Lift Global Ventures (AQSE:LFT) announced half year results for the six-month period ended 31 December 2023. Miriad, a financial PR and IR consulting company run by well-known stock market commentator and the Company’s CEO, Saqib “Zak” Mir generated turnover of £280,261 which was 87% up on the same period last year. Miriad made a profit after-tax of £219,373 representing an increase of 136% from the same six-month period in 2022. LFT said it would like to congratulate Zak Mir on the strong performance over the period. Not only did Miriad turn a profit, but they were able to sign up some excellent customers in a very challenging period for listed small cap companies.
Baron Oil (BOIL) provided an update on operational activities on the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste, along with certain investor relations materials that are being made available. BOIL said the geophysical Site Survey was successfully carried out during February 2024 and March 2024, despite some operational delays, principally related to weather conditions, and the results have been incorporated into the geotechnical survey planning. This geotechnical work is expected to be completed during April 2024.
Comment: Perhaps rather understandably, shares of BOIL were rather winded by the £3m raise in February, and it will clearly take some time for the stock to regroup. This is especially so in the wake of today’s rather leaves on the line type of RNS.
Andrada Mining (ATM), the African technology metals mining company, provided an unaudited operational update for the 12 months ended 29 February 2024. 60% year-on-year increase in ore processed to 915 599 tonnes (FY2023: 573 818 tonnes). 54% YoY increase in tin concentrate production to 1 474 tonnes (FY2023: 960 tonnes). 51% YoY increase in contained tin production to 885 tonnes (FY2023: 587 tonnes). ATM said it was pleased that the strategic operational initiatives that it embarked on have been successful and yielded the further double-digit percentage increases in production tonnage at its operations that it was presenting today.
Comment: ATM has for some time appeared to be an A List mining company, with the only missing ingredient being the share price. Today’s update should remind the market to be less fixated on metals prices and more on the operational success of the company.
Sovereign Metals (SVML) reported that the Company has initiated a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite Project (Kasiya) in Malawi. The program will focus on determining the boundaries and extent of mineralisation north of the known Mineral Resource Estimate (MRE) area. SVML said all newly defined mineralisation in the south remains open at depth due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30 vertical metres from surface. The multiple mineralised zones identified remain open along strike both to the north and south. These results indicate the potential to expand the already significant, high-grade rutile and graphite MRE at Kasiya.
Comment: While we wait on SVML getting a proper re-rate from the market, it can be seen that the company continues to move at pace on and in the ground. Expanding the MRE will accelerate the market’s appreciation of the company.
Marula Mining (AQSE: MARU), an African-focused mining and development company, provided an update on the transaction with Gems and Industrial Minerals Limited under which the Company would secure a commercial interest in the Larisoro Manganese Mine located in Samburu County in Northern Kenya. An initial trial shipment of 2,000 tonnes of manganese ore is proposed to be delivered to the proposed offtake party in Q2 2024 as part of long-term offtake agreement discussions. MARU said it was making great progress across all aspects of its planned investment here at the Larisoro Manganese Mine. Refurbishment and maintenance work on the existing plant and equipment is being planned ahead of the arrival of new mining and processing equipment, and that will allow the operation to start to achieve some of the initial production targets it is setting.
Comment: Shares of MARU remain well poised for a fresh leg to the upside, and deservedly so given today’s RNS and the run up to the initial manganese shipment in Q2.
CleanTech Lithium (CTL), an exploration and development company advancing lithium projects in Chile, commented on the announcement by the Government of Chile regarding the designation of strategic salars and the creation of a Protected Salars Network under the current administration’s National Lithium Strategy. CTL the announcement made by the Chilean Government moves the National Lithium Strategy forward in a very positive way. The news brings certainty to those salt flats that will be subject to a more detailed environmental assessment and those that are for potential exploration and eventually exploitation.
Comment: Another RNS highlighting the way that market still does not understand that Chile is actually a favourable jurisdiction for the likes of this company, and CTL in particular.
Corero Network Security (CNS) reported finals to December which are much in line with expectations. Its Annualised Recurring Revenues increased 17% to $16.9m with Total Revenues of $22.3m and Profit margins improved to 90%. This gives an EBITDA of $2.2m and a LBT of $0.2m there is no debt and Net Cash of $4.4m. Corero is a platform offering cutting-edge cybersecurity solutions by providing real-time, high performance automatic DDoS cyber defence solutions on multi-year contracts with ‘blue chip’ clients. There is robust demand for its DDoS subscription service protection with a record year for online threats and there is a robust new business pipeline.
Comment: At 9.25p with a £47m Mkt Cap an EBITDA /Mkt cap ratio of 26x seems up with events in the UK, but OTCQB listing may attract US investors.
Empire Metals (EEE), the AIM-quoted resource exploration and development company, advised the market of the key milestones expected over the next twelve months, as Empire advances the Pitfield Project, located in Western Australia, towards commercialisation. In line with this objective, the Company also announced the addition of two experienced mining industry specialists to the development team. EEE said the Company has rapidly moved from an early exploration phase to project development, largely thanks to the extremely large yet very simple, consistent and continuous nature of this giant bedded titanium-rich mineral system, not unlike other basin-hosted, bedded soft-rock type mineral deposits, such as potash.
Comment: Shares of EEE are back at their 200 day moving average, after the massive surge from November – January. Ideally, the market will take succour from the roadmap revealed today.
Solid State (SOLI), the specialist value added component supplier, announced a trading update for the year ending 31 March 2024 and provided an update on trading outlook for the following financial year. The company reported a record year in FY24 with a strong trading performance towards the end of the year. Revenues and adjusted profit before tax are expected to be ahead of consensus expectations. SOLI said it was delighted that the Group continues to show excellent resilience and the benefits of its divisional balance and sector focus against head winds in certain parts of the business.
Comment: SOLI reveals a RNS with the magic phrase “ahead of expectations” one which alas is still all too rare these days. One would hope that the shares will finally break the top of their 2 year trading range off the back of this.
Zephyr Energy (ZPHR), the Rocky Mountain oil and gas company, updated on the Company’s proposed farm-in to a minimum 75 per cent working interest in a 1,047-acre leasehold position in the Salt Wash Field, a previously producing asset with proven oil, gas and helium reserves located three miles to the south of Zephyr’s Paradox project in Utah, U.S. ZPHR said while helium is a new addition to its resource exposure, many nearby Paradox Basin oil and gas operators are already producing co-mingled helium in commercial quantities, and there is an active local offtake market for produced helium.
Comment: Shares of ZPHR has been in rebound mode of initial drilling operations beginning at the State 36-2R well at its flagship project in the Paradox Basin in the US state of Utah. Adding the very hot commodity of helium in the mix could lead to an out and out bull run.
Prospex Energy (PXEN), the AIM quoted investment company, announced that it has settled the third and final capital repayment plus accrued interest from the Convertible Loan Notes issued in September 2022 from accumulated cash within the Company. PXEN said it was thrilled to announce it has successfully made its final debt payment, marking a significant milestone as the Company is now completely debt-free. With regular monthly income from our two producing assets – gas in Italy and electricity sold from its gas production into its power plant in southern Spain, the Company has established a sound footing for the growth and development of its activities.
Comment: If there is a trigger to finally get PXEN shares out of its recent malaise, the announcement that the company is now debt free really should be it whatever the underlying commodity prices are.
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