Yesterday at 6pm Premier African Minerals (PREM) provided an update on plant operations at Zulu Lithium and Tantalum. PREM said the plant is now running, and concentrates are being produced from both Mica and Spodumene flotation sections. Analysis of the concentrates is underway. Several issues need attention by the plant contractors that are affecting both quantity and quality of production.
Comment: An after hours RNS, with “the dog ate my homework” type excuses is clearly not going to help the cause. Indeed, the big positive here is that there is any production at all. The “issues” are effectively a sideshow.
Seeen (Seen) announced a partnership with the American 7s Football League® (A7FL) for an Interactive Video Commerce and On-Demand Video Platform. A7FL is a slimmed down version of American football with no helmets or pads, and is in its 10th season and generating more than 20 million views for its content with around 1 million social subscribers. The new platform will enrich fans experiences with match highlights, together with clips on specific player and team playlists, with a ability to directly purchase A7FL merchandise and tickets. This reenforces SEEEN’s proprietary AI: CreatorSuite 2.0 and ShortsCut, competitive positioning as an AI-led video commerce platform. In the recent trading update Seeen reported it to be on track to achieve monthly cash flow breakeven in 2024 from the current pipeline of opportunities.
Comment: Its one small step into the giant US sports market and at 4.9p the £4.5m market, assuming a share of the merchandising revenue, it could become a lead forward in sales momentum.
Asiamet Resources (ARS) announced updates in relation to the Company’s BKM copper cathode project in Central Kalimantan, Indonesia and its Beutong copper-gold porphyry project in Aceh Indonesia. ARS said it has been an extremely busy start to 2024 and the Asiamet team has been fully engaged in advancing critical operational, project financing, and corporate development initiatives. Notably, significant milestones have been met in the project financing process, with successful completion of bank financial modelling and meeting key requirements in the bank approvals process. Across various operational fronts it has also seen very considerable progress.
Comment: It may have been a busy start for ARS to 2024, but it would appear that the market is still waiting on more milestones to be hit, before marking up the share price.
Marula Mining (AQSE: MARU) an African focused mining and development company, has signed a binding terms sheet with Kenyan manganese mine operator Gems and Industrial Minerals Limited for a commercial interest in the Larisoro Manganese Mine located in Samburu County in Northern Kenya. MARU said with its historical high-grade assays, production history, established operations, existing stockpile of material, and the interest it has already received for offtake and marketing of the planned increased manganese production, it was pleased to proceed with this investment, which it believes is firmly in line with its strategy here in Kenya and East Africa and firmly in the battery metals sector.
Comment: As one would expect, MARU keeps the fundamental momentum with its latest announcement, one that looks well backed given the company’s confession that it has already received offtake.
Sovereign Metals (SVML) announced three senior appointments and promotions across key legal, permitting, and technical functions in Malawi. The appointments have strengthened the Company’s in-country capabilities as it continues to advance its Kasiya Rutile-Graphite Project (Kasiya). SVML said that these hese appointments and promotions align with the Company’s initial targets, ensuring equal opportunity and fairness in employing a diverse workforce and Malawian nationals where possible. Sovereign employs over 80 individuals in Malawi, with at least 30% of the staff being women.
Comment: It is clear from recent updates, SVML is certainly keen on positioning itself as being the one of the most ESG companies around. All the while the shares still remain remarkable unmoved near the low end of recent ranges, and below the level when Rio Tinto knocked on the door.
Verditek (VDTK) announced completion of the disposal of its solar business, Verditek Solar Italy srl, the resignation with immediate effect of The Rt Hon. Lord David Willetts, Robert Richards and George Katzaros and the appointment of Bob Holt and John Charlton as directors of the Company. The Company is now regarded as an AIM Rule 15 cash shell, and has sufficient working capital for six months.
Comment: Given Bob Holt’s track record alone, the new EARNZ (Energy Advisory Regeneration Net Zero) should be a point of interest for those looking at a turnaround opportunity. With Sureserve as one of his recent hits and Mears previous, the new direction for the former Verditek appears well backed.
Eco (Atlantic) Oil & Gas (ECO), the oil and gas exploration company, announced its results for the three and nine months ended 31 December 2023. The Company had cash and cash equivalents of US$2.2 million and no debt as at 31 December 2023. ECO said each asset within its exploration portfolio yields exciting opportunities and I am pleased to report continued progress across all fronts. Notably, government approval of our farm-out agreement of our 6.25% Participating Interest in Block 3B/4B to Africa Oil has strengthened its cash position as it continues preparations for a two well drilling campaign on the Block and progress farm out discussions.
Comment: ECO is one of those companies where there is a disconnect between management’s view of its company, and the market. The reality is rather better than the market has appreciated to date.
eEnergy Group (EAAS), announced it has entered into an agreement with National Westminster Bank Plc to provide up to £40 million of project funding to finance energy efficiency and onsite generation technologies for the Group’s public sector customers. EAAS said it was extremely pleased to announce this £40m Facility with NatWest, marking the beginning of a new collaboration between our two organisations. This Facility is the result of significant investment in honing our proposition to public sector customers and gives eEnergy a clear competitive advantage in the market. It also allows it to offer our leading net zero energy efficiency services to larger multi-site projects and contracts. This Facility has been structured to allow it to scale rapidly in a large addressable UK market.
Power Metal Resources (POW), the London listed exploration company, announced that a circular providing details of the Board’s proposed share consolidation was posted to shareholders today, along with the Company’s Annual Report & Accounts for the year ended 30 September 2023.
Comment: A share price consolidation makes sense for POW, given its obvious moves to prove itself to be more than a micro cap punting play, and especially given the positive prospects for its growing global portfolio.
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