Thor Explorations (THX) provided an operational and financial review for its Segilola Gold mine, located in Nigeria, and for the Company’s mineral exploration properties located in Nigeria and Senegal for the three months and six months to June 30, 2024. 23,588 ounces of gold sold in Q2 2024 with an average gold price of US$2,309 per oz. Cash operating cost of US$585 per oz sold and all-in sustaining cost (AISC) of US$802 per oz sold. Revised FY2024 production guidance of 90,000 oz for 2024 with a downward revised AISC guidance of US$900 to US$1,000 per oz. THX said it was pleased with the Company’s operational performance for the second quarter and first half of 2024, where its financial performance has continued to improve year on year and it once again made a material paydown of our senior debt facility. With gold prices continuing to rise over the quarter, Q2 2024 revenue has increased by 30% compared to Q2 2023 generating a record net profit of US$27.5 million for the Period, an impressive increase of 91% compared to Q2 2023. Net profit for the first half of the year was US$$39.9 million.
Comment: All the key metrics for THX continue to improve, something which is hardly surprising given record gold prices. The only missing aspect is the share price continuing to be well down on the 24p achieved last year, when the company was less far along its milestones than it is now.
Ondine Biomedical (OBI), a provider of light-activated antimicrobial technology to prevent and treat hospital infections, is pleased to announce that Steriwave® nasal decolonization is now being used in all five of British Columbia’s health authorities. This deployment signals Ondine’s increasingly strong presence across the Canadian healthcare system. OBI said the adoption of Steriwave by the largest hospital in northern British Columbia is a significant achievement for Ondine. It was proud to be working with all of BC’s health authorities to avoid infections and their associated human and financial costs.
Comment: OBI continues to roll out its flagship antimicrobial treatment, adding credibility and growth prospects at the same time.
Oracle Power (ORCP), an international project developer, announced a site visit update in respect of its Northern Zone Intrusive Hosted Gold Project in Western Australia. ORCP said it was delighted that David Hutchins, along with the Company’s senior geological consultant, Ed Mead have recently had the opportunity to visit the Northern Zone Project site, at an important time for the project. He reviewed ongoing exploration activities, and preparation of sample bags at the site of drill hole NZRC001, which has previously recorded a significant intercept of 18m at 4.14 g/t Au from 36m depth. Riversgold, continues to make good progress at the Project, with the forthcoming assay results from infill drilling expected to further expand this large porphyry system.
Comment: Shares of ORCP have been making some tentative attempts at recovery. However, the market would most likely be far more generous when it gets one of its projects to a successful conclusion to prove the strategy.
Marula Mining (AQSE: MARU), an African-focused mining and development company, provided a further update on the delivery and planned commissioning of the Tomra COM XRT 1200 Ore Sorter to the Blesberg Lithium and Tantalum Mine. Commissioning of the Ore Sorter is considered a key part of the Company’s plans, as it looks to expand production and exports of high-value lithium products at Blesberg. MARU said once again, it’s pleasing to see the progress that its team at Blesberg, headed up by Henk van Zyl, is making with the refurbishment, planned installation and commissioning of the Tomra Ore Sorter.
Comment: MARU reminds the market that the operational side of proceedings continues, and that the company could still revive the stellar share price run and stock market appreciation that it delivered in late 2022 / early 2023.
Sound Energy (SOU), the transition energy company, announces entry into a bridge financing facility agreement pursuant to which up to £1.5 million will be made available to the Company, if drawn down. The Facility provides the security of access to working capital for the Company, should it be required, prior to closing of the transaction with Managem, which remains on track within the forthcoming months.
Comment: SOU remains at a promising juncture given news of the latest funding, something which could allow it to deliver a rally in the stock that seems to have been promised for much of this year.
Georgina Energy (GEX) have released an updated company presentation to the market. The SparkLive LSE presentation is hosted by Tony Hamilton, CEO and Mark Wallace, CFO. The presentation is accessible to all existing and potential shareholders and can be found on the LSE website here or on Georgina Energy’s YouTube channel. The presentation is also available on the company’s website.
Comment: GEX has so far withstood the predictable bear onslaught by re-iterating what backs fundamentals of the company. Anything below the 12.5p initial share price will probably be seen as being the bargain basement zone.
EDX Medical Group (AQSE: EDX), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, heart disease and infectious diseases, announced a further important development in its cancer testing capability in collaboration with The University of Oxford. EDX said it was delighted to announce this very significant development in its cancer testing capability which will soon be available alongside a range of class-leading diagnostic products which are of tremendous benefit to those treating cancer and their patients.
Comment: EDX remains one of the best scalable, growth situations on the Aquis market, a company that the RNS Hotlist is delighted to include in the spirit of supporting companies with promise. This is despite no acknowledgement from most companies on the exchange or the exchange itself. But some things are more important than mere recognition.
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 financial position. The Company’s cash position as at 22 August 2024 is currently £210k. This sum is expected to increase once the remaining proceeds of the subscription and the funds due under the draw down are received. The Group’s going concern is dependent on timely receipt of funds under the equity fundraise and the committed credit facility or alternative financing (which as yet have not been secured).
Comment: CEL has a rather painful “cheque is in the post” situation in progress, with the hope being that now the company is valued at less than £15m, the trials and tribulations are now in the price.
Corero (CNS), the distributed denial of service (DDoS) protection specialists, announced the signing of three new strategic partner agreements in Chile with NovaRed, Vista Group International Ltd (VGL), and GreyMatter. These partnerships mark a significant milestone in Corero’s continued expansion and commitment to strengthening its presence in the Latin American market. CNS said it was excited to welcome NovaRed, VGL, and GreyMatter as its partners in Chile and was delighted to have already secured a contract with Netline, which further expands our client base in the region. These new Partnerships, in addition to our existing alliance with TechEnabler in Brazil, underscores its commitment to aggressively expanding our Latin American presence, alongside providing world-class DDoS protection and secure connectivity solutions across the region.
Comment: Answers on a postcard anyone who knows what DDoS is. Nevertheless, despite being a company which is distinctly under the radar, CNS shares have managed to break out to multi-year highs this summer, and with newsflow such as today’s should keep this re-rate ongoing.
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