling is now being powered by a repurposed Boart Longyear Deltabase 525 rig, which has been modified for exploration and fitted with an appropriate drill bit capable of churning through the harder material. The company says it significantly boosted core recovery at the project by switching the drill bit and improving the drilling fluids. The updated equipment is likely to be vital for generating results that meet the rigorous standards needed to define a resource under the JORC code. While assays for the first hole are still a few weeks away, the new hit is already shaping up as a significant moment for Estrella and Timor-Leste's emerging minerals. Initial visual estimates from the core show thick, continuous zones of manganese mineralisation, with some sections appearing to contain up to 100 per cent manganese oxide. Estrella says the material appears to be in-situ supergene enrichment from the Noni Formation and looks extremely well preserved beneath ancient overburden. Daws added the latest results, which twin the company's first hole, are strategically important, and provide Estrella with complete core for geological analysis and data on the depth of its initial manganese discovery. While Estrella is keen to point out that visual estimates aren't a stand-in for lab assays, the geology on show looks the real deal. Notably, the thickness of the manganese hit stacks up against Australia's legendary Groote Eylandt deposit, which averages just 3 metres. Estrella says drilling at Ira Miri will continue with step-out diamond holes designed to test the continuity and scale of the mineralised horizon. At the same time, reconnaissance mapping of the company's southern Lautém manganese grounds has continued. Environmental approvals - in conjunction with community input - are also being worked up at its Werumata site. It plans to drill a large 3.9 square kilometre target area at Werumata when the permits are secured. Estrella's boots-on-the-ground efforts are earning widespread recognition. Timor-Leste Prime Minister Xanana Gusmão met with the company's management, offering strong support for the project and for Estrella's broader exploration activities across the country. Estrella also organised a full site visit for more than 50 investors, national media representatives and senior government officials. The party toured the Ira Miri manganese site and its Werumata limestone project in Baucau. Attendees witnessed drilling in action and inspected a trench dug into a new discovery of massive manganese oxides 350m northwest of the current drilling, hinting at the project's potential scale. Backed by community support, government enthusiasm and early geological success, Estrella appears to be on track to cut out a new mineral province. With assays imminent and more drilling on the cards, punters are likely to keep a close eye on what comes next out of Timor-Leste. Is your ASX-listed company doing something interesting? Contact:
Yahoo
18-06-2025
- Business
- Yahoo
Hamilton Insurance Group reshuffles leadership team
Bermuda-based specialty reinsurer Hamilton Insurance Group has appointed Adrian Daws as the new CEO of Hamilton Re as part of several leadership changes. Daws will succeed Megan Graves in the new role, while Alex Baker will assume Daws' previous role as CEO of Hamilton Global Specialty. Megan Graves, who has led Hamilton Re since 2020, will retire from the company on 31 December 2025. Both appointments are pending regulatory approvals, with Daws' appointment also subject to immigration clearance. Daws, who has been with Hamilton since 2015, has more than 25 years of industry experience, having served as the CEO of Hamilton Global Specialty since 2020. Baker, appointed group chief risk officer in 2022, also brings more than 25 years of insurance sector experience to his new role. He joined Hamilton in 2016, where he previously held the roles of chief risk officer and chief actuary at Hamilton Global Specialty. In addition, Tim Duffin has been named group chief underwriting officer (CUO), a newly created position, also pending regulatory approval. He will take on the new responsibility on 1 January 2026. Duffin, who has been with Hamilton since 2012, has more than 25 years of experience in the insurance space in the Bermuda and London markets. He served as the CUO of Hamilton Re before his new appointment. Daws, Baker and Duffin will join the executive management team, reporting to group CEO Pina Albo. Hamilton Insurance Group board chair David Brown said: 'We are fortunate to have such strong and talented individuals on the Hamilton team; employees who are aligned with our strategy and values and who are able to seamlessly step into key roles and continue our forward momentum and success.' In November, Hamilton Re made headlines for expanding into credit, bond and political risk and appointing Sergio Lottimore as vice-president of the new reinsurance line. "Hamilton Insurance Group reshuffles leadership team" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Wire
17-06-2025
- Business
- Business Wire
Hamilton Announces Executive Appointments
PEMBROKE, Bermuda--(BUSINESS WIRE)--Hamilton Insurance Group, Ltd. (NYSE: HG) ('Hamilton' or the 'Company') today announced the appointments of Adrian Daws to Chief Executive Officer, Hamilton Re, based in Bermuda, and Alex Baker to Chief Executive Officer, Hamilton Global Specialty, based in London, succeeding Daws. Both appointments are subject to requisite regulatory approvals, and in the case of Daws, also subject to immigration approval. Additionally, Tim Duffin has been appointed to the newly created role of Group Chief Underwriting Officer, based in Bermuda effective January 1, 2026, subject to requisite regulatory approval. Daws, Baker and Duffin will all be part of the Executive Management team reporting to Pina Albo, Group Chief Executive Officer. Megan Graves, who has served as Chief Executive Officer of Hamilton Re since 2020, has decided to retire from the Company, effective December 31, 2025. 'I am extremely pleased to congratulate Adrian, Alex and Tim on their well-deserved appointments,' David A. Brown, Board Chair said. 'We are fortunate to have such strong and talented individuals on the Hamilton team; employees who are aligned with our strategy and values and who are able to seamlessly step into key roles and continue our forward momentum and success.' Albo added: 'Our ability to appoint Adrian, Alex and Tim from within Hamilton is a testament to the bench strength we've cultivated across our organization over the years. These leaders are seasoned professionals, who have demonstrated exceptional commitment, vision and performance and will be instrumental in continuing to execute our strategy of building a global specialty insurance and reinsurance company. I am thrilled with the appointments of Adrian, Alex and Tim and look forward to working with them as we continue building our profitable track record. 'Megan's decision to retire follows an impressive five years with the Company, which has included strategically growing Hamilton Re into a highly profitable and diversified insurance and reinsurance platform, establishing a strong key client relationship strategy and leveraging our A.M. Best 'A' rating. During her tenure, Megan also built a formidable team of talented professionals who will continue to serve Hamilton and its clients. We thank Megan for her many contributions to Hamilton and wish her a healthy and happy retirement.' Daws was appointed Chief Executive Officer, Hamilton Global Specialty in 2020 and has over 25 years of industry experience, with extensive knowledge across insurance and reinsurance. He joined Hamilton in 2015 as Head of Specialty and Deputy Active Underwriter before transitioning to Active Underwriter of Hamilton's Lloyd's syndicate in 2018. Baker was appointed Group Chief Risk Officer in 2022 and has over 25 years of experience in the insurance industry. He joined Hamilton in 2016, serving as Chief Risk Officer and Chief Actuary at Hamilton Global Specialty before being promoted to his groupwide role. Duffin was appointed Chief Underwriting Officer of Hamilton Re in 2017. He has over 25 years of insurance industry experience in the Bermuda and London markets. He joined Hamilton as Senior Vice President Property in 2012. About Hamilton Insurance Group, Ltd. Hamilton is a Bermuda-headquartered specialty insurance and reinsurance company that underwrites risks on a global basis through its wholly owned subsidiaries. Its three underwriting platforms: Hamilton Global Specialty, Hamilton Select and Hamilton Re, each with dedicated and experienced leadership, provide access to diversified and profitable business around the world. For more about our company, visit or find us on LinkedIn at Hamilton.
Yahoo
21-05-2025
- Entertainment
- Yahoo
Summer reading program returns to Sioux Falls libraries
SIOUX FALLS, S.D. (KELO) – The summer reading program is back for all ages at Siouxland Libraries. The program encourages reading all summer throughout Minnehaha County and Sioux Falls. This year, it'll run from May 23 through August 15. McKennan Park project underway 'We are passionate about this program because not only do we love welcoming so many people into our branches, but we also are here to support reading during the summer, a great way to maintain literacy skills and combat 'summer slide.' Librarian Neliesha Daws said in a news release. 'Summer slide' refers to the loss of academic progress that can occur when children take time off from reading and learning during the summer months. 'A strong foundation in reading is crucial for a child's success in school and life,' Daws emphasizes. 'When children take the summer off from reading and learning, they can lose two to three years of academic growth by the time they reach middle school.' This year's theme, 'Color Our World,' inspires a program that incorporates literacy, dance, art, and more into the world. Siouxland Libraries has planned a variety of programs for all ages, including storytimes, dance classes, art and cartooning classes, a magician, sensory water play, ZooMobile, book walks, an art contest, an end-of-summer party, and a teen lock-in. Participants in the Summer Reading Program can earn prizes for reaching their reading goals: Children from birth to five years old have 30 challenges designed around five pillars of learning: reading, talking, writing, playing, and singing. Kindergarten through 5th graders are challenged to read for 20 hours. Teens are challenged to read for 30 hours, with a prize awarded every five hours. Adult participants can complete seven challenges to receive a prize and be entered into a drawing to win a grand prize. Information about the 2025 Summer Reading Program can be found at the Siouxland Libraries website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
