Berkeley Energia (BKY) advised that its wholly owned subsidiary, Berkeley Exploration Limited (BEL), has now filed a Request for Arbitration (Request) for its investments in Spain through its Spanish subsidiary, Berkeley Minera España SA (BME), initiating arbitration proceedings against the Kingdom of Spain (Spain) before the International Centre for Settlement of Investment Disputes (ICSID). BKY said Spain’s actions against BME and the Salamanca project have violated multiple provisions of the Energy Charter Treaty and as part of its Request, BEL is seeking preliminary compensation in the order of US$1 billion for these violations.
Comment: It is a shame we have a lefty, green government in Spain, one that is happy to change the goalposts as far as those attempting to do their business in the country. Indeed, one would have only thought the need to go down a legal route would only be something you would see in a less developed country. Still $1bn is nothing to be sniffed at if / when BKY wins.
Baron Oil (BOIL) announce its audited financial results for the year ended 31 December 2023. In conjunction with this announcement, the company also released an ‘Operational Update’ changing its name to Sunda Energy. BOIL said that with a recently refreshed and energised Board, a strong pivot to SE Asia where gas is in such strong demand, and the new proposed ‘Sunda Energy’ name, the Company looks forward to a bright future. The progress of its preparations to drill the Chuditch-2 well, both operationally and in discussions with potential drill funding partners, is hugely encouraging. The Company said it will continue to review and seek to improve and extend its investor relations activities. Baron CEO, Dr Andy Butler, will today give video interviews on the Proactive and DirectorsTalk platforms…
Comment: Apart from learning what small cap companies think, or are told, good investor relations is, we have been treated to a very enthusiastic offering from the new Sunda Energy. This stokes the fire of an already very enthusiastic retail investor crowd. All that is missing is a share price spike.
Oracle Power (ORCP), reported that its partner, Riversgold Ltd (ASX:RGL), has commenced a reverse circulation drilling programme at the Northern Zone Gold Project located 25 km east of Kalgoorlie in Western Australia, and air core drilling is also progressing well. ORCP said drilling is now well underway with the RC and AC drilling programmes progressing well focused on delivering a Maiden JORC Resource estimation in the coming months. The Northern Zone Gold Project, located just to the east of Kalgoorlie, has a substantial gold Exploration Target centred around a large porphyry gold system proven to exceed +100m in true width from previous drilling; we eagerly anticipate the results of this programme.
Comment: It would appear to be all systems go as far as Northern Zone is concerned for Oracle, something which when the Maiden JORC hits the newswires will give the company a big tick as far as seeing a key project over the line.
Mining Minerals & Metals (MMM), the investment vehicle established to undertake an acquisition in the natural resources sector, is pleased to announce a conditional fundraise to raise gross proceeds of £5m as part of the proposed acquisition of Georgina Energy, a company seeking to develop natural gas, helium, and hydrogen assets in Australia. Georgina said it was incredibly pleased to be able to announce the £5m conditional fundraise. Oak, as cornerstone investor, has agreed to participate in the fundraising to the amount of £250,000 representing 5% of the total expected proceeds. Also, the fundraise has attracted quality institutional interest. It remains on track to re-enter the Hussar EP513 well before the end of the year. The acquisition has the potential to create a leading player in the energy market and, with the global shortage of helium, would provide an opportune time for investors to benefit from the favourable supply and demand dynamics. It is excited for the future as large-scale demand for hydrogen continues to grow.
Comment: Given the recent massive successes at Helix (HEX) and Pulsar Helium (PLSR) in Canada, it is no surprise that Georgina is on its way to the market, where one would expect it to do equally well. One also notes the participation of Oak, which backed HEX so well recently.
Power Metal Resources (POW), the London-listed exploration company announced a Merger Agreement on 15 December 2022. The Merger included Power Metal’s Wilan Project and additional licences in Mt Isa region of Queensland to form NHMHA with Power Metal owning 20% of NHMHA Issued Share Capital. NHMHA created a Uranium / Copper focused vehicle. POW said it was pleased to be able to report an important crystallisation event in respect of the NHMHA acquisition by Aruma Resources. This further demonstrates the value of its incubator model and how it serves to add value to shareholders. This transaction represents a continued streamlining of its portfolio and allows for concentration on its highest-value opportunities.
Comment: POW reminds us of the skill it has built up in being a project incubator, something which given the current bull market in many leading commodities has not been fully factored into the company’s valuation, and that of its investee companies. One would however, expect this disconnect to be corrected as the summer and news like today’s are factored into the share price.
Ondine Biomedical Inc. (OBI) announced that it will publish its audited results for the year ended 31 December 2023 and Annual Report 2023 on 7 June 2024. Dr. Nicolas Loebel, President and Chief Technology Officer of the Company, will provide a live presentation relating to the Full Year Results via Investor Meet Company on 10 June 2024, 16:30 BST.
Comment: Shares of OBI have already felt the benefit of the fundraise earlier this month, and one would expect the stock to squeeze higher ahead of the results on June 7, where the company will no doubt re-iterate the potential of Steriwave, something that the market has yet to fully factor into the company’s valuation.
Xeros Tech (XSG)In April it closed a £4.6m funding at 1.5p, of which the retail offer accounted for less than 3%. Shareholders are Canaccord with 18.5%, Entrepreneurs Fund, 17%, Lombard 11% and Dowgate with 8%. Its finals to December today reported £0.3m turnover and a loss before tax of £4.8m which is down from last year’s £7.5m. Xeros focus is to reduce the significant impact of clothing on the environment by conserving water and preventing waste. It over the years has developed 38 patent families from its three main technologies, Filtration, Finish, and Care. These propriety Technologies provides cost-effective solutions for the $2.5 billion garment manufacture and the $55 billion clothing. The strategy is to be IP-rich, capital-light licensor to global partners keen to demonstrate a strategic intent to deliver increased levels of sustainability. A highly operationally leverage strategy once break-even is achieved. There are active discussions with several retail brands, garment manufacturers and OEM. The expanded commercial sales team resulting in 10 new opportunities identified and the Group now in discussion with six of the 10 leading global domestic washing machine manufacturers. Two new licensing agreements with major European component manufactures for XF1 taking the total to three and covering 99% of the 105 million washing machines produced annually. The £4.1m funding may not be sufficient to achieve break-even but could get the nearer to it.
Comment : At 1.35p with a £6.9m mkt cap it seems the right time to travel in hope, but it may take time to clean up.
EQTEC (EQT), a global technology innovator, announced a fundraise of c. £850,000 (gross) at 1.4 pence per ordinary share in the Company (being a c. 18% discount to the closing price of 1.7 pence on 24 May 2024, being the last business day prior to the Placing. EQT this Placing, alongside the recently announced refinance through the Term Loan, provides the Company with a clear capital runway to develop and execute the previously announced strategic pivot. It looks forward to updating the market on upcoming pipeline developments and the closing of the Logik settlement in due course.
Comment: EQT has done well to wrong foot the bears with its funding news from last week, and today’s fundraise should give investors the confidence that the company has indeed turned itself around, with a pivot in both the stock price and the EQT strategy.
Empire Metals Limited (EEE), the AIM-quoted resource exploration and development company, announced the results from the four Diamond Core drillholes recently completed at the Pitfield Project in Western Australia. These drillholes were completed at the Cosgrove and Thomas targets and provide important geological information ahead of finalising the Company’s JORC Exploration Target. EEE said he excellent core recovery achieved from the near surface, strongly weathered mineralised bedded sandstones has provided invaluable samples and geological data, and additional quantitative and qualitative mineralogical and metallurgical studies have now been instigated to provide a clearer picture of the mineral assemblage in the uppermost 40m zone.
Comment: EEE needs news like today’s to maintain the massive momentum in the stock from the end of last year. Ideally, this and more will see the stock on the right side of 10p.
Upland Resources (UPL), announced that two of its strategic Malaysian investors have requested to participate in an equity Subscription at 3.3 pence for 16,090,060 new ordinary shares in aggregate. This follows on from the Company’s announcement on 26 April 2024 of the Placing of new ordinary shares that has raised £3,198,591 million at the same price.
Comment: The $64,000 question with UPL, and perhaps the issue that keeps a lid on the stock price at least for now, is how much ongoing cash the company needs. Today’s announcement is a good way of appeasing those who may feel that UPL needs rather more money than the market is currently thinking, given the strategic investor angle.
Author
