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RNS Hotlist June 29: Galileo, Golden Metal, Hummingbird, Marula, Ondo, Poolbeg


RNS Hotlist June 29: Galileo, Golden Metal, Hummingbird, Marula, Ondo, Poolbeg

Galileo Resources (GLR) informed shareholders of the discovery of a number of substantial gold targets based on new soil analytical results in the area around the Queen’s mine located close to Bulawayo, Zimbabwe. The company said the recent completion of a gold-in-soil geochemical survey in the prolific Queen’s area has been highly successful in that it has clearly defined a number of targets where it has gold associated with underlying structures that extend from known mineralisation that has sustained both commercial and artisanal mining. Its intention now is to prioritise anomalies with a view to commencement of drill-testing by the end of the Third Quarter 2023.

Comment: The operational disconnect between the GLR share price and operational progress on the ground continues, something which is baffling even within the context of the concept of summer doldrums in the small cap space.

Marula Mining (AQSE: MARU) an African focused mining and development company, announced the initial findings from the exploration work completed by the company’s independent geological consultants, Geofields Tanzania Limited at the Kinusi Copper Mine, where the company holds a 75% commercial interest with local Tanzanian mining company Takela Mining Tanzania Limited. MARU said it was pleased with these initial findings from Geofields exploration activities at Kinusi. The presence of a copper mineralised system, with the strike length and widths and high-grade copper mineralisation estimated across the granted mining licenses at Sasimo, supports its ongoing accelerated development and processing plans for Kinusi.

Comment: While shares of MARU have been in a holding pattern of late, the latest news from the company underlines the way that it is keen to prove up the value of what are significant projects such as Kinusi.

Golden Metal Resources (GMET), a mineral exploration company, announced the company’s strategy relating to funding opportunities that are available through the US Government.  The company intends to pursue this strategy with a particular focus on seeking non-dilutive government supported grant funding for its flagship 100% owned Pilot Mountain Project. The company said that while at this time it cannot disclose many details about strategy as it relates to government funding opportunities, the recent appointment of Mrs. Turkmani should clearly signify to the market the endeavours being made on this front.

Comment: Shares of GMET nudged into record high territory since listing off the back of off-take news, and one would expect a further push north off the back of the magic phrase in today’s RNS regarding “non-dilutive funding.” Given the USA’s current drive for commodities security, the Nevada focused group is right in the box seat.

Poolbeg Pharma (POLB), a clinical-stage biopharmaceutical company, announced a significant breakthrough in its world first influenza Artificial Intelligence Programme with CytoReason. Poolbeg has been working with CytoReason since March 2022. The company said its collaboration with CytoReason has put Poolbeg at the forefront of AI drug discovery. CytoReason’s deep interrogation of the uniquely rich data derived from human challenge trials has deepened its knowledge of influenza, resulting in the identification of multiple novel influenza drug targets. There is a significant unmet need for new and better treatments for vulnerable patients with influenza and this is a major milestone in the delivery of new therapies that can improve patient outcomes and global health.

Comment: Given the relative lack of UK AI stock market real estate, it is perhaps surprising that a company which is front and centre in this space, is not valued far more highly in share price terms than current levels.

Hummingbird Resources (HUM) announced its AGM statement. The company said that with its second gold mine in West Africa, Kouroussa, achieving first gold pour on 8 June 2023, ahead of the end of Q2-2023 schedule and on budget, it is officially a multi-asset, multi jurisdiction gold producer, and a company that is in a fundamentally stronger position to where it was 12 months ago. With Yanfolila on track to meet FY-2023E guidance, Kouroussa now into production and expected to reach name-plate production during H2-2023, the company is at a pivotal juncture for significant growth and on target to being a +200,000 oz gold producer.

Comment: Given that there has been a decent turn around in the stock, one can say that there has been some market appreciation of the “pivotal juncture” it has now reached. One would expect this process to expand to more investors over the course of the rest of 2023.

Ondo InsurTech (ONDO), the claims prevention technology for home insurers, announced today a new proof-of-concept pilot with Firemark Collective, the innovation and venturing arm of IAG, Australia’s and New Zealand’s largest general insurer. The company said Australia was not part of its roadmap but when approached by one of the largest insurance companies in the region wanting to partner with it exclusively it makes perfect sense for it to stand-up this project.  Beyond Australia, it can also see the applicability of this product version in other hot climatic regions like Southern Europe where the stop taps are also outside.

Comment: It is always pleasant on the stock market when a company has a surprise, non-flagged win, and this what we have seen with Ondo pilot news from Down Under. At the very least we have another event which underlines the utility of the ONDO offering.


Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.



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