Drumz (DRUM) said that its investee company, Acuity Risk Management Ltd, has secured a new partnership with United States-based Tutela Solutions. Tutela will refer organisations looking for a governance, risk and compliance (GRC) solution to Acuity’s award-winning platform STREAM® Integrated Risk Manager in North America. DRUM said Acuity is growing strongly and is implementing a partnership strategy to build a bigger presence in the North American market for GRC solutions. This builds on the customer win announced in February and is a significant step to accelerate growth of revenues and customer numbers in the world’s largest market for risk management software.
Comment: The market has been under-appreciative to date of Drumz investee company Acuity. This is despite the way that it is flourishing in the key U.S. market. Such a state of under-appreciation is unlikely to last much longer.
San Leon (SLE), the independent oil and gas company focused on Nigeria, announced a further update in relation to: i) its current refinancing discussions and ii) the proposed transactions with Midwestern Oil & Gas Company Limited and the Company’s further conditional investments in ELI. The company said the Proposed MLPL Reorganisation was previously expected to be concluded by 31 March 2023 but, in light of the above and the pending conclusion of San Leon’s refinancing, San Leon now expects completion of the Proposed Transactions to be in the second quarter of this year and the long stop dates of the various underlying agreements, currently set for 31 March 2023, will shortly be extended by mutual agreement.
Comment: The key here with SLE is that progress is being made, the timelines notwithstanding.
Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company provided an update on recent corporate developments. The company said it is finalising discussions with a number of parties with a view to placing up to $80 million of corporate copper bonds, and has entered into a short-term $2,000,000 loan facility with Riverfort Global Opportunities PCC. It is looking forward to the upcoming 2023 exploration season, a primary focus of which will be a 60 hole drilling program at our Navarre Creek gold zone.
Comment: It should be the case that once PXC has rejigged its finances, the market can fully focus on what should be a solid 2023 exploration season.
Touchstone Exploration Inc. (TXP) reported its operating and financial results for the three months and year ended December 31, 2022. Post period highlights included net average natural gas volumes from Coho-1 were 900 boe/d and 864 boe/d in January 2023 and February 2023, respectively. Daily crude oil sales averaged 1,286 bbls/d in January 2023 with a realized price of $66.48 per barrel and averaged 1,341 bbls/d in February 2023 with a realized price of $67.14 per barrel.
Comment: TXP fitted the bill as a turnaround situation, if only on the basis of its share price around the turn of the year. It will be interesting to see whether today’s post period highlights will be enough to allow the turnaround to resume.
OKYO Pharma (OKYO), an ophthalmology-focused bio-pharmaceutical company, announced that it has been notified that Panetta Partners Limited, an entity in which Gabriele Cerrone, the Executive Chairman has a beneficial interest, purchased 10,000 of the Company’s ADSs on NASDAQ at a price of US$1.40 per ADS (which would be equivalent to the purchase of 650,000 ordinary shares at a price of £0.0175 each).
Comment: As we have seen on many occasions, Mr Cerrone is leading from the front in terms of buying shares in OKYO, as 2023 looks like it will be the year for the dry eye group. Last week the 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 – illustrating how quickly the timelines are moving here.
Warpaint London (W7L), the specialist supplier of colour cosmetics, provide an update on current trading and confirm the date for release of the Group’s results for the year ended 31 December 2022. The company reported that the strong trading has continued in Q1 2023. Sales in Q1 2023 are expected to be a record first quarter for the Group, with sales to 23 March 2023 already in excess of £16 million (Q1 2022: £13.2 million), with margins continuing to be robust and in line with those achieved in 2022. Accordingly, given this strong start to the year, the outlook for FY 2023 is now expected to be ahead of the board’s previous expectations.
Comment: While we are in a cost of living crisis and facing double digit inflation, struggling to pay for every day expenses such as energy, mortgages, rent, and food, there is apparently still enough cash around to buy cosmetics: a non-discretionary expenditure perhaps?
Arrow Exploration (AXL) revealed a TR1 from Edale Capital LLP, who have raised their stake in the company from 6.38% to 9.06%.
Comment: A decent TR1 from Edale, which looks to be right on the money at Arrow, in terms of both the price and the timing of the latest stakebuilding.
Atlantic Lithium Limited (ALL), the African-focussed lithium exploration and development company, advise that certain Directors have purchased in the market a total of 790,137 ordinary shares at an average price of 26.66p per Ordinary Share, equating to aggregate value of £210,676.
Comment: It is absolutely right that management have gone in to back ALL with meaningful purchases. Ideally, they will see off the shorting ambush, an approach which should have had its day years ago.
Streaks Gaming (STK), a GPT-driven conversational gaming platform targeting customers in the emerging US sports betting market, announced an advertising partnership with William Hill US, including Caesars Sportsbook & Casino and World Series of Poker. STK said it was thrilled to be partnering with William Hill US, Caesars Sportsbook & Casino and World Series of Poker; their reputation and reach in the American sports betting and casino industry will allow us to further enrich the Streaks ecosystem giving users greater choice and access to a wider selection of offers for first time deposits on multiple platforms. It also believes this will have a positive impact on our revenue per customer as the customer base matures.
Comment: Today’s deal with William Hill US underlines the strength of the STK proposition, but also the way that the market has so far missed, and perhaps misunderstood the opportunity. Today’s news should start to change this state of affairs.
GreenRoc Mining (GROC), a company focused on the development of critical mineral projects in Greenland, announced its audited results for the year ended 30 November 2022. The company said 2022 was a highly successful and significant year. Enormous progress has been made, in particular, at Amitsoq, where it has built up a substantial graphite resource and has done so without any sacrifice to grade, with Amitsoq now firmly established among a very select grouping worldwide of graphite deposits with resource grades averaging more than 20%. At the same time, it has greatly advanced its metallurgical test work programme in order to demonstrate the amenability of its graphite to the production of high purity spherical graphite which is in such demand for electric vehicles.
Comment: As in the case of other graphite plays, GreenRoc needs to underline to the market how important this commodity is, in contrast to Lithium, where the message has been received and understood.
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