Helix Exploration (HEX), a helium exploration company with operations in Montana, USA, announced admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange. Admission will take place and dealings commence at 8.00 a.m. today under the ticker HEX. There was an oversubscribed placing with book of demand over £22 million to raise gross proceeds of £7.5 million. HEX said it offers investors an opportunity to invest in a proven management team operating in an area of known helium occurrences in the United States. Ingomar Dome is a large closure of 16,512 acres with P50 Gross Unrisked Prospective Resources of 2.3Bcf.
Comment: Given the media build up, positive read across to Pulsar Helium (TSX-V:PLSR) and Helium One (HE1), as compared to which HEX’s initial market cap is humble, and the massive scaling back of demand, we could be looking at the first UK IPO in decades to double its share price on the first day of dealings.
hVIVO (HVO), a specialist contract research organisation, announced its audited results for the year ended 31 December 2023. Revenue up 16% to £56.0 million (2022: £48.5 million). EBITDA up 44% to £13.0 million (2022: £9.1 million). HVO said its exceptional financial performance, marked by record revenues, margins and profitability, coupled with the significant number of volunteers inoculated, underscores not only the expansion of the market but also its ability and capacity to meet the increasing demand.
Comment: With investors like JP Morgan recently adding to their position in the stock, it would not have taken Warren Buffett to guess that today’s finals from HVO were going to be stellar. One can see momentum building further going forward given the fat orderbook and the one off dividend being paid next month.
Pantheon Resources (PANR), the oil and gas company, shared the results of an updated Independent Expert Report. NSAI’s best estimates of Kodiak’s contingent recoverable resources sum to 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas. The new resource represents a 25% increase (963 to 1,208 million barrels in recoverable marketable liquids) compared to NSAI’s previous 2023 report. PANR said this NSAI report reveals the true scale of the Kodiak Field now that we have secured leases over its full extent. The potential upside is vast.
Comment: The potential may be vast, but there remains a disconnect between the burgeoning assets underground at Pantheon, and the current market cap of £300m. One would imagine today’s upgrade will move the number up the odd million or two.
First Class Metals (FCM) the UK listed metals exploration company, announced that it has entered into discussions with Seventy Ninth Resources Limited which may result in the disposal of certain FCM properties. FCM said the initiation of these discussions is a significant milestone for FCM. The Potential Transaction validates the business model FCM has been expounding.
Comment: It would appear that all of a sudden exploration companies have cottoned onto the way investors are looking for them to discover, prove up, and sell on to give liquidity events. After East Star (EST) last week, we see FCM is on the trail of generating value for its shareholders.
Oracle Power (ORCP), an international project developer, announce that it has secured an exclusive option to acquire 100% of the Blue Rock Valley Copper and Silver Project, located in the Ashburton Basin in the northwest region of Western Australia. ORCP said the Option over a base metal and silver project in Western Australia, of this magnitude, represents a great opportunity for Oracle. Due diligence will be completed over the coming weeks, and an assessment of the best exploration tools to move the Project forward will be undertaken by its technical team.
Comment: It is clear that ORCP is moving to speed up its project turnover, and so we see its second foray in Australia. One would imagine that such a bite sized and straightforward project will be well received by the market – especially given the recent rebound in the stock.
Warpaint London (W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, provided an update on current trading and confirm the date for release of the Group’s results for the year ended 31 December 2023. W7L said it was pleased to report that the strong trading has continued in Q1 2024. Sales in Q1 2024 are a record first quarter for the Group, with sales to 31 March 2024 of approximately £23.5 million, 28% ahead of the same period in 2023.
Comment: W7L continues to be one of the most reliable and bankable earners at the junior end of the stock market. It is a shame more investors are not on the case regarding this great story.
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