Georgina Energy (GEX) announced a EP513 Hussar resource upgrade. The Company is confirm receipt of an updated addendum to the CPR of May 23, 2024 from an Independent Competent Person following the synthesizing of new seismic data, which greatly improves its understanding of the deeper structure at Hussar. The Independent Competent Person is a practicing geologist and geophysicist with over 30 years of experience in both the hydrocarbon and energy industry as Head of Exploration of a highly successful producer and explorer. GEX said it was delighted with the significant increase of resources at Hussar. Its planned preparatory site visit in November, followed by the commencement of operations in December, marks the realisation of a 5-year journey for the Georgina team.
Comment: The rug pull in shares of GEX soon after listing always seemed to be against the grain of the fundamentals, something which today’s Hussar resource update underlines. One would expect the shares to accelerate their recent recovery helped by the latest fundamental boost.
Eurasia Mining (EUA), the palladium, platinum, rhodium, iridium and gold mining company, announced that Christian Schaffalitzky, Executive Chairman, will provide a live investor session via the Investor Meet Company platform on Wednesday 23 October 2024 at 12:00pm BST. The session will allow shareholders to ask the Company questions regarding any queries they currently have.
Comment: One wonders whether there will be any questions regarding the potential secondary Kazakhstan listing, something which just on the basis of the fresh pool of liquidity could be a game changer for EUA. Interesting that so far the market has not reacted to this prospect revealed yesterday.
Artemis Resources (ARV) announced that ground reconnaissance across the Sing Six and Sing Well prospects has identified surface gold and mineralised veins with associated wider alteration zones across a wide 2km long area 6km southwest of the recent Titan gold discovery. ARV said once again its exploration team has successfully identified and collected visible gold samples across our tenement portfolio. It was encouraged by the level of surface and vein hosted gold that has been discovered, especially in a known mineralised area such as Sing Six. This bodes well for further potential exploration success and these clues are leading us to the source of the gold which is very exciting.
Comment: ARV has had a strong run up exploration RNS’s, of which this one is arguably the best. The shares have tentatively turned around in the past couple of months, and deserve greater gains.
Technology Minerals (TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announce that its 48.35% owned battery recycling business, Recyclus Group Ltd, has signed an agreement and delivered its first order from the Ministry of Defence for its market-leading solution for the safe storage and transportation of lithium-ion batteries, LiBox.
Comment: The MOD deal should be enough to make bears of TM1 have second thoughts regarding their stance on the company, something that the initial 50% rally in the shares today underlines.
Cadence Minerals (KDNC) announced the progress of the exploration of ASX-listed Evergreen Lithium Limited (ASX: EG1) assets in Australia. Cadence is an 8.74% shareholder in EverGreen. Evergreen said its team was excited to be in the field drilling again. The Bynoe property is huge and unexplored, with multiple gold and lithium targets. The potential for a new discovery is significant and demonstrated by the multiple lithium pegmatite resources discovered within a 5km radius on adjacent properties in the last 5 years. It believes evidence of gold mineralisation complements EverGreen’s lithium exploration activities and augments the Company’s value by becoming a multi-commodity project.
Comment: Even by current stock market standards it would appear that investors have been rather harsh on KDNC, especially given all the progress made at Amapa. At least in the meantime we have a supportive update regarding investee company Evergreen.
Avacta Group (AVCT), a life sciences company developing innovative targeted oncology drugs, announced the addition of two novel preclinical oncology assets, AVA6103 and AVA7100, to its pipeline of pre|CISION®-enabled drug conjugates. AVCT said the expansion of our pipeline highlights the broad potential of its proprietary pre|CISION® technology to deliver multiple potent oncology therapeutics directly into difficult-to-treat tumors, while sparing healthy tissues.
Comment: As far as pre|CISION® enabled drug conjugates are concerned it would appear that one can never have too much of a good thing, with not one but two new assets. Let us see how the bears cope with this new development.
Helium One Global (HE1), the primary helium explorer in Tanzania, updated and acknowledged the announcement released today by Blue Star Helium (ASX: BNL) regarding the Galactica-Pegasus project in Las Animas County, Colorado, USA. HE1 said this is a positive advancement for the Galactica-Pegasus project and it was very much looking forward to working with the Blue Star team and commencing the drilling phase for this development. It looks forward to providing further updates on this and operations in Rukwa in due course.
Comment: After raising millions repeatedly to prove up and develop Rukwa / Tanzania, which was to be the Saudi Arabia of Helium, it is such a pleasure to hear HE1 update on its Colorado project that the company bought as a hedge?
Oberon Investments Group (AQSE: OBE), the boutique investment management, wealth planning and corporate broking group, announced the promotion of Adam Herringer as Group Chief Operating Officer and his appointment as board member, with immediate effect. Adam joined Oberon in November 2021 as COO of Capital and Head of Change, since joining Adam has worked closely with the CEO Simon McGivern and has been integral in driving group initiatives and supporting the growth of Oberon. OBE said it was pleased to announce the promotion of Adam Herringer to Group Chief Operating Officer. Since joining Oberon, Adam has been instrumental in supporting the execution of our growth strategy. His promotion reflects his contributions and the trust we place in his ability to lead its operations as it continues to scale and innovate.
Comment: OBE stands out as far as the quality of its personnel, something which has ensured it has made progress even in tough stock market conditions. Indeed, this is in contrast to many brokers in the City who appear to be populated by failed used car salesman.
Marula Mining (AQSE: MARU), an African-focused mining and development company, announces that it is finalising negotiations with a Chinese battery manufacturer and its current lithium offtake partner, for the establishment of a new JV at the Blesberg Lithium and Tantalum Mine located in the Northern Cape Province in the Republic of South Africa. The Company also announces a subscription of gross proceeds of £750,000. MARU said it was thrilled to announce that the company is finalising negotiations for a new joint venture partnership. This collaboration will mark a significant milestone in its journey toward establishing a state-of-the-art lithium acid leaching plant at the Blesberg Mine.
Comment: The latest advance drawing under the February 2023 AUO facilities should take MARU a long way along the line as far as Blesberg is concerned, something which from the subscription level at 5p looks to be a decent risk/reward prospect. This is especially the case given the 5p level is higher than the original 3.75p terms last year.
Union Jack Oil (UJO), a USA and UK focused onshore oil and gas production, development and exploration company, noted media speculation regarding the planning permission for further development of the Wressle well site. The Company confirms that it is aware of a letter that has been addressed to North Lincolnshire Council, informing the Council of an intention to challenge its decision to grant planning permission for an extension to the Wressle well site, long term oil and gas production and construction of an associated pipeline at Wressle.
Comment: At the time that UJO received planning permission it was suggested here the company might have been rather fortunate given the lay of the land under the new draconian / dystopian Labour government. It looks as though such concerns may have been on the money.
Premier African Minerals (PREM) provided an update on the plant status and next steps to recommence production at Zulu Lithium and Tantalum. PREM said with this progress on the plant, and the recently notified updated resource estimate, Premier and its shareholders should be looking at the immediate future with much more confidence.
Comment: After being pummelled repeatedly and for an extended period via RNS, shareholders have gone from looking down the abyss, to being introduced to the light at the end of the tunnel.
Deliveroo (ROO) revealed a Q3 2024 Trading Update. GTV growth anticipated to be in the range of 5-9%. Adjusted EBITDA expected to be in the upper half of the £110-130 million range. Free cash flow expected to be positive for the full year 2024. ROO said its results demonstrate another solid quarter of growth with a 6% year-on-year increase in GTV. UKI growth remains healthy, with improving order trends and overall it is pleased with the underlying growth in International, driven by the UAE and Italy.
Comment: One is not necessarily sure whether the GTV is the metric to go with as far as blowing its own trumpet. However, it is clear that on demand delivery is still a la mode, even though it can be as or more expensive than eating out.
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