hVIVO (HVO), a fast-growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, provides a trading update for the six-month period ended 30 June 2024. Revenue of £35.6 million, 30.6% higher than H1 2023 (£27.3 million). The Board said it remains confident in delivering on market expectations for the full year. HVO also announced that Octopus has raised its stake to 4.2% from 3.1%.
Comment: Another textbook performance from HVO, and one that makes it easy to understand why Octopus would up its stake. A technical target of 35p by the end of the summer does not appear excessive in the wake of the latest news.
Panthera Resources (PAT), with gold assets in West Africa and India, advised that it has commenced a drilling programme on the Bido Project in Burkina Faso (Drilling Programme). PAT said the Bido Project is an exciting gold prospect for the Company that is maturing as gold prices push through US$2400 per ounce. The Company has been actively exploring the licence for several years culminating in a focused drilling campaign. The three drill fences will test targets selected by their coincident geophysics, visible quartz veining and orpailleurs activity.
Comment: It seems unfair that the market is still largely ignoring the operational / exploration side of PAT, while at the same time reticent to value the significant upside as a fully funded litigation play.
Cyancannode (CYAN) shortly following the certified to deploy Cellular technology announcement, today’s report the passing of multiple Site Acceptance Tests (SATs) across several key projects in India. Achieving a “Go Live” status in one, marking a crucial milestone that enables the commencement of billing for deployed meters. The “Go Live” milestone is a critical achievement for any project as it signifies the transition to the billing phase, allowing for revenue generation. The SAT qualification process involves rigorous quality and performance testing of the meters and the communication network, ensuring the highest standards of operation. The cumulative order book for India to 6.6m Omnimesh modules, of which 2.8m should be delivered by the end of the year. The Finals to March are due to be reported this month and the interims to September 2023, reported a reduced operating loss of £2.2m with turnover of £5.8m and gross margins at 33% and prospects are improving. The last funding was in November for £2.5m at 10p to support ‘significant’ growth.
Comment (Jon Lev) : At 7.5p the £25.6m mkt cap its just off a 52-week low and after many years of supplying modules, ‘going life’ on billing could well be significant.
European Green Transition (EGT), a company developing green economy assets in Europe, announced its first metallurgical test work results from the Olserum Rare Earth Elements project in south Sweden. EGT said it believed these results further strengthen the Olserum REE project and make it an attractive European based proposition, as a number of companies internationally are looking to increase REE production from monazite feedstocks and are actively seeking feedstock for new and proposed plants. It is now focused on its fully permitted low-cost drill programme for Olserum in H2 2024, which it believes could confirm a district scale REE system with further project upside, supporting its intention to attract a partner to fund a larger scale programme.
Comment: At once stage shares of EGT hit 17p versus the IPO price of 10p. Newflow like today’s should ensure the stock moves back to the highs.
MicroSalt plc (AIM: SALT), a company commercialising a patented technology to produce full-flavour low-sodium salt, announced it continues to expand its reach with video presentation by “celebrated” chef Jack Stein. The presentation will captivate food enthusiasts and health-conscious consumers across the UK. SALT said it was thrilled to partner with Chef Jack Stein to bring MicroSalt® to the forefront of the culinary world. This is an exciting opportunity to educate consumers and chefs alike about the advantages of its product. MicroSalt® represents a significant advancement in food technology, offering a simple yet effective solution to one of the biggest health challenges of our time – excessive sodium intake.
Comment: One might have preferred Rick Stein. But the point is made that the backing of a Chef is part of the commercialising progress for MicroSalt.
Audioboom (BOOM), the podcast company, is announced the continued expansion of its creator network through new exclusive partnerships with top tier podcasts including Cancelled with Tana Mongeau, Stavvy’s World and The 13th Juror. BOOM said it was bringing new comedy, culture and true-crime podcasts to the Audioboom Creator Network – home of the best podcast talent in the world. We continue to expand our work in video through these partnerships, and are excited about supporting the creativity of Tana, Brooke, Stavros and Brandi. Audioboom also announces that it will release its interim results for the period ended 30 June 2024 on 23 July 2024. Stuart Last, CEO, and Brad Clarke, CFO, will provide a live presentation relating to the interim results via the Investor Meet Company platform on 23 July 2024 at 15:00pm.
Comment: Another filler RNS, this time ahead of interim results to be presented on a budget platform. One would have thought a podcast company could do better. All one can say is that to move the share price up both the results and presentation will have to be electric.
Cirata (CRTA), the data activation platform, announced the successful completion of its equity fundraise raising gross proceeds of $7.2 million (£5.6 million) announced on 16 July 2024. CEO, Stephen Kelly, participated in the Placing for a total of 18,181 Offer Shares at the Offer Price. Non-Executive Chair, Kenneth Lever and Senior Independent Non-Executive Director, Peter Lees, subscribed directly from the Company for a total of 52,455 Offer Shares at the Offer Price. Together, the Directors’ participation in the Fundraise raised gross proceeds of approximately $50k (c. £39k).
Comment: It is to be hoped that the £5.6m is the last of the steadying the ship fundraising process. Good to see the directors lead from the front with a couple of month’s worth of pay participation in the cash call.
Landore (LND) announced that Arthur Rule / Term Oil was in on the shareholder register at 9.86%.
Comment: Today’s TR1 explains the recent share price rise, and why it could continue to towards a 7.5% technical target discussed earlier this week on ZaksTradersCafe.
Chill Brands (CHLL) updated on trading and changes to the composition of the Board. This included the conclusion of historic investigations, with CEO Callum Sommerton cleared of misuse of inside information allegations. Proposed appointment of Company’s former CEO, Nick Tulloch, as a Non-Executive Director. During the year to 31 March 2024, the Company received purchase orders for its vapour products from US trade customers with a total net value of approximately US $66,113.96. Purchase orders received during the same period from UK trade customers had a total net value (i.e. excluding VAT) of approximately £1,813,972.40. Chill vapour products were launched in the UK during August 2023.
Comment: It may take bringing in a small cap heavyweight such as Nick Tulloch to get those sales figures up, which have been as or perhaps even more disappointing than expected. One would get better sales at a whelk stall off season in Skegness. At this stage few in the market care about the internal travails of the company, and may perhaps care more about regulatory headwinds.
Oracle Power (ORCP), an international project developer, announced that it has received the assay results from the recently completed Aircore (AC) drilling programme at the Northern Zone Intrusive Hosted Gold Project, located 25 km east of Kalgoorlie in Western Australia. ORCP said immediately after receiving the results from the recent, successful RC drill programme at the Northern Zone Project near Kalgoorlie, these AC results indicate that it has now more than doubled the porphyry footprint, with the full extent of these porphyries yet to be fully delineated.
Comment: ORCP is currently producing newsflow like a company in a hurry, underlining how its Australian strategy is far better suited to a company of its market cap, at least in the short term.
Vela (VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, announced that it has entered into an unsecured convertible loan note instrument with Hamak Gold (HAMA), the Liberia-based gold exploration and development company.
Comment: Those with their ear to the ground, or perhaps attended a Peterhouse small cap event, will know that Hamak will gratefully receive Vela’s £300,000.
First Class Metals (FCM) is a UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – Northern Ontario land holding, announced that it has completed a private placing at a price of 2.8 pence, raising gross proceeds of £85,000.
Comment: While it is highly commendable that directors of FCM are stepping up to the plate financially, it really would be preferred if the company sold on of its proved up projects and raise cash that way.
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