Ondo InsurTech (ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce its audited results for the year ended 31 March 2024. Sales revenue +29% to £2.7 million (12 months ending 31 March 2023: £2.1 million). Recurring revenue from Software and Services +41% to £1.4m (12 months ending 31 March 2023: £1.0 million) with an annualised run rate at March 2024 of £1.7m. Loss before tax £3.0 million (18 months ending 31 March 2023: £6.2 million).
Comment: Despite having what is clearly game changing technology, the journey to profitability is clearly taking a little too long for some in the market. It is all about getting in those deals to take the company into the black as soon as possible.
OptiBiotix Health (OPTI), a life sciences business, provided an update on Company activities and current outlook. OPTI said it has made real progress this year in progressing its commercialisation strategy of building sales in major international markets like the USA, China, and India, building its ecommerce channels, and selling more final product.
Comment: When a company said it is making great progress in progressing its commercialisation, it obviously means that it has not got there yet. The fact that OPTI shares have more than doubled this month is therefore something of a bonus.
SEEEN (SEEN), the global media and technology platform, announced that Adrian Hargrave, CEO, purchased a total of 80,645 shares on 26 July 2024 at a price of 3.1 pence via his SIPP. Following the above share dealings, Adrian Hargrave has an interest representing approximately 1.72% of the Company’s issued share capital.
Comment: It is not surprising that the CEO here is leading from the front, given that shares of SEEN remain near their lows. That said, in a thin market, it would not take much activity to get the stock price nearer the top of the range.
KEFI (KEFI), the gold and copper exploration and development company, provided its latest update on the Company’s Tulu Kapi Gold Project in Ethiopia. KEFI said the Government’s push for the mining industry is beginning to see launch activities on the ground. At Tulu Kapi its initial activities are already focused on engineering internationally and community consultations locally. Physical activities at site will soon also become more obvious. Ethiopian gold projects that have recently started launch preparations are likely to lift gold exports to US$1.3 billion per annum within three years.
Comment: KEFI remains one of the best jam tomorrow companies on the London market, with the typical dozens of stages to the Promised Land, and the 10 figure upside, and just over the rainbow timeframes, in this case three years.
Helium One Global (HE1), the primary helium explorer in Tanzania, is pleased to announce that operations at the Itumbula West-1 well commenced on 26 July 2024. Drilling operations have commenced at ITW-1 ahead of the planned extended well test. HE1 said it was very pleased to have commenced its Phase III operations and eagerly anticipate the results of the EWT at ITW-1. The results from the DST in February 2024, whereby the well successfully flowed 4.7% helium and 2.2% hydrogen, to surface from fractured basement, were very encouraging and it looks forward to now fully evaluating this play.
Comment: HE1 remains a stock market darling. The stock market trusts it to deliver, and is prepared to dole out any amount of cash on demand, as if rewarding a spoilt child. This is a point witnessed by the way that recent fundraises have seen the stock multibag in weeks. However, it is still true that the company will have to find a mother lode of helium even just to cover all the placings it has served up, and no doubt is yet to serve up.
Mkango Resources (MKA) announced that Lancaster Exploration Limited, a British Virgin Islands company and Lancaster Exploration Limited, a Malawi company, both 100% owned subsidiaries of Mkango, and the Malawi Government have signed the Mining Development Agreement for the Songwe Hill Rare Earths Project in Malawi. MKA said the Project when developed, is expected to be a game changer and transformational for Malawi and Mkango welcomes the very strong support it is receiving from the Government of Malawi and all stakeholders.
Comment: MKA does indeed reveal a transformational deal, with the shares surging accordingly. That said, at around 6.5p currently, MKA remains around only half December’s 13p peak, an area which can be regarded as a target for the stock by the end of the summer.
Galileo Resources (GLR) announced that the Company has engaged a Zambian contractor to commence a drill programme amounting to approximately 700 metres of drilling in the initial phase on Licence 28001-HQ-LEL located in NW Zambia within the Western Foreland domain, with rig mobilisation scheduled for later this week. GLR said the operational activities outlined represent the Company’s initial drilling and extended fieldwork at its prime licence in the Northwest region of Zambia. The licence is well situated in the Zambian Western Foreland trend, which hosts the Kamoa mine across the border in the DRC, about 100 miles northeast of its activities.
Comment: Shares of GLR are finally starting to stir in a positive way, something which the drip-drip of constructive newsflow, such as today’s, does seem to finally be delivering.
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