Helix Exploration (HEX), the helium exploration and development company focused on helium deposits within the ‘Montana Helium Fairway’, announced its unaudited interim results for the six month period ended 31 March 2024. HEX said its recent acquisition of Rudyard represents an important opportunity for Helix Exploration. It is a proven helium discovery with 480 million cubic feet of Contingent Resources that have an in-situ value of >$250m.
Comment: The share price doubling since the IPO, being fully funded, and with the latest Rudyard $250m value acquisition under its belt, HEX shares look well supported. They are even better supported if one factors in Oak Securities price target upgrade from 39p to 93p, over four times the current share price.
Cirata (CRTA) announced that General Motors is proceeding to phase 2 under the master license agreement announced by Cirata on 16 August 2023. The August 2023 announcement saw GM commit to moving at least 3.3 petabytes of data with a contract value of over $400,000 in phase 1. Phase 2 includes a 4 petabyte data allowance, and accompanying maintenance and support services, with a contract value of $490,733.
Comment: One perhaps wonders if the mighty General Motors is aware that it is dealing with the not so mighty former Wandisco? What is in a name after all? However, the latest announcement has to be regarded as a validation for CRTA, and something which could further prop up the share price.
Kodal Minerals (KOD), the mineral exploration and development company, provided an update on the initial drilling assay results returned at the Boumou prospect located within the Bougouni Lithium Project in Mali. The assay results are from reverse circulation drill holes completed in April and May 2024. KOD said the diamond drill core programme is continuing at Boumou and its exploration team is reviewing a metallurgical testwork programme to plan for the optimisation of the Stage 2 floatation design and optimise the mining schedule with Boumou and Sogola-Baoule Prospects.
Comment: A steady as she goes from KOD, as the company finesses Bougouni project, and finds out exactly what is under the bonnet.
CAP-XX (CPX), a company involved in the design and manufacture of supercapacitors and energy management systems, announce the appointment of Dr Alex Bilyk as Chief Technology Officer (CTO) and to update the market on technology developments at the Company. CPX said it was delighted with the progress CAP-XX is making with its DMH and SMT products. These have the ability to be significant revenue contributors to CAP-XX in the coming years.
Comment: The surge in CPX shares yesterday was well timed ahead of the company further beefing up its board, and making the right noises regarding DMH and SMT. But perhaps it is still the Cooley factor which is still king.
United Oil & Gas (UOG), the oil and gas company, announced its audited results for the year ended 31 December 2023. Loss after tax ($20.4m) (2022: Profit $2.3m). UOG said 2023 was a transitional year for United, starting with the conditional sale of Quattro in January 2023 which ultimately was terminated in November 2023 due to the inability of Quattro to raise the funds to finalise the deal and the licence expiring at the end of November 2023.
Comment: If 2023 with its $20m loss was a transitional year, shareholders of UOG will probably hoping for not too many more transitional years in future.
CleanTech Lithium (CTL), an exploration and development company advancing sustainable lithium projects in Chile, confirmed Expressions of Interest for a total of five lithium projects have been submitted for the Chilean Government to review. This is part of the process the Company must follow to be awarded a Special Lithium Operating Contract to produce lithium. In addition, the Company announced that it has renamed its second flagship project Francisco Basin to Viento Andino. CTL said it was very pleased to confirm the Expressions of Interest have been submitted to the Chilean government ahead of the deadline set by the Ministry of Mining. Submissions were made in respect of our two advanced wholly owned projects and three new prospective projects as joint ventures.
Comment: Today’s news should go a long way to reverse the recent rug pull in CTL shares, particularly given the way that the Chilean Government will release an update on the RFIs process on or around 9th July 2024.
Golden Metal Resources, soon to be Guardian Metal Resources (GMET), a strategic development and mineral exploration company focused in Nevada, USA, announced a drilling update at the Company’s 100% owned flagship Pilot Mountain Project within the prolific Walker Lane Mineral Belt in Nevada, USA. GMET said it was extremely pleased to provide this interim drill update with its first two holes testing separate targets and both delivering very exciting visual results.
Comment: GMET has indeed delivered great visual results, something which very much tides the market over as it awaits news on grants. Nevertheless, it is clear that even without extra non-dilutive funding GMET is very much on the front foot as an explorer.
Hydrogen Utopia International (HUI), a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, informs the market that HUI and Essential Energy Holding Corp. have mutually agreed that it would not be in the Parties’ best interests, for commercial reasons, to pursue the proposed acquisition of the entire issued share capital of Essential Energy. HUI is pleased to confirm that the acquisition of 49% of Ohrid Organics Limited is proceeding.
Comment: Given that the Ohrid direction was the original one that HUI was pursuing and should be transformational, it makes sense that Essential Energy is now not in the game plan.
European Green Transition (EGT), a company developing green economy assets in Europe, announced the audited results for European Green Metals Limited, the Group’s wholly owned subsidiary, for the year ended 31 December 2023. EGT said since IPO, it has secured two exclusive option agreements to expand its portfolio of green economy assets. The Limni copper tailings recycling project in Cyprus offers potential to recover meaningful amounts of copper in a capital efficient manner and subsequent solar energy development, and the Altan peatland carbon credit project in Ireland offers potential entry into the voluntary carbon credits market.
Comment: EGT was promising to hit the ground running in its chosen space soon after the IPO, and this is what it has done. The steady share price reflects the market’s anticipation.
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