Sovereign Metals (SVML) announced it has commenced an infill drilling program at its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi to support ongoing technical studies. SVML said infill drilling program will target areas of Kasiya where it expects the first seven to eight years of production to come from. The program design was overseen by the Rio Tinto-Sovereign Technical Committee, which again illustrates the benefits of the Rio Tinto partnership since their initial investment in July 2023.
Comment: The regular newsflow from SVML reminds us how much progress the company is making, but at the same time that the market has still failed to even touch the surface of the opportunity here.
Sunda Energy (SNDA) provided an update on its operational and funding planning with respect to the TL-SO-19-16 Production Sharing Contract in Timor-Leste. The Company was also pleased to announce the appointment of Rob Collins to the Board of Directors with immediate effect. SNDA said it pleased with the progress that is being made on all fronts in preparation for the key Chuditch appraisal well – its ongoing discussions with potential investment partners are going well and its drill team is making excellent headway in operational preparations. It thanked the government of Timor-Leste for the close collaboration that Sunda continues to enjoy through this preparatory phase and in discussions around future development of the gas resources in the Chuditch PSC. Rob Collins’ appointment to the board further strengthens the Company and he has already made a positive impact at Sunda since joining as CFO, including playing a key role in funding negotiations.
Comment: The name may have changed, but it is still about moving the timelines along at Chuditch, and investors jockeying for position as far as when it will get over the line, and value will be released.
Helix Exploration (HEX), the helium exploration and development company focused on helium deposits within the announce that, further to the announcement on 22 July 2024, drilling of the Clink #1 well on the Ingomar Dome project area in Montana has commenced. HEX said it was delighted to commence drilling at the Clink #1 well on the crest of the Ingomar Dome anticline. Clink #1 will test stacked reservoir targets with known gas identified in the Amsden, Charles and Flathead formations. This well will allow it to fully appraise each target horizon with an extended flow test. If successful, the Clink #1 well will be used as a future production well, reducing time and cost to move towards first gas production anticipated before the end of 2025.
Comment: Shares of HEX have more than doubled since the IPO in April. But it was always going to be drilling, and its aftermath that would really get the share price going.
Celadon Pharmaceuticals (CEL), a UK-based pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines, provided an update on its operations and financial position. CEL said it continues to make good operational progress, including the recent supply of its cannabis Active Pharmaceutical Ingredients to UK Specials Manufacturers for supply to UK Private Pain clinics, which is reflected in positive discussions with potential lenders about substantial new, longer term debt facilities. Whilst there have been delays in receiving funding, both the investor and lender have re-confirmed their commitments to, and support for, the Company.
Comment: CEL’s the dog ate my homework excuses regarding payments underline the way the company has squandered its initial stock market goodwill. While it may yet come up with the goods on an operational basis, but as far as comms are concerned, it has missed the target.
East Star Resources (EST), which is exploring for copper in Kazakhstan, provided an update on exploration at the Ayagoz and Snowy licences on the Balkash-Ili magmatic arc, which are prospective for copper porphyry deposits. Exploration has initially been funded by the US$500,000 BHP Xplor grant. EST said it was really impressed with the speed and quality of the work its team and contractors have completed. The work programme has taken less than two months, with a total of 2,800 samples collected which have already received spectral analysis. When combined with the geochemistry results, it will have a detailed map of the area, inferring the depth of the porphyry target. The soils will also assist with the assessment of the historical artisanal gold mines around Snowy and their potential to contain larger epithermal gold deposits. The geochemical results from these two programmes will dictate the follow-on work programme and provide information that will assist in targeting throughout the rest of this proven mineral belt.
Comment: EST keeps the fire burning while we await news on the possible sale of Verkhuba. It remains the case that the market continues to underestimate the potential of this company.
Pantheon Resources (PANR) owner of 100% working interest in the Kodiak and Ahpun oil fields, announced that it has executed a rig contract to secure the use of the Nabors 105AC rig to drill the Megrez-1 well in Q4 2024. PANR said that with a management best estimate for the eastern topsets in Ahpun at over 1 billion barrels of oil equivalent 2U Prospective Resource to be tested by the Megrez-1 well, located immediately adjacent to pipeline and road infrastructure and in reservoirs expected to be orders of magnitudes better than western topsets, it believes this to be one of the most impactful onshore exploration well being drilled anywhere in the world during 2024. Success here would further advance our Ahpun development models and plans.
Comment: With PANR it continues to be a battle in terms of the conundrum of big assets usually needing big funding, and how to move forward without unduly diluting shareholders.
Great Western Mining (GWMO), which is exploring and developing gold, silver and copper targets in the Walker Lane belt of Nevada, USA, announced that it has entered into a pooling agreement with Bronco Creek Exploration, Inc. for developing copper potential in and around the Company’s Eastside Mine group of claims in Mineral County, Nevada. GWMO said it was very pleased to be working with Bronco Creek on this project. It has long considered Eastside Mine to be a valuable asset and in recent times have conducted an IP survey over the area, resulting in the identification of drill targets. By pooling acreage into a much bigger unit and working with a larger and well-resourced company, it is implementing strategy of attracting funding at the project level without recourse to shareholders.
Comment: The market continues to be very receptive to GWMO’s newsflow. However, one feels we are still waiting for the big breakthrough here, ideally before shareholders need to be tapped again.
genedrive (GDR), the point of care pharmacogenetic testing company, announced that following the UK’s National Institute for Health and Care Excellence (NICE) final published guidance that CYP2C19 genotyping should be used to guide clopidogrel use after Ischaemic Stroke or Transient Ischaemic Attack, and that the Genedrive® CYP2C19-ID test should be used as the test of choice for point of care strategies1, an initial order for the CYP2C19-ID Kit and instruments has been received (c.£0.1M) to support an implementation assessment at Greater Manchester’s Comprehensive Stroke Centre. With recent NICE guidance recommending CYP2C19 genotyping strategies in the UK NHS for IS and TIA patients in the NHS who are eligible for receiving the antiplatelet Clopidogrel, and recommending its test as the point-of-care platform of choice, these initial first-sales of our CYP2C19 ID-kit in the UK to one of the largest stroke centres nationally is a key initial milestone in its CYP2C19 commercialisation strategy, and further strengthens its pharmacogenetic positioning strategy in emergency care more broadly.
Comment: GDR certainly finesses its recent highly positive newsflow, and it really should be the case that the stock delivers the next leg up, sooner rather than later.
Metals One (MET1), which is advancing strategic minerals projects in Finland and Norway, announced the Company’s Råna Project partner and operator, Kingsrose Mining, has now commenced drilling at the Råna Project in Norway. Arctic Drilling AS has been engaged to complete the drilling, which has been designed to test compelling exploration targets comprising shallow, highly conductive electromagnetic (EM) anomalies immediately down dip from mineralised nickel-copper-cobalt massive sulphide at surface.
Comment: As promised MET1 continues to drive its newsflow in a significant way, something which should start to feed into its very modest share price valuation over the rest of the summer.
Team Internet Group (TIG, the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, announced its unaudited financial results for the six months ended 30 June 2024. TIG said it has delivered another strong set of trading results for the first half of the year. Year-on-year growth in trading results for Q2 2024 was slightly ahead of that seen in Q1 2024, with growth across revenue, net revenue and adjusted EBITDA, demonstrating momentum as it moves into the second half of the year.
Comment: A great UK tech success story, and one that already has a dominant share of its business in the US. Being international and scalable should not be underestimated.
Author
