Today Marula (MARU), SEEEN (SEEN), Eurasia (EUA) and Harland & Wolff (HARL) were amongst the extended list of companies whose shares were suspended due to failing to file their results on time. Whether this is due to the state of the companies themselves, the rigor of the audit process, this is certainly not a good look for the London stock market. Either the rules or the processes here should be changed. Obviously, neither will. For instance, is there really need for suspension if the failure to file is just because the auditors are too slow, or short staffed?
Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals company, confirmed that, further to its announcement on 15 May 2024, corporate copper bonds to the value of US$110 million have been admitted to trading on the Official List of The International Stock Exchange. As previously announced, NIU Invest SE has subscribed for US$80 million of the Bonds, with the balance held on behalf of Phoenix by The Bank of New York Mellon as Custodian, pending onward transfer to future bond investors. The Company is also pleased to confirm that it has instructed BNYM to issue the second tranche of US$5 million Bonds to NIU Invest in accordance with the previously announced drawdown schedule, via delivery vs payment.
Comment: It may be fair that the market would like to kick the tyres on a significant deal. But in the case of PXC and NIU’s $80m bond subscription, it is clear that everything is proceeding well, and that for PXC shares to be down at 20p, versus say, double this, is an aberration.
Greatland Gold (GGP) announced the appointment and commencement of Dean Horton as Chief Financial Officer. Dean has over 25 years of experience and brings an exceptional and highly relevant skillset to Greatland.
Comment: As one presumes that the new GGP CFO is good with numbers, perhaps he can tell us why the share price of the company remains at just 7p? While the market cap to be fair is over £350m, record gold prices, and a failure to communicate where the next trigger for the bulls is coming from has not helped.
Power Metal Resources (POW), the London listed exploration company with a global project portfolio, announced that an initial field exploration programme on the Balthaga Lithium Project, Saudi Arabia. POW said the team covered the whole area of the 13 licenses and visited nearly every defined target. It is really pleased with the outcome of this initial field programme and to get the team on the ground giving them a much better understanding of the geology. It was glad to report that the majority of the identified targets proved fruitful with some new targets also discovered.
Comment: There should be more than a little excitement at POW, where Saudi Arabia effectively counts as virgin territory as far as exploration, much in the way relatively unexplored Greenland has the ability to offer sizeable discoveries.
Panther Metals (PALM) the company focused on developing Canada’s next base metal VMS camp and graphite deposit, provide an update for both the VMS and graphite focussed work streams at the Obonga Project in Ontario, Canada. PALM said the high resolution, low altitude 25m line spacing, magnetic geophysical drone survey over the Survey, Ottertooth and Silver Rim prospect areas will greatly enhance its drill targeting on these three highly prospective systems. The digital data is currently being processed and it eagerly awaits the 3D inversion models and mapping products.
Comment: One of the things we have learned as far as London listed explorers over the past couple of years, is that blow by blow accounts of projects do not necessarily excite the market as they should. But of course, PALM is talking VMS at Obonga.
Gaming Realms (GMR), the developer and licensor of mobile focused gaming content, is delighted to announce it has been named as the AIM Market Company of the Year in the Online Money Awards 2024. Gaming Realms is honoured that the hard work of its whole team has been recognised through winning the AIM Market Company of the Year award. Winning this award highlights our Group’s ability to navigate a turbulent market and the ever evolving landscape of the gaming industry.
Comment: It is difficult to be sure whether the Online Money Awards have the status of the Small Cap Awards. However, if the former does, GMR’s award is quite an achievement as it would have meant that it had secured victory with relatively radio silence and a flat share price so far this year.
Helium One Global (HE1), the primary helium explorer in Tanzania, provided an update on progress at its Rukwa (100% Operated) project area ahead of its extended well test at Itumbula West-1. HE1 said as it fast approaches the next operational phase, it is on track to commence the crucial EWT operations at Itumbula West-1 in July. This is a very exciting time for the Company as the test will enable us to determine commercial flow rates, reservoir performance and helium concentrations over a longer period of time. The results of this EWT will enable us to better determine resource estimates and fully evaluate the potential of this new fault-fracture helium play it has at Itumbula.
Comment: Obviously we get the mention of HE1’s license application after the company’s latest fundraise. Progress here, or otherwise, will certainly be exciting in coming months. In other words, we are still waiting on the appearance of helium, and enough to cover the cash raised in recent years.
Rainbow (RBW) announced that it has entered into a binding agreement with Ecora Resources PLC whereby Ecora will purchase a 0.85% Gross Revenue Royalty on future rare earths production from the Company’s flagship Phalaborwa project in South Africa, plus any other saleable products, for a cash consideration of US$8.5 million. RBW said it was delighted to have concluded this royalty agreement with Ecora which allows it to take the Phalaborwa project all the way through to a completed DFS, without causing any significant dilution to shareholders. This investment confirms Phalaborwa’s status as a strategic and near-term source of all four of the magnet rare earths separated oxides so critical to the green energy transition.
Comment: An excellent deal for RBW, and something which should provide the trigger for the company resuming its former status as something of a stock market darling. Now is the time to get the story out, as the shares are well down on where they were in the autumn. It seems like RBW has been hiding under a rock of late.
Tap Global Group Plc (AQUIS: TAP), the FinTech company bridging the gap between traditional finance and blockchain technology, announced a commercial agreement between Tap N Go Limited and the Company’s wholly owned subsidiary, Tap Global Limited, for the launch of an XTP cashback programme. XTP is a token available for trading via Tap Global’s exchange services.
Comment: Clearly, what can best be described as TAP’s new age approach to financial PR fits the bill as far as it being a trendy trading app. However, all these efforts to date leave the shares at the lows. Given the scale of the opportunity here, the company might want to re-think its approach.
Cadence Minerals (KDNC) noted that ASX listed Evergreen Lithium Limited has announced the commencement of RAB/Aircore drilling at its highly prospective Bynoe Project directly east of Core Lithium’s Finniss Mine. The RAB/Aircore drilling will be used to test priority targets and to further progress geochemical studies in higher priority areas obscured by Quaternary and Tertiary cover units. Evergreen said it was pleased to have commenced drilling on EverGreen Lithium’s 231km2 lease at the Bynoe Project, one of the largest land holdings in the Bynoe Pegmatite Field. The Company believes that this project hosts excellent and compelling drill-ready lithium targets.
Comment: KDNC has significant exposure to EG1. KDNC received approximately 15.8 million shares in Evergreen in July 2022 when it sold its 31.5% stake in Lithium Technologies and Lithium Supplies to Evergreen. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen.
CleanTech Lithium (CTL), an exploration and development company advancing lithium projects in Chile, announce it has secured commitments to raise gross proceeds of approximately A$4 million (approximately £2.1 million) through the issue of loan notes. In addition, the Company announces that on 28 June 2024 it has terminated the £1 million convertible loan notes, details of which were announced on 22 April 2024. CTL said it considered it prudent to bring in the necessary funds now to provide for its working capital as it moves forwards towards the intended ASX dual-listing.
Comment: With its finances rejigged, the market can look forward to CTL’s ASX listing, which should be a game changer and a fresh chapter in the company’s history. This is especially the case given the way CTL shares are back near their cheapest levels.
Caracal Gold (GCAT), the East African gold producer with over 1,300,000 oz JORC compliant gold resources, provide an update on its recently announced conditional fundraising which is proceeding according to plan. The funding comprises a three phased investment to be made by Cynergy Global Ltd. The first tranche of USD $500,000 has been received and a further USD $500,000 is due by the end of July 2024. At which time Cynergy will receive 25% of Caracal Holdings Ltd, a wholly owned subsidiary of Caracal. GCAT said progress on the subsequent financing arrangements with Cynergy continue as previously announced.
Comment: GCAT has raised significant amounts of cash in the past year and more. One would presume that with the latest amounts it is getting near to where it wants and needs to be to satisfy its business plan.
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