CleanTech Lithium (CTL), an exploration and development company advancing lithium projects in Chile, said that following a meeting with representatives of Chile´s Mining Ministry last week, it will be resubmitting the applications for Special Lithium Operating Contracts (CEOLs) for Laguna Verde and Francisco Basin updating them in line with the latest requirements. The resubmission process has no impact on the expected project timeline. This follows the recent announcement made by the Chilean Government which outlined the new approach for private companies to “express interest” in non-strategic salars. CTL said it had already expressed interest by submitting the CEOLs in September 2023 for Laguna Verde and Francisco Basin with unified support from the local communities in the region. The Company expects the updated applications for Laguna Verde and Francisco Basin will be approved in due course with no impact on the project timeline.
Comment: The key points here are CTL’s ongoing positive engagement with the Chilean authorities, as well as underlining the point that project timelines remain unchanged.
Tap Global Group (AQUIS: TAP), the regulated cryptocurrency app, announced that David Hunter, Non-Executive Chairman and a director of the Company, acquired 148,347 shares at 1.35 pence per share.
Comment: Given the massive crypto boom it still beggars belief that shares of TAP remain near the low end of the range. One would imagine that this director buying will be a driver in finally turning the share price around.
East Star Resources (EST), the Kazakhstan focused copper exploration and resource development company, announced that it has initiated a formal process including the opening of a data room for a potential joint venture, farm-out, or sale of the Verkhuba Copper Deposit. EST said it believes the value of Verkhuba alone significantly exceeds the current market capitalisation of the Company and as such will only consider proposals that offer a fair valuation for shareholders and exposure to the near-term production potential of the Copper Deposit at a time when a multiyear copper bull market is being predicted by most market analysts.
Comment: EST underlines how many companies are trading at less than their sum of parts on the London market, something which makes today’s announcement regarding Verkhuba all the more welcome.
Fulcrum Metals (FMET), a company focused on mineral exploration and development in Canada, is announced that it has entered into a non-binding LOI with Terra Balcanica Resources Corp. (CNSX: TERA). Pursuant to the LOI, Terra will be granted the option to acquire a 100% interest in Fulcrum’s uranium projects located in Saskatchewan, Canada. FMET said it has experienced significant interest from third parties over its uranium assets in Saskatchewan and its pleased to be able to announce the signing of this non-binding LOI with such a strong operational partner in Terra to apply their technical expertise to advance these Uranium projects.
Comment: It looks as though in 2024 the penny may be dropping as far as exploration companies are concerned that all that investors want is that they prove up an asset and then sell it on. Hopefully, FMET’s announcement today will be an acknowledgement that this is what the market wants.
First Class Metals (FCM) the UK listed metals exploration company, updated in regard to the Ontario Junior Exploration Program (OJEP) Grant, Canadian Goods and Services Tax/Harmonized Sales Tax credit and an Exclusivity over the Kerrs Gold Property. FCM said it was pleased to have swiftly completed the necessary paperwork that enabled the release of the grant funding for its Zigzag project from the OJEP team. Additionally, it was pleased to receive a GST/HST refund of $212,780.03 for the full year 2023, These payments also give it the confidence to start the planned 2024 field work program.
Comment: Grant funding is a double shot in the arm for FCM given that it underlines the potential of Zigzag, as well as being the icing on the cake for the company’s 2024 campaign.
genedrive (GDR), the point of care pharmacogenetic testing company, announced that the UK’s NICE has recommended in draft guidance that the Genedrive® CYP2C19-ID test should be used as the point-of-care test of choice before clopidogrel administration in the management of Ischemic Stroke and Transient Ischaemic Attack patients. GDR said it was delighted to receive this recommendation from NICE for its CYP2C19 point of care pharmacogenetic test. A strategy in place to achieve to FDA approval and sales is being realised from new customers in 2024 it feels there is growing momentum within the Group’s POC pharmacogenetic testing strategy.
Comment: Having covered the GDR share price chart yesterday, it is good to know today why the stock was looking like a rebound candidate. Clearly, one or two clairvoyant investors were already long.
Coinsilium Group (AQSE: COIN) the Web3 advisor, venture builder and investor, announced the launch of a new series of Web3 industry reports. COIN said this initiative is part of a broader strategy to enhance investor and broker engagement across the UK, Europe, and the US markets, to raise the Company’s profile and ensure that the market remains well-informed with regard to Coinsilium’s exposure and activities in the Web3 space.
Comment: One would have expected shares of COIN to deliver more crypto boom related fireworks in recent weeks, especially given that the fundraise is out of the way. Getting the message out, as per today’s RNS certainly looks like the way to go.
Croma Security Solutions (CSSG): on the surface a £0.4m contract for a profitable company with Interim turnover to December of £4.24m may seem mundane. The contract is to install a security system in a hospital and is part of a growing relationship with a new NHS Trust client where there is potential for further projects. Croma serves several other NHS Trust’s and healthcare providers and this win builds momentum and reflects its growing reputation for high service levels. The Net Cash is c. £1.73m and they are contractually to receive £5.78m from the sale of Vigilant in March 2023 with the final payment scheduled for June 2026. Two profitable locksmith businesses, with a combined turnover of £0.5m were acquire in January as part of the acquisitive growth strategy to build sales network and product range.
Comment: The share price at 68.5p and £9.4m mkt cap seems very low when the prospective cash payment is deducted.
Deltic Energy (DELT), the AIM-quoted natural resources investing company, announced that it has received the required regulatory and partner consents in respect of the farm-out of a 25% interest in Licence P2437 to Dana Petroleum which was announced on 7 February 2024. The farm-out has therefore completed. DELT said it was delighted to announce completion of the farm-out of Licence P2437 and formally welcome Dana to the joint venture. Its attention is now firmly focussed on drawing the Pensacola farm-out process to a successful conclusion and it looks forward to updating the market in due course.
Comment: DELT shares have been anticipating the latest news well, and one would imagine further follow through on the upside as further Pensacola farm-out news is revealed.
Thor Explorations (THX) announced that it has recently completed the acquisition of interests in two licences in southeast Senegal where it is currently advancing the Douta Gold Project to a Preliminary Feasibility stage. THX said it was pleased to acquire additional, strategically located, ground in Senegal where it has been successfully operating and advancing the Douta Gold Project for a number of years. It is currently carrying out its preliminary feasibility study workstreams at the Douta Gold Project and looks forward to now completing this during Q3 2024 following finalisation of the process flow sheet.
Comment: It will be interesting to see whether the recent nascent recovery in the THX share price continues in the wake of today’s expansion news. The company is expanding its already sizeable footprint.
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