EARNZ (EARN), an AIM Rule 15 cash shell which is seeking acquisitions in the energy services sector, announced that EARNZ Holdings Limited has conditionally agreed to acquire under two separate sale and purchase agreements the entire issued share capital of Cosgrove & Drew Ltd and South West Heating Services Ltd which both operate in the energy services sector. EARN said it intends to continue to grow the business and extend its presence in the sector, and to be the partner of choice for our customers through the provision of consistent, high quality, multi-dimensional offerings. EARNZ is well positioned to take advantage of the very exciting commercial opportunities ahead in what is a highly fragmented market, which will ultimately deliver positive shareholder value.
Comment: We have been looking for another Bob Holt winning vehicle, and it would appear that with the latest news we should see EARN add itself to the list which includes Mears Group.
Mining Minerals & Metals plc (to be re-named Georgina Energy Plc) GEX.L said that following the successful completion of the acquisition and re-admission to the LSE, the Company (Ticker: GEX) has initiated several operations as part of its programme to re-enter for development the Hussar 1 well within its EP513 Hussar licence in the Officer Basin of Western Australia by December 2024. GEX said it was delighted to have successfully delivered Georgina Energy to the Main Market of the London Stock Exchange and are now launching our work programmes to deliver low-risk projects in Australia for the development of its natural gas, hydrogen and helium projects through its well re-development programme. It believes its approach provides a low-risk opportunity to participate in the potential development of significant assets and learnings at Hussar can then be applied to EPA155 Mt Winter.
Comment: Shares of GEX have got off to a flying start, even withstanding the world sell off in stocks at the beginning of this week. It is clear that this is a company in a hurry, and with significant assets and potential up its sleeve.
Jubilee (JLP), a diversified metals producer with operations in South Africa and Zambia, announced the commencement of operations at its Roan Upgrade project in Zambia. The commencement of the newly constructed front-end section of the Roan operation adds additional processing capacity and flexibility to the already operating Roan milling and flotation sections. JLP said it was proud to announce that the Roan front-end module upgrade project in Zambia has commenced production ramp-up of previously mined material, which has been upgraded at source, prior to producing a saleable copper concentrate at Roan.
Comment: After peaking near 9p in the spring, shares of JLP have retraced again, all of which remains puzzling given the progress the company continues to make on an operational basis.
Premier African Minerals (PREM) has issued today, conditional on admission, 2,000,000,000 new Ordinary Shares of no-par value in the Company to be held on trust for China Zenith Capital Ltd. The Settlement Shares will be sold under orderly market conditions over a period of time with the proceeds applied in settlement of the £1,383,092.27.
Comment: PREM has rather given the impression that it has been running out of road in recent months, but somehow manages to cling on. Certainly, there is no shortage in the amount of shares in issue.
Metals One (MET1), which is advancing strategic minerals projects in Finland and Norway, announced it has awarded the contract to undertake a formal Preliminary Economic Assessment for the Finland – Black Schist Ni-Cu-Co-Zn Project to Wardell Armstrong International. MET1 said having delivered a doubling of the Black Schist Project resource earlier this year, it has now moved into the economic assessment phase as a precursor to project development. It was delighted to be working with Wardell Armstrong International to deliver this hugely important milestone on our roadmap to commercial production. Having considered a range of proposals, it determined that WAI was best suited to the mandate, in particular due to its relevant experience working on the Talvivaara project, operated by Terrafame, which produces critical technology minerals from the same type of ore being pursued by Metals One in the same region of Finland.
Comment: MET1 remains underappreciated given the newsflow the company has achieved so far this year, with the doubling of the MRE a highlight. We have been here before in terms of re-rates, and one would expect MET1 to deliver this as we go into the autumn. (Jon Lev) At 0.825p with a £2.5m mkt cap the value of the Black Schist resource should be increasingly reflected in the share price as the report progresses.
Power Metal Resources (POW), the London listed exploration company with a global project portfolio, provided an update on its 75% owned subsidiary GSA Environmental Ltd. POW said it is pleasing to see the exciting updates and workstreams across the GSAe portfolio. The essential work being undertaken by the team provides vital technology in the global drive towards a greener future, and progresses the potential for GSAe to add significant revenue contribution to the Power Metal portfolio. With excellent projects in the pipeline and an expected increase in contract awards, GSAe is at an exciting stage of its development.
Comment: As we have been told on X by a number of parties, the current valuation of POW is basically just its holding in Guardian Metal (GMET), with the rest of its holdings thrown in for free. Today’s GSAe RNS underlines this interesting state of affairs.
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations focussed on Morocco and Trinidad announces an update on MOU-5 drilling plans. PRD said whilst MOU-5 is focussed on finding potential gas resources of a sufficient size to service the gas-to-power market in Morocco, the evaluation of the potential for helium presence would be an added value to the area development. Recent helium discoveries and newsflow is leading to a better understanding of how and where helium deposits might be generated. It is likely that this has been over-looked in the past where the focus has been on developing hydrocarbon potential in areas which potentially are also helium domains. It is cautious but excited regarding the potential for helium in Guercif. The Moulouya Fan and the carbonate reservoirs that may be encountered in MOU-5 have the ability to hold large volumes of gas and have effective seals.
Comment: Given how hot helium is at the moment, even the hint that PRD could be sitting on some adds something of a spark to today’s RNS. The longer we can go without a fundraise, the greater the chance of a move for the stock through 14p 2024 resistance.
Galileo Resources (GLR) confirmed that Phase 1 drilling on Licence 28001 – HQ – LEL in NW Zambia has commenced. The Licence is situated within the Western Foreland and drilling is targeting Kamoa – Kakula-type mineralisation. A number of potential lithological contacts have been identified by the exploration team that could provide suitable conditions for the development of redox fronts and associated copper mineralisation. These will be tested in the coming weeks.
Comment: Shares of GLR have been bubbling under in a range of 1p -1.2p for quite a frustrating amount of time. One senses there will be a tipping point as far as a push to the upside, with newsflow such as today’s being helpful.
Bezant (BZT), the copper-gold exploration and development company, announced a fundraising of £800,000 from directors, existing shareholders, and investors to facilitate both its Namibian Hope & Gorob copper gold mining operation and other projects in the Company portfolio. Bezant has achieved significant progress with the development of the Hope & Gorob Project as it advances towards development of a mining operation upon the grant of a mining licence. BZT said the focus for the use of the Fundraising proceeds whilst we wait for the granting of a mining licence will be at the Hope & Gorob Project. It was encouraged by the outcome of detailed test work to the extent that it is now able to move towards advanced design of the processing plant and supporting infrastructure.
Comment: Hope & Gorob is clearly key to the fortunes of BZT, and the latest funding will ideally take the company forward in a significant way, especially in terms of the goal of a mining license.
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