Pennpetro (PPP) announced it has executed the Sale and Purchase Agreement, with Globalvision International U. LDA yesterday for the sale of Pennpetro’s subsidiary in Texas, Nobel Petroleum USA Inc and for the establishment of the 50/50 gas and lithium Joint Venture with Pennpetro’s Nobel Petroleum LLC. It has also has raised £360,000 by way of a placing at a price of 6 pence per share, and that the Company is currently unable to meet its ongoing obligations to issue its audited annual financial report, in line with its reporting deadline of 31 July 2024.
Comment: PPP has been wise to take advantage of its recent stellar share price rise, with the delay in the accounts underlying the way that the Texas deal came just in the nick of time for the company. BTW, some cash could have been saved by publishing all today’s news in one RNS…
Hellenic Dynamics (HELD), a medical cannabis cultivator, announced that it will be unable to publish its FY24 Results by 31 July 2024, being the latest date permitted for publication of the FY24 Results. This is principally due to the Company being unable to provide all of the required information to its auditors, including confirmation of receipt of the long term loan of €1 million as announced by 22 April 2024, in sufficient time for the FY24 Results to be signed off prior to 1 August 2024.
Comment: It is probably not too much of a surprise that we read today’s RNS regarding the company. But it is still the case that one or two followers of the stock are expecting the company to pull a rabbit or two out of the hat, once it eventually releases its results.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, is pleased to announce results from trenching and bulk concentrate sampling at the Blue Mountain Project in Queensland, Australia. ECR said that given these highly encouraging results, ECR will now move to the next stage of metallurgical test work to determine the optimal method for gold extraction using various methods. Both tenements contain at least 12km of strike length available for follow up sampling and testing.
Comment: Despite regular significant newsflow such as today’s, and the media blitz on every alleged IR platform apart from Zaks Traders Café (the one with the most X followers), shares of ECR still remain on the wrong side of 0.3p. Maybe a re-think on the comms approach is in order…
Futura Medical (FUM), the consumer healthcare company behind Eroxon®, that specialises in the development and global commercialisation of innovative and clinically proven sexual health products, announces that, in its HY 2024 results announcement released this morning, Haleon has confirmed that it expects Eroxon to be available in the US before the end of this year.
Comment: Shares of FUM are only up a little so far today, something which rather belies the apparent significance of the news today. One would have thought that the merits of Eroxon being in the US would sell itself, but apparently not, at least until the market has the sales figures.
Premier African Minerals (PREM) provided a further update on the commissioning progress of the recently installed scrubber unit at the Zulu Lithium and Tantalum Project as announced on the 17 July 2024. PREM the one hand Premier is pleased that we are at the back end of the optimisation process, but frustrated that real optimisation of the float circuit could only properly start after Q1 2024 after commissioning of the new mill and subsequent installation of the scrubber.
Comment: One still has the figure touted on X yesterday, that PREM needs $3m a month until it goes into production, which headroom aside may mean the company is running out of road. Arming the market with the minutia of its scrubber is probably more information than was required.
Synergia Energy (SYN) said that further to its announcement of the execution of a farm-out agreement with Selan Exploration Technology Limited regarding the Company’s Cambay Field Production Sharing Contract on 14 February 2024, and further to the announcement of the approval by the Government of India for the transfer of a 50% interest in the Cambay PSC to Selan effective 19 July 2024, Synergia Energy Ltd announces the closing of the Selan farm-out agreement effective today. SYN said the closing of the farm-out agreement initiates the 18-month work programme period whereby Synergia will be carried by Selan through an agreed US$20 million work programme starting with the workovers of three legacy wells followed by the drilling of two new vertical wells and one new horizontal well.
Comment: SYN finesses an obviously very well conducted interview yesterday, with news of the all important $2.5m upfront payment from Selan, something that some were expecting Mr Wessel to reveal ahead of RNS confirmation today. But them’s the rules. Now that the payment is in presumably the market will obsess on the absence of the next piece of news it is chasing, rather than re-rating the company.
Arc Minerals (ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to provide an update on drilling activities at its Virgo Project within the highly prospective Central Structural Corridor of the Kalahari Copper Belt in the Republic of Botswana. ARCM said it was very excited that its maiden exploration programme has intersected visible copper mineralisation. It is now expediting the processing of these core samples so that they can be sent for assay to assist with vectoring for further copper mineralisation within its license area.
Comment: There always seems to be rather more speculation in ARCM than the company deserves, but it is a nice problem to have. At least today’s news fits the bill as far as a small cap which seems to be perennially in play.
Rockfire Resources (ROCK), the base metal, precious metal, and critical mineral exploration company, announced that drill hole HMO-005 has intersected multiple zinc lodes at its 100%-owned Molaoi zinc deposit in Greece. This hole extends zinc/silver/lead +/-germanium mineralisation both northwards and deeper than the resource outline and expands the resource model significantly. A resource update is in progress. ROCK said drilling at Molaoi continues and each hole has been successful in expanding the resource outline. This is anticipated to result in a significant upgrade to the current resource of 250,000 tonnes of zinc equivalent content. Rockfire’s resource consultant has identified a minimum of 12 lodes so far and recent drilling has confirmed the continuation of these lodes to the north and at depth.
Comment: While the company has been on the odd fundamental detour in the past, it is still the case that Molaoi is a decent prospect, and that the shares deserve to be rather higher in their trading range than they are currently.
Tirupati Graphite (TGR), the specialist graphite producer and a supplier of the critical mineral for the energy transition said it was required to publish its Annual Report for the year ending 31 March 2024, by 31 July 2024. However, additional work has been required to complete subsidiary audits by the Group auditor in order to maintain audit quality requirements. Company’s auditors have requested additional time beyond the originally planned timetable to complete their audit. As a result, Listing of the Company’s ordinary shares on the Main Market of the London Stock Exchange will be temporarily suspended with effect from 7.30 a.m. on 1 August 2024 pending publication of the Annual Report.
Comment: TGR has clearly been up against it in the recent past, having to survive the extra strain of a requisition as well. In some ways getting through the audit may be a positive signal to potential investors if it can get though it in coming weeks.
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