Wishbone Gold (WSBN), announced that initial results from the diamond drill program at its 100% owned Cottesloe Project has highlighted significant mineralisation potential. The information gathered to date is highly encouraging, confirming the overall exploration model for a major sediment hosted metals system focused on base metals and silver. WSBN said it may have a very large base and battery metals discovery in the making at Cottesloe and look forward to moving this project further along the exploration curve in 2024 as this year’s exploration season is just about to commence.
Comment: WSBN bounces back with its latest upbeat update, which fills the recent newsflow drought. A return towards the 2p zone would be a decent near term goal for the stock.
Alien Metals (UFO), a company focused on the exploration and development in Western Australia, advised that it has entered a short-term funding facility and continues to progress project development across its diversified resource portfolio. A funding package of up to A$2m has been made available through a convertible loan note. UFO said the funding announced today will provide additional capital to the Company to continue the exploration of our projects, while it explores and progresses negotiations with various potential funding partners for the Hancock Project.
Comment: With A$2m in the kitty, UFO should be able to go decent distance at Hancock and beyond. But with the shares at the lows there is plenty to do in winning back stock market sentiment.
Graft Polymer (GPL) announced the resignations of two directors of the Company these being Roby Zomer, the Non-Executive Chairman of the Company, and Alex Brooks a Non-Executive Director. Nicholas Nelson has today been appointed as a director of the Company replacing Mr Zomer as Non-Executive Chairman of the Company with immediate effect. Mr Zomer will remain as a consultant to the Company. The changes to the board follow the provision of a £100,000 working capital loan facility to the Company by Mr Nelson and another private individual. GPL said it thanked Nicholas and the other lender for providing it with interim working capital. Nicholas’s priority as the incoming Chairman is to establish sources of additional funding whilst working with the board to consider the best future for Graft Polymer.
Comment: Bringing a strong City figure in Nelson, and attendant cash, should mark a fresh start for GPL, which needs this backing in order to prove the merits of its polymer modification business strategy.
Audioboom (BOOM), the podcast company, announced it boosted its position on the latest podcast industry rankers and has captured significant US market share. Audioboom climbed to 4th position on the February 2024 Triton Digital podcast ranker for the US – the world’s largest podcast market. BOOM said that while the Apple iOS17 update has disrupted the industry’s view on measurement, what is clear is that Audioboom continues to move faster than its competitors globally. In the US it has captured market share and become the 4th largest podcast publisher in the most important media market in the world.
Comment: Shares of BOOM have needed some umph since their rally towards 345p at the start of the year. Today’s news may help, but some explanation as to the financial implication of being top of the pops in the US might help.
Cornish Metals (CUSN), announced the departure of Chief Executive Officer, Richard Williams, effective on March 31, 2024, when he will also leave the Company’s Board. CUSN’s incoming CEO said along with the Cornish Metals’ Board and major shareholders, it looks forward to supporting the team at South Crofty as they continue advancing the South Crofty Project to a construction decision. In the short term, it will remain focused on delivery of a Preliminary Economic Assessment of the Project in Q2 2024 and continued mine dewatering through, and safe refurbishment of, the New Cooks Kitchen shaft.
Comment: The timing does seem right for a change of the guard at CUSN, although the initial negative reaction for the shares on the open appears to underline the market’s concern at how long the whole South Crofty experience may take.
Vodafone Group (VOD) announced the final step of the portfolio right-sizing announced in May 2023, with a binding agreement to sell 100% of its Italian operations. VOD said the sale of Vodafone Italy to Swisscom creates significant value for Vodafone and ensures the business maintains its leading position in Italy. Its transactions in Italy and Spain will deliver €12 billion of upfront cash proceeds and it intends to return €4 billion to shareholders via buybacks, as part of its broader capital allocation review.
Comment: While €4bn may sound like a result for shareholders, the 4% initial rise for VOD shares may be the best on the upside for a stock which has been a perennial underperformer.
Atlantic Lithium (ALL), the African-focused lithium exploration and development company, announced its unaudited Interim Results for the half-year period ended 31 December 2023. All said in granting the Mining Lease in respect of the Ewoyaa Lithium Project, the Government of Ghana has demonstrated its support for the advancement of the Project towards production as the country’s first lithium mine. This is a historic development for both the Company and for Ghana.
Comment: Despite gathering funding at the end of last year, and decent drilling news last month, shares of All have lost momentum of late. At 19p currently, some might be forgiven the company should have said yes to Assore’s 33p offer in November.
GreenX Metals (GRX) revealed its Half-Year Accounts. GreenX said its strategy is to create long-term shareholder value through the discovery, exploration, development and acquisition of technically and economically viable mineral deposits. This also includes pursuing the Claim against the Republic of Poland through international arbitration in the short to medium term.
Comment: GRX remains a strong share price performer, backed not only by prospects in Greenland, but also the claim against Poland. The Arctic Rift Copper Project demonstrated the high-grade nature of the known copper sulphide mineralisation, and the option Agreement with Greenfields to acquire up to 100% of Eleonore North in eastern Greenland have clearly helped the cause, with Poland an added bonus to look forward to.
Capital Metals (CMET), a mineral sands company, announced the strategic acquisition of 10% of the Company by Sheffield Resources Limited (ASX: SFX). CMET said it was delighted to welcome Sheffield as a material and strategic investor in the Company. In addition to injecting capital, they bring world-class industry expertise in the development of mineral sands projects as evidenced at Thunderbird in Western Australia. Their acquisition of a 10% stake in the Company and interest in potentially earning 50% at the project level by contributing Project Funding to support the operations into production and cashflow is a reflection of the quality of the Project.
Comment: Shares of CMET have been stirring in a positive way of late, and now we know why. The Sheffield move should underpin and de-risk CMET in a significant way.
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