Mkango Resources (MKA) announced that it has released the Financial Statements and Management’s Discussion and Analysis for the three month period ending 30 June 2024. MKA said that the key near term catalysts are completion of HyProMag USA Feasibility Study is targeted by the end of 2024. The scope of operations comprises a hub and spoke model, with three HPMS spokes and one magnet manufacturing hub located in Texas. A production decision for HyProMag USA is expected in H1 2025. Full commissioning of the short-loop HPMS recycling plant in the UK and initial commercial sales of NdFeB by HyProMag are targeted for Q1 2025. HyproMag Germany first commercial production in Germany is targeted for 2025.
Comment: MKA shares continue to give off a firm tone, as the market warms to the prospect of commercial production next year, which could be a game changer for the company.
ProBiotix Health plc (AQSE: PBX), the life sciences business developing probiotics to support cardiometabolic health, announces its unaudited results for the six months to 30 June 2024. Turnover: +84% to £1.01m (2023: £0.55m). Gross Profit margin: +8% to 56% (2023: 48%). Net loss reduced by 49% to £0.262m (2023: £0.512m). PBX said it was pleased with the performance of the Company for the first six months of the year, and the increasing market opportunity allows the Board to remain confident for our future growth strategy.
Comment: Good metrics here from PBX, but of course most of the performance here is eaten up by PLC costs. Nevertheless, a rebound in the stock after an extended bear run does seem overdue.
Eco (Atlantic) Oil & Gas (ECO), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its unaudited results for the three-month period ended 30 June 2024. The Company had total assets of US$29.65 million, total liabilities of US$0.791 million and total equity of US$28.859 million as at 30 June 2024. ECO said it continued to make significant progress across our asset base during the period. On Block 3B/4B, it announced the completion of Eco’s farm-out agreement with TotalEnergies and QatarEnergy, which will see Eco receive US$8.3 million while still maintaining a material interest in the Block.
Comment: Shares of ECO have been trading wholly above their 200 day moving average since May, something which suggests that the market has finally caught onto the bull argument here, especially the prospect of $8m hitting its bank account.
Andrada Mining (ATM), the African critical raw materials producer with a portfolio of mining and exploration assets in Namibia, is pleased to announce the release of its audited financial results for the 2024 financial year ended 29 February 2024. Revenue increased by 83% to £17.9 m (FY 2023: £9.8 m) due to increased tin metal volumes. Gross profit increased by over 100% to £1.7m (FY 2023: loss £0.7m). ATM said there are several milestones Andrada is focusing on for the next few years, including construction of the pre-concentration circuit, completion of the CI2 Programme, completion of the feasibility studies, and implementation of the lithium integration circuit. Furthermore, it has several exploration programmes planned for FY 2025, designed to enhance understanding of the mineralisation on the Company’s mining licences.
Comment: While the share price may not yet have turned the corner, it is clear that the fundamentals at ATM have, and we should finally see the re-rate that this sprawling company deserves. The market cap is currently less than £60m.
Primorus Investments (PRIM) announced it has subscribed for 18,100,000 ordinary shares in Pri0r1ty AI PLC, for a total consideration of £300,460 from the Company’s existing cash resources. The shares represent approximately 8.45% of the issued share capital of Pri0r1ty following the Subscription. The Subscription is part of a recent £550,000 fundraise by Pri0r1ty to fund software roll out. Pri0r1ty said it was delighted to welcome such a well regarded technology investor as Primorus as a shareholder. This investment round supported by Primorus has allowed it to accelerate its go to market strategy and expand its team with a wealth of experience from the SaaS industry. These funds will allow it to become revenue generating and welcome the first customers to Pri0r1ty Advisor, its flagship product. It was excited to onboard waiting list customers and release further product developments ahead of our proposed admission to AIM.
Comment: Pri0r1ty enjoys the backing and validation of PRIM. This is something which sets the scene well for the development of its AI driven investor relations and business growth platform. One looks forward to more such news in the run up to the AIM listing.
Filtronic (FTC), the designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets, announced the receipt of a further follow-on production order from our partner SpaceX. The order is irrevocable, valued at $8.4m (£6.4m), and represents a continuation of demand for the E-band solid state power amplifier modules to support the ongoing deployment of SpaceX’s Starlink constellation which provides high-speed, low-latency internet to users all around the world. It is anticipated the order will be fulfilled in calendar year 2025. Consequently, it now expects to trade ahead of current market expectation for FY2025.
Comment: There is certainly something of a wow factor regarding FTC and SpaceX. It seems rather obvious that shares of FTC will continue to push to new all time highs.
Longboat Energy (LBE), an E&P company focused on Southeast Asia, will release its interim financial results for the period to 30 June 2024 on Thursday, 19 September 2024. LBE said the change in name to Seascape Energy Asia plc represents the transformation of Longboat into a Southeast Asian-focused E&P company. It was excited about its growing portfolio which it expects to deliver several value inflection points in the near-term. It looks forward to working with all of its stakeholders to create value as it seeks to grow the business under its new brand.
Comment: Director share buying and disposal news have meant that LBE shares have held onto most of the gains they have achieved since June. Today’s update should be enough for the shares to maintain this momentum.
Author
