Beowulf (BEM), the European mineral exploration and development company, updated on progress made across its portfolio of assets over the past twelve months and expectations for the coming year. BEM said 2024 has been a transformational year for Beowulf. It has made very significant progress in advancing its two core assets. At Kallak, it has demonstrated that it can produce a market-leading concentrate with very low impurities, developed a collaborative engagement with key local stakeholders and are focused on delivering the PFS and submitting the Environmental Permit application in the first half of 2025. The GAMP PFS is on track for completion in Q1 2025 with test-work delivering very positive results. The Business Finland BATCircle3.0 funding and the completion of the BATCircle2.0 project shows the continued belief and support for Grafintec. The progress made during 2024 has significantly de-risked both assets and has further highlighted their potential. With the completion of the respective PFSs, 2025 promises to be another busy and exciting year.
Comment: As was suggested in yesterday’s Week In Small Caps, BEM is in a rather better place than many of its exploration peers, and deserves to be rated accordingly. The evidence of de-risking is particularly pleasing.
IntelliAM AI (AQSE: INT), the software company leveraging the power of AI and machine learning in the manufacturing industry, announces that on 13 December a person closely associated with Tom Clayton, the Company’s CEO, bought 8,660 ordinary shares in the Company at a price of 80.763p per Ordinary Share. Following this transaction, Tom Clayton has a direct interest in 4,731,330 Ordinary Shares representing 24.72% of the issued share capital of the Company and an indirect interest in 8,660 Ordinary Shares held by a PCA, representing 0.05% of the issued share capital of the Company.
Comment: In current straightened stock market conditions CEO’s leading from the front in terms of buying shares is always much appreciated. It also shines a light on this recent, solid looking Aquis listing.
Orosur Mining (OMI) announced that 1832 Asset Management L.P. was in at 5.72% on the shareholder register.
Comment: After the recent transformational news regarding Anza, today’s institutional backing should keep the shares homing in on a technical10p target.
Filtronic (FTC), the designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets, is pleased to provide the following trading update ahead of reporting its interim results for the six months ended 30 November 2024. FTC said it expects to report a strong set of results for the period with significant growth in revenue and profits. Customer demand remains robust with the second half benefitting from pull-forward of customer orders. Consequently, the Board now expects to deliver stronger results for the full year than current market expectations.
Comment: A classic strong RNS, as you would expect from a company which managed to bag a $9m follow on order from SpaceX in the summer. If FTC was on the US market it would surely be multiples of where it is now. As things are now the value represents Great British understatement, and the joy of being listed in London.
Aura Energy (AURA) announced growth in ore reserves and progress at Tiris Project. AURA said the updated Ore Reserve Estimate is another strong validation of the robust nature of the Tiris Project. Building on the significant 55% increase in the Mineral Resource Estimate announced in June 2024[3], the updated Reserve estimate has increased by a further 49%. This means that 64% of the Production Target is now within the Proved and Probable Reserve categories, further reducing Project Delivery risk as it moves towards Final Investment Decision in 2025 and operations in 2027.
Comment: After a decent September – November bounce for the shares, some momentum has been lost. AURA will be hoping that today’s admittedly strong news, will turn the tide.
Cirata (CRTA) updated on commercial momentum and FY24 Bookings guidance. CRTA said the LDM contract announced today is for the sum of approximately $2m for a one-year term and it will commence on December 31, 2024. Cash overheads run rate is currently c.$5m for Q4, slightly better than expectations. Cash burn for Q4 will be dependent on the closing bookings and cash collection for the quarter once complete. It is anticipated that Q4FY24 cash burn will show sequential improvement relative to Q3FY24 (Q3FY24: c. $3.2m).
Comment: While today’s news is welcome, it does give the impression of being a swallow not making a summer, especially when one looks at the high numbers still going out the door.
Oxford BioDynamics, (OBD), a precision clinical diagnostics company bringing specific and sensitive tests to the practice of medicine based on its EpiSwitch® 3D genomics platform announces that Dr Jon Burrows, Chief Executive Officer, has resigned from his Board and officer positions with the Company and its affiliates with immediate effect. OBD said it is exploring a potential equity fundraise of £4m and has appointed Oak Securities as joint broker to the Company and sole broker on the Potential Equity Raise. Oak Securities have agreed to make a cornerstone investment of £400,000 as part of, and subject to successful completion of, the Potential Equity Raise.
Cizzle Biotechnology (CIZ), the UK based diagnostics developer, announced that it has signed an extension to its exclusive licensing and partnership agreement for the USA and Canada, executed on 21 October 2024, with Cizzle Bio Inc for its proprietary CIZ1B biomarker test to help detect early-stage lung cancer, to include the 14 Sovereign States of the Caribbean and the Cayman Islands. CIZ said it was delighted with the progress and developing partnership with Cizzle Bio. They have been working hard to deliver their milestones to bring its non-invasive, cost effective, CIZ1B biomarker lung cancer blood test to market in 2025.
Comment: After being rather quiet of late, CIZ needed a fresh shot of newsflow to bring momentum back to the share price. It will be interesting to see whether today’s news is enough to do the trick.
Artemis Resources (ARV) advised it has received firm commitments for a capital raising of A$4 million. The raise received strong support from sophisticated and institutional investors. ARV said it was pleased to have received strong support from shareholders and new investors. This raise will enable the drilling of high priority exploration targets which were refined following extensive groundwork in 2024. This important work provided the platform to commence drilling, which we intend to start in late January 2025.
Comment: The dip in the shares for H2 2024 was clearly the market guessing that ARV needed more ammo to continue to the drilling phase. Now that the cash is in the bag ARV needs to prove it can push ahead at pace in the new year.
Tern (TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses, announce that the Company will be hosting an online presentation and Q&A session at 5.30 p.m. GMT on Thursday 9 January 2025. This comes after today’s £400,000 placing at a price of 1.3p. Presenting will be members of Tern’s management team and management from Tern’s portfolio companies Device Authority, FundamentalVR and Talking Medicines.
Comment: After the umpteenth placing and given that the company is constantly in the crosshairs of bears, it will need a “we shall fight them on the beaches” grade presentation on January 9th, one that should really have been later this week.
SEEEN (SEEN), the global media and technology platform that delivers Key Video Moments and Video Commerce to transform its clients’ video profitability, announced that Gresham House Asset Management Limited has now unconditionally subscribed for five year unsecured convertible loan notes to raise a total of approximately £315,000. SEEN said it intends to utilise the net proceeds from the approximately £315,000 of CLNs now issued primarily for investing in its sales team, developing training and skills features in respect of its products, and for its general working capital requirements.
Comment: The story of SEEN in the recent past has been whether the company can get to being EBITDA positive status, something which it was close to in H1 2024. Just as important is the goal of being a true, scalable international tech business.
Powerhouse Energy Group plc (AIM: PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy together with a revenue generating engineering consulting division (Engsolve), announced “Mechanical Completion” of the Feedstock Testing Unit, on schedule and on budget, with all equipment now installed and operating on a “cold” commissioning basis. Paul Emmitt, Chief Executive Officer said the FTU has been something that I have championed since my involvement with PHE. Whilst we have had setbacks with our prior intended kiln manufacturer, we have overcome them to provide something tangible; an innovative facility that will allow us to showcase the DMG technology as well as our technical / engineering expertise as a Group as we look to deliver our vision for our shareholders.
Comment: While the gestation period on the FTU has meant that there has been something of a hiatus at PHE, slowing momentum, perhaps today’s news gets this normally liquid stock back in play.
Bradda Head Lithium (BHL), the North America-focused lithium development group, is pleased to announce a Notice of Intent drilling permit was approved for the Dragon Target at the San Domingo Project. BHL said it was excited to embark on the next phase of exploration drilling at San Domingo in H1 of 2025 and is appreciative of the BLM’s quick NOI permit approval on the Dragon target. Bradda has developed an excellent relationship with the BLM in Arizona, as evidenced by this 6th NOI or amendment approved in the span of just four years.
Comment: One is perhaps not sure that a four year timeframe is what the stock market in London likes these days as far as explorers are concerned, but at least this part of the process is over.
Quadrise (QED), the transition technology provider for a cleaner planet, announced the signature of a Material Transfer and Trial Agreement with Sparkle Power SA, a thermal power producer in Colón, Panama that uses fuel oil today. QED said that after a successful trial, it looks forward to agreeing future commercial supply terms with Sparkle, and a regional supplier, with a view to establishing a facility in Panama – which is a key location for fuel oil sales and marine bunkering activities in Central America.
Comment: QED finesses its long awaited turnaround with the latest news, where the momentum achieved in the share price since last month’s key collaboration news is set to continue.
Atlantic Lithium (ALL) the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, announced that the Company has received a TR-1 notification from major shareholder Assore International Holdings Limited showing it had gone from a 27.16% to 30.56% stake.
Comment: We now know why shares of ALL were on a firm footing last week, but perhaps given the ardour that Assore has for buying the shares, we should be seeing even more upside / recovery.
EDX Medical Group (AQSE:EDX) which develops innovative digital diagnostic products announced publication of its Interim Report and Financial Statements for the six-month period ended 30 September 2024. EDX said that in addition to in expanding development programme, it successfully established new commercial partnerships with several companies in the oncology sector, providing its clients with exclusive access to a number of unique, market-ready world-class tests, with exceptional clinical support. Its commercial team in the UK and Nordic markets is expanding, in order to launch and support these products and services.
Comment: EDX clearly thinks that its work / progress speaks for itself, with little mention anywhere apart from here, other than its upbeat RNS’s. Nevertheless, being on Aquis and the biotech slant requires effort to get those stock buyers in.
Valereum (AQSE: VLRM) announce that it has entered into non-binding Heads of Terms with a cornerstone investor, DMC Markets, Inc., whereby Valereum has agreed to conditionally issue and allot a total of 130,000,000 ordinary shares in the capital of VLRM at an issue price per share of GBP £0.10. VLRM said this potential deal represents a significant leap forward in Valereum’s strategic scaling efforts, bolstering both its financial and technological capabilities to seize emerging market opportunities. In DMC, it has found a truly exceptional partner whose vision aligns seamlessly with it own, bringing a deep skill set and a shared commitment to innovation and growth. Together, we are poised to accelerate business expansion, underscoring our unwavering dedication to long-term shareholder value creation and transformative market impact.
Comment: While the market has initially done nothing to the share price, this kind of rabbit out of a hat deal, involving a significant investor and amount of cash, deserves rather more interest than just a wait and see.
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