ECR Minerals (ECR), the exploration and development company focused on gold in Australia, provided additional results from its drilling programme at the Davey Road site in its Creswick tenement. These results comprise the bulk sample testing following the preliminary results announced on 5 February 2024. ECR said these results at Davey Road are very promising indeed. As anticipated, bulk sample analysis has provided far greater clarity on the prospect as well as indicating contiguous gold over multiple metres in depth. The higher grades now being indicated support its view that Creswick has the potential to become a very significant asset for the company.
Comment: While the company continues to deliver momentum on an operational basis, something that today’s higher grades underline, the market still needs the right trigger to break out of the top of the recent 0.20p – 0.30p trading range. Today’s news could be that trigger.
Audioboom (BOOM), the global podcast company, announced that Michael Tobin OBE, non-executive Chairman of the Company, purchased 4,490 ordinary shares in the Company on 9 February at a price of 235 pence per ordinary share. Following this purchase, Michael Tobin holds 800,000 ordinary shares in the Company, representing approximately 4.9 per cent. of the Company’s issued share capital.
Comment: Tobin’s previous extended share price purchases resulted in BOOM shares falling by more than half. It is to be hoped that this renewed interest in his stock will have a more positive outcome.
Synergia Energy (SYN) announces the following update regarding the proposed Cambay PSC Farm Out. SYN said it continues to advance discussions and the relevant documentation with the potential joint venture partner, particularly in respect in finalising the farm out agreement and joint operating agreement. The Company and the Farminee are aiming to execute these agreements over the following week.
Comment: It would appear that SYN shareholders have been sitting on the edge of their seats waiting for the farminee agreement for an eternity. Apparently, the waiting game now will now be somewhat sooner than the arrival of the Second Coming.
Bluejay Mining (JAY), the AIM, FSE listed and OTCQB traded exploration and development company with projects in Greenland and Finland, updated on its previously announced cost reduction initiatives. JAY said these strategic initiatives underscore its commitment to bolstering financial sustainability, achieving operational excellence, and maintaining a sharp strategic focus. The success of its recent funding round, along with the rapid implementation of its cost reduction measures, positions it well for sustained success. As it progresses, its primary aim is to deliver on its critical work programmes, creating substantial and enduring value for its shareholders.
Comment: It is clear that there has been plenty going on behind the scenes at JAY in order to get the company on an even keel. However, with the shares still at the lows, it would appear that the market needs more specific recovery inducing initiatives than we have heard so far.
Katoro Gold (KAT), the strategic and precious minerals exploration and development company, announced a financing, business development matters and director changes. KAT said it has for some time been working to find a pathway to reinvigorate the Company. It believes the proposals announced today, with the refreshed board, advisory support and new approach, have the potential to deliver considerable value for shareholders.
Comment: This month has already seen the sharp turn of the year rally for KAT shares continue, as if anticipating the new approach being flagged today. Given that the market cap is currently only £1m, it would not take much of a rejig to get the company on track.
Poolbeg Pharma (POLB), a biopharmaceutical company, announced that independent research conducted on behalf of Poolbeg confirms a >$10 billion market opportunity for POLB 001 in Cancer Immunotherapy-Induced CRS as an orally delivered preventative therapy. Cancer immunotherapies have been approved in rare and orphan blood cancers and so the Company can see potential for POLB 001 in one or more of these cancer types. POLB said there is also a very active M&A market in this sector which Amryt took advantage of. It sees this strategic approach as highly complementary to its existing programmes. The former Amryt team that have joined Poolbeg have an exceptional track record, have hit the ground running and are aligned with its vision of rapidly generating revenues and creating value for shareholders.
Comment: POLB reminds us today, as if we needed reminding, of the massive opportunity the company is sitting on. It also reminds us that in the former Amryt team, it has the kind of management to get the $10bn opportunity over the line. The shares remain on the wrong side of 10p.
Beacon Energy (BCE), the full-cycle oil and gas company, announced an operational update on the Schwarzbach-2(2.) well in the Erfelden field. BCE said it was pleased to have safely completed the sand jetting operations to stimulate the well and is now working to recommence production in the coming days with the rod pump. It remains fully focused on establishing optimal production from the SCHB-2(2.) well as quickly as possible following this well stimulation operation and ultimately the installation of the ESP.
Comment: The Twitterati (Xati) have been waiting on the type of RNS issued today to call up shares of BCE back towards the type of dizzy heights we were treated to in the autumn. At least it does appear that a base is in place under 0.07p.
Tertiary Minerals (TYM), the London listed explorer focussed on copper and precious metals in Zambia and Nevada, USA, announced that it has raised £375,000 through a placing at a price of 0.08 pence, being a 15.8% discount to the closing market bid price. TYM said the net funds raised will be applied to exploration activities at the Company’s projects in Zambia and Nevada and working capital.
Comment: TYM underlines the delicate balance between carrying out exploration, and paying for it. So far market conditions have been positive enough for the company to get the latest raise away in a constructive manner.
Baron Oil (BOIL) provided an update on operational activities on the TL-SO-19-16 Production Sharing Contract (the “Chuditch PSC”) offshore Democratic Republic of Timor-Leste. BOIL said its wholly owned subsidiary, SundaGas Banda Unipessoal Lda., has entered into contracts to conduct a survey at the planned drilling location for the Chuditch-2 appraisal well, which is illustrated in the Company’s presentation published on 11 October 2023. Site Survey operations are expected to be carried out at the location during February and early March 2024.
Comment: Speculation regarding Chuditch has already delivered a short lived spike in BOIL shares, something which will require more RNS’s like today’s to prove sustainable. At least today we have a February / early March window to shoot for.
Block Energy (BLOE), the development and production company focused on Georgia, announced it has launched the farm-out process for Project III, targeting the development of a gas resource of strategic significance to the Georgian state through the appointment of LAB Energy Advisors Limited, BLOE said the appointment of LAB Energy marks the beginning of the anticipated farm-out process of Project III, signalling our commitment to deliver a high-value strategy with near-term impact. It was excited to get the process underway and look forward to updating our shareholders in due course.
Comment: Today’s RNS explains the recent improvement in the BLOE share price, although there is still some way to go until the market gains confidence in the company given the rather bumpy journey the company has thus far offered to shareholders.
Good Energy Group (GOOD), the 100 per cent. renewable electricity and energy services provider, announced that it has entered into a conditional binding agreement to acquire the entire issued share capital of JPS Renewable Energy Ltd. The Acquisition is on a debt-free, cash-free, basis for an initial consideration of £7.0 million with further deferred consideration of up to £6.75m. GOOD said the acquisition of the JPS Group is an exciting next step in Good Energy’s growth strategy and further solidifies its position as the UK’s go-to solar specialist.
Comment: The land grab continues at GOOD, something which is understandable as the company looks to consolidate its commanding position in its chosen renewable energy space.
Cyancannode (CYAN) announce a Letter of Award (LOA) from its partner for a project in Thailand. It’s for 101,360 Omnimesh Cellular Modules and builds onto 206,735 high margin software licenses already awarded. Cyan sells smart meter connectivity technologies. This LOA not only expands away from India but also the product range into a standard – based cellular solution which brings increased utility and potentially orders. The Indian order book is 6.3 million units, with 3.9 million modules in process. The year-end is March which should show improvement from the £2.2m operating loss at the Interims. The net cash, we estimate is around £3m following the November’s £2.5m fund raising at 10p and should be sufficient until Autum.
Comment: At 11.5p with a £36.4m mkt cap it remains a race between cash burning and winning orders as a valuable smart meter network is built.
Metals One (MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, reported the laboratory results from its eight diamond drillholes at the R1 Hook target, located within the Rauta 9-11 licence area at the Black Schist Project in Finland. MET1 said leveraging new and historical insights and data, the Metals One team is pleased to identify this economically important Talvivaara style of mineralisation. The resulting prospectivity model developed by the team significantly reduces discovery risk as it continues to target high-quality critical battery metal resources across the Kainuu Schist Belt.
Comment: While the market is yet to embrace / appreciate the uniquely funded qualities of MET1, and its geographical advantages, the company continues to expand its footprint and asset base.
Cobra (COBR), an exploration company focused on the Wudinna Project in South Australia, advised that its strategy to demonstrate scalability of the Boland ionic rare earths discovery will also test for extensions to roll-front uranium mineralisation identified at the adjacent Yarranna Uranium Project held by IsoEnergy (TSX-V: ISO) that extends onto the Company’s newly granted tenement. COBR said it has acquired a valuable, scalable asset with significant upside potential. It believes it can cost effectively grow a valuable uranium asset alongside its REE exploration strategy.
Amaroq Minerals (AMRQ), an independent mining company with a substantial land package of gold and strategic energy transition mineral assets in Southern Greenland, confirmed its intention to conduct a placing and subscription to raise gross proceeds of approximately £30.0 million at a price of 74p. AMRQ said by further de-risking the development of Nalunaq whilst also advancing exploration in both gold and strategic minerals, it believes it can deliver value for shareholders. It is a very exciting time to be the largest acreage holder in Southern Greenland.
Comment: Sitting on its large acreage in Greenland, we see AMRQ taking advantage of the extended rally in its shares to raise a chunky amount of cash to develop the assets it is sitting on. The interest here will be whether the shares can remain strong following the raise.
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