Ondo Insurtech (ONDO), a company in claims prevention technology for home insurers, has been informed by Mark Wood (Chairman) and Craig Foster (Chief Executive) of the following share purchases. Mark Wood has purchased 330,000 shares at a price of 14.8p per share. Craig Foster has also purchased 42,872 shares at a price of 14.0p per share.
Comment: Given that shares of ONDO peaked at 38p and are now at 14p, it could be said that someone dropped the ball in terms of allowing a stock that was a stock market darling, to be one where management has to shore up sentiment by having to buy a modest amount of shares.
Ariana Resources (AAU), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, announced the completion of field trials of a ground-breaking new analytical technique at the Dokwe Project site in Zimbabwe. AAU said it was incredibly impressed with the results of this trial of the detectORE™ system developed by Portable PPB in Perth, Australia. The system has demonstrated itself to be considerably cheaper and faster than conventional analytical methods, which involve shipping to commercial laboratories, more extensive sample preparation and more complex steps in analysis. Crucially, the results of the detectORE™ analyses correlated extremely well with conventional fire-assay results.
Comment: Ironically, AAU is a different company since the Rockover merger arrived on the scene. Indeed, the benefits of the deal seem to already be in the mix.
Jubilee (JLP), a diversified metals producer with operations in South Africa and Zambia, announced significant progress in the roll-out of its Integrated Copper Strategy in Zambia. JLP said it has taken a concerted effort by the team to reach this critical point in the commissioning of the Roan Upgrade. I look forward to the team completing an accelerated commissioning and ramp-up of operations during the coming month. The Roan Upgrade together with our Sable refinery offers Jubilee tremendous processing flexibility and affords us the unique opportunity to aggressively pursue copper resources that are unlocked by this capability.
Comment: Thankfully shares of JLP have finally stabilized in recent months, presumably as the market looks forward to the fruits of the company’s copper strategy in Zambia. Nevertheless, the shares should really be on the right of 10p to reflect the progress and performance JLP has made.
Belluscura (BELL), announced on 12 June 2024 a proposed placing of convertible loan notes. The Company has received significant interest in, and demand for, the proposed placing from new and existing investors and anticipates being able to provide an update as to final terms, including the issue size, shortly. The Company has raised gross proceeds of £300,000 through a subscription by such investor for, and the allotment and issue by the Company of, 2,000,000 new Ordinary Shares at an issue price of 15 pence.
Comment: Shares of BELL look as though they are ready to turn higher in a meaningful way, boosted perhaps by hopes of the company fulfilling a decent order book. That said, how far is the latest £300k going to move the dial?
Thor Energy (THR) provided an exploration update on the regional surface sampling program on the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the uranium-vanadium mining district of the Uravan Mineral Belt, southwest Colorado, USA. THR said the presence of high-grade copper with the uranium-vanadium assay results at the Edna Mae Prospect is very promising. The Edna Mae Prospect sits on the edge of the Paradox Copper Belt, which hosts the producing Lisbon Valley Copper Mine.
Comment: Unlike other more spivvy companies who big up every ounce they think they have found, THR remains under the radar, where alas it shares price and market cap also reside.
Woodbois (WBI), a Company in the international timber industry, announces that, as envisaged in its release of 12 June 2024, it has completed the legal documentation and entered into a $5m trade finance facility with a Dubai family office. WBI this is an exciting time for the Group as it secures this $5 million trade finance facility with a family office that shares its vision for sustainable growth. Whilst it has taken some time to find the right partner, it firmly believes that this relationship will further strengthen in time. This facility not only reinforces its financial stability but also enhances its ability to capitalise on market opportunities more swiftly and efficiently than currently.
Comment: The recent history of WBI has certainly been painful to watch. Therefore, courtesy of our friends in Dubai, who are presumably canny investors, one hopes that WBI will finally get itself over the line – with no more “the dog ate my homework” excuses for not doing so.
Great Western Mining Corporation (GWMO) announced positive results of induced polarisation and resistivity surveys at its West Huntoon copper prospect. GWMO said West Huntoon is part of the Huntoon Copper Project where it has already carried out extensive drilling and established a resource in the northeast sector at M2. In addition, at M4 to the southeast, initial drilling identified a further copper anomaly, and it has in the past drilled a single hole at West Huntoon with strong copper indications.
Comment: There has been a decent run up in shares of GWMO so far this month, something which suggests that the market was onto progress at West Huntoon, and may continue to reward the company in the aftermath of today’s announcement.
Galileo Resources (GLR) informed shareholders of a decision to commence a Phase III drill programme to validate the Board’s current view that near-surface copper – gold mineralisation occurs along the Shinganda Fault Splay over a strike length of potentially more than 4km offering scope for the development of a preliminary Mineral Resource at the Shinganda Project Copper-Gold Project, Zambia. GLR said from the work completed, a compelling target has emerged which are the splays identified by geophysics and confirmed by drilling taking us to a meaningful drill-ready target. Irrespective of all other potential on the licence area this 4 to 8km long zone has the immediate potential for shareholder value enhancement and thus we are prioritising the target above all others. It expects to commence drilling by the end of the Third Quarter, 2024.
Comment: The run up to drilling may finally be the trigger to get shares of GLR out of the 1p – 1.2p range which has dominated the past year. What can be said in the interim is that the disconnect between the share price and progress on the ground continues to grow.
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