Stocks of the Hour: Ai-Media Technologies, VRX Silica, Andromeda Metals

Company News

by Abbey Phillipps

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Ai-Media Technologies (ASX:AIM), a global provider of technology-driven captioning, transcription and translation services, today announced it has signed a multi-year agreement with Google. The company believes the agreement with Google is material due to the strategic importance of a leading global technology company adopting Ai-Media’s products in the corporate market. Ai-Media Co-founder and CEO Tony Abrahams said: “We are incredibly excited to be partnering with Google, one of the world’s leading technology companies, to improve the interconnectivity of its employees through our product offerings. “This is an important agreement for Ai-Media as it highlights our position as a trusted market leader, and it validates our ability to deliver high-quality and secure captioning services to a variety of global customers across different industries." Shares are trading 11.4 per cent at 39 cents.

VRX Silica (ASX:VRX) today announced the Mineral Resource Estimate (MRE) for its Boyatup Silica Sand Project. The MRE is based on a drilling program of 46 hand-held auger and 160 vacuum drill holes to a depth of 3-4 metres for a total of 312 metres conducted in March 2022. The estimate has utilised a comprehensive collation of assays and Particle Size Distribution on the drill samples collected. VRX Silica Managing Director Bruce Maluish said: “The Boyatup mineral resource has confirmed our belief that this is a significant silica sand project for VRX. This maiden mineral resource estimate has added significantly to our current inventory, bringing our total silica sand resources to 1.12 billion tonnes. Shares are trading 6.1 per cent higher at 18 cents.

Andromeda Metals Limited (ASX:ADN) a near-term producer of the halloysite-kaolin industrial mineral, today announced progress for its Great White Kaolin Project in SA, with the signing of land purchase agreements and the lodgement of its Program for Environment Protection and Rehabilitation. The Agreements and lodgement of the PEPR significantly de-risk the Project’s development and increases confidence for the approaching investment phase. Andromeda has signed Agreements to acquire all the required freehold land from relevant freehold landowners for the Project to proceed. Andromeda’s Managing Director James Marsh, said “The Agreements and submission of the PEPR signify important milestones achieved in progressing the Great White Kaolin Project. They follow months of extensive stakeholder consultations with landholders and the broader Eyre Peninsula community. “These positive outcomes demonstrate Andromeda’s ability to work collaboratively to deliver win-win solutions that progress the Project while also delivering benefits to the surrounding communities.” Shares are trading per cent to 1.1 per cent higher at 10 cents.

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