Tirupati Graphite plc (TGR), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, announced that the Requisitioners appear to have the support of the proposed Directors, Optiva Securities Limited, TG’s corporate broker up until 15 May 2024, and Mr. Hemant Kumar Poddar. The Requisitioning Group has made a number of accusations against the Company both in its Requisition Letter and in a subsequent social media campaign, all of which the Company refutes.
Comment: The TGR situation is shaping up to be the biggest bunfight since Ernie, the Fastest Milkman in the West and Two-Ton Ted from Teddington. The reality is that it would have been better to have got round a table and avoided a requisition, and that TGR going forward should have a mix of the current management, and the Requisitioners – if only for the sake of the continuity of the business. Probably all still too close to call, if only on a “known unknowns” basis.
European Green Transition (EGT), a company developing green economy assets in Europe, announced further results, in addition to the results announced on 15 May 2024, from recent grab samples taken at the Djupedal prospect, the nearby Bersummen area, and the newly identified Stora Lockerum structure, all located within the Olserum Rare Earth Elements project in south Sweden. EGT said it believed that the Olserum REE Project has potential to be expanded into a district-scale REE system. With additional time spent on the ground and results from this batch of samples collected in April, the team has increased its knowledge of the system, increased the strike length of the mineralisation at Djupedal to 1km, and 900m to the south extended the recently discovered Stora Lockerum structure to up to 500m following its discovery in March. Additional samples from the Bersummen area also define a potential new trend over c.300m and reaffirm our belief that this is a district scale REE system.
Comment: EGT has been an exemplary IPO, something which has been underlined by the 60% rise since it listed a couple of months ago. The company looks to be right on the money via both its strategy and management.
ANGLE (AGL), a liquid biopsy company, announced its intention to raise gross proceeds of approximately £8.5 million by means of a placing and a direct subscription, both at a price of 15 pence per share. In addition to the Placing and Subscription, the Company proposes to raise up to a further £2.06 million (before expenses) by way of an Open Offer. The Company is seeking to build upon the recent commercial momentum seen year-to-date following the success in establishing agreements with Eisai, a Japanese pharma company, for a pilot study using ANGLE’s HER2 assay, an agreement with AstraZeneca to develop methodology for CTC micronuclei detection using ANGLE’s DNA Damage. AGL’s Loss for the year £20.1 million, or 7.73 pence per share (2022: loss £21.7 million or 8.79 pence per share) was also announced.
Comment: A nice touch to have the fundraise and the company’s prelims in two different RNS’s. At least we know that £8.5m is approximately 6 months future losses. It is a pity that AGL’s global counterparties do not stump up the cash, for what would be pocket change for them.
Roadside (ROAD) announced that its subsidiary, Cambridge Sleep Sciences, the science-based sleep technology business behind SleepEngine®, has received its second purchase order from Mammoth International Ltd., for the provision of its technology in the production of 2,000 Smart Pillows, paying a royalty fee of £50 per pillow, resulting in a further £100,000 in revenues. ROAD said that previously announced, the Company recently sold 13.6% of CSS’s shares to CGV Ventures 1 Ltd. for £7.5 million and CSS recently secured vital IP rights that underpin its future prosperity. The Board continues to evaluate the best corporate setting for CSS to maximise shareholder value from the Company’s investment in CSS.
Comment: ROAD shares have already soared via the market’s new found appreciation of its real estate offering. Today’s news underlines the way that the company has more than one string to its bow, and that all of this adds to the pot in terms of shareholder value, as well as underlining the current discounted valuation even after the recent share price rise.
Empire Metals (EEE), the AIM-quoted resource exploration and development company, announced the discovery of a highly significant, titanium dioxide mineral deposit, comprised of rutile and anatase, at the Pitfield Project in Western Australia. EEE said this is a game changing development for Empire and one which is expected to accelerate timescales and further enhance the economics of Pitfield. This new discovery has been formed by the originally titanite-rich, near-surface bedded sandstones being strongly weathered over time by “Mother Nature”.
Comment: One of the reasons that the stock market has not been a fan of exploration companies is that most of them have proved to be subscale, with one likely to find more precious metals at your local H. Samuel. Luckily, EEE has proved to be the exception that proves the rule in this respect, and thanks to Mother Nature continues to be lucky, in the Lucky Country.
San Leon (SLE), the independent oil and gas production, development and exploration company focused on Nigeria, provided a corporate update. The Company has been made a beneficiary of a €500 million German government bond. Under the proposed terms of the agreement with the legal owners of the Bond, San Leon will be able to utilise the Bond for a period of three years by applying it as security to obtain finance from a third party, although the legal ownership of the Bond will remain with the owners. Should documentation in relation to this Expected Refinancing be agreed within the next two weeks, as anticipated by the board of San Leon, then the Company expects funds to be received during June 2024.
Comment: Well of course no one doubted that Oisin and the team would eventually get San Leon over the line, did they? The latest chunky bond news looks to be transformational, even though we have been here before. Indeed, the best part here may actually be the funds arriving by the end of the month – so a quick denouement, one way or the other.
Angus Energy (ANGS) the independent onshore Energy Transition company announced the workover of the Brockham 2Y well to reinstate production from the field was successfully concluded in late May. ANGS said the well is now producing oil in excess of management’s predicted flowrates and with the present surface configuration is expected to sustain 30-40 bbls/day of oil, with potential to increase further with operational improvements.
Comment: It would be interesting to know how many barrels one’s local filling station pubs a day, but no doubt Brockham’s current production could go a long way to helping out. At least there is operation progress here at ANGS, something which could lift sentiment and the share price a little off recent lows.
Hummingbird (HUM) was pleased to note it has released an interview with CEO Dan Betts, discussing the Company’s latest activities. The interview can be accessed through the following link: https://www.hummingbirdresources.co.uk/media/#corporate-interviews
Comment: It was excellent to see HUM choosing to be interviewed by someone who is a professional published journalist, someone who has written for Shares Magazine, Investors Chronicle, Spectator Money and Yahoo! Finance, is CEO of a listed company he founded, one that contains a financial PR company with one of the largest small cap social media followings in the country. Interestingly, most of the previous interviews HUM has conducted via Zakstraderscafe.com have seen the share price react well subsequently.
EnergyPathways (EPP), an energy transition company, updated on its principal project at the Marram gas field in the East Irish Sea. EPP said it looks forward to updating the market as and when it discovers the outcome of these production and storage licence applications that will allow EPP to realise the potential opportunity of the UK Irish Sea energy storage project.
Comment: After a rocky start after coming to market, there has been a decent rebound in shares of EPP. License applications will help further boost sentiment, and of course the ability of the company to raise cash to execute on its strategy.
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