Eurasia Mining (EUA), the palladium, platinum, rhodium, iridium and gold mining company, provided an update on legal matters. The Company’s dispute with its former legal adviser Gowling WLG (UK) LLP has been successfully resolved, with a settlement agreed and paid. The winding up petition was dismissed by the court on 13 December 2023. EUA said it was grateful to its in-house team and its advisers that have successfully resolved the matter with Gowling.
Comment: A sigh of relief all round for shareholders, something which has already been reflected in the recent rebound for EUA shares. It remains to be seen whether Gowling will be on EUA’s Christmas card list.
Power Metal Resources (POW), the AIM listed exploration Company, announced an update from its Molopo Farms Complex Project where the Company is targeting a district-scale nickel and platinum group element discovery in southwestern Botswana. POW said it was pleased to be able to give shareholders certainty on the drill contract following its previous announcement on Molopo Farms. It was very excited to be getting underway in the New Year and are confident that the detailed analytical work we have done this year will maximise our chances of success with this campaign.
Comment: While it is clear that the current sizzle associated with POW is uranium, the company is reminding us that Molopo is of key importance.
Celadon Pharmaceuticals (CEL), a UK-based pharmaceutical company, announced the first supply of its pharmaceutical-grade product to the two commercial contracts announced on 24 May and 5 September 2023 respectively. CEL said its focus on the highest standards of product quality is essential to meeting the high expectations of its customers, as well as building trust in the UK’s medical cannabis market. Pleasingly, it is already seeing strong levels of demand for its product and, supported by the high barriers to entry for new producers, it remains confident in its long-term growth prospects.
Comment: Great media coverage for CEL, and the latest fundamental milestone success is in contrast to the relatively low in the range share price. Getting back above the pesky 120p – 130p resistance zone is now key.
Kazera Global (KZG), the AIM-quoted investment company, has been notified that African Mineral Sands Pte Ltd has now completed its acquisition of 250,000,000 Ordinary shares of the Company previously held by Catalyse Capital Ltd and its related parties, including R S & C A Jennings at a price of 1.5 pence per share. As a result, AMS is now the Company’s largest shareholder representing 26.69 per cent. of the Company’s Ordinary Shares currently in issue. KZG said it was delighted that AMS has now completed its share purchase, which was completed at 1.5 pence per share, a premium of 183% on the Company’s closing share price on 12 December 2023.
Comment: It will be interesting to see whether the 183% premium paid will be enough to nudge the market into valuing KZG accordingly.
Pantheon Resources (PANR), the oil and gas company with a 100% working interest in the Kodiak and Ahpun projects, shared the complete results of its multiyear leasing programme. PANR said this is an important result, securing what it expects to be the highest quality areas of the Kodiak and Ahpun Fields at the shallowest depths, and protecting the development schedules for Ahpun and Kodiak by covering the full fields to be included in its requests for development consents from the State of Alaska. Its focus remains on the development of Ahpun with FID planned by the end of 2025 and appraisal of the full potential of Kodiak to support its FID in 2028.
Comment: After all the share price excitement of August / September with a 4x rally, it has been a quiet autumn for PANR. Perhaps the latest leasing news may drive fresh interest here.
Altona (REE), a resource exploration and development company, announced that its subsidiary, Monte Muambe Mining Limitada, has lodged an application for a Mining Licence (known as a Mining Concession in Mozambique). REE said it was very pleased to have submitted its Mining Licence application for Monte Muambe, which reflects its unwavering confidence in the Project. The application marks a pivotal milestone in its journey to transforming what was, only three years ago, a few positive drillhole intercepts, into a Rare Earths mining operation.
Ananda Developments (AQSE:ANA) a company whose ambition is to be a leading provider of cannabinoid-based medicines, announced the launch of Ananda’s Interactive Investor Hub. For both existing and prospective stakeholders it brings all Ananda’s content into a single integrated platform to better inform and engage with investors and stakeholders. ANA said it has always encouraged its stakeholders to engage with it. It sees Investor Hub as an effective platform upon which to further enable its stakeholders including shareholders, potential shareholders and interested parties to interact with Ananda.
Comment: In current stock market conditions it is not only the case that every investor counts, but so does every engagement. It will be interesting to see how ANA’s initiative pans out.
Driver Group (DRV) Finals to September report a 4% decline in revenue to £42.6m as well as a sharp turnaround from interim losses to a PBT of £0.44m. DRV is a well-established professional multi-disciplinary consultancy with over 30 offices covering US, Europe Asia, Middle East, and Africa. Losses from its Middle East and Asian Pacific offices are now reducing and evidence the new strategy. This is to focus on higher margin business and upselling to existing clients while reducing costs. Actions included closing overseas offices, reducing office lease costs and more ‘efficient’ staffing levels which should become increasingly evident. Its clients include government agencies, major construction contractors, specialist subcontractors, banks, insurers, telecoms, information technology and law firms. Several significant commissions secured will benefit FY24. The 0.75p dividend is being maintained and supported by net cash of £5.5m which is 11.1p a share.
Comment: At 25.5p the mkt cap is £13.3m the 3% yield should justify waiting for sustainable growth.
Alien Metals (UFO), a minerals exploration and development company, announced its subsidiary company Iron Ore Company of Australia has signed a Mining Agreement with the Karlka Nyiyaparli Aboriginal Corporation RNTBC for its 90% owned Hancock Iron Ore Project, in the Pilbara Region, Western Australia. UFO said signing of the Mining Agreement is a significant milestone for the Company, which means the project is now substantially de-risked and will support the next phase of development and approvals required for the Hancock Project, which includes the submission of the mining proposal for the project.
Comment: Shares of UFO more than doubled September – November, and ideally the latest news from the company will rekindle the nascent recovery.
Cornish Metals (CUSN), a mineral exploration and development company focused on advancing the South Crofty tin project to a production decision, located in Cornwall, United Kingdom, announced that it has released its unaudited financial statements and management, discussion and analysis for the nine months ended October 31, 2023. CUSN said looking back on 2023, it wanted to commend the Cornish Metals team for the outstanding progress that has been achieved at South Crofty with some very important milestones being met, in particular, the commissioning of the water treatment plant and the subsequent commencement of mine dewatering that is tracking ahead of expectations.
Comment: Even though CUSN shares are currently near the low of the range, the market cap at £60m underlines how many fans of Cornwall / Cornish tin are around in the market. At least the dewatering is going well.
EnSilica (ENSI), a chip maker of mixed signal ASICs announced that it has conditionally raised approximately £1.56 million by way of a placing at a price of 40 pence. The company said it was delighted that its shareholders have continued to support its growth ambitions as it seeks to capitalise on a number of exciting opportunities. It is particularly pleased to be investing in expanding its operational footprint internationally and to further leverage its standing as a leading European mixed signal semiconductor manufacturer.
Comment: ENSI has managed (along with our friends at Allenby) to squeeze out £1.5m from the market just before Christmas. Given how hot the company’s semiconductor space is currently, one would hope this raise will take it as decent distance along its milestones.
Author
