Mkango Resources (MKA), announced that it has released the Financial Statements and Management’s Discussion and Analysis for the 3-month period ending 30 September 2024. Cash position of US$2 million as at 30 September 2024 following the £1.25 million capital raising on 5 September 2024 and subsequent receipts of grant funding. Positive feasibility study results for rare earth magnet recycling and manufacturing project in Texas, USA announced in November 2024.
Comment: MKA shares are gathering genuine momentum, and given the operational progress, justifiably so. Further gains can be expected.
Blencowe (BRES) CEO Mike Ralston will provide insights into the Company’s recent developments, including: The recent capital raise. The 6,700m drilling programme for Orom-Cross. The recently announced entry into the European Commission’s SAFELOOP Consortium. Key updates and plans for the Orom-Cross graphite project. Investors can register for the webinar on Tuesday, 3 December 2024, at 6:00pm: https://us06web.zoom.us/webinar/register/4017296800429/WN_UW2kGQaXSWa-0r0TjqnOjw#/registration
Comment: Shares of BRES have clearly overshot to the downside, something which one would expect to be remedies with presentations such the one just announced.
Invinity Energy Systems (IES), a global manufacturer of utility-grade energy storage, announced the appointment of Adam Howard to the role of Chief Financial Officer and Executive Director on the Board of Invinity, effective 09 December 2024. Howard said he had the opportunity to work with the excellent team at Invinity during their recent fundraise and wanted to join the Company at this pivotal time in its story.
Comment: Given how much cash IES has raised, it clearly requires a CFO of some standing, if only to count all the cash.
Equipmake (AQSE:EQIP), a market leader in engineering-driven differentiated electrification technologies, products and solutions across the automotive, truck, bus and speciality vehicle industries, announced its final audited results for the year ended 31 May 2024. Revenue for the year ended 31 May 2024 was £8.1 million compared to £5.1 million in the prior year, a growth of approximately 60%. Excluding grant revenue, delivery against commercial agreements generated revenue in the year of £7.3 million compared to £4.9 million in the prior year, a growth of 47%. EBITDA loss was £7.4 million compared to an adjusted EBITDA loss of £3.6 million in the prior year.
Comment: A good reminder that woke, green business require a lot of cash to get into the black. It may be still some time before EQIP can do this.
Atlantic Lithium (ALL), the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, announced its AGM statement. ALL said notwithstanding ratification of the Mining Lease, the year ahead presents itself as a hugely important period for the Company. Key milestones include achieving FID, the completion of remaining operational activities required to achieve shovel-readiness, the award of key Project contracts and breaking ground itself.
Comment: It is perhaps a tad unfair that shares of ALL remain at the low end of the range, despite the progress achieved to date, and that which is just over the horizon.
Catenai (CTAI), the AIM quoted provider of digital media and technology, announces that, further to the announcement of 4 December 2023, it has renewed an insurance policy (costing £993) through B.T.I.C. Limited, a company controlled by Brian Thompson, a director of the Company. CTAI said that it continues to carefully manage its working capital position.
Comment: This RNS is perhaps an example of giving the market too much information. But it is good to see that the company’s money management remains stingier than Scrooge.
Argent BioPharma (RGT), a multidisciplinary drug discovery company, advised that following a detailed review of both the listing requirements and costs it has decided to retain its listing on the ASX and apply to the FCA and LSE to cancel the admission of Argent BioPharma’s shares to listing in the International Commercial Companies Secondary Listing category of the Official List of the FCA and trading under the ticker “RGT” on the Main Market for listed securities of the LSE.
Comment: Given all the cost and pointless regulation involved in being listed, it is perhaps surprising that RGT did not bin its ASX listing as well.
Beowulf Mining (BEM), the mineral exploration and development company, announces its unaudited financial results for the nine months ended 30 September 2024. BEM said excellent progress continues to be made across our two core assets, and we have a busy period ahead as we finalise the studies and environmental work. The Consultation Process for Kallak is in full swing with multiple meetings with stakeholders and relevant authorities. Completing the metallurgical test-work was a major step forward for the project, demonstrating that it can produce a market leading high-grade, low-impurity product. Other technical studies in support of both the PFS and Environmental Permit application continue to advance on schedule. The majority of the test-work for GAMP is now complete ahead of the PFS, which is targeted for Q1 2025.
Comment: The market continues to be rather hard n BEM, even though we are in the run up to the PFS early next year.
CAP-XX (CPX), a leader in the design and manufacture of thin, prismatic supercapacitors and energy management systems, announced its audited results for the year ended 30 June 2024 and provide an update on current trading. Total revenue of A$4.6m has increased by A$1.0m compared to FY23, representing an increase of 26.5%. The increase in revenue is made up of a A$1.3m increase in product sales offset by a A$0.3m decrease in licence revenue which reflects the shift in the Company’s business model to product sales.
Comment: CPX seems to still be running up a down escalator, but there is enough here to give its supporter some cause for optimism.
Contango Holdings (CGO), a company focused on unlocking value from the +2 billion tonne Muchesu coal project in Zimbabwe, updated in relation to operational, financial and corporate matters. CGO said it is now looking forward to lifting the suspension and for the shares to resume trading. We are approaching a very busy period for the company with closing the Subscription and the Definitive Agreements. We are also hugely excited to see activity at Muchesu increase once again and we are confident that the mine will be in a position to deliver on its operational objectives moving forward. The recent period has been demanding of both the management and shareholders and we believe that better days are ahead and wish to thank all the supportive shareholders for their patience and support for the relaunch of Muchesu.
Comment: One could say that CGO’S return from suspension is one that the market will be looking forward to. This is especially true on the operational side.
Bushveld Minerals (BMN), the integrated primary vanadium producer, announced that its group company has not received an amount of ZAR 14,438,093 (c.US$798,000) less accrued interest, which was due, owing and payable by Vanchem to BV2 by 21 November 2024. Accordingly, the Joint BRPs are currently in discussions with Vanchem and will determine the next steps, including taking legal advice, to recover the amount currently owed by Vanchem to BV2, as outlined above.
Comment: Given the lack of stock market reaction so far today, it would appear that the lack of payment here was more than factored in.
ECR Minerals (ECR), the gold exploration and development company focused on Australia, announce that it has entered into a collaboration agreement with James Cook University in Queensland, a leading institution in science and engineering research, to further explore the potential for rare earth elements within the Company’s Lolworth Project area in Queensland.
Comment: A more normal style of RNS from ECR, after the recent fundraise by the company that no one in the market was expecting, and really was a bolt from the blue. The market looks forward to the next really subtle placing, and how ECR will get it over the line.
Ferro-Alloy Resources (FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, announces an update with respect to the Company’s existing Kazakhstan Exempt Offer Bond Programme. The Company has been requested by the Programme’s broker to announce the details of an updated prospectus for the Programme and the terms and conditions for a fourth tranche of bonds to be issued under the Programme on the Astana International Exchange.
Comment: Shares of FAR spiked wildly in the wake of the carbon black substitute announcement. But we have a return to more usual fayre from the company in the latest news.
Aptamer Group (APTA), the developer of novel Optimer® binders to enable innovation in the life sciences industry revealed its AGM statement. APTA said its increased commercial traction has secured newly signed contracts, currently up to the value of £471,000, which will ensure that the Group’s cash runway remains generous, allowing any licensing opportunities to evolve and potentially crystalise over this extended period.
Comment: It does appear that APTA is gaining traction as far as its Optimer® binders are concerned. That said, the market is clearly looking for numbers that underline the scalability of the business.
Northern Bear (NTBR), the AIM quoted holding company of the group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK, announced its unaudited interim results for the Company and its subsidiaries for the six months to 30 September 2024. NTBR said it was pleased to report that it remains in a strong financial position and has continued to make good progress against its medium-term objectives. This has been possible in the main by a combination of continued investment, organic growth and focus on cash generation, which has underpinned the results in the period.
Comment: NTBR remains something of a stock market enigma, and perhaps on this basis alone, one might wonder how much being listed helps the company. Being rather more active in its comms to the market would certainly help.
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