Yesterday Eurasia Mining (EUA), the palladium, platinum, rhodium, iridium and gold mining company, announces that, pursuant to its trade finance loan agreement with Sanderson Capital Partners, the Company has elected to drawdown a further £150,000 from Sanderson, which will be used for general corporate purposes.
Comment: In some ways, given the share price, and its strategic position, EUA has even more to gain from the Trump Trade than say the likes of Ferrexpo (FXPO), which has already rocketed. Perhaps this could still happen.
Ashtead Group (AHT) said that after its second quarter results announcement on 10 December concerning the launch of a new share buyback programme of up to $1.5bn over 18 months, Ashtead Group plc announces that it has entered into an arrangement with Barclays Bank PLC, acting through its Investment Bank.
Comment: After kicking the London stock market it the teeth yesterday by saying that it is leaving the sinking ship and heading off to a US listing, it will be interesting to see whether the $1.5bn share buyback will win back any friends, at least in Blighty.
Rockfire Resources (ROCK), the base metal, precious metal, and critical mineral exploration company, confirm, that its Retail Offer was five times oversubscribed, however to satisfy shareholder demand the Company will be issuing a total of 300,000,000 new Ordinary Shares at the Issue Price pursuant to the Retail Offer. Accordingly, the Company announces that it has raised aggregate gross proceeds of £360,000 pursuant to the Retail Offer, alongside the previously announced Placing.
Comment: ROCK’s treat ‘em mean, keep ‘em mean attitude with regard to raising cash appears to be working, given the “five times oversubscribed” revelation here. The result though, has been a somewhat rocky / volatile share price.
Gem Resources (GEMR) provided an operational update regarding progress at its Gravelotte Emerald Mine in South Africa. GEMD said the next phase will be a critical step in further ramping up production, improving the quality of the emeralds recovered as well as establishing a steady supply of high-grade ore for processing. It was confident that these developments will drive further growth and success as it continues to unlock the potential of the Gravelotte mine.
Comment: A timely update from GEMR in the sense that the market has been waiting on potential sales and production news. If nothing else, today’s announcement underlines the way that GEMR’s shares have fallen too low.
Georgina Energy (GEX) confirmed that following the successful meeting in Alice Springs on 11th September between the Central Land Council and the Traditional Owners, the CLC has been formally instructed to commence negotiations regarding the grant of the Company’s selected priority area within the EPA 155 permit area, which includes the proposed Mt Winter 1 well target. GEX said the granting of the revised Mt Winter Exploration Permit with the prospect will be seen as a significant milestone and the result of hard work undertaken by the Georgina team, in particular, Mr Liddle OAM. We’re very pleased to move forward with the development of Mt Winter, fulfil the outstanding requirements and pursue our low-risk, high-reward re-entry strategy.
Comment: It remains the case that with solid newsflow such as we have been treated to today, GEX can shake off the stone throwers, and potentially stage quite a sharp turnaround both in sentiment and share price.
Ananda Developments plc (AQSE: ANA), a company focused on the development of cannabinoid based therapies for the treatment of a range of complex conditions, announced that it has successfully raised £150,000 from new shareholders by way of a subscription. ANA said it was delighted to welcome more long-term investors to Ananda. The funds will be put to good use in its mission to deliver regulated cannabinoid-based medicines to patients alongside the over £2 million we successfully raised in September.
Comment: 2024 has been a textbook year for ANA in terms of the progress with regard to its regulated cannabinoid-based medicines, the validation and the funding. Recent director buying has inspired further confidence.
IntelliAM AI plc (AQSE: INT), a provider of software that leverages the power of AI and machine learning to revolutionize the manufacturing industry, announced that it has signed a Letter of Intent with Sweden’s SKF, the world’s largest bearing and lubrication systems manufacturer. INT said this marks a pivotal moment in the partnership between SKF and IntelliAM AI. By embedding its machine learning platform into SKF’s exceptional products, it is not only enhancing their performance but also unlocking new possibilities for industry as a whole.
Comment: One of the better recent Aquis listings, and one that continues to deliver significant, decent newsflow. This looks as though it could be scalable, international business.
Power Metal Resources (POW), the London listed exploration company with a global project portfolio, announced a further update to the agreement with Red Rock Resources PLC to dispose of its 49.9% interest in New Ballarat Gold Corporation plc, which wholly owns Red Rock Australasia Pty Limited, the local operating company holding exploration interests in the Victoria Goldfields, Australia and in South Australia. POW also reported the acquisition by mineral claim staking of the Pardoe Uranium Project, located in northern Saskatchewan, Canada.
Comment: POW continues to finesse its portfolio, although it can be seen that the company is particularly excited about its exposure to uranium.
Audioboom (BOOM), the podcast company, announced that it has continued its strong momentum during the fourth quarter of 2024 and the Board now expects that Audioboom will generate an increased adjusted EBITDA profit of at least US$3.1 million, significantly surpassing the recently upgraded market expectation of US$2.8 million. BOOM said it was very pleased to see a third upgrade to its expectations this year, with Audioboom set to deliver at least US$3.1 million of adjusted EBITDA profit. Its platform is delivering higher-quality revenue and extracting more value than ever before.
Comment: BOOM is understandably proud of its third upgrade in the recent past, but it may still be that it is the “disappearance” of the 260p a share seller that really squeezes the stock higher. This is key given that the shares still have a lot of ground to make up to get back to the “bid speculation” days during the pandemic.
Zanaga Iron Ore (ZIOC) announced that it has entered into a Memorandum of Understanding with Arise Integrated Industrial Platforms Limited to advance the development of the Zanaga Iron Ore Project’s onshore and offshore port infrastructure.
Comment: Anyone wondering why shares of ZIOC have been stirring in recent days, has their answer in today’s RNS.
Cohort (CHRT), the independent technology group, announced its half year results for the six months ended 31 October 2024.Revenue, adjusted operating profit and net funds all ahead of recent guidance. Revenue up 25% to £118.2m (2023: £94.3m). Adjusted operating profit up 69% to £10.1m (2023: £6.0m). A net margin of 8.5% (2023: 6.4%).
Comment: If nothing else, CHRT reminds us that a company on fire (rather like Warpaint (W7L)) can raise chunky amounts of cash to grow, as it did with the £40m Australian acquisition last month.
Sound Energy (SOU), the transition energy company, announced the completion of the transaction for the partial divestment of the Company’s Moroccan assets by way of the disposal by the Company of the entire issued share capital of Sound Energy Morocco East Limited to Managem SA for a total value to Sound Energy of up to US$45.2 million. The terms of the SPA were announced by the Company on 14 June 2024. SOU said this is a transformative transaction for Sound Energy, unlocking significant value and it looks forward to the new chapter of Tendrara development and exploration activity in Morocco.
Comment: This really is transformational for SOU, something which delivers a solid foundation for Tendrara and more in Morocco. There is little question that in the wake of the $45m disposal the £13m company should not be on the right side of 1p.
Ascent Resources (AST) updated shareholders that the Company’s lawyers have been notified that the relevant insolvency Court in Slovenia has ruled on the submitted creditor claims in the insolvency proceedings of the Company’s former Slovenian joint venture partner, Geoenergo d.o.o. AST said the Court has approved ASL’s conditional claim of €3,038,944 relating to ASL’s share in JV plant and property subject to ASL signing a handover memo, which ASL intends to complete shortly. Furthermore, the Court has approved €2,699,123 out of the total €7,780,501.
Comment: Although the market tends to be cautious to say the least regarding the fate of small caps claiming big money, the latest from AST may actually move the dial, albeit in a measured way.
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