Yesterday at 4pm: Eurasia Mining (EUA), the palladium, platinum, rhodium, iridium and gold mining company, announced that as a result of audit delays due to more complex procedures in relation to concentrate stock confirmation and also an upgrade of local accounting systems, publication of the Company’s Annual Report and Accounts for the year ended 31 December 2023 will be delayed.
Comment:
Person 1: “Oh no! What shall we do, the share price of EUA is going through the roof again. I thought we had contained it a couple of weeks ago.
Person 2: “Tell them to put out a warning regarding the audit.”
Person 1: “Yes, but that could wait till tomorrow.”
Person 2: “If you wait till tomorrow the shares will be 5p and all the bears will be squeezed. So now at 4pm Thursday is good. Also, don’t suspend the shares till Monday so shorters can cover their positions tomorrow, otherwise it could be a pain for them if EUA does not make it through the audit, which would be such a shame wouldn’t it?”
On a separate point the damage being done to small cap companies by the audit process is horrendous: in cost, reputation, and in shares being suspended. This is another not fit for purpose aspect of the stock market, which presumably the new Labour government will be just itching to sort out. That said, one should probably have guessed that EUA was going to have an audit delay.
GreenX Metals (GRX) advised that it has agreed an extension of the Option Agreement (Agreement) with Greenfields Exploration Pty Ltd (GEX), to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland, from 30 June 2024 to 15 July 2024, while GreenX and GEX negotiate to vary the commercial terms of the Agreement. GRX said Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. Eleonore North remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
Comment: With a market cap of well over £100m and the share price consolidating near the higher levels for over 18 months, this is the perfect time for a fresh acquisition to insert some fire into the stock.
Angus Energy (ANGS) announced its interim accounts for the six months ended 31 March 2024. Gas production up year on year
EBITDA of £6.937m. Refinancing of existing debt with Trafigura Group PTE Ltd, providing financial stability. Focus on organic and inorganic growth opportunities, with Brockham restart complete. ANGS said with the successful restructuring of the Company’s debt and stable production at Saltfleetby the management team can now turn attention to both organic and inorganic growth opportunities and we look forward to updating shareholders as our plans progress.
Comment: It really is not the same without Lord Lucan. The only thing missing from the ANGS recovery is a rebound in the stock price.
Science in Sport (SIS) Finals to December and the Interim Trading update to June were released at the same time. SIS is a premium performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community. To recap SIS has been a serial disappointment and is under new management focusing on profits not revenue.
Ignoring two Titanic factors of debt of £12.8m and an £11.3m loss reported for the full year the Interim Trading up had brighter deckchairs. For the six months to June as the EBITA improver 77% to £2m on lower revenues of £25.5m compared to £34.4m. Three critical appointments have been confirmed a new CPP, CFO and Commercial Director. It will take time for the anticipate controlled and sustained revenue and profit growth. There has been plenty of share actively since May with Richard Griffiths a proactive investor emerging with 3.8%. The largest shareholders are Lombard Odier with 25%, Otus Capital 11%, Aviva 8% and also included Hambro 8%, River & Mercantile 6% and Cazenove 5%.
Comment: (Jon Lev) At 19.25p with a £34m mkt cap the ‘relatively’ positive current trading may allow a funding then investors can consider it as a worth-while recovery play.
Altona (REE), a resource exploration and development company, announced that it has conditionally raised £390,000 at a price of 1 pence per share, which represents a discount of 1.2% to the closing mid-price of 1.012 pence per share on 27 June 2024. REE said it was very pleased to welcome Tracarta to the family of its shareholders. Tracarta’s investment in Altona is a testimony to the solidity of our projects and the soundness of our strategy.
Comment: The double sizzle here for REE is the relatively tiny discount of the fundraise, and the kudos of having Tracarta on the shareholder register. Nevertheless, we know how tough it is for ground scratchers these days.
EQTEC (EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels and energy generation announces, its audited results for the year ended 31 December 2023, together with post-period progress. Revenue and other operating income: €2.5 million (2022: €8.0 million). Operating loss before interest, significant and non-recurring items: €3.5 million (2022: €4.9 million).
Comment: In a recent Zakstraderscafe.com interview it was clear that EQT has turned the corner since the end of last year, and one would expect the rear-view mirror data released today to be the last of its kind. A £2m settlement with Logik Developments would be a decent start to a new phase.
Power Metal Resources (POW), the London-listed exploration company with a global project portfolio, announced its unaudited interim results for the six month period ended 31 March 2024. POW said over the past six months, it has continued to make positive developments across our project portfolio, showcasing its value potential. The numerous agreements signed, and discussions carried out with potential investors and joint venture partners, emphasise the strong position Power Metal is in as it develops its projects, which focus on key commodities in globally significant regions.
Comment: A busy company anyway, since the arrival of CEO Sean Wade things have stepped up a gear. The read across from the holding in GMET, Rick Rule as an investor, and the possibility of further spinoffs such as Power Arabia, all suggest that the current 17.75p share price is modest indeed.
Bezant Resources (BZT), the exploration and resource development company with projects located in Namibia, Botswana, Zambia and Argentina and an investment in a project in the Philippines reports its audited full year results for the year ended 31 December 2023. BZT said the Hope and Gorob project in particular, is well positioned with a total Mineral resource of some 15 million tonnes (gross) at a grade of 1.2% Cu with total gold to be assessed with further drilling. Previous gold values ranged in the 0.2-0.4 g/t. The area between Hope and Gorob is some 17km in extent and it is our opinion that the potential for mineralisation exists along the entire extent.
Comment: With its various projects it does finally look as though BZT is turning the corner. Perhaps Hope and Gorob could be the trigger for a lasting turnaround?
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