Helix Exploration (HEX), the helium exploration and development company focused on helium deposits within the ‘Montana Helium Fairway’, reported the completion of drilling activities on the Clink #1 well at the Ingomar Dome Project. HEX said it was delighted to report the safe and successful completion of the drilling of its maiden exploration well at Clink #1 delivered ahead of time and below budget. Drill operations took 11 days from spud to Target Depth, completing well ahead of the 2-3 week guidance provided. It was highly encouraged by anomalous helium identified in all target strata, indicating that it has elevated levels of helium throughout the sedimentary column.
Comment: Ahead of time and below budget is the key phrase here, something along with the elevated levels of helium, more than justifies the way that the shares have doubled since the IPO, and should be able to achieve rather more as drilling results are delivered.
Eurasia Mining (EUA), the palladium, platinum, rhodium, iridium and gold mining company, announces that its audit for the year ended 31 December 2023 is progressing towards completion. The Company also provides an update on its current financial position. EUA said The Company currently has a limited cash runway in the United Kingdom, with sufficient working capital to meet ongoing obligations until November 2024. Although discussions with the proposed lender are at an advanced stage, there can be no guarantee the Facility will be entered into. The Directors are continuing to focus on the possible sale of the Company’s assets as the first priority.
Comment: EUA is certainly keeping its shareholders on its toes, with a nail biting denouement set for the autumn. It would appear that the battle here for the company to sell at least some of its assets asap, although the Russia situation remains the company’s obvious issue.
Fusion Antibodies (FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces an expansion to the collaboration agreement with the National Cancer Institute. FAB said it was excited to deploy its class leading humanisation technology to these nanobodies developed by Mitchell Ho’s group at the NCI, as they have shown excellent activity in published models for CAR-T therapy. It looks forward to being able to assist the NCI in their path to clinical success and to continuing to foster goodwill with the NCI in this wider capacity.
Comment: Fans of FAB continue to will the shares higher, off their lows. It remains to be seen whether expanded collaboration news is enough to move the share price dial.
CyanConnode (CYAN), a leader in narrowband radio frequency mesh networks, is pleased to announce that its subsidiary, CyanConnode Pvt Ltd, has received a Letter of Award from a global partner for six and a half million Omnimesh Modules, together with Advanced Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software, Perpetual License, and a Support and Maintenance Contract. CYAN said it was delighted to announce CyanConnode’s largest order to date from a global partner, with whom it has successfully collaborated on various projects over the years. This order nearly doubles its order book for India, increasing it from 6.6 million units to 13.1 million units, and solidifies its position in India’s nationwide smart metering rollout.
Comment: The market continues to underestimate and undervalue CYAN’s success in India, a massive market. The latest order underlines this progress.
Tertiary Minerals (TYM), the London listed explorer focussed on copper and precious metals in Zambia and Nevada, USA, wishes to announce that it has raised £880,000 at a price of 0.08 pence. TYM said the net funds raised will be applied to exploration activities at the Company’s projects in Zambia and Nevada and working capital. This will include drilling for copper at the Company’s Mushima North & Jacks projects in Zambia and drilling for copper and gold at Brunton Pass in Nevada. These programmes are additional to the drilling already in progress at the Konkola West Copper Project, which is being funded by KoBold Metals, and the planned drilling on the Company’s Mukai Copper Project which will be funded by First Quantum Minerals.
Comment: One would hope that after raising a significant amount of cash, this will enable TYM to advance its timelines in the way that its many supporters would like. At least the company is rubbing shoulders with significant names.
Bezant Resources (BZT) confirmed the issue of an Environmental Clearance Certificate for Licence EPL7170 valid until 12 August 2027. The licence was previously renewed for a further period of two years from the previous expiry to 22nd October 2025 subject to the granting of the ECC. With the granting of the certificate the way is clear for the Company to continue with exploration on this important extension to the pending Hope & Gorob Mining Licence and EPL 5796 exploration licence for which renewal is also in process. BZT said it was pleased to be awarded renewal of this exploration licence situated just NE of the main Hope and Gorob licence, with comparable geology within the Matchless Copperbelt. The licence forms part of an almost contiguous belt of prospective ground with Hope and Gorob and could host either extensions to that mineralisation or a separate resource to support a larger mining operation in the future.
Comment: Hope & Gorob could / should be a company maker for BZT, especially given the tiny market cap of the company. At least recent weeks have seen an initial recovery to reflect this.
Sunda Energy (SNDA) announced that, in line with its refined strategy to focus on gas in Southeast Asia, it has submitted applications for two offshore licence areas in the Philippines which contain several material gas discoveries and significant upside potential. SNDA said whilst the Company remains strongly focussed on its upcoming appraisal activities on the Chuditch field in Timor-Leste, Sunda is also actively pursuing a business development strategy to target assets of similar materiality and in line with the Company’s goal of building a substantial energy business in the SE Asia region. It is pleased that it is proving able to quickly execute on this strategy. This Philippines initiative focusses on an area where the Sunda team has considerable prior experience, and it believes that this can add significant early value to Sunda if it is successful.
Comment: The waiting game continues at Chuditch, something which continues to inspire investors. Perhaps the latest applications will at least keep holders ticking along?
Rome Resources (RMR) provided an update on its latest diamond core drilling operations on its Kalayi prospect located in the North Kivu province in the Democratic Republic of Congo which, together with the Mont Agoma prospect and the Mont Agoma Northwest prospect, comprise the “Bisie North Projects”. RMR said it was delighted to see such a significant intersection of mineralisation so early in the drilling campaign, confirmed from drillsite analysis as tin-bearing. More importantly, this mineralisation is present from surface and given the management’s experience at Alphamin’s neighbouring Bisie Tin Project, it is expected to continue to considerable depths. It will continue to build on this success with the forward campaign and looks forward very much to informing shareholders of the quantitative assay results when available.
Comment: It is interesting that although RMR is delivering exactly what it said on the tin, so to speak, the share price does not currently reflect this. One would imagine such as state of affairs will be correctly quickly, as the campaign progresses further.
Graft Polymer (GPL), a healthcare services company, reported substantial progress in its collaboration with Awakn Life Sciences Corp. GPL said it was thrilled with the progress made in its collaboration with Awakn. The identification of the lead chemical series and the filing of a new patent significantly advance our goal of developing transformative therapies for trauma-related mental health disorders such as PTSD. These developments not only validate the scientific strength of the partnership but also position it well for the next stages of development.
Comment: After a flurry in shares of GPL in May, the market is not quite as thrilled as the company regarding the collaboration with Awakn. Perhaps this situation will reignite as the next stages of development become clear.
Hemogenyx Pharmaceuticals (HEMO), the clinical-stage biopharmaceutical group developing treatments for cancers and viral diseases, is pleased to announce its participation in the 2024 Chemical and Biological Defense Science & Technology Conference, which will be held on December 2-5, 2024, in Fort Lauderdale, FL.
Comment: It has been a couple of months since a substantive update from HEMO, as we await news on its progress regarding finding a cure for cancer, the common cold, and baldness, as the stock bumps along the bottom.
Sovereign Metals (SVML) announced the commencement of a hydraulic mining trial at its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi as part of the ongoing Pilot Mining and Land Rehabilitation Program (Pilot Phase). The hydraulic mining trial aims to further develop previous testwork as part of the Kasiya Optimisation Study. Rio Tinto has advised the Company that it has elected to make an additional investment of A$690,360 in Sovereign through the issue of 1,290,392 Shares. SVML said with valuable insights gained from the dry-mining approach at Kasiya, it is now entering the next phase, which includes the commencement of the hydraulic mining tests, processing and backfilling material, and progressing towards the rehabilitation phase, which it expects to take three months to complete. Results from the Pilot Phase, in particular the analysis of dry-mining versus hydraulic mining, will be fundamental for the ongoing Optimisation Study.
Comment: A top up from Rio and progress on test work / Pilot Phase, means that operationally there is solid backing for SVML. The share price should be well up towards the 40p – 50p zone, given the quality of the newslfow.
Firering Strategic Minerals (FRG), an emerging quicklime production and critical mineral exploration company, announced an operational update with regards to its quicklime project in Zambia, which is being refurbished with the goal of commencing phased production during Q4 this year. FRG said it was very pleased with the progress being made at Limeco where engineers are rapidly completing the modifications to the lime plant. Key to this plan has been the manufacturing of the coal gasifier parts, which are now on their way to Limeco having left the Port of Mundra, India, on 23 August 2024. Notably, work on the gas ducting required to convey the hot gas from the gasifier to the kilns has also started.
Comment: The promise of phased production in Q4 has already re-rated FRG shares in a decent way. But one would assume that there is much further to go given the pace of the progress being made at Limeco.
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