OKYO Pharma (OKYO), a bio-pharmaceutical company, announced that its planned trial evaluating the efficacy and safety of OK-101 in subjects with DED has been posted on the ClinicalTrials.gov public website (ClinicalTrials.gov Identifier: NCT05759208). ClinicalTrials.gov is a Web-based resource that provides patients, their family members, health care professionals, researchers, and the public with easy access to information on publicly and privately supported clinical studies on a wide range of diseases and conditions. The company said it is now anticipating the first-patient first-visit initiation of the trial in early Q2 2023 and still looking to release top-line data from this trial in Q4 2023.
Comment: OKYO continues to remind the market that it is in the run up to delivering OK-101 to market in quick time. Being on the clinical trials website means it will hit the ground running once the dry eye treatment is approved.
hVIVO (HVO), (formerly Open Orphan plc), a specialist contract research organisation said it noted the announcement from Vaxart and its decision to postpone further clinical trials in its COVID-19 programme, including the challenge study, as they focus upon the development of an oral pan-betacoronavirus vaccine, as the virus continues to mutate and protection against other types of betacoronaviruses. HVO said that the Vaxart challenge study was not included in the Company’s order book and its postponement will have no impact on hVIVO’s 2023 financial guidance. As at 31 December 2022 the company’s orderbook was £76m, with over 95% of forecasted revenue for 2023 contracted.
Comment: The key points here at Hvivo are that the Vaxart news does not affect forecast revenue, and that we have been reminded of the company’s chunky £76m orderbook.
Cobra (COBR), a gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia, announces the commencement of Reverse Circulation drilling focused on growth of the company’s gold resources. The company said this field programme is anticipated to provide significant value to the company’s primary asset – the Wudinna Project. RC drilling will support a considerable gold resource update later this year, where the inclusion of Clarke will see further growth to its unique resource base.
Comment: It seems a tad unfair that Cobra shares are essentially back down where they were at the start of last year, even though news like today should remind the market of the merits of its flagship Wudinna Project.
Bradda Head (BHL), the North America-focused lithium development group, announced that the company has mobilised a sonic drilling rig to commence its 2023 drilling programme at the Basin Project, in Arizona, with the intention of further adding to its existing NI 43-101 Compliant Mineral Resource of Lithium Carbonate Equivalent (LCE) tonnes. The company said 2023 is going to be a significant year of resource growth for Bradda Head. With further drilling already planned at Basin West and Basin West Extension, BHL is excellently placed to take full advantage of the near-term resource growth potential at our sedimentary lithium assets in Arizona.
Comment: The market has made no adjustments to the valuation of BHL given the resource growth potential the company has, and perhaps just as important, its proximity to the lithium hungry U.S. market.
Phoenix Copper (PXC), the base and precious metals company reported the assay results from a further three metallurgical core holes at its Empire Open Pit Copper Project, in Custer County, Idaho, USA. The company said the intercepts in the drilling program thus far are consistent with the team’s expectations and meet the material type-grade-interval length necessary for the metallurgical test work currently being undertaken.
Commment: Decent grades reported this time from PXC should allow the early 2023 rally in the stock to resume, once the general stock market dust settles.
Fulcrum Metals (FMET), a company focused on mineral exploration and development in Canada, announced the appointment of Prospectair Geosurveys Inc. to commence geophysical surveys at the Company’s Big Bear property, a subset of the much larger Schreiber-Hemlo project, and Dayohessarah Tocheri Lake property. FMET said this is important for Big Bear as it will give complete coverage over the property where previous partial surveying has been successful in identifying several high priority geophysical anomalies.
Comment: It is clear that Fulcrum Metals is keen to show the market it is determined to get on with business so soon after listing on the stock market in February.
Wildcat (WCAT) announced that it has, via a Letter of Intent and subject to due diligence and final agreement, signalled its intent to purchase for a nominal fee, drilling equipment, supplies and drill pipe from New Age (African Global Energy) Ltd. The deal will cover the purchase of eighty (80), 20 foot shipping containers which hold drilling equipment, accessories and chemicals. Also included in the deal is a significant amount of drill pipe (various gauges of conductor and casing pipe). The company said this deal demonstrates the company’s determination to become a profitable oil producing company in 2023.
Comment: Wildcat appears pleased with itself in terms of getting hold of the kit to start becoming a profitable oil company later this year.
San Leon (SLE), the independent oil and gas company focused on Nigeria, noted the announcement made on 15 March 2023 by Decklar Resources Inc. in Canada. Decklar and its co-venturer Millenium have signed an addendum to the recently executed sale and purchase agreement with ERPC to deliver an additional 150,000 bbls to the Edo Refinery in Edo State, Nigeria. SLE said it continues to explore a potential sale of its non-core investments in DPL although the completion remains subject to the purchaser finalising its own funding arrangements.
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