Experienced gold explorer, First Au Limited (ASX:FAU) published the activities report for the June quarter.
First Au focussed on the diversifying the portfolio and growing the projects further. The key updates from the quarter include-
- First Au entered into an acquisition agreement to acquire 80% stake in the Victorian Goldfields Pty Ltd (“VicGold”) and its Victorian Eastern Goldfields Project.
- Due Diligence completed, and paves way to acquire the VicGold assets
- First Au also entered into an agreement to acquire the Snowstorm project in the neighbourhood of VicGold’s Victorian Eastern Goldfields Project. The Company plans to consolidate the VicGold and Snowstorm subject to the underlying stipulations.
- Completion of an Induced Polarisation survey at Gimlet, new potential target identified.
- Diamond drilling program to commence immediately at the Gimlet gold project
- Completed the share purchase plan and the private equity placement
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)